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REGISTERED NUMBER: 08088022 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2025

FOR

ENTEC GLOBAL LIMITED

ENTEC GLOBAL LIMITED (REGISTERED NUMBER: 08088022)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2025

Page |

Company Information | 1 |

Group Strategic Report | 2 |

Report of the Directors | 4 |

Report of the Independent Auditors | 5 |

Consolidated Income Statement | 8 |

Consolidated Other Comprehensive Income | 9 |

Consolidated Balance Sheet | 10 |

Company Balance Sheet | 11 |

Consolidated Statement of Changes in Equity | 12 |

Company Statement of Changes in Equity | 13 |

Consolidated Cash Flow Statement | 14 |

Notes to the Consolidated Cash Flow Statement | 15 |

Notes to the Consolidated Financial Statements | 17 |

ENTEC GLOBAL LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 31 JANUARY 2025

| DIRECTORS: | C P Syner

| M Robinson

| REGISTERED OFFICE: | Charter House

| 161 Newhall Street

| Birmingham

| West Midlands

| B3 1SW

| REGISTERED NUMBER: | 08088022 (England and Wales)

| AUDITORS: | Prime

| Chartered Accountants

| Statutory Auditor

| 161 Newhall Street

| Birmingham

| B3 1SW

ENTEC GLOBAL LIMITED (REGISTERED NUMBER: 08088022)

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 JANUARY 2025

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

REVIEW OF BUSINESS

The results for the year and financial position of the group are as shown in the annexed financial statements.

2024 has been a successful year with significant investment in staff to support both current and future years growth. Revenue increased by 25% to £24.8 million through continued growth in both fee based contracts and also non fee based business. This increase in growth is seen primarily in Asia and Australia.

Gross Profit was in line with expectations for the revised geographical and product mix. The decrease in year has arisen as a result of this mix but is primarily due to a number of legacy mark-up orders in prior year.

Operating costs increased by £727k to £5.0 million in the year. This was in line with plan and reflects our strategy of further ongoing investment in additional staff, noted above, to support the group's growth plans.

Operating margin of 5.7%, returning an operating profit of £1.4m, reflects improved sales offset by investment to support growth.

The group's cash position has remained strong at £1.3 million due to a combination of strong credit control and good treasury management.

The group has a strong pipeline and is actively expanding its customer base within both Africa and increasingly rest of the world. The group companies work together to manage supply chain and logistic costs.

PRINCIPAL RISKS AND UNCERTAINTIES

The group's activities expose it to a number of financial risks including cash flow risk, credit risk and technology risk.

CASH FLOW RISK

The group's trading currencies are limited to the GBP, USD and Euro, which reduce the financial risks of changes in foreign currency exchange rates. The group uses a variety of exchange control measures to further mitigate the risk. Interest bearing assets and liabilities are held at fixed rate, if considered appropriate, to ensure certainty of cash flows.

CREDIT RISK

The group's principal financial assets are trade and other receivables. The majority of the group's debtors are paid via non-recourse supplier invoice finance or insured bank invoice financing therefore mitigating potential bad debt.

TECHNOLOGY RISK

The group face risks in developing markets from the increased availability of product information online and this continues to put pressure on margins. The group is approaching this risk by furthering its adoption of technology and through the continued development of online trading platforms which reduce transactional and processing costs. The group is committed to its pursuit of process automation and technical improvements in the supply chain. The group continues to invest in technology to help clients assess and manage their inventory and purchase requirements which mitigates the above risks.

ENTEC GLOBAL LIMITED (REGISTERED NUMBER: 08088022)

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 JANUARY 2025

POLITICAL RISK

A large proportion of the group's trade is in Africa. The group trades only in politically stable countries and with a primarily multi-national blue chip client base. The group further mitigates territory risk by operating under global and regional contracts with its major customers. The group also monitors any changes within region's political and social frameworks and its relations with the United Kingdom Government for any issues which may pose a threat. The group operates an anti-bribery and corruption policy which is applicable to all territories in which it operates.

ECONOMIC RISK

The group has put procedures in place to enable it to react quickly to any changes in Government regulations or changes in demand and continues to monitor economic and political activity in its main trading markets to ensure protection of its core business. Current uncertainty regarding tariffs is managed by our access to the global supply chain.

KEY PERFORMANCE INDICATORS

The main key performance indicator (KPI) for the group is the gross profit margin (being the ratio of gross profit to turnover). Margins of 25.6% in the year (2024: 32.3%) are in line with expectations and reflect the reduced mix of fee based revenue and increased mix of sales on a margin plus basis for the year. The group continues to monitor its gross profit margin on a contract by contract basis to enable it to assess the effects of its investments for future sales and take decisive action if required.

ON BEHALF OF THE BOARD:

C P Syner - Director

27 October 2025

ENTEC GLOBAL LIMITED (REGISTERED NUMBER: 08088022)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 JANUARY 2025

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

DIVIDENDS

During the year dividends of £485,200 (2024: £601,800) were paid.

DIRECTORS

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

C P Syner

M Robinson

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

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

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

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

ON BEHALF OF THE BOARD:

C P Syner - Director

27 October 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

ENTEC GLOBAL LIMITED

Opinion

We have audited the financial statements of Entec Global Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 January 2025 and of the group's profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

ENTEC GLOBAL LIMITED

Opinions on other matters prescribed by the Companies Act 2006

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

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

- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditors' responsibilities for the audit of the financial statements

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

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the industry sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence;

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

ENTEC GLOBAL LIMITED

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

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

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

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

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

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

- reviewing correspondence with HMRC and other relevant parties.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Jeremy Kitson BA FCA (Senior Statutory Auditor)

for and on behalf of Prime

Chartered Accountants

Statutory Auditor

161 Newhall Street

Birmingham

B3 1SW

27 October 2025

ENTEC GLOBAL LIMITED (REGISTERED NUMBER: 08088022)

CONSOLIDATED INCOME STATEMENT

FOR THE YEAR ENDED 31 JANUARY 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

TURNOVER | 3 | 24,848,710 |  | 19,834,614 |  |

Cost of sales | 18,482,710 |  | 13,430,800 |  |

GROSS PROFIT | 6,366,000 |  | 6,403,814 |  |

Distribution costs | 149,326 |  | 173,122 |  |

Administrative expenses | 4,812,034 |  | 4,061,666 |  |

|  |  | 4,961,360 |  |  |  |  | 4,234,788 |  |

OPERATING PROFIT | 5 | 1,404,640 |  | 2,169,026 |  |

Interest receivable and similar income | 765 |  | - |  |

1,405,405 |  | 2,169,026 |  |

Interest payable and similar expenses | 6 | 489,216 |  | 403,070 |  |

PROFIT BEFORE TAXATION | 916,189 |  | 1,765,956 |  |

Tax on profit | 7 | 84,523 |  | 550,419 |  |

PROFIT FOR THE FINANCIAL YEAR | 831,666 |  | 1,215,537 |  |

Profit attributable to:

Owners of the parent | 821,716 |  | 1,223,916 |  |

Non-controlling interests | 9,950 |  | (8,379 | ) |

831,666 |  | 1,215,537 |  |

ENTEC GLOBAL LIMITED (REGISTERED NUMBER: 08088022)

CONSOLIDATED OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 JANUARY 2025

| 2025 |  | 2024

| Notes | £ | £ |

PROFIT FOR THE YEAR | 831,666 |  | 1,215,537 |  |

OTHER COMPREHENSIVE INCOME |

Currency translation differences on

foreign investments | 112,939 |  | 84,432 |  |

Income tax relating to other comprehensive income | - |  | - |  |

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX | 112,939 |  | 84,432 |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 944,605 |  | 1,299,969 |  |

Total comprehensive income attributable to:

Owners of the parent | 934,655 |  | 1,308,347 |  |

Non-controlling interests | 9,950 |  | (8,378 | ) |

944,605 |  | 1,299,969 |  |

ENTEC GLOBAL LIMITED (REGISTERED NUMBER: 08088022)

CONSOLIDATED BALANCE SHEET

31 JANUARY 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 10 | - |  | - |  |

Tangible assets | 11 | 228,880 |  | 206,551 |  |

Investments | 12 | 976 |  | 976 |  |

229,856 |  | 207,527 |  |

CURRENT ASSETS

Stocks | 13 | 702,939 |  | 948,629 |  |

Debtors | 14 | 6,601,477 |  | 6,258,578 |  |

Cash at bank and in hand | 1,306,628 |  | 1,042,730 |  |

8,611,044 |  | 8,249,937 |  |

CREDITORS

Amounts falling due within one year | 15 | 5,716,147 |  | 5,794,702 |  |

NET CURRENT ASSETS | 2,894,897 |  | 2,455,235 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 3,124,753 |  | 2,662,762 |  |

CREDITORS

Amounts falling due after more than one year | 16 | (125,387 | ) | (128,837 | ) |

PROVISIONS FOR LIABILITIES | 20 | (42,614 | ) | (36,578 | ) |

NET ASSETS | 2,956,752 |  | 2,497,347 |  |

CAPITAL AND RESERVES

Called up share capital | 21 | 100 |  | 100 |  |

Other reserves | 22 | (207,227 | ) | (320,166 | ) |

Retained earnings | 22 | 3,195,441 |  | 2,858,925 |  |

SHAREHOLDERS' FUNDS | 2,988,314 |  | 2,538,859 |  |

NON-CONTROLLING INTERESTS | 23 | (31,562 | ) | (41,512 | ) |

TOTAL EQUITY | 2,956,752 |  | 2,497,347 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 27 October 2025 and were signed on its behalf by:

C P Syner - Director

ENTEC GLOBAL LIMITED (REGISTERED NUMBER: 08088022)

COMPANY BALANCE SHEET

31 JANUARY 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 10 | - |  | - |  |

Tangible assets | 11 | - |  | - |  |

Investments | 12 | 5,124,953 |  | 5,125,000 |  |

5,124,953 |  | 5,125,000 |  |

CURRENT ASSETS

Debtors | 14 | 989,668 |  | 784,891 |  |

CREDITORS

Amounts falling due within one year | 15 | 4,891,286 |  | 4,895,823 |  |

NET CURRENT LIABILITIES | (3,901,618 | ) | (4,110,932 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,223,335 |  | 1,014,068 |  |

CAPITAL AND RESERVES

Called up share capital | 21 | 100 |  | 100 |  |

Retained earnings | 1,223,235 |  | 1,013,968 |  |

SHAREHOLDERS' FUNDS | 1,223,335 |  | 1,014,068 |  |

Company's profit for the financial year | 694,467 |  | 185,300 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 27 October 2025 and were signed on its behalf by:

C P Syner - Director

ENTEC GLOBAL LIMITED (REGISTERED NUMBER: 08088022)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 JANUARY 2025

| Called up |

| share |  | Retained |  | Other

| capital |  | earnings |  | reserves

£ | £ | £ |

Balance at 1 February 2023 | 100 |  | 2,236,809 |  | (404,598 | ) |

Changes in equity

Dividends | - |  | (601,800 | ) | - |  |

Total comprehensive income | - |  | 1,223,916 |  | 84,432 |  |

Balance at 31 January 2024 | 100 |  | 2,858,925 |  | (320,166 | ) |

Changes in equity

Dividends | - |  | (485,200 | ) | - |  |

Total comprehensive income | - |  | 821,716 |  | 112,939 |  |

Balance at 31 January 2025 | 100 |  | 3,195,441 |  | (207,227 | ) |

| Non-controlling |  | Total

| Total |  | interests |  | equity

£ | £ | £ |

Balance at 1 February 2023 | 1,832,311 |  | (33,134 | ) | 1,799,177 |  |

Changes in equity

Dividends | (601,800 | ) | - |  | (601,800 | ) |

Total comprehensive income | 1,308,348 |  | (8,378 | ) | 1,299,970 |  |

Balance at 31 January 2024 | 2,538,859 |  | (41,512 | ) | 2,497,347 |  |

Changes in equity

Dividends | (485,200 | ) | - |  | (485,200 | ) |

Total comprehensive income | 934,655 |  | 9,950 |  | 944,605 |  |

Balance at 31 January 2025 | 2,988,314 |  | (31,562 | ) | 2,956,752 |  |

ENTEC GLOBAL LIMITED (REGISTERED NUMBER: 08088022)

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 JANUARY 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 February 2023 | 100 |  | 1,430,468 |  | 1,430,568 |  |

Changes in equity

Dividends | - |  | (601,800 | ) | (601,800 | ) |

Total comprehensive income | - |  | 185,300 |  | 185,300 |  |

Balance at 31 January 2024 | 100 |  | 1,013,968 |  | 1,014,068 |  |

Changes in equity

Dividends | - |  | (485,200 | ) | (485,200 | ) |

Total comprehensive income | - |  | 694,467 |  | 694,467 |  |

Balance at 31 January 2025 | 100 |  | 1,223,235 |  | 1,223,335 |  |

ENTEC GLOBAL LIMITED (REGISTERED NUMBER: 08088022)

CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 JANUARY 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 1,735,042 |  | 2,277,310 |  |

Interest paid | (480,655 | ) | (397,805 | ) |

Interest element of hire purchase payments paid | (8,561 | ) | (5,265 | ) |

Tax paid | (281,813 | ) | (388,061 | ) |

Net cash from operating activities | 964,013 |  | 1,486,179 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (105,184 | ) | (203,021 | ) |

Sale of tangible fixed assets | - |  | 35,025 |  |

Sale of fixed asset investments | (47 | ) | - |  |

Interest received | 765 |  | - |  |

Net cash from investing activities | (104,466 | ) | (167,996 | ) |

Cash flows from financing activities

New loans in year | 80,663 |  | 69,665 |  |

Loan repayments in year | (356,137 | ) | (47,000 | ) |

Capital repayments in year | (25,910 | ) | 62,476 |  |

Amount introduced by directors | (1,560 | ) | 1,406 |  |

Amount withdrawn by directors | (207,628 | ) | - |  |

Equity dividends paid | (485,200 | ) | (601,800 | ) |

Net cash from financing activities | (995,772 | ) | (515,253 | ) |

(Decrease)/increase in cash and cash equivalents | (136,225 | ) | 802,930 |  |

Cash and cash equivalents at beginning of year | 2 | (724,866 | ) | (1,527,796 | ) |

Cash and cash equivalents at end of year | 2 | (861,091 | ) | (724,866 | ) |

ENTEC GLOBAL LIMITED (REGISTERED NUMBER: 08088022)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 JANUARY 2025

1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 2025 |  | 2024

£ | £ |

| Profit before taxation | 916,189 |  | 1,765,956 |  |

| Depreciation charges | 82,855 |  | 77,250 |  |

| Loss/(profit) on disposal of fixed assets | 47 |  | (24,887 | ) |

| Foreign exchange rate movements | 140,315 |  | 177,157 |  |

| Finance costs | 489,216 |  | 403,070 |  |

| Finance income | (765 | ) | - |  |

1,627,857 |  | 2,398,546 |  |

| Decrease in stocks | 245,690 |  | 126,305 |  |

| Increase in trade and other debtors | (115,211 | ) | (734,661 | ) |

| (Decrease)/increase in trade and other creditors | (23,294 | ) | 487,120 |  |

| Cash generated from operations | 1,735,042 |  | 2,277,310 |  |

2. | CASH AND CASH EQUIVALENTS

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

| Year ended 31 January 2025

| 31.1.25 |  | 1.2.24

£ | £ |

| Cash and cash equivalents | 1,306,628 |  | 1,042,730 |  |

| Bank overdrafts | (2,167,719 | ) | (1,767,596 | ) |

(861,091 | ) | (724,866 | ) |

| Year ended 31 January 2024

| 31.1.24 |  | 1.2.23

£ | £ |

| Cash and cash equivalents | 1,042,730 |  | 800,085 |  |

| Bank overdrafts | (1,767,596 | ) | (2,327,881 | ) |

(724,866 | ) | (1,527,796 | ) |

| Bank overdrafts include amounts owed to the Group's bank in respect of bank overdrafts and invoice finance arrangements.

ENTEC GLOBAL LIMITED (REGISTERED NUMBER: 08088022)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 JANUARY 2025

3. | ANALYSIS OF CHANGES IN NET DEBT

| At 1.2.24 | Cash flow | At 31.1.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 1,042,730 |  | 263,898 |  | 1,306,628 |  |

| Bank overdrafts | (1,767,596 | ) | (400,123 | ) | (2,167,719 | ) |

(724,866 | ) | (136,225 | ) | (861,091 | ) |

| Debt

| Finance leases | (89,408 | ) | (54,751 | ) | (144,159 | ) |

| Debts falling due within 1 year | (517,509 | ) | 306,136 |  | (211,373 | ) |

| Debts falling due after 1 year | (79,166 | ) | 50,000 |  | (29,166 | ) |

(686,083 | ) | 301,385 |  | (384,698 | ) |

| Total | (1,410,949 | ) | 165,160 |  | (1,245,789 | ) |

ENTEC GLOBAL LIMITED (REGISTERED NUMBER: 08088022)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2025

1. | STATUTORY INFORMATION

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

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

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

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

| The functional currency of Entec Global Limited is considered to be pounds sterling as this is the primary economic environment with the company operates. The consolidated financial statements are also presented in pounds sterling. Foreign operations are included in accordance with the policies set out below.

| Entec Global Limited meets the definition of a qualifying entity under FRS 102 and has therefore taken exemption of the disclosure exemptions available to it in respect of its separate financial statements, which are presented alongside the consolidated financial statements. Exemptions have been taken in relation to share-based payments and financial instruments.

| Basis of consolidation

| The group financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 January each year. The results of subsidiaries acquired or sold are consolidated for the periods from or to the date on which control passed.

| Business combinations are accounted for under the purchase method. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used in line with those used by the group. All inter-company transactions, balances, income and expenses are eliminated on consolidation.

| Under S408 of the Companies Act 2006 the company is exempt from the requirement to present its own profit and loss account. Its profit and loss for the year is shown on page 11 of the financial statements.

| Related party exemption

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

| Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

ENTEC GLOBAL LIMITED (REGISTERED NUMBER: 08088022)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2025

2. | ACCOUNTING POLICIES - continued

| Significant judgements and estimates

| In the application of the company's accounting policies the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision effects only that period, or in the period of revision and future periods if the revision effects both current and future periods.

| In preparing these financial statements, the directors have made the following judgements:

| The company reviews the carrying value of all assets for indications of impairment at each period. If indicators of impairment exist, the carrying value of the asset is subject to further testing to determine whether its carrying value exceeds its recoverable amount. This process will usually involve the estimation of future cash flows which are likely to be generated by the asset.

| A provision is recognised when the company has a present legal or constructive obligation as a result of a past event for which it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flows at a rate that reflects the time value of money and the risk specific to the liability.

| Whether a present obligation is probable or not requires judgement. The nature and type of risks for these provisions differ and management's judgement is applied regarding the nature and extent of obligations in deciding if an outflow of resources is probable or not.

| The directors have reviewed the asset lives and associated residual values of all fixed assets classes. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projects disposal values.

| Turnover

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

| Goodwill

| Goodwill arising on the acquisition of subsidiary undertakings, representing any excess of the fair value of the correspondence given over the fair value of the identifiable assets and liabilities acquired is capitalised and written off on a straight line basis over its useful life, which is 10 years. Provisions for impairment are made when required.

| Negative goodwill is similarly in the the Balance Sheet and is credited to profit and loss in the period to which the acquired non-monetary assets are recovered through depreciation or sales. Negative goodwill in excess of fair value of the non-monetary assets acquired is credited to profit and loss on a straight line over 10 years, to match the period of benefit.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

| Short leasehold | - | 20% on cost

| Fixtures and fittings | - | 20% on cost

| Motor vehicles | - | 25% on cost

ENTEC GLOBAL LIMITED (REGISTERED NUMBER: 08088022)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2025

2. | ACCOUNTING POLICIES - continued

| Stocks

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

| Current and deferred taxation

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

| Current or deferred taxation assets and liabilities are not discounted.

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

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

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

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

| Research and development

| Expenditure on research and development is written off in the year in which it is incurred.

| Foreign currencies

| Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that balance sheet date. Transactions in foreign currencies are recorded at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating profit.

| The results of overseas operations are translated at the average rates of exchange during the year and their Balance Sheets ar the rates ruling at the Balance Sheet date. Exchange rate differences arising on translation of the opening net assets and results of overseas operations are reported in other comprehensive income and accumulated in equity (attributable to non-controlling interests as appropriate).

| Hire purchase and leasing commitments

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

| Rental income from operating leases is recognised on a straight line basis over the terms of the lease.

ENTEC GLOBAL LIMITED (REGISTERED NUMBER: 08088022)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2025

2. | ACCOUNTING POLICIES - continued

| Pension costs and other post-retirement benefits

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

| Differences between contributions payable in the year and contributions actually paid are shown in either accruals or prepayments in the Balance sheet.

| Impairment of assets

| Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

| For non-financial assets, the asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of the asset is the higher of its fair value less costs to sell and its value in use.

| For financial assets carried at amortised costs, the amount of an impairment is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.

| For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

| Where indicators exist for the decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

| Share-based payments

| The company issues equity settled share options to certain employees within the group. Equity-settled share-based payment transactions are measured at the fair value (excluding the effect of non market-based vesting conditions) at the date of grant. The fair value determined at the grant date of the equity-settled share-based payment is expenses on a straight line basis over the vesting period based on the group's estimate of shares that will eventually vest and adjusted for the effect of non market-based vesting conditions.

| Fair value is measured by use of the price earnings model, which is considered by management to be the most appropriate method of valuation.

ENTEC GLOBAL LIMITED (REGISTERED NUMBER: 08088022)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2025

3. | TURNOVER

| The turnover and profit before taxation are attributable to the one principal activity of the group.

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

| 2025 |  | 2024

£ | £ |

| United Kingdom | 29,634 |  | 49,522 |  |

| South America | - |  | 37,620 |  |

| Asia | 5,474,402 |  | 4,003,523 |  |

| Africa | 12,704,986 |  | 13,647,947 |  |

| Australia | 6,639,688 |  | 2,096,002 |  |

24,848,710 |  | 19,834,614 |  |

4. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 3,128,026 |  | 2,544,916 |  |

| Social security costs | 309,455 |  | 224,440 |  |

| Other pension costs | 109,287 |  | 108,275 |  |

3,546,768 |  | 2,877,631 |  |

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

| 2025 |  | 2024

| Sales and administration | 67 |  | 56 |  |

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 51,472 |  | 45,745 |  |

| Directors' pension contributions to money purchase schemes | 30,885 |  | 30,885 |  |

5. | OPERATING PROFIT

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

| 2025 |  | 2024

£ | £ |

| Depreciation - owned assets | 44,719 |  | 48,420 |  |

| Depreciation - assets on hire purchase contracts | 38,136 |  | 28,829 |  |

| Loss/(profit) on disposal of fixed assets | 47 |  | (24,887 | ) |

| Auditors' remuneration | 58,231 |  | 33,100 |  |

| Operating lease payments - property | 55,000 |  | 55,000 |  |

| Operating lease payments - other | 117,238 |  | 105,386 |  |

| Exchange rate losses/(gains) | 140,315 |  | 177,157 |  |

ENTEC GLOBAL LIMITED (REGISTERED NUMBER: 08088022)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2025

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Finance costs | 480,655 |  | 397,805 |  |

| Hire purchase | 8,561 |  | 5,265 |  |

489,216 |  | 403,070 |  |

| During the year, the directors reassessed that finance costs should be shown within interest payable and similar expenses rather than administrative expenses. There has been no impact on the overall profit and loss for the year. The comparatives have also been reclassified.

7. | TAXATION

| Analysis of the tax charge

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

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 186,573 |  | 296,103 |  |

| Under/over provision of corporation tax | (108,086 | ) | 225,100 |  |

| Total current tax | 78,487 |  | 521,203 |  |

| Deferred tax | 6,036 |  | 29,216 |  |

| Tax on profit | 84,523 |  | 550,419 |  |

| Reconciliation of total tax charge included in profit and loss

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

| 2025 |  | 2024

£ | £ |

| Profit before tax | 916,189 |  | 1,765,956 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 24.025 %) | 229,047 |  | 424,271 |  |

| Effects of:

| Expenses not deductible for tax purposes | 3,200 |  | 3,819 |  |

| Capital allowances in excess of depreciation | (5,441 | ) | (22,070 | ) |

| Adjustments to tax charge in respect of previous periods | (108,086 | ) | 112,550 |  |

| Research and development expenditure claim | (79,609 | ) | - |  |

| Profits on overseas operations not subject to tax | 27,895 |  | 8,606 |  |

| Profit on disposal | - |  | (5,973 | ) |

| Deferred tax movement | 6,036 |  | 29,216 |  |

| Restriction of double taxation relief | 11,481 |  | - |  |

| Total tax charge | 84,523 |  | 550,419 |  |

ENTEC GLOBAL LIMITED (REGISTERED NUMBER: 08088022)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2025

7. | TAXATION - continued

| Tax effects relating to effects of other comprehensive income |

| 2025 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Currency translation differences on

| foreign investments | 112,939 |  | - |  | 112,939 |  |

112,939 |  | - |  | 112,939 |  |

| 2024 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Currency translation differences on

| foreign investments | 84,432 |  | - |  | 84,432 |  |

84,432 |  | - |  | 84,432 |  |

8. | INDIVIDUAL INCOME STATEMENT

| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

9. | DIVIDENDS

| 2025 |  | 2024

£ | £ |

| A Ordinary shares of £0.01 each

| Interim | 282,000 |  | 410,000 |  |

| B Ordinary shares of £0.01 each

| Interim | 203,200 |  | 191,800 |  |

485,200 |  | 601,800 |  |

ENTEC GLOBAL LIMITED (REGISTERED NUMBER: 08088022)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2025

10. | INTANGIBLE FIXED ASSETS

| Group

| Goodwill

£ |

| COST

| At 1 February 2024

| and 31 January 2025 | 4,819,391 |  |

| AMORTISATION

| At 1 February 2024

| and 31 January 2025 | 4,819,391 |  |

| NET BOOK VALUE

| At 31 January 2025 | - |  |

| At 31 January 2024 | - |  |

11. | TANGIBLE FIXED ASSETS

| Group

| Fixtures |

| Short |  | and |  | Motor |

| leasehold |  | fittings |  | vehicles |  | Totals

£ | £ | £ | £ |

| COST

| At 1 February 2024 | 74,662 |  | 703,754 |  | 212,425 |  | 990,841 |  |

| Additions | 80,663 |  | 24,521 |  | - |  | 105,184 |  |

| At 31 January 2025 | 155,325 |  | 728,275 |  | 212,425 |  | 1,096,025 |  |

| DEPRECIATION

| At 1 February 2024 | 61,577 |  | 603,003 |  | 119,710 |  | 784,290 |  |

| Charge for year | 13,688 |  | 39,097 |  | 30,070 |  | 82,855 |  |

| At 31 January 2025 | 75,265 |  | 642,100 |  | 149,780 |  | 867,145 |  |

| NET BOOK VALUE

| At 31 January 2025 | 80,060 |  | 86,175 |  | 62,645 |  | 228,880 |  |

| At 31 January 2024 | 13,085 |  | 100,751 |  | 92,715 |  | 206,551 |  |

ENTEC GLOBAL LIMITED (REGISTERED NUMBER: 08088022)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2025

11. | TANGIBLE FIXED ASSETS - continued

| Group

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Short |  | Motor |

| leasehold |  | vehicles |  | Totals

£ | £ | £ |

| COST

| At 1 February 2024 | - |  | 120,280 |  | 120,280 |  |

| Additions | 80,663 |  | - |  | 80,663 |  |

| At 31 January 2025 | 80,663 |  | 120,280 |  | 200,943 |  |

| DEPRECIATION

| At 1 February 2024 | - |  | 27,564 |  | 27,564 |  |

| Charge for year | 8,066 |  | 30,070 |  | 38,136 |  |

| At 31 January 2025 | 8,066 |  | 57,634 |  | 65,700 |  |

| NET BOOK VALUE

| At 31 January 2025 | 72,597 |  | 62,646 |  | 135,243 |  |

| At 31 January 2024 | - |  | 92,716 |  | 92,716 |  |

12. | FIXED ASSET INVESTMENTS

| Group

| Listed

| investments

£ |

| COST

| At 1 February 2024

| and 31 January 2025 | 976 |  |

| NET BOOK VALUE

| At 31 January 2025 | 976 |  |

| At 31 January 2024 | 976 |  |

ENTEC GLOBAL LIMITED (REGISTERED NUMBER: 08088022)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2025

12. | FIXED ASSET INVESTMENTS - continued

| Company

| Shares in

| group

| undertakings

£ |

| COST

| At 1 February 2024 | 5,125,000 |  |

| Disposals | (47 | ) |

| At 31 January 2025 | 5,124,953 |  |

| NET BOOK VALUE

| At 31 January 2025 | 5,124,953 |  |

| At 31 January 2024 | 5,125,000 |  |

| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

| Subsidiaries

| Entec International Limited

| Registered office: Charter House, 161 Newhall Street, Birmingham, B3 1SW

| Nature of business: Engineering supplier and contractor

| %

| Class of shares: | holding |

| Ordinary £1 shares | 100.00 |

| Ordinary A £1 shares |

| International Cargo Limited

| Registered office: Charter House, 161 Newhall Street, Birmingham, B3 1SW

| Nature of business: International haulage

| %

| Class of shares: | holding |

| Ordinary £1 shares | 100.00 |

| Need2 Limited

| Registered office: Charter House, 161 Newhall Street, Birmingham, B3 1SW

| Nature of business: Computer software provider

| %

| Class of shares: | holding |

| Ordinary £1 shares | 100.00 |

| Entec Africa (Ghana) Limited

| Registered office: Registered outside the United Kingdom

| Nature of business: Importer of engineering supplies

| %

| Class of shares: | holding |

| Ordinary shares | 100.00 |

ENTEC GLOBAL LIMITED (REGISTERED NUMBER: 08088022)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2025

12. | FIXED ASSET INVESTMENTS - continued

| Entec International (West Africa) Limited

| Registered office: Registered outside the United Kingdom

| Nature of business: Importer of engineering supplies

| %

| Class of shares: | holding |

| Ordinary shares | 90.00 |

| Entec International (East Africa) Limited

| Registered office: Registered outside the United Kingdom

| Nature of business: Importer of engineering supplies

| %

| Class of shares: | holding |

| Ordinary shares | 100.00 |

| XSMRO Limited

| Registered office: Charter House, 161 Newhall Street, Birmingham, B3 1SW

| Nature of business: Dormant

| %

| Class of shares: | holding |

| Ordinary £1 shares | 100.00 |

| Listed investments represent investments in non-puttable ordinary shares. The fair value of listed investments at the year end was £2,899 (2024: £1,449). These values have been determined with reference to the quoted market price at the reporting date. The costs of the shares on acquisition are stated above.

13. | STOCKS

| Group |

2025 | 2024 |

£ | £ |

| Stocks | 702,939 |  | 948,629 |  |

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

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Trade debtors | 6,042,795 |  | 5,629,642 |  | - |  | - |  |

| Amounts owed by group undertakings | - |  | - |  | 784,891 |  | 784,891 |  |

| Directors' current accounts | 204,777 |  | - |  | 204,777 |  | - |  |

| Tax | 22,911 |  | - |  | - |  | - |  |

| VAT | 74,762 |  | 162,232 |  | - |  | - |  |

| Prepayments and accrued income | 256,232 |  | 466,704 |  | - |  | - |  |

6,601,477 |  | 6,258,578 |  | 989,668 |  | 784,891 |  |

ENTEC GLOBAL LIMITED (REGISTERED NUMBER: 08088022)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2025

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

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Bank loans and overdrafts (see note 17) | 2,379,092 |  | 2,285,105 |  | - |  | - |  |

| Hire purchase contracts (see note 18) | 47,938 |  | 39,737 |  | - |  | - |  |

| Trade creditors | 3,028,303 |  | 2,872,384 |  | - |  | - |  |

| Amounts owed to group undertakings | - |  | - |  | 4,883,286 |  | 4,883,412 |  |

| Tax | 23,665 |  | 204,041 |  | - |  | - |  |

| Social security and other taxes | 74,354 |  | 68,076 |  | - |  | - |  |

| Other creditors | 33,343 |  | 31,197 |  | - |  | - |  |

| Directors' current accounts | - |  | 4,411 |  | - |  | 4,411 |  |

| Accrued expenses | 129,452 |  | 289,751 |  | 8,000 |  | 8,000 |  |

5,716,147 |  | 5,794,702 |  | 4,891,286 |  | 4,895,823 |  |

16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| Group |

2025 | 2024 |

£ | £ |

| Bank loans (see note 17) | 29,166 |  | 79,166 |  |

| Hire purchase contracts (see note 18) | 96,221 |  | 49,671 |  |

125,387 |  | 128,837 |  |

17. | LOANS

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

| Group |

2025 | 2024 |

£ | £ |

| Amounts falling due within one year or | on demand: |

| Bank overdrafts | 2,167,719 |  | 1,767,596 |  |

| Bank loans | 211,373 |  | 517,509 |  |

2,379,092 |  | 2,285,105 |  |

| Amounts falling due between one and | two years: |

| Bank loans - 1-2 years | 29,166 |  | 50,000 |  |

| Amounts falling due between two and | five years: |

| Bank loans - 2-5 years | - |  | 29,166 |  |

ENTEC GLOBAL LIMITED (REGISTERED NUMBER: 08088022)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2025

17. | LOANS - continued

| The bank loan falling due in one - two years is repayable by installments and bears an interest rate of 3.99% per annum over the Bank of England Base Rate.

| Bank overdrafts include amounts owed to the Company's bank in respect of bank overdrafts and invoice financing arrangements.

18. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Group

| Hire purchase |

| contracts |

2025 | 2024 |

£ | £ |

| Net obligations repayable:

| Within one year | 47,938 |  | 39,737 |  |

| Between one and five years | 96,221 |  | 49,671 |  |

144,159 |  | 89,408 |  |

| Group

| Non-cancellable |

| operating leases |

2025 | 2024 |

£ | £ |

| Within one year | 102,495 |  | 168,453 |  |

| Between one and five years | 56,394 |  | 152,355 |  |

158,889 |  | 320,808 |  |

| Included in the above are operating lease commitments in respect of land and buildings of £3,438 (2024: £44,688) due within one year and £30,938 (2024: £Nil) due between one and five years.

ENTEC GLOBAL LIMITED (REGISTERED NUMBER: 08088022)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2025

19. | SECURED DEBTS

| The following secured debts are included within creditors:

| Group |

2025 | 2024 |

£ | £ |

| Bank overdrafts | 2,167,719 |  | 1,767,596 |  |

| Bank loans | 240,539 |  | 596,675 |  |

| Hire purchase contracts | 144,159 |  | 89,408 |  |

2,552,417 |  | 2,453,679 |  |

| The bank overdrafts and loans are secured by an absolute assignment to the bank, and secondly by fixed and floating charges over all present and future property and assets of a subsidiary.

| Hire purchase contracts were secured against the asset to which they relate.

| Included within bank loans is a total of £79,167 (2024: £129,167) relating to a Coronavirus Business Interruption Loan, this is secured by the Government and not against the company.

20. | PROVISIONS FOR LIABILITIES

| Group |

2025 | 2024 |

£ | £ |

| Deferred tax | 42,614 |  | 36,578 |  |

| Group

| Deferred |

| tax |

£ |

| Balance at 1 February 2024 | 36,578 |  |

| Charge to Income Statement during year | 6,036 |  |

| Balance at 31 January 2025 | 42,614 |  |

| Included in the deferred tax provision at the year end is £42,614 (2024: £36,578) in respect of accelerated capital allowances.

21. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 10,000 | A Ordinary | £0.01 | 100 |  | 100 |  |

| 2 | B Ordinary | £0.01 | - |  | - |  |

100 |  | 100 |  |

ENTEC GLOBAL LIMITED (REGISTERED NUMBER: 08088022)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2025

21. | CALLED UP SHARE CAPITAL - continued

| Each A Ordinary share carries full voting rights, one vote per share, is entitled to such dividends as may be declared. They are entitled to participate in a return of capital on winding up where they rank equally with the B Ordinary Shares. They are non-redeemable.

| Each B Ordinary share carries full voting rights, one vote per share, is entitled to such dividends as may be declared. They are entitled to participate in a return of capital on winding up where they rank equally with the A Ordinary Shares. They are non-redeemable.

22. | RESERVES

| Group

| Retained |  | Other |

| earnings |  | reserves |  | Totals

£ | £ | £ |

| At 1 February 2024 | 2,858,925 |  | (320,166 | ) | 2,538,759 |  |

| Profit for the year | 821,716 |  | - |  | 821,716 |  |

| Dividends | (485,200 | ) | - |  | (485,200 | ) |

| Unrealised gain/(loss) | - |  | 112,939 |  | 112,939 |  |

| At 31 January 2025 | 3,195,441 |  | (207,227 | ) | 2,988,214 |  |

| Company

| Retained

| earnings

£ |

| At 1 February 2024 | 1,013,968 |  |

| Profit for the year | 694,467 |  |

| Dividends | (485,200 | ) |

| At 31 January 2025 | 1,223,235 |  |

| The group's reserves are as follows:

| The retained earnings reserve represent the cumulative profits or losses net of dividends paid.

| Other reserves represent exchange rate movements on the conversion of foreign subsidiary's net assets.

| The company's reserve is a retained earnings reserve which represents the cumulative profits or losses net of dividends paid.

23. | NON-CONTROLLING INTERESTS

| Non controlling interests represent the net assets of the group attributable to the minority shareholders of the subsidiary undertakings.

ENTEC GLOBAL LIMITED (REGISTERED NUMBER: 08088022)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2025

24. | OTHER FINANCIAL COMMITMENTS

| The group's bankers have an absolute assignment to the bank, and secondly a first fixed charge over all present and future property, book and other debts, chattels and unclaimed capital; and a first floating charge over all present and future assets and undertakings.

| An unlimited multilateral guarantee exists between the bank and Entec Global Limited, its subsidiary companies, Entec international Limited, International Cargo Limited and Need2 Limited. At the year end £700,842 (2024: £1,195,331) was due to the company's bankers under this arrangement.

25. | RELATED PARTY DISCLOSURES

| During the year, total key management personnel compensation of £636,133 (2024: 406,692) was paid.

| During the year, rent of £55,000 (2024: £55,000) was paid to a pension fund held by directors.

26. | ULTIMATE CONTROLLING PARTY

| There is no ultimate controlling party.

27. | SHARE-BASED PAYMENT TRANSACTIONS

| The company operates a share option scheme for certain employees of the group.

| Options are exercisable at a price equal to the estimated fair value of the company's shares on the date of grant. There is no specific vesting period and any options which remain unexercised after a period of 10 years from the date of grant, the options expire. Options are forfeited if the employee leaves the group, unless otherwise agreed between the employee and the company.

|  | 2025 |  | 2024 |  |

|  | Numberof shares |  | Weighted average exercise price |  | Number of shares |  | Weighted average exercise price |  |

|  | £ |  |  | £ |  |

| Outstanding at the beginning of the year |  | 2,119 |  | 0.01 |  | 2,119 |  | 0.01 |  |

| Granted in the year |  | - |  | - |  | - |  | - |  |

| Exercised in the year |  | - |  | - |  | - |  | - |  |

| Outstanding at the end of the year |  | 2,119 |  |  | 2,119 |  |

| Exercisable at the end of the year |  | 2,119 |  | 0.01 |  | 2,119 |  | 0.01 |  |

| The fair value of the options at grant date was calculated using the price earnings model, which is considered to be the most appropriate generally accepted valuation method of measuring fair value.