The director presents the strategic report and financial statements for the year ended 30 April 2025.

Turnover for the year ended 30 April 2025 amounted to £3.9m compared to £7.7m for the previous year, and the operating profit amounted to £556k compared to £437k in 2024.

The Directors consider the reduction of turnover reflects the timing of contract deliveries within major defence programmes and temporary delays in certain government procurement cycles. Despite lower revenue, profitability improved as a result of stronger margins and lower administration costs.

The directors believe the overall financial performance as satisfactory, taking into account the prevailing volatility in global defence markets. Despite these challenging conditions, the directors believe that the Group remains well positioned to achieve sustainable growth in the future.

The management of the business and the execution of the group's strategy are subject to a number of risks. Risks are reviewed by the directors and appropriate processes are put in place to monitor and mitigate them. The key risks affecting the group are set out below.

Defence market exposure

The Group’s business depends largely on defence spending by government authorities. Reductions or deferrals in national defence budgets may impact revenue. The Group’s global customer base, however, limits the effect of regional budget changes.

Currency risk

The Group trades internationally, purchasing in Swiss francs and Canadian dollars. Currency exposure is managed through built-in pricing margins and, where appropriate, contractual coverage.

Supply chain risk

The Group is exposed to the risk of supply chain disruptions for specialist electronic components, which could delay customer deliveries. This risk is mitigated through multiple sourcing strategies and maintaining buffer stock of critical components.

Cybersecurity and data integrity risk

The Group is exposed to cybersecurity and data integrity risks, as breaches of IT systems or sensitive information could disrupt operations or damage its reputation.

Succession and key ppersonnel

Following the death of Mr J. Hoskins in August 2025, the Board has prioritised continuity planning. Mr E. Hoskins’ appointment as Director ensures operational and strategic stability.

The ggroup's key financial and other performance indicators during the year were as follows:

The Group continued to invest in research and development for software and hardware supporting fire control systems and radio-controlled devices. Development expenditure, primarily within the New Zealand subsidiary, focused on advancing remote initiation and fire control technologies. The directors believe these investments will underpin medium-term growth and strengthen the Group’s position as a leading provider of defence control systems worldwide.

Future Developments

The outlook for 2026 is encouraging. The Group enters the new financial year with a strong order book across all business areas and active opportunities in the UK, Europe, the Middle East, and Asia-Pacific. The Group’s strategy centres on continuing investment in R&D to sustain technological leadership, and building partnerships with trusted defence integrators to access new markets.

Environmental, Social and Governance

While the Group qualifies as a low energy user under current reporting standards, management remains dedicated to sustainable environmental practices. Energy usage is carefully tracked, and measures are in place to reduce waste and travel-related emissions.

The Group also prioritises employee safety, professional growth, and the promotion of a culture of integrity and regulatory compliance throughout its operations.

Conclusion

The directors are confident that the Group’s financial foundation, diversified market presence, and continued product innovation provide a sound basis for renewed growth in the year ahead

On behalf of the board

The director presents his annual report and financial statements for the year ended 30 April 2025.

The principal activities of the group in the year under review were those of development, manufacture and sale of software as well as hardware for fire control systems and radio controlled devices for military application.

The results for the year are set out on page 8.

No ordinary dividends were paid. The director does not recommend payment of a further dividend.

The director who held office during the year and up to the date of signature of the financial statements was as follows:

The auditor, KLSA LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

The director is responsible for preparing the Annual Report 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 group and company, and of the profit or loss of the group 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;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

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

We have audited the financial statements of MAS (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2025 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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 the parent company's affairs as at 30 April 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and 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. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company’s ability to continue as going concern.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

• the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the director's report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.

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

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

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

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

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

As explained more fully in the director's responsibilities statement, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing 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 director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

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 sector; and

• 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 also considered potential fraud drivers: including financial or other pressures, opportunity, override of controls and personal or corporate motivations. We considered the programmes and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included testing journals, evaluating the business rationale of significant transactions outside the normal course of business and validating the appropriateness of internal controls and significant accounting estimations based on our fraud risk criteria;

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 the accounting estimates set out in note 2 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.

We obtained understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those related to the financial reporting framework, tax regulations in the jurisdictions in which the company operates.

Based on this understanding we designed our audit procedures to identify non-compliance with laws and regulations. Our procedures involved: making enquiries of management, those responsible for legal and compliance procedures and reviewing other correspondence.

We communicated identified fraud risks and non-compliance with laws and regulations with those charged with governance, throughout the audit team and remained alert to any indications throughout the audit.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.

Fraud may involve deliberate concealment by, for example, forgery or intentional omissions, misrepresentation, or through an act of collusion that would mitigate internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

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

The profit and loss account has been prepared on the basis that all operations are continuing operations.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £10,583 (2024 - £3,801,187 profit).

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

MAS (Holdings) Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit A3, Merlin Centre, Acrewood Way, St Albans, Herts, AL4 0JY.

The group consists of MAS (Holdings) Limited and all of its subsidiaries listed in note 15. The principal activities of the company and its subsidiaries (the group) are set out in director's report.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The consolidated group financial statements consist of the financial statements of the parent company MAS (Holdings) Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 30 April 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

Turnover represents the amounts (excluding value added tax) derived from the provision of goods and services to customers during the year. Revenue is recognised when the group becomes entitled to it - usually when it has transferred to the buyer the significant risk and rewards of ownership of the goods upon rendering of an invoice.

For uncompleted contracts that are in existence at year end, revenue is recognised on a percentage of completion basis.

Revenue recognition on contracts in New Zealand subsidiary

The group's New Zealand subsidiary estimates the percentage of completion of contracts at each reporting date and recognises the profits earned on this percentage. The determination of the percentage of completion is subject to management estimate which are subject to uncertainty. If the percentage of completion is less than estimated profit the profit recognised would reduce, conversely if the actual percentage of completion is higher than estimated the profit would be increased.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Patents and trademarks

Patent application costs and trademarks are amortised on a straight line basis over their useful life, which has been determined as 10 years. Renewal cost are expensed in the year incurred.

Research and developments

Research expenditure, in one of the foreign subsidiary, are written off to the profit and loss account in the year in which it is incurred where it is determined there are no future benefits arising. Development costs are deferred where future benefits are expected and amortised over such future period. Unamortised costs are reviewed at balance sheet date to determine the level of costs which are no longer recoverable, such costs are written off.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

Depreciation is provided, on reducing balance, in one of the foreign subsidiaries at the following annual rates, which are the maximum permissible rates by the tax authorities of that country:

Property improvements        9 - 21.6%

Furniture & Fittings        11 - 40%

Office Furniture & Equipment    9 - 80.4%

Demonstration Equipment        25 - 60%

Plant & Equipment        9 - 80.4%

Computer Hardware        16.2 - 80.4%

Computer Software        48% - 60%

There is no specific amortisation rate determined as appropriate for development costs, capitalised in one of the foreign subsidiaries, so these costs are amortised based on the estimated number of units sold of the expected life of each project.

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

Taxation charge in the accounts recognises the current obligation and all amounts arising from differences between the accounting results and assessable income for the period, calculated using the liability method.

Tax effect accounting has been applied, in one of the foreign subsidiary, on a comprehensive basis to all temporary differences. A debit balance in the deferred tax account, arising from temporary differences, is only recognised if it is probable that sufficient taxable amounts will be available against which deductible temporary differences or unused tax losses and tax offsets can be utilized

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

The Group’s consolidated financial statements are prepared in accordance with FRS 102. While MAS Zengrange (NZ) Ltd apply IFRS 16 in its individual financial statements, adjustments are made during consolidation to align the lease accounting with the requirements of FRS 102 Section 20. This involves removing right-of-use assets and lease liabilities recognised under IFRS 16 for operating leases, and recognising lease payments on a straight-line basis over the lease term.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Company

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange prevailing at the accounting date or if appropriate at the forward contract rate. Transactions in foreign currencies are recorded at the date of the transactions or at the contract rate if the transaction is covered by forward exchange contract. All differences are taken to the profit and loss account.

Group

The accounts of the overseas subsidiary undertakings are translated at the average rate for the profit and loss and at the closing rate for the balance sheet. The exchange difference arising on the retranslation of opening net assets is taken directly to reserves. All other translation differences are taken to the profit and loss account.

Comparatives

Certain amounts have been reclassified to conform with current formats.

In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

An analysis of the group's turnover is as follows:

The average monthly number of persons (including directors) employed by the group and company during the year was:

Their aggregate remuneration comprised:

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

The New Zealand corporate income tax (CIT) rate is 28%.

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

Details of the company's subsidiaries at 30 April 2025 are as follows:

No inventories whatsoever are specifically and separately pledged as security for liabilities. Inventories are generally subject to retention of title clauses.

BNZ holds a perfected security interest in all present & after acquired property of MAS Zengrange (NZ) Ltd, charged over deposits in the name of MAS Zengrange (NZ) Ltd, a guarantee for the amount of £3,903,371 (NZ $8,000,000), plus interest and cost in terms of the banks standard guarantee form from Hall and Watts Holdings Limited, a related party by virtue of being under common control.

BNZ also holds guarantees as per contingent liabilities disclosed in the Note 24 to the financial statements.

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

During the year, the company repurchased and cancelled 4,783 ordinary shares of 1p each at a total cost of £3,568,261.

The nominal value of £48 was deducted from share capital. A corresponding amount of £48 was transferred to the Capital Redemption Reserve in accordance with the Companies Act 2006. The remaining £3,568,213, representing the premium paid over the nominal value, was charged to retained earnings.

During the year the group entered into the following transactions with related parties:

The company has taken advantage of the exemption available in FRS 102 (s33 "Related Party Disclosure"), whereby it has not disclosed transactions with any wholly owned subsidiary undertaking of the group.

At the balance sheet date, amount payable to Hall & Watts Holdings Ltd, Hall & Watts Defence Optics Ltd and Hall & Watts Australia Pty Ltd, all connected companies amounted to £2,166,710 (2024: £2,166,710), £5,399,679 (2024: £5,168,881) and £33,556 (2024: £nil) respectively at the group level. During the year, purchases made to Hall & Watts Australia Pty Ltd amounted to £34,114 (2024: £nil) and management fees paid to Hall & Watts Defence Optics Ltd amounted to £56,000 (2024: £56,000).

At the balance sheet date, amount receivable from Hall & Watts Holdings Ltd, Hall & Watts Defence Optics Ltd and Hall & Watts Australia Pty ltd amounted to £2,005,685 (2024: £2,010,245), £1,081,323 (2024: £1,107,802) and £ nil (2024: £21,695) respectively at the group level. During the year sales made to Hall & Watts Australia Pty Ltd amounted to £36,502 (2024: nil).

At balance sheet date BNZ held guarantees, on behalf MAS Zengrange (NZ) Limited in favour of:

- Wellington Regional Chamber of Commerce of NZ $17,904 (2024: NZ $17,904).

- Government of the Republic of Singapore SGD $60,434 (2024: SGD $60,434), which is secured by a term deposit of SGD $60,434.

- Defence acquisition Program Admins USD $110,253 (2024: $110,253), which is secured by a term deposit of USD $79,290.

A cross guarantee and debenture has been given by group UK companies in respect of their UK bank indebtedness.

There were no other known contingent liabilities (2024: £Nil).

Lease commitments under non-cancellable operating leases relate to the group's New Zealand subsidiary and include the following:

The ultimate controlling party was Mr.J Hoskins who passed away on 03 August 2025. As at the reporting date, the shares had not yet been legally transferred, and control remains with his estate.