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COMPANY REGISTRATION NUMBER: 08939139

Lindar Media Limited

Financial Statements

31 December 2024

Lindar Media Limited

Financial Statements

Period from 1 October 2023 to 31 December 2024

Contents | Page

Strategic report | 1

Directors' report | 3

Independent auditor's report to the members | 5

Consolidated statement of income and retained earnings | 8

Company statement of income and retained earnings | 9

Consolidated statement of financial position | 10

Company statement of financial position | 11

Consolidated statement of cash flows | 12

Notes to the financial statements | 13

Lindar Media Limited

Strategic Report

Period from 1 October 2023 to 31 December 2024
Review of the company's business The directors would report that for the period to 31st December 2024 was a period during which the company contributed to consolidate its position in the marketplace and continued to maintain market share in the UK markets developed over recent years. The new product developments improved usage within the existing customer base and attracted new opportunities to further build for the future. The continued development of the company infrastructure means that the business is well placed to meet the demands of a market showing signs of contraction on account of the ongoing cost of living crisis and other pressures on discretionary spreads for consumers. The current static market appears to reflect the continual slow recovery in the UK economy continually burdened by high level of inflations and taxation. Growth is forecast for the forthcoming year and the directors are confident the next twelve months will reflect maintained profitability despite continued uncertainties posed by the pressures on disposable incomes in the UK. The continued demand for the products now offered by the company reflect the development and innovation already invested, with an organisation which recognises the needs and challenges of changes in the UK market. The market does remain challenging but the directors' continued drive to provide value added products and services for the market with superior service levels and incentives for clients give confidence for the future of the business.
Key performance indicators The result for the year is shown in the attached statement of comprehensive income. The business performed in accordance with expectations based on more challenging market conditions, with sales of £96,902,547 for 15 months (2023: £69,282,827 for 12 months) and operating profit after interest of £12,157,267 (2023: £8,765,471). The tax charge for the year is £5,865,586 (2023: £381,429) resulting in a profit for the financial year of £6,291,681 (2023: £8,384,042). A detailed reconciliation of the current tax charge to the expected tax charge is given in note 8 to the financial statements.

|  | 31/12/2024 | 30/09/2023
|  |  | £
| Turnover | 96,902,547 | 69,282,827
| Operating Profit | 12,157,267 | 8,765,471
| Shareholders Funds | 10,414,448 | 8,322,767

The board continue to seek cost savings and efficiencies to maintain profitability. The directors consider the company on a sound financial footing for the future.
Principal risks and uncertainties The company has continued to invest in the internal infrastructure of the business to ensure the company is best equipped to deal with the forthcoming challenges within the industry which the company trades. The company's does not have a credit risk attributable to it's client base as no form of credit is afforded. The company aims to reduce the risk arising from the loss of customers by continually adapting it's offering and incentives to new and existing clients. The company maintains a high level of contact with customers to reduce the company's exposure to maximise sales potential. The cash position remained positive during the year. There is no reliance on banking institutions and therefore the company is well placed to avoid any liquidity risk. The company has suppliers based in the Eurozone and therefore is exposed to currency risk. The currency risk is managed by the company and subsidiaries which are based in the Eurozone to ensure that it remains competitive in the UK market. The company only trades in the UK market and has limited exposure to currency risk from customers and clients. The company is subject to the risks posed by any downturn in the UK economy as with any business operating in this sector. The level of risk has been reduced wherever possible to ensure the company maintains a prominent position in the market via the combination of the standard of product level and service available to customers.
Going Concern The Company has carried out assessments of the future trading performance and cash flows with sensitivities completed to reflect the current market environment. The results of these assessments were reviewed considering the financial position of the Group at 31st December 2024, the cost and cash mitigation measures available to it, and the access to ongoing funding facilities. Based on these assessments the Board and directors have a reasonable expectation that the Group will be able to meet its financial obligations for the foreseeable future and have adequate resources to continue to operate for at least 12 months from the date of this annual report. The directors therefore consider it appropriate to adopt the going concern basis in preparing these financial statements.
This report was approved by the board of directors on 30 September 2025 and signed on behalf of the board by:

Mr S Fellas | Mr O Keinan
Director | Director

Registered office:
Queens House
58 Victoria Street
St Albans
England
AL1 3HZ

Lindar Media Limited

Directors' Report

Period from 1 October 2023 to 31 December 2024
The directors present their report and the financial statements of the group for the Period ended 31 December 2024 .
Directors
The directors who served the company during the Period were as follows:

Mr S Fellas |
Mr O Keinan |

The company is a limited company incorporated and domiciled in England and Wales.
Dividends
The directors do not recommend the payment of final dividend for the year. A dividend of £4,200,000 was made by way of interim dividend in December 2024. The total dividend equates to £2,100 per ordinary share.
Future developments
The directors anticipate the business environment will remain competitive. They believe that the company is in a good financial position and that the risks that have been identified are being well managed. With careful focus on appropriate diversification and development of new products, as well as continuing review of the state of the market and the activities of competitors, the directors are confident in the company's ability to maintain and build on this position, albeit with cautious growth expectations.
Greenhouse gas emissions and energy consumption
Information not included
- It is not practical for the company to obtain some or all of that information The Company elected to apply the full exemption available from disclosing information in relation to SECR.
Financial instruments
The Group's financial risk management objectives and policies are detailed with the "Accounting Policies" section and in the Notes to the Financial Statements.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial Period. 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 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 judgments 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; - 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. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 30 September 2025 and signed on behalf of the board by:

Mr S Fellas | Mr O Keinan
Director | Director

Registered office:
Queens House
58 Victoria Street
St Albans
England
AL1 3HZ

Lindar Media Limited

Independent Auditor's Report to the Members of Lindar Media Limited

Period from 1 October 2023 to 31 December 2024
Opinion
We have audited the financial statements of Lindar Media Limited (the 'parent company') and its subsidiaries (the 'group') for the Period ended 31 December 2024 which comprise the consolidated statement of income and retained earnings, company statement of income and retained earnings, consolidated statement of financial position, company statement of financial position, consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2024 and of the group's profit for the Period then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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's 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 or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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.
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 strategic report and the directors' report for the financial Period for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the 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 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 strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of 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 directors' responsibilities statement, 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 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.
Auditor's 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: The company is subject to many laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements. We identified the following laws and regulations as the most likely to have a material effect if non-compliance were to occur; financial reporting legislation, tax legislation, anti-bribery legislation and employment law. We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general sector experience and through discussion with the board of Directors, and from inspection of the Board minutes and legal and regulatory correspondence. We discussed the policies and procedures regarding compliance with laws and regulations with the Directors. Based on the results of our risk assessment we designed further audit procedures to identify non-compliance with such laws and regulations identified above. Our procedures also involved journal entry testing, with a focus on journals meeting our defined risk criteria based on our understanding of the business; enquiries of legal counsel, management; consideration of the volume and nature of complaints received through whistleblowing during the year. We did not identify any matters relating to non-compliance with laws and regulation or relating to fraud. 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 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.

Nicholas John Godsave
(Senior Statutory Auditor)

For and on behalf of
Stanley Rose Audit Services Limited
Chartered accountants & statutory auditor
Level One
86 Queens Road
Buckhurst Hill
IG9 5BS

30 September 2025

Lindar Media Limited

Consolidated Statement of Income and Retained Earnings

Period from 1 October 2023 to 31 December 2024

| Period from |
| 1 Oct 23 to | Year to
| 31 Dec 24 | 30 Sep 23
Note | £ | £
Turnover | 4 | 96,902,547 | 69,282,827

Cost of sales | 75,756,379 | 46,622,183
| ------------- | -------------
Gross profit | 21,146,168 | 22,660,644

Administrative expenses | 10,073,529 | 14,171,831
Other operating income | 5 | 191,246 | –
|  | ------------- | -------------
Operating profit | 6 | 11,263,885 | 8,488,813

Other interest receivable and similar income | 10 | 893,382 | 276,658
| ------------- | -------------
Profit before taxation | 12,157,267 | 8,765,471

Tax on profit | 11 | 5,865,586 | 381,429
| ------------- | ------------
Profit for the financial period and total comprehensive income | 6,291,681 | 8,384,042
| ------------- | ------------

Dividends paid and payable | 12 | ( 4,200,000) | ( 4,200,000)

Retained earnings at the start of the period | 8,322,765 | 4,138,723
| ------------- | ------------
Retained earnings at the end of the period | 10,414,446 | 8,322,765
| ------------- | ------------

All the activities of the group are from continuing operations.

Lindar Media Limited

Company Statement of Income and Retained Earnings

Period from 1 October 2023 to 31 December 2024

| Period from |
| 1 Oct 23 to | Year to
| 31 Dec 24 | 30 Sep 23
Note | £ | £
Profit for the financial Period and total comprehensive income | 17,355,071 | 3,036,046
Dividends paid and payable | 12 | ( 4,200,000) | ( 4,200,000)

Retained earnings at the start of the period | 2,828,941 | 3,992,895
| ------------- | ------------
Retained earnings at the end of the period | 15,984,012 | 2,828,941
| ------------- | ------------

Lindar Media Limited

Consolidated Statement of Financial Position

31 December 2024

| 31 Dec 24 | 30 Sep 23
Note | £ | £

Fixed assets

Tangible assets | 13 | 789,649 | 886,881
Investments | 14 | 169,000 | 50,200
| --------- | ---------
| 958,649 | 937,081

Current assets

Debtors | 15 | 6,075,325 | 4,748,259
Cash at bank and in hand | 25,267,340 | 13,505,393
| ------------- | -------------
| 31,342,665 | 18,253,652

Creditors: amounts falling due within one year | 16 | 21,547,554 | 10,458,754
| ------------- | -------------
Net current assets | 9,795,111 | 7,794,898
| ------------- | ------------
Total assets less current liabilities | 10,753,760 | 8,731,979

Creditors: amounts falling due after more than one year | 17 | 277,956 | 346,805

Provisions | 19 | 61,356 | 62,407
| ------------- | ------------
Net assets | 10,414,448 | 8,322,767
| ------------- | ------------

Capital and reserves

Called up share capital | 23 | 2 | 2
Profit and loss account | 10,414,446 | 8,322,765
| ------------- | ------------
Shareholders funds | 10,414,448 | 8,322,767
| ------------- | ------------

These financial statements were approved by the board of directors and authorised for issue on 30 September 2025 , and are signed on behalf of the board by:

Mr S Fellas | Mr O Keinan
Director | Director

Company registration number: 08939139

Lindar Media Limited

Company Statement of Financial Position

31 December 2024

| 31 Dec 24 | 30 Sep 23
Note | £ | £

Fixed assets

Tangible assets | 13 | 245,422 | 249,628
Investments | 14 | 170,080 | 51,280
| --------- | ---------
| 415,502 | 300,908

Current assets

Debtors | 15 | 9,041,512 | 3,748,059
Cash at bank and in hand | 14,689,425 | 12,700,360
| ------------- | -------------
| 23,730,937 | 16,448,419

Creditors: amounts falling due within one year | 16 | 8,101,069 | 13,857,977
| ------------- | -------------
Net current assets | 15,629,868 | 2,590,442
| ------------- | ------------
Total assets less current liabilities | 16,045,370 | 2,891,350

Provisions | 19 | 61,356 | 62,407
| ------------- | ------------
Net assets | 15,984,014 | 2,828,943
| ------------- | ------------

Capital and reserves

Called up share capital | 23 | 2 | 2
Profit and loss account | 15,984,012 | 2,828,941
| ------------- | ------------
Shareholders funds | 15,984,014 | 2,828,943
| ------------- | ------------

The profit for the financial Period of the parent company was £ 17,355,071 (2023: £ 3,036,046 ).
These financial statements were approved by the board of directors and authorised for issue on 30 September 2025 , and are signed on behalf of the board by:

Mr S Fellas | Mr O Keinan
Director | Director

Company registration number: 08939139

Lindar Media Limited

Consolidated Statement of Cash Flows

Period from 1 October 2023 to 31 December 2024

| 31 Dec 24 | 30 Sep 23
| £ | £

Cash flows from operating activities

Profit for the financial period | 6,291,681 | 8,384,042

Adjustments for: |  |
Depreciation of tangible assets | 161,663 | 145,084
Other interest receivable and similar income | ( 893,382) | ( 276,658)
Tax on profit | 5,865,586 | 381,429
Accrued expenses | 1,783,037 | 693,319

Changes in: |  |
Trade and other debtors | ( 1,427,066) | 4,667,007
Trade and other creditors | 4,249,579 | ( 1,614,063)
| ------------- | -------------
Cash generated from operations | 16,031,098 | 12,380,160

Interest received | 893,382 | 276,658
Tax paid | ( 719,001) | ( 224,995)
| ------------- | -------------
Net cash from operating activities | 16,205,479 | 12,431,823
| ------------- | -------------

Cash flows from investing activities

Purchase of tangible assets | ( 64,431) | ( 114,886)
Acquisition of interests in associates and joint ventures | ( 118,800) | ( 200)
| ------------- | -------------
Net cash used in investing activities | ( 183,231) | ( 115,086)
| ------------- | -------------

Cash flows from financing activities

Payments of finance lease liabilities | ( 60,301) | ( 50,421)
Dividends paid | ( 4,200,000) | ( 4,200,000)
| ------------- | -------------
Net cash used in financing activities | ( 4,260,301) | ( 4,250,421)
| ------------- | -------------

Net increase in cash and cash equivalents | 11,761,947 | 8,066,316
Cash and cash equivalents at beginning of period | 13,505,393 | 5,439,077
| ------------- | -------------
Cash and cash equivalents at end of period | 25,267,340 | 13,505,393
| ------------- | -------------

Lindar Media Limited

Notes to the Financial Statements

Period from 1 October 2023 to 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Queens House, 58 Victoria Street, St Albans, AL1 3HZ, England.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of Lindar Media Limited and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the Period are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

| Short leasehold property | - | Useful life of assets
| Fixtures and fittings | - | 15% reducing balance
| Motor vehicles | - | 20% reducing balance

Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate.
Investments in joint ventures
Investments in joint ventures are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the joint venture.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:

| Period from |
| 1 Oct 23 to | Year to
| 31 Dec 24 | 30 Sep 23
| £ | £
Commissions | 96,902,547 | 69,282,827
| ------------- | -------------

The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Other operating income

| Period from |
| 1 Oct 23 to | Year to
| 31 Dec 24 | 30 Sep 23
| £ | £
Other operating income | 191,246 | –
| --------- | ----

6. Operating profit
Operating profit or loss is stated after charging/crediting:

| Period from |
| 1 Oct 23 to | Year to
| 31 Dec 24 | 30 Sep 23
| £ | £
Depreciation of tangible assets | 161,663 | 145,084
Research and development expenditure written off | 705,770 | 2,151,027
Foreign exchange differences | ( 125,429) | ( 61,262)
| --------- | ------------

7. Auditor's remuneration

| Period from |
| 1 Oct 23 to | Year to
| 31 Dec 24 | 30 Sep 23
| £ | £
Fees payable for the audit of the financial statements | 63,707 | 27,183
| -------- | --------

8. Staff costs
The average number of persons employed by the group during the Period, including the directors, amounted to:

| 31 Dec 24 | 30 Sep 23
| No. | No.
Administrative staff | 93 | 78
| ---- | ----

The aggregate payroll costs incurred during the Period, relating to the above, were:

| Period from |
| 1 Oct 23 to | Year to
| 31 Dec 24 | 30 Sep 23
| £ | £
Wages and salaries | 4,661,778 | 3,268,613
Social security costs | 341,780 | 216,178
Other pension costs | 41,812 | 27,181
| ------------ | ------------
| 5,045,370 | 3,511,972
| ------------ | ------------

The average number of employees employed by undertakings that are proportionately consolidated are as below:

|  | 31/12/2024 | 30/09/2023
|  | £ | £
| Tek Fox Ltd | 37 | 31
| Mad Fox Ltd | 6 | 6
| Lindar Malta Ltd | 3 | 3

9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:

| Period from |
| 1 Oct 23 to | Year to
| 31 Dec 24 | 30 Sep 23
| £ | £
Remuneration | 9,122 | 6,069
| ------- | -------

10. Other interest receivable and similar income

| Period from |
| 1 Oct 23 to | Year to
| 31 Dec 24 | 30 Sep 23
| £ | £
Interest on cash and cash equivalents | 893,382 | 276,658
| --------- | ---------

11. Tax on profit
Major components of tax expense

| Period from |
| 1 Oct 23 to | Year to
| 31 Dec 24 | 30 Sep 23
| £ | £

Current tax:

UK current tax expense | 5,866,637 | 354,125

Deferred tax:

Origination and reversal of timing differences | ( 1,051) | 27,304
| ------------ | ---------
Tax on profit | 5,865,586 | 381,429
| ------------ | ---------

Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the Period is higher than (2023: lower than) the standard rate of corporation tax in the UK of 25 % (2023: 19 %).

| Period from |
| 1 Oct 23 to | Year to
| 31 Dec 24 | 30 Sep 23
| £ | £
Profit on ordinary activities before taxation | 12,157,267 | 8,765,471
| ------------- | ------------
Profit on ordinary activities by rate of tax | 3,039,317 | 1,665,439
Adjustment to tax charge in respect of prior periods | 1,341,502 | ( 977,206)
Effect of expenses not deductible for tax purposes | 26,474 | 26,835
Effect of capital allowances and depreciation | ( 6,776) | ( 3,911)
Effect of revenue exempt from tax | ( 57,373) | –
Effect of different UK tax rates on some earnings | (192,134) | 77,942
Enhanced R&D expenditure | ( 151,741) | ( 441,391)
Deferred tax timing difference | 7,817 | 33,721
Group Adjustments | 1,858,500 | –
| ------------- | ------------
Tax on profit | 5,865,586 | 381,429
| ------------- | ------------

12. Dividends

| 31 Dec 24 | 30 Sep 23
| £ | £
Dividends paid during the Period (excluding those for which a liability existed at the end of the prior Period ) | 4,200,000 | 4,200,000
| ------------ | ------------

13. Tangible assets

Group | Short leasehold property | Fixtures and fittings | Motor vehicles | Total
| £ | £ | £ | £
Cost |  |  |  |
At 1 October 2023 | 444,131 | 491,636 | 237,240 | 1,173,007
Additions | – | 64,431 | – | 64,431
| --------- | --------- | --------- | ------------
At 31 December 2024 | 444,131 | 556,067 | 237,240 | 1,237,438
| --------- | --------- | --------- | ------------
Depreciation |  |  |  |
At 1 October 2023 | 87,901 | 95,628 | 102,597 | 286,126
Charge for the period | 56,749 | 74,216 | 30,698 | 161,663
| --------- | --------- | --------- | ------------
At 31 December 2024 | 144,650 | 169,844 | 133,295 | 447,789
| --------- | --------- | --------- | ------------
Carrying amount |  |  |  |
At 31 December 2024 | 299,481 | 386,223 | 103,945 | 789,649
| --------- | --------- | --------- | ------------
At 30 September 2023 | 356,230 | 396,008 | 134,643 | 886,881
| --------- | --------- | --------- | ------------

Company | Fixtures and fittings | Motor vehicles | Total
| £ | £ | £
Cost |  |  |
At 1 October 2023 | 169,808 | 237,240 | 407,048
Additions | 59,141 | – | 59,141
| --------- | --------- | ---------
At 31 December 2024 | 228,949 | 237,240 | 466,189
| --------- | --------- | ---------
Depreciation |  |  |
At 1 October 2023 | 54,823 | 102,597 | 157,420
Charge for the period | 32,649 | 30,698 | 63,347
| --------- | --------- | ---------
At 31 December 2024 | 87,472 | 133,295 | 220,767
| --------- | --------- | ---------
Carrying amount |  |  |
At 31 December 2024 | 141,477 | 103,945 | 245,422
| --------- | --------- | ---------
At 30 September 2023 | 114,985 | 134,643 | 249,628
| --------- | --------- | ---------

Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

Group | Short leasehold property
| £
At 31 December 2024 | 299,481
| ---------
At 30 September 2023 | 356,230
| ---------

Company | Short leasehold property
| £
At 31 December 2024 | –
| ----
At 30 September 2023 | 356,230
| ---------

14. Investments

Group | Interests in associates
| £
Share of net assets/cost |
At 1 October 2023 | 50,200
Additions | 118,800
| ---------
At 31 December 2024 | 169,000
| ---------
Impairment |
At 1 October 2023 and 31 December 2024 | –
| ---------

Carrying amount |
At 31 December 2024 | 169,000
| ---------
At 30 September 2023 | 50,200
| ---------

Company | Shares in group undertakings | Shares in participating interests | Total
| £ | £ | £
Cost |  |  |
At 1 October 2023 | 1,080 | 50,200 | 51,280
Additions | – | 118,800 | 118,800
| ------- | --------- | ---------
At 31 December 2024 | 1,080 | 169,000 | 170,080
| ------- | --------- | ---------
Impairment |  |  |
At 1 October 2023 and 31 December 2024 | – | – | –
| ------- | --------- | ---------

Carrying amount |  |  |
At 31 December 2024 | 1,080 | 169,000 | 170,080
| ------- | --------- | ---------
At 30 September 2023 | 1,080 | 50,200 | 51,280
| ------- | --------- | ---------

Subsidiaries, associates and other investments
Details of the investments in which the group and the parent company have an interest of 20% or more are as follows:

| Class of share | Percentage of shares held
Subsidiary undertakings |  |
Lindar Malta Ltd - The Brewhouse, Mdina Road, CBD, Zone 2, Central Business District, Birkirkara CBD 2010, Malta | Ordinary | 100
Mad Fox Ltd - Unit 103, Royal Ocean Plaza, Ocean Village Avenue, Ocean Village, Gibraltar | Ordinary | 100
Tek Fox Ltd - The Brewhouse, Mdina Road, CBD, Zone 2, Central Business District, Birkirkara CBD 2010, Malta | Ordinary | 100

15. Debtors

| Group | Company
| 31 Dec 24 | 30 Sep 23 | 31 Dec 24 | 30 Sep 23
| £ | £ | £ | £
Trade debtors | 4,136,903 | 1,686,664 | – | 1,686,664
Amounts owed by group undertakings | – | – | 8,834,203 | 120,272
Amounts owed by undertakings in which the company has a participating interest | – | 130,968 | – | 130,968
Prepayments and accrued income | 1,434,274 | 1,159,232 | 82,607 | 192,775
Directors loan account | 24,246 | 144,003 | 23,478 | 143,178
Other debtors | 479,902 | 1,627,392 | 101,224 | 1,474,202
| ------------ | ------------ | ------------ | ------------
| 6,075,325 | 4,748,259 | 9,041,512 | 3,748,059
| ------------ | ------------ | ------------ | ------------

16. Creditors: amounts falling due within one year

| Group | Company
| 31 Dec 24 | 30 Sep 23 | 31 Dec 24 | 30 Sep 23
| £ | £ | £ | £
Payments received on account | 3,573,312 | – | – | –
Trade creditors | 4,282,005 | 3,973,496 | 640,707 | 931,417
Amounts owed to group undertakings | – | – | 1,580,118 | 7,880,801
Accruals and deferred income | 7,523,819 | 5,840,782 | 205,587 | 4,665,560
Corporation tax | 5,590,029 | 442,393 | 5,590,029 | 228,404
Social security and other taxes | 88,664 | 85,506 | 83,710 | 79,946
Obligations under finance leases and hire purchase contracts | 52,592 | 44,044 | – | –
Other creditors | 437,133 | 72,533 | 918 | 71,849
| ------------- | ------------- | ------------ | -------------
| 21,547,554 | 10,458,754 | 8,101,069 | 13,857,977
| ------------- | ------------- | ------------ | -------------

17. Creditors: amounts falling due after more than one year

| Group | Company
| 31 Dec 24 | 30 Sep 23 | 31 Dec 24 | 30 Sep 23
| £ | £ | £ | £
Obligations under finance leases and hire purchase contracts | 277,956 | 346,805 | – | –
| --------- | --------- | ---- | ----

18. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

| Group | Company
| 31 Dec 24 | 30 Sep 23 | 31 Dec 24 | 30 Sep 23
| £ | £ | £ | £
Not later than 1 year | 52,592 | 44,044 | 52,592 | –
Later than 1 year and not later than 5 years | 277,956 | 346,805 | 277,956 | –
| --------- | --------- | --------- | ----
| 330,548 | 390,849 | 330,548 | –
| --------- | --------- | --------- | ----

19. Provisions

Group and company | Deferred tax (note 20)
| £
At 1 October 2023 | 62,407
Additions | ( 1,051)
| --------
At 31 December 2024 | 61,356
| --------

20. Deferred tax
The deferred tax included in the statement of financial position is as follows:

| Group | Company
| 31 Dec 24 | 30 Sep 23 | 31 Dec 24 | 30 Sep 23
| £ | £ | £ | £
Included in provisions (note 19) | 61,356 | 62,407 | 61,356 | 62,407
| -------- | -------- | -------- | --------

The deferred tax account consists of the tax effect of timing differences in respect of:

| Group | Company
| 31 Dec 24 | 30 Sep 23 | 31 Dec 24 | 30 Sep 23
| £ | £ | £ | £
Accelerated capital allowances | 61,356 | 62,407 | – | 62,407
| -------- | -------- | ---- | --------

21. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 41,812 (2023: £ 27,181 ).
22. Financial instruments
Basic financial instruments Trade and other debtors/creditors Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price less attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of instrument for a similar debt instrument. Interest-bearing borrowings classified as basic financial instruments Interest-bearing borrowings are recognised initially at the present value of future payments discounted at a market rate of interest. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost using the effective interest method, less any impairment losses. Investments in ordinary shares Investments in equity instruments are measured initially at fair value, which is normally the transaction price. Transaction costs are excluded if the investments are subsequently measured at fair value through profit and loss. Subsequent to initial recognition, investments that can be measured reliably are measured at fair value with changes recognised in profit or loss. Other investments are measured at cost less impairment in profit or loss. Cash and cash equivalents Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the Company's cash management are included as a component of cash and cash equivalents for the purpose only of the cash flow statement. Other financial instruments Financial instruments not considered to be basic financial instruments (Other financianl instruments) Other financial instruments not meeting the definition of basic financial instruments are recognised initially at fair value. Subsequent to initial recognition other financial instruments are measured at fair value with changes recognised in profit or loss except as follows: - investments in equity instruments that are not publicly traded and whose fair value cannot otherwise be measured reliably shall be measured at cost less impairment; and - hedging instruments in a designated hedging relationship shall be recognised as set out below. Such investments are classified as fixed asset investments as it is managements intention to hold into the long term (unless otherwise stated).
23. Called up share capital
Issued, called up and fully paid

| 31 Dec 24 | 30 Sep 23
| No. | £ | No. | £
Ordinary shares of £ 1 each | 2 | 2 | 2 | 2
| ---- | ---- | ---- | ----

24. Analysis of changes in net debt

| At 1 Oct 2023 | Cash flows | At 31 Dec 2024
| £ | £ | £
Cash at bank and in hand | 13,505,393 | 11,761,947 | 25,267,340
Debt due within one year | (44,044) | (8,548) | (52,592)
Debt due after one year | (346,805) | 68,849 | (277,956)
| ------------- | ------------- | -------------
| 13,114,544 | 11,822,248 | 24,936,792
| ------------- | ------------- | -------------

25. Directors' advances, credits and guarantees
During the Period the directors entered into the following advances and credits with the company and its subsidiary undertakings:

| 31 Dec 24
|  | Balance brought forward | Advances/ (credits) to the directors | Balance outstanding
|  | £ | £ | £
| Mr S Fellas | 209,119 | ( 184,389) | 24,730
| Mr O Keinan | ( 65,116) | 64,632 | ( 484)
|  | --------- | --------- | --------
|  | 144,003 | ( 119,757) | 24,246
|  | --------- | --------- | --------

| 30 Sep 23
|  | Balance brought forward | Advances/ (credits) to the directors | Balance outstanding
|  | £ | £ | £
| Mr S Fellas | 6,500,360 | ( 6,291,241) | 209,119
| Mr O Keinan | 192,540 | ( 257,656) | ( 65,116)
|  | ------------ | ------------ | ---------
|  | 6,692,900 | ( 6,548,897) | 144,003
|  | ------------ | ------------ | ---------