REGISTERED NUMBER: 03609272 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 March 2025

for

Industrial Control Distributors Limited

Page

Company Information

1

Strategic Report

2

to

3

Report of the Directors

4

to

5

Report of the Independent Auditors

6

to

9

Statement of Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13

to

19

DIRECTORS:

Mr J F Smith

Mr I J Beaumont

Mr M E Parker

Ms C Wilson

SECRETARY:

Mr J F Smith

REGISTERED OFFICE:

Units 8-9 Bridle Close

Finedon Road Industrial Estate

Wellingborough

Northamptonshire

NN8 4RN

REGISTERED NUMBER:

03609272 (England and Wales)

AUDITORS:

Clifford Roberts

Chartered Accountants &

Statutory Auditors

Pacioli House

9 Brookfield

Duncan Close

Northampton

Northamptonshire

NN3 6WL

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

REVIEW OF BUSINESS

The company has continued to make sales and has achieved an improved gross profit margin level compared to the previous year. The net profit is in line with expectations.

The turnover and gross profit are considered to be the KPI's of the company. These are analysed below:

2025

2024

Turnover

£13,940,656

£24,725,215

Gross profit margin

51.3%

42.0%

The directors are confident the company will continue trading as a going concern. As predicted, there has been a slowdown in activity, however the gross profit margins remain healthy. Two major operators have announced they will merge, so meaningful activity has slowed down until they have agreed terms.

Re-use of existing cabinets has been a focus to enable them to reduce costs but achieve upgrades to existing sites.

PRINCIPAL RISKS AND UNCERTAINTIES

Exposure to credit, liquidity and foreign currency risk arises in the normal course of Industrial Control Distributors Limited's business. These risks are limited by the company's financial management policies described below.

Customer credit exposure

Credit terms may be offered to its customers who are then permitted to make payment of the debt after delivery of the goods or service. The company is at risk to the extent that a customer may be unable to pay the debt on a specific due date. This risk is mitigated by the strong on-going customer relationships with predominantly large corporate companies and also by credit insurance.

Liquidity risk

The objective of the company in managing liquidity risk is to ensure that it can meet its financial obligations as and when they fall due. The company expects to meet its financial obligations through operating cash flows. In the event that the operating cash flows would not cover all the financial obligations, the company would explore acquiring credit facilities. Given the cash reserves held by the company, the company is in a position to meet its commitments and obligations as they become due.

Foreign currency risk

The company is exposed to foreign currency risk as a result of its operations. Predominantly, the sales and purchases are denominated in Sterling. Due to the small number of foreign currency transactions, the company does not enter into forward currency contracts.

RESEARCH AND DEVELOPMENT

The company continues to undertake research and development activities, in particular this year with cabinet reuse, bringing opportunities to develop conversion kits.

EMPLOYMENT POLICY

The company employs new staff via agencies as the need arises. There is an equal opportunities policy and the staff are of multi gender and multi race.

FUTURE DEVELOPMENTS

The uncertainties and increases in future costs arising as a result of inflation have been considered by the directors when assessing going concern as at the date of signing.

ON BEHALF OF THE BOARD:

Mr J F Smith - Director

19 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 continued to be that of the manufacture and sale of telecoms infrastructure equipment.

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

Mr J F Smith

Mr I J Beaumont

Mr M E Parker

Other changes in directors holding office are as follows:

Ms C Wilson - appointed 1 July 2024

Ms H Marden ceased to be a director after 31 March 2025 but prior to the date of this report.

DISCLOSURE IN THE STRATEGIC REPORT

Research and development activities, future developments, financial risk management objectives and policies in respect of the exposure to credit, liquidity and foreign currency risks are set out in the strategic report (as defined by section 414 C (11) of the Companies Act 2006).

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;

-	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 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, Clifford Roberts, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr J F Smith - Director

19 December 2025

Opinion

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

In our opinion the financial statements:

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

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

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

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 set out on page four, 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:

-

We obtained an understanding of the legal and regulatory framework applicable to the company and the sector in which they operate. We determined that the following laws and regulations were most significant: the Companies Act 2006, UK Generally Accepted Accounting Practice and UK corporate taxation laws.

-

We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making inquiries to the management and by observing the oversight of management, the culture of honesty and ethical behaviour and whether strong emphasis is placed on fraud prevention, which may reduce the opportunities for fraud to take place, and fraud deterrence, which could persuade individuals not to commit fraud in the first instance. We corroborated our inquiries through our review of all relevant available audit information.

-

We assessed and understood the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. The audit procedures performed by the engagement team included:

>

identifying and assessing the design and effectiveness of controls management has in place to prevent and detect fraud;

>

understanding of how senior management considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

>

challenging assumptions and judgements made by management in its significant accounting estimates;

>

performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; and,

>

assessing the extent of compliance with relevant laws and regulations.

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

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

Use of our report

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

Robert Dearing BEng FCA (Senior Statutory Auditor)

for and on behalf of Clifford Roberts

Chartered Accountants &

Statutory Auditors

Pacioli House

9 Brookfield

Duncan Close

Northampton

Northamptonshire

NN3 6WL

19 December 2025

TURNOVER

13,940,656

24,725,215

Cost of sales

6,787,646

14,346,619

GROSS PROFIT

7,153,010

10,378,596

Administrative expenses

7,298,004

11,003,456

OPERATING LOSS

4

(144,994

)

(624,860

)

Interest receivable and similar income

5

385,651

911,823

PROFIT BEFORE TAXATION

240,657

286,963

Tax on profit

6

(86,501

)

92,481

PROFIT FOR THE FINANCIAL YEAR

327,158

194,482

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

327,158

194,482

FIXED ASSETS

Intangible assets

7

-

12,110

Tangible assets

8

82,771

142,842

82,771

154,952

CURRENT ASSETS

Stocks

9

1,871,710

1,679,694

Debtors

10

2,948,924

5,249,922

Cash at bank

2,254,228

17,424,725

7,074,862

24,354,341

CREDITORS

Amounts falling due within one year

11

1,417,914

19,096,732

NET CURRENT ASSETS

5,656,948

5,257,609

TOTAL ASSETS LESS CURRENT LIABILITIES

5,739,719

5,412,561

CAPITAL AND RESERVES

Called up share capital

15

2

2

Retained earnings

16

5,739,717

5,412,559

SHAREHOLDERS' FUNDS

5,739,719

5,412,561

The financial statements were approved by the Board of Directors and authorised for issue on 19 December 2025 and were signed on its behalf by:

Mr J F Smith - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

2

5,218,077

5,218,079

Changes in equity

Total comprehensive income

-

194,482

194,482

Balance at 31 March 2024

2

5,412,559

5,412,561

Changes in equity

Total comprehensive income

-

327,158

327,158

Balance at 31 March 2025

2

5,739,717

5,739,719

1.	STATUTORY INFORMATION

Industrial Control Distributors 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 - "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and with the Companies Act 2006. The financial statements have been prepared on the historical cost basis.

The financial statements are presented in Sterling (£) and cover the period to 31st March each year.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 3.17(d);

•

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

•

the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;

•

the requirement of paragraph 33.7.

Details of the parent company in which full disclosure can be found are in the 'Ultimate Controlling Party' note.

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.

Significant judgements and estimates

In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis.

There are no key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements.

Turnover

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

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

Goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

Tangible fixed assets

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.

Mezzanine floor

-

25% on reducing balance

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on 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. A further percentage is applied to work in progress stock, reflecting the products stage of completion at the year-end cut-off.

Financial instruments

The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans and balances to and from related parties.

Debt instruments (other than those wholly repayable or receivable in one year), including loans and other accounts receivable and payable, are initially measured at the present value of future cash flows and subsequently at amortised cost using the effective interest rate method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective impairment is found, an impairment loss is recognised in the income statement.

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.

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.

Leasing commitments

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

Pension costs and other post-retirement benefits

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

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

2,307,238

3,547,559

Social security costs

256,364

370,024

Other pension costs

62,531

76,330

2,626,133

3,993,913

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

2025

2024

Directors and employees

51

71

2025

2024

£

£

Directors' remuneration

551,989

529,544

Directors' pension contributions to money purchase schemes

24,513

24,115

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

Money purchase schemes

4

4

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

226,702

228,140

Pension contributions to money purchase schemes

1,321

1,321

4.	OPERATING LOSS

The operating loss is stated after charging:

2025

2024

£

£

Other operating leases

591,957

591,931

Depreciation - owned assets

30,962

70,876

Loss on disposal of fixed assets

12,109

-

Goodwill amortisation

12,110

24,222

Auditors' remuneration

15,661

15,460

Foreign exchange (Gain)/losses

4,329

6,306

5.

INTEREST RECEIVABLE AND SIMILAR INCOME

2025

2024

£

£

Deposit account interest

385,651

911,823

6.

TAXATION

Analysis of the tax (credit)/charge

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

2025

2024

£

£

Current tax:

UK corporation tax

71,391

92,481

Research and development

expenditure credit

(157,892

)

-

Tax on profit

(86,501

)

92,481

Reconciliation of total tax (credit)/charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Profit before tax

240,657

286,963

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

60,164

71,741

Effects of:

Depreciation in excess of capital allowances

9,066

20,740

Research and development expenditure credit

(157,892

)

-

Loss on sale of fixed assets

3,027

-

Interest

(866

)

-

Total tax (credit)/charge

(86,501

)

92,481

7.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2024

and 31 March 2025

242,219

AMORTISATION

At 1 April 2024

230,109

Amortisation for year

12,110

At 31 March 2025

242,219

NET BOOK VALUE

At 31 March 2025

-

At 31 March 2024

12,110

8.	TANGIBLE FIXED ASSETS

Fixtures

Mezzanine

Plant and

and

floor

machinery

fittings

£

£

£

COST

At 1 April 2024

67,256

80,581

96,666

Disposals

-

-

-

At 31 March 2025

67,256

80,581

96,666

DEPRECIATION

At 1 April 2024

45,651

72,094

53,506

Charge for year

5,401

2,122

10,790

Eliminated on disposal

-

-

-

At 31 March 2025

51,052

74,216

64,296

NET BOOK VALUE

At 31 March 2025

16,204

6,365

32,370

At 31 March 2024

21,605

8,487

43,160

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 April 2024

196,299

108,756

549,558

Disposals

(69,000

)

-

(69,000

)

At 31 March 2025

127,299

108,756

480,558

DEPRECIATION

At 1 April 2024

136,043

99,422

406,716

Charge for year

7,787

4,862

30,962

Eliminated on disposal

(39,891

)

-

(39,891

)

At 31 March 2025

103,939

104,284

397,787

NET BOOK VALUE

At 31 March 2025

23,360

4,472

82,771

At 31 March 2024

60,256

9,334

142,842

9.

STOCKS

2025

2024

£

£

Stocks

1,871,710

1,679,694

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

2,314,419

5,010,290

Tax

485,681

-

Prepayments and accrued income

148,824

239,632

2,948,924

5,249,922

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

481,282

698,287

Amounts owed to group undertakings

552,533

17,912,533

Tax

13,699

92,481

Social security and other taxes

60,275

72,934

VAT

237,317

227,030

Other creditors

41,993

45,710

Wages and salaries control

12,580

12,522

Directors' current accounts

18,235

35,235

1,417,914

19,096,732

12.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2024

£

£

Within one year

577,500

585,000

Between one and five years

188,333

765,833

765,833

1,350,833

13.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Intercompany debt

552,533

17,912,533

On the 20th December 2013, the company entered into a debenture containing fixed charges, floating charges and negative pledges in favour of the parent company, Industrial Control Distributors (Holdings) Limited, in respect of the intercompany debt owed to it.

14.	FINANCIAL INSTRUMENTS

Industrial Control Distributors Limited holds only basic financial instruments. No financial instruments are measured at fair value through profit and loss and therefore no related income, expenses, net gains or losses.