REGISTERED NUMBER: 02542776 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

RMG NETWORKS LIMITED

TRADING AS

KORBYT

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr A Ahlowalia

Mr S J Mitchell

REGISTERED OFFICE:

Ground Floor

400 Capability Green

Luton

Bedfordshire

LU1 3LU

REGISTERED NUMBER:

02542776 (England and Wales)

AUDITORS:

FKCA Limited

Statutory Auditor

260 - 270 Butterfield

Great Marlings

Luton

Bedfordshire

LU2 8DL

FIXED ASSETS

Tangible assets

5

2,207

3,895

CURRENT ASSETS

Stocks

23,152

12,377

Debtors

6

8,568,912

1,749,413

Cash at bank

100,208

374,451

8,692,272

2,136,241

CREDITORS

Amounts falling due within one year

7

8,413,964

1,433,778

NET CURRENT ASSETS

278,308

702,463

TOTAL ASSETS LESS CURRENT LIABILITIES

280,515

706,358

CREDITORS

Amounts falling due after more than one year

8

43,916

169,776

NET ASSETS

236,599

536,582

CAPITAL AND RESERVES

Called up share capital

11

252,000

252,000

Share premium

183,374

183,374

Capital redemption reserve

51,000

51,000

Retained earnings

(249,775

)

50,208

SHAREHOLDERS' FUNDS

236,599

536,582

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

Mr S J Mitchell - Director

1.	STATUTORY INFORMATION

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

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on the going concern basis which the directors consider to be appropriate. The company remains reliant upon the continued support of the group, which has pledged support for a period in excess of 12 months from the date of signing the financial statements.

Preparation of consolidated financial statements

The financial statements contain information about RMG Networks Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption

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

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sale related taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods). Revenue in respect of annual maintenance contracts and professional services income is recognised on a straight line basis over the life of the contract.

Tangible fixed assets

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

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

Short term leasehold improvements

- 5 years straight line

Machinery and office equipment

- 5 years straight line

Computer equipment

- 2 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit or loss.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stock is valued on a first-in, first out basis at the lower of cost incurred in bringing each product to its present location and net realisable value. net realisable value is based upon estimated selling price less further costs expected to be incurred to completing and disposal. Provision is made for slow moving and obsolete stock.

Financial instruments

The Company’s financial instruments comprise cash, trade and other receivables, and trade and other payables.

Financial Assets:

Cash and receivables are initially recognised at the transaction price and subsequently measured at amortised cost less any provision for impairment.

Financial Liabilities:

Trade payables and borrowings are initially recognised at the transaction price and subsequently measured at amortised cost. Interest on borrowings is recognised in profit or loss as it accrues.

Impairment:

Financial assets are reviewed at each reporting date for objective evidence of impairment. Any impairment losses are recognised in profit or loss.

Taxation

Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

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

Deferred tax

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

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

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

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

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

Foreign currencies

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

Share based payments

The company is part of a group share-based stock option plan. Pursuant to the Plan, the Board of Directors of Korbyt Holdco LLC may grant common stock options to group employees. The equity-settled share based payment expense is measured at fair value on the basis of a reasonable allocation of the expense to the relevant group entities. For all stock options issued under the Plan, the term is 10 years and awards typically vest over five years.

The Company has taken advantage of exemptions available under FRS102 paragraph 1.12 from the disclosure requirements of paragraphs 26.18(b), 26.19, 26.21 and 26.23 on the basis it is a qualifying entity and equivalent disclosures are included in the consolidated financial statements of Korbyt Holdco LLC.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 10 ) .

5.	TANGIBLE FIXED ASSETS

Machinery

and

Short

Office

Computer

leasehold

Equipment

equipment

Totals

£

£

£

£

COST

At 1 January 2024

and 31 December 2024

83,186

7,052

12,432

102,670

DEPRECIATION

At 1 January 2024

83,186

6,867

8,722

98,775

Charge for year

-

170

1,518

1,688

At 31 December 2024

83,186

7,037

10,240

100,463

NET BOOK VALUE

At 31 December 2024

-

15

2,192

2,207

At 31 December 2023

-

185

3,710

3,895

6.

DEBTORS

2024

2023

£

£

Amounts falling due within one year:

Trade debtors

1,179,312

610,979

Amounts owed by group undertakings

7,273,611

986,422

Prepayments and accrued income

106,006

137,174

8,558,929

1,734,575

Amounts falling due after more than one year:

Other debtors

9,983

14,838

Aggregate amounts

8,568,912

1,749,413

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

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

34,738

62,277

Amounts owed to group undertakings

6,515,190

-

Taxation and social security

28,855

36,550

VAT

148,291

53,546

Other creditors

21,159

48,638

Accruals and deferred income

1,665,731

1,232,767

8,413,964

1,433,778

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

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Accruals and deferred income

43,916

169,776

9.	LEASING AGREEMENTS

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

2024

2023

£

£

Within one year

80,042

55,613

Between one and five years

39,796

90,762

119,838

146,375

10.	SECURED DEBTS

Security is provided to Canadian Imperial Bank of Commerce in respect of a group facility by way of a debenture grant which included fixed and floating charges which cover all the property of undertaking of the company and a negative pledge.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

252,000

Ordinary shares

£1

252,000

252,000

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Tara Aldwin ACA (Senior Statutory Auditor)

for and on behalf of FKCA Limited

13.	ULTIMATE CONTROLLING PARTY

The company's immediate parent undertaking is RMG EMEA Holdings Limited, a company incorporated in the UK.

The company's ultimate parent and controlling party is Korbyt Holdco LLC, a company incorporated in the USA with a registered address 15301 Dallas Parkway, Addison, Texas, 75001, USA. This the largest and smallest group for which consolidated accounts are prepared.