The directors present the strategic report for the year ended 26 March 2025.

The group’s performance during the financial year to 26 March 2025 showed continued growth in sales, profit, gross margin and client base. Many of the UK’s largest NSI and SSAIB professional installation companies and buying groups now choose Orisec. International sales also experienced increased growth to record levels.

Orisec prides itself on being a leading UK manufacturer. Our international customers tell us that the Union Jack flag on our product packaging is a great selling point for their customers. The group’s recent drive on international sales is continuing to bring in new customers throughout Europe, Asia and South America. As well as Orisec branded products, the group is now manufacturing OEM and branded products for a number of major international brands.

More and more of our products have been granted independent third-party European certification, significantly increasing the potential customer base and opening up new markets.

Our ambitious R&D programme ensures a continual pipeline of new and innovative patented products. This further benefits the group with R&D tax credits and Patent Box corporation tax relief. The group continues to expand and protect its large portfolio of intellectual property, including patents, registered designs and trademarks. This “competitive moat” leads to growing customer loyalty and increasing brand awareness in our target markets.

Continued investment in test equipment enables us to test all products sold, significantly improving reliability compared with simple batch testing.

Exceptional customer service, training and technical support are key to our customers’ experience and we continue to expand and improve in both these areas. Our customers tell us this is an industry leading experience.

Orisec firmly believe that building strong relationships with our suppliers, colleagues and customers is key to our success. Wherever possible, Orisec choose local suppliers, and work hard to forge meaningful partnerships to ensure we have good forward visibility on any important supply issues. We value our employees and understand the importance of building genuine relationships which are essential in improving healthy, happy attitudes in the workplace.

The group does not provide profit guidance but confirms it looks forward to another year of meaningful progress in both profitability and cash generation, with improvement in profitability driven by an increase in margins. It also attributes the upbeat forecast to a marked improvement in profitability due to expected continual release of new hardware and software throughout all of 2025 and into 2026.

Principal risks identified, reviewed and rated, are as follows:

Electronic supply chain shortages and inflationary pressure have affected other manufacturers’ abilities to make sales and ship products. Orisec has developed a robust supply chain structure to mitigate this based on UK sourced manufacturers and suppliers wherever possible, and are therefore able to meet the growing demand with very short or zero lead times with next day shipping and no order backlog.

Outside of the UK, the group sales are predominantly made in Euros and US Dollars. Foreign exchange risk is mitigated by purchases from selected suppliers in those currencies.

Low cost products from foreign competitors often attempt to enter our markets. We stay ahead of these by offering premium products with innovative features and expanding our product range.

The directors have identified that the group’s sales and margins are key performance indicators, and as such are reviewed and monitored by management on a continual basis.

The group has continued to grow both turnover (£11.18m vs £10.29m in 2024) and gross profit (£5.95m vs £4.73m in 2024). Continued efficiency drives are yielding above industry average levels of gross profitability. The Gross margin achieved in the year has also grown (53% vs 46% in 2024).

Innovation – the group continues to invest in research and development.

Customers – the group continues to have active discussions regarding potential new business with a focus on International Sales.

Products – the group continues to expand its product range with patents for many new items currently in the pipeline.

Relationships - the group puts every effort into building lasting, meaningful relationships with all its customers, suppliers and colleagues with an emphasis on listening to what they have to say.

On behalf of the board

The directors present their annual report and financial statements for the year ended 26 March 2025.

Group

The principal activity of the group continued to be that of the design, manufacture and sale of security systems.

Company

The principal activity of the company is that of a holding company.

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

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

No preference dividends were paid. The directors do not recommend payment of a final dividend.

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

The auditor, Pierce C A Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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

This report has been prepared in accordance with the provisions applicable to groups and companies entitled to the exemptions of the small companies regime.

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company 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 group and parent company, and of the profit or loss of the group for that period.

In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent;

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclaimer of opinion

We were engaged to audit the financial statements of Orisec (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 26 March 2025 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

We do not express an opinion on the accompanying financial statements of the company. Because of the significance of the matter described in the basis for disclaimer of opinion section of our report, we have not been able to obtain sufficient appropriate audit evidence for the South African subsidiary company to provide a basis for an audit opinion on these financial statements.

Basis for disclaimer of opinion

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

Due to a turnover of senior staff in the finance team in the South African subsidiary, we have had insufficient access to the accounting records of the South African subsidiary covering the year ended 26 March 2025. As a result we have been unable to obtain sufficient appropriate audit evidence on the South African subsidiary's financial statements and are therefore unable to provide an opinion on the South African subsidiary's performance and results that have been included within these consolidated financial statements.

The results for the South African subsidiary have been disclosed separately as a discontinued operation within these financial statements as the company has been sold after the balance sheet date. The performance of the entity for the period to 26 March 2025 shows a loss of £3k with the balance sheet reported in note 9 to the financial statements.

Whilst we attended the stocktake for the UK subsidiary for the period ended 28 March 2024 and 28 March 2025, we did not attend the stocktake of the South African subsidiary for the same period.

We were unable to satisfy ourselves by alternative means concerning the inventory quantities reported by the South African entity which are stated at £267,868 for the period ended 26 March 2024 and £183,740 for the period ended 26 March 2025.

Conclusions relating to going concern

The South African subsidiary was disposed of subsequent to the balance sheet date and prior to the signing of the auditor's report. As such, we have concluded that the going concern issues identified in the prior year relating to that entity no longer affect the UK parent and subsidiary company.

Based on the audit evidence obtained, we are satisfied that the UK parent and its continuing UK subsidiary are able to operate as going concerns and we have found no material uncertainties that cast significant doubt over their ability to continue as going concerns for at least twelve months from the date of approval of the financial statements.

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 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.

Opinions on other matters prescribed by the Companies Act 2006

Because of the significance of the matter described in the basis for disclaimer of opinion section of our report, we have been unable to form an opinion, based on the work undertaken in the course of the audit whether:

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

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

Notwithstanding our disclaimer of an opinion on the financial statements, in light of the knowledge and understanding of the group and its subsidiary companies and its environment obtained in the course of the audit performed subject to the pervasive limitation described above, we have not identified material misstatements in the strategic report or the directors’ report.

Arising from the limitation of our work referred to above:

• we have not obtained all the information and explanations that we considered necessary for the purpose of our audit in relation to the South African entity; and

• we were unable to determine whether adequate accounting records have been kept in relation to the South African entity.

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:

• 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

• the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and strategic report.

As explained more fully in the directors' responsibilities statement, 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 group's and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or parent company or to cease operations, or have no realistic alternative but to do so.

Our responsibility is to conduct an audit of the company’s financial statements in accordance with International Standards on Auditing (UK) and to issue an auditor’s report that includes our opinion.

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.

However, in relation to the South African entity, because of the matter described in the basis for disclaimer of opinion section of our report, we were not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements.

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 Standards, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

In identifying and assessing risks of material misstatement in respect of irregularities we considered the following:

• The nature of the industry and the group and company’s control environment.

• Results of our enquiries of management.

• The group and company’s procedures and controls on compliance with laws and regulations and the risks of fraud.

• Discussions among the audit engagement team concerning potential indicators of fraud.

We are also required to perform specific procedures to respond to the risk of management override.

As a result of our audit procedures we did not identify a material risk of fraud or other non-compliance with laws and regulations.

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

Use of our report

This report is made solely to the parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £0 (2024 - £0 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

Orisec (Holdings) Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 1 St. Crispin Way, Haslingden, Rossendale, Lancashire, BB4 4PW.

The group consists of Orisec (Holdings) Limited and all of its subsidiaries.

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

The financial statements are prepared in sterling, which is the functional currency of the company.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of fixed assets at fair value. The principal accounting policies adopted are set out below.

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Investments in subsidiaries are accounted for at cost less impairment.

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

All financial statements are made up to 26 March 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

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

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

The UK group has continued to increase turnover and profitability since the balance sheet date, which in turn is having a significant positive effect on the ability to generate cash.

Accordingly, at the time of approving the financial statements the directors are of the opinion that the UK group will remain viable for the foreseeable future and therefore these financial statements have been prepared on the going concern basis.

As disclosed in Note 9 to the financial statements, the directors took the strategic decision to dispose of the South African subsidiary. The transaction was completed in June 2025. This ensures total focus on the UK group which continues to expand and return profit.

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is 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 the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of turnover 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.

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

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

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

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

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

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

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

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

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

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

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

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

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

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

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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

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

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

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

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

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

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

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

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

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

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

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

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

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

In the application of the group’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 the revision and future periods where the revision affects both current and future periods.

The directors do not believe that there are any accounting policies that would be likely to produce materially different results should there be a change to the underlying judgements, estimates and assumptions.

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

Their aggregate remuneration comprised:

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

The UK subsidiary has taxable losses of £4.2m available to carry forward and offset against future trading profits. A deferred tax asset has been recognised at a tax rate of 25% against the taxable profits that are expected to crystalise over the next four financial years.

No deferred tax asset has been recognised on taxable losses available in the South African subsidiary.

After the balance sheet date, the group agreed to dispose of its interest in Orisec South Africa (Pty) Limited for a consideration of £1.

The South African subsidiary has been loss making since incorporation and the group has invested heavily in order for it to grow. With the difficult market conditions in South Africa and the growth experienced with the UK side of the business, the directors made the strategic decision to dispose of the South African subsidiary to ensure total focus on the UK subsidiary, Orisec Limited, which continues to expand and return profit.

The directors have disclosed the results of the South African entity as a discontinued operation on the group income statement to provide clarity between the UK and South African divisional performance within the group over the past three financial periods.

The profit and loss has been disclosed on the income statement. The balance sheet of the South African entity as at 26 March 2025 is as follows:

Inventory    £183,740

Trade debtors    £211,990    

Other debtors    £191,034

Cash at bank    £33,237

Trade creditors    (£1,406,455)

Taxes due    (£110,498)    

Other creditors    (£496,582)

Net liabilities    (£1,393,534)

On 15 November 2023, the plant, equipment fixtures and fittings were revalued by Eddisons Commercial Limited, a firm of chartered surveyors based in the United Kingdom.

The historic cost of the fixed assets held at valuation is £2,417,977 (2024 - £2,417,977). Cumulative depreciation charged on the historic cost of the assets is £2,056,971 (2024 - £2,018,867).

Details of the company's subsidiaries at 26 March 2025 are as follows:

The bank loan is a loan provided under the bounce back loan scheme secured by the UK Government.

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

The deferred tax asset set out above is expected to reverse within 4 years and relates to the utilisation of tax losses against future expected profits of the same period.

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

The redeemable preference shares are redeemable at the discretion of either the company or the shareholder, Mr P C Stewart.

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases of £112,500 (2024 - £187,500).

Subsequent to the balance sheet date, the group completed the sale of the South African subsidiary, Orisec South Africa (Pty) Limited by way of a sale to the local management team.

The group is under the control of Mr P C Stewart, by virtue of his controlling shareholding.