REGISTERED NUMBER: 14911075 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Period 1 April 2024 to 30 April 2025

for

POSEIDON VENTURES LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

7

Consolidated Income Statement

11

Consolidated Other Comprehensive Income

12

Consolidated Balance Sheet

13

Company Balance Sheet

14

Consolidated Statement of Changes in Equity

15

Company Statement of Changes in Equity

16

Consolidated Cash Flow Statement

17

Notes to the Consolidated Cash Flow Statement

18

Notes to the Consolidated Financial Statements

19

DIRECTORS:

T H Gunter

L R Harvey

L R Sargent

SECRETARY:

L R Sargent

REGISTERED OFFICE:

Shaftesbury Court

95 Ditchling Road

Brighton

BN1 4ST

REGISTERED NUMBER:

14911075 (England and Wales)

AUDITORS:

Feist Hedgethorne Limited

Statutory Auditors

Chartered Accountants

Preston Park House

South Road

Brighton

East Sussex

BN1 6SB

PRINCIPLE ACTIVITIES

The principal activities of the group are the provision of professional IT services, offering cloud and network support along with the provision of IT hardware and software.

OUR PURPOSE

Our purpose is helping our customers stay in control of the performance and operations of their IT environment. By combining our technical capabilities, use of technology, and high-quality service delivery we meet the core needs of our customers ensuring their businesses are operating at their optimal efficiency.

Our success as a business depends on us delivering to our purpose consistently but not complacently. We are focused on the continuous improvement of our service delivery to ensure we can provide our customers with an overall experience that not only meets their needs but exceeds their expectations.

REVIEW OF BUSINESS

On a 13-month reporting period ending 30 April 2025, the group recorded an increase in revenue compared with the prior 12-month period. On a pro-rata basis, revenue shows a modest decrease of 0.8%. Despite this, on a pro-rata basis, gross profit increased by 7.8%, with profit before tax remaining consistent, reflecting effective cost control and operational improvements.

The key financial highlights are as follows.

Period Ended

Year Ended

30.04.2025

31.03.2024

Turnover

11,378,417

10,592,699

Gross Profit

6,369,350

5,455,933

Operating Profit

136,203

148,363

Gross profit %

55.98%

51.51%

Operating profit %

1.20%

1.40%

Revenue and profit have been achieved through the development of existing long-term strong and trusted customer relationships along with the acquisition of new customers, underpinned by continuous improvements in operational and commercial activities, business systems, and processes.

PRINCIPAL RISKS AND UNCERTAINTIES

There are several risks and uncertainties that can impact the performance of the group, some of which are beyond the control of its board.

The principal risks and uncertainties facing the company are outlined below.

Economic Risk

- Adverse changes in the UK economy negatively affecting the market in which we operate.

Commercial Risk

- Customer losses through the end of contract re-tender processes.

Operational Risk

- People.

- Systems and processes.

Market Risk

- Competition.

Credit Risk

- Bad debt which has the potential to affect cashflow.

RISK SUMMARY AND MITIGATION

The board review risks regularly and ensure strategies are in place to mitigate their impact should they arise.

Economic risks are monitored and analysed to ensure we are aware of their potential impact should they arise. Understanding the impact of economic risks on our customers helps us to define strategies to help mitigate any serious issues. Costs management is a key strategy in managing economic risk.

Our commercial risks noted are managed through ensuring the provision of excellent service delivery, strong and trusted relationships, which meet the needs of our customers, reducing the likelihood of customers wishing to change service provider.

Our operational risks noted are managed through the development of a company culture of engagement, empowerment, accountability, and development, supported by robust business systems and processes.

Our market risk noted is managed through competitor analysis (where possible) to ascertain any operational or commercial advantages or disadvantages which need to be considered and addressed.

Credit risk is managed through an effective credit control process which ensures debt levels are as low as possible and cash levels are as high as possible.

FINANCIAL KPIS

The Directors have end-to-end business information and management systems in place to monitor and report on the financial performance of the business in detail. As such the Directors do not believe that it is necessary or any more beneficial to implement KPI's.

.

FUTURE DEVELOPMENTS

We will continue to deliver on our purpose of helping our customers stay in control of the performance and operations of their IT environments. Through our own continuous improvement focus we will be consistent in the development of our people, systems, processes, and service offering so that we are able to meet the needs of our customers now and in the future.

ON BEHALF OF THE BOARD:

T H Gunter - Director

9 October 2025

The directors present their report with the financial statements of the company and the group for the period 1 April 2024 to 30 April 2025.

DIVIDENDS

An interim dividend of 50p per 'A' Ordinary share of £1 each was paid on 31 March 2025.

An interim dividend of 50p per 'A' Ordinary share of £1 each was paid on 30 April 2025.

The total distribution for the period ended 30 April 2025 was £2,000 (2024: £2,000).

DIRECTORS

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

T H Gunter

L R Harvey

L R Sargent

POLITICAL DONATIONS AND EXPENDITURE

Charitable donations during the year amounted to £34,309 (2024: £38,855). No political donations were made in the year (2024: £nil).

GOING CONCERN

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in existence for the foreseeable future. The company, therefore, continues to adopt the going concern basis in preparing its financial statements.

DISCLOSURE IN THE STRATEGIC REPORT

Certain matters required by regulation to be dealt with in the annual report have been dealt with in the Strategic Report rather than in the Directors' Report. These include principal risks and uncertainties and future developments.

DIRECTORS' INDEMNITIES

The company has not provided any qualifying third-party indemnity provisions for the benefit of its directors during the financial year, nor at the date of approval of these financial statements.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

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

ON BEHALF OF THE BOARD:

T H Gunter - Director

9 October 2025

Opinion

We have audited the financial statements of Poseidon Ventures Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 30 April 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 30 April 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; and

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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 the director and other management, and from our commercial knowledge and experience of the 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; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

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

- making enquiries of management as to where they considered there was 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;

- investigated the rationale behind significant or unusual transactions.

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

- agreeing financial statement disclosures to underlying supporting documentation;

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

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

- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company’s legal advisors, where applicable.

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.

Other matters

The accounts for the year ended 31 March 2024 were not audited; however we have made all the necessary attempts to ensure that the comparative figures show a true and fair view and are therefore free from all material misstatement.

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.

Christopher Morey (Senior Statutory Auditor)

for and on behalf of Feist Hedgethorne Limited

Statutory Auditors

Chartered Accountants

Preston Park House

South Road

Brighton

East Sussex

BN1 6SB

20 October 2025

TURNOVER

3

11,378,417

10,592,699

Cost of sales

(5,009,067

)

(5,136,766

)

GROSS PROFIT

6,369,350

5,455,933

Administrative expenses

(6,239,452

)

(5,307,570

)

129,898

148,363

Other operating income

6,305

-

OPERATING PROFIT

5

136,203

148,363

Interest receivable and similar income

15,228

16,872

PROFIT BEFORE TAXATION

151,431

165,235

Tax on profit

6

16,951

(57,947

)

PROFIT FOR THE FINANCIAL PERIOD

168,382

107,288

Profit attributable to:

Owners of the parent

168,382

107,288

PROFIT FOR THE PERIOD

168,382

107,288

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

168,382

107,288

Note

Prior year adjustment

9

(394,467

)

(351,952

)

TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT

(226,085

)

(244,664

)

Total comprehensive income attributable to:

Owners of the parent

(226,085

)

(244,664

)

FIXED ASSETS

Tangible assets

10

358,209

359,850

Investments

11

1

1

358,210

359,851

CURRENT ASSETS

Stocks

12

1,348

17,737

Debtors

13

1,459,858

1,374,419

Cash at bank and in hand

1,207,541

1,075,885

2,668,747

2,468,041

CREDITORS

Amounts falling due within one year

14

(1,598,608

)

(1,548,458

)

NET CURRENT ASSETS

1,070,139

919,583

TOTAL ASSETS LESS CURRENT LIABILITIES

1,428,349

1,279,434

PROVISIONS FOR LIABILITIES

15

(82,495

)

(99,962

)

NET ASSETS

1,345,854

1,179,472

CAPITAL AND RESERVES

Called up share capital

16

2,002

2,002

Share premium

17

900

900

Capital redemption reserve

17

18,001

18,001

Retained earnings

17

1,324,951

1,158,569

SHAREHOLDERS' FUNDS

1,345,854

1,179,472

The financial statements were approved by the Board of Directors and authorised for issue on 9 October 2025 and were signed on its behalf by:

T H Gunter - Director

FIXED ASSETS

Tangible assets

10

-

-

Investments

11

2,002

2,002

2,002

2,002

CREDITORS

Amounts falling due within one year

14

(7,000

)

-

NET CURRENT LIABILITIES

(7,000

)

-

TOTAL ASSETS LESS CURRENT LIABILITIES

(4,998

)

2,002

CAPITAL AND RESERVES

Called up share capital

16

2,002

2,002

Retained earnings

(7,000

)

-

SHAREHOLDERS' FUNDS

(4,998

)

2,002

Company's loss for the financial year

(5,000

)

-

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 9 October 2025 and were signed on its behalf by:

L R Sargent - Director

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 April 2023

2,002

1,405,233

900

18,001

1,426,136

Prior year adjustment

-

(351,952

)

-

-

(351,952

)

As restated

2,002

1,053,281

900

18,001

1,074,184

Changes in equity

Dividends

-

(2,000

)

-

-

(2,000

)

Total comprehensive income

-

501,755

-

-

501,755

Balance at 31 March 2024

2,002

1,553,036

900

18,001

1,573,939

Prior year adjustment

-

(394,467

)

-

-

(394,467

)

As restated

2,002

1,158,569

900

18,001

1,179,472

Changes in equity

Dividends

-

(2,000

)

-

-

(2,000

)

Total comprehensive income

-

168,382

-

-

168,382

Balance at 30 April 2025

2,002

1,324,951

900

18,001

1,345,854

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

2,002

-

2,002

Changes in equity

Balance at 31 March 2024

2,002

-

2,002

Changes in equity

Dividends

-

(2,000

)

(2,000

)

Total comprehensive income

-

(5,000

)

(5,000

)

Balance at 30 April 2025

2,002

(7,000

)

(4,998

)

Cash flows from operating activities

Cash generated from operations

1

294,426

409,555

Tax paid

(20,030

)

(107,325

)

Net cash from operating activities

274,396

302,230

Cash flows from investing activities

Purchase of tangible fixed assets

(143,413

)

(273,480

)

Interest received

15,228

16,872

Net cash from investing activities

(128,185

)

(256,608

)

Cash flows from financing activities

Amount withdrawn by directors

(12,555

)

(27,084

)

Equity dividends paid

(2,000

)

(2,000

)

Net cash from financing activities

(14,555

)

(29,084

)

Increase in cash and cash equivalents

131,656

16,538

Cash and cash equivalents at beginning of period

2

1,075,885

1,059,347

Cash and cash equivalents at end of period

2

1,207,541

1,075,885

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

Period

1.4.24

to

Year Ended

30.4.25

31.3.24

as restated

(Unaudited)

£

£

Profit before taxation

151,431

165,235

Depreciation charges

145,054

103,192

Finance income

(15,228

)

(16,872

)

281,257

251,555

Decrease in stocks

16,389

118,909

(Increase)/decrease in trade and other debtors

(72,884

)

49,500

Increase/(decrease) in trade and other creditors

69,664

(10,409

)

Cash generated from operations

294,426

409,555

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:

Period ended 30 April 2025

30.4.25

1.4.24

£

£

Cash and cash equivalents

1,207,541

1,075,885

Year ended 31 March 2024

31.3.24

1.4.23

as restated

(Unaudited)

£

£

Cash and cash equivalents

1,075,885

1,059,347

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 30.4.25

£

£

£

Net cash

Cash at bank and in hand

1,075,885

131,656

1,207,541

1,075,885

131,656

1,207,541

Total

1,075,885

131,656

1,207,541

1.	STATUTORY INFORMATION

Poseidon Ventures 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 (£).

Monetary amounts in these financial statements are rounded to the nearest pound.

These financial statements cover the 13-month period ended 30th April 2025. The previous financial statements covered the year ended 31st March 2024. Consequently, the amounts presented in the financial statements are not entirely comparable.

2.	ACCOUNTING POLICIES

Basis of preparation - group reconstruction and merger accounting

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.

On 18th September 2024, the company became the new parent undertaking of the group following a group reorganisation in which the shareholders of Trident Computers (UK) Limited transferred their interests into Poseidon Ventures Limited. This transaction has been accounted for as a group reconstruction in accordance with the provisions of FRS 102.

In line with the requirements of FRS 102, the consolidated financial statements have been prepared using the principles of merger accounting. Accordingly:

The assets and liabilities of the group have been recognised at their existing carrying values;

No goodwill has arisen on consolidation; and

The results and cash flows of all entities included in the consolidation are presented as if the group had been in existence throughout the period.

Significant judgements and estimates

Preparation of the financial statements requires management to make significant judgements and estimates and these 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 affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The items in the financial statements where these judgements and estimates have been made include the useful economic life of tangible fixed assets, the depreciation of these assets, the tax provision, stock obsolescence, provisions and the recoverability of debtors.

Key sources of estimation uncertainty

The annual depreciation charge for tangible assets is sensitive to changes in the estimates useful economic lives and residual values of the assets. The useful economic lives and residual values are depreciated over the approved depreciation rates. The carrying amount of tangible fixed assets is £358,209 (2024: £359,850) as noted in note 10.

Tax provision

The tax provision is based on management's best estimate of the amount expected to be payable, having considered the current tax legislation, correspondence with tax authorities and any areas of uncertainty.