REGISTERED NUMBER: 10322492 (England and Wales)

REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2024

FOR

SEIDOR UK LTD

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

4

Statement of Income and Retained Earnings

8

Balance Sheet

9

Notes to the Financial Statements

10

DIRECTORS:

Mr J Benito Martinez

Mr D G Coombe

Mr J P Gomensoro Pereyra

Mr P M Barea

Mr C Iribarren Donadeu

A J Phillips

REGISTERED OFFICE:

Egerton House

68 Baker Street

Weybridge

Surrey

KT13 8AL

REGISTERED NUMBER:

10322492 (England and Wales)

AUDITORS:

Aspen Waite Limited

Chartered Accountants and Statutory Auditors

Rubis House

15 Friarn Street

Bridgwater

Somerset

TA6 3LH

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 information technology consultancy.

DIRECTORS

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

Mr J Benito Martinez

Mr D G Coombe

Mr J P Gomensoro Pereyra

Mr P M Barea

Mr C Iribarren Donadeu

A J Phillips

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing 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), 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 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, Aspen Waite Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

Mr J P Gomensoro Pereyra - Director

29th September 2025

Opinion

We have audited the financial statements of Seidor UK Ltd (the 'company') for the year ended 31st December 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet 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 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 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 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors 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 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; 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' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

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

Irregularities, including fraud are instances of non-compliance with laws and regulations. We designed 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 irregularity including fraud is detailed below.

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our: general commercial and sector experience; through verbal and written communications with those charged with governance and other management; and via inspection of the company's regulatory and legal correspondence.

We discussed with those charged with governance and other management the policies and procedures regarding compliance with laws and regulations.

We communicated identified laws and regulations to our team and remained alert to any indicators of non-compliance throughout the audit, we also specifically considered where and how fraud may occur within the company.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the company is subject to laws and regulations that directly affect the financial statements, including: the company's constitution, relevant financial reporting standards; company law; tax legislation and distributable profits legislation and we assess the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on the amounts or disclosures in the financial statements, for instance through the imposition of fines and penalties, or through losses arising from litigations. We identified the following areas as those most likely to have such an affect: GDPR and Data Protection Act 2018; contract law; consumer rights; intellectual property; employment legislation; health and safety legislation; anti-bribery and corruption legislation.

International Auditing Standards (UK) limit the required procedures to identify non-compliance with these laws and regulations to the procedures, and no procedures over and above those already noted are required. These limited procedures did not identify any actual or suspected non-compliance which laws and regulations that could have a material impact on the financial statements.

In relation to fraud, we performed the following specific procedures in addition to those already noted:

Challenging assumptions made by management in its significant accounting estimates in particular: depreciation, provisions for bad debts, and for accrued income.

Identifying and testing journal entries, in particular any entries posted with unusual nominal ledger account combinations, journal entries crediting cash or any revenue account, and journal entries posted by senior management, Journals tested includes those in during the period and up to the date of the signing of the audit report

Performing analytical procedures to identify unexpected movements in account balances which may be indicative of fraud;

Ensuring that testing undertaken on both the performance statements, and the Balance Sheet includes a number of items selected on a random basis;

These procedures did not identify any actual or suspected fraudulent irregularity that could have a material impact on the financial statements.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with International Auditing Standards UK). For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the procedures that we are required to undertake would identify it. In addition, as with any audit, there remains a high risk of non-detection of irregularities, as these might involve collusion, forgery, intentional omissions, misrepresentation, or the override of internal controls. We are not responsible for preventing non-compliance with laws and regulations or fraud, and cannot be expected to detect non-compliance with all laws and regulations or every incidence of fraud.

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.

Paul Waite (Senior Statutory Auditor)

for and on behalf of Aspen Waite Limited

Chartered Accountants and Statutory Auditors

Rubis House

15 Friarn Street

Bridgwater

Somerset

TA6 3LH

29th September 2025

TURNOVER

8,606,941

7,969,868

Cost of sales

(3,386,186

)

(3,300,527

)

GROSS PROFIT

5,220,755

4,669,341

Administrative expenses

(3,656,305

)

(3,567,275

)

1,564,450

1,102,066

Other operating income

59,140

-

OPERATING PROFIT

4

1,623,590

1,102,066

Interest payable and similar expenses

(990

)

-

PROFIT BEFORE TAXATION

1,622,600

1,102,066

Tax on profit

5

(410,762

)

(188,436

)

PROFIT FOR THE FINANCIAL YEAR

1,211,838

913,630

Retained earnings at beginning of year

1,859,583

1,108,451

Dividends

(228,408

)

(162,498

)

RETAINED EARNINGS AT END OF YEAR

2,843,013

1,859,583

FIXED ASSETS

Intangible assets

6

-

681

Tangible assets

7

2,796

3,990

Investments

8

2,327,754

1,027,547

2,330,550

1,032,218

CURRENT ASSETS

Debtors

9

1,969,261

1,809,681

Cash at bank

3,804,895

3,676,242

5,774,156

5,485,923

CREDITORS

Amounts falling due within one year

10

(5,180,895

)

(4,627,461

)

NET CURRENT ASSETS

593,261

858,462

TOTAL ASSETS LESS CURRENT LIABILITIES

2,923,811

1,890,680

CREDITORS

Amounts falling due after more than one year

11

(50,000

)

-

PROVISIONS FOR LIABILITIES

(698

)

(997

)

NET ASSETS

2,873,113

1,889,683

CAPITAL AND RESERVES

Called up share capital

12

30,100

30,100

Retained earnings

2,843,013

1,859,583

SHAREHOLDERS' FUNDS

2,873,113

1,889,683

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

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 29th September 2025 and were signed on its behalf by:

Mr J P Gomensoro Pereyra - Director

1.	STATUTORY INFORMATION

Seidor UK Ltd is a private company, limited by shares, registered in England and Wales. The company's registered number is: 10322492 and registered office address: Egerton House, 68 Baker Street, Weybridge, Surrey, KT13 8AL.

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

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

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

PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS

The financial statements contain information about Seidor UK Ltd 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 not to disclose related party transactions with wholly owned subsidiaries within the group.

TURNOVER

Turnover represents revenue, net of VAT, from commercial transactions under which the company supplies customers the goods and services that it is in business to provide and it is is recognised when it obtains, through performance under contract, the right to consideration for those goods and services.

Revenue from service contracts is recognised straight line over the term of the contract.

Revenue from goods is recognised upon the unconditional sale if the goods.

GOODWILL

Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of five years.

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 two years.

TANGIBLE FIXED ASSETS

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

Computer equipment - 10% straight line

Plant and machinery - 12% straight line

INVESTMENTS IN SUBSIDIARIES

Investments in subsidiary undertakings are recognised at cost, less impairment.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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.

RESEARCH AND DEVELOPMENT

Expenditure on research and development is written off in the year in which it is incurred.

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

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.

LEASES

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the leases. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the income statement so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease are consumed.

FINANCIAL INSTRUMENTS

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

BASIC FINANCIAL LIABILITIES

Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow group companies, are initially recognised at transactions price unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

DIVIDENDS

Final dividends are recognised on the date of approval by shareholders. Interim dividends are recognised on the date paid, or the date that they are formally offset against amounts due to shareholders.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 29 (2023 - 27 ) .

4.	OPERATING PROFIT

The operating profit is stated after charging:

31/12/24

31/12/23

£

£

Depreciation - owned assets

1,194

1,195

Computer software amortisation

681

681

5.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

31/12/24

31/12/23

£

£

Current tax:

UK corporation tax

408,376

262,139

Prior year adjustments

2,685

(73,261

)

Total current tax

411,061

188,878

Deferred tax

(299

)

(442

)

Tax on profit

410,762

188,436

6.	INTANGIBLE FIXED ASSETS

Computer

Goodwill

software

Totals

£

£

£

COST

At 1st January 2024

and 31st December 2024

107,692

1,912

109,604

AMORTISATION

At 1st January 2024

107,692

1,231

108,923

Amortisation for year

-

681

681

At 31st December 2024

107,692

1,912

109,604

NET BOOK VALUE

At 31st December 2024

-

-

-

At 31st December 2023

-

681

681

7.	TANGIBLE FIXED ASSETS

Plant and

Computer

machinery

equipment

Totals

£

£

£

COST

At 1st January 2024

and 31st December 2024

5,076

4,750

9,826

DEPRECIATION

At 1st January 2024

2,730

3,106

5,836

Charge for year

585

609

1,194

At 31st December 2024

3,315

3,715

7,030

NET BOOK VALUE

At 31st December 2024

1,761

1,035

2,796

At 31st December 2023

2,346

1,644

3,990

8.	FIXED ASSET INVESTMENTS

Shares in

group

undertaking

£

COST

At 1st January 2024

1,027,547

Additions

1,300,207

At 31st December 2024

2,327,754

NET BOOK VALUE

At 31st December 2024

2,327,754

At 31st December 2023

1,027,547

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

Teamsoft Ltd

Registered office: 74 Western Parkway Business Park, Lower Ballymount Road, Ballymount, Dublin, D12 PO27, Ireland.

Nature of business: information technology consultancy.

%

Class of shares:

holding

Ordinary

100.00

B1 Solutions Ltd

Registered office: Egerton House, 68 Baker Street, Weybridge, Surrey, England, KT13 8AL

Nature of business: information technology consultancy.

%

Class of shares:

holding

Ordinary

100.00

Seidor Polska SP. ZO.O.

Registered office: Ul. Kielecka 9/21 Krakow; Malopolskie; 31-526; Poland

Nature of business: information technology consultancy.

%

Class of shares:

holding

Ordinary

75.00

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/24

31/12/23

£

£

Trade debtors

1,475,782

1,518,325

Amounts owed by group undertakings

17,618

3,837

Prepayments and accrued income

475,861

287,519

1,969,261

1,809,681

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/24

31/12/23

£

£

Trade creditors

139,478

238,358

Amounts owed to group undertakings

397,905

325,600

Corporation tax

408,376

262,139

Social security and other taxes

621,652

575,767

Other creditors

32,690

31,715

Deferred income

3,051,433

2,693,214

Accrued expenses

529,361

500,668

5,180,895

4,627,461

11.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/12/24

31/12/23

£

£

Amounts owed to group undertakings

50,000

-

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/12/24

31/12/23

value:

£

£

30,100

Ordinary

£1

30,100

30,100

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year, total dividends of £111,920 - (2023; £79,624) were paid to directors.

14.	PARENT COMPANY

The most immediate parent that prepares consolidated financial statements is Seidor S A , a company incorporated in Spain.

Seidor, S.A.'s registered office is at Eix Onze De Setembre 41-43, Baixos, Vic, Barcelona, Spain 08500.