ACCOUNTS - Final Accounts preparation

HADRIAN SECURITY LIMITED

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

HADRIAN SECURITY LIMITED

CONTENTS OF THE FINANCIAL STATEMENTS

	Page
Company Information	1
Directors' Report	2 - 3
Independent Auditor's Report	4 - 8
Profit and Loss Account	9
Balance Sheet	10
Notes to the Financial Statements	11 - 22

HADRIAN SECURITY LIMITED

COMPANY INFORMATION

Directors	Maurice Clin
	Rogier Fischer


Registered number	13596125


Registered office	19 Eastbourne Terrace
	Fora
	London
	W2 6LG


Independent auditor	Thomson Cooper, Statutory Auditor
	22 Stafford Street
	Edinburgh
	United Kingdom
	EH3 7BD


Accountants	Lighthouse Finance
	Suite 2025 Unit 3a
	34-35 Hatton Garden
	Holborn
	London
	EC1N 8DX

Page 1

HADRIAN SECURITY LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

∙make judgments 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 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 to 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.

Principal activity

The principal business activity of the company during the year was the provision of business support services to it's parent company, including sales support, marketing coordination, financial administration and other operational back-office functions.

Directors

The directors who served during the year were:

Maurice Clin

Rogier Fischer

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Page 2

HADRIAN SECURITY LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Auditor

The auditor, Thomson Cooper, Statutory Auditor, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 9 December 2025 and signed on its behalf.

Maurice Clin

Director

Page 3

HADRIAN SECURITY LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HADRIAN SECURITY LIMITED

Opinion

We have audited the financial statements of HADRIAN SECURITY LIMITED (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its loss 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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.

Page 4

HADRIAN SECURITY LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HADRIAN SECURITY LIMITED (CONTINUED)

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 directors are 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.

Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Directors' Report has been prepared in accordance with applicable legal requirements.

Page 5

HADRIAN SECURITY LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HADRIAN SECURITY LIMITED (CONTINUED)

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 Directors' 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, 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; or

∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 2, 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 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 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.

Page 6

HADRIAN SECURITY LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HADRIAN SECURITY LIMITED (CONTINUED)

Auditor's 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 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:

Extent to which the audit was considered capable of detecting irregularities, including fraud
We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: posting of manual journal entries to manipulate financial performance, significant one-off or unusual transactions, and non-compliance with laws and regulations. We discussed these risks with management, gained an understanding of internal controls established to mitigate risks related to fraud, and performed journal entry testing to address the risk of fraud through management override of controls.

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the officers and other management (as required by the auditing standards).

We reviewed the laws and regulations in areas that directly affect the financial statements including applicable company law and considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statement items.

With the exception of any known or possible non-compliance with relevant and significant laws and regulations, and as required by the auditing standards, our work in respect of these was limited to enquiry of the officers and management of the company.

We communicated identified laws and regulations and potential fraud risks throughout our team and remained alert to any indications of non-compliance or fraud throughout the audit. However the primary responsibility for the prevention and detection of fraud rests with the director.

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

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

Page 7

HADRIAN SECURITY LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HADRIAN SECURITY LIMITED (CONTINUED)

Other matters

Comparative information contained within these financial statements are unaudited. The first year the company was subject to audit was for the year ended 31 December 2024. Our audit opinion does not cover the comparative figures.

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.

Jacqueline Whyte (Senior Statutory Auditor)

for and on behalf of

Thomson Cooper, Statutory Auditor

22 Stafford Street

Edinburgh

United Kingdom

EH3 7BD

9 December 2025

Page 8

HADRIAN SECURITY LIMITED

PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2024

		As restated
	2024	2023
Note	£	£


Turnover		922,220	898,466
Gross profit		922,220	898,466
Distribution costs		(3,596)	(458)
Administrative expenses		(1,177,343)	(973,022)
Operating loss		(258,719)	(75,014)
Interest receivable and similar income		1,095	708
Other finance income		(3,415)	82
Loss before tax		(261,039)	(74,224)
Tax on loss	4	25,005	(15,990)
Loss for the financial year		(236,034)	(90,214)

There was no other comprehensive income for 2024 (2023:£NIL).

Page 9

HADRIAN SECURITY LIMITED

REGISTERED NUMBER: 13596125

BALANCE SHEET

AS AT 31 DECEMBER 2024

		As restated
	2024	2023
Note	£	£

Fixed assets
Tangible assets	5		4,320		11,924
			4,320		11,924
Current assets
Debtors: amounts falling due within one year	6	53,331		43,870
Cash at bank and in hand	7	159,815		87,684
		213,146		131,554
Creditors: amounts falling due within one year	8	(204,637)		(21,332)
Net current assets			8,509		110,222
Total assets less current liabilities			12,829		122,146

Net assets			12,829		122,146

Capital and reserves
Called up share capital	10	1	1
Contribution from parent	11	279,626	152,910
Profit and loss account		(266,798)	(30,765)
Shareholders' funds		12,829	122,146

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006
with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 December 2025.

Maurice Clin

Director

Page 10

HADRIAN SECURITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

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

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

2.2

Functional and presentation currency

The financial statements are presented in sterling and this is the functional currency of the company.

2.3

Going concern

The company provides business support services for other group entities and therefore is closely linked to the Group. We acknowledge that due to the nature of operations no detailed budgets or cashflow forecasts are prepared at entity level as a part of management processes. However, the Group continues to be in a strong financial position and the Directors believe that the company has adequate resources to continue in operational existence for a period of not less than twelve months from the date of approval of the financial statements. The Directors therefore believe that it is appropriate to prepare the accounts on a going concern basis.

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

Page 11

HADRIAN SECURITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.5

Finance costs

Finance cost charged to the profit and loss include interest expense calculated using the effective interest method from FRS102:11, finance charges on leases, and exchange differences on foreign currency borrowings where these were treated as an adjustment to interest losses.

2.6

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

2.7

Employee benefits

Contributions to defined contribution plans are expensed in the period to which they relate.

2.8

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.9

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 12

HADRIAN SECURITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Assets with an individual acquisition cost of less than £500 shall not be capitalised. Instead, such assets will be expensed directly to the Profit and Loss (P&L) account in the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment

20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 13

HADRIAN SECURITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.13

Trade and other debtors

Short-term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. Loans and other financial assets are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment losses for bad and doubtful debts.

2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.15

Trade and other creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.16

Related parties

For the purposes of these financial statements, a related party could be a person or an entity. Careful consideration is given to the definition of a related party to ensure that all related party relationships, transactions and balances are identified.

2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.18

Financial instruments

Financial instruments are recognised in the Company's Balance Sheet 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 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.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Page 14

HADRIAN SECURITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.18

Financial instruments (continued)

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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 that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

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

2.19

Share capital

Ordinary share capital represents the par value of ordinary shares issued.

Employees

The average monthly number of employees, including directors, during the year was 12 (2023 - 12).

Page 15

HADRIAN SECURITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

4.	Taxation

		2024	2023
		£	£

Corporation tax
Current tax on profits for the year	(16,659)	15,990
	(16,659)	15,990

Total current tax	(16,659)	15,990

Deferred tax
Origination and reversal of timing differences	(8,346)	-
Total deferred tax	(8,346)	-


		(25,005)	15,990

	Factors affecting tax charge for the year
	There were no factors that affected the tax charge for the year which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of 25% (2023 - 25%).

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 16

HADRIAN SECURITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

5.	Tangible fixed assets

	Computer equipment	Total
	£	£
Cost or valuation
At 1 January 2024	15,558	15,558
Additions	219	219
Disposals	(8,160)	(8,160)
At 31 December 2024	7,617	7,617
Depreciation
At 1 January 2024	3,634	3,634
Charge for the year on owned assets	3,152	3,152
Disposals	(3,489)	(3,489)
At 31 December 2024	3,297	3,297
Net book value
At 31 December 2024	4,320	4,320
At 31 December 2023	11,924	11,924

Debtors

					2024	2023
					£	£


Amounts owed by associates and joint ventures/ participating interests	-	24,799
Other debtors	38,479	18,593
Prepayments and accrued income	6,506	478
Deferred taxation	8,346	-
	53,331	43,870

Page 17

HADRIAN SECURITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

7.	Cash and cash equivalents
		2024	2023
		£	£

Cash at bank and in hand	159,815	87,684
Less: bank overdrafts	(204)	(204)
	159,611	87,480

8.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Bank overdrafts	204	204
Trade creditors	7,512	2,836
Amounts owed to group undertakings	158,150	-
Corporation tax	-	16,659
Other taxation and social security	22,550	-
Other creditors	1,618	1,633
Accruals and deferred income	14,603	-
	204,637	21,332

9.	Deferred taxation

		2024
		£

	Charged to profit or loss	8,346
	At end of year	8,346

The deferred tax asset is made up as follows:
	2024	2023
	£	£

	Tax losses carried forward	8,346	-
		8,346	-

Page 18

HADRIAN SECURITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

10.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

1 (2023 - 1) Ordinary shares share of £1.00	1	1

Page 19

HADRIAN SECURITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

11.	Share-based payments
	During the period ended 31 December 2024, Hadrian Security Limited employees were granted share options by Hadrian Security BV, the parent company. Details of the arrangement are described below: Type of arrangement: Employee stock option plan (ESOP) Contractual life: The term of each option may be up to 10 years from the grant date. Vesting conditions: A total of 25% (twenty-five percent) shall automatically vest on the first anniversary of the Grant Date. The remaining 75% (seventy-five percent) of the Options shall automatically vest during the 36 (thirty-six) month period following the first anniversary of the Grant Date, in equal monthly instalments. The estimated fair value of each share option granted in the ESOP plan is 0,8 EURs as of 1 October 2022, and 1,96 EURs as of 5 December 2023. These were calculated by applying the Black–Scholes valuation model. The model inputs were the share price of 0,81 EUR on 1 October 2022 and 1,97 EUR on 5 December 2023. The excise price is 0,01 EURs. The expected average volatility 53%, no expected dividends, and the average risk-free rate is 3%. The Group has recognised a charge in the profit and loss account in respect of share-based payment arrangements. The P&L charge for both the current and prior year reflects the fair value of the options granted, spread over the vesting period in accordance with FRS 102 requirements. The profit and loss charge for the year amounted to 2024: £126,716 (2023: £152,910). These charges represent the expense recognised in each year as a result of the share-based payment schemes. Further details of the share option plan are as follows:
		Weighted average exercise price (pence) 2024 (EUR)	Number 2024	Weighted average exercise price (pence) 2023 (EUR)	Number 2023

Outstanding at the beginning of the year	0.01	261,237	0.01	-
Granted during the year	0.01	161,436	0.01	270,239
Forfeited during the year	0.01	(23,616)	0.01	-
Exercised during the year	0.01	-	0.01	(9,002)
Expired during the year	0.01	-	0.01	-
Outstanding at the end of the year		399,057		261,237

	Exercisable options at the end of the period 2024: 261,161 (2023: 132,737)

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HADRIAN SECURITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

12.	Prior year adjustment

Share-based Payments
In accordance with FRS 102, it was identified that share-based payments relating to the financial year ended 31 December 2023 were not recognised. An adjustment has therefore been recorded in the 2024 financial statements to correct this omission.
The impact of the adjustment is as follows:
- Employee benefit expense increased by £152,910.21
- Contribution from parent increased by £152,910.21
This adjustment ensures that the financial statements appropriately reflect the share-based payment transactions in line with the requirements of FRS 102.
Prior Period Reclassification of Bank Overdraft
The overdraft was previously included within cash and cash equivalents in the statement of financial position. Under FRS 102, bank overdrafts that are not repayable on demand and do not form an integral part of the entity’s cash management should be presented as a liability under creditors: amounts falling due within one year.
Accordingly, the comparative figures have been restated to reclassify the bank overdraft from cash and cash equivalents to creditors: amounts falling due within one year. This reclassification has no impact on net assets or profit for the prior period.
The impact of the adjustment is as follows:
- Cash and cash equivalents increased by £204.
- Creditors: amounts falling due within one year increased by £204.
This adjustment ensures compliance with FRS 102 and provides a more accurate presentation of the company’s liquidity position.

13.	Commitments under operating leases
	At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		2024	2023
		£	£

Not later than 1 year	77,526	-
Later than 1 year and not later than 5 years	61,068	-
	138,594	-

14.Other financial commitments

The Company had no financial commitments during the current financial year.

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HADRIAN SECURITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

15.	Related party transactions
	The loan of £(158,150) (2023: £24,799) owed by the parent company is unsecured, repayable on deferred terms and bears interest. The company is a wholly owned subsidiary of Hadrian Security B.V in The Netherlands.

16.	Post balance sheet events

The directors are not aware of any material event which occurred after the reporting date and up to the
date of this report which required either adjustments to the results reported for the year ended 31
December 2024, and/or disclosure in the notes to the financial statements.

17.	Controlling party

Hadrian Security Limited is part of a group. The ultimate parent company is Hadrian Security B.V in
The Netherlands. Its registered office address is Leidseplein 1, Amsterdam North, 1017PR, Netherlands.

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