REGISTERED NUMBER: 07210638 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 March 2025

for

Acrelec UK Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

6

Report of the Independent Auditors

8

Statement of Comprehensive Income

12

Balance Sheet

13

Statement of Changes in Equity

14

Notes to the Financial Statements

15

DIRECTORS:

Mrs A Warren

C C Naillot

REGISTERED OFFICE:

East Wing, Focus 31

Mark Road

Hemel Hempstead

Hertfordshire

HP2 7BW

REGISTERED NUMBER:

07210638 (England and Wales)

AUDITORS:

DUX Advisory Limited

Chartered Accountants and

Statutory Auditors

Kennel Club House

Gatehouse Way

Aylesbury

Buckinghamshire

HP19 8DB

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

Fair review of the business and future developments

We aim to present a balanced view of the performance of our business during the period and its position at 31 March 2025. Our review is consistent with the size and nature of our business and is written in the context of the risks and uncertainties we face. The Strategic Report reflects the board's view of the Company and provides context for the related financial statements.

Section 172 statement

The purpose of the Strategic Report is to provide information for shareholders and help them to assess how the directors have performed their duty, under section 172 of the Companies Act 2006 ("s172"), to promote the success of the Company and, in doing so, have regard to the matters set out in that section. This includes considering the interests of other stakeholders which will have an impact on the long-term success of the entity.

Change in Fiscal Year-End Date

The companies of the GLORY Group to which our Company is attached close their accounts on the 31st March of each year. For the sake of uniformity and simplification, it was deemed desirable to have a fiscal year aligned with that of the other companies of the Glory Group. Therefore, the accounting year end for FY 2023 was updated to 31st March 2024 and the year included 15 months. This should be considered when reviewing the Financial Statements and all figures and comparisons to prior year presented in this report.

Key performance indicators

The Board of Directors regularly review a suite of both financial and non-financial Key Performance Indicators (KPl’s) to ensure that the performance of the Company is in line with the Company's strategic objectives. These include:

Financial KPI’s

- Turnover

The turnover of the Company is a key financial metric to measure the successful growth of the Company. On the face of the Financial Statements, the Company’s turnover decreased from £17.8m in financial year ending 31st March 2024 to £16.1m in financial year ending 31st March 2025 due to the 15-month period in financial year ending 31st March 2024. If Apr – Mar sales of each financial year are compared, you see a continuation of previous year’s growth in sales of 13.1%.

- Gross profit

The gross profitability of the Company is a key financial metric to measure the operational effectiveness of deliveries to customers. The Company's gross profit decreased from £7.3m (41.3% of revenues) in financial year ending 31st March 2024 to £6.3m (39.2% of revenues) in financial year ending 31st March 2025. Whilst the Company focused on cost control and on more profitable work streams, the global increase in prices has impacted the Gross Profit.

- Earnings before interest, tax, depreciation, amortisation, share-based payments and exceptional items (Adjusted EBITDA)

EBITDA is an industry wide profitability and cash generation metric. The Company's adjusted EBITDA as a percentage of revenues decreased to 4% in financial year ending 31st March 2025 from 8.4% in financial year ending 31st March 2024. Adjusted EBITDA decreased from £1.49m in financial year ending 31st March 2024 to £641k in financial year ending 31st March 2025. The change in EBITDA % is driven by the same factors causing the change to Gross profit %, as noted above.

Company culture

The board recognises that it has an important role in assessing and monitoring that our desired culture is embedded in the values, attitudes and behaviours that we demonstrate including our activities and stakeholder relationships. To help ensure this, regular meetings are held between the senior management and all staff during the year.

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

- the likely consequences of any decision in the long-term by setting the regular process of budgeting and reforecasting over a short-term (1 to 2 years) in the context of the longer-term strategic plan (5 years and beyond).

- the interests of the Company's employees, as the directors recognize that Acrelec UK Ltd employees are fundamental and core to our business and the delivery of our strategic ambitions. The success of our business is dependent upon attracting, retaining and motivating employees and ensuring that we remain a responsible employer, from pay and benefits to our health, safety and workplace environment. The directors factor the implications of decisions on employees and the wider workforce, where relevant and feasible.

- the need to foster the Company's business relationships with suppliers, customers and others, to develop strong, mutually beneficial relationships to deliver our strategy.

- impacts of the Company's operations on the community and the environment, the board seeks to recognize the effects of its long-term decisions, and its ongoing operational activities in the context of the communities in which it operates, as well as the environment in general.

- the desirability of the Company maintaining a reputation for high standards of business conduct, and in recognizing that the Company needs to provide its solutions and services in ways which are economically, environmentally and socially responsible the directors seek to make long-term decisions and conduct daily operations in that context.

- need to act fairly between members of the Company, after consideration of all the relevant factors as outlined above, the directors determine which course of action best enables the delivery of our long-term strategy factoring in the impact on stakeholders. In doing so, the directors act fairly between the Company's members but are not required to balance the Company's interest with those of other stakeholders, and this can sometimes mean that certain stakeholder interests may not be fully aligned.

History

The Company has a long-established position delivering technological solutions to digitize the customer journey, particularly in the quick service restaurant industry. Focused on reinventing the customer experience, leveraging years of software, hardware and service expertise, we integrate new platforms that increase customer engagement, optimize efficiency and improve operations

The Group that Acrelec UK Ltd belongs to was acquired by Glory Global Solutions (International) Ltd on 3 April 2020. The Group will continue to operate as a separate and independent business and will continue to implement the existing strategy.

Strategy

The Company's strategy is to:

1. Expand our customer portfolio to bring in new revenue streams by developing both consistent but also digitally appealing and unique offerings.

2. Continue to invest in internal processes to improve speed, enable automation and offer visibility to our customers.

3. Set a new standard of professional service in the industry to ensure that we offer the highest level of support and value.

The future

It is specified that in the short term, the situation and future prospects of the Company are as follows:

In line with the financial year ending 31st March 2024, the Company's prospects are expected to show continued growth in turnover and stable results driven by a cost maintenance policy, particularly in terms of recruitment policy and the use of subcontracting in the context of customer projects.

As of the date of the closing of the accounts on March 31, 2025, management was not aware of any significant uncertainties questioning the Company's ability to continue its operations.

In this regard, we have no other exceptional facts or significant events to report that could substantially affect the Company's assets or financial situation or alter its future prospects.

Going concern

The directors consider that the stability of the revenue from the Company's long-standing customers along with the growing proportion that is made up of recurring revenue as well as the swift post covid bounce back of the Company's EBITDA in 2021, 2022 and 2023 demonstrates the robustness of the Company's business model.

The directors have prepared:

- A detailed budget covering the period to 31 March 2026: and

- A detailed daily cash forecast with a 13-week horizon (which is updated on a weekly basis).

These forecasts show that the Company is expecting to be able to continue to meet its liabilities as they fall due for the foreseeable future and that therefore it is appropriate for the financial statements to be prepared on the going concern basis.

PRINCIPAL RISKS AND UNCERTAINTIES

Market risks

There are risks associated with our exposure to a quick service restaurant sector which is under increasing competitive pressure. This is mitigated by the Group’s relationship with Global Brands, our increasing customer diversification in the local market, and by providing technological solutions allowing retailers to increase customer engagement and revenue by accessing the latest technology.

Liquidity and cash flow risks

The Company's operations expose it to a variety of financial risks that include the effects of credit risk, liquidity risk, foreign exchange and interest rate risk. The directors actively manage these risks by monitoring levels of debt, cash and foreign exchange balances

Bank and cash balances held by the Company at 31 March 2025 totalled £1,296,215.00 (2023 : £310,118). These funds are held in accounts with suitable creditworthy financial institutions and access to the wider group monies is available if cash flow is required.

ON BEHALF OF THE BOARD:

C C Naillot - Director

31 December 2025

The directors present their report with the financial statements of the company for the year ended 31 March 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the development of innovative software, hardware and services solutions.

DIVIDENDS

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

DIRECTORS

Mrs A Warren was appointed on 1st August 2025, and C C Naillot was appointed on 26th November 2025.

J G M Mangeot and J Souissi ceased to be directors on 26th November 2025.

POLITICAL DONATIONS AND EXPENDITURE

During the period the Company made charitable donations of £6,435 (2024: £4,232). No contributions were made for political purposes (2024: £nil).

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), 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 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, DUX Advisory Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

C C Naillot - Director

31 December 2025

Opinion

We have audited the financial statements of Acrelec UK 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 unmodified 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 six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

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

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and

non-compliance with laws and regulations, our procedures included the following:

- We obtained an understanding of the legal and regulatory frameworks applicable to the company and the sector in which it operates. We determined that the following laws and regulations were most significant: Companies Act 2006, UK GAAP, the UK Corporate Governance Code and the Data Protection Act.

- We obtained an understanding of how the company is complying with those legal and regulatory frameworks and made enquiries to the management of known or suspected instances of fraud and non-compliance with laws and regulations. We corroborated our enquiries through our review of board minutes, other relevant meeting minutes and review of correspondence with regulatory bodies.

- We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the audit team included:

- Identifying and assessing the controls management has in place to prevent and detect fraud;

- Understanding how those charged with governance 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 and judgements.

- Identifying and testing journal entries, in particular journal entries posted with unusual account combinations; and

- Assessing the extent of compliance with the relevant laws and regulations.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusions.

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.

Bianca Permal FCA (Senior Statutory Auditor)

for and on behalf of DUX Advisory Limited

Chartered Accountants and

Statutory Auditors

Kennel Club House

Gatehouse Way

Aylesbury

Buckinghamshire

HP19 8DB

31 December 2025

TURNOVER

3

16,123,023

17,818,832

Cost of sales

9,802,960

10,459,335

GROSS PROFIT

6,320,063

7,359,497

Administrative expenses

5,726,054

5,909,069

OPERATING PROFIT

5

594,009

1,450,428

Income from fixed asset investments

-

400,000

594,009

1,850,428

Interest payable and similar expenses

7

71,423

(6,944

)

PROFIT BEFORE TAXATION

522,586

1,857,372

Tax on profit

8

(117,913

)

421,716

PROFIT FOR THE FINANCIAL YEAR

640,499

1,435,656

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

640,499

1,435,656

FIXED ASSETS

Tangible assets

9

53,447

74,944

Investments

10

1,508,688

1,508,688

1,562,135

1,583,632

CURRENT ASSETS

Stocks

11

1,969,097

1,700,297

Debtors

12

5,600,187

4,799,777

Cash at bank

1,296,215

310,118

8,865,499

6,810,192

CREDITORS

Amounts falling due within one year

13

8,160,748

6,176,557

NET CURRENT ASSETS

704,751

633,635

TOTAL ASSETS LESS CURRENT LIABILITIES

2,266,886

2,217,267

CREDITORS

Amounts falling due after more than one year

14

-

(590,880

)

PROVISIONS FOR LIABILITIES

18

(8,517

)

(8,517

)

NET ASSETS

2,258,369

1,617,870

CAPITAL AND RESERVES

Called up share capital

19

10,000

10,000

Fair value reserve

27,310

27,310

Retained earnings

2,221,059

1,580,560

SHAREHOLDERS' FUNDS

2,258,369

1,617,870

The financial statements were approved by the Board of Directors and authorised for issue on 31 December 2025 and were signed on its behalf by:

C C Naillot - Director

Called up

Fair

share

Retained

value

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2023

10,000

144,904

159,072

313,976

Changes in equity

Total comprehensive income

-

1,435,656

(131,762

)

1,303,894

Balance at 31 March 2024

10,000

1,580,560

27,310

1,617,870

Changes in equity

Total comprehensive income

-

640,499

-

640,499

Balance at 31 March 2025

10,000

2,221,059

27,310

2,258,369

1.	STATUTORY INFORMATION

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

The accounts are presented in Pounds Sterling and rounded to the nearest pound.

The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. The Directors have tested their cash flow analysis to take into account the impact on their business of possible scenarios, alongside the measures that they can take to mitigate the impact of possible scenarios. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption 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.

Preparation of consolidated financial statements

The Company has not prepared consolidated financial statements. The Company has taken advantage of section 401 of the Companies Act 2006 not to prepare consolidated financial statements. The results of the Company are included in the consolidated financial statements of GLORY Limited in Japan, the lowest level parent undertaking for which consolidated financial statements have been prepared. The consolidated financial statements for GLORY Limited can be obtained from the GLORY Limited head office and registered address at 1-3-1 , Shimoteno, Himeji City, Hyogo 670-8567, Japan or directly from the GLORY Limited website (http:www.glory-global.com). GLORY Limited is a public company and is listed on the Tokyo Stock Exchange.

Significant judgements and estimates

In preparing the financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. These assumptions are reassessed annually as part of the accounts preparation process.

The critical judgments that the directors have made in the process of applying the company's accounting policies that have the most significant effect on the statutory financial statements are discussed below.

(i) Recoverability of debtors

The company establishes a provision for debtors that are estimated not to be recoverable. When assessing recoverability, the directors have considered factors such as the ageing of debtors, past experience of recoverability and the credit profile of individual or groups of customers.

(ii) Stock

At the end of each reporting period stock is assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is recognised the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

iii) Discount rate on the kiosks lease

The implicit interest rate in the lease has been used as the discount rate for the recognition of the lease liability and right-of-use asset for the leased kiosk. The implicit interest rate is the rate that exactly discounts the future lease payments and any unguaranteed residual value, if applicable, to the fair value of the leased kiosk or the carrying amount of the lease liability.

Turnover

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

Tangible fixed assets

Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation on other assets is provided at the following annual rates in order to write off the cost less estimated residual value of each asset on a straight line basis, over its estimated useful life.

Improvements to property

11%

Plant & machinery

33%

Fixtures & fittings

25%

Motor vehicle

33%

Computer equipment

33%

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

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

Financial instruments

The company 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 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.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial instruments at amortised cost

The company trade debtor and creditor balances are measured at amortised cost taking into account bad debt provisions or write offs retrospectively.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Finance lease policy as a lessor

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

Finance leases are recognized when the lease arrangement transfers substantially all the risks and rewards of ownership to the lessee. At the commencement of the lease, the company records a net lease debtor, which is the present value of the future lease payments and any unguaranteed residual value, discounted at the interest rate implicit in 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.

Cash and cash equivalents

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

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

Period

1.1.23

Year Ended

to

31.3.25

31.3.24

£

£

United Kingdom

15,367,243

17,012,384

Europe

694,171

741,439

United States of America

60,105

65,009

Asia

1,504

-

16,123,023

17,818,832

4.	EMPLOYEES AND DIRECTORS

Period

1.1.23

Year Ended

to

31.3.25

31.3.24

£

£

Wages and salaries

2,998,793

3,082,120

Social security costs

348,170

316,963

Other pension costs

138,684

140,601

3,485,647

3,539,684

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

Period

1.1.23

Year Ended

to

31.3.25

31.3.24

General & administration

10

5

Service & operations

29

29

Industry

11

6

Sales & marketing

4

3

Software

5

5

59

48

Period

1.1.23

Year Ended

to

31.3.25

31.3.24

£

£

Directors' remuneration

-

-

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

Period

1.1.23

Year Ended

to

31.3.25

31.3.24

£

£

Other operating leases

1,274,576

2,132,523

Depreciation - owned assets

57,859

45,670

Profit on disposal of fixed assets

(3

)

-

Foreign exchange differences

28,084

5,521

Auditors' remuneration

20,690

13,085

Other non audit services

7,990

5,740

6.	OTHER INCOME

Period

1.1.23

Year Ended

to

31.3.25

31.3.24

£

£

Dividends received from Odema

-

400,000

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

Period

1.1.23

Year Ended

to

31.3.25

31.3.24

£

£

Bank loan interest

49,185

32,956

HMRC Surcharges

4,048

(39,900

)

Interest payable

18,190

-

71,423

(6,944

)

8.

TAXATION

Analysis of the tax (credit)/charge

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

Period

1.1.23

Year Ended

to

31.3.25

31.3.24

£

£

Current tax:

UK corporation tax

(117,913

)

345,776

Deferred tax

-

75,940

Tax on profit

(117,913

)

421,716

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:

Period

1.1.23

Year Ended

to

31.3.25

31.3.24

£

£

Profit before tax

522,586

1,857,372

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

130,647

464,343

Effects of:

Expenses not deductible for tax purposes

40,650

31,469

Depreciation in excess of capital allowances

4,542

35,571

Adjustments to tax charge in respect of previous periods

(95,293

)

-

Timing difference

(79,571

)

(109,667

)

Group loss offset

(118,888

)

-

Total tax (credit)/charge

(117,913

)

421,716

9.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 April 2024

177,455

8,846

30,421

Additions

23,772

-

-

At 31 March 2025

201,227

8,846

30,421

DEPRECIATION

At 1 April 2024

165,041

6,928

24,102

Charge for year

28,878

67

290

At 31 March 2025

193,919

6,995

24,392

NET BOOK VALUE

At 31 March 2025

7,308

1,851

6,029

At 31 March 2024

12,414

1,918

6,319