REGISTERED NUMBER: 04050972 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2024

for

Netpremacy Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Income and Retained Earnings

8

Balance Sheet

9

Cash Flow Statement

10

Notes to the Cash Flow Statement

11

Notes to the Financial Statements

12

DIRECTORS:

M Carter

J L Carter

J P R Wade

SECRETARY:

M J Carter

REGISTERED OFFICE:

6 Wellington Place

Leeds

West Yorkshire

LS1 4AP

REGISTERED NUMBER:

04050972 (England and Wales)

SENIOR STATUTORY AUDITOR:

Andrew Wilkinson FCA

AUDITORS:

Malcolm Jones & Co Limited

Statutory Auditors

Accountants and Business Advisers

West Hill House

Allerton Hill

Chapel Allerton

Leeds

West Yorkshire

LS7 3QB

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

Netpremacy's results to December 2024 showed steady trading through the year. Accounts to December 2024 showed a net retraction of 11.51% (to £61.0m), however the position is still strong with an EBITDA in the year of £2.8m.

Over the last year we have demonstrated our ability to act quickly and effectively to solve complex challenges for our clients.

GOOGLE PARTNER OF THE YEAR

Netpremacy was awarded the Google Partner of the year for Google Work Transformation Enterprise in 2020 and 2021. In October 2023 we were named Google Sales Partner of the Year (UK) by Google. In July 2024 we were re-awarded Work Transformation - Enterprise Specialisation for a further 3 years. This is a global partner award presented by Google, which recognised Netpremacy's strong technical capability, and its high level of certified professionals, along with customer success throughout the year.

SECTION 172(1) STATEMENT

In accordance with section 172 of the Companies Act 2006, each of the directors acts in the way they consider, in good faith, would most likely promote the success of the company for the benefit of all its stakeholders as a whole.

Our key stakeholders are our staff, customers and suppliers and all key Board decisions take into account the impact on all relevant stakeholders.

We have increased our reporting to staff, sharing news and results across teams to maximise employee engagement and visibility.

The Board continues to provide oversight governance to ensure that the business remains compliant with its policies and maintains a high standard of business conduct.

PRINCIPAL RISKS AND UNCERTAINTIES

There are a number of potential risks and uncertainties which could have a material impact on the company's long-term performance and cause the actual results to materially differ from expected results. Management continually seeks to identify material risks and to implement plans to mitigate the company's exposure to them.

FUTURE DEVELOPMENTS

Netpremacy continues to invest across the organisation, especially in technical personnel and cloud certifications, with a large focus on Artificial Intelligence.This ensures a consistently high level of consultancy and technical excellence to cement our position in the market; delivering strong growth in service revenue and profitability.

ONE OF EUROPE'S LARGEST INDEPENDENT GOOGLE PARTNERS

Founded in 2000, Netpremacy is one of the largest full-stack Google Premier Partners in Europe, providing a range of licencing, professional and managed services across Google's workplace communication and collaboration solutions. Netpremacy enjoys particular success introducing Google Gemini into its substantial Google Workspace client base, Google Cloud Platform (GCP), and a heavy focus in Machine learning and Artificial Intelligence. Customers are in all business sectors, including a number of FTSE 100 companies.

ON BEHALF OF THE BOARD:

J L Carter - Director

29 September 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

DIVIDENDS

Interim dividends per share were paid as follows:

114.00

- 2 January 2024

138.75

- 6 April 2024

252.75

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2024 will be £ 2,527,500 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

M Carter

J L Carter

J P R Wade

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

The directors continually have regard to foster the company's business relationships with customers, suppliers and others.

We focus on strong customer relationships which helps to retain our broad customer basis.

Netpremacy is dependent on its relationship with Google along with other vital suppliers, investing in staff training and certifications, and liaising closely with them.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Malcolm Jones & Co Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

J L Carter - Director

29 September 2025

Opinion

We have audited the financial statements of Netpremacy Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional scepticism throughout the audit.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory framework within which the company operates, focusing on those laws and regulations that directly effects how material balances are determined and also the disclosures in the financial statements. the laws and regulations considered by us in this context were the Companies Act 2006 and various taxation legislation.

We identified the greatest risks of material impact on the financial statements from irregularities, including fraud, to be revenue and cost recognition and override of controls by management. Our audit procedures to respond to revenue and cost recognition risks included sample testing a sample of income/costs across the year to agree to supporting documentation and reviewing income and costs either side of the year end to ensure they have been recognised correctly. Our audit procedures to respond to management override risks included enquiries of management about their own identification and an assessment of the risks of irregularities, reviewing the posting of journals and reviewing the accounting estimates for bias.

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Wilkinson FCA (Senior Statutory Auditor)

for and on behalf of Malcolm Jones & Co Limited

Statutory Auditors

Accountants and Business Advisers

West Hill House

Allerton Hill

Chapel Allerton

Leeds

West Yorkshire

LS7 3QB

29 September 2025

TURNOVER

61,011,579

68,948,698

Cost of sales

54,174,042

61,609,567

GROSS PROFIT

6,837,537

7,339,131

Administrative expenses

4,139,349

4,437,506

2,698,188

2,901,625

Other operating income

-

4,929

OPERATING PROFIT

4

2,698,188

2,906,554

Interest receivable and similar income

13,657

3,359

2,711,845

2,909,913

Interest payable and similar expenses

5

-

8,886

PROFIT BEFORE TAXATION

2,711,845

2,901,027

Tax on profit

6

715,016

728,245

PROFIT FOR THE FINANCIAL YEAR

1,996,829

2,172,782

Retained earnings at beginning of year

2,128,127

3,015,345

Dividends

7

(2,527,500

)

(3,060,000

)

RETAINED EARNINGS AT END OF YEAR

1,597,456

2,128,127

FIXED ASSETS

Tangible assets

8

463,872

97,559

CURRENT ASSETS

Debtors

9

20,756,548

26,548,687

Cash at bank and in hand

14,048,478

16,483,299

34,805,026

43,031,986

CREDITORS

Amounts falling due within one year

10

33,558,425

40,980,294

NET CURRENT ASSETS

1,246,601

2,051,692

TOTAL ASSETS LESS CURRENT LIABILITIES

1,710,473

2,149,251

PROVISIONS FOR LIABILITIES

12

103,017

11,124

NET ASSETS

1,607,456

2,138,127

CAPITAL AND RESERVES

Called up share capital

13

10,000

10,000

Retained earnings

14

1,597,456

2,128,127

SHAREHOLDERS' FUNDS

1,607,456

2,138,127

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

J L Carter - Director

Cash flows from operating activities

Cash generated from operations

1

1,068,980

6,565,122

Interest paid

-

(8,886

)

Tax paid

(728,371

)

(619,036

)

Net cash from operating activities

340,609

5,937,200

Cash flows from investing activities

Purchase of tangible fixed assets

(477,997

)

(26,640

)

Interest received

13,657

3,359

Net cash from investing activities

(464,340

)

(23,281

)

Cash flows from financing activities

Amount introduced by directors

1,627,501

-

Amount withdrawn by directors

(1,411,091

)

17,855

Equity dividends paid

(2,527,500

)

(3,060,000

)

Net cash from financing activities

(2,311,090

)

(3,042,145

)

(Decrease)/increase in cash and cash equivalents

(2,434,821

)

2,871,774

Cash and cash equivalents at beginning of year

2

16,483,299

13,611,525

Cash and cash equivalents at end of year

2

14,048,478

16,483,299

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.12.24

31.12.23

£

£

Profit before taxation

2,711,845

2,901,027

Depreciation charges

111,685

14,958

Finance costs

-

8,886

Finance income

(13,657

)

(3,359

)

2,809,873

2,921,512

Decrease/(increase) in trade and other debtors

5,792,139

(2,326,720

)

(Decrease)/increase in trade and other creditors

(7,533,032

)

5,970,330

Cash generated from operations

1,068,980

6,565,122

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

14,048,478

16,483,299

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

16,483,299

13,611,525

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

16,483,299

(2,434,821

)

14,048,478

16,483,299

(2,434,821

)

14,048,478

Total

16,483,299

(2,434,821

)

14,048,478

1.	STATUTORY INFORMATION

Netpremacy Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax.

Revenue from contracts where there is a provision of services involved, is recognised at the point the contract is agreed, which would normally be the date the sales invoice is raised. This is the point when the significant risks and rewards of ownership, for a specified period of time, are passed to the customer.

Revenue from the sale of goods is normally recognised on dispatch of goods. This is the point when the significant risks and rewards of ownership are passed to the customer, the amount of revenue can be reliably measured, it is probable that economic benefits associated with the transaction will flow to the entity and that costs incurred can be reliably measured.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

2% on cost

Fixtures and fittings

-

15% on cost

Motor vehicles

-

20% on reducing balance

Computer equipment

-

25% on cost

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

The benefits of lease incentives connected with property leases are recognised in the Income Statement at the time the incentive was made, rather than over the term of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

£

£

Wages and salaries

4,666,062

4,398,190

Social security costs

580,101

548,636

Other pension costs

47,975

41,763

5,294,138

4,988,589

The average number of employees during the year was as follows:

31.12.24

31.12.23

Directors

3

3

Direct Staff

51

49

54

52

31.12.24

31.12.23

£

£

Directors' remuneration

1,645,217

1,576,750

Information regarding the highest paid director is as follows:

31.12.24

31.12.23

£

£

Emoluments etc

732,141

704,537

4.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.12.24

31.12.23

£

£

Other operating leases

201,428

223,994

Depreciation - owned assets

111,684

14,958

Auditors' remuneration

15,500

15,500

Foreign exchange differences

(4,584

)

24,820

Non-audit fees

34,755

37,465

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.24

31.12.23

£

£

Interest paid

-

8,886

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

31.12.24

31.12.23

£

£

Current tax:

UK corporation tax

623,123

725,010

Deferred tax

91,893

3,235

Tax on profit

715,016

728,245

UK corporation tax has been charged at 25% (2023 - 25%).

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.24

31.12.23

£

£

Profit before tax

2,711,845

2,901,027

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 25%)

677,961

725,257

Effects of:

Expenses not deductible for tax purposes

36,740

48,277

Depreciation in excess of capital allowances

315

314

Change in rate of corporation tax

-

(45,603

)

Total tax charge

715,016

728,245

7.

DIVIDENDS

31.12.24

31.12.23

£

£

Ordinary shares of £1 each

Interim

2,527,500

3,060,000

8.	TANGIBLE FIXED ASSETS

Fixtures

Short

and

Motor

Computer

leasehold

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2024

62,918

103,655

-

122,784

289,357

Additions

-

1,057

464,929

12,011

477,997

Disposals

-

(53,239

)

-

(70,425

)

(123,664

)

At 31 December 2024

62,918

51,473

464,929

64,370

643,690

DEPRECIATION

At 1 January 2024

9,855

86,844

-

95,099

191,798

Charge for year

1,258

7,600

92,986

9,840

111,684

Eliminated on disposal

-

(53,239

)

-

(70,425

)

(123,664

)

At 31 December 2024

11,113

41,205

92,986

34,514

179,818

NET BOOK VALUE

At 31 December 2024

51,805

10,268

371,943

29,856

463,872

At 31 December 2023

53,063

16,811

-

27,685

97,559

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

20,468,954

26,282,943

Other debtors

180,000

188,297

Prepayments

107,594

77,447

20,756,548

26,548,687

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

27,575,321

36,671,327

Corporation tax

57,588

162,836

Social security and other taxes

5,097,380

3,455,761

Other creditors

4,015

23,260

Directors' current accounts

675,647

459,237

Accrued expenses

148,474

207,873

33,558,425

40,980,294

11.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.24

31.12.23

£

£

Within one year

132,261

132,261

Between one and five years

6,522

138,783

138,783

271,044

12.	PROVISIONS FOR LIABILITIES

31.12.24

31.12.23

£

£

Deferred tax

103,017

11,124

Deferred

tax

£

Balance at 1 January 2024

11,124

Charge to Income Statement during year

91,893

Balance at 31 December 2024

103,017

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

10,000

Ordinary

£1

10,000

10,000

14.

RESERVES

Retained

earnings

£

At 1 January 2024

2,128,127

Profit for the year

1,996,829

Dividends

(2,527,500

)

At 31 December 2024

1,597,456