Red Fox I.D. Limited

	Page
Directors' Report	1—2
Independent Auditor's Report	3—5
Statement of Comprehensive Income	6
Balance Sheet	7
Statement of Changes in Equity	8
Notes to the Financial Statements	9—13

The directors present their report and the financial statements for the year ended 31 December 2024.

Principal Activity

The company's principal activity continues to be that of the design, development and installation of automatic vehicle detection and classification systems.

Directors

The directors who held office during the year were as follows:

S Bird
K Chriest	Appointed	08/04/2024
R A Lees
R Lewis	Appointed	08/04/2024
C Myers	Appointed	08/04/2024

Statement of Directors' Responsibilities

The directors are responsible for preparing the Directors' Report 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, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, 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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

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Red Fox I.D. Limited

Directors' Report (continued)

For The Year Ended 31 December 2024

Independent Auditors

The auditors, Lancasters (Accountants) Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

On behalf of the board

S Bird

Director

24th September 2025

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Independent Auditor's Report

to the Members of

Red Fox I.D. Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of Red Fox I.D. Limited for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

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/(loss) 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 Auditor's 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 the provisions available for small entities, in the circumstances set out in note 18 to the financial statements, 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 entity's ability to continue as a going concern for a period of at least 12 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 other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report have been prepared in accordance with applicable legal requirements.

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Independent Auditor's Report (continued)

to the Members of

Red Fox I.D. Limited

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 Directors' Report.

We have nothing to report in respect of the following matters in relation to which 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 or 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 Directors' Responsibilities Statement set out on page 1—2, 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 is 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.

Auditor's 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 an auditor's report 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.

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

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the Company to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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

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Independent Auditor's Report (continued)

to the Members of

Red Fox I.D. Limited

Other Matters

The comparative figures presented for the period ended 31st December 2023 have not been audited.

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 that we are required to state to them in an auditor's report 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.

Richard V Griggs FCA (Senior Statutory Auditor)

for and on behalf of Lancasters (Accountants) Limited , Statutory Auditor

24th September 2025

Lancasters (Accountants) Limited

Chartered Accountants & Registered Auditor

Manor Courtyard

Aston Sandford

Bucks

HP17 8JB

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Red Fox I.D. Limited

Statement of Comprehensive Income

For The Year Ended 31 December 2024

Statement of Comprehensive Income

		31 December 2024	31 December 2023
	Notes	£	£
TURNOVER		1,913,132	2,097,282
Cost of sales		(275,288 )	(192,981 )

GROSS PROFIT		1,637,844	1,904,301

Administrative expenses		(1,189,777 )	(1,301,906 )

OPERATING PROFIT		448,067	602,395
Other interest receivable and similar income	6	5,156	18,273
Interest payable and similar charges	7	-	(11,452 )

PROFIT BEFORE TAXATION		453,223	609,216
Tax on Profit	8	46,484	(74,206 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR		499,707	535,010
OTHER COMPREHENSIVE INCOME FOR THE YEAR		-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR		499,707	535,010

The notes on pages 9 to 13 form part of these financial statements.

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Red Fox I.D. Limited

Balance Sheet

As At 31 December 2024

Balance Sheet

Registered number: 07784333

		31 December 2024		31 December 2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	9		22,530		21,450

			22,530		21,450
CURRENT ASSETS
Stocks	10	39,526		18,684
Debtors	11	1,129,891		1,015,080
Cash at bank and in hand		1,255,433		1,172,229

		2,424,850		2,205,993
Creditors: Amounts Falling Due Within One Year	12	(364,159 )		(644,117 )

NET CURRENT ASSETS (LIABILITIES)			2,060,691		1,561,876

TOTAL ASSETS LESS CURRENT LIABILITIES			2,083,221		1,583,326

NET ASSETS			2,083,221		1,583,326

CAPITAL AND RESERVES
Called up share capital	13		7		7
Share premium account			210,185		209,997
Capital redemption reserve			2		2
Profit and Loss Account			1,873,027		1,373,320

SHAREHOLDERS' FUNDS			2,083,221		1,583,326

On behalf of the board

S Bird

Director

24th September 2025

The notes on pages 9 to 13 form part of these financial statements.

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Red Fox I.D. Limited

Statement of Changes in Equity

For The Year Ended 31 December 2024

Statement of Changes in Equity

	Share Capital	Share Premium	Capital Redemption	Profit and Loss Account	Total
	£	£	£	£	£
As at 1 October 2022	7	209,997	2	838,310	1,048,316
Profit for the period and total comprehensive income	-	-	-	535,010	535,010

As at 31 December 2023 and 1 January 2024	7	209,997	2	1,373,320	1,583,326


Profit for the year and total comprehensive income	-	-	-	499,707	499,707

Arising on shares issued during the period	-	188	-	-	188

As at 31 December 2024	7	210,185	2	1,873,027	2,083,221

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Red Fox I.D. Limited

Notes to the Financial Statements

For The Year Ended 31 December 2024

Notes to the Financial Statements

1. General Information

Red Fox I.D. Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07784333 . The registered office is Manor Courtyard, Aston Sandford, Bucks, HP17 8JB.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Computer Equipment

25% Straight Line

2.4. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

2.5. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

2.6. Foreign Currencies

Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

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Red Fox I.D. Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.7. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

3. Auditor's Remuneration

Remuneration received by the company's auditors and their associates during the year was as follows:

	31 December 2024	31 December 2023
	£	£
Audit Services
Audit of the company's financial statements	8,000	-

4. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	31 December 2024	31 December 2023
	£	£
Wages and salaries	613,882	719,679
Social security costs	52,535	87,495
Other pension costs	13,338	12,176

	679,755	819,350

5. Average Number of Employees

Average number of employees, including directors, during the year was: 11 (2023: 6)

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Red Fox I.D. Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

6. Interest Receivable and Similar Income

	31 December 2024	31 December 2023
	£	£
Bank interest receivable	5,125	17,600
Other interest receivable	31	673

	5,156	18,273

7. Interest Payable and Similar Charges

	31 December 2024	31 December 2023
	£	£
Other finance charges	-	11,452

8. Tax on Profit

	Tax Rate		31 December 2024	31 December 2023
The tax (credit)/charge on the profit for the year was as follows:
	31 December 2024	31 December 2023	£	£
Current tax
UK Corporation Tax	25.0%	25.0%	(46,484 )	74,206


Total tax charge for the period			(46,484 )	74,206


The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
			31 December 2024	31 December 2023
			£	£
Profit before tax			453,223	609,216

Tax on profit at 25% (UK standard rate)			113,306	152,304
Expenses not deductible for tax purposes			4,956	3,292
Tax losses utilised			(88,272 )	(75,637 )
Capital allowances			(2,268 )	(5,753 )
Research and Development tax credit			(74,206 )	-

Total tax charge for the period			(46,484)	74,206

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Red Fox I.D. Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

9. Tangible Assets

	Computer Equipment
	£
Cost
As at 1 January 2024	71,515
Additions	9,073

As at 31 December 2024	80,588

Depreciation
As at 1 January 2024	50,065
Provided during the period	7,993

As at 31 December 2024	58,058

Net Book Value
As at 31 December 2024	22,530

As at 1 January 2024	21,450

10. Stocks

	31 December 2024	31 December 2023
	£	£
Stock	39,526	18,684

11. Debtors

	31 December 2024	31 December 2023
	£	£
Due within one year
Trade debtors	200,218	878,772
Amounts owed by group undertakings	899,835	-
Other debtors	29,838	136,308

	1,129,891	1,015,080

12. Creditors: Amounts Falling Due Within One Year

	31 December 2024	31 December 2023
	£	£
Trade creditors	29,022	17,419
Other creditors	133,627	47,244
Corporation tax	27,722	74,206
Accruals and deferred income	173,788	505,248

	364,159	644,117

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Red Fox I.D. Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

13. Share Capital

	31 December 2024	31 December 2023
Allotted, called up and fully paid	£	£
6,783 Ordinary Shares of £ 0.001 each	7	7

14. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	31 December 2024	31 December 2023
	£	£
Not later than one year	28,000	28,000
Later than one year and not later than five years	18,667	46,667

	46,667	74,667

15. Pension Commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.

During the year the charge to the profit and loss account in respect of defined contribution schemes was £13,338 (2023: £12,176).

At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.

16. Related Party Disclosures

The company has taken advantage of exemption, under 33.1A of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose transactions with wholly owned subsidiaries within the group.

17. Controlling Parties

Since the 8th April 2024, the company's ultimate controlling party is Quarterhill Inc by virtue of their ownership of 100% of the issued share capital in the company. Their registered office is 200 Bay Street, North Tower, Suite 1200, Toronto ON, M5J 2J2, Canada. company.

18. FRC's Ethical Standard - Provision Available for Small Entities

In common with other businesses of our size and nature, we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

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