Managed Technology Corporation Topco Limited Group accounts (Group and Company)

COMPANY REGISTRATION NUMBER: 15780797

Managed Technology Corporation Topco Limited

Financial Statements

31 March 2025

Managed Technology Corporation Topco Limited

Financial Statements

Period from 15 June 2024 to 31 March 2025

Contents	Page

Strategic report	1

Directors' report	4

Independent auditor's report to the members	6

Consolidated statement of comprehensive income	10

Consolidated statement of financial position	11

Company statement of financial position	12

Consolidated statement of changes in equity	13

Company statement of changes in equity	14

Consolidated statement of cash flows	15

Notes to the financial statements	16

Managed Technology Corporation Topco Limited

Strategic Report

Period from 15 June 2024 to 31 March 2025

Principal Activities The principal activity of the group during the year continued to be that of a national managed print provider. The group offers a comprehensive range of services including managed print, unified communications, IT solutions, and document management. The business is differentiated by its unique combination of personal service and corporate expertise, providing trusted, independent advice to clients across multiple sectors. Contracts are supported by partnerships with the world's most trusted manufacturers, ensuring service reliability, innovation, and value. Business Review The group has continued to perform satisfactorily during the year, despite ongoing competitive pressures in the sector and has the foundations to continue this trend. Key highlights include: o The group's sales division continued to produce impressively high levels of new business client onboarding, operating at a desirable ratio in excess of 35%. o Expansion of unified communications and IT services, reflecting client demand for integrated digital solutions. o Strong customer retention rates, underpinned by the company's service-led approach. o Ongoing investment in technology, staff training, and process efficiencies to support scalable, high-quality service delivery. o Successful completion of the acquisition of You First Partnership Limited, further strengthening the group's national coverage and service offering. The acquisition forms part of the group's established buy-and-build growth strategy, which is focused on increasing the group's national footprint and breadth of offerings. You First Partnership Limited joins a number of acquisitions completed in recent years, each designed to expand geographical reach, enhance service capability, and build scale. The managed print sector remains central to the group's offering, but increasing emphasis is being placed on digital transformation, cloud-based services, and workflow automation as businesses continue to adapt to hybrid working environments. Strategy and Objectives The group's strategy is centred on: 1. Customer Excellence - maintaining high service levels and building long-term client relationships. 2. Growth and Diversification - increasing the share of revenue from IT and communications services while strengthening the managed print base. 3. Buy-and-Build Expansion - pursuing further acquisitions to extend the company's national presence and broaden its service offering, with the recent purchase of You First Partnership Limited representing the latest step in this strategy. 4. Innovation and Partnerships - working closely with leading manufacturers to deliver cutting-edge, sustainable solutions. 5. Operational Efficiency - enhancing internal systems and processes to support profitable growth. 6. Sustainability - helping clients meet environmental targets through reduced paper consumption, lower energy usage, and responsible recycling. Key Performance Indicators (KPIs) The directors monitor performance using a number of financial and non-financial KPIs, including: o Turnover growth across core service lines. o Recurring revenues and contract renewal rates. o Operating profit margin. o Customer satisfaction scores and client retention. o Service delivery metrics, including response and resolution times. o Employee retention and training investment. o Carbon reduction measures, supporting both company and client sustainability goals. Financial key performance indicators: The Directors believe that analysis using Turnover, Gross Profit, EBITDA, and Net Profit before tax KPI's is essential for measuring the position and performance of the business:

		2025
		£
	Turnover	9,819,123
	Gross Profit	4,543,269
	EBITDA	1,731,292
	Net Profit After Tax	70,755

The above summary demonstrates a performance favourable to the budget set for 2025. The Directors consider these KPI's in conjunction with non-financial KPI's as set out in the Business Plan. Principal Risks and Uncertainties The business faces the following key risks and uncertainties: o Competitive pressure within the managed services and IT market. o Rapid technological change, requiring continued investment in knowledge and solutions. o Cybersecurity threats, as digital services expand. o Dependence on global suppliers, which could be impacted by economic or geopolitical factors. o Integration risks arising from acquisitions, including cultural alignment and realisation of synergies. o Macroeconomic conditions, including inflation, interest rate movements, and public sector spending constraints. The group mitigates these risks through close supplier relationships, investment in staff skills, proactive cybersecurity measures, and careful financial management. Acquisition risks are managed through thorough due diligence, structured integration plans, and retention of key staff within acquired businesses. Future Outlook The board remains confident in the group's strategic direction. While the managed print sector provides a strong foundation, the greatest growth potential lies in unified communications, IT services, and digital document management. The buy-and-build strategy will remain central to the company's growth, with the acquisition of You First Partnership Limited further enhancing its national footprint and service capability. Together with previous acquisitions, this positions the company as a leading independent provider able to deliver consistent, high-quality solutions across the UK. The board intends to continue pursuing acquisition opportunities where there is a strong strategic and cultural fit. By maintaining its reputation for independent advice, trusted partnerships, and personal service, the company is well-positioned to continue delivering sustainable growth and long-term value for its stakeholders.

This report was approved by the board of directors on 7 October 2025 and signed on behalf of the board by:

Mr D J Chappell	Mr D J O'Connor
Director	Director

Registered office:

Unit 14 New Hythe Business Park

Bellingham Way

Maidstone

Kent

United Kingdom

ME20 7HP

Managed Technology Corporation Topco Limited

Directors' Report

Period from 15 June 2024 to 31 March 2025

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

Directors

The directors who served the company during the period were as follows:

Mr D J Chappell	(Appointed 15 June 2024)
Mr D J O'Connor	(Appointed 15 June 2024)

Dividends

Particulars of recommended dividends are detailed in note 12 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; - 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 7 October 2025 and signed on behalf of the board by:

Mr D J Chappell	Mr D J O'Connor
Director	Director

Registered office:

Unit 14 New Hythe Business Park

Bellingham Way

Maidstone

Kent

United Kingdom

ME20 7HP

Managed Technology Corporation Topco Limited

Independent Auditor's Report to the Members of Managed Technology Corporation Topco Limited

Period from 15 June 2024 to 31 March 2025

Opinion

We have audited the financial statements of Managed Technology Corporation Topco Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 March 2025 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, 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 March 2025 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: We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have considered; the nature of the industry, control environment and business performance with particular reference to the Company's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets. Throughout the audit testing we are considering the incentives that may exist within the organisation for fraud. Key areas include timing of recognising income around the year end, posting of unusual journals and manipulating the Company's performance measures to meet targets. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We ensure we have an understanding of the relevant laws and regulations and remain alert to possible non-compliance throughout the audit. Despite proper planning and audit work in accordance with auditing standards there are inherent limitations and unavoidable risk that we may not detect some irregularities and material misstatements in the financial statements. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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.

Robert Field FCA CTA

(Senior Statutory Auditor)

For and on behalf of

Burgess Hodgson Audit Limited

Chartered accountants & statutory auditor

Camburgh House

27 New Dover Road

Canterbury

Kent

CT1 3DN

7 October 2025

Managed Technology Corporation Topco Limited

Consolidated Statement of Comprehensive Income

Period from 15 June 2024 to 31 March 2025

		Period from
		15 Jun 24 to
		31 Mar 25
Note		£
Turnover	4	9,819,123

Cost of sales	5,275,854
	------------
Gross profit	4,543,269

Administrative expenses		3,843,225
		------------
Operating profit	5	700,044

Other interest receivable and similar income	9	145
Interest payable and similar expenses	10	145,021
		------------
Profit before taxation		555,168

Tax on profit	11	381,046
		---------
Profit for the financial period and total comprehensive income		174,122
		---------

Profit for the financial period attributable to:

The owners of the parent company	163,675
Non-controlling interests	10,447
	---------
	174,122
	---------

All the activities of the group are from continuing operations.

Managed Technology Corporation Topco Limited

Consolidated Statement of Financial Position

31 March 2025

	31 Mar 25
Note	£

Fixed assets

Intangible assets	13	5,896,150
Tangible assets	14	159,277
		------------
		6,055,427

Current assets

Stocks	16	1,708,183
Debtors	17	2,795,644
Cash at bank and in hand		1,253,054
		------------
		5,756,881

Creditors: amounts falling due within one year	18	4,806,458
		------------
Net current assets		950,423
		------------
Total assets less current liabilities		7,005,850

Creditors: amounts falling due after more than one year	19	1,476,987

Provisions	20	( 3,326)
		------------
Net assets		5,532,189
		------------

Capital and reserves

Called up share capital	23	5,665,290
Profit and loss account		( 272,260)
		------------
Equity attributable to the owners of the parent company		5,393,030

Non-controlling interests	139,159
	------------
	5,532,189
	------------

These financial statements were approved by the board of directors and authorised for issue on 7 October 2025 , and are signed on behalf of the board by:

Mr D J Chappell	Mr D J O'Connor
Director	Director

Company registration number: 15780797

Managed Technology Corporation Topco Limited

Company Statement of Financial Position

31 March 2025

	31 Mar 25
Note	£

Fixed assets

Investments	15	5,689,630

Current assets

Cash at bank and in hand	100

Creditors: amounts falling due within one year	18	24,440
		--------
Net current liabilities		24,340
		------------
Total assets less current liabilities		5,665,290
		------------

Capital and reserves

Called up share capital	23	5,665,290
		------------
Shareholders funds		5,665,290
		------------

The profit for the financial period of the parent company was £ 435,935 .

These financial statements were approved by the board of directors and authorised for issue on 7 October 2025 , and are signed on behalf of the board by:

Mr D J Chappell	Mr D J O'Connor
Director	Director

Company registration number: 15780797

Managed Technology Corporation Topco Limited

Consolidated Statement of Changes in Equity

Period from 15 June 2024 to 31 March 2025

		Called up share capital	Profit and loss account	Equity attributable to the owners of the parent company	Non-controlling interests	Total
		£	£	£	£	£
At 15 June 2024		–	–	–	–	–

Profit for the period			163,675	163,675	10,447	174,122
		----	---------	---------	--------	---------
Total comprehensive income for the period		–	163,675	163,675	10,447	174,122

Issue of shares		5,665,290	–	5,665,290	–	5,665,290
Dividends paid and payable	12	–	( 435,935)	( 435,935)	–	( 435,935)
Acquisition of subsidiary with minority interest		–	–	–	128,712	128,712
		------------	---------	------------	---------	------------
Total investments by and distributions to owners		5,665,290	( 435,935)	5,229,355	128,712	5,358,067

		------------	---------	------------	---------	------------
At 31 March 2025		5,665,290	( 272,260)	5,393,030	139,159	5,532,189
		------------	---------	------------	---------	------------

Managed Technology Corporation Topco Limited

Company Statement of Changes in Equity

Period from 15 June 2024 to 31 March 2025

		Called up share capital	Profit and loss account	Total
		£	£	£
At 15 June 2024		–	–	–

Profit for the period			435,935	435,935
		----	---------	---------
Total comprehensive income for the period		–	435,935	435,935

Issue of shares		5,665,290	–	5,665,290
Dividends paid and payable	12	–	( 435,935)	( 435,935)
		------------	---------	------------
Total investments by and distributions to owners		5,665,290	( 435,935)	5,229,355

		------------	---------	------------
At 31 March 2025		5,665,290	–	5,665,290
		------------	---------	------------

Managed Technology Corporation Topco Limited

Consolidated Statement of Cash Flows

Period from 15 June 2024 to 31 March 2025

	31 Mar 25
	£

Cash flows from operating activities

Profit for the financial period	174,122

Adjustments for:
Depreciation of tangible assets	60,599
Amortisation of intangible assets	970,649
Other interest receivable and similar income	( 145)
Interest payable and similar expenses	72,511
Loss on disposal of tangible assets	7,625
Tax on profit	381,046
Accrued expenses	498,568

Changes in:
Stocks	( 372,950)
Trade and other debtors	( 337,214)
Trade and other creditors	502,186
	------------
Cash generated from operations	1,956,997

Interest paid	( 72,511)
Interest received	145
Tax paid	( 238,900)
	------------
Net cash from operating activities	1,645,731
	------------

Cash flows from investing activities

Purchase of tangible assets	( 75,913)
Proceeds from sale of tangible assets	1,512
Acquisition of subsidiaries	578,628
	------------
Net cash from investing activities	504,227
	------------

Cash flows from financing activities

Proceeds from issue of ordinary shares	100
Proceeds from borrowings	( 461,069)
Dividends paid	( 435,935)
	------------
Net cash used in financing activities	( 896,904)
	------------

Net increase in cash and cash equivalents	1,253,054
Cash and cash equivalents at beginning of period	–
	------------
Cash and cash equivalents at end of period	1,253,054
	------------

Managed Technology Corporation Topco Limited

Notes to the Financial Statements

Period from 15 June 2024 to 31 March 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 14 New Hythe Business Park, Bellingham Way, Maidstone, Kent, ME20 7HP, United Kingdom.

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 Managed Technology Corporation Topco 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.

Non-controlling interests

Minority interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity. Minority interests consist of the amount of those interests at the date of the original business combination and the minority’s share of changes in equity since the date of the combination.

The proportions of profit or loss and changes in equity allocated to the owners of the parent and to the minority interests are determined on the basis of existing ownership interests and do not reflect the possible exercise or conversion of options or convertible instruments.

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. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. 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. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Goodwill	-	10% straight line
Software	-	20 % straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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:

Long leasehold property	-	25% straight line
Plant and machinery	-	25% straight line
Fixtures and fittings	-	25% straight line
Motor vehicles	-	25% straight line

	Equipment	-	25% straight line

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.

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.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Stock in field represents inventory that has been delivered to customers on a sale or return basis or goods held at third-party locations, including field-based personnel, but for which legal title remains with the company. Stock in field is included within inventories at the lower of cost and estimated selling price less costs to complete and sell, in accordance with Section 13 of FRS 102 ("Inventories"). Cost is determined on a actual cost basis and includes all direct costs incurred in bringing the goods to their present location and condition. Provision is made for obsolete, slow-moving or defective items based on management’s regular review of inventory. Stock in field is physically verified on a periodic basis and reconciled to the accounting records to ensure accuracy and existence. For reporting purposes, the company recognises stock in field (SIF) for toner cartridges on the basis of a standard assumption of one cartridge per machine deployed. This policy is applied in light of the following considerations: Average usage: Each machine in the field is assumed to contain a toner cartridge that is, on average, 50% consumed. This represents the equivalent of approximately half a cartridge in use per machine at any given time. On-site spares: While certain client sites hold an additional spare cartridge and others hold none, these variations are considered to broadly offset across the fleet as a whole. Practicality and consistency: Monitoring actual toner levels and site-specific spare holdings on a machine-by-machine basis is not operationally feasible. The application of a standard assumption therefore provides a consistent, reasonable and supportable estimate of toner stock held in the field. Accordingly, the company records SIF for toner cartridges at one unit per machine. Management considers this approach to provide a fair and representative estimate of the stock position across the deployed fleet.

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

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

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
	15 Jun 24 to
	31 Mar 25
	£
Rendering of services	9,819,123
	------------

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

5. Operating profit

Operating profit or loss is stated after charging/crediting:

	Period from
	15 Jun 24 to
	31 Mar 25
	£
Amortisation of intangible assets	970,649
Depreciation of tangible assets	60,599
Loss on disposal of tangible assets	7,625
Impairment of trade debtors	53,071
Foreign exchange differences	( 283)
	---------

6. Auditor's remuneration

	Period from
	15 Jun 24 to
	31 Mar 25
	£
Fees payable for the audit of the financial statements	8,000
	-------

7. Staff costs

The average number of persons employed by the group during the period, including the directors, amounted to:

	31 Mar 25
	No.
Production staff	47
Administrative staff	3
Management staff	15
	----
	65
	----

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

	Period from
	15 Jun 24 to
	31 Mar 25
	£
Wages and salaries	1,776,481
Social security costs	190,045
Other pension costs	29,013
	------------
	1,995,539
	------------

8. Directors' remuneration

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

	Period from
	15 Jun 24 to
	31 Mar 25
	£
Remuneration	24,676
Company contributions to defined contribution pension plans	77
	--------
	24,753
	--------

9. Other interest receivable and similar income

	Period from
	15 Jun 24 to
	31 Mar 25
	£
Interest on cash and cash equivalents	145
	----

10. Interest payable and similar expenses

	Period from
	15 Jun 24 to
	31 Mar 25
	£
Interest on banks loans and overdrafts	142,536
Other interest payable and similar charges	2,485
	---------
	145,021
	---------

11. Tax on profit

Major components of tax expense

	Period from
	15 Jun 24 to
	31 Mar 25
	£

Current tax:

UK current tax income	387,133

Deferred tax:

Origination and reversal of timing differences	( 6,087)
	---------
Tax on profit	381,046
	---------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the period is higher than the standard rate of corporation tax in the UK of 25 %.

	Period from
	15 Jun 24 to
	31 Mar 25
	£
Profit on ordinary activities before taxation	555,168
	---------
Profit on ordinary activities by rate of tax	77,572
Effect of expenses not deductible for tax purposes	8,161
Effect of capital allowances and depreciation	301,400
Deferred tax movements	( 6,087)
	---------
Tax on profit	381,046
	---------

12. Dividends

	31 Mar 25
	£
Dividends paid during the period (excluding those for which a liability existed at the end of the prior period )	435,935
	---------

13. Intangible assets

Group	Goodwill	Software	Total
	£	£	£
Cost
At 15 June 2024	–	–	–
Additions	–	9,500	9,500
Acquisitions through business combinations	9,002,837	–	9,002,837
	------------	-------	------------
At 31 March 2025	9,002,837	9,500	9,012,337
	------------	-------	------------
Amortisation
At 15 June 2024	–	–	–
Charge for the period	970,122	527	970,649
Other movements	2,136,566	8,972	2,145,538
	------------	-------	------------
At 31 March 2025	3,106,688	9,499	3,116,187
	------------	-------	------------
Carrying amount
At 31 March 2025	5,896,149	1	5,896,150
	------------	-------	------------

The company has no intangible assets.

On 25 July 2024, Managed Technology Corporation Topco Limited acquired 94% of the issued share capital of Managed Technology Corporation Limited for a total consideration of £5,689,630. At the date of acquisition, the fair value of the net assets of Managed Technology Corporation Limited amounted to £2,145,198. A non-controlling interest of £128,712 was recognised in respect of the 6% of share capital not acquired. The acquisition has given rise to goodwill of £3,673,144, calculated as the excess of the aggregate of the consideration transferred and the non-controlling interest over the fair value of the net assets acquired. Also on 25 July 2024, Managed Technology Corporation TopCo Limited ("TopCo") became the new ultimate parent company of Managed Technology Corporation Limited ("MTC") through a share-for-share exchange with D&D Asset Management Limited ("D&D"), the then immediate parent undertaking of MTC. As part of this transaction, TopCo acquired the entire share capital of MTC from D&D in exchange for shares in TopCo. On the same day, D&D was transferred out of the group to a separate ownership structure and ceased to be part of the TopCo group. In preparing these consolidated financial statements, the directors have applied the principles of FRS 102 and adopted a substance over form approach. As D&D was only an intermediate parent for a matter of hours on the transaction date and was not intended to remain within the group, the directors consider that including D&D within these consolidated financial statements would not provide relevant or reliable information to the users of the accounts. Accordingly, these consolidated financial statements present TopCo as the ultimate parent undertaking of MTC from the date of the share-for-share exchange, without consolidating D&D at any point.

14. Tangible assets

Group	Long leasehold property	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£	£
Cost
At 15 Jun 2024	–	–	–	–	–	–
Additions	95,900	162,990	13,829	246,067	2,220	521,006
Disposals	–	( 58,017)	( 10,902)	( 72,345)	( 96,502)	( 237,766)
Acquisitions through business combinations	–	–	4,014	44,631	150,191	198,836
	--------	---------	--------	---------	---------	---------
At 31 Mar 2025	95,900	104,973	6,941	218,353	55,909	482,076
	--------	---------	--------	---------	---------	---------
Depreciation
At 15 Jun 2024	–	–	–	–	6,244	6,244
Charge for the period	13,673	15,816	53	18,568	12,489	60,599
Disposals	–	( 58,017)	( 10,717)	( 63,393)	( 96,502)	( 228,629)
Other movements	68,766	97,189	17,605	194,155	106,870	484,585
	--------	---------	--------	---------	---------	---------
At 31 Mar 2025	82,439	54,988	6,941	149,330	29,101	322,799
	--------	---------	--------	---------	---------	---------
Carrying amount
At 31 Mar 2025	13,461	49,985	–	69,023	26,808	159,277
	--------	---------	--------	---------	---------	---------

The company has no tangible assets.

15. Investments

The group has no investments.

Company	Shares in group undertakings
	£
Cost
At 15 June 2024	–
Additions	5,689,630
	------------
At 31 March 2025	5,689,630
	------------
Impairment
At 15 June 2024 and 31 March 2025	–
	------------

Carrying amount
At 31 March 2025	5,689,630
	------------

Subsidiaries, associates and other investments

Details of the investments in which the parent company has an interest of 20% or more are as follows:

	Class of share	Percentage of shares held
Subsidiary undertakings
Infinity Document Solutions Limited	Ordinary	100
You First Partnership Limited	Ordinary	100
Managed Technology Corporation Limited	Ordinary	100

16. Stocks

	Group	Company
	31 Mar 25	31 Mar 25
	£	£
Raw materials and consumables	1,708,183	–
	------------	----

17. Debtors

	Group	Company
	31 Mar 25	31 Mar 25
	£	£
Trade debtors	2,546,400	–
Prepayments and accrued income	38,694	–
Other debtors	210,550	–
	------------	----
	2,795,644	–
	------------	----

18. Creditors: amounts falling due within one year

	Group	Company
	31 Mar 25	31 Mar 25
	£	£
Bank loans and overdrafts	410,339	–
Trade creditors	566,069	–
Accruals and deferred income	2,277,404	–
Corporation tax	458,809	–
Social security and other taxes	859,211	–
Other creditors	234,626	24,440
	------------	--------
	4,806,458	24,440
	------------	--------

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

	Group	Company
	31 Mar 25	31 Mar 25
	£	£
Bank loans and overdrafts	1,476,987	–
	------------	----

20. Provisions

Group	Deferred tax (note 21)
	£
At 15 June 2024	–
Additions	( 6,087)
Transfers	2,761
	-------
At 31 March 2025	( 3,326)
	-------

The company does not have any provisions.

21. Deferred tax

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

	Group	Company
	31 Mar 25	31 Mar 25
	£	£
Included in provisions (note 20)	( 3,326)	–
	-------	----

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

	Group	Company
	31 Mar 25	31 Mar 25
	£	£
Accelerated capital allowances	( 3,326)	( 3,326)
	-------	-------

22. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 29,013 .

23. Called up share capital

Issued, called up and fully paid

		31 Mar 25
	No.	£
A Ordinary shares of £ 1 each	2,266,116	2,266,116
B Ordinary shares of £ 1 each	2,266,116	2,266,116
C Ordinary shares of £ 1 each	566,529	566,529
D Ordinary shares of £ 1 each	566,529	566,529
	------------	------------
	5,665,290	5,665,290
	------------	------------

24. Analysis of changes in net debt

	At 15 Jun 2024	Cash flows	At 31 Mar 2025
	£	£	£
Cash at bank and in hand	–	1,253,054	1,253,054
Debt due within one year	–	(410,339)	(410,339)
Debt due after one year	–	(1,476,987)	(1,476,987)
	----	------------	------------
	–	( 634,272)	( 634,272)
	----	------------	------------

25. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	Group	Company
	31 Mar 25	31 Mar 25
	£	£
Not later than 1 year	292,277	–
Later than 1 year and not later than 5 years	396,413	–
Later than 5 years	101,500	–
	---------	----
	790,190	–
	---------	----

Managed Technology Corporation Topco Limited

Notes to the Financial Statements (continued)

Period from 15 June 2024 to 31 March 2025

26. Related party transactions

Company

At year end, the was group owed £210,550 (2024: £52,543) by a company related by common control. At year end, the group owed £24,440 (2024: £n/a) to a company related by common control. At year end, the group owed £100 (2024: £600) to a company related by common control.