REGISTERED NUMBER: 13882052 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

ENABLEX GROUP LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

8

Statement of Directors' Responsibilities

9

Report of the Independent Auditors

10

Consolidated Statement of Profit or Loss and Other Comprehensive Income

14

Consolidated Statement of Financial Position

15

Company Statement of Financial Position

17

Consolidated Statement of Changes in Equity

19

Company Statement of Changes in Equity

20

Consolidated Statement of Cash Flows

21

Notes to the Consolidated Statement of Cash Flows

22

Notes to the Consolidated Financial Statements

23

DIRECTORS:

W R C Morey

P Maher

D J Williams

J P Murphy

SECRETARY:

R A Matzopoulos

REGISTERED OFFICE:

The Scalpel

18th Floor

52 Lime Street

London

EC3M 7AF

REGISTERED NUMBER:

13882052 (England and Wales)

AUDITORS:

Watson Associates (Audit Services) Ltd

Statutory Auditor

30 - 34 North Street

Hailsham

East Sussex

BN27 1DW

The directors present their strategic report of the Company and the Group for the year ended 31 December 2024.

REVIEW OF BUSINESS

EnableX Group Limited (the "Group" or the "Company") was incorporated on 31st January 2022 in the United Kingdom under the Companies Act 2006 and formally commenced trading on 4th March 2022 when it completed the acquisition of the three trading entities of Pragma Distribution Limited, Candio Limited and Techland Systems International Limited.

The Group is a private limited company, limited by shares, and is registered in England and Wales. The address of the Company is shown on page 1. The Group was acquired by Gamma Telecom Holdings Limited on 20th December 2023. As a result of this the Group's Ultimate Parent Company is Gamma Communications plc.

The Group is principally engaged in the provision of communications and software services for business.

Strategy

The strategy of Enablex Group Limited is to support the overall strategy of the ultimate parent company Gamma Communications plc. Gamma Communications plc has core strategic pillars, of which the following are relevant to Enablex Group:

- Develop multiple routes to market in each country in which we operate;

- Develop a common pan-European product set for UCaaS and CCaaS for SMEs;

- Create an organisation that engages all our people with a common set of values and goals

The Group's specific strategy is to increase the subscribers on its UCaaS platform, increase recurring revenue and expand the range of innovative new products and services offered to the channel.

Financial Overview

2024 (12 months)

2023 (15 months)

£'m

£'m

Turnover

15.8

19.2

Gross profit

5.2

5.8

Gross margin

33.0%

30.3%

Profit before taxation

1.1

0.1

Profit margins have improved when compared to the prior period due largely to a shift in product mix and sales strategy in the Pragma Distribution and Candio subsidiaries.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors set out the principal risks facing the business below. The risks outlined are as published in the financial statements for the year ended 31 December 2024 of the ultimate parent company Gamma Communications plc, however the directors of Enablex Group Limited also consider these to be applicable to this Group:

Existing routes to market and product strategy not aligned to changing customer buying behaviours and needs

Potential impact:

Gamma's inability to adapt to market changes in a timely manner could limit its opportunity to grow, as the business needs to have access to the largest possible proportion of its target audience for each of its key products and services. If new routes to market are not identified and executed successfully this could result in competitors gaining market share. Additionally, if Gamma fails to deliver against market demands, products are likely to become unattractive to existing and prospective customers resulting in lost revenue and market share.

Mitigating actions:

- Gamma continually assesses the effectiveness of its current routes to market: direct, indirect and digital.

- The Company also routinely assesses how customer buying behaviour is changing in its core markets.

- Gamma's product strategy is regularly assessed to diversify and/or rationalise Gamma's portfolio according to market demands.

- Gamma ensures that it maintains a two-way dialogue with its customers to understand their needs, primarily via direct customer and wholesale Channel Partner feedback processes.

Changes in the year:

Fibre adoption is steadily increasing across the UK, and we are continuing to provide customers with access to fibre connections and capability from a number of suppliers. Additionally, with the rapid shift from SIP to UCaaS, we are onboarding and offering Cisco's Collaboration software to partners and customers as an effective migration pathway.

The acquisition of Placetel, and post year end STARFACE, in Germany will enable us to expand our resale and digital direct capabilities. We have strengthened our investment in technology to support Channel Partners with an enhanced portal. This investment allows Channel Partners to access an increased range of products through easier navigation.

Opportunities:

The market for buying and selling communication services is changing and businesses are researching and procuring services in a wider range of ways. Gamma is well placed to respond rapidly to these changes, therefore improving customer acquisition rates and the value of each customer relationship. Gamma's ability to effectively migrate customers to next generation Cloud voice platforms and services will ensure Gamma strengthens its market position as a leading voice provider in the UK and Europe.

Slow responses to shifts in the competitive landscape, leading to a decline in market share

Potential impact

If the Company loses its competitive edge, in terms of product, pricing strategy and service development, then its plans for revenue growth and market position may be negatively impacted. This would be caused by the loss of its customers and a diluted addressable market.

Mitigating actions:

- Gamma consistently gathers market insight to ensure that its products, marketing and customer service are closely aligned to the evolution of market demands and adoption of relevant technologies.

- In addition, Gamma monitors the development of third-party products to ensure a fast follower approach when taking products to market.

- Gamma's build, buy or partner strategies are informed by its competitive position and strengths in key market segments.

Changes in the year:

Over the past year, Gamma has observed continued market consolidation alongside the convergence of UCaaS and CCaaS, driven by global technology giants investing in these solutions. This has included the early adoption of AI into their product offerings. Gamma responds to these types of market trends by continually testing the relevance of its own product portfolio within each market.

Opportunities:

Gamma's continued ability to select the right market segments to serve with its own products as well as distribute third-party products will widen its addressable market.

Over-reliance on any single supplier

Potential impact:

An over-reliance on any single supplier may result in missed opportunities where supplier market-led plans are misaligned with Gamma's core markets. Failure of key suppliers to perform may have an impact on the Company's ability to deliver products and services and its creditability in the business market.

Mitigating actions:

- Gamma reviews and adjusts the Company policy and plans regarding the diversification of its supply chain.

- The Company continues to carefully consider build, buy or partner strategies, reducing the risk of over-reliance on any one supplier.

- Ongoing supplier monitoring is in place, through regular performance reviews and adherence to service KPIs.

- Gamma utilises market intelligence to understand the competitive landscape and the intentions of strategic suppliers.

- Increased investment in portals to streamline the onboarding of new suppliers. Changes in the year Throughout 2024, Gamma has formed new supplier relationships to enhance its market opportunities across the UK and Europe. As a result, certain suppliers have become more strategically important.

Opportunities:

Continuing to leverage multiple longterm partnerships with suppliers in key product and technology is inherent in our business model. This will increase Gamma's addressable markets and geographical reach.

Inability to attract and retain talent

Potential impact:

Gamma is dependent on its employees to achieve its strategic priorities. Therefore, reliance is placed on the Group's ability to recruit, develop and retain employees. If the Group loses key people, this could have an impact on its ability to deliver business objectives.

Mitigating actions:

- Nurturing talent across Gamma remains a crucial part of its strategy and internal succession plans.

- Gamma conducts a regular review of remuneration packages (cash compensation, benefits and share schemes) to ensure they are competitive within the market place.

- Training and communication with employees as well as maintaining annual performance review processes which promote positive employee engagement.

- Employee satisfaction is measured biannually using an engagement survey. Anonymous feedback is collated which enables managers to act more swiftly to reinforce positive trends and tackle any negative sentiment.

Changes in the year:

Gamma has introduced a new online learning platform, offering employees access to live and on-demand courses to support their learning and development. Throughout the year, tailored training has also been provided to the SLT and line managers. Additionally, enrolment in our apprenticeship programme is ongoing, and we are preparing to launch a new mentoring programme to further enhance employee growth and support.

Opportunities:

The growth of the Group has increased the opportunities for internal promotion and transfers which will enable Gamma to develop its workforce of the future. Over a quarter of all appointments during 2024 resulted from internal moves and promotions within Gamma.

Unplanned service disruption

Potential impact:

If any of Gamma's services are disrupted, and therefore unavailable to its customers, for any material length of time, it could result in loss of customer confidence.

Mitigating actions:

- Gamma has a comprehensive operational governance framework to manage the availability and performance of services.

- Business continuity planning and disaster recovery plans are established in critical areas.

- A 24/7 crisis response framework is utilised and regularly tested.

Changes in the year:

In 2024, business continuity and disaster recovery plans were expanded beyond the UK and introduced into our European countries, ensuring all subsidiaries have aligned business continuity and disaster controls in place. The Company continuously invests in enhancing and upgrading the infrastructure that supports its products and services, ensuring the implementation of resilient design.

Opportunities:

Continuing the programme of investment in Gamma's resilience and crisis management policies and processes will further differentiate Gamma in the business market.

Data loss and cyber attacks

Potential impact:

A major security incident could have a significant reputational impact and in some cases impact Gamma's commercial position. Potential fines could also be enforced if the Company were found to be in breach of its obligations relating to various regulations e.g. the Telecommunications Security Act ("TSA"), Network and Information Systems Security ("NIS2") or the General Data Protection Regulations ("GDPR"). Largescale and complex cyber attacks, such as ransomware attacks, may become more frequent and severe as hackers, data thieves and other threat actors are becoming increasingly sophisticated in using techniques and tools, including AI, that circumvent security controls, evade detection and remove forensic evidence.

Mitigating actions:

- Ongoing penetration testing and continuous compliance checks are extended across critical infrastructure.

- Integrated security behaviours training is in place and well adopted.

- Ongoing investment in Gamma's cyber security strategy will continue to advance threat detection and controls.

- Continual review of adherence to ISO 27001 and National Cyber Security Centre Essentials Plus schemes are in place within the Company.

- Gamma has representation on industry forums to stay aware of emerging threats.

Changes in the year:

Through partnerships with bigger companies with global brands and growth in the UK public sector, Gamma is becoming increasingly visible to malicious actors. Large-scale and complex cyber attacks, such as ransomware attacks, may increase in frequency and magnitude as hackers, data thieves and other threat actors are becoming increasingly sophisticated in using techniques and tools, including AI, that circumvent security controls, evade detection and remove forensic evidence. Gamma has continued to evolve its security control environment and governance structure at pace, investing in both personnel and technology to improve security in 2024. Gamma's standard security controls have matured to include routine and bespoke penetration testing; continuous compliance checks; and integrated security behaviours training, which is mandatory for all employees. In addition, the acquisition of Satisnet enhances our own internal capabilities in mitigating this risk.

Opportunities:

Continuing the evolution of Gamma's approach to security controls and embedding these in Gamma's day-today operations will allow the Company to continue to leverage its reputation as a robust and credible communications provider to the business market. Gamma uses Satisnet, our own cyber specialist company, as our first line Managed Security Service Provider ("MSSP") to enhance our security controls.

Legal and regulatory non-compliance in the telecommunications market

Potential impact:

The Company's activities can be impacted by the decisions of relevant legislative, regulatory or judicial bodies both domestically and in other non-UK territories within which it operates, the outcomes of which could put Gamma at a competitive disadvantage in its target markets. Legal and regulatory non-compliance could lead to significant reputational damage and resultant fines.

Mitigating actions:

- Ongoing monitoring of likely legislative or regulatory changes within each market is in place.

- Gamma engages with regulators as appropriate, lobbying where the impact of legislative changes could be of material consequence.

- When changes are identified, internal resource is aligned to ensure the impact is understood and controls required are applied.

- Training surrounding competition law and anti-competitive behaviour is provided to employees with roles where this risk may occur.

Changes in the year:

Work is ongoing to comply with new legislation and regulation, such as the NIS2 and Critical Entities Resilience ("CER") legislation in Europe. Additionally, Gamma has invested in a programme of work to respond to the impact of the TSA.

Opportunities:

Through the convergence of telecoms and ICT customer buying behaviours, there will be further opportunity for Gamma to establish strategic partnerships in adjacent markets where ICT companies are unable to fulfil all parts of a customer requirement.

Inability to maximise M&A opportunities

Potential impact:

If Gamma fails to identify, acquire and successfully integrate acquisitions the Company could fail to achieve its strategic goals.

Mitigating actions:

- Potential targets are constantly sought out and analysed by dedicated personnel to support key areas of Gamma's growth strategy.

- Critical reviews of M&A opportunities are undertaken against Gamma's return on investment hurdle rates, along with assessing their strategic value.

- Gamma applies specialist resource and third parties to conduct thorough due diligence, negotiation and contractual preparation.

- To ensure a cohesive integration Gamma also ensures that its Executive Committee responsibilities are aligned to any new acquisition to support the ongoing development and growth post-acquisition.

Changes in the year:

M&A remains an important part of Gamma's future growth plans in terms of extending its geographic reach, gaining further scale in existing markets and broadening its product offering. Three acquisitions were completed during 2024 and two post year-end, including larger deals, and Gamma integrated a number of previous acquisitions. Gamma continued to invest in its deal origination and execution capabilities and, with the help of external support, enhanced its approach to integration planning.

Opportunities:

Gamma's strong balance sheet and cash generation allows it to continue to complement the organic strategy through M&A, creating opportunities to swiftly expand into adjacent markets and achieve greater scale in current markets.

ON BEHALF OF THE BOARD:

P Maher - Director

25 September 2025

The directors present their report with the financial statements of the Company and the Group for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the Company Enablex Group Limited in the period under review was that of a holding company.

Enablex Group Limited is formed of five subsidiaries, the principal activities of which are identified below for the period under review.

Pragma Group Limited - Principal activity was that of a holding company.

Pragma Distribution Limited - Principal activity was that of telecommunications activities.

Candio Limited - Principal activity was that of telecommunications activities.

Techland Systems International Limited - Principal activity was that of other information technology services and communications.

Pragma Cloud Limited - Principal activity was that of a dormant company.

DIVIDENDS

For the period ended 31 December 2024, the Company has paid total dividends of £nil (2023: £362,373).

DIRECTORS

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

W R C Morey

P Maher

D J Williams

Other changes in directors holding office are as follows:

D J Pile - resigned 4 June 2024

J P Murphy - appointed 4 June 2024

DIRECTORS' AND OFFICERS' LIABILITY INSURANCE

The Company has, as permitted by s234 and 235 of the Companies Act 2006, maintained insurance cover on behalf of the Directors and Company Secretary indemnifying them against certain liabilities which may be incurred by them in relation to the Company.

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 Group'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 Group's auditors are aware of that information.

ON BEHALF OF THE BOARD:

P Maher - Director

25 September 2025

The directors are responsible for preparing the Group 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 UK-adopted international accounting standards. 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 the Group and of the profit or loss of the Group 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 and the Group's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Opinion

We have audited the financial statements of Enablex Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Statement of Profit or Loss and Other Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity, the Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 International Financial Reporting Standards (IFRSs) as adopted by the UK.

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 period then ended;

- the Group financial statements have been properly prepared in accordance with IFRSs as adopted by the UK;

- the parent Company financial statements have been properly prepared in accordance with IFRSs as adopted by the UK and as applied in accordance with the provisions of the Companies Act 2006; and

- the financial statements 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 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 group's and 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 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 Group Strategic Report, the Report of the Directors and the Statement of Directors' Responsibilities, 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 Group 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 Group 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 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 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 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 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 nine, 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 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 directors either intend to liquidate the group or the parent 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:

Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to employment laws and indirect taxes, and we considered the extent to which non-compliance might have a material effect on the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to achieve desired financial results and the manipulation of exceptional items and management bias in accounting estimates. Audit procedures performed by the engagement team included, but were not limited to:

- enquiries with management including consideration of known or suspected instances of fraud and

non-compliance with laws and regulations and examining supporting calculations where a provision has been made in respect of these;

- reading key correspondence with regulatory authorities in relation to compliance with certain employment laws and indirect tax matters;

- understanding and evaluating the design and implementation of management's controls designed to prevent and detect irregularities;

- challenging assumptions and judgements made by management in their significant accounting estimates, in particular, in relation to accrued income cut off

- identifying and testing journal entries in particular and journal entries posted with unusual account combinations and postings by unusual users;

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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.

Stephen James Moore FCCA (Senior Statutory Auditor)

for and on behalf of Watson Associates (Audit Services) Ltd

Statutory Auditor

30 - 34 North Street

Hailsham

East Sussex

BN27 1DW

25 September 2025

CONTINUING OPERATIONS

Revenue

15,817,565

19,169,308

Cost of sales

(10,592,408

)

(13,356,451

)

GROSS PROFIT

5,225,157

5,812,857

Other operating income

-

18,089

Administrative expenses

(4,112,149

)

(4,337,838

)

OPERATING PROFIT

1,113,008

1,493,108

Finance costs

5

(58

)

(1,391,031

)

Finance income

5

7

1,422

PROFIT BEFORE INCOME TAX

6

1,112,957

103,499

Income tax

7

(172,919

)

14,877

PROFIT FOR THE YEAR

940,038

118,376

OTHER COMPREHENSIVE

OTHER COMPREHENSIVE FOR THE YEAR, NET OF INCOME TAX

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

940,038

118,376

Profit attributable to:

Owners of the parent

940,038

118,376

Total comprehensive income attributable to:

Owners of the parent

940,038

118,376

ASSETS

NON-CURRENT ASSETS

Goodwill

10

15,924,309

15,924,309

Owned

Intangible assets

11

3,724,641

2,545,721

Property, plant and equipment

12

112,192

166,681

Right-of-use

Property, plant and equipment

12, 21

194,040

264,600

Investments

13

-

-

Deferred tax

22

80,712

-

20,035,894

18,901,311

CURRENT ASSETS

Inventories

14

1,295,532

627,706

Trade and other receivables

15

3,346,223

3,697,479

Tax receivable

647,066

19,879

Cash and cash equivalents

16

2,230,444

902,659

7,519,265

5,247,723

TOTAL ASSETS

27,555,159

24,149,034

EQUITY

SHAREHOLDERS' EQUITY

Called up share capital

17

107,223

107,223

Share premium

18

7,158,728

7,158,728

Other reserves

18

7,783,212

7,783,212

Retained earnings

18

1,251,373

311,335

TOTAL EQUITY

16,300,536

15,360,498

LIABILITIES

NON-CURRENT LIABILITIES

Financial liabilities - borrowings

Lease liabilities

20, 21

106,313

194,906

Deferred tax

22

-

27,693

106,313

222,599

CURRENT LIABILITIES

Trade and other payables

19

10,194,364

8,495,062

Financial liabilities - borrowings

Lease liabilities

20, 21

70,875

70,875

Tax payable

883,071

-

11,148,310

8,565,937

TOTAL LIABILITIES

11,254,623

8,788,536

TOTAL EQUITY AND LIABILITIES

27,555,159

24,149,034

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2025 and were signed on its behalf by:

P Maher - Director

ASSETS

NON-CURRENT ASSETS

Goodwill

10

-

-

Owned

Intangible assets

11

-

-

Property, plant and equipment

12

-

-

Right-of-use

Property, plant and equipment

12, 21

194,040

264,600

Investments

13

18,574,698

18,574,698

Deferred tax

22

110,233

-

18,878,971

18,839,298

CURRENT ASSETS

Trade and other receivables

15

2,638,040

2,643,638

Tax receivable

647,066

-

Cash and cash equivalents

16

304

451

3,285,410

2,644,089

TOTAL ASSETS

22,164,381

21,483,387

EQUITY

SHAREHOLDERS' EQUITY

Called up share capital

17

107,223

107,223

Share premium

18

7,158,728

7,158,728

Other reserves

18

7,783,212

7,783,212

Retained earnings

18

(217,701

)

461

TOTAL EQUITY

14,831,462

15,049,624

LIABILITIES

NON-CURRENT LIABILITIES

Financial liabilities - borrowings

Lease liabilities

20, 21

106,313

194,906

CURRENT LIABILITIES

Trade and other payables

19

7,155,731

6,167,982

Financial liabilities - borrowings

Lease liabilities

20, 21

70,875

70,875

7,226,606

6,238,857

TOTAL LIABILITIES

7,332,919

6,433,763

TOTAL EQUITY AND LIABILITIES

22,164,381

21,483,387

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2025 and were signed on its behalf by:

P Maher - Director

Called up

share

Retained

Share

Other

Total

capital

earnings

premium

reserves

equity

£

£

£

£

£

Balance at 1 October 2022

100,000

555,332

6,996,500

-

7,651,832

Changes in equity

Issue of share capital

7,223

-

162,228

-

169,451

Dividends

-

(362,373

)

-

-

(362,373

)

Total comprehensive income

-

118,376

-

7,783,212

7,901,588

Balance at 31 December 2023

107,223

311,335

7,158,728

7,783,212

15,360,498

Changes in equity

Total comprehensive income

-

940,038

-

-

940,038

Balance at 31 December 2024

107,223

1,251,373

7,158,728

7,783,212

16,300,536

Called up

share

Retained

Share

Other

Total

capital

earnings

premium

reserves

equity

£

£

£

£

£

Balance at 1 October 2022

100,000

93,785

6,996,500

-

7,190,285

Changes in equity

Issue of share capital

7,223

-

162,228

-

169,451

Dividends

-

(362,373

)

-

-

(362,373

)

Total comprehensive income

-

269,049

-

7,783,212

8,052,261

Balance at 31 December 2023

107,223

461

7,158,728

7,783,212

15,049,624

Changes in equity

Total comprehensive loss

-

(218,162

)

-

-

(218,162

)

Balance at 31 December 2024

107,223

(217,701

)

7,158,728

7,783,212

14,831,462

Cash flows from operating activities

Cash generated from operations

1

3,243,336

5,944,327

Interest paid

(58

)

(1,391,031

)

Tax paid

(25,440

)

(267,737

)

Net cash from operating activities

3,217,838

4,285,559

Cash flows from investing activities

Purchase of intangible fixed assets

(1,788,024

)

(2,759,517

)

Purchase of tangible fixed assets

(13,443

)

(104,575

)

Interest received

7

1,422

Net cash from investing activities

(1,801,460

)

(2,862,670

)

Cash flows from financing activities

Loan repayments in year

-

(8,784,000

)

Payment of lease liabilities

(88,593

)

(88,200

)

Amount withdrawn by directors

-

(6,783

)

Share issue

-

7,223

Share premium

-

162,228

Capital contribution from Gamma

-

7,783,212

Equity dividends paid

-

(362,373

)

Net cash from financing activities

(88,593

)

(1,288,693

)

Increase in cash and cash equivalents

1,327,785

134,196

Cash and cash equivalents at beginning of year

2

902,659

768,463

Cash and cash equivalents at end of year

2

2,230,444

902,659