ACCOUNTS - Final Accounts

An analysis of turnover by class of business is as follows:

Registered number: 13382028

ASGARD HI-TECH SOLUTIONS LIMITED

AUDITED

ANNUAL REPORT
AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 DECEMBER 2024

ASGARD HI-TECH SOLUTIONS LIMITED

COMPANY INFORMATION

Directors	Mr J Comerford
	Mr M McDonald
	Mr J Byrne
	Mr J Blaney


Company secretary	Mr D Larkin


Registered number	13382028


Registered office	4 Market Dock
	Waverley
	South Shields
	NE33 1LE


Independent auditors	Wellden Turnbull Limited
	Albany House
	Claremont Lane
	Esher
	Surrey
	KT10 9FQ

ASGARD HI-TECH SOLUTIONS LIMITED

CONTENTS

	Page
Strategic Report	1 - 2
Directors' Report	3 - 4
Independent Auditors' Report	5 - 8
Statement of Income and Retained Earnings	9
Balance Sheet	10
Notes to the Financial Statements	11 - 21

ASGARD HI-TECH SOLUTIONS LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction

The Directors present the strategic report for the year ended 31 December 2024.
The principal activity of the Company continued to be the provision of and delivery of controlled cleanrooms to the electrical vehicle and battery manufacturing sectors. There has been no significant change on these activities during the financial year ending 31 December 2024.

Business review

The results for the year and the financial position at year-end were strong and in line with forecast growth and the pipeline of projects for the financial year.
The Company's annual turnover was £43,470,612 (2023 - £32,854,410), a 32% increase year on year. Gross profit increased to £5,513,323 (2023 - £3,777,896) and gross profit margins increased to 12.7% (2023 – 11.6%) as a result of the increased turnover in the period.
The Company's annual profit after tax was £1,298,315 (2023 - £872,229).
The Company's balance sheet continues to be strong, with a net asset position of £2,248,400 (2023 - £950,085) with closing cash reserves of £2,968,949 (2023 - £8,040,052).

Future developments

The Directors propose to continue the Company's current activities and seek opportunities and growth in the same field.

Principal risks and uncertainties

The Board is responsible for maintaining an adequate system of internal control and risk management. The Company is subject to risks which may impact financial earnings, assets and liquidity. The Board believes it has taken reasonable steps to mitigate loss due to risks and uncertainties.
The Company's future revenues and profits are dependent upon its ability to secure new customers and additional work from existing customers, which itself depends upon demand in the UK market. In this regard, the Company is exposed to the wider risks of the UK economy and specifically the electric vehicle and general battery sectors which it serves.
The length of projects exposes the Company to credit risk. The Board serves to mitigate this risk by undertaking credit checks on customers in advance of entering contracts.
The Company meets its day-to-day liquidity requirements through its cash reserves. This allows the Company to actively manage its liquidity and working capital.
The Company has no external borrowings, and operates principally in the UK, and therefore has limited interest rate and foreign currency risks.

Page 1

ASGARD HI-TECH SOLUTIONS LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Financial key performance indicators

The Company uses a series of key performance indicators to monitor the performance of the business.
2024 2023
Turnover £43.5m £32.9m
Gross profit £5.5m £3.8m
Gross profit margin 12.7% 11.6%
Profit after tax £1.3m £0.9m
Net profit margin 3.0% 2.7%

Other key performance indicators

The Directors do not consider that there are any other key performance indicators.

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

Mr M McDonald

Director

Date: 26 September 2025

Page 2

ASGARD HI-TECH SOLUTIONS LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

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

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic Report, 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 judgements and accounting estimates that are reasonable and prudent;

∙state whether applicable UK 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 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

The principal activity of the Company is the delivery of controlled cleanrooms primarily to the electrical vehicle and battery manufacturing industry sector. There has been no significant change on these activities during the financial year end 31 December 2024.

Directors

The Directors who served during the year were:

Mr J Comerford

Mr M McDonald

Mr J Byrne

Mr J Blaney

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.

Page 3

ASGARD HI-TECH SOLUTIONS LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditors, Wellden Turnbull Limited, will be proposed for reappointment in accordance with section 489 of the Companies Act 2006.

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

Mr M McDonald

Director

Date: 26 September 2025

Page 4

ASGARD HI-TECH SOLUTIONS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASGARD HI-TECH SOLUTIONS LIMITED

Opinion

We have audited the financial statements of Asgard Hi-Tech Solutions Limited (the 'Company') for the year 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 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 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.

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 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.

Page 5

ASGARD HI-TECH SOLUTIONS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASGARD HI-TECH SOLUTIONS LIMITED (CONTINUED)

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 Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic Report and the Directors' Report 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 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.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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.

Page 6

ASGARD HI-TECH SOLUTIONS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASGARD HI-TECH SOLUTIONS LIMITED (CONTINUED)

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. We have identified the greatest risk of a material impact on the financial statements from irregularities, including fraud, to relate to the timing and recognition of revenue, the valuation of work in progress including any related provisions and the override of controls by management. We have obtained an understanding of the legal and regulatory frameworks that the Company operates within including both those that directly have an impact on the financial statements and more widely those for which non-compliance could have a significant impact on the Company’s operations and reputation. The Companies Act 2006, employee legislation, health and safety legislation, UK tax law and data protection regulation are those we have identified in this regard. Auditing standards limit the required procedures as to non-compliance with laws and regulations to enquiries of those charged with governance and review of any applicable correspondence.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

∙Enquiry of management and those charged with governance as to actual and potential litigation and claims;

∙Enquiry of management to identify any instances of non compliance with laws and regulations;

∙Assessing the reasonableness of revenue, project completion and accrued and deferred income recognised in the period based on underlying contractual terms and obligations and the requirements of accounting standards, ensuring that sales are recorded in the correct period;

∙Assessing the reasonableness of any recognised provisions in the context of financial reporting standards and the Company's business;

∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations and accounting standards; and

∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business, and reviewing accounting estimates for bias.

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.

Page 7

ASGARD HI-TECH SOLUTIONS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASGARD HI-TECH SOLUTIONS LIMITED (CONTINUED)

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.

Mark Nelligan (FCA) (Senior Statutory Auditor)

for and on behalf of

Wellden Turnbull Limited

Albany House

Claremont Lane

Esher

Surrey

KT10 9FQ

27 September 2025

Page 8

ASGARD HI-TECH SOLUTIONS LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
Note	£	£


Turnover	4	43,470,612	32,854,410
Cost of sales		(37,957,289)	(29,076,514)
Gross profit		5,513,323	3,777,896

Administrative expenses		(4,216,554)	(2,905,667)
Operating profit	5	1,296,769	872,229
Tax on profit	8	1,546	-
Profit after tax		1,298,315	872,229



Retained earnings at the beginning of the year	950,084	77,855
Profit for the year	1,298,315	872,229
Retained earnings at the end of the year	2,248,399	950,084

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 21 form part of these financial statements.

Page 9

ASGARD HI-TECH SOLUTIONS LIMITED

REGISTERED NUMBER: 13382028

BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Intangible assets	9		66,721		59,340
Tangible assets	10		518,850		534,492
			585,571		593,832
Current assets
Debtors: amounts falling due within one year	11	6,230,893		5,605,588
Bank and cash balances		2,968,949		8,040,052
		9,199,842		13,645,640
Current liabilities
Creditors: amounts falling due within one year	12	(7,537,013)		(13,289,387)
Net current assets			1,662,829		356,253
Total assets less current liabilities			2,248,400		950,085

Net assets			2,248,400		950,085

Capital and reserves
Called up share capital	13	1	1
Profit and loss account	14	2,248,399	950,084
		2,248,400	950,085

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Mr M McDonald

Director

Date: 26 September 2025

The notes on pages 11 to 21 form part of these financial statements.

Page 10

ASGARD HI-TECH SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Asgard Hi-Tech Solutions Limited is a private company, limited by shares and incorporated in England and Wales, registration number 13382028. The registered office address is 4 Market Dock, Waverley, South Shields, NE33 1LE.

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

The financial statements are presented in sterling, which is the functional currency of the Company and rounded to the nearest £.

The following principal accounting policies have been applied:

2.2

Statement of compliance

The financial statements have been prepared using FRS102, the financial reporting standard applicable in the UK and Republic of Ireland. There were no material departures from that standard.

2.3

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).

This information is included in the consolidated financial statements of Asgatech Group Business Services (GBS) Limited as at 31 December 2024 and these financial statements may be obtained from the Ireland Company Registration Office (CRO).

Page 11

ASGARD HI-TECH SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


	2.4	Going concern

These financial statements have been prepared on a going concern basis which means that the Company will continue to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of the financial statements.
The Company generated a profit before tax of £1,296,769 during the year ended 31 December 2024 and, as of that date, the Company was in a net asset position of £2,248,400 including cash reserves of £2,968,949. The Directors further cite a good pipeline of projects and the performance of the Company which has seen strengthening of the balance sheet. The Directors cite, if required, the continued support and financing available from the Company’s parent if required.
In assessing the appropriateness of the going concern basis of preparation, the Directors have taken into account the key risks of the business at a group and local company level, including the business model and availability of cash resources. Having undertaken their going concern assessment, the Directors have a reasonable expectation that the Company will have sufficient resources to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements and the Directors consider it appropriate to prepare these financial statements on a going concern basis.

2.5

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:

Construction contracts
When the outcome of a construction contract can be estimated reliably, the Company recognises contract revenue and contract costs associated with the construction contract as revenue and expenses respectively by reference to the stage of completion of the contract activity at the end of the reporting period. Reliable estimation of the outcome requires reliable estimates of the stage of completion, future costs and collectability of billings.
The percentage of completion method used is based on completion of a proportion the contract value, as determined by quantity surveyor valuations at the reporting date. Accrued income, accrued expenses, deferred income and prepayments are recognised accordingly in the balance sheet so that costs and revenue on construction contracts recorded during the period are reflective of the contract stage of completion at the reporting date.
Variations to, and claims arising in respect of contracts, are included in revenue to the extent that they have been agreed with the customer or their recoverability is assessed to be probable and can be reliably measured. Provisions are made against contract debtors, with a corresponding debit to revenue, where it is probable that they will not be recovered and the irrecoverable amount can be reliably estimated.
When the outcome of a construction contract cannot be estimated reliably:
(a) the Company recognises revenue only to the extent of contract costs incurred that it is probable will be recoverable; and
(b) the Company recognises contract costs as an expense in the period in which they are incurred.

Page 12

ASGARD HI-TECH SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.5

Revenue (continued)

When it is probable that total contract costs will exceed total contract revenue on a construction contract, the expected loss is recognised as an expense immediately, with a corresponding provision for an onerous contract.
Retention's recoverable in respect of construction contracts are recognised within other debtors.

2.6

Operating leases: the Company as lessee

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

2.7

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 profit or loss 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.

2.8

Taxation

Tax is recognised in profit or loss 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.

Page 13

ASGARD HI-TECH SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.9

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 useful life of the intangible asset has been deemed as 4 years.

2.10

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property	-	4%	Straight line
Motor vehicles	-	20%	Straight line
Office equipment	-	33%	Straight line
Computer equipment	-	33%	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 profit or loss.

2.11

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.

2.12

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 14

ASGARD HI-TECH SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.13

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.

2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the

Page 15

ASGARD HI-TECH SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.14

Financial instruments (continued)

payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

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

The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.
The following are the Company’s key judgements and sources of estimation uncertainty:
Management are required to estimate the project stage of completion in respect of construction contracts, which is subject to estimation uncertainty in respect of a) project variations yet to be certified b) works completed under cost-plus arrangements where costs incurred are in dispute. This impacts revenue and expenses recognition in profit and loss as well as accrued expenses and accrued income on the balance sheet.
Management are required to estimate the recoverable amounts of both invoiced and uninvoiced project debtors, taking into account the status of any negotiations and disputes ongoing at the date of approval of the financial statements. Management recognise provisions where balances are not deemed to be recoverable.
There are no further judgements or estimates when applying the accounting policies that have a significant effect on the amounts recognised in the financial statements that are not readily apparent from other sources.

	Contract revenue	43,470,612	32,854,410

All turnover arose within the United Kingdom.

Page 16

ASGARD HI-TECH SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Auditors' remuneration - audit services	8,659	12,000
Exchange differences	7,730	39,906
Other operating lease rentals	19,275	15,050
Loss on disposal of fixed assets	5,005	859

Wages and salaries	2,447,844	1,759,137
Social security costs	252,653	168,647
Cost of defined contribution scheme	77,649	21,247
	2,778,146	1,949,031

The average monthly number of employees, including directors, during the year was 38 (2023 - 26).

7.	Directors' remuneration
		2024	2023
		£	£

Directors' emoluments	219,235	316,046
Company contributions to defined contribution pension schemes	4,583	881
	223,818	316,927

Corporation tax
Current tax on profits for the year	(1,546)	-

Total current tax	(1,546)	-

Page 17

ASGARD HI-TECH SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

8.Taxation (continued)

Profit on ordinary activities before tax

1,296,769

872,229

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%)	324,192	170,971
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	21,723	48,094
Capital allowances for year in excess of depreciation	(9,245)	(175,334)
Adjustments to tax charge in respect of prior periods	(14,906)	-
Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge	-	(33,644)
Other differences leading to a decrease in the tax charge	(2,451)	(10,087)
Group relief	(320,859)	-
Total tax charge for the year	(1,546)	-

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

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ASGARD HI-TECH SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

9.	Intangible assets

		Computer software
		£
	Cost
	At 1 January 2024	62,086
	Additions	17,453
	At 31 December 2024	79,539
	Amortisation
	At 1 January 2024	2,747
	Charge for the year on owned assets	10,071
	At 31 December 2024	12,818
	Net book value
	At 31 December 2024	66,721
	At 31 December 2023	59,340

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ASGARD HI-TECH SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

10.	Tangible fixed assets

	Freehold property	Plant and machinery	Motor vehicles	Office equipment	Total
	£	£	£	£	£
Cost or valuation
At 1 January 2024	437,100	21,019	58,288	29,186	545,593
Additions	7,344	7,619	38,993	-	53,956
Disposals	-	-	(23,998)	-	(23,998)
At 31 December 2024	444,444	28,638	73,283	29,186	575,551
Depreciation
At 1 January 2024	2,914	584	5,981	1,621	11,100
Charge for the year on owned assets	17,631	9,334	12,907	9,729	49,601
Disposals	-	-	(4,000)	-	(4,000)
At 31 December 2024	20,545	9,918	14,888	11,350	56,701
Net book value
At 31 December 2024	423,899	18,720	58,395	17,836	518,850
At 31 December 2023	434,186	20,435	52,307	27,564	534,492

11.

Debtors

					2024	2023
					£	£


Trade debtors	1,345,200	2,885,870
Amounts owed by group undertakings	1,751	1
Other debtors	2,471,124	181,440
Prepayments and accrued income	2,412,818	2,538,277
	6,230,893	5,605,588

Amounts owed by group undertakings are interest free and repayable on demand.

Page 20

ASGARD HI-TECH SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

12.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	426,077	5,137,899
Amounts owed to group undertakings	3,625,624	19,836
Corporation tax	13,360	-
Other taxation and social security	137,327	128,749
Other creditors	672,600	81,384
Accruals and deferred income	2,662,025	7,921,519
	7,537,013	13,289,387

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

13.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

1 (2023 - 1) Ordinary share of £1.00	1	1

14.

Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.

15.	Related party transactions
	The Company has taken advantage of FRS 102 section 33 paragraph 1A not to disclose transactions with wholly owned group members.

16.	Controlling party

The Company's ultimate parent is Asgatech Group Business Services (GBS) Limited, a company incorporated in the Republic of Ireland.
The largest group of undertakings into which the results of the Company are consolidated is headed by Asgatech Group Business Services (GBS) Limited. The consolidated financial statements are available from the registered office address, Unit E, Purcellsinch Industrial Estate, Kilkenny, Ireland as well as the Ireland Company Registration Office (CRO).
The ultimate controlling party is Mr J Comerford.

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