ACCOUNTS - Final Accounts

Operating profit

The operating profit is stated after charging:

Registered number: 12588721

STERNA HOLDINGS LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

STERNA HOLDINGS LIMITED

COMPANY INFORMATION

Director	K D Chinna


Registered number	12588721


Registered office	86-90 Paul Street
	London
	EC2A 4NE


Independent auditors	Barnes Roffe Audit Limited
	Chartered Accountants & Statutory Auditor
	Charles Lake House
	Claire Causeway
	Crossways Business Park
	Dartford
	Kent
	DA2 6QA

STERNA HOLDINGS LIMITED

CONTENTS

	Page
Group strategic report	1 - 2
Director's report	3 - 4
Independent auditors' report	5 - 8
Consolidated statement of comprehensive income	9
Consolidated balance sheet	10 - 11
Company balance sheet	12
Consolidated statement of changes in equity	13
Company statement of changes in equity	14
Consolidated statement of cash flows	15 - 16
Notes to the financial statements	17 - 36

STERNA HOLDINGS LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction and Business overview

The Director presents his report and the financial statements of Sterna Holdings Limited and its subsidiary companies for the financial statements for the year ended 31 December 2024.
Sterna Holdings is a UK-based holding company with interests in three different groups: Forma (housing surveys, retail planning, design and store planning software); Meta Broadcast (media and entertainment SaaS platform) and Noveva (public sector/healthcare software platform).
Sterna Holdings holds a controlling interest in the above groups in respect of the voting rights, and therefore the results of these groups are consolidated into these group accounts. However, the equity interests held by Sterna Holdings are a minority interest, and this is reflected by the minority interest (non-controlling interest) adjustments in the financial statements. Further details of voting rights and equity interests are included in note 14 of the financial statements.

Strategy and Business Model

The Group strategy focuses on diversification, leveraging synergies within businesses in each group to drive efficiency, innovation, and market reach. More specifically:
- CA Design Services provides surveys of residential housing for the UK government through a consortium, retail planning, design and architecture services.
- Storespace provides a SaaS platform for retail store planning.
- Meta Broadcast specialises in providing a SaaS metadata platform for entertainment service providers
- Noveva Software group develops enterprise-grade software solutions for public sector and healthcare clients.
During the year, Sterna acquired a minority stake in Thomson Screening Solutions (via Horus Holdings Limited), an innovative software solution for providing efficient delivery of vision and hearing screening in schools, as well as supporting health and education outcomes, including health needs, risk assessments, electronic consent, height and weight and mass immunisation management. The company helps over 40 NHS trusts, healthcare and education providers address the health and educational needs of children across the UK and beyond.

Group Performance

The key financial performance indicators are as follows:
KPI 31 December 2024 31 December 2023
Revenue £12,937,402 £6,894,175
Revenue Growth 88% n/a
Operating Profit Margin 10.9% 9.9%
Profit before tax £808,988 £500,718
The director considers the above ratios to be at acceptable levels for the year ended 31 December 2024

Page 1

STERNA HOLDINGS LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Principle Risks and Future Prospects

Major risks include market competition in software and media, regulatory changes, cybersecurity threats, and macroeconomic uncertainties affecting investment and property demand. Risk mitigation strategies include continual technology investment, compliance monitoring and regular reviews.
The principal risks and uncertainties faced by the Group are those of general market and economic risks in common with other businesses in the current economic climate, particularly given inflationary pressures. The Director aims to manage these risks and uncertainties going forward in order to maintain and improve on the current level of performance.
The Group anticipates sustained growth through continued investment in scalable software offerings, geographic expansion for Storespace, and leveraging emerging trends in the media and entertainment space. Market opportunities are identified and addressed through regular board meetings.

This report was approved by the board on 30 September 2025 and signed on its behalf.

K D Chinna

Director

Page 2

STERNA HOLDINGS LIMITED

DIRECTOR'S REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The director presents his report and the financial statements for the year ended 31 December 2024.

Director's responsibilities statement

The director is responsible for preparing the Group strategic report, the Director's report and the consolidated financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the Group and of the profit or loss of the Group for that period.

In preparing these financial statements, the director is required to:

∙select suitable accounting policies for the Group's financial statements and then apply them consistently;

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

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

The director is 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 the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £74,721 (2023 - £214,288).

Director

The director who served during the year was:

K D Chinna

Future developments

The Group continues to pursue opportunities to improve its performance and financial position.

Disclosure of information to auditors

The director at the time when this Director's report is approved has confirmed that:

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

∙he 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 and the Group's auditors are aware of that information.

Page 3

STERNA HOLDINGS LIMITED

DIRECTOR'S REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Post balance sheet events

Post year end there has been three acquisitions within the Group:
• Noveva Software Group Limited acquired Mind of My Own Limited in February 2025.
• Forma Innovations Limited acquired Retail Manager Solutions Limited in July 2025.
• Forma Innovations Limited acquired Sofco Limited in September 2025.
There have been no other significant events affecting the Group since the year end.

Auditors

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

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

K D Chinna

Director

Date: 30 September 2025

Page 4

STERNA HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STERNA HOLDINGS LIMITED

Opinion

We have audited the financial statements of Sterna Holdings Limited (the 'parent company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity 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 Group's and of the parent company's affairs as at 31 December 2024 and of the Group's 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 Group 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 director's 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 Group's or the parent 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 director with respect to going concern are described in the relevant sections of this report.

Page 5

STERNA HOLDINGS LIMITED

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

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The director is responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

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

∙the information given in the Group strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Group strategic report and the Director's 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 Group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Director's 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

∙the parent company financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of director's 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 Director's responsibilities statement set out on page 3, the director is 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 director determines 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 director is responsible for assessing the Group's and the parent 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 director either intends to liquidate the Group or the parent company or to cease operations, or has no realistic alternative but to do so.

Page 6

STERNA HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STERNA HOLDINGS 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 Group financial statements.

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

• The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
• We identified the laws and regulations applicable to the group through discussion with directors and other management, and from our commercial knowledge and experience of the relevant sector;
• The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Group, are as follows;
  o Companies Act 2006.
  o FRS102.
  o Health and Safety legislation.
  o Employment legislation.
  o Tax legislation.
• We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing board minutes, inspecting certificates of compliance and inspecting legal correspondence;
• Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified. The audit team remained alert to instances of non-compliance throughout the audit; and
• As auditors of some of the subsidiary companies, and from direct communications with component auditors for the other subsidiaries, we were able to cover the above matters at a group and component level and thereby ensure the audit team were aware of the above matters across all group companies.
We assessed the susceptibility of the Group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:
• Making enquires of management as to where they consider there was susceptibility to fraud and their knowledge of actual suspected and alleged fraud;
• Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;
• Reviewing the financial statements and testing the disclosures against supporting documentation;
• Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
• Inspecting and testing journal entries to identify unusual or unexpected transactions;
• Assessing whether judgement and assumptions made in determining significant accounting estimates were indicative of management bias; and
• Investigating the rationale behind significant transactions, or transactions that are unusual or outside the company’s usual course of business.
The areas that we identified as being susceptible to misstatement through fraud were:
• Management bias in the estimates and judgements made;

Page 7

STERNA HOLDINGS LIMITED

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

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

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Use of our report

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

Ben Bradley (Senior statutory auditor)

for and on behalf of

Barnes Roffe Audit Limited

Chartered Accountants & Statutory Auditors

Charles Lake House

Claire Causeway

Crossways Business Park

Dartford

Kent

DA2 6QA

30 September 2025

Page 8

STERNA HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
Note	£	£


Turnover		12,937,402	6,894,175
Cost of sales		(5,737,954)	(2,896,132)
Gross profit		7,199,448	3,998,043
Distribution costs		(15,210)	(22,236)
Administrative expenses		(5,824,219)	(3,314,037)
Fair value movements		46,526	21,463
Operating profit		1,406,545	683,233
Interest receivable and similar income	9	23,206	9,316
Interest payable and similar expenses		(620,763)	(191,831)
Profit before taxation		808,988	500,718
Tax on profit	11	(385,091)	(201,831)
Profit for the financial year		423,897	298,887

Profit for the year attributable to:
Non-controlling interests	349,176	84,599
Owners of the parent company	74,721	214,288
	423,897	298,887

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

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 17 to 36 form part of these financial statements.

Page 9

STERNA HOLDINGS LIMITED

REGISTERED NUMBER: 12588721

CONSOLIDATED BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Intangible assets	12		6,882,000		5,329,143
Tangible assets	13		137,629		218,200
			7,019,629		5,547,343
Current assets
Stocks	15	9,294		-
Debtors: amounts falling due within one year	16	3,604,575		2,874,470
Cash at bank and in hand	17	4,497,030		3,743,838
		8,110,899		6,618,308
Creditors: amounts falling due within one year	18	(4,696,796)		(3,547,048)
Net current assets			3,414,103		3,071,260
Total assets less current liabilities			10,433,732		8,618,603
Creditors: amounts falling due after more than one year	19		(6,445,646)		(5,832,873)
Provisions for liabilities
Other provisions	22	(1,040,187)		(196,911)
			(1,040,187)		(196,911)
Net assets			2,947,899		2,588,819

Capital and reserves
Called up share capital	23	10	10
Profit and loss account		1,630,967	1,543,314
Equity attributable to owners of the parent company		1,630,977	1,543,324
Non-controlling interests		1,316,922	1,045,495
		2,947,899	2,588,819

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 September 2025.

K D Chinna

Director

The notes on pages 17 to 36 form part of these financial statements.

Page 10

STERNA HOLDINGS LIMITED

REGISTERED NUMBER: 12588721

CONSOLIDATED BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2024

Page 11

STERNA HOLDINGS LIMITED

REGISTERED NUMBER: 12588721

COMPANY BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Investments	14		245		245
			245		245
Current assets
Debtors: amounts falling due after more than one year	16	514,158		323,486
Debtors: amounts falling due within one year	16	5,000		11,000
Cash at bank and in hand	17	645,074		697,272
		1,164,232		1,031,758
Creditors: amounts falling due within one year	18	(21,461)		(5,377)
Net current assets			1,142,771		1,026,381
Total assets less current liabilities			1,143,016		1,026,626

Provisions for liabilities
Deferred taxation	21	(16,998)		(5,366)
			(16,998)		(5,366)
Net assets			1,126,018		1,021,260

Capital and reserves
Called up share capital	23	10	10
Profit and loss account		1,126,008	1,021,250
		1,126,018	1,021,260

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 September 2025.

K D Chinna

Director

The notes on pages 17 to 36 form part of these financial statements.

Page 12

STERNA HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Profit and loss account	Equity attributable to owners of parent company	Non-controlling interests	Total equity
	£	£	£	£	£
At 1 January 2024	10	1,543,314	1,543,324	1,045,495	2,588,819

Profit for the year	-	74,721	74,721	349,176	423,897
Dividends: Equity capital	-	(65,000)	(65,000)	-	(65,000)
Non-controlling interest reserves transfer	-	77,932	77,932	-	77,932
Non-controlling interest on acquisition	-	-	-	183	183
Non-controlling interest reserves transfer	-	-	-	(77,932)	(77,932)
At 31 December 2024	10	1,630,967	1,630,977	1,316,922	2,947,899

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2023

	Called up share capital	Profit and loss account	Equity attributable to owners of parent company	Non-controlling interests	Total equity
	£	£	£	£	£
At 1 January 2023	10	1,121,974	1,121,984	1,222,048	2,344,032

Profit for the year	-	214,288	214,288	84,599	298,887
Dividends: Equity capital	-	(55,000)	(55,000)	-	(55,000)
Non-controlling interest reserves transfer	-	262,052	262,052	-	262,052
Non-controlling interest on acquisition	-	-	-	900	900
Non-controlling interest reserves transfer	-	-	-	(262,052)	(262,052)
At 31 December 2023	10	1,543,314	1,543,324	1,045,495	2,588,819

The notes on pages 17 to 36 form part of these financial statements.

Page 13

STERNA HOLDINGS LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2024	10	1,021,250	1,021,260

Profit for the year	-	169,758	169,758
Dividends: Equity capital	-	(65,000)	(65,000)
At 31 December 2024	10	1,126,008	1,126,018

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2023

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2023	10	1,043,382	1,043,392

Profit for the year	-	32,868	32,868
Dividends: Equity capital	-	(55,000)	(55,000)
At 31 December 2023	10	1,021,250	1,021,260

The notes on pages 17 to 36 form part of these financial statements.

Page 14

STERNA HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

			2024	2023
			£	£

Cash flows from operating activities
Profit for the financial year	423,897	298,887
Adjustments for:
Amortisation of intangible assets	934,365	470,471
Depreciation of tangible assets	100,235	38,183
Loss on disposal of tangible assets	(1,354)	-
Interest paid	620,763	191,831
Interest received	(23,206)	(9,316)
Taxation charge	385,091	201,831
(Increase)/decrease in stocks	(572)	551,265
(Increase) in debtors	(540,803)	(735,287)
Increase/(decrease) in creditors	442,249	(420,261)
Increase in provisions	843,276	-
Corporation tax (paid)	(142,220)	(103,295)
Non-controlling interest	-	900
Net cash generated from operating activities	3,041,721	485,209

Cash flows from investing activities
Purchase of intangible fixed assets	(195,543)	(342,085)
Purchase of tangible fixed assets	(16,507)	(58,557)
Sale of tangible fixed assets	1,354	-
On acquisition of subsidiaries	(838,322)	(3,506,310)
Interest received	23,206	9,316
Hire purchase interest paid	(2,427)	(398)
Net cash from investing activities	(1,028,239)	(3,898,034)
Cash flows from financing activities
New secured loans	-	4,850,000
Repayment of loans	(565,063)	-
Repayment of/new hire purchase	(11,891)	35,522
Dividends paid	(65,000)	(55,000)
Interest paid	(618,336)	(191,433)
Net cash used in financing activities	(1,260,290)	4,639,089

Page 15

STERNA HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

		2024	2023
		£	£


Net increase in cash and cash equivalents	753,192	1,226,264
Cash and cash equivalents at beginning of year	3,743,838	2,517,574
Cash and cash equivalents at the end of year	4,497,030	3,743,838

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	4,497,030	3,743,838
	4,497,030	3,743,838

The notes on pages 17 to 36 form part of these financial statements.

Page 16

STERNA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Sterna Holdings Limited is a limited company incorporated in the England and Wales. The address of the
registered office is 86-90 Paul Street, London, England, EC2A 4NE. The principal activity of the Company during the year has been acting as a holding company. The principal activity of the Group is software development/platforms and the marketing and support of this software within media, healthcare, communications, retail and eCommerce verticals.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The consolidated financial statements present the results of the company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

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

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

Page 17

STERNA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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:

Rendering of services

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

∙the amount of revenue can be measured reliably;

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

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

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

Licence revenue, including SaaS (Software-as-a-Service) contracts and similar contracts which include maintenance and software support is recognised from the point at which the customer makes a commitment to purchase the product, and will then be recognised on a straight line basis over the life of the contract.
Income from development and consultancy, including training, is recognised as these services are provided to the customer, and by reference to the stage of completion.

2.5

Operating leases: the Group as lessee

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

2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, of 5 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 18

STERNA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.8

Finance costs

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

2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 and the Group operate and generate 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 19

STERNA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.11

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life of 10 years.

Other 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.

2.12

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.

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

Depreciation is provided on the following bases:

Leasehold improvements	-	16.67% straight line
Furniture, equipment and vehicles	-	17-33% straight line
Office equipment	-	25% reducing balance
Computer equipment	-	20-50%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.

Page 20

STERNA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.14

Stocks

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

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

2.15

Debtors

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

2.16

Cash and cash equivalents

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

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

2.17

Creditors

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

2.18

Provisions for liabilities

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

Increases in provisions are generally charged as an expense to profit or loss.

Page 21

STERNA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.19

Financial instruments

The Group 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 Group's Balance sheet when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2.20

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

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

In preparing the financial statements, management are required to make estimates and judgements. These estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant and reviewed on an ongoing basis.
Research and development
The Group's accounting policy in respect of development expenditure on software development is to capitalise development spend, if certain conditions are met in accordance with accounting standards, and this policy as outlined in note 2.6. Judgement is required to assess whether the asset will generate future economic benefits. Managemnet have then given consideration to the useful economic life of these development costs and have considered it appropriate that they are amortised over a five year period in line with the accounting policy noted at 2.6 and 2.11.
Goodwill
An estimation is made in relation to its recoverability and useful economic life. In determining the question of goodwill management have concluded that there are no separable intangible assets (see note 12).
Impairment of debtors
The Group makes an estimate of the recoverable value of trade and other debtors. When asssessing impairment of trade and other debtors, management considers factors including the current rating of the debtor, the ageing profile of debtors and historical experience.
Work in progress (included in trade debtors)
The value of accrued income is determined by valuing unbilled work with reference to agreed hourly rates with customers. Management review work in progress regularly and a provision is made if recoverability of work is doubtful.

Page 22

STERNA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Turnover

The whole of the turnover is attributable to the principal activities of the Group.

Analysis of turnover by country of destination:

					2024	2023
					£	£

United Kingdom	12,127,962	6,583,392
Rest of Europe	316,233	39,037
Rest of the world	493,207	271,746
	12,937,402	6,894,175

Amortisation of intangible assets	707,652	300,352
Exchange differences	411	13,073
Other operating lease rentals	2,953	1,906

Fees payable to the company's auditors for the audit of the consolidated and parent company's financial statements	9,350	-
Fees payable to the company's auditor for the audit of subsidiaries	25,750	-
Fees payable for other services	10,913	-

Page 23

STERNA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

7.	Employees
	Staff costs, including director's remuneration, were as follows:

		Group	Group
		2024	2023
		£	£


Wages and salaries	4,698,320	2,088,990
Social security costs	517,784	251,154
Cost of defined contribution scheme	197,366	84,489
	5,413,470	2,424,633

The average monthly number of employees, including the director, during the year was as follows:

	Group	Group	Company	Company
	2024	2023	2024	2023
	No.	No.	No.	No.

Director	1	1	1	1
Employees	130	130	-	-

	131	131	1	1

8.	Director's remuneration
	The director received no remuneration from the Group during the year.

9.	Interest receivable
		2024	2023
		£	£

	Other interest receivable	23,206	9,316
		23,206	9,316

Page 24

STERNA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

10.	Interest payable and similar expenses
		2024	2023
		£	£

Bank interest payable	266,649	111,464
Other loan interest payable	350,535	79,753
Finance leases and hire purchase contracts	2,427	398
Other interest payable	1,152	216
	620,763	191,831

Corporation tax
Current tax on profits for the year	358,707	151,450
Adjustments in respect of previous periods	16,435	(10,949)
Foreign tax on income for the year	4,821	-
	4,821	-

	Deferred tax
	Origination and reversal of timing differences	5,128	61,330


		385,091	201,831

Page 25

STERNA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

11.Taxation (continued)

Profit on ordinary activities before tax

808,988

500,718

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)	202,247	125,180
Effects of:
Non-tax deductible amortisation of goodwill and impairment	164,693	58,930
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	7,080	2,019
Depreciation in excess of capital allowances	780	(34)
Adjustments to tax charge in respect of prior periods	15,543	(10,949)
Deferred tax movements	54,670	71,874
Non-taxable income	3,377	5,366
Unrelieved tax losses carried forward	58,491	28,214
Brought forward tax losses utilised	(126,445)	(92,341)
Other differences leading to an increase (decrease) in the tax charge	4,655	13,572
Total tax charge for the year	385,091	201,831

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 26

STERNA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

12.	Intangible assets
	Group and Company

	Software development	Goodwill	Negative goodwill	Total
	£	£	£	£
Cost
At 1 January 2024	2,410,186	5,220,116	(417,667)	7,212,635
Additions	195,543	2,291,679	-	2,487,222
At 31 December 2024	2,605,729	7,511,795	(417,667)	9,699,857
Amortisation
At 1 January 2024	1,445,921	437,571	-	1,883,492
Charge for the year on owned assets	342,761	656,695	(65,091)	934,365
At 31 December 2024	1,788,682	1,094,266	(65,091)	2,817,857
Net book value
At 31 December 2024	817,047	6,417,529	(352,576)	6,882,000
At 31 December 2023	964,265	4,782,545	(417,667)	5,329,143

Page 27

STERNA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

13.	Tangible fixed assets
	Group

	Short-term leasehold property	Office equipment	Furniture, equipment and vehicles	Computer equipment	Total
	£	£	£	£	£
Cost or valuation
At 1 January 2024	4,458	57,461	234,138	5,844	301,901
Additions	-	168	15,377	962	16,507
Acquisition of subsidiary	-	3,157	-	-	3,157
Disposals	-	-	(18,313)	-	(18,313)
At 31 December 2024	4,458	60,786	231,202	6,806	303,252
Depreciation
At 1 January 2024	1,126	48,504	31,149	2,922	83,701
Charge for the year on owned assets	1,663	3,206	91,963	3,403	100,235
Disposals	-	-	(18,313)	-	(18,313)
At 31 December 2024	2,789	51,710	104,799	6,325	165,623
Net book value
At 31 December 2024	1,669	9,076	126,403	481	137,629
At 31 December 2023	3,332	8,957	202,989	2,922	218,200

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2024	2023
	£	£


	Furniture, equipment and motor vehicles	25,977	35,423

Page 28

STERNA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

14.	Fixed asset investments

	Company

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 January 2024	245
	At 31 December 2024	245

Direct subsidiary undertakings
The following were direct subsidiary undertakings of the company:
Name	Principal activity	Class of shares	Equity rights	Voting rights

Arctic Innovations Limited	Holding company	Ordinary	27.81%	100%
Horus Holdings Limited	Holding company	Ordinary	13.64%	60%
Forma Innovations Limited	Holding company	Ordinary	10.0%	60%

Page 29

STERNA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Indirect subsidiary undertakings
The following were indirect subsidiary undertakings of the company:
Name	Principal activity	Class of shares	Equity rights

Meta Broadcast Limited *	Specialist metadata management for broadcasters, streaming services and media organisations	Ordinary	90%
Noveva Software Group Limited (Previously Bios Innovations Limited) **	Holdings company	Ordinary	90%
Oituk Limited **	Software development, document management and sale of this software	Ordinary	100%
Thomson Screening Solutions Limited **	Software service supplier	Ordinary	100%
C.A.Design Services Limited ***	Building survey, space planning, software development and drawing services	Ordinary	100%
Made By Prosper Limited ***	Architects and interior design	Ordinary	100%
Storespace Insights Limited ***	Software development	Ordinary	100%

* indirectly held via Artic Innovations Limited
** indirectly held via Horus Holdings Limited
*** indirectly held via Forma Innovations Limited

15.	Stocks
		Group	Group
		2024	2023
		£	£

Goods for resale and consumables	9,294	-
	9,294	-

16.	Debtors
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Due after more than one year
Amounts owed by group undertakings	-	-	514,158	323,486
	-	-	514,158	323,486

Page 30

STERNA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

16.Debtors (continued)

Group	Group	Company	Company
2024	2023	2024	2023
£	£	£	£

Due within one year
Trade debtors	2,817,342	2,087,341	-	-
Other debtors	493,902	512,826	5,000	11,000
Prepayments and accrued income	232,250	208,094	-	-
Deferred taxation	61,081	66,209	-	-
	3,604,575	2,874,470	5,000	11,000

17.	Cash and cash equivalents
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Cash at bank and in hand	4,497,030	3,743,838	645,074	697,272
	4,497,030	3,743,838	645,074	697,272

18.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Bank loans	339,318	277,788	-	-
Trade creditors	242,595	228,917	-	130
Corporation tax	321,185	67,986	11,611	5,147
Other taxation and social security	426,520	501,339	-	-
Obligations under finance lease and hire purchase contracts	17,865	12,595	-	-
Other creditors	270,676	295,909	100	100
Accruals and deferred income	3,078,637	2,162,514	9,750	-
	4,696,796	3,547,048	21,461	5,377

Page 31

STERNA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

19.	Creditors: Amounts falling due after more than one year
		2024	2023
		£	£

Bank loans	2,015,171	2,604,949
Net obligations under finance leases and hire purchase contracts	11,457	22,927
Other loans	4,419,018	3,204,997
	6,445,646	5,832,873

Bank loans
The Bank loans are secured by a fixed and floating charge over the assets of the Forma group of companies, except for a bounce-back loan with an outstanding balance of £32,267 (2023: £Nil).
The secured bank loans consist of the following:
- a loan facility of £1,500,000 drawn in August 2023 which accrued interest at a rate of 5.25% above SONIA annually, to be repaid in equal monthly instalments of £27,778 beginning 7 months after drawn down. The balance outstanding on this loan at the reporting date including accrued interest was £1,222,222 (2023: £1,515,046).
- a loan facility of £1,100,000 drawn in August 2023 which accrues interest at a rate of 6.1% above SONIA annually, to be repaid in full on the termination date, being 5 years after drawn down. The balance outstanding on this loan at the reporting date including accrued interest was £1,100,000 (2023: £1,111,930)..
- a loan facility of £250,000 drawn in August 2023 which accrues interest at a rate of 4.5% above SONIA annually, to be repaid in full by the termination date, being 5 years after draw down. This loan was repaid in full in the year. The balance outstanding on this loan at the reporting date was therefore £nil (2023: £255,761).
Other loans
There are other loans from various shareholders to different parts of the group carrying an interest cost of between 8-12%. All shareholder loans are secured by a debenture comprising a fixed and floating charge over the respective assets of different companies within the group. In the case of Forma, these loans rank junior in priority to the bank loans and they are repayable on the date of the disposal of the investment in the subsidiary companies.
Hire purchase
Obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.

Page 32

STERNA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Within one year	17,865	12,595
Between 1-5 years	11,457	22,927
	29,322	35,522

21.	Deferred taxation
	Group

	2024	2023
	£	£

At beginning of year	66,209	117,147
Charged to profit or loss	(5,128)	(50,938)
At end of year	61,081	66,209

Page 33

STERNA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

21.Deferred taxation (continued)

Company

	2024	2023
	£	£

At beginning of year	(5,366)	-
Charged to profit or loss	(11,632)	(5,366)
At end of year	(16,998)	(5,366)

Group	Group	Company	Company
2024	2023	2024	2023
£	£	£	£

Deccelerated capital allowances	11,970	3,982	-	-
Accelerated research & development allowances	(6,246)	(35,045)	-	-
Tax losses carried forward	13,847	85,684	-	-
Short term timing differences	58,508	16,954	-	-
Fair value gains not yet taxed	(16,998)	(5,366)	(16,998)	(5,366)
	61,081	66,209	(16,998)	(5,366)

22.	Provisions
	Group

		Deferred consideration
		£

	At 1 January 2024	196,911
	Deferred consideration due on acquisition	843,276
	At 31 December 2024	1,040,187

Page 34

STERNA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

23.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

10,000 (2023 - 10,000) Ordinary shares of £0.001 each	10	10

24.	Pension commitments

The Group operates a defined contribution pension scheme. The assets of the Group are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £197,366 (2023: £84,488). Contributions totalling £28,337 (2023: £36,965) were payable to the fund at the balance sheet date and are included in creditors.

25.	Commitments under operating leases
	At 31 December 2024 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group
		2024	2023
		£	£

Not later than 1 year	125,125	130,450
Later than 1 year and not later than 5 years	222,682	352,245
	347,807	482,695

26.

Related party transactions

The group has taken advantage of the exemption available in FRS 102 Section 33 from the requirement to disclose transactions with members of a group.
Different companies in the Group were provided loans by the respective shareholders. Details of these can be found in note 19 of these accounts.
During the period, the Group was charged for services provided by a connected company, under common control, for £501,574 (2023: £350,252).

Page 35

STERNA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

27.	Post balance sheet events

28.	Controlling party

The controlling party is Mr K D Chinna.

Page 36