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Registration number: 05003084

SoloProtect Limited
Annual Report and Consolidated Financial Statements
for the Year Ended 31 December 2024

SoloProtect Limited

Contents

Company Information | 1
Strategic Report | 2 to 3
Directors' Report | 4 to 5
Statement of Directors' Responsibilities | 6
Independent Auditor's Report | 7 to 9
Consolidated Profit and Loss Account | 10
Consolidated Balance Sheet | 11
Balance Sheet | 12
Consolidated Statement of Changes in Equity | 13
Statement of Changes in Equity | 14
Consolidated Statement of Cash Flows | 15
Notes to the Financial Statements | 16 to 29

SoloProtect Limited

Company Information

Directors | Anthony Melucci George Vincent Broady Stephen Hough George K Broady

Company secretary | Anthony Melucci

Registered office | Suzy Lamplugh House 1 Vantage Drive Tinsley Sheffield S9 1RG

Auditors | Bourner Bullock Chartered Accountants 114 St Martin's Lane Covent Garden London WC2N 4BE

SoloProtect Limited

Strategic Report for the Year Ended 31 December 2024

Principal activity

The principal activity of the Group is that of helping businesses and their organisations ensure the safety of their lone working employees.

Fair review of the business

With a continuing strong broad historic customer base across various industries & the public sector, 2024 saw particular demand and growth for SoloProtect in government, local government, charities, private healthcare, housing industry, manufacturing, retail & education.
Demand & popularity of our next generation 4G touchscreen devices remained strong during 2024, driven by the increasing awareness of future 3G & 2G cellular network shutdowns in our UK & European territories. In Europe particularly, the process of customers upgrading to 4G devices ahead of these shutdowns ramped up in the latter half of the year as expected. App continues to increase in popularity in the UK as well as both 2G & 4G devices, with product selection driven by user risk profile and budgets.
The latest version of SoloProtect Mobile (App), has paved the way for future enhancements to this product, more of which will become available in 2025, placing us in a great position to respond to the expected future direction of this market. During 2024, the business completed enhancements to the SoloProtect Touchscreen device range, optimising the performance of some key features and also undertook work to optimise & and increase infrastructure capacity to secure future cost-effective scalability.
UK sales grew by 29.5% and EU sales grew by 9.9% on the previous year and the business continued its implementation & progression of additional sales channels and strategies during 2024, with some new early-stage partnerships established. Further non-traditional sales channels will come online during 2025 such as Channel Sales with the 4G product range which will be critical to the industry in Europe.
2024 saw the UK & EU businesses achieve historic levels of customer retention, with cancellation rates in both territories in single digits. This is a significant achievement, particularly in the UK market where customer choice is high and is testament to the quality of service and dedication our teams deliver to our customers, also reflected in our world-class net promoter scores.
As ever our highly dependable purpose-built EN50518 compliant UK Alarm Receiving Centre ("ARC") remains firmly established with exceptionally high levels of customer service delivery being achieved regularly and consistently. Customers continue to benefit from our complete control of the end-to-end elements of our solutions and service, something that they place high value on.
We continue to support & grow our European based contracts using our unique UK-based ARC infrastructure hosting model, giving us complete control over quality of service and data reporting for our customers in these territories and for those who operate internationally. This model means customers benefit from the same consistent high standards of SoloProtect process and service regardless of which territory they operate in.
The privately owned nature of our business is also providing customers the peace of mind & security of being with a stable business that is not nearing the end of its external investment cycle with the inevitable changes that new ownership brings, unlike some of our UK competitors.

SoloProtect Limited

Strategic Report for the Year Ended 31 December 2024

With a superb revenue growth coupled with a historic customer retention rate and a good state of readiness for the expected market direction & demand, the business remains positive and optimistic about its growth in the mid to long term.
Given all the above factors, the Directors believe that SoloProtect Limited continues to be a going concern.

Principal risks and uncertainties

The UK lone worker security industry is highly competitive and price competition may impact our ability to maintain customer contracts after their initial term. However, where the largest player in the market adopts an approach of driving price as low as possible with an aim to gain high volume of cheap customer acquisitions, SoloProtect focuses on delivering dedicated quality service, with high user adoption and usage, with service delivery undiluted by excessively high daily alarm volume on a per alarm handler basis.
SoloProtect further combats this risk with a continual investment and development of innovative product and services that directly appeal to customers, their businesses and their evolving challenges. Significant investment in our product range and services continues to ensure we are able to stay ahead of our customers evolving requirements.
The company's growth in European markets has historically carried some risk relating to the uncertainty of how health & safety legislation in those markets is developed and enforced. However, 2024 saw a 9.9% increase in Sales in Europe as businesses become more aware of their obligations and seek solutions. Risk is also further reduced as a result of the efficient European cost base, driven by our process, systems and people efficiencies.
The company depends on a third-party contract manufacturer for the production of most products. If there are any delays, disruption or quality control issues in their operations, the company could lose market share and revenues, and our reputation may be harmed. SoloProtect has contracts & processes in place to minimise this risk together with close and regular engagement/management with that supplier, all of which have proven effective.

Approved and authorised by the Board on 27 September 2025 and signed on its behalf by:

......................................... Stephen Hough Director

SoloProtect Limited

Directors' Report for the Year Ended 31 December 2024

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

Directors of the Group

The directors who held office during the year were as follows:

Anthony Melucci

George Vincent Broady

Stephen Hough

George K Broady

Financial instruments

Objectives and policies

As with any business, there is always potential cash flow risk. The Directors manage this risk through transparent and regular reviews of financials, rigorous planning, strong cost & supplier management and a high focus on customer retention and sales growth. Customers are invoiced in advance with any customer debt managed quickly, resulting in consistently low debtor day metrics and is a key area of strength within our business.

Price risk, credit risk, liquidity risk and cash flow risk

Loss of major contracts
This risk is managed and mitigated as a result of the broad range of customer sectors & contract sizes in our customer base. Additionally, most customers are committed to long term contracts of between one to three years, with some at four and five years. We operate a structured Account Management programme, ensuring that our customers feel well cared for and engaged with our business. Listening to our customers coupled with a broad product range enables us to be responsive to customers’ needs and therefore mitigate loss of contracts as much as possible.
Currency risk
SoloProtect invoices its customers in either GBP or Euro. The company also procures components and product in USD. As a result, the company is exposed to currency fluctuation risks. Whilst many currency transactions are carried out by the US based parent company and EU based subsidiary, SoloProtect Limited is subject to the impact of exchange rate fluctuations on amounts owed to and from these group entities. Regular review and monitoring of currency denominated liabilities and exchange rates informs our decision making to minimise the impact of currency fluctuations.
Credit risk
The Company's credit risk is primarily attributable to its trade debtors. If a new customer's financial standing is of concern, appropriate credit checks are carried out. The amounts presented in the balance sheet are net of allowances for doubtful debtors. The Company has no significant concentration of credit risk, with exposure spread over a large number of countries and customers.

SoloProtect Limited

Directors' Report for the Year Ended 31 December 2024

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the Company's auditor is aware of that information. The directors confirm that there is no relevant information (as defined by section 418(3) of the Companies Act 2006) that they know of and of which they know the auditor is unaware.

Approved and authorised by the Board on 27 September 2025 and signed on its behalf by:

......................................... Stephen Hough Director

SoloProtect Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Company 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 apply them consistently;

• | make judgements and accounting estimates that are reasonable and prudent;

• | state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• | 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 Group's and the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

SoloProtect Limited

Independent Auditor's Report to the Members of SoloProtect Limited

Opinion

We have audited the financial statements of SoloProtect Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• | give a true and fair view of the state of the Group's and 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 auditor 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 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 ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

SoloProtect Limited

Independent Auditor's Report to the Members of SoloProtect Limited

Opinion on other matter prescribed by the Companies Act 2006

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

• | the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• | the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

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

Auditor 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 auditor’s 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 financial statements.

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

SoloProtect Limited

Independent Auditor's Report to the Members of SoloProtect Limited

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.
The following laws and regulations were identified as being of significance to the entity:
• Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting regulations, Company Law, Tax and Pensions legislation, and distributable profits legislation.
• Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include…
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s 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 auditor’s 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.

......................................
David Wheeler (Senior Statutory Auditor)
For and on behalf of Bourner Bullock, Statutory Auditor
Chartered Accountants
114 St Martin's Lane
Covent Garden
London
WC2N 4BE

27 September 2025

SoloProtect Limited

Consolidated Profit and Loss Account for the Year Ended 31 December 2024

| Note | 2024 £ | 2023 £
Turnover | 3 | 7,729,126 | 7,288,996
Cost of sales |  | (1,618,513) | (1,792,177)
Gross profit |  | 6,110,613 | 5,496,819
Administrative expenses |  | (6,443,816) | (5,777,681)
Other operating income | 4 | 382,870 | 322,792
Operating profit |  | 49,667 | 41,930
Other interest receivable and similar income |  | 27 | -
Interest payable and similar expenses | 6 | (1,199) | (2,398)
|  | (1,172) | (2,398)
Profit before tax |  | 48,495 | 39,532
Tax on profit | 10 | 51,260 | 161,085
Profit for the financial year |  | 99,755 | 200,617
Profit/(loss) attributable to: |  |  |
Owners of the Company |  | 99,755 | 200,617

SoloProtect Limited

(Registration number: 05003084)
Consolidated Balance Sheet as at 31 December 2024

| Note | 2024 £ | 2023 £
Fixed assets |  |  |
Intangible assets | 11 | 500,950 | 1,228,950
Tangible assets | 12 | 1,725,787 | 1,643,487
Investments | 13 | 315 | 315
|  | 2,227,052 | 2,872,752
Current assets |  |  |
Stocks | 14 | 427,580 | 466,766
Debtors | 15 | 2,290,716 | 2,006,840
Cash at bank and in hand |  | 1,169,658 | 1,240,455
|  | 3,887,954 | 3,714,061
Creditors: Amounts falling due within one year | 17 | (1,993,650) | (2,725,784)
Net current assets |  | 1,894,304 | 988,277
Total assets less current liabilities |  | 4,121,356 | 3,861,029
Creditors: Amounts falling due after more than one year | 17 | (110,163) | (113,636)
Provisions for liabilities | 18 | (256,930) | (90,572)
Net assets |  | 3,754,263 | 3,656,821
Capital and reserves |  |  |
Called up share capital | 20 | 1,703 | 1,703
Share premium reserve |  | 981,736 | 981,736
Other reserves |  | 1,359,640 | 1,361,953
Retained earnings |  | 1,411,184 | 1,311,429
Equity attributable to owners of the company |  | 3,754,263 | 3,656,821
Shareholders' funds |  | 3,754,263 | 3,656,821

Approved and authorised by the Board on 27 September 2025 and signed on its behalf by:

......................................... Stephen Hough Director

SoloProtect Limited

(Registration number: 05003084)
Balance Sheet as at 31 December 2024

| Note | 2024 £ | 2023 £
Fixed assets |  |  |
Intangible assets | 11 | 500,950 | 1,228,950
Tangible assets | 12 | 1,662,529 | 1,584,720
Investments | 13 | 1,154 | 1,154
|  | 2,164,633 | 2,814,824
Current assets |  |  |
Stocks | 14 | 427,580 | 466,766
Debtors | 15 | 2,988,931 | 2,939,624
Cash at bank and in hand |  | 344,004 | 277,156
|  | 3,760,515 | 3,683,546
Creditors: Amounts falling due within one year | 17 | (1,976,432) | (2,673,410)
Net current assets |  | 1,784,083 | 1,010,136
Total assets less current liabilities |  | 3,948,716 | 3,824,960
Creditors: Amounts falling due after more than one year | 17 | (110,163) | (113,636)
Provisions for liabilities | 18 | (227,030) | (90,572)
Net assets |  | 3,611,523 | 3,620,752
Capital and reserves |  |  |
Called up share capital | 20 | 1,703 | 1,703
Share premium reserve |  | 981,736 | 981,736
Other reserves |  | 1,526,985 | 1,526,985
Retained earnings |  | 1,101,099 | 1,110,328
Shareholders' funds |  | 3,611,523 | 3,620,752

Approved and authorised by the Board on 27 September 2025 and signed on its behalf by:

......................................... Stephen Hough Director

SoloProtect Limited

Consolidated Statement of Changes in Equity for the Year Ended 31 December 2024
Equity attributable to the parent company

| Share capital £ | Share premium £ | Foreign currency translation reserve £ | Other reserves £ | Retained earnings £ | Total £ | Total equity £
At 1 January 2024 | 1,703 | 981,736 | (165,032) | 1,526,985 | 1,311,429 | 3,656,821 | 3,656,821
Profit for the year | - | - | - | - | 99,755 | 99,755 | 99,755
Other comprehensive income | - | - | (2,313) | - | - | (2,313) | (2,313)
Total comprehensive income | - | - | (2,313) | - | 99,755 | 97,442 | 97,442
At 31 December 2024 | 1,703 | 981,736 | (167,345) | 1,526,985 | 1,411,184 | 3,754,263 | 3,754,263

| Share capital £ | Share premium £ | Foreign currency translation reserve £ | Other reserves £ | Retained earnings £ | Total £ | Total equity £
At 1 January 2023 | 1,703 | 981,736 | (172,885) | 1,526,985 | 1,110,812 | 3,448,351 | 3,448,351
Profit for the year | - | - | - | - | 200,617 | 200,617 | 200,617
Other comprehensive income | - | - | 7,853 | - | - | 7,853 | 7,853
Total comprehensive income | - | - | 7,853 | - | 200,617 | 208,470 | 208,470
At 31 December 2023 | 1,703 | 981,736 | (165,032) | 1,526,985 | 1,311,429 | 3,656,821 | 3,656,821

SoloProtect Limited

Statement of Changes in Equity for the Year Ended 31 December 2024

| Share capital £ | Share premium £ | Other reserves £ | Retained earnings £ | Total £
At 1 January 2024 | 1,703 | 981,736 | 1,526,985 | 1,110,328 | 3,620,752
Loss for the year | - | - | - | (9,229) | (9,229)
At 31 December 2024 | 1,703 | 981,736 | 1,526,985 | 1,101,099 | 3,611,523

| Share capital £ | Share premium £ | Other reserves £ | Retained earnings £ | Total £
At 1 January 2023 | 1,703 | 981,736 | 1,526,985 | 1,050,380 | 3,560,804
Profit for the year | - | - | - | 59,948 | 59,948
At 31 December 2023 | 1,703 | 981,736 | 1,526,985 | 1,110,328 | 3,620,752

SoloProtect Limited

Consolidated Statement of Cash Flows for the Year Ended 31 December 2024

| Note | 2024 £ | 2023 £
Cash flows from operating activities
Profit for the year |  | 99,755 | 200,617
Adjustments to cash flows from non-cash items |  |  |
Depreciation and amortisation |  | 1,422,149 | 1,361,107
Loss on disposal of tangible assets | 5 | 142,022 | 17,371
Finance income |  | (1,199) | -
Finance costs |  | - | 2,398
Income tax expense | 10 | (51,260) | (161,085)
Foreign exchange gains/losses |  | (2,579) | 4,716
|  | 1,608,888 | 1,425,124
Working capital adjustments |  |  |
Decrease in stocks | 14 | 39,186 | 463,300
Increase in trade debtors | 15 | (247,167) | (94,143)
Decrease in trade creditors | 17 | (731,135) | (316,442)
Increase/(decrease) in provisions | 18 | 7,152 | (15,053)
Cash generated from operations |  | 676,924 | 1,462,786
Income taxes received | 10 | 169,700 | -
Net cash flow from operating activities |  | 846,624 | 1,462,786
Cash flows from investing activities |  |  |
Interest received |  | 1,199 | -
Acquisitions of tangible assets |  | (744,885) | (807,509)
Acquisition of intangible assets | 11 | (173,735) | (222,898)
Net cash flows from investing activities |  | (917,421) | (1,030,407)
Cash flows from financing activities |  |  |
Interest paid |  | - | (2,398)
Payments to finance lease creditors |  | - | (331)
Net cash flows from financing activities |  | - | (2,729)
Net (decrease)/increase in cash and cash equivalents |  | (70,797) | 429,650
Cash and cash equivalents at 1 January |  | 1,240,455 | 810,805
Cash and cash equivalents at 31 December |  | 1,169,658 | 1,240,455

SoloProtect Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1 | General information

The Company is a private company limited by share capital, incorporated in United Kingdom .

The address of its registered office is:
Suzy Lamplugh House
1 Vantage Drive
Tinsley
Sheffield
S9 1RG

These financial statements were authorised for issue by the Board on 27 September 2025.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies.
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.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the Company and its subsidiary undertakings drawn up to 31 December 2024.

SoloProtect Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

A subsidiary is an entity controlled by the Company. Control is achieved where the Company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the Group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the Group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the Company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion there are no significant judgements or key sources of estimation uncertainty.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the Group.
The Group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Group's activities.

SoloProtect Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Group operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Long-term leasehold property | between 5 and 50 years on a straight line basis
Plant and machinery | between 3 and 10 years on a straight line basis
Fixtures and fittings | between 3 and 10 years on a straight line basis
Computer equipment | 3 years on a straight line basis
Operating leased assets | over 3 and a half years on a straight line basis

SoloProtect Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the Group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class | Amortisation method and rate
Patents | Straight lined method over 3 years
Development expenditure | Straight lined method over 3 years
Computer software | Straight lined method over 4 years

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Basic financial assets, including trade and other debtors, are intially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

SoloProtect Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Provisions

Provisions are recognised when the Group has an obligation at the reporting date as a result of a past event, it is probable that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans to/from related parties and investments in non-puttable ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

SoloProtect Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

3 | Turnover

The analysis of the Group's Turnover for the year from continuing operations is as follows:

| 2024 £ | 2023 £
Sale of goods | 258,418 | 377,066
Rendering of services | 7,470,708 | 6,911,930
| 7,729,126 | 7,288,996

The analysis of the Group's Turnover for the year by market is as follows:

| 2024 £ | 2023 £
UK | 5,942,430 | 5,392,756
Rest of world | 1,786,696 | 1,896,240
| 7,729,126 | 7,288,996

4 | Other operating income

The analysis of the Group's other operating income for the year is as follows:

| 2024 £ | 2023 £
Miscellaneous other operating income | 382,870 | 322,792

5 | Other gains and losses

The analysis of the Group's other gains and losses for the year is as follows:

| 2024 £ | 2023 £
Loss on disposal of Tangible assets | (142,022) | (17,371)
Gain from changes in provisions | - | 4,955
| (142,022) | (12,416)

6 | Interest payable and similar expenses

| 2024 £ | 2023 £
Interest expense on other finance liabilities | 1,199 | 2,398

SoloProtect Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

7 | Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

| 2024 £ | 2023 £
Wages and salaries | 3,790,877 | 3,221,658
Social security costs | 472,977 | 429,602
Other short-term employee benefits | 17,469 | 13,414
Pension costs, defined contribution scheme | 85,039 | 82,523
Other employee expense | 12,765 | 15,301
| 4,379,127 | 3,762,498

The average number of persons employed by the Company (including directors) during the year, was 71 (2023 - 72).

8 | Directors' remuneration

The directors' remuneration for the year was as follows:

| 2024 £ | 2023 £
Remuneration | 186,000 | 186,000
Contributions paid to money purchase schemes | 4,500 | 4,500
| 190,500 | 190,500

9 | Auditors' remuneration

| 2024 £ | 2023 £
Audit of these financial statements | 6,250 | 15,000
Other fees to auditors |  |
All other non-audit services | 24,500 | 18,284

SoloProtect Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

10 | Taxation

Tax charged/(credited) in the consolidated profit and loss account

| 2024 £ | 2023 £
Current taxation |  |
UK corporation tax | (228,447) | (200,964)
Foreign corporation tax | 18,017 | 31,264
Total current income tax | (210,430) | (169,700)
Deferred taxation |  |
Arising from origination and reversal of timing differences | 159,170 | 8,615
Tax receipt in the income statement | (51,260) | (161,085)

11 | Intangible assets

Group and Company

| Trademarks, patents and licenses £ | Software and product development £ | Total £
Cost or valuation
At 1 January 2024 | 43,895 | 4,912,357 | 4,956,252
Additions acquired separately | - | 173,735 | 173,735
At 31 December 2024 | 43,895 | 5,086,092 | 5,129,987
Amortisation
At 1 January 2024 | 43,895 | 3,683,406 | 3,727,301
Amortisation charge | - | 901,736 | 901,736
At 31 December 2024 | 43,895 | 4,585,142 | 4,629,037
Carrying amount
At 31 December 2024 | - | 500,950 | 500,950
At 31 December 2023 | - | 1,228,950 | 1,228,950

SoloProtect Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

12 | Tangible assets

Group

| Long leasehold land and buildings £ | Fixtures and fittings £ | Plant and machinery £ | Office equipment £ | Total £
Cost or valuation
At 1 January 2024 | 905,233 | 479,683 | 2,885,347 | 518,132 | 4,788,395
Additions | 7,172 | 700 | 656,458 | 16,086 | 680,416
Disposals | - | - | (866,868) | - | (866,868)
At 31 December 2024 | 912,405 | 480,383 | 2,674,937 | 534,218 | 4,601,943
Depreciation
At 1 January 2024 | 217,630 | 461,728 | 1,968,574 | 477,451 | 3,125,383
Charge for the year | 27,201 | 9,656 | 414,806 | 27,019 | 478,682
Eliminated on disposal | - | - | (727,909) | - | (727,909)
At 31 December 2024 | 244,831 | 471,384 | 1,655,471 | 504,470 | 2,876,156
Carrying amount
At 31 December 2024 | 667,574 | 8,999 | 1,019,466 | 29,748 | 1,725,787
At 31 December 2023 | 687,603 | 18,070 | 911,835 | 25,979 | 1,643,487

SoloProtect Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Company

| Long leasehold land and buildings £ | Fixtures and fittings £ | Plant and machinery £ | Office equipment £ | Total £
Cost or valuation
At 1 January 2024 | 905,233 | 471,994 | 2,600,450 | 498,674 | 4,476,351
Additions | 7,172 | 700 | 656,458 | 16,086 | 680,416
Disposals | - | - | (866,868) | - | (866,868)
At 31 December 2024 | 912,405 | 472,694 | 2,390,040 | 514,760 | 4,289,899
Depreciation
At 1 January 2024 | 217,630 | 454,836 | 1,741,715 | 477,451 | 2,891,632
Charge for the year | 27,201 | 9,656 | 414,806 | 11,984 | 463,647
Eliminated on disposal | - | - | (727,909) | - | (727,909)
At 31 December 2024 | 244,831 | 464,492 | 1,428,612 | 489,435 | 2,627,370
Carrying amount
At 31 December 2024 | 667,574 | 8,202 | 961,428 | 25,325 | 1,662,529
At 31 December 2023 | 687,603 | 17,158 | 858,735 | 21,224 | 1,584,720

SoloProtect Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

13 | Investments

Group

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the Group holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking | Registered office | Holding | Proportion of voting rights and shares held
|  |  | 2024 | 2023
Subsidiary undertakings
Soloprotect BV | Wilhelminasingel 2A, 6041 CH in Roermond, The Netherlands | Ordinary shares | 100% | 100%
| The Netherlands |  |  |
Associates
Vantage Drive Management Limited | 1 Vantage Drive, Sheffield, United Kingdom, S9 1RG | Ordinary shares | 31.5% | 31.5%
| England and Wales |  |  |

Company

| 2024 £ | 2023 £
Investments in subsidiaries | 839 | 839
Investments in associates | 315 | 315
| 1,154 | 1,154

Subsidiaries | £
Cost or valuation
At 1 January 2024 | 839
Provision
Carrying amount
At 31 December 2024 | 839
At 31 December 2023 | 839

SoloProtect Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Associates | £
Cost
At 1 January 2024 | 315
Provision
Carrying amount
At 31 December 2024 | 315
At 31 December 2023 | 315

14 | Stocks

| Group | Company
| 2024 £ | 2023 £ | 2024 £ | 2023 £
Raw materials and consumables | 4,725 | 31,033 | 4,725 | 31,033
Finished goods and goods for resale | 422,855 | 435,733 | 422,855 | 435,733
| 427,580 | 466,766 | 427,580 | 466,766

15 | Debtors

|  | Group | Company
Current | Note | 2024 £ | 2023 £ | 2024 £ | 2023 £
Trade debtors |  | 1,550,052 | 1,464,698 | 1,283,659 | 1,227,134
Amounts owed by related parties |  | 13,123 | - | 985,574 | 1,171,863
Other debtors |  | 336,403 | 218,531 | 336,403 | 218,531
Prepayments |  | 157,693 | 122,647 | 149,850 | 121,132
Income tax asset | 10 | 233,445 | 200,964 | 233,445 | 200,964
|  | 2,290,716 | 2,006,840 | 2,988,931 | 2,939,624

16 | Cash and cash equivalents

| Group | Company
| 2024 £ | 2023 £ | 2024 £ | 2023 £
Cash at bank | 1,169,658 | 1,240,455 | 344,004 | 277,156

SoloProtect Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

17 | Creditors

|  | Group | Company
| Note | 2024 £ | 2023 £ | 2024 £ | 2023 £
Due within one year |  |  |  |  |
Trade creditors |  | 273,960 | 310,162 | 249,460 | 278,459
Amounts due to related parties |  | 663,392 | 1,372,618 | 787,837 | 1,497,584
Social security and other taxes |  | 404,137 | 371,446 | 376,823 | 343,803
Outstanding defined contribution pension costs |  | 20,495 | 15,227 | 15,238 | 15,227
Other payables |  | 53,729 | 67,886 | 46,935 | 67,502
Accruals |  | 105,214 | 140,877 | 86,376 | 114,763
Income tax liability | 10 | 19,846 | 31,264 | - | -
Deferred income |  | 452,877 | 416,304 | 413,763 | 356,072
|  | 1,993,650 | 2,725,784 | 1,976,432 | 2,673,410
Due after one year |  |  |  |  |
Deferred income |  | 110,163 | 113,636 | 110,163 | 113,636

18 | Provisions for liabilities

Group

| Warranties £ | Deferred tax £ | Total £
At 1 January 2024 | 90,572 | 29,898 | 120,470
Increase (decrease) in existing provisions | (22,711) | 159,171 | 136,460
At 31 December 2024 | 67,861 | 189,069 | 256,930

Company

| Warranties £ | Deferred tax £ | Total £
At 1 January 2024 | 90,572 | - | 90,572
Increase (decrease) in existing provisions | (22,711) | 159,171 | 136,460
At 31 December 2024 | 67,861 | 159,171 | 227,032

SoloProtect Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

19 | Pension and other schemes

Defined contribution pension scheme

The Group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the Group to the scheme and amounted to £85,039 (2023 - £82,523).
Contributions totalling £20,495 (2023 - £15,227) were payable to the scheme at the end of the year and are included in creditors.

20 | Share capital

Allotted, called up and fully paid shares

| 2024 | 2023
| No. | £ | No. | £
Ordinary shares of £0.01 each | 340,646 | 1,703 | 340,646 | 1,703

21 | Parent and ultimate parent undertaking

The Company's immediate parent is G Broady Enterprises Inc, incorporated in United States .
The ultimate controlling party is G K Broady..