REGISTERED NUMBER: 00987160 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 30th June 2025

for

Cirrus Research plc

Page

Company Information

1

Strategic Report

2

Report of the Directors

6

Report of the Independent Auditors

8

Statement of Comprehensive Income

12

Balance Sheet

13

Statement of Changes in Equity

14

Cash Flow Statement

15

Notes to the Cash Flow Statement

16

Notes to the Financial Statements

17

DIRECTORS:

K D Frankish

D S Wallis

L M Wallis

SECRETARY:

M Worrall

REGISTERED OFFICE:

Acoustic House

Bridlington Road

Hunmanby

North Yorkshire

YO14 0PH

REGISTERED NUMBER:

00987160 (England and Wales)

AUDITORS:

Sadofskys

Statutory Auditors

Princes House

Wright Street

Hull

East Yorkshire

HU2 8HX

BANKERS:

National Westminster Bank Plc

3 Westborough

Scarborough

North Yorkshire

YO11 1UH

The directors present their strategic report for the year ended 30th June 2025.

REVIEW OF BUSINESS

The key financial highlights are as follows:

30/06/25

30/06/24

30/06/23

30/06/22

£

£

£

£

Revenue

6,081,043

4,877,275

4,774,327

4,324,271

Revenue - Growth

24.68%

2.16%

10.43%

0.64%

Profit before tax

657,722

13,125

209,753

157,971

Profit before tax margin

10.81%

0.27%

4.39%

3.65%

Our overall sales have continued to grow throughout the year by 24.68%. This was helped by a modest price increase which was used to absorb the rising costs in our supply chain. The overall performance of the year has resulted in a surplus of £658k.

While the overall headcount remained much the same, we continue to invest in our team. An annual salary increase was awarded in January, and we have recently seen several internal promotions and training provided to enhance the skill set of future leaders.

Our order book continues to be healthy and our expectations for 2025/2026 are very positive.

PRINCIPAL RISKS AND UNCERTAINTIES

As an exporter, we remain acutely aware that ongoing global economic volatility including inflationary pressures, shifting interest rate regimes, and persistent geopolitical uncertainties can adversely affect international trade and, by extension, our business operations. In response, our strategy continues to focus on reducing business risk, ensuring we are not overly reliant on any single sector or geography.

We recognise that regulatory frameworks are evolving rapidly across jurisdictions, often in response to new trade agreements, environmental mandates, and data security concerns. We proactively ensure that our products and processes remain fully compliant with applicable regulations in every country in which we operate.

The company remains vigilant in identifying and mitigating key financial risks such as credit exposure, foreign exchange fluctuations, cybersecurity threats, and emerging forms of fraud. To address these, we have in place a robust and responsive risk management framework aligned with current best practices.

Given the company's relatively small scale and streamlined organisational structure, a formal sub-committee of the Board of Directors for risk oversight is not deemed necessary at this time. However, the Board has issued comprehensive policy guidelines empowering operational teams to identify, assess, and manage risks effectively across all functions.

Credit Risk

The company's exposure to credit risk continues to be at moderate level and is managed through a mix of initiatives such as entering into legally sound and enforceable agreements and monitoring of credit exposure within the limits fixed for various customers. The doubtful debts arising out of factors like dealer closure are immediately recognised and provided for in the accounts.

Fraud Risk

The company adopts a proactive approach to mitigating fraud risk through a combination of internal controls, staff training, and technology-driven monitoring systems. We have established clear policies and procedures to ensure transparency, accountability, and segregation of duties across all financial and operational functions. Regular audits both internal and external help identify potential vulnerabilities and reinforce compliance. Employees are trained to recognise and report suspicious activities. Additionally, we leverage secure digital platforms and transaction monitoring tools to detect anomalies in real time, reducing the likelihood of financial misconduct or data breaches. This comprehensive approach ensures that fraud risk is continuously assessed and effectively managed across the organisation.

SECTION 172(1) STATEMENT

The Board of Directors, in accordance with their duties under Section 172 of the Companies Act 2006, act in good faith and in a manner they consider most likely to promote the success of the Company for the benefit of its members as a whole. In doing so, they take into account a range of factors when making decisions with a long-term perspective. Key strategic decisions and matters of importance to the Company are informed by these Section 172 considerations.

At Cirrus Research plc, our Board of Directors, management, and employees are committed to upholding high standards of corporate governance and business ethics. We believe that timely disclosures, transparent accounting policies, rigorous internal controls, and a strong, independent Board are fundamental to maintaining shareholder trust while maximising long-term shareholder value.

This s172 statement explains how the Cirrus Directors:

- Have engaged with employees, suppliers, customers and others; and

- Have given due regards to employee interests, the importance of fostering business relationships with suppliers, customers and others, and the impact of this regard on the principal decisions taken by the Company during the financial year.

The s172 statement focuses on matters of strategic importance to Cirrus, and the level of information disclosed is consistent with the size and the complexity of the business.

General confirmation of Directors' duties

Cirrus have a number of management teams appointed by the Board at group level to focus on specific areas and take informed decisions within the framework of delegated authority, and make specific recommendations to the Board. All decisions and recommendations of the committees are placed before the Board for information or for approval.

When making decisions, each Director ensures that they act in the way they consider, in good faith, would most likely promote the Company' success for the benefit of its members as a whole, and in doing so have regard (among matters) to:

The likely consequences of any decision in the long term

The Directors understand the business and the demand to innovate the latest products in order to find the most effective treatments in the company's core markets. Cirrus' vision and goal of customer satisfaction is what the business drives and strives for. The strategy set by the Board as a leader in the noise measurement industry is to ensure good health can be delivered to those who need it, and to promote wellness among them.

Whilst investing for the future, the Board also recognises that we must focus on meeting the current supply and demand of its products. The Directors are guided by our core principles which provide both guidance for our current behaviour and inspiration for our future actions.

The interests of the company's employees

At Cirrus its employees are at the heart of our business. The Management team invites a fair and open two-way relationship with all employees. We believe in respecting every individual, regardless of position. At Cirrus all employees are heard and have the opportunity to express their opinion. The organisation believes in equality and discourage any discrimination based on any caste, creed, race, religion age and gender etc. We are committed to employee's safety and well-being. Our HR policies are well documented and available to each employee. Management assumes responsibility that such policies are adhered to.

The talented and capable people have played a major role in powering and defining the growth of Cirrus. We believe that when people with diverse skills are bound together by a common purpose and value system, they can allow the company to achieve its aims.

The need to foster the company's business relationships with suppliers, customers and others

Customers and suppliers are the key stakeholders in our business. In a competitive price driven environment, stock is the vital component at the keenest price. We engage in regular communication with our suppliers as well as customers. We recognise the fact that the stronger the relationships with suppliers the more we are able to serve our customers better. We remain committed to all our stakeholder for ethical business practices. The Company has put in practice a code of business conduct and ethics (CoBE) and every employee at Cirrus is required to comply with its principles.

The impact of the company's operations on the community and environment

At Cirrus, we are committed to lowering our impact on the environment. We have a strong commitment to providing sustainable supplies and, wherever possible, will procure locally both to benefit the environment and local businesses.

The desirability of the company maintaining a reputation for high standards of business conduct

Cirrus's Board periodically reviews their Corporate Governance requirements as the commitment to upholding the highest standards are set at board level but is filtered down throughout the whole group organisation.

The need to act fairly as between members of the company

The Directors consider and focus its attention to ensure that the company's performance is in line with their strategic vision for both the short- and long-term objectives. The impact of this on all of the stakeholders is reviewed. The Directors believe they act fairly.

The Board has created a culture of honesty, integrity and respect of the Cirrus's core values and principles. The company has set a number of guidelines on Code of Business Conduct and Ethics (COBE) through to various Environment and Employment policies.

Principal decisions

We define principal decisions taken by the Board as those decisions in 2024/25 that are of a strategic nature and that are significant to any of our key stakeholder groups.

STREAMLINED ENERGY AND CARBON REPORTING

Total Usage

Total Usage

Conversion

Total Emissions

Site

Fuel Type

Floor Area m2

L

KWH

Factor

T/CO2e

Acoustic House

Electric

660.77

48,564

0.17700

8.60

Acoustic House

Oil

-

2.54014

-

Methodology

1. The total electricity usage is based on billed amounts

2. Floor area is based on both ground and first floor space

3. Conversion factors are the current government published values

4. The company has only one operational site as listed above

Comparative - Year Ended 31st March 2024

Total Usage

Total Usage

Conversion

Total Emissions

Site

Fuel Type

Floor Area m2

L

KWH

Factor

T/CO2e

Acoustic House

Electric

660.77

70,182

0.20705

14.53

Acoustic House

Oil

4,865

2.54014

12.36

Actions taken

The company continually reviews any new ways to make energy usage improvements when replacing equipment and fittings.

FUTURE DEVELOPMENTS AND STRATEGY

The organisation is undertaking a significant investment in the implementation of a group-wide Enterprise Resource Planning (ERP) system. This initiative is intended to enhance operational efficiency and standardise inter-company processes. Preliminary market research into potential solutions has been completed, and implementation is scheduled for April 2026. The associated costs of system procurement, customisation, and workforce training represent a material investment for the business.

In parallel, several new product developments are approaching completion, with commercial launches planned for the forthcoming financial period. Notably, one product addresses a gap within the current portfolio, with early indications of strong interest from key customers and distribution partners, particularly in international markets.

The introduction of these products will serve as the foundation for a broader product innovation program, which is in the early planning stages. This initiative will leverage emerging technologies to establish a sustainable new product development pipeline.

Additionally, the business continues to actively pursue acquisition opportunities in complementary markets, specifically those aligned with noise-related technologies and solutions.

ON BEHALF OF THE BOARD:

D S Wallis - Director

8th December 2025

The directors present their report with the financial statements of the company for the year ended 30th June 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of development, manufacture and sale of electro acoustic measuring equipment for professional use.

DIVIDENDS

Interim dividends totalling 23.684p per share were paid during the year. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 30th June 2025 will be £ 225,000 .

FUTURE DEVELOPMENTS

These details have been provided in the company's strategic report.

DIRECTORS

The directors set out in the table below have held office during the whole of the period from 1st July 2024 to the date of this report unless otherwise stated.

Other changes in directors holding office are as follows:

G B Quaglia - resigned 30/4/25

The directors shown below were in office at 30th June 2025 but did not hold any interest in the Ordinary shares of £1 each at 1st July 2024 or 30th June 2025.

K D Frankish

D S Wallis

L M Wallis

FINANCIAL RISK MANAGEMENT

These details are provided in the company's strategic report.

CREDITORS

The Company's policy is to make payment to suppliers in accordance with the terms of payment agreed at the time the contract of supply is made.

The company's creditors days at the year-end based upon the average daily amount invoiced by suppliers were 47 days.

ENGAGEMENT WITH EMPLOYEES

These details have been provided in the company's Section 172 (1) statement which is included in the strategic report.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

These details have been provided in the company's Section 172 (1) statement which is included in the strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the 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 of the profit or loss of the company 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;

-	state whether applicable 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 company will continue in business.

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

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website.

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 company'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 company's auditors are aware of that information.

AUDITORS

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

ON BEHALF OF THE BOARD:

D S Wallis - Director

8th December 2025

Opinion

We have audited the financial statements of Cirrus Research plc (the 'company') for the year ended 30th June 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 30th June 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 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 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 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 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, 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 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, 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

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

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

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

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

- 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 Companies Act 2006, taxation legislation, 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;

- 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;

- 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;

- reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.

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

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

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

Use of our report

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

Alan Brocklehurst (Senior Statutory Auditor)

for and on behalf of Sadofskys

Statutory Auditors

Princes House

Wright Street

Hull

East Yorkshire

HU2 8HX

8th December 2025

TURNOVER

3

6,081,043

4,877,275

Cost of sales

3,448,093

3,061,566

GROSS PROFIT

2,632,950

1,815,709

Administrative expenses

2,058,064

1,892,536

574,886

(76,827

)

Other operating income

72,915

81,774

OPERATING PROFIT

5

647,801

4,947

Interest receivable and similar income

9,921

8,185

657,722

13,132

Interest payable and similar expenses

7

-

7

PROFIT BEFORE TAXATION

657,722

13,125

Tax on profit

8

10,150

(1,790

)

PROFIT FOR THE FINANCIAL YEAR

647,572

14,915

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

647,572

14,915

FIXED ASSETS

Intangible assets

10

1

1

Tangible assets

11

135,028

197,385

Investments

12

45,274

45,274

180,303

242,660

CURRENT ASSETS

Stocks

13

847,682

1,037,271

Debtors

14

1,304,933

981,451

Cash at bank and in hand

913,628

464,608

3,066,243

2,483,330

CREDITORS

Amounts falling due within one year

15

536,050

464,376

NET CURRENT ASSETS

2,530,193

2,018,954

TOTAL ASSETS LESS CURRENT LIABILITIES

2,710,496

2,261,614

PROVISIONS FOR LIABILITIES

17

26,310

-

NET ASSETS

2,684,186

2,261,614

CAPITAL AND RESERVES

Called up share capital

18

950,000

950,000

Retained earnings

19

1,734,186

1,311,614

SHAREHOLDERS' FUNDS

2,684,186

2,261,614

The financial statements were approved by the Board of Directors and authorised for issue on 8th December 2025 and were signed on its behalf by:

D S Wallis - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1st July 2023

950,000

1,296,699

2,246,699

Changes in equity

Total comprehensive income

-

14,915

14,915

Balance at 30th June 2024

950,000

1,311,614

2,261,614

Changes in equity

Dividends

-

(225,000

)

(225,000

)

Total comprehensive income

-

647,572

647,572

Balance at 30th June 2025

950,000

1,734,186

2,684,186

Cash flows from operating activities

Cash generated from operations

1

632,792

(134,475

)

Interest paid

-

(7

)

Tax paid

-

(279

)

Taxation refund received

20,355

-

Net cash from operating activities

653,147

(134,761

)

Cash flows from investing activities

Purchase of tangible fixed assets

(21,232

)

(63,995

)

Sale of tangible fixed assets

25,736

-

Interest received

9,921

8,185

Net cash from investing activities

14,425

(55,810

)

Cash flows from financing activities

Loans movement with group companies

6,448

28,552

Equity dividends paid

(225,000

)

-

Net cash from financing activities

(218,552

)

28,552

Increase/(decrease) in cash and cash equivalents

449,020

(162,019

)

Cash and cash equivalents at beginning of year

2

464,608

626,627

Cash and cash equivalents at end of year

2

913,628

464,608

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

2025

2024

£

£

Profit before taxation

657,722

13,125

Depreciation charges

46,539

53,356

Loss on disposal of fixed assets

11,314

43

Finance costs

-

7

Finance income

(9,921

)

(8,185

)

705,654

58,346

Decrease/(increase) in stocks

189,589

(302,342

)

(Increase)/decrease in trade and other debtors

(329,930

)

295,972

Increase/(decrease) in trade and other creditors

67,479

(186,451

)

Cash generated from operations

632,792

(134,475

)

2.	CASH AND CASH EQUIVALENTS

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

Year ended 30th June 2025

30/6/25

1/7/24

£

£

Cash and cash equivalents

913,628

464,608

Year ended 30th June 2024

30/6/24

1/7/23

£

£

Cash and cash equivalents

464,608

626,627

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/7/24

Cash flow

At 30/6/25

£

£

£

Net cash

Cash at bank and in hand

464,608

449,020

913,628

464,608

449,020

913,628

Total

464,608

449,020

913,628

1.	STATUTORY INFORMATION

Cirrus Research plc is a private company , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Preparation of consolidated financial statements

The financial statements contain information about Cirrus Research plc as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption

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

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax.

Sale of goods are recognised when the goods are delivered.

Service sales are recognised when the product has been repaired or serviced and returned to the customer.

Intangible assets

Intangible assets are measured at cost.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Long leasehold

-

5% on cost

Plant and machinery

-

15% on cost

Fixtures and fittings

-

15% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

33% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

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

Stock is on a first in first out basis.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Research and development

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

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions payable for the year are charged in the profit and loss account.

Going concern

The directors are fully committed to ensuring that the company is adequately funded to enable it to achieve its objectives and be well placed to manage its business risks successfully despite the current heightened uncertain economic outlook.

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.

Further information regarding the company's business activities, together with the factors likely to affect its future development, performance and position is set out in the Strategic Report.

3.

TURNOVER

An analysis of turnover by geographical market is given below :

2025

2024

Sales - United Kingdom

2,802,873

3,142,438

Sales - Europe

1,831,663

538,745

Sales - Rest of World

1,446,507

1,196,093

6,081,043

4,877,275

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

1,677,613

1,699,104

Social security costs

161,176

159,891

Other pension costs

134,355

161,540

1,973,144

2,020,535

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

2025

2024

Office and Administration

30

27

Test and Production

10

11

Research and Development

6

7

46

45

2025

2024

£

£

Directors' remuneration

235,877

212,520

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

1

1

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

98,577

98,577