Depot Connect International UK Limited - Limited company accounts 25.1

REGISTERED NUMBER: 10090777 (England and Wales)

Depot Connect International UK Limited

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31st December 2024

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12

DIRECTORS:

J Wilson

A J Leighton

REGISTERED OFFICE:

Limerick Road

Dormanstown

Redcar

Cleveland

TS10 5JU

REGISTERED NUMBER:

10090777 (England and Wales)

AUDITORS:

Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

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

REVIEW OF BUSINESS

For the financial year ending December 2024; market conditions have continued to be challenging and we have seen a prolonged contraction of the European chemical market due to less manufacturing taking place. To combat this, we have monitored our cost base and therefore capital spend given the high cost of capital and supply chain issues. Customer volume and flows have not been steady, which makes planning and investment decisions more difficult.

At the start of the year in America we had two incidents which unfortunately led to two fatalities. These incidents led to a change in our cleaning policies and process. This also led to a temporary loss of revenue while operations stopped and new ways of working were put in place. The change in practice also meant we incurred additional costs when we carried out closed entry cleaning.

PERFORMANCE OF BUSINESS

The Company's primary function is an administrative holding company for the UK and European businesses which it owns. Across the group; we have experienced rising costs of energy as well as erratic fuel costs, driver shortages and higher costs of owning and operating vehicles. In response we are monitoring energy usage, implementing better practices to optimise efficient consumption and obtain energy savings.

Despite these economic challenges, as a group we have acted proactively to provide our customers with a high-quality service and build the foundations to achieve promising results.

As we become more connected as a worldwide Company we have gone through a rebranding to become Depot Connect International. This gives unity to members of staff working across borders and gives clarity to Customers ensuring we can provide a top-quality service.

We continue to add value and efficiencies across our business structure. In January 2024, the merging of our Spanish operations allowed the Depot and Transport elements to operate more cohesively. We will follow this approach and strengthen the connection between our international depots, and continue to look at similar opportunities in Germany, Netherlands and the UK.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties facing the company may be broadly grouped into categories of financial, commercial and regulatory.

Even before the war in the Ukraine inflation had risen significantly with many central banks tightening monetary policy. We aim to control our cost as much as possible, by hedging our energy cost and having energy surcharges in place with our customers. To maintain a strong financial position and generate cash for ongoing investment, we aim to use our group position to seek more favourable rates with suppliers. From the use of technology we monitor fuel consumption and seek to improve our efficiencies.

The group operates in a competitive market and is committed to delivering a service that adds value to our customers and through training and investment aims to ensure sustainable future growth. We are mindful that financial pressures on us also affect our customers and suppliers. Due to this we continue to implement strong financial disciplines to manage the risk, just as our customers do with us.

Safety, Health, Environmental and Quality ("SHEQ") issues are a major focus of the Company. Following the incidents at the start of 2024 this has been given even more emphasis. Additional experienced SHEQ staff have been recruited, industry leading policies and KPIs have been introduced to help staff understand the safety culture that we are enforcing. Each site has 12 Golden rules to follow and work by which allows focus and ownership.

The directors acknowledge their requirement under the Companies Act 2006 to report the principal risks and uncertainties of the businesses together with a comprehensive analysis of development and performance using financial key performance indicators. Given the competitive commercial environment the directors are of the opinion that disclosure of any further information would be prejudicial to the growth and future performance of the group and as such have taken the decision to limit disclosure to that provided in the financial statements and to the information provided above.

OUTLOOK OF BUSINESS

Over the next 12 months we are expecting the market place to be very difficult. Changes in global policies and tariffs will see volume move to the cheapest operating location. However, we will negate this by providing our customers with the added advantage of being a "one stop shop". The change of our operating name to Depot Connect International (DCI) across all of our businesses globally will cement the marketing and brand awareness of the business.

As we align our strategic outlook, the decision was made to cease operations at our Middlesbrough Depot in 2024. As a tank wash operator and one of our smaller entities the closure will not impact our group results as volume has been diverted to our nearby facility in Redcar.

ON BEHALF OF THE BOARD:

J Wilson - Director

30th September 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of an intermediate holding company.

DIVIDENDS

No dividends will be distributed for the year ended 31st December 2024.

DIRECTORS

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

J Wilson

A J Leighton

STREAMLINED ENERGY AND CARBON REPORTING

The company consumes less than 40,000 kWh of energy each year, therefore energy efficiency disclosures under the Streamlined Energy and Carbon Reporting regulations ("SECR") are not included. On a consolidated basis there is no additional disclosure on the basis that all subsidiary companies are not required to report under the SECR in their own right due to either being non- large companies or consuming less than 40,000 kWh of energy annually.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Smailes Goldie, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

J Wilson - Director

30th September 2025

Opinion

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

In our opinion the financial statements:

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

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, tax legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.

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 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:

-

performed analytical procedures to identify any unusual or unexpected relationships;

-

tested journal entries to identify unusual transactions;

-

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

-

investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

-

agreeing financial statement disclosures to underlying supporting documentation;

-

enquiring of management as to actual and potential litigation and claims; and

-

reviewing correspondence with relevant regulators and the company's legal advisors.

Due to 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. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

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 Report of the Auditors.

Use of our report

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

Michael Stocks FCA (Senior Statutory Auditor)

for and on behalf of Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

30th September 2025

TURNOVER

-

Administrative expenses

1,029,017

906,976

(1,029,017

)

(906,976

)

Other operating income

72,279

73,125

OPERATING LOSS and

LOSS BEFORE TAXATION

(956,738

)

(833,851

)

Tax on loss

4

(18,212

)

(24,452

)

LOSS FOR THE FINANCIAL YEAR

(938,526

)

(809,399

)

OTHER COMPREHENSIVE INCOME

-

TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(938,526

)

(809,399

)

FIXED ASSETS

Intangible assets

5

106,001

173,009

Tangible assets

6

8,197

6,150

Investments

7

47,752,608

47,866,806

47,931,767

CURRENT ASSETS

Debtors

8

741,483

484,440

Cash at bank

-

115,362

741,483

599,802

CREDITORS

Amounts falling due within one year

9

24,004,017

22,970,559

NET CURRENT LIABILITIES

(23,262,534

)

(22,370,757

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

24,604,272

25,561,010

PROVISIONS FOR LIABILITIES

12

16,071

34,283

NET ASSETS

24,588,201

25,526,727

CAPITAL AND RESERVES

Called up share capital

13

9,075,972

Share premium

14

9,636,801

Retained earnings

14

5,875,428

6,813,954

SHAREHOLDERS' FUNDS

24,588,201

25,526,727

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

J Wilson - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

Balance at 1st January 2023

9,075,972

7,623,353

9,636,801

26,336,126

Changes in equity

Total comprehensive income

-

(809,399

)

-

(809,399

)

Balance at 31st December 2023

9,075,972

6,813,954

9,636,801

25,526,727

Changes in equity

Total comprehensive income

-

(938,526

)

-

(938,526

)

Balance at 31st December 2024

9,075,972

5,875,428

9,636,801

24,588,201

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

Depot Connect International UK 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 financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 "The Financial Reporting Standard Applicable in the UK and Republic of Ireland" (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Going concern

The directors, having considered the group's current year performance and the group forecasts for the period to December 2025, have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of 12 months from the date of approval of these financial statements and therefore have prepared the financial statements on a going concern basis.

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 FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 3.17(d);

•

the requirement of paragraph 33.7.

Preparation of consolidated financial statements

The financial statements contain information about Depot Connect International UK Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its ultimate parent Channelside AcquisitionCo Inc.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Motor vehicles

2 - 6 years

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Tax

Current tax represents the amount payable or receivable in respect of the taxable profit or loss for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

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.

Pension costs and other post-retirement benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

2.	EMPLOYEES AND DIRECTORS

2024

2023

£

Wages and salaries

475,899

486,468

Social security costs

42,882

-

Other pension costs

9,423

-

528,204

486,468

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

2024

2023

Management and administration

3

2024

2023

£

Directors' remuneration

305,006

-

Directors' pension contributions to money purchase schemes

9,423

-

Information regarding the highest paid director for the year ended 31st December 2024 is as follows:

2024

£

Emoluments etc

305,006

Pension contributions to money purchase schemes

9,423

3.	OPERATING LOSS

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

2024

2023

£

Depreciation - owned assets

6,558

1,230

Computer software amortisation

83,047

102,156

Auditors' remuneration

18,000

17,000

Foreign exchange differences

17

(76,349

)

4.

TAXATION

Analysis of the tax credit

The tax credit on the loss for the year was as follows:

2024

2023

£

Deferred tax

(18,212

)

(24,452

)

Tax on loss

(18,212

)

(24,452

)

Reconciliation of total tax credit included in profit and loss

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

2024

2023

£

Loss before tax

(956,738

)

(833,851

)

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

(239,185

)

(208,463

)

Effects of:

Utilisation of tax losses

220,973

184,011

Total tax credit

(18,212

)

(24,452

)

5.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 1st January 2024

532,285

Additions

16,039

At 31st December 2024

548,324

AMORTISATION

At 1st January 2024

359,276

Amortisation for year

83,047

At 31st December 2024

442,323

NET BOOK VALUE

At 31st December 2024

106,001

At 31st December 2023

173,009

6.	TANGIBLE FIXED ASSETS

Improvements

to

Motor

property

vehicles

Totals

£

COST

At 1st January 2024

7,380

22,000

29,380

Additions

8,605

-

8,605

At 31st December 2024

15,985

22,000

37,985

DEPRECIATION

At 1st January 2024

1,230

22,000

23,230

Charge for year

6,558

-

6,558

At 31st December 2024

7,788

22,000

29,788

NET BOOK VALUE

At 31st December 2024

8,197

-

8,197

At 31st December 2023

6,150

-

6,150

7.	FIXED ASSET INVESTMENTS

Shares in

group

undertakin

£

COST

At 1st January 2024

and 31st December 2024

47,752,608

NET BOOK VALUE

At 31st December 2024

47,752,608

At 31st December 2023

47,752,608

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Isotank Services Limited

Registered office: Limerick Road, Dormanstown, Redcar, Cleveland, TS10 5JU

Nature of business: Property and equipment rental

%

Class of shares:

holding

Ordinary

100.00

Boasso Global B.V.

Registered office: Botlekweg 190, 3197 Botlek, Rotterdam, The Netherlands

Nature of business: Holding company

%

Class of shares:

holding

Ordinary

100.00

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Trade debtors

8,130

-

Amounts owed by group undertakings

690,011

456,787

Other debtors

7,030

16,074

Prepayments and accrued income

36,312

11,579

741,483

484,440

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Bank loans and overdrafts (see note 10)

179,592

-

Trade creditors

(2,395

)

1,244

Amounts owed to group undertakings

23,688,183

22,809,518

Other creditors

14,357

15,782

Accruals and deferred income

124,280

144,015

24,004,017

22,970,559

10.

LOANS

An analysis of the maturity of loans is given below:

2024

2023

£

Amounts falling due within one year or on demand:

Bank overdrafts

179,592

-

11.	LEASING AGREEMENTS

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

2024

2023

£

Within one year

63,840

46,800

Between one and five years

15,960

31,200

79,800

78,000

12.	PROVISIONS FOR LIABILITIES

2024

2023

£

Deferred tax

Accelerated capital allowances

16,071

34,283

Deferred

tax

£

Balance at 1st January 2024

34,283

Credit to Statement of Comprehensive Income during year

(18,212

)

Balance at 31st December 2024

16,071

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

9,075,972

Ordinary

£1

9,075,972

14.

RESERVES

Retained

Share

earnings

premium

Totals

£

At 1st January 2024

6,813,954

9,636,801

16,450,755

Deficit for the year

(938,526

)

-

(938,526

)

At 31st December 2024

5,875,428

9,636,801

15,512,229

Retained earnings represents cumulative profits and losses net of dividends and other adjustments.

Share premium represents the premium arising on the issue of shares net of issue costs.

15.	ULTIMATE PARENT COMPANY

KKR Spark Holdings II L.P. (incorporated in USA ) is regarded by the directors as being the company's ultimate parent company.

The parent company is Depot Connect International Limited which owns the entire issued share capital of the company.

16.	CONTINGENT LIABILITIES

There is a group VAT registration with the parent company and fellow subsidiaries. The maximum potential liability at the year end was £31,131 (2023 £nil).

17.	RELATED PARTY DISCLOSURES

The company has taken advantage of the exemptions under Financial Reporting Standard 102 in respect of transactions with its parent and fellow subsidiary companies on the basis that the consolidated accounts of the group are publicly available.

18.	ULTIMATE CONTROLLING PARTY

The company is not controlled by any one party.