REGISTERED NUMBER: 13793263 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

TARGET COMPONENTS EOT LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Profit and Loss Account

9

Consolidated Other Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

Notes to the Consolidated Financial Statements

17

DIRECTORS:

Ian David Prescott

Rachael Louise Jubb

Tracey Emmett

Martin Thompson

SECRETARY:

Rachael Louise Jubb

REGISTERED OFFICE:

Unit 5 Pioneer Way

Pioneer Business Park

Castleford

West Yorkshire

WF10 5QU

REGISTERED NUMBER:

13793263 (England and Wales)

AUDITORS:

Walter Dawson & Son

Chartered Accountants

First Floor, Unit 12

Pennine Business Park

Longbow Close, Bradley

Huddersfield

West Yorkshire

HD2 1GQ

The directors present their strategic report of the company and the group for the year ended 31 March 2025.

PRINCIPAL ACTIVITIES

Target Components EOT Limited is the holding company of Target Components Limited.

PRINCIPAL RISKS AND UNCERTAINTIES

As the holding company, Target Components EOT Limited has short and long-term debt liabilities created upon the sale of Target Components Limited in June 2022.

Interest rates are fixed and the vendor debt owners retain a shareholding in Target Components as well as a non-executive Director seat on the board hence there is low risk in the cost of debt and low uncertainty in the expectations of the debt holders.

Interest accumulated on the loan from June 2024 to June 2026 has been waived in full by the vendor debt holders.

Target Components Limited as the trading entity is subject to market and transactional risks as presented in the strategic report for those accounts.

FAIR REVIEW OF THE BUSINESS

In June 2022 Target Components became a majority owned EOT (Employee Owned Trust). Target Components Limited (ref 03113281) continues as the trading entity of the business. Target Components EOT Limited (ref 13793263) has the majority shareholding in Target Components Limited. The transaction was the sale of 75% of the shares of Target Components Limited to the EOT.

All sales and profit related items are recorded in the Target Components Limited accounts with no charge to any accounting principles.

The EOT company accounts include the short and long-term debt related to the sale including the transaction costs for the creation of the EOT. The EOT is not and will never be a trading entity.

GOING CONCERN

The Directors have made a positive going concern assessment based on the latest audited accounts and the financial projection for the next twelve months. The company trading performance and profitability continue to improve. Aligned to a balance sheet that continues to improve there are no concerns around the company's ongoing trading for the foreseeable future.

ON BEHALF OF THE BOARD:

Martin Thompson - Director

30 September 2025

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of the trade only distribution of IT related components and equipment.

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2025.

DIRECTORS

Ian David Prescott has held office during the whole of the period from 1 April 2024 to the date of this report.

Other changes in directors holding office are as follows:

Michael James Lawrence - resigned 28 February 2025

Rachael Louise Jubb - appointed 28 February 2025

Tracey Emmett and Martin Thompson were appointed as directors after 31 March 2025 but prior to the date of this report.

Daniel Ian Pawson ceased to be a director after 31 March 2025 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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.

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Walter Dawson & Son, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Martin Thompson - Director

30 September 2025

Opinion

We have audited the financial statements of Target Components EOT Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Profit and Loss Account, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 of the parent company affairs as at 31 March 2025 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 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 and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the 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 three, 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.

Our approach to identifying and assessing the risk of material misstatement in respect of irregularities,

including fraud and non-compliance with laws and regulations, was as follows:

- 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 company through discussion with directors and

other management, and form our commercial knowledge and experience of the sector;

- we focussed on specific laws and regulations which considered may have a direct material effect on the

financial statements or the operations of the company, including the Companies Act 2006, taxation

legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making

enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team

remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including

obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was a susceptibility to fraud, their

knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and

regulations.

To address the risk of fraud through management bias and overide of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates set out in

note 2 and where indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed

procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

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

- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and

the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and

regulations are from financial transactions, the less likely it is that we would become aware of

non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance

with laws and regulations to enquiry of the directors and other management and the inspection of

regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as

they may involve deliberate concealment or 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.

John Richard Hall FCA (Senior Statutory Auditor)

for and on behalf of Walter Dawson & Son

Chartered Accountants

First Floor, Unit 12

Pennine Business Park

Longbow Close, Bradley

Huddersfield

West Yorkshire

HD2 1GQ

30 September 2025

TURNOVER

3

39,756,435

36,422,430

Cost of sales

36,314,455

33,374,154

GROSS PROFIT

3,441,980

3,048,276

Distribution costs

-

2

Administrative expenses

3,174,565

3,177,995

3,174,565

3,177,997

267,415

(129,721

)

Other operating income

-

2,131

OPERATING PROFIT/(LOSS) and

PROFIT/(LOSS) BEFORE TAXATION

267,415

(127,590

)

Tax on profit/(loss)

6

125,606

-

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

141,809

(127,590

)

Profit/(loss) attributable to:

Owners of the parent

74,955

(139,793

)

Non-controlling interests

66,854

12,203

141,809

(127,590

)

PROFIT/(LOSS) FOR THE YEAR

141,809

(127,590

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

141,809

(127,590

)

Total comprehensive income attributable to:

Owners of the parent

74,955

(139,793

)

Non-controlling interests

66,854

12,203

141,809

(127,590

)

FIXED ASSETS

Intangible assets

8

3,047,316

3,230,500

Tangible assets

9

66,257

118,192

Investments

10

-

-

3,113,573

3,348,692

CURRENT ASSETS

Stocks

11

4,062,934

3,815,669

Debtors

12

4,012,657

3,367,330

Cash at bank and in hand

2,446,899

1,380,340

10,522,490

8,563,339

CREDITORS

Amounts falling due within one year

13

8,356,235

6,614,012

NET CURRENT ASSETS

2,166,255

1,949,327

TOTAL ASSETS LESS CURRENT LIABILITIES

5,279,828

5,298,019

CREDITORS

Amounts falling due after more than one year

14

5,200,000

5,360,000

NET ASSETS/(LIABILITIES)

79,828

(61,981

)

CAPITAL AND RESERVES

Called up share capital

15

1

1

Profit and loss account

16

(65,636

)

(140,591

)

SHAREHOLDERS' FUNDS

(65,635

)

(140,590

)

NON-CONTROLLING INTERESTS

145,463

78,609

TOTAL EQUITY

79,828

(61,981

)

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

Martin Thompson - Director

FIXED ASSETS

Intangible assets

8

-

-

Tangible assets

9

-

-

Investments

10

8,089,900

8,089,900

8,089,900

8,089,900

CURRENT ASSETS

Debtors

12

-

1

CREDITORS

Amounts falling due within one year

13

2,889,899

2,729,900

NET CURRENT LIABILITIES

(2,889,899

)

(2,729,899

)

TOTAL ASSETS LESS CURRENT LIABILITIES

5,200,001

5,360,001

CREDITORS

Amounts falling due after more than one year

14

5,200,000

5,360,000

NET ASSETS

1

1

CAPITAL AND RESERVES

Called up share capital

15

1

1

SHAREHOLDERS' FUNDS

1

1

Company's profit for the financial year

-

-

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

Michael James Lawrence - Director

Called up

Profit

share

and loss

Non-controlling

Total

capital

account

Total

interests

equity

£

£

£

£

£

Balance at 1 April 2023

1

(798

)

(797

)

66,406

65,609

Changes in equity

Total comprehensive income

-

(139,793

)

(139,793

)

12,203

(127,590

)

Balance at 31 March 2024

1

(140,591

)

(140,590

)

78,609

(61,981

)

Changes in equity

Total comprehensive income

-

74,955

74,955

66,854

141,809

Balance at 31 March 2025

1

(65,636

)

(65,635

)

145,463

79,828

Called up

Profit

share

and loss

Total

capital

account

equity

£

£

£

Balance at 1 April 2023

1

-

1

Changes in equity

Balance at 31 March 2024

1

-

1

Changes in equity

Balance at 31 March 2025

1

-

1

Cash flows from operating activities

Cash generated from operations

1

1,067,189

134,027

Tax paid

-

10,866

Net cash from operating activities

1,067,189

144,893

Cash flows from investing activities

Purchase of tangible fixed assets

(630

)

(77,044

)

Net cash from investing activities

(630

)

(77,044

)

Increase in cash and cash equivalents

1,066,559

67,849

Cash and cash equivalents at beginning of year

2

1,380,340

1,312,491

Cash and cash equivalents at end of year

2

2,446,899

1,380,340

1.	RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit/(loss) before taxation

267,415

(127,590

)

Depreciation charges

235,750

217,656

503,165

90,066

(Increase)/decrease in stocks

(247,265

)

499,892

(Increase)/decrease in trade and other debtors

(645,326

)

224,242

Increase/(decrease) in trade and other creditors

1,456,615

(680,173

)

Cash generated from operations

1,067,189

134,027

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

2,446,899

1,380,340

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

1,380,340

1,312,491

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank and in hand

1,380,340

1,066,559

2,446,899

1,380,340

1,066,559

2,446,899

Total

1,380,340

1,066,559

2,446,899

1.	STATUTORY INFORMATION

Target Components EOT Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

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

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

Tangible fixed assets

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

Improvements to property

-

Over 15 years

Plant and machinery

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3.

TURNOVER

The turnover and profit (2024 - loss) before taxation are attributable to the one principal activity of the group.

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

1,886,254

1,884,658

Social security costs

183,576

172,679

Other pension costs

65,756

62,951

2,135,586

2,120,288

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

2025

2024

Sales

12

12

Distribution

22

20

Administration

18

21

Directors

1

1

53

54

2025

2024

£

£

Directors' remuneration

219,708

150,887

Directors' pension contributions to money purchase schemes

7,964

5,698

Information regarding the highest paid director for the year ended 31 March 2025 is as follows:

2025

£

Emoluments etc

219,708

Pension contributions to money purchase schemes

7,964

5.	OPERATING PROFIT/(LOSS)

The operating profit (2024 - operating loss) is stated after charging:

2025

2024

£

£

Other operating leases

131,412

87,000

Depreciation - owned assets

52,565

34,475

Goodwill amortisation

178,852

178,852

Computer software amortisation

4,332

4,332

Auditors' remuneration

-

12,000

6.

TAXATION

Analysis of the tax charge

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

2025

2024

£

£

Current tax:

UK corporation tax

125,606

-

Tax on profit/(loss)

125,606

-

7.	INDIVIDUAL PROFIT AND LOSS ACCOUNT

As permitted by Section 408 of the Companies Act 2006, the Profit and Loss Account of the parent company is not presented as part of these financial statements.