REGISTERED NUMBER: 09783112 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

ORITAIN UK LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Profit or Loss

9

Statement of Profit or Loss and Other Comprehensive Income

10

Statement of Financial Position

11

Statement of Changes in Equity

13

Statement of Cash Flows

14

Notes to the Statement of Cash Flows

15

Notes to the Financial Statements

16

DIRECTORS:

R D Hodges

T Holgate

S Whitehead

REGISTERED OFFICE:

3rd Floor

2-7 Clerkenwell Green

London

EC1R 0DE

REGISTERED NUMBER:

09783112 (England and Wales)

AUDITORS:

Oury Clark Chartered Accountants

Statutory Auditors

Herschel House

58 Herschel Street

Slough

Berkshire

SL1 1PG

The directors present their strategic report for the year ended 31 March 2025.

REVIEW OF BUSINESS

For the year ending 31 March 2025, turnover was £13,143,754 (2024: £10,582,596) and the loss for the year was £778,127 (2024: £574,317).

Further revenue growth is expected for years ending 31 March 2026 and 31 March 2027. The Oritain Group is continuing to diversify into new product verticals, including Leather and Timber both launched in September 2025, to support Global scaling.

The directors believe that the company remains in a strong position in its sectors of the market.

PRINCIPAL RISKS AND UNCERTAINTIES

The company is subject to risks common in the industry in which it operates. The company is addressing risk by continuing to innovate and explore new markets, to cement its position as a leader in the field of product origin verification. As part of this, the company is investing in its sales and delivery teams.

KEY PERFORMANCE INDICATORS

The directors evaluate performance based on several key performance indicators, including turnover, EBITDA, rolling annualised contract value, and customer acquisition. Performance is monitored monthly at group board level and KPI's are regularly reviewed and discussed.

The directors are satisfied with the company's performance in terms of revenue growth and are actively investing to support the drive to scale, at the same time continuing to monitor and control operating costs.

In addition to financial key performance indicators, the directors also maintain certain non-financial key performance indicators, including employee retention, employee satisfaction, and stakeholder engagement.

ON BEHALF OF THE BOARD:

T Holgate - Director

17 December 2025

The directors present their 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 product origin verification.

DIVIDENDS

No dividends have been distributed for the year ended 31 March 2025.

FUTURE DEVELOPMENTS

The Group expects a continued increase in its isotope database in order to expand the markets in which verifications can be performed. The Group continues to invest in its product capabilities to expand its offering throughout the Global marketplace.

DIRECTORS

R D Hodges has held office during the whole of the period from 1 April 2024 to the date of this report.

Other changes in directors holding office are as follows:

S J Lind - resigned 30 April 2024

J E Donaldson - appointed 1 May 2024

T Holgate and S Whitehead were appointed as directors after 31 March 2025 but prior to the date of this report.

C A Brand and J E Donaldson ceased to be directors after 31 March 2025 but prior to the date of this report.

DIRECTORS' RESPONSIBILITIES STATEMENT

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 UK-adopted international accounting standards. 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;

-	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.

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 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, Oury Clark Chartered Accountants, are deemed to be re-appointed under Section 487 (2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:

T Holgate - Director

17 December 2025

Opinion

We have audited the financial statements of Oritain UK Limited (the 'company') for the year ended 31 March 2025 which comprise the Statement of Profit or Loss, the Statement of Profit or Loss and Other Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 International Financial Reporting Standards (IFRSs) as adopted by the UK.

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 loss for the year then ended;

-	have been properly prepared in accordance with IFRSs as adopted by the UK; 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 12 months and 1 day 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 inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be misstated. If we identify such inconsistencies or apparent 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 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 light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any matters in the Strategic Report nor Report of the Directors that are inconsistent with our overall view of the financial statements.

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 Directors' Responsibilities Statement set out on page three, 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.

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:

Identifying and assessing potential irregularities, including fraud

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

-

Considering the nature of the industry, sector, control environment and current business activities, including possible performance targets and subsequent remuneration;

-

Enquiring of management concerning policies and procedures relating to:

1.

Complying with laws and regulations and whether there were any instances of non compliance;

2.

Mitigating, detecting and responding to fraud risk and whether there has been any actual or possible instances of fraud.

-

Discussing within the engagement team regarding how and where fraud may occur in the financial statements along with the possible indicators of fraud. We identified the following areas most likely to be susceptible to fraud:

1.

Management override;

2.

Revenue recognition.

-

Discussing with the engagement team the legal and regulatory framework in which the company

operates and in particular those which would have an impact on the financial statements. The key laws and

regulations considered were the Companies Act 2006, UK tax legislation and UK employment law.

Audit response to the risks identified

As noted above, we identified management override and revenue recognition as matters that would most likely be susceptible to fraud. Our procedures to respond to these risks included the following:

1.

A review of the nominal ledger and journals posted in the year to ensure that there was no evidence

of management override;

2.

Performing a detailed sales test of detail to ensure that revenue is recognised in the correct period.

Further, we also identified compliance with the Companies Act 2006, UK tax legislation and UK employment law as being key areas where there may be possible non-compliance. Our procedures to respond to these risks included the following:

-

Review the financial statement disclosures through completion of a disclosure checklist and testing disclosures to supporting documentation to assess compliance with the Companies Act 2006;

-

Review the corporation tax return to ensure it complies with UK tax legislation and completion of our detailed corporation tax checklist;

-

Safeguard review of the financial statements by a qualified accountant independent of the audit team, and of the corporation tax computations by a person qualified as a Chartered Tax Adviser, independent of the audit team;

-

Checking a sample of compliance with right to work checks and a review of legal fees for indications of material issues arising out of non-compliance with UK employment law.

The above matters and identified laws and regulations and potential fraud risks were communicated to all engagement team members in order to enable the team to have the ability to identify such risks. The whole team remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in the audit procedures described above and 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.

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.

Emma Crowley (Senior Statutory Auditor)

for and on behalf of Oury Clark Chartered Accountants

Statutory Auditors

Herschel House

58 Herschel Street

Slough

Berkshire

SL1 1PG

17 December 2025

CONTINUING OPERATIONS

Revenue

4

13,143,754

10,582,596

Cost of sales

(3,547,732

)

(2,710,324

)

GROSS PROFIT

9,596,022

7,872,272

Other operating income

-

(26

)

Administrative expenses

(9,953,802

)

(7,886,195

)

OPERATING LOSS

(357,780

)

(13,949

)

Finance costs

6

(420,347

)

(560,368

)

LOSS BEFORE INCOME TAX

7

(778,127

)

(574,317

)

Income tax

8

-

-

LOSS FOR THE YEAR

(778,127

)

(574,317

)

LOSS FOR THE YEAR

(778,127

)

(574,317

)

OTHER COMPREHENSIVE INCOME

Item that will not be reclassified to profit or loss:

Employee share scheme expense

65,769

78,282

Income tax relating to item that will not be reclassified to profit or loss

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

65,769

78,282

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(712,358

)

(496,035

)

ASSETS

NON-CURRENT ASSETS

Intangible assets

9

-

-

Property, plant and equipment

10

164,663

146,658

164,663

146,658

CURRENT ASSETS

Trade and other receivables

11

15,315,744

10,584,665

Contract assets

4

91,989

67,357

Cash and cash equivalents

12

937,468

954,468

16,345,201

11,606,490

TOTAL ASSETS

16,509,864

11,753,148

EQUITY

SHAREHOLDERS' EQUITY

Called up share capital

13

100

100

Capital contribution reserve

14

275,696

209,927

Retained earnings

14

(5,912,053

)

(5,133,926

)

TOTAL EQUITY

(5,636,257

)

(4,923,899

)

LIABILITIES

NON-CURRENT LIABILITIES

Financial liabilities - borrowings

Interest bearing loans and borrowings

16

-

13,092

CURRENT LIABILITIES

Trade and other payables

15

19,690,422

15,121,767

Contract liabilities

4

2,455,699

1,532,006

Financial liabilities - borrowings

Interest bearing loans and borrowings

16

-

10,182

22,146,121

16,663,955

TOTAL LIABILITIES

22,146,121

16,677,047

TOTAL EQUITY AND LIABILITIES

16,509,864

11,753,148

The financial statements were approved by the Board of Directors and authorised for issue on 17 December 2025 and were signed on its behalf by:

T Holgate - Director

Called up

Capital

share

Retained

contribution

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 April 2023

100

(4,559,609

)

131,645

(4,427,864

)

Changes in equity

Deficit for the year

-

(574,317

)

-

(574,317

)

Other comprehensive income

-

-

78,282

78,282

Total comprehensive income

-

(574,317

)

78,282

(496,035

)

Balance at 31 March 2024

100

(5,133,926

)

209,927

(4,923,899

)

Changes in equity

Deficit for the year

-

(778,127

)

-

(778,127

)

Share based payment charge

-

-

65,769

65,769

Total comprehensive income

-

(778,127

)

65,769

(712,358

)

Balance at 31 March 2025

100

(5,912,053

)

275,696

(5,636,257

)

Cash flows from operating activities

Cash generated from operations

1

(158,666

)

1,165,652

Interest paid

(420,347

)

(560,368

)

Net cash from operating activities

(579,013

)

605,284

Cash flows from investing activities

Purchase of tangible fixed assets

(49,582

)

(123,508

)

Net cash from investing activities

(49,582

)

(123,508

)

Cash flows from financing activities

Loan repayments in year

(23,274

)

(8,091

)

Amount introduced by directors

-

70,000

Movement in group balances

634,869

141,037

Net cash from financing activities

611,595

202,946

(Decrease)/increase in cash and cash equivalents

(17,000

)

684,722

Cash and cash equivalents at beginning of year

2

954,468

269,746

Cash and cash equivalents at end of year

2

937,468

954,468

1.	RECONCILIATION OF LOSS BEFORE INCOME TAX TO CASH GENERATED FROM OPERATIONS

31.3.25

31.3.24

£

£

Loss before income tax

(778,127

)

(574,317

)

Depreciation charges

31,578

32,232

Share based payment charges

65,769

78,282

Finance costs

420,347

560,368

(260,433

)

96,565

(Increase)/decrease in trade and other receivables

(444,679

)

29,827

Increase in contract assets

(24,632

)

(18,934

)

(Decrease)/increase in trade and other payables

(352,615

)

443,717

Increase in contract liabilities

923,693

614,477

Cash generated from operations

(158,666

)

1,165,652

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

937,468

954,468

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

954,468

269,746

1.	STATUTORY INFORMATION

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

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 £1.

2.	ACCOUNTING POLICIES

Basis of preparation

These financial statements have been prepared in accordance with UK-adopted international accounting standards and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS. The financial statements have been prepared under the historical cost convention.

The financial statements contain information about Oritain UK Limited as an individual entity and the principle accounting policies adopted have been set out below.

Going Concern

The company has obtained a letter of support from the parent Company. The directors of the parent Company have provided a commitment to provide any financial support which may be necessary in order for the Company to meet liabilities, as they fall due, for a period in excess of 12 months and 1 day from the signing of the audit report. As a result of this commitment the directors have continued to adopt the going concern basis in preparing these financial statements.

Revenue recognition

Revenue is recognised at the fair value of the consideration received or receivable for product origin verification provided in the normal course of business, shown net of VAT and other sales related taxes.

The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of product verification services is recognised by reference to the stage of completion when the following can be estimated reliably: the stage of completion, costs incurred and costs to complete. The stage of completion is calculated by reference to the amount of product verification audits completed, over the total amount of audits to be carried out under the contract. Where a contract has multiple performance obligations, the transaction price is allocated to the performance obligations before revenue is recognised in line with the above mechanism.

Revenue derived from contracts are reported if the following performance obligations are satisfied:

1) the parties to the contract have approved the contract (in writing, orally or in accordance with other customary business practices) and are committed to perform their respective obligations;

2) the entity can identify each party's rights regarding the goods or services to be transferred;

3) the entity can identify the payment terms for the goods or services to be transferred;

4) the contract has commercial substance (ie the risk, timing or amount of the entity's future cash flows is expected to change as a result of the contract); and

5) it is probable that the entity will collect the consideration to which it will be entitled in exchange for the verification services that will be transferred to the customer. In evaluating whether collectability of an amount of consideration is probable, the entity shall consider only the customer's ability and intention to pay that amount of consideration when it is due. The amount of consideration to which the entity will be entitled may be less than the price stated in the contract if the consideration is variable because the entity may offer the customer a price concession.

There are no standard payment terms.

Amounts receivable/received from group companies in respect of the group transfer pricing adjustment is recognised within revenue.

Revenue amounting to £13,143,754 (2024: £10,582,596) consists of sales made to external customers for product origin verification and certification work amounting to £3,518,071 (2024: £3,151,660) and amounts recharged to group companies of £9,625,683 (2024: £7,430,936).

Geographical analysis of the revenue derived from contracts with parties external to the group is as follows:

2025

2024

£

£

Americas

25,969

31,924

Asia Pacific

850,681

787,448

Europe

2,641,421

2,332,288

3,518,071

3,151,660

Geographical analysis of the revenue recharged to group companies is as follows:

2025

2024

£

£

Americas

8,032,886

4,409,942

Asia Pacific

1,585,822

3,014,452

Europe

6,975

6,542

9,625,683

7,430,936

Contract Assets

Revenue is recognised once a performance obligation has been satisfied, but a contract asset arises when the payment is still contingent on the company's future performance satisfying all additional performance obligations under the same contract. Performance obligations are also satisfied over time, and revenue is recognised based on milestones of the contracts.

Contract Liabilities

Cash payments are generally received in advance and are recorded as contract liabilities that are then recognised as revenue as the performance obligations are satisfied.

Cash and cash equivalents

Cash represents cash in hand and deposits held on demand with financial institutions. Cash equivalents are short-term, highly-liquid investments with original maturities of three months or less (as at their date of acquisition). Cash equivalents are readily convertible to known amounts of cash and subject to an insignificant risk of change in that cash value.

In the presentation of the Statement of Cash Flows, cash and cash equivalents also include bank overdrafts. Any such overdrafts are shown within borrowings under ‘current liabilities’ on the Statement of Financial Position.

Statement of Cash Flows

The cash flow statement is presented using the indirect method.

Property, plant and equipment

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

Plant and machinery

-

50% on cost, 20% on cost and 15% on cost

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

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 credited or charged to the statement of profit or loss.

Financial instruments

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legal 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

Basic financial assets, which include debtors, 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 the market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more event that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assets original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cashflows from the asset expire, are settled, when the company 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.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities including creditors, bank loans and amounts owed to fellow group companies, 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 are classified as payable within one year and 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 rate method.

Derecognition of financial liabilities

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

Current versus non-current classification

The Company presents assets and liabilities in the statement of financial position based on current/non-current classification. An asset is current when it is:

-

Expected to be realised or intended to be sold or consumed in the normal operating cycle; and

-

Held primarily for the purpose of trading; and

-

Expected to be realised within 12 months after the reporting period; or

-

Cash or cash equivalents unless restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period.

All other assets are classified as non-current.

A liability is current when it is:

-

Expected to be settled in the normal operating cycle; and

-

Held primarily for the purpose of trading; and

-

Due to be settled within 12 months after the reporting period; or

-

There is no unconditional right to defer the settlement of the liability for at least 12 months after the reporting period.

All other liabilities are classified as non-current.

Taxation

Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules, using tax rates enacted or substantially enacted by the statement of financial position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies

Transactions denominated in foreign currencies are recorded at the rates of exchange ruling at the dates of the transactions, or at an average rate for the period if the rates do not fluctuate significantly. Monetary assets and liabilities are translated at year end exchange rates or, where appropriate, at rates of exchange fixed under the terms of the relevant transaction. The resulting exchange rate differences are charged to the profit and loss account.

Employee benefit costs

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

Share-based payment transactions

Equity-settled transactions are awards of shares, or options over shares, that are provided to employees in exchange for the rendering of services.

The cost of equity-settled transactions is measured at fair value on grant date. Fair value is independently determined using the Binomial share based payment pricing model that takes into account the share price at grant date, the hurdle price, the expiration term, the impact of dilution, expected price volatility of the underlying share, the expected dividend yield and the risk free interest rate for the entire term, together with non-vesting conditions that do not determine whether the Company receives the services that entitle the employees to receive payment. No account is taken of any other vesting conditions.

The cost of equity-settled transactions is recognised as an expense with a corresponding increase in equity over the vesting period. The cumulative charge to profit or loss is calculated based on the grant date fair value of the award, the best estimate of the number of awards that are likely to vest and the expired portion of the vesting period. The amount recognised in profit or loss for the period is the cumulative amount calculated at each reporting date less amounts already recognised in previous periods.

Leases

Leases are recognised as operating leases, on the basis that they represent a license to occupy and not a right to use. Amounts paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company's accounting policies, the directors are 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 revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty are estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities. These are as follows:

Share based payments

An employee share incentive scheme is in operation within the current and previous year and are measured based on the fair value of the shares at grant date. Estimates are required based on similar quoted companies and complex modelling techniques in order to determine the fair value at grant date.

Revenue from contracts with customers

Revenue from contracts for the provision of product verification services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The executive management estimates how the revenues should be allocated to each performance obligation, and different principles for the revenue recognition can be applied for different performance obligations. The stage of completion is calculated by reference to the amount of product verification audits completed, over the total amount of audits to be carried out under the contract.

Depreciation and amortisation

Management uses judgement to estimate the useful lives and residual value of depreciating tangible and intangible assets.

Deferred tax

Management uses judgements concluding whether any possible deferred tax asset should be recognised.

4.

REVENUE

Revenue from contracts with customers

Contract balances

31.3.25

31.3.24

£

£

Contract assets

Current

Contract assets

91,989

67,357

Contract liabilities

Current

Contract liabilities

2,455,699

1,532,006