REGISTERED NUMBER: 08330196 (England and Wales)

REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

CELFINET UK TELECOMMUNICATIONS

CONSULTING SERVICES LTD

Page

Company Information

1

Report of the Director

2

Report of the Independent Auditors

6

Income Statement

10

Other Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Notes to the Financial Statements

14

DIRECTOR:

N S V N Peri

REGISTERED OFFICE:

12 New Fetter Lane

London

United Kingdom

EC4A 1JP

REGISTERED NUMBER:

08330196 (England and Wales)

AUDITORS:

Mehta & Tengra

Chartered Accountants

Statutory Auditors

9 Berners Place

London

W1T 3AD

HOLDING COMPANY:

Celfinet - Consultoria em

Telecomunicações, S.A.

The director presents his report with the financial statements of the company for the year ended 31 March 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of engineering related scientific and technical consulting activities.

REVIEW OF BUSINESS

The result for the financial position of the company are as shown in the annexed financial statement.

UK Economy Overview (Apr 2024 - Mar 2025)

The UK economy delivered modest but positive growth, with GDP expanding around 0.7-1.0% over the period. Growth was led by services and selective infrastructure activity, though construction and industrial output remained uneven.

Inflation persisted above target, averaging 3.2-3.8%, driven by services, transport, and food costs. This limited the Bank of England's scope for aggressive monetary easing, though the base rate was reduced to 4.0% by early 2025.

The labour market remained tight, with employment at 75% and wages rising 5% (1.8% real growth), supporting household incomes but sustaining cost pressures for businesses.

On the external side, the trade and current account deficits widened, reflecting higher import costs and subdued export growth.

Outlook: The UK economy is expected to remain on a low-growth trajectory (1.0-1.2% in 2025), with inflation gradually easing but staying above 2% through year-end. For engineering and telecom services, the environment points to stable demand but ongoing pressure on financing costs, wages, and subcontractor pricing.

Industry executive snapshot

Market demand was resilient but mixed. Spend skewed to (1) 3G decommissioning & 4G refarming, (2) 5G SA upgrades/densification, (3) SRN rural coverage, and (4) Huawei swap-outs still working toward the 2027 deadline.

Traffic kept growing but at a slower pace (+18% YoY), keeping capacity upgrades on the agenda; 4G still carried 78% of traffic.

Regulatory & structural change accelerated: CMA cleared the Vodafone-Three merger (Dec-2024); completion was after the period but FY24/25 already saw bid/plan activity and an extended VMO2-Vodafone network-sharing deal (Jul-2024).

Demand drivers & workstreams (what kept RAN engineers busy)

1. 3G switch-off / spectrum refarming

EE and Vodafone completed national 3G switch-off early-2024; Three switched off "most sites" by Sep-2024; VMO2 scheduled 2025. Work: site re-configs, carrier re-farming to 4G/5G, optimization.

2. 5G SA roll-out and densification

By late-2024, 3,300 5G SA sites (15% of 5G sites) were live; 5G carried 21% of mobile data, yet 4G still dominated. Engineering: SA feature activations, core/RAN integration, VoNR testing, Massive-MIMO tuning.

3. SRN rural coverage

SRN milestones assessed in Sept-2024; most operators hit their June targets, with national landmass 4G coverage tracking toward 95% by end-2025-driving rural infill, power, and backhaul works.

4. Huawei swap-outs

Swap programs continued (aiming at full removal by end-2027), adding steady RAN replacement volume (radio swaps, integration, performance stabilization).

5. Neutral-host / indoor small cells (growing but selective)

Multi-operator indoor small-cell projects advanced (e.g., Freshwave Omni Network with all four MNOs), creating specialist deployment opportunities (MORAN/MOCN).

Operator investment context (FY24/25 lens)

BT Group (EE): Capex £4.9bn (flat YoY at Group level). Mobile capex isn't split out, but EE's network modernization and 5G build continued. Implication: stable run-rate demand for swaps, densification, and decommissioning.

Virgin Media O2: 2024 results (calendar) showed £2.1bn P&E additions and 5G outdoor pop coverage 75% by year-end, implying active RAN rollout through Q4-2024 and into early-2025.

Vodafone UK & Three UK:

CMA clearance (Dec-2024) with network-quality undertakings; during FY24/25 operators prepared consolidation plans.

Three flagged scaled-back capex and loss-making pressure pre-merger-some project deferrals likely until clarity on MergeCo investment plans.

Vodafone-VMO2 extended network-sharing in Jul-2024, shaping RAN sharing and build synergies.

Market metrics & trends (relevant to bid planning)

Coverage & usage:

5G outdoor coverage by MNO ranged 61-79%; all-MNO 5G outside-premises coverage still only ~38%-room for further rollout.

Mobile traffic +18% YoY to 1,069 PB/month in 2024; 5G traffic +~50%; 4G 78% of all traffic. Engineering takeaway: continued LTE capacity adds plus targeted 5G SA densification.

Subscriptions & revenues: active mobile subs 88.9m (Q4-2024); post-pay ARPU broadly stable-operators prioritized cost efficiency/network sharing.

What this meant for Celfinet UK

Stable gross margins but tight: High subcontractor mix remained the norm; pricing power was limited as operators focused on efficiency and sharing.

Revenue mix tilted to programs with clearer ROI:

Decom/refarm (3G) and SRN works were dependable.

5G SA projects expanded but in phases (feature-led rather than blanket overbuild).

Huawei swaps provided predictable volumes but price-pressured.

Working-capital strain: Operators' elongated approval/budget cycles (merger context, macro) plus milestone-based billing elevated WIP and DSO, pushing finance costs up for suppliers-exactly what your P&L shows. Tooling/OPEX uptick: Higher software maintenance aligns with heavier use of planning/optimization, automation and assurance tooling as SA matures. (Industry expects steady growth in OSS/BSS/automation).

Risks & opportunities entering FY25/26 (from the FY24/25 base)

Opportunities

Post-merger investment wave (Vodafone-Three commitments) should expand SA, rural and capacity works (though the capex ramp lands mainly after this period).

Neutral-host/indoor rollouts (MORAN/MOCN) open routes to multi-operator revenues per site.

SRN finishing sprint and Huawei swap-out deadlines sustain volume.

Risks

Procurement concentration (sharing + consolidation) exerts day-rate pressure and raises vendor qualification hurdles.

Traffic growth moderating tempers urgency for blanket densification (more targeted builds, tougher business cases).

Financial Review

1. Revenue (Turnover)

Fell 5.6% YoY (£7.55m vs £7.99m).

This reflects lower rollout activity or project delays from telecom operators. The RAN market is often cyclical and CAPEX-driven, so such swings are not unusual.

2. Cost of Sales

Subcontractors remain dominant at 77% of sales, consistent with the business model.

Direct costs increased to 1.8% (vs 0.9%), indicating higher in-house resource allocation.

Gross margin declined slightly (21.15% vs 20.9%).

Margin still healthy for this type of service business, but tightly dependent on subcontractor efficiency and client pricing.

3. Other Income

2024 had £156k in non-operating income (R&D incentives & other interest).

2025 shows £179k in non-operating income (R&D incentives).

4. Operating Expenses (Overheads)

Flat to slightly down in % of sales (10.9% vs 10.5%).

Wages reduced (£629k vs £719k) but still the largest OPEX component (8.3% of sales).

5. Finance Costs

Sharp increase (£131k vs £73k).

reflects greater working capital needs, project payment lags, or reliance on reverse factoring intensification.

6. Profit Before Tax

Dropped 8% YoY (£831k vs £905k).

Margin fell from 11.3% vs 11.2%.

The deterioration is explained by:

1. Lower sales volumes.

2. Higher finance costs.

The company remains profitable with gross margins typical for the sector, but the drop in revenues and surge in finance costs highlight its exposure to telecom CAPEX cycles and working capital pressure. Sustaining double-digit profitability will require diversification of revenue streams, stronger cost control on subcontracting, and improved cash management.

FUTURE DEVELOPMENTS

The company expects to maintain its highly successful relationship with its suppliers and the loyalty of its customers and hopes to continue its hitherto escalating growth pattern.

DIRECTOR

N S V N Peri held office during the whole of the period from 1 April 2024 to the date of this report.

FINANCIAL INSTRUMENTS

The company's financial instruments include bank balances, trade creditors and inter-company financing. Day to day operations continue to be funded through cashflow and from reserves within the business.

HOLDING COMPANY

Celfinet - Consultoria em Telecomunicações, S.A is the holder of all the issued share capital of Celfinet Uk Telecommunication Consulting Services Ltd.

RELATED PARTY TRANSACTIONS

There were no related party transactions during the year for parties excluded by the exemption stated in the Accounting Policies.

COMPANY POLICY ON PAYMENT OF CREDITORS

The Company 's current policy concerning the payment of trade creditors is to:

- Pay in accordance with the Company's contractual and other legal obligations.

- Agree in specific cases payment terms with a supplier that reflect the particular nature of a client contract.

- Ensure that regular suppliers are aware of our standard payment terms and that these are respected and acted upon.

POST BALANCE SHEET EVENTS

There were no significant events to report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

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

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

N S V N Peri - Director

17 October 2025

Opinion

We have audited the financial statements of Celfinet Uk Telecommunications Consulting Services Ltd (the 'company') for the year ended 31 March 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The director is responsible for the other information. The other information comprises the information in the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

-	the Report of the Director has 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Director.

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

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

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

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

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

-	the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Director.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page five, the director is 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 director determines 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 director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

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

In identifying and assessing risks of material misstatements in respect of irregularities, including fraud and non-compliance and regulations, we considered the following:

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

- results of our enquiries of management about their own identification and assessment of the risks and

irregularities;

- any matters we identified having obtained and reviewed the company's documentation of their policies and

procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances

of non-compliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or

alleged fraud;

- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

As a result of these procedures, we considered the opportunities and incentives that may exist within the

organisation for fraud and identified that greatest potential for fraud is revenue recognition. 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 also obtained an understanding of the legal and regulatory framework that the company operates in,

focusing on provisions of those laws and regulations that had a direct effect on the determination of material

amounts and disclosures in the financial statements. The key laws and regulations we considered in this context

include the UK Companies Act, pension legislation and tax legislation.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

P Tengra (Senior Statutory Auditor)

for and on behalf of Mehta & Tengra

Chartered Accountants

Statutory Auditors

9 Berners Place

London

W1T 3AD

17 October 2025

TURNOVER

7,545,100

7,990,871

Cost of sales

(5,968,317

)

(6,300,445

)

GROSS PROFIT

1,576,783

1,690,426

Administrative expenses

(924,693

)

(942,263

)

652,090

748,163

Other operating income

179,061

142,003

OPERATING PROFIT

831,151

890,166

Interest receivable and similar income

-

14,559

PROFIT BEFORE TAXATION

831,151

904,725

Tax on profit

4

11,620

(190,680

)

PROFIT FOR THE FINANCIAL YEAR

842,771

714,045

PROFIT FOR THE YEAR

842,771

714,045

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

842,771

714,045

CURRENT ASSETS

Debtors

5

4,306,841

4,591,134

Cash at bank

57,434

992,460

4,364,275

5,583,594

CREDITORS

Amounts falling due within one year

6

(3,319,902

)

(5,081,992

)

NET CURRENT ASSETS

1,044,373

501,602

TOTAL ASSETS LESS CURRENT LIABILITIES

1,044,373

501,602

CAPITAL AND RESERVES

Called up share capital

7

1

1

Retained earnings

8

1,044,372

501,601

SHAREHOLDERS' FUNDS

1,044,373

501,602

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 director and authorised for issue on 17 October 2025 and were signed by:

N S V N Peri - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

1

3,737,556

3,737,557

Changes in equity

Dividends

-

(3,950,000

)

(3,950,000

)

Total comprehensive income

-

714,045

714,045

Balance at 31 March 2024

1

501,601

501,602

Changes in equity

Dividends

-

(300,000

)

(300,000

)

Total comprehensive income

-

842,771

842,771

Balance at 31 March 2025

1

1,044,372

1,044,373

1.	STATUTORY INFORMATION

Celfinet Uk Telecommunications Consulting Services Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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.

Turnover

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

Revenue recognition

Revenue is recognized based on the percentage of the completion of each project.

Goods receipts are issued after consultation with the customer which will result in sales invoices raised subsequently.

The unbilled revenue is reflected in prepayments and accrued income, and the associated cost of sales in accrued expenses.

Deferred tax

Deferred tax assets are only 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.

If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.

Deferred tax is recognised when income or expenses from an associate have been recognised, and will be assessed for tax in a future period, except where:

- it is probable that the timing difference will not reverse in the foreseeable future.

A deferred tax liability or asset is recognised for the additional tax that will be paid or avoided in respect of assets and liabilities that are recognised in a business combination. The amount attributed to goodwill is adjusted by the amount of deferred tax recognised.

Deferred tax is calculated using the tax rates and laws that that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

With the exception of changes arising on the initial recognition of a business combination , the tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income).

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. Deferred tax asset and deferred tax liabilities are offset only if:

- the company has a legally enforceable right to set off current tax assets against current tax liabilities, and

- the deferred tax asset and deferred tax liabilities relate to income taxes levied by the same taxation

authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

Foreign currencies

Transactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the foreign exchange rate ruling at the balance sheet date. Foreign exchange differences arising on translation are recognised in the income statement. Non- monetary assets and liabilities that are measured in terms of the historical cost in a foreign currency are translated using the exchange rate at the date of the transaction.

Long term monetary items are translated at the year end rate.

The assets and liabilities of foreign operations arising on consolidation are translated at foreign exchange rates ruling at the balance sheet date. The revenues and expenses of foreign operations are translated at an average rate for the period where this rate approximates to the foreign exchange rates ruling at the dates of the transactions.

Pension costs and other post-retirement benefits

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

The company also operates a defined contribution scheme for its staff under "auto enrolment"

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand.

Trade and other debtors

Trade and other debtors are initially recognised at fair value,less impairment losses for bad and doubtful debts

Trade and other creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as creditors falling due within one year if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as creditors falling due after one year.

Trade creditors are recognised at the undiscounted amount owed to the supplier, which is normally the invoice price.

Provisions

Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligations and a reliable estimate can be made.

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

629,274

719,250

Social security costs

70,307

97,142

Other pension costs

6,898

53,268

706,479

869,660

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

2025

2024

Sales and administration

9

9

2025

2024

£

£

Directors' remuneration

-

-

4.

TAXATION

Analysis of the tax (credit)/charge

The tax (credit)/charge on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

-

217,661

Over provision of Corporation tax

(11,620

)

(26,981

)

Tax on profit

(11,620

)

190,680

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

130,776

496,333

Amounts owed by group undertakings

3,408,719

2,950,633

Corporation tax

50,000

-

Other debtors

4,768

-

Prepayments and accrued income

712,578

1,144,168

4,306,841

4,591,134

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

59,519

46,729

Amounts owed to group undertakings

145,464

130,593

Corporation tax

-

190,681

Social security and other taxes

19,864

26,504

VAT

374,410

321,022

Other creditors

2,557

2,408

Accrued expenses

2,718,088

4,364,055

3,319,902

5,081,992

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

1

Ordinary shares

1

1

1

8.

RESERVES

Retained

earnings

£

At 1 April 2024

501,601

Profit for the year

842,771

Dividends

(300,000

)

At 31 March 2025

1,044,372

9.	PENSION COMMITMENTS

The contribution for the period charged to the profit and loss account amounted to £6,898 (2024:(£8,021)).

The amounts outstanding at the balance sheet date was £Nil (2024:£2,408).

10.	ULTIMATE PARENT COMPANY AND PARENT UNDERTAKING OF LARGER GROUP

The company is a subsidiary of Celfinet - Consultoria em Telecomunicações, S.A which is a company incorporated in Portugal.

The ultimate parent company is Cyient Ltd, a company incorporated in India.

11.	RELATED PARTY TRANSACTIONS

There were no related party transactions during the year for parties excluded by the exemption stated in the Accounting Policies.