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REGISTERED NUMBER: 02381870 (England and Wales)

| Report of the Directors and |

| Financial Statements |

| for the Year Ended 31 March 2025 |

| for |

| UTAX (UK) Limited |

| UTAX (UK) Limited (Registered number: 02381870) |

Contents of the Financial Statements

for the Year Ended 31 March 2025

Page |

| Company Information | 1 |

| Report of the Directors | 2 |

| Report of the Independent Auditors | 4 |

| Statement of Comprehensive Income | 7 |

| Balance Sheet | 8 |

| Statement of Changes in Equity | 9 |

| Cash Flow Statement | 10 |

| Notes to the Cash Flow Statement | 11 |

| Notes to the Financial Statements | 12 |

| UTAX (UK) Limited |

Company Information

for the Year Ended 31 March 2025

| DIRECTORS: | C Rheidt

| S E Wilkinson

| SECRETARY: | K J Good

| REGISTERED OFFICE: | 89 Shrivenham Hundred Business Park

| Majors Road

| Watchfield

| Swindon

| Wiltshire

| SN6 8TY

| REGISTERED NUMBER: | 02381870 (England and Wales)

| AUDITORS: | Mander Duffill

| Chartered Accountants & Statutory Auditor

| The Old Post Office

| 41-43 Market Place

| Chippenham

| Wiltshire

| SN15 3HR

| UTAX (UK) Limited (Registered number: 02381870) |

Report of the Directors

for the Year Ended 31 March 2025

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

Future developments

Income for the year ended 31 March 2025 has decreased by 16% (2024 - 21%). The issues with the worldwide semiconductor shortage, increased shipping costs and continued shipping delays eased in the first half of the year. Market uncertainty caused by high inflation, high interest rates and competitor price decreases have resulted in continued challenging trading conditions. Our direct sales and solutions division saw a decline in sales of 41% due to the continued prolongation of contracts and the rationalization in contract renewal, versus an increase of 25% in 2024. The indirect channel declined by 11% (2024 - 26.2%). This was in part caused by the continued M&A activity in the channel causing the loss of revenue streams to competitors.

Throughout the year, the company has kept a tight control on costs. Administrative expenses were kept to a minimum, decreasing by 14% (2024 - 6%) before exceptional costs.

The company's key financial indicators during the year were as follows:

| 31.3.25 |  | 31.3.24 |  |

| £'000 |  |  | £'000 |  |

Turnover |  | 6,736 |  | 8,042 |  |

Pre tax profit |  | (267 | ) | (508 | ) |

Net assets |  | 516 |  | 248 |  |

The directors consider that the position has improved post year end and are positive about the results for the current year ended 31 March 2026, whilst benefitting from the strong ongoing support of its parent company. Further narrative is given below on the risks associated with the company's financial instruments.

Principal risks and uncertainties

Our biggest risks for the coming year are as follows:

a. The very competitive nature of the current market, coupled with uncertainty caused by high inflation and interest rates. To counter this, we are taking positive measures as a group to increase our competitive profile and start to re-grow our dealer channel.

b. The war in Ukraine and cost of living crisis continues to impact costs, although we anticipate this will start to have less of an impact going into the new financial year. We therefore remain vigilant and retain tight cost control to minimise any impact on the business.

c. The stagnation of our existing dealer base, the sale of dealer's businesses to our competitors and the financial viability of the dealer channel may also prove challenging. To continue our growth path, we will continue to attract new customers in all sales channels and will continue to invest in helping the forward-thinking customers to grow.

Post balance sheet events

There have been no significant events affecting the company since the year end.

DIVIDENDS

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

DIRECTORS

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

C Rheidt

S E Wilkinson

| UTAX (UK) Limited (Registered number: 02381870) |

Report of the Directors

for the Year Ended 31 March 2025

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

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

- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Mander Duffill, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

S E Wilkinson - Director

8 October 2025

Report of the Independent Auditors to the Members of

UTAX (UK) Limited

Opinion

We have audited the financial statements of UTAX (UK) Limited (the 'company') for the year ended 31 March 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 31 March 2025 and of its profit for the year then ended;

- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

- | the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Report of the Directors has been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of

UTAX (UK) Limited

Matters on which we are required to report by exception

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

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- | the financial statements are not in agreement with the accounting records and returns; or

- | certain disclosures of directors' remuneration specified by law are not made; or

- | we have not received all the information and explanations we require for our audit.

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

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

In planning and designing our audit tests, we identify and assess the risks of material mis-statements, whether due to fraud or error. Our risk assessment procedures included:

- Enquiries of management about the entities policies and procedures on compliance with laws and regulations and whether they were aware of any instances of noncompliance together with the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations.

- Enquiries of management about the entities policies and procedures on fraud risks, including any actual, suspected or alleged fraud.

- Considered the nature of the industry and sector, control environment and business performance including the key drivers for directors' remuneration, bonus levels and performance targets.

- Reading minutes of meetings of those charged with governance.

We communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Report of the Independent Auditors to the Members of

UTAX (UK) Limited

We obtained an understanding of the legal and regulatory frameworks that the entity operates in, through discussions with the director, and from our commercial knowledge and experience of the sector in which the company operates, to enable us to identify the key laws and regulations applicable to the company. We focused on specific laws and regulations which we considered may have a direct material effect on the financial statement or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls including the following:

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- Enquiry of management concerning actual and potential litigation and claims.

- Reviewing correspondence with HMRC, and the company's legal advisors.

- Addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether judgements made in making accounting estimates are indicative of a potential bias, and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.

In addition, as with any audit, there remained a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

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.

Julian Duffill FCA (Senior Statutory Auditor)

for and on behalf of Mander Duffill

Chartered Accountants & Statutory Auditor

The Old Post Office

41-43 Market Place

Chippenham

Wiltshire

SN15 3HR

8 October 2025

| UTAX (UK) Limited (Registered number: 02381870) |

Statement of Comprehensive

Income

for the Year Ended 31 March 2025

| 31.3.25 |  | 31.3.24

| Notes | £ | £ |

TURNOVER | 3 | 6,735,609 |  | 8,041,550 |  |

Cost of sales | 4,389,786 |  | 5,861,826 |  |

GROSS PROFIT | 2,345,823 |  | 2,179,724 |  |

Administrative expenses | 2,267,087 |  | 2,878,767 |  |

78,736 |  | (699,043 | ) |

Other operating income | 188,637 |  | 191,302 |  |

OPERATING PROFIT/(LOSS) and |

PROFIT/(LOSS) BEFORE TAXATION | 267,373 |  | (507,741 | ) |

Tax on profit/(loss) | 8 | - |  | - |  |

PROFIT/(LOSS) FOR THE FINANCIAL YEAR | 267,373 |  | (507,741 | ) |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 267,373 |  | (507,741 | ) |

| UTAX (UK) Limited (Registered number: 02381870) |

Balance Sheet

31 March 2025

| 31.3.25 | 31.3.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 9 | 11,406 |  | 21,640 |  |

CURRENT ASSETS

Stocks | 10 | 820,489 |  | 955,269 |  |

Debtors | 11 | 1,226,109 |  | 1,305,108 |  |

Cash at bank | 919,115 |  | 597,447 |  |

2,965,713 |  | 2,857,824 |  |

CREDITORS

Amounts falling due within one year | 12 | 2,315,709 |  | 2,317,420 |  |

NET CURRENT ASSETS | 650,004 |  | 540,404 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 661,410 |  | 562,044 |  |

PROVISIONS FOR LIABILITIES | 15 | 145,843 |  | 313,850 |  |

NET ASSETS | 515,567 |  | 248,194 |  |

CAPITAL AND RESERVES

Called up share capital | 16 | 1,500,002 |  | 1,500,002 |  |

Other reserves | 17 | 1,788,415 |  | 1,788,415 |  |

Retained earnings | 17 | (2,772,850 | ) | (3,040,223 | ) |

SHAREHOLDERS' FUNDS | 515,567 |  | 248,194 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 8 October 2025 and were signed on its behalf by:

S E Wilkinson - Director

| UTAX (UK) Limited (Registered number: 02381870) |

Statement of Changes in Equity

for the Year Ended 31 March 2025

| Called up |

| share |  | Retained |  | Other |  | Total

| capital |  | earnings |  | reserves |  | equity

£ | £ | £ | £ |

Balance at 1 April 2023 | 1,500,002 |  | (2,532,482 | ) | 1,788,415 |  | 755,935 |  |

Changes in equity

Total comprehensive income | - |  | (507,741 | ) | - |  | (507,741 | ) |

Balance at 31 March 2024 | 1,500,002 |  | (3,040,223 | ) | 1,788,415 |  | 248,194 |  |

Changes in equity

Total comprehensive income | - |  | 267,373 |  | - |  | 267,373 |  |

Balance at 31 March 2025 | 1,500,002 |  | (2,772,850 | ) | 1,788,415 |  | 515,567 |  |

| UTAX (UK) Limited (Registered number: 02381870) |

Cash Flow Statement

for the Year Ended 31 March 2025

| 31.3.25 |  | 31.3.24

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 321,914 |  | (334,809 | ) |

Net cash from operating activities | 321,914 |  | (334,809 | ) |

Cash flows from investing activities

Purchase of tangible fixed assets | (200 | ) | (1,677 | ) |

Sale of tangible fixed assets | - |  | 190 |  |

Net cash from investing activities | (200 | ) | (1,487 | ) |

Increase/(decrease) in cash and cash equivalents | 321,714 |  | (336,296 | ) |

Cash and cash equivalents at beginning of year | 2 | 597,401 |  | 933,697 |  |

Cash and cash equivalents at end of year | 2 | 919,115 |  | 597,401 |  |

| UTAX (UK) Limited (Registered number: 02381870) |

Notes to the Cash Flow Statement

for the Year Ended 31 March 2025

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

| 31.3.25 |  | 31.3.24

£ | £ |

| Profit/(loss) before taxation | 267,373 |  | (507,741 | ) |

| Depreciation charges | 10,286 |  | 14,372 |  |

| Loss/(profit) on disposal of fixed assets | 147 |  | (40 | ) |

| (Decrease) in amounts owed to group | 160,224 |  | (501,994 | ) |

| Increase/(decrease in provisions | (168,007 | ) | 111,672 |  |

270,023 |  | (883,731 | ) |

| Decrease in stocks | 134,780 |  | 17,385 |  |

| Decrease in trade and other debtors | 78,999 |  | 614,069 |  |

| Decrease in trade and other creditors | (161,888 | ) | (82,532 | ) |

| Cash generated from operations | 321,914 |  | (334,809 | ) |

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 | 919,115 |  | 597,447 |  |

| Bank overdrafts | - |  | (46 | ) |

919,115 |  | 597,401 |  |

| Year ended 31 March 2024

| 31.3.24 |  | 1.4.23

£ | £ |

| Cash and cash equivalents | 597,447 |  | 933,697 |  |

| Bank overdrafts | (46 | ) | - |  |

597,401 |  | 933,697 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.4.24 | Cash flow | At 31.3.25

£ | £ | £ |

| Net cash |

| Cash at bank | 597,447 |  | 321,668 |  | 919,115 |  |

| Bank overdrafts | (46 | ) | 46 |  | - |  |

597,401 |  | 321,714 |  | 919,115 |  |

| Total | 597,401 |  | 321,714 |  | 919,115 |  |

| UTAX (UK) Limited (Registered number: 02381870) |

Notes to the Financial Statements

for the Year Ended 31 March 2025

1. | STATUTORY INFORMATION

| UTAX (UK) 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 Company Information page.

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

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

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

| Going concern

| At the time of preparing these financial statements, the directors have produced forecasts with the parent company and believe the company has adequate resources and see no material uncertainties that will effect the companies ability to continue trading as a going concern.

| Turnover

| Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

| Sale of goods

| Revenue from the sale of goods is recognised when all the following conditions are satisfied:

| - the company has transferred the significant risks and rewards of ownership to the buyer;

| - the company retains neither consulting managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

| - the amount of revenue can be measured reliably;

| - it is probable that the company will receive the consideration due under the transaction; and

| - the costs incurred or to be incurred in respect of the transaction can be measured reliably.

| Rendering of services

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

| - the amount of revenue can be measured reliably;

| - it is probable that the company will receive the consideration due under the contract;

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

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

| UTAX (UK) Limited (Registered number: 02381870) |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

2. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

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

| Long leasehold | - | 20% on cost

| Furniture, fixtures and fittings | - | 25% on cost

| Computer equipment | - | 33% on cost

| The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

| Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

| Stocks

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

| Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

| At each balance sheet date, stocks are assessed for impairment. If 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.

| UTAX (UK) Limited (Registered number: 02381870) |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| Debtors

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

| Cash and cash equivalents

| Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

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

| Creditors

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

| Provisions for liabilities

| Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

| Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

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

| Financial instruments

| The Company has elected to apply the provisions of Section 1 1 "Basic Financial Instruments" of FRS 102 to all of its financial instruments.

| The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

| Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

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

| Basic financial assets

| Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

| Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

| UTAX (UK) Limited (Registered number: 02381870) |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

2. | ACCOUNTING POLICIES - continued

| Other financial assets

| Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

| Impairment of financial assets

| Financial assets are assessed for indicators of impairment at each reporting date.

| Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

| If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

| Financial liabilities

| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

| Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

| Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

| Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

| Other financial instruments

| Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

| Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

| Derecognition of financial assets

| Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

| UTAX (UK) Limited (Registered number: 02381870) |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

2. | ACCOUNTING POLICIES - continued

| Derecognition of financial liabilities

| Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

| Foreign currencies - transactions and balances

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

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

| Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

| Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'administrative expenses'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

| 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.

| Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

| Pension costs and other post-retirement benefits

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

| UTAX (UK) Limited (Registered number: 02381870) |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

3. | TURNOVER

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

| An analysis of turnover by class of business is given below:

| 31.3.25 |  | 31.3.24

£ | £ |

| Hardware | 3,051,762 |  | 3,369,307 |  |

| Maintenance | 712,885 |  | 971,665 |  |

| Consumables | 2,962,822 |  | 3,567,624 |  |

| Other | 8,140 |  | 132,954 |  |

6,735,609 |  | 8,041,550 |  |

| An analysis of turnover by geographical market is given below:

| 31.3.25 |  | 31.3.24

£ | £ |

| United Kingdom | 3,389,001 |  | 4,666,217 |  |

| Europe | 3,346,608 |  | 3,375,333 |  |

6,735,609 |  | 8,041,550 |  |

4. | EMPLOYEES AND DIRECTORS

| 31.3.25 |  | 31.3.24

£ | £ |

| Wages and salaries | 1,091,508 |  | 1,274,325 |  |

| Social security costs | 126,626 |  | 156,962 |  |

| Other pension costs | 68,058 |  | 58,487 |  |

1,286,192 |  | 1,489,774 |  |

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

| 31.3.25 |  | 31.3.24

| Administration and support | 15 |  | 18 |  |

| Sales, marketing and distribution | 5 |  | 6 |  |

20 |  | 24 |  |

| There were no retirement benefits accruing to directors in respect of defined contribution to pension schemes in the current or previous year.

| 31.3.25 |  | 31.3.24

£ | £ |

| Directors' remuneration | 144,422 |  | 144,143 |  |

| Directors' pension contributions to money purchase schemes | 25,414 |  | 6,509 |  |

| UTAX (UK) Limited (Registered number: 02381870) |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

5. | OPERATING PROFIT/(LOSS)

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

| 31.3.25 |  | 31.3.24

£ | £ |

| Other operating leases | 15,426 |  | 23,131 |  |

| Depreciation - owned assets | 10,287 |  | 14,372 |  |

| Loss/(profit) on disposal of fixed assets | 147 |  | (40 | ) |

| Foreign exchange differences | - |  | (8,261 | ) |

6. | AUDITORS' REMUNERATION

| 31.3.25 |  | 31.3.24

£ | £ |

| Fees payable to the company's auditors and their associates for the audit of the company's financial statements | 4,150 |  | 7,250 |  |

| Total audit fees | 4,150 |  | 7,250 |  |

| Auditors' remuneration for non audit work | 3,750 |  | 6,551 |  |

| Total non-audit fees | 3,750 |  | 6,551 |  |

| Total fees payable | 7,900 |  | 13,801 |  |

7. | EXCEPTIONAL ITEMS

|  | 31.3.25 |  |  | 31.3.24 |  |

|  | £ |  |  | £ |  |

| Provision for tax liability |  | - |  |  | 164,176 |  |

| Termination payments |  | - |  |  | 89,867 |  |

|  | - |  |  | 254,043 |  |

8. | TAXATION

| Analysis of the tax charge

| No liability to UK corporation tax arose for the year ended 31 March 2025 nor for the year ended 31 March 2024.

| UTAX (UK) Limited (Registered number: 02381870) |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

8. | TAXATION - continued

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

| 31.3.25 |  | 31.3.24

£ | £ |

| Profit/(loss) before tax | 267,373 |  | (507,741 | ) |

| Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 66,843 |  | (126,935 | ) |

| Effects of:

| Expenses not deductible for tax purposes | (339 | ) | 26,147 |  |

| Depreciation in excess of capital allowances | 439 |  | 1,053 |  |

| Utilisation of tax losses | (66,943 | ) | - |  |

| Losses carried forward | - |  | 99,735 |  |

| Total tax charge | - |  | - |  |

9. | TANGIBLE FIXED ASSETS

| Furniture, |

| fixtures |

| Long |  | and |  | Computer |

| leasehold |  | fittings |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1 April 2024 | 36,670 |  | 41,226 |  | 73,086 |  | 150,982 |  |

| Additions | - |  | 200 |  | - |  | 200 |  |

| Disposals | - |  | (729 | ) | (15,787 | ) | (16,516 | ) |

| At 31 March 2025 | 36,670 |  | 40,697 |  | 57,299 |  | 134,666 |  |

| DEPRECIATION

| At 1 April 2024 | 32,899 |  | 34,709 |  | 61,734 |  | 129,342 |  |

| Charge for year | 778 |  | 2,008 |  | 7,501 |  | 10,287 |  |

| Eliminated on disposal | - |  | (590 | ) | (15,779 | ) | (16,369 | ) |

| At 31 March 2025 | 33,677 |  | 36,127 |  | 53,456 |  | 123,260 |  |

| NET BOOK VALUE

| At 31 March 2025 | 2,993 |  | 4,570 |  | 3,843 |  | 11,406 |  |

| At 31 March 2024 | 3,771 |  | 6,517 |  | 11,352 |  | 21,640 |  |

| The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

| Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

| UTAX (UK) Limited (Registered number: 02381870) |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

10. | STOCKS

| 31.3.25 |  | 31.3.24

£ | £ |

| Stocks | 820,489 |  | 955,269 |  |

11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.3.25 |  | 31.3.24

£ | £ |

| Trade debtors | 1,109,666 |  | 1,194,101 |  |

| Other debtors | 25,385 |  | 25,385 |  |

| Prepayments | 91,058 |  | 85,622 |  |

1,226,109 |  | 1,305,108 |  |

12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.3.25 |  | 31.3.24

£ | £ |

| Bank loans and overdrafts (see note 13) | - |  | 46 |  |

| Trade creditors | 110,835 |  | 104,476 |  |

| Amounts owed to group undertakings | 1,747,510 |  | 1,587,287 |  |

| Social security and other taxes | 29,168 |  | 36,512 |  |

| VAT | 121,548 |  | 100,796 |  |

| Accrued expenses | 306,648 |  | 488,303 |  |

2,315,709 |  | 2,317,420 |  |

13. | LOANS

| An analysis of the maturity of loans is given below:

| 31.3.25 |  | 31.3.24

£ | £ |

| Amounts falling due within one year or on demand:

| Bank overdrafts | - |  | 46 |  |

14. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

| 31.3.25 |  | 31.3.24

£ | £ |

| Within one year | 70,172 |  | 72,465 |  |

| Between one and five years | 80,287 |  | 105,211 |  |

150,459 |  | 177,676 |  |

| Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

| UTAX (UK) Limited (Registered number: 02381870) |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

15. | PROVISIONS FOR LIABILITIES

| 31.3.25 |  | 31.3.24

£ | £ |

| Other provisions

| Other provisions | - |  | 164,176 |  |

| Warranty provision | 145,843 |  | 149,674 |  |

145,843 |  | 313,850 |  |

| Other |

| provisions |

£ |

| Balance at 1 April 2024 | 313,850 |  |

| Credit to Statement of Comprehensive Income during year | (168,007 | ) |

| Balance at 31 March 2025 | 145,843 |  |

| Other Provisions

| During the year ended 31 March 2023, it was identified that, since the adoption of a new pension scheme, the company had miscalculated PAYE for the successive tax years. In the year ended 31 March 2024, a provision for estimated cost of £164,176, including penalties and interest, was provided for. This has been settled since the year end.

| The warranty provision of £145,843 (2024 - £149,674) represents the unexpected outflow relating to 'spare parts' due within 12 months of the balance sheet date. This balance is based on judgement, underpinned by several years of historic data and experience within the sector.

16. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.3.25 |  | 31.3.24

| value: | £ | £ |

| 1,500,002 | Ordinary | £1 | 1,500,002 |  | 1,500,002 |  |

17. | RESERVES

| Since 1993, the company has received £1,788,415 by way of capital contribution from TA Triumph Adler GmbH to strengthen the capital base of the company.

18. | PENSION COMMITMENTS

| The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £68,058 (2024 - £59,487). There were no contributions payable to the fund at the balance sheet date for both the current year and previous year.

| UTAX (UK) Limited (Registered number: 02381870) |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

19. | ULTIMATE PARENT COMPANY

| The company's immediate parent is TA Triumph-Adler GmbH, incorporated in Germany.

| The ultimate parent is Kyocera Corporation, incorporated in Japan.

| These financial statements are available upon request from the group website.

20. | RELATED PARTY DISCLOSURES

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.