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REGISTERED NUMBER: 01741340 (England and Wales)

| VERTICAL SYSTEMS LIMITED |

| FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 30 APRIL 2025 |

VERTICAL SYSTEMS LIMITED (REGISTERED NUMBER: 01741340) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

Page |

| Company Information | 1 |

| Statement of Financial Position | 2 |

| Notes to the Financial Statements | 4 |

| VERTICAL SYSTEMS LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 30 APRIL 2025

| DIRECTORS: | P.L. Healey

| D. Gardner

| B. Rodger

| REGISTERED OFFICE: | 14 Hemmells

| Laindon

| Basildon

| Essex

| SS15 6ED

| REGISTERED NUMBER: | 01741340 (England and Wales)

| INDEPENDENT AUDITORS: | CR Bland Baker Limited

| Chartered Accountants and

| Statutory Auditor

| 21 Lodge Lane

| Grays

| Essex

| RM17 5RY

VERTICAL SYSTEMS LIMITED (REGISTERED NUMBER: 01741340) |

STATEMENT OF FINANCIAL POSITION

30 APRIL 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 174,365 |  | 128,540 |  |

Investments | 5 | 100,000 |  | 100,000 |  |

Investment property | 6 | 260,000 |  | 260,000 |  |

534,365 |  | 488,540 |  |

CURRENT ASSETS

Stocks | 7 | 1,500 |  | 1,500 |  |

Debtors | 8 | 1,250,749 |  | 1,294,714 |  |

Cash at bank and in hand | 51,269 |  | 58,670 |  |

1,303,518 |  | 1,354,884 |  |

CREDITORS

Amounts falling due within one year | 9 | 1,169,687 |  | 1,122,274 |  |

NET CURRENT ASSETS | 133,831 |  | 232,610 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 668,196 |  | 721,150 |  |

CREDITORS

Amounts falling due after more than one year | 10 | 55,374 |  | 116,667 |  |

NET ASSETS | 612,822 |  | 604,483 |  |

CAPITAL AND RESERVES

Called up share capital | 20,001 |  | 20,001 |  |

Share premium | 443,999 |  | 443,999 |  |

Retained earnings | 148,822 |  | 140,483 |  |

SHAREHOLDERS' FUNDS | 612,822 |  | 604,483 |  |

VERTICAL SYSTEMS LIMITED (REGISTERED NUMBER: 01741340) |

STATEMENT OF FINANCIAL POSITION - continued

30 APRIL 2025

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 November 2025 and were signed on its behalf by:

P.L. Healey - Director

VERTICAL SYSTEMS LIMITED (REGISTERED NUMBER: 01741340) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

1. | STATUTORY INFORMATION

| Vertical Systems 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.

| The presentation currency of the financial statements is the Pound Sterling (£).

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

| 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

| 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: |  |

| Long-term leasehold property | 2% |

| Plant and machinery | 20% |

| Motor vehicles | 25% |

| Fixtures and fittings | 33% |

| Computer equipment | 33% |

| Server | 20% |

| Investments in subsidiaries

| Investments in subsidiary undertakings are recognised at cost.

| Investment property

| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

| Stocks

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

VERTICAL SYSTEMS LIMITED (REGISTERED NUMBER: 01741340) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

2. | ACCOUNTING POLICIES - continued

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Hire purchase and leasing commitments

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

| Pension costs and other post-retirement benefits

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

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 25 (2024 - 26 ) .

VERTICAL SYSTEMS LIMITED (REGISTERED NUMBER: 01741340) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

4. | TANGIBLE FIXED ASSETS

| Plant and |

| Land and |  | machinery |

| buildings |  | etc |  | Totals

£ | £ | £ |

| COST

| At 1 May 2024 | 207,943 |  | 778,656 |  | 986,599 |  |

| Additions | - |  | 59,191 |  | 59,191 |  |

| At 30 April 2025 | 207,943 |  | 837,847 |  | 1,045,790 |  |

| DEPRECIATION

| At 1 May 2024 | 86,988 |  | 771,071 |  | 858,059 |  |

| Charge for year | 4,158 |  | 9,208 |  | 13,366 |  |

| At 30 April 2025 | 91,146 |  | 780,279 |  | 871,425 |  |

| NET BOOK VALUE

| At 30 April 2025 | 116,797 |  | 57,568 |  | 174,365 |  |

| At 30 April 2024 | 120,955 |  | 7,585 |  | 128,540 |  |

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Plant and

| machinery

| etc

£ |

| COST

| Additions | 50,000 |  |

| At 30 April 2025 | 50,000 |  |

| DEPRECIATION

| Charge for year | 3,125 |  |

| At 30 April 2025 | 3,125 |  |

| NET BOOK VALUE

| At 30 April 2025 | 46,875 |  |

VERTICAL SYSTEMS LIMITED (REGISTERED NUMBER: 01741340) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

5. | FIXED ASSET INVESTMENTS

| Shares in

| group

| undertakings

£ |

| COST

| At 1 May 2024

| and 30 April 2025 | 100,000 |  |

| NET BOOK VALUE

| At 30 April 2025 | 100,000 |  |

| At 30 April 2024 | 100,000 |  |

6. | INVESTMENT PROPERTY

| Total

£ |

| FAIR VALUE

| At 1 May 2024

| and 30 April 2025 | 260,000 |  |

| NET BOOK VALUE

| At 30 April 2025 | 260,000 |  |

| At 30 April 2024 | 260,000 |  |

| The 2025 valuation was made by the directors, on an open market value for existing use basis.

| Fair value at 30 April 2025 is represented by:

£ |

| Valuation in 2024 | (42,940 | ) |

| Cost | 302,940 |  |

260,000 |  |

7. | STOCKS

2025 | 2024 |

£ | £ |

| Finished goods | 1,500 |  | 1,500 |  |

VERTICAL SYSTEMS LIMITED (REGISTERED NUMBER: 01741340) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | 535,045 |  | 514,754 |  |

| Amounts owed by group undertakings | 632,120 |  | 697,390 |  |

| Other debtors | 83,584 |  | 82,570 |  |

1,250,749 |  | 1,294,714 |  |

9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts | 100,000 |  | 100,000 |  |

| Hire purchase contracts (see note 11) | 6,861 |  | - |  |

| Trade creditors | 88,389 |  | 105,746 |  |

| Amounts owed to group undertakings | 819,810 |  | 730,774 |  |

| Taxation and social security | 104,552 |  | 90,100 |  |

| Other creditors | 50,075 |  | 95,654 |  |

1,169,687 |  | 1,122,274 |  |

10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2025 | 2024 |

£ | £ |

| Bank loans | 16,667 |  | 116,667 |  |

| Hire purchase contracts (see note 11) | 38,707 |  | - |  |

55,374 |  | 116,667 |  |

VERTICAL SYSTEMS LIMITED (REGISTERED NUMBER: 01741340) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

11. | LEASING AGREEMENTS

| Minimum lease payments under hire purchase fall due as follows:

2025 | 2024 |

£ | £ |

| Gross obligations repayable:

| Within one year | 10,480 |  | - |  |

| Between one and five years | 48,962 |  | - |  |

59,442 |  | - |  |

| Finance charges repayable:

| Within one year | 3,619 |  | - |  |

| Between one and five years | 10,255 |  | - |  |

13,874 |  | - |  |

| Net obligations repayable:

| Within one year | 6,861 |  | - |  |

| Between one and five years | 38,707 |  | - |  |

45,568 |  | - |  |

| The hire purchase liability is secured over the related asset.

12. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Bank loans | 116,667 |  | 216,667 |  |

| Hire purchase contracts | 45,568 |  | - |  |

162,235 |  | 216,667 |  |

| The company bankers have a fixed and floating charge over the assets of the company.

| The hire purchase creditor is secured against the asset which was acquired under it.

VERTICAL SYSTEMS LIMITED (REGISTERED NUMBER: 01741340) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 APRIL 2025

13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

| The Report of the Auditors was unqualified.

| Steven James Garrod FCA (Senior Statutory Auditor)

| for and on behalf of CR Bland Baker Limited

14. | RELATED PARTY DISCLOSURES

| As the Company is a wholly owned subsidiary of Notsallow 134 Limited the Company has taken advantage of the exemption in FRS102 disclosure 33.1A and has therefore not disclosed transactions or balances with other wholly-owned subsidiaries which form part of the group headed by Vertical Group Limited. The consolidated financial statements, within which this company is included, can be obtained from 14 Hemmells, Laindon, Essex, SS15 6ED.

| Transactions with companies not wholly owned by the group are as follows:

| The Company made sales of £2,025 (2024: £1,954) to MI Telecom Limited and purchases of £8,519 (2024 - £23,577), a fellow subsidiary of Notsallow 134 Limited. As at 30 April 2025 the Company owed £35,949 (2024: £38,648) to MI Telecom Limited.

| As at 30 April 2025 the Company owed Villas for Travel Limited, a fellow associate of Notsallow 134 Limited, £45,926 (2024: £45,926).

| As at 30 April 2025 £1,242 was owed from the directors to the company. (2024 - £19 owed to the directors by the company) The balances represented unsecured, interest free loans, repayable on demand.

15. | ULTIMATE CONTROLLING PARTY

| The ultimate parent undertaking of this company as at the period ended 30 April 2025 was Vertical Group Limited which is incorporated in England and registered in England and Wales.

| The immediate parent undertaking and controlling party is Notsallow 134 Limited which is incorporated and registered in England and Wales. The largest and smallest group of undertakings which include this company and for which consolidated accounts have been drawn up is that headed by Vertical Group Limited. The address where these accounts can be found is also the registered address of the parent company: 14 Hemmells, Laindon, Basildon, Essex, SS15 6ED.

| The ultimate controlling party is P L Healey.