ACCOUNTS - Final Accounts

Operating profit

The operating profit is stated after charging:

Period ended

31 December

Unaudited Year ended

30 November

Registered number: 08080361

TECHARY LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

TECHARY LIMITED

COMPANY INFORMATION

Directors	T W Stephens
	C J Howell
	M B Warren


Registered number	08080361


Registered office	Martin House
	5 Martin Lane
	London
	EC4R 0DP


Independent auditors	Barnes Roffe Audit Limited
	Chartered Accountants Statutory Auditors
	Leytonstone House
	3 Hanbury Drive
	London
	E11 1GA

TECHARY LIMITED

CONTENTS

	Page
Directors' report	1 - 3
Independent auditors' report	4 - 7
Statement of income and retained earnings	8
Balance sheet	9 - 10
Notes to the financial statements	11 - 27

TECHARY LIMITED

DIRECTORS' REPORT

FOR THE PERIOD ENDED 31 DECEMBER 2024

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

Directors' responsibilities statement

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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙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 to 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.

Principal activity

Techary is a well-established provider of technology services, headquartered in the United Kingdom and operating through global subsidiaries, with significant operations in the UK, United States and the Netherlands.
The Company is one of the subsidiaries based in the UK and it’s mission is to redefine the way technology is procured, implemented, and supported, with the aim of advancing and simplifying the IT experience for its customers.
Techary operates as both a Value-Added Reseller (VAR) and a Managed Service Provider (MSP), offering a comprehensive range of complementary technology services. The client base spans early-stage businesses through to large multinational enterprises across multiple industry sectors.
The Company delivers services primarily through four business units:
   (1) Managed IT
   (2) IT Projects
   (3) Procurement and Value-Added Resale
   (4) Resources

Page 1

TECHARY LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE PERIOD ENDED 31 DECEMBER 2024

Business review

The UK business delivered a year of exceptional performance, achieving industry-leading growth that significantly outpaced market peers. Turnover increased by 67% to £17.15m (2023: £10.28m), reflecting not only strong demand across our IT solutions and managed services offering, but also the successful acquisition of new high-value customers. This level of growth places Techary among the fastest-expanding businesses in the sector and underlines the strength of our differentiated approach in the UK market, recognised by securing a place in the Sunday Times Top 100 fastest growing companies list for 2025, when reviewing results within the period.
Our ability to combine deep technical expertise with proprietary, disruptive, technology has positioned Techary to consistently outperform the wider industry. The UK business continues to demonstrate scalability and resilience, capturing market share in a competitive landscape while maintaining the agility to respond rapidly to evolving customer needs.
Looking ahead, we see structural shifts in the market – particularly the accelerating impact of AI adoption – driving increased demand for our services and solutions. Techary is well-positioned to capitalise on these opportunities, and early trading in the next period has already reflected this momentum. We remain confident in our ability to sustain this trajectory and continue delivering strong growth and value in the years ahead.

Directors

The directors who served during the period were:

T W Stephens

C J Howell

M B Warren

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

Following the year end, Barnes Roffe LLP resigned as auditors due to the transfer of its audit business and its successor Barnes Roffe Audit Limited was appointed by the directors under s485 Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

Page 2

TECHARY LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE PERIOD ENDED 31 DECEMBER 2024

This report was approved by the board on 26 September 2025 and signed on its behalf.

T W Stephens

Director

Page 3

TECHARY LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TECHARY LIMITED

Opinion

We have audited the financial statements of Techary Limited (the 'Company') for the period ended 31 December 2024, which comprise the Statement of income and retained earnings, the Balance sheet 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, 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 period 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 United Kingdom, including the Financial Reporting Council'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.

Other matters
The corresponding figures in the financial statements are unaudited.

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.

Page 4

TECHARY LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TECHARY LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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. 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 course of 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.

Opinion 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 period for which the financial statements are prepared is consistent with the financial statements; and

∙the Directors' report has 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 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 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; or

∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report.

Page 5

TECHARY LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TECHARY LIMITED (CONTINUED)

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 1, 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.

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 an Auditors' 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

∙the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

∙we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the relevant sector, including Companies Act 2006;

∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

∙laws and regulations identified were communicated with the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the Company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations

To address the risk of fraud through management bias and override of controls, we:

∙assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias;

∙reviewed the financial statement disclosures and tested to supporting documentation to assess compliance with provisions of relevant laws and regulations; and

∙performed analytical procedures and tested journal entries to identify any unusual or unexpected relationships or transactions.

Page 6

TECHARY LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TECHARY LIMITED (CONTINUED)

The areas that we identified as being susceptible to misstatement through fraud were:

∙Management bias in the estimates and judgements made; and

∙Management override of controls.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 Auditors' report.

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 an Auditors' 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.

Gary H Leonard FCA (Senior statutory auditor)

for and on behalf of

Barnes Roffe Audit Limited

Chartered Accountants
Statutory Auditors

Leytonstone House

3 Hanbury Drive

London

E11 1GA

26 September 2025

Page 7

TECHARY LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

FOR THE PERIOD ENDED 31 DECEMBER 2024

	Period ended 31 December	Unaudited Year ended 30 November
	2024	2023
Note	£	£


Turnover	4	17,154,788	10,278,464
Cost of sales		(12,899,437)	(7,634,824)
Gross profit		4,255,351	2,643,640
Administrative expenses		(3,698,810)	(2,286,556)
Operating profit	5	556,541	357,084
Interest receivable and similar income	9	3,701	1,690
Interest payable and similar expenses	10	(59,447)	(26,430)
Profit before tax		500,795	332,344
Tax on profit	11	(113,284)	(169,618)
Profit after tax		387,511	162,726



Retained earnings at the beginning of the period	565,242	402,516
Profit for the period	387,511	162,726
Retained earnings at the end of the period	952,753	565,242

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of income and retained earnings.

The notes on pages 11 to 27 form part of these financial statements.

Page 8

TECHARY LIMITED

REGISTERED NUMBER: 08080361

BALANCE SHEET

AS AT 31 DECEMBER 2024

		Unaudited
	2024	2023
Note	£	£

Fixed assets
Intangible assets			30,546		-
Tangible assets	13		363,470		446,520
			394,016		446,520
Current assets
Stocks	14	31,372		33,511
Debtors: amounts falling due after more than one year	15	55,626		55,626
Debtors: amounts falling due within one year	15	5,659,084		2,446,660
Cash at bank and in hand	16	321,562		637,104
		6,067,644		3,172,901
Creditors: amounts falling due within one year	17	(5,146,041)		(2,520,264)
Net current assets			921,603		652,637
Total assets less current liabilities			1,315,619		1,099,157
Creditors: amounts falling due after more than one year	18		(289,514)		(450,453)
Provisions for liabilities
Deferred tax	20		(72,352)		(82,462)
Net assets			953,753		566,242

Capital and reserves
Called up share capital	1,000	1,000
Profit and loss account	952,753	565,242
	953,753	566,242

Page 9

TECHARY LIMITED

REGISTERED NUMBER: 08080361

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 September 2025.

T W Stephens

Director

The notes on pages 11 to 27 form part of these financial statements.

Page 10

TECHARY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

1.	General information

Techary Limited ("the Company") is a private company limited by shares, incorporated in England and Wales. Its registered office is Martin House, 5 Martin Lane, London, England, EC4R 0DP.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 11

TECHARY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of income and retained earnings on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.5

Leased assets: the Company as lessor

Where assets leased to a third party give rights approximating to ownership (finance lease), the lessor recognises as a receivable an amount equal to the net investment in the lease i.e. the minimum lease payments receivable under the lease discounted at the interest rate implicit in the lease. This receivable is reduced as the lessee makes capital payments over the term of the lease.

A finance lease gives rise to two types of income: profit or loss equivalent to the profit or loss resulting from outright sale of the asset being leased, at normal selling prices, reflecting any applicable discounts, and finance income over the lease term.

Page 12

TECHARY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.6

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

2.7

Interest income

Interest income is recognised in the Statement of income and retained earnings using the effective interest method.

2.8

Finance costs

Finance costs are charged to the Statement of income and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.9

Borrowing costs

All borrowing costs are recognised in the Statement of income and retained earnings in the period in which they are incurred.

2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 13

TECHARY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.11

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in the Statement of income and retained earnings except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.12

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The estimated useful lives range as follows:

Computer software

5 years

2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 14

TECHARY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.13

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following bases.

Depreciation is provided on the following basis:

Short-term leasehold property	-	Over the term of the lease
Motor vehicles	-	20% straight line
Fixtures and fittings	-	20% straight line
Office equipment	-	20% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of income and retained earnings.

2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of income and retained earnings.

2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 15

TECHARY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.

Increases in provisions are generally charged as an expense to the Statement of income and retained earnings.

2.19

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans
and other accounts receivable and payable, are initially measured at present value of the future cash
flows and subsequently at amortised cost using the effective interest method. Debt instruments that
are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
i) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 12 for the carrying amount of tangible assets.
ii) Impairment of debtors
The Company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors, and historical experience. See note 14 for the net carrying amount of the debtors.

Page 16

TECHARY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

Turnover

The whole of the turnover is attributable to the principal activity of the company.

Analysis of turnover by country of destination:

					Period ended 31 December	Unaudited Year ended 30 November
					2024	2023
					£	£

United Kingdom	16,275,069	9,633,605
Rest of Europe	76,121	98,187
Rest of the world	803,598	546,672
	17,154,788	10,278,464

Exchange differences	(30,084)	(13,182)
Other operating lease rentals	137,119	124,254
Depreciation of tangible fixed assets (charged to admin expenses)	183,661	115,416

Fees payable to the Company's auditors for the audit of the Company's financial statements

14,000

Employees

The average monthly number of employees, including directors, during the period was 57 (2023 - 34).

Page 17

TECHARY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

Directors' emoluments	271,179	89,928
	271,179	89,928

	Bank and other interest receivable	3,701	1,690
		3,701	1,690

Bank loan interest payable	33,841	15,531
Finance leases and hire purchase contracts	23,949	10,899
Other interest payable	1,657	-
	59,447	26,430

Page 18

TECHARY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

Corporation tax
Current tax on profits for the year	116,476	43,321
Adjustments in respect of previous periods	6,918	46,034

Total current tax	123,394	89,355

Deferred tax
Origination and reversal of timing differences	(10,110)	80,263
Total deferred tax	(10,110)	80,263


	Tax on profit	113,284	169,618

Profit on ordinary activities before tax

500,795

332,344

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23%)	125,199	76,439
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	9,861	13,482
Capital allowances for period/year in excess of depreciation	11,505	(46,600)
Adjustments to tax charge in respect of prior periods	6,918	46,034
Other timing differences leading to an increase (decrease) in taxation	(10,110)	80,263
Group relief	(30,089)	-
Total tax charge for the period/year	113,284	169,618

Page 19

TECHARY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

11.Taxation (continued)

Factors that may affect future tax charges

There are no factors that may affect future tax charges.

12.	Intangible assets

		Computer software
		£
	Cost
	Additions	32,670
	At 31 December 2024	32,670
	Amortisation
	Charge for the period on owned assets	2,124
	At 31 December 2024	2,124
	Net book value
	At 31 December 2024	30,546
	At 30 November 2023	-

Page 20

TECHARY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

13.	Tangible fixed assets

	Leasehold property	Motor vehicles	Fixtures and fittings	Office equipment	Total
	£	£	£	£	£
Cost or valuation
At 1 December 2023	278,487	31,675	95,175	393,458	798,795
Additions	-	-	6,022	93,267	99,289
Disposals	-	-	-	(995)	(995)
At 31 December 2024	278,487	31,675	101,197	485,730	897,089
Depreciation
At 1 December 2023	62,497	12,238	36,221	241,319	352,275
Charge for the period on owned assets	51,607	4,718	18,340	106,872	181,537
Disposals	-	-	-	(193)	(193)
At 31 December 2024	114,104	16,956	54,561	347,998	533,619
Net book value
At 31 December 2024	164,383	14,719	46,636	137,732	363,470
At 30 November 2023	215,990	19,437	58,954	152,139	446,520

Page 21

TECHARY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

Finished goods and goods for resale	31,372	33,511
	31,372	33,511

Due after more than one year
Other debtors	55,626	55,626
	55,626	55,626

						Unaudited
					2024	2023
					£	£

Due within one year
Trade debtors	4,045,759	1,453,032
Amounts owed by group undertakings	1,074,414	765,676
Other debtors	303,943	98,959
Prepayments and accrued income	234,968	128,993
	5,659,084	2,446,660

Cash at bank and in hand	321,562	637,104
	321,562	637,104

Page 22

TECHARY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

Bank loans	90,000	90,000
Trade creditors	1,450,690	1,116,741
Amounts owed to group undertakings	237,269	-
Corporation tax	116,320	43,321
Other taxation and social security	595,645	183,160
Obligations under finance lease and hire purchase contracts	56,108	87,970
Other creditors	1,280,798	796,215
Accruals and deferred income	1,319,211	202,857
	5,146,041	2,520,264


Bank loans	40,000	40,000
Other creditors	1,204,516	685,424
Obligations under finance lease and hire purchase contracts	56,108	87,970
	1,300,624	813,394

Details of security provided:

The bank loan is secured by a debenture comprising fixed and floating charges over all the assets or undertaking of the Company.
Included in Other creditors is an amount due to the invoice finance company that is secured by a debenture comprising fixed and floating charges over all the assets or undertaking of the Company.
Hire purchase liabilities are secured against the assets that they relate to.

Page 23

TECHARY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

Bank loans	172,500	270,000
Net obligations under finance leases and hire purchase contracts	117,014	180,453
	289,514	450,453


Bank loan	26,667	70,000
	26,667	70,000

Details of security provided:

The bank loan is secured by a debenture comprising fixed and floating charges over all the assets or undertaking of the Company.

Amounts falling due within one year
Bank loans	90,000	90,000
Amounts falling due 1-2 years
Bank loans	76,667	90,000
Amounts falling due 2-5 years
Bank loans	95,833	180,000

	262,500	360,000

Details of the security is disclosed in note 16 & 17 of the financial statements.

Page 24

TECHARY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

20.	Deferred taxation

	2024	Unaudited 2023
	£	£

At beginning of year	(82,462)	(2,199)
Charged to profit or loss	10,110	(80,263)
At end of year	(72,352)	(82,462)

	Accelerated capital allowances	(72,352)	(82,462)
		(72,352)	(82,462)

Allotted, called up and fully paid

1,000 (2023 - 1,000) Ordinary shares shares of £1.00 each	1,000	1,000

22.	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. The Company contributions to this scheme in the year totalled £76,768 (2023 - £40,985). At the balance sheet date there were amounts outstanding of £19,770 (2023 - £8,862).

Page 25

TECHARY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

Not later than 1 year	176,497	167,402
Later than 1 year and not later than 5 years	329,098	513,196
Later than 5 years	-	4,075
	505,595	684,673

24.	Transactions with directors
	During the period, the following transactions occurred with the director:
			Unaudited
		2024	2023
		£	£

Balance brought forward	50,717	16,977
Advances and interest	90,149	50,717
Repayments	(130)	(16,977)
Balance carried forward	140,736	50,717

Interest in charged at the H M Revenue & Customs beneficial loan rate applicable on each transaction during the period.

25.Directors' personal guarantees

A director has provided a personal guarantee over a loan balance of £195,833 (2023 - £250,000).

26.

Related party transactions

The Company has taken the exemption from disclosing related party transactions with wholly owned subsidiaries within the Group under FRS 102 Section 33.1A.
During the period end, the Company advanced an unsecured loan which is within other debtors due within one year to an entity which is controlled by one of the directors. The loan carries interest at 1% per annum and is repayable on the earlier of five years or upon demand. The balance outstanding at the period end was £64,000 (2023 - £Nil).

Page 26

TECHARY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

27.	Controlling party

The immediate parent Company is Techary Holdings Limited, a Company incorporated in the UK and registered in England and Wales. The registered office of this Company is Martin House, 5 Marton Lane, London, EC4R 0DP.
The ultimate controlling party of the Company is T W Stephens.

Page 27