ACCOUNTS - Final Accounts preparation

Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:

Registered number: 13053457

TEAMTEK CONSULTING LIMITED

DIRECTOR'S REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

TEAMTEK CONSULTING LIMITED

COMPANY INFORMATION

Director	Ketan Somani


Registered number	13053457


Registered office	20 Wenlock Road
	London
	N1 7GU

TEAMTEK CONSULTING LIMITED

CONTENTS

	Page
Director's report	1 - 2
Independent auditors' report	3 - 7
Statement of comprehensive income	8
Balance sheet	9
Statement of changes in equity	10 - 11
Notes to the financial statements	12 - 21

TEAMTEK CONSULTING LIMITED

DIRECTOR'S REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The director presents his report and the financial statements for the year ended 31 December 2024.

Director's responsibilities statement

The director is responsible for preparing the Director's report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 director is required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

Director

The director who served during the year was:

Ketan Somani

Disclosure of information to auditors

The director at the time when this Director's report is approved has confirmed that:

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

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

Auditors

The auditors, Focus Somar Audit and Tax Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

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

Page 1

TEAMTEK CONSULTING LIMITED

DIRECTOR'S REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

This report was approved by the board on 30 December 2025 and signed on its behalf.

Ketan Somani

Director

20 Wenlock Road

London

N1 7GU

Page 2

TEAMTEK CONSULTING LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TEAMTEK CONSULTING LIMITED

Opinion

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

Except for the effects of the matter described in the Basis of Opinion Section, in our opinion the financial
statements:

∙give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its 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 Qualified Opinion

We were appointed as auditors of the Company for the year ended 31 December 2024. During the year, a net debit balance of £979,195 was written off and recognised as an exceptional item in the profit and loss account (refer Note 6).

We noted that these adjustment entries were not supported by sufficient and appropriate audit evidence. Consequently, we were unable to determine whether these write-offs were appropriately recognised as expenses of the current year or whether all or part of the amount should have been recognised as a prior period adjustment in accordance with paragraph 10.21 of Section 10 Accounting Policies, Estimates and Errors of FRS 102.

Accordingly, we were unable to determine whether any adjustments were necessary in respect of the profit for the year ended 31 December 2024 and retained earnings as at 1 January 2024.

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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Page 3

TEAMTEK CONSULTING LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TEAMTEK CONSULTING LIMITED (CONTINUED)

Material uncertainty related to going concern

We draw attention to note 2.4 in the financial statements, which indicates that subsequent to the reporting date, the Board of Directors is considering a proposal to transfer the business of the Company into its parent undertaking, Accolite Labs Europe Limited, in 2026. The completion of this proposed business transfer is subject to obtaining all required approvals and, at the date of approval of these financial statements, its outcome remains uncertain. As stated in note 2.4, these events or conditions, along with the other matters as set forth in note 2.4, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the director's assessment of the Company's ability to continue to adopt the going concern basis of accounting included consideration of the Company’s financial position at the reporting date, including its net current asset and net asset position, a review of cash flow forecasts and other relevant financial information, and an assessment of the availability and continued support from the parent undertakings. We also considered the implications of the proposed business transfer described in Note 14, including the uncertainty surrounding its completion and the directors’ plans should the business transfer not proceed. Based on the audit evidence obtained, we concluded that the directors’ assessment appropriately reflects the conditions and uncertainties affecting the Company.

Our responsibilities and the responsibilities of the director 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 Auditors' report thereon. The director is responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Director's report has been prepared in accordance with applicable legal requirements.

Page 4

TEAMTEK CONSULTING LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TEAMTEK CONSULTING LIMITED (CONTINUED)

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Director's report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of director's remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit; or

∙the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Director's report and from the requirement to prepare a Strategic report.

Responsibilities of directors

As explained more fully in the Director's responsibilities statement set out on page 1, the director is 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 director determines 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 director is 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 director either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Page 5

TEAMTEK CONSULTING LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TEAMTEK CONSULTING LIMITED (CONTINUED)

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- Enquires of management, concerning the Company's policies and procedures relating to:
•Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance.
- Discussing among the engagement team regarding how and where fraud might occur in the financial statements and any potential indicator of fraud. In common with all audits under ISAs (UK) we are also requires to perform specific proceduresto respond to the risk of management override.
•Performed analytical procedures to identified unusual transaction.
•Tested journal entries to identify unusual transactions.
- We assess the risk of management override of controls, including testing journal entries and other adjustments or appropriateness and evaluating business rationale of significance transactions outside the normal course of business.
- We obtained an understanding of the legal and regulatory frameworks that the Company operates in.

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 Auditors' report.

Other matters

The corresponding figures for the year ended 31 December 2023 were not audited. Accordingly, our audit opinion on the financial statements for the year ended 31 December 2024 does not extend to the corresponding figures for the year ended 31 December 2023, and we do not express an audit opinion on those figures.

Use of our report

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

Page 6

TEAMTEK CONSULTING LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TEAMTEK CONSULTING LIMITED (CONTINUED)

Krishna Prasad Dahal (Senior statutory auditor)

for and on behalf of

Focus Somar Audit and Tax Accountants Limited

Statutory Auditors

Chartered Certified Accountants

Apex House

Grand Arcade

North Finchley

London

N12 0EH

31 December 2025

Page 7

TEAMTEK CONSULTING LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
Note	£	£


Turnover	8,023,526	13,181,374
Cost of sales	(6,670,400)	(10,342,668)
Gross profit	1,353,126	2,838,706
Administrative expenses	(374,145)	(661,352)
Other Exceptional items	(979,195)	-
Other operating income	13,273	2,487
Operating profit	13,059	2,179,841
Interest receivable and similar income	2,177	-
Profit before tax	15,236	2,179,841
Tax on profit	(255,051)	(515,793)
(Loss)/profit for the financial year	(239,815)	1,664,048

Other comprehensive income for the year
Total comprehensive income for the year		(239,815)	1,664,048

The notes on pages 12 to 21 form part of these financial statements.

Page 8

TEAMTEK CONSULTING LIMITED

REGISTERED NUMBER: 13053457

BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	7		1,357		3,566
Investments	8		963		963
			2,320		4,529
Current assets
Debtors: amounts falling due within one year	9	5,165,600		4,885,900
Cash at bank and in hand	10	677,420		1,157,892
		5,843,020		6,043,792
Creditors: amounts falling due within one year	11	(3,502,095)		(3,465,261)
Net current assets			2,340,925		2,578,531
Total assets less current liabilities			2,343,245		2,583,060

Net assets			2,343,245		2,583,060

Capital and reserves
Called up share capital	2	2
Profit and loss account	2,343,243	2,583,058
	2,343,245	2,583,060

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 December 2025.

Ketan Somani

Director

The notes on pages 12 to 21 form part of these financial statements.

Page 9

TEAMTEK CONSULTING LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2024	2	2,583,058	2,583,060
Comprehensive income for the year
Loss for the year	-	(239,815)	(239,815)
Other comprehensive income for the year	-	-	-
Total comprehensive income for the year	-	(239,815)	(239,815)
Total transactions with owners	-	-	-
At 31 December 2024	2	2,343,243	2,343,245

The notes on pages 12 to 21 form part of these financial statements.

Page 10

TEAMTEK CONSULTING LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2023

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2023	2	919,010	919,012
Comprehensive income for the year
Profit for the year	-	1,664,048	1,664,048
Other comprehensive income for the year	-	-	-
Total comprehensive income for the year	-	1,664,048	1,664,048
Total transactions with owners	-	-	-
At 31 December 2023	2	2,583,058	2,583,060

The notes on pages 12 to 21 form part of these financial statements.

Page 11

TEAMTEK CONSULTING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

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

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

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 the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).

This information is included in the consolidated financial statements of Accolite Labs Europe Limited as at 30th June 2024 and these financial statements may be obtained from 60 Cannon Street, Spaces, London, England, EC4N 6NP.

2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

Page 12

TEAMTEK CONSULTING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.4

Going concern

The Company incurred a loss during the year; however, it remains in a net current asset and net asset position at the reporting date. Relationships with clients and suppliers remain strong, with no adverse impact on debtor or creditor payment terms.

Amounts due from group undertakings are considered fully recoverable, and repayment is not expected to be demanded unless the Company has sufficient resources to meet such obligations. The directors are confident that, with the continued financial support of the parent undertakings, the Company has adequate resources to meet its liabilities as they fall due.

As disclosed in Note 14, subsequent to the reporting date the Board is considering a proposal to transfer the business of the Company into its parent undertaking, Accolite Labs Europe Limited. This proposed business transfer is subject to obtaining all required approvals, and its outcome remains uncertain.

After making appropriate enquiries and considering the matters above, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on the going concern basis.

2.5

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 13

TEAMTEK CONSULTING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.6

Revenue

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

Rendering of services

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

∙the amount of revenue can be measured reliably;

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

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

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

Revenue related to services performed without signed agreement or other persuasive evidence of an arrangement, is not recognised until the agreement is signed or such other evidence of an agreement exist.If customer collection is uncertain, revenue will be recognised based on cash collection. However, the cost related to the performance of these services is recognised in the period the services are rendered. The Company recognises revenue on time and material contracts as the service is. performed. Revenue from maintenance contracts is recognised ratably.

Revenue from fixed price and milestone contracts is recognised as the service is performed using the percentage of completion (POC) accounting method. The POC is determined by comparing the actual hours of work performed to date to the estimated total hours to complete each contract. Where the value of work performed differs from amounts invoiced to the customer, any excess work performed is recorded as accrued income and any shortfalls recorded as deferred income.

2.7

Operating leases: the Company as lessee

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

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

2.8

Interest income

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

Page 14

TEAMTEK CONSULTING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

2.10

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

2.11

Tangible fixed assets

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

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

Depreciation is provided on the following basis:

Plant and machinery

33%

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

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

2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Page 15

TEAMTEK CONSULTING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.14

Cash and cash equivalents

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

2.15

Creditors

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

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from those estimates.
The estimates and underlying assumptions are reviewed on a ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only the period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key Sources of estimation uncertainty
In the process of applying its accounting policies, the company is required to make certain estimates, judgements and assumtions that it believes are reasonable based on the information available. These judgements, estimates and assumptions affect the amounts of assets and liabilities at the date of the financial statements and amounts of revenyue and expenses recognised during the reporting periods presented. On an ongoing basis, the company evaluates its expenses using historical experience consultation with experts and other methods considered reasonable in the particular circumstances. Actual results may differ significantly from the estimates, the effect of which is recognised in the period in which the facts that give rise to the revision become known. The estimates and assumptions which have a significant risk of causing a material adjustment of the carrying amount of assets and liabilities are as follows:

Depreciation of tangible fixed assets

Determining the useful life for the tangible fixed assets requires management to make an estimate based on the value in use and life of the asset.

Page 16

TEAMTEK CONSULTING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Fees payable to the Company's auditors for the audit of the Company's financial statements

8,000

Employees

The average monthly number of employees, including the director, during the year was as follows:

	2024	2023
	No.	No.

Average Number Employees	7	11

6.	Exceptional items
		2024	2023
		£	£

	Reconciliation of accounting ledgers	979,195	-
		979,195	-

During the year, the company carried out a comprehensive review and reconciliation of its accounting ledgers. This exercise identified a number of balances which were either:

historic items carried forward from prior years without relevance and logical basis to carry forward, and/or transactions previously recorded in incorrect ledger accounts.

To ensure the accuracy and reliability of the financial statements, these balances have been written off in the current year.

The total write-off recognised in the Statement of profit and loss amounts to £979,195, management considers this to be a non-recurring adjustment arising from the clean-up of accounting records, and it has therefore been disclosed separately as an exceptional item.

Page 17

TEAMTEK CONSULTING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

7.	Tangible fixed assets

		Plant and machinery
		£
	Cost or valuation
	At 1 January 2024	6,729
	At 31 December 2024	6,729
	Depreciation
	At 1 January 2024	3,163
	Charge for the year on owned assets	2,209
	At 31 December 2024	5,372
	Net book value
	At 31 December 2024	1,357
	At 31 December 2023	3,566

8.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 January 2024	963
	At 31 December 2024	963

Page 18

TEAMTEK CONSULTING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Registered office	Class of shares	Holding

	Teamtek Global Limited	20 Wenlock Road, London, England, N1 7GU	Ordinary	100%
	Teamtek Global SAS	58 Rue de Monceau, 75008 Paris, France.	Ordinary	100%

The aggregate of the share capital and reserves as at 31 December 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
Name	Aggregate of share capital and reserves	Profit/(Loss)
	£	£

	Teamtek Global Limited	100	(304,258)
	Teamtek Global SAS	863	270,698

Page 19

TEAMTEK CONSULTING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Debtors

					2024	2023
					£	£


Trade debtors	608,823	2,983,346
Amounts owed by group undertakings	4,231,280	1,288,242
Other debtors	15,136	27,757
Prepayments and accrued income	310,361	586,555
	5,165,600	4,885,900

10.	Cash and cash equivalents
		2024	2023
		£	£

Cash at bank and in hand	677,420	1,157,892
	677,420	1,157,892

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

Trade creditors	539,215	453,322
Amounts owed to group undertakings	2,339,500	1,711,270
Corporation tax	255,051	550,901
Other taxation and social security	73,413	519,671
Other creditors	79,967	889
Accruals and deferred income	214,949	229,208
	3,502,095	3,465,261

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

Page 20

TEAMTEK CONSULTING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

13.	Controlling party

The immediate parent company is Accolite Labs Europe Limited, a company registered in England and Wales. The ultimate parent company is Bounteous Inc formerly known as Accolite Digital Labs LLC, a company registered in the United States.

14.	Events after the Reporting Period - Proposed Business Transfer

Subsequent to the reporting date, the Board of Directors of TeamTek Consulting Limited is considering a proposal to transfer the business of the Company into its parent undertaking, Accolite Labs Europe Limited in upcoming year 2026.

Under the proposed scheme of business transfer, the business of TeamTek Consulting Limited, together with its assets and liabilities, would be transferred to and vested in Accolite Labs Europe Limited as a going concern.

The proposed business transfer is subject to obtaining all required approvals and has not been completed as at the date of approval of these financial statements. Accordingly, no adjustment has been made in these financial statements in respect of this matter.

In the event that the proposed business transfer is not executed, the Company is expected to continue its operations in the normal course of business, with financial support from the parent undertaking where necessary.

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