Company registration number 14247410 (England and Wales)
SALVATIO HOLDING LIMITED (CONSOLIDATION)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
SALVATIO HOLDING LIMITED (CONSOLIDATION)
COMPANY INFORMATION
Directors
Mr F Blad
(Appointed 9 June 2025)
Mr F Sidhagen
(Appointed 9 June 2025)
Company number
14247410
Registered office
73 Cornhill
London
EC3V 3QQ
Auditor
PKF Smith Cooper Audit Limited
Cornerblock
2 Cornwall Street
Birmingham
B3 2DX
Accountants
Gerald Edelman LLP
73 Cornhill
London
EC3V 3QQ
Business address
Birger Jarlsgatan 20
114 34
Stockholm
Sweden
SALVATIO HOLDING LIMITED (CONSOLIDATION)
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Group profit and loss account
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Notes to the financial statements
13 - 32
SALVATIO HOLDING LIMITED (CONSOLIDATION)
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Business review

The vast majority of the activity within the Group comes from one subsidiary, Evac+Chair International Limited. The performance of Evac+Chair International Limited is the primary component as to the success of the Group, as a result of this, the comments in the business review are in relation to that subsidiary alone.

The below shows the performance of Evac+Chair International Limited ("Evac+Chair") on a standalone basis and the therefore the figures stated below do not agree to those in the group profit and loss account or the notes the group financial statements.

In 2024, Evac+Chair delivered a turnover of £9.7 million, which represents 7% uplift against previous year end marking the highest annual revenue in the Company's history, surpassing the previous record of £9.2 million achieved in 2019.

The growth was achieved from our UK (+4.6%) & European (+2.8%) markets due to growing awareness around safe evacuation and a greater emphasis around inclusion. We have also benefited from increased competition.

Sales into the Rest of the World saw a significant increase of +69% to £637,633 (2023: £377,795), indicating renewed international traction and further market recovery post COVID.

Gross profit increased to £6.4 million, maintaining a robust gross margin of 66.5%, down slightly from 67.1% in 2023 due to controlled but persistent inflationary cost pressures. Despite rising overheads, EBITDA improved to an estimated £504K, up from £368K in 2023 - a 37% increase.

A new Managing Director, C Blakemore, was appointed on 1st July 2024, following G Wallace's move into a consultant role at the Allvida Group level.

Principal risks and uncertainties

The principal risks and uncertainties affecting the Group in the future are:

- Raw material costs

- Competition

- Legislation

- Exports

Key performance indicators
Year ended 31 December 2024
15 month period ended 31 December 2023
Turnover
£9,789,951
£11,147,752
Operating loss
(£655,232)
(£1,445,780)
Future Developments

The Group is forecasting continued growth in 2026 on both revenues and operating profit. It is aiming to surpass £11 million turnover and an operating profit margin (EBIT) of at least 15%. A realigned sales strategy to improve conversion in the core business, expansion into adjacent industries, and improved productivity supports the ambition.

On behalf of the board

Mr F Blad
Director
23 December 2025
SALVATIO HOLDING LIMITED (CONSOLIDATION)
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the Group was t he manufacture, sale and service of emergency evacuation chairs, medical equipment and related service and training, both in the UK and the rest of the world. The principal activity of the Company is that of a holding company.

Results and dividends

The results for the year are set out on page 7.

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

Directors

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

Mr S Hakami
(Resigned 9 June 2025)
Ms M Fagerberg
(Resigned 9 June 2025)
Mr G Wallace
(Resigned 3 December 2024)
Mr F Blad
(Appointed 9 June 2025)
Mr F Sidhagen
(Appointed 9 June 2025)
Financial instruments

The Group uses a variety of financial instruments including cash, invoice discounting facilities, trade receivables and trade payables that arise directly from its operations. The principal purpose of these financial instruments is to provide finance for the Group’s operations. The Group is exposed through its use of financial instruments to a range of financial risks, which are set out below.

Liquidity risk

The Group’s policy is to maintain sufficient liquidity to meet its foreseeable financial obligations as they fall due. Liquidity risk is managed by maintaining an appropriate mix of funding sources, including invoice discounting facilities and finance leases, to provide flexibility and cost efficiency. Cash flow forecasts are prepared and reviewed regularly to ensure that adequate facilities are available to meet the Group’s operational and investment requirements.

Interest rate risk

The Group is exposed to interest rate risk on borrowings and lease liabilities that carry variable rates of interest. During the year, the Group financed its operations through a combination of invoice discounting facilities and finance leases. Borrowings are typically arranged at floating rates of interest, subject to an agreed margin, while finance leases may carry either fixed or variable interest rates.

Credit risk

The Group’s principal credit risk arises from trade receivables. Credit risk is managed by applying credit limits to customers, based on an assessment of payment history and, where appropriate, external credit ratings. Credit exposures are monitored on an ongoing basis, with credit limits reviewed regularly by the finance function in conjunction with debt ageing analysis and collection history.

Currency risk

The Group is exposed to foreign currency risk arising from transactions denominated in currencies other than the functional currency of the relevant group entities. Transaction exposures, including those arising from forecast transactions, are monitored on an ongoing basis. Where considered appropriate, hedging is undertaken to manage exposures outside acceptable limits. Although the Group seeks to achieve economic hedging, it does not apply hedge accounting. Foreign exchange differences arising on the retranslation of monetary assets and liabilities are recognised in the Group profit and loss account.

SALVATIO HOLDING LIMITED (CONSOLIDATION)
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Auditor

The auditors, PKF Smith Cooper Audit Limited were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of directors' responsibilities

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 U nited K ingdom 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.

Statement of disclosure to auditor

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.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to groups and companies entitled to the exemptions of the medium-sized companies exemption.

On behalf of the board
Mr F Blad
Director
23 December 2025
SALVATIO HOLDING LIMITED (CONSOLIDATION)
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SALVATIO HOLDING LIMITED (CONSOLIDATION)
- 4 -
Opinion

We have audited the financial statements of Salvatio Holding Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group profit and loss account, 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).

In our opinion the financial statements:

- give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2024 and of the group's loss for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 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 group's and parent 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 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

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

- T he information given in the strategic report and the directors' r eport 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.

SALVATIO HOLDING LIMITED (CONSOLIDATION)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SALVATIO HOLDING LIMITED (CONSOLIDATION)
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company 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 directors' r esponsibilities s tatement, 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.

Auditor's 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 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.

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:

Based on our understanding of the Group and Company and industry in which it operates, key laws and regulations we identified included:

- Companies Act 2006

- Tax legislation;

- Health and safety legislation; and

- Employment legislation.

We identified that the principal risk of fraud and non-compliance with laws and regulations related to:

- Management bias in respect of accounting estimates and judgements made;

- Management override of controls;

- Posting of unusual journals or transactions.

We focused on those areas that could give rise to a material misstatement in the Group and Company financial statements. Our procedures included, but were not limited to:

- Enquiry of management and those charged with governance and review of correspondence around actual and potential litigation and claims, including instances of non-compliance with laws and regulations and fraud;

- Reviewing minutes of meetings of those charged with governance, where available;

- Reviewing legal expenditure in the year to identify for instances of non-compliance with laws and regulations and fraud;

SALVATIO HOLDING LIMITED (CONSOLIDATION)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SALVATIO HOLDING LIMITED (CONSOLIDATION)
- 6 -

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations:

- Pe r forming audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias, including depreciation and impairment of tangible and intangible fixed assets, provision for bad debts and stock provisions.

It is the primary responsibility of management, with oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

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

A further description of our responsibilities 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.

Richard Haydon (Senior Statutory Auditor)
For and on behalf of PKF Smith Cooper Audit Limited
24 December 2025
Statutory Auditor
Cornerblock
2 Cornwall Street
Birmingham
B3 2DX
SALVATIO HOLDING LIMITED (CONSOLIDATION)
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
15 month period
Year ended
ended
31 December
31 December
2024
2023
as restated
Notes
£
£
Turnover
3
9,879,951
11,147,752
Cost of sales
(3,225,803)
(3,678,758)
Gross profit
6,654,148
7,468,994
Distribution costs
(1,762,343)
(1,843,857)
Administrative expenses
(5,554,236)
(7,070,917)
Other operating income
7,199
-
0
Operating loss
4
(655,232)
(1,445,780)
Interest receivable and similar income
8
533
3,346
Interest payable and similar expenses
9
(444,152)
(419,136)
Loss before taxation
(1,098,851)
(1,861,570)
Tax on loss
10
(108,212)
10,044
Loss for the financial year
(1,207,063)
(1,851,526)
Loss for the financial year is all attributable to the owners of the parent company.
There was no other comprehensive income for 2024 (2023: £Nil)
SALVATIO HOLDING LIMITED (CONSOLIDATION)
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 8 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Goodwill
11
8,133,704
9,186,431
Other intangible assets
11
30,111
36,318
Total intangible assets
8,163,815
9,222,749
Tangible assets
12
843,540
951,807
9,007,355
10,174,556
Current assets
Stocks
16
830,362
834,025
Debtors
17
2,199,020
1,782,292
Cash at bank and in hand
302,495
243,824
3,331,877
2,860,141
Creditors: amounts falling due within one year
18
(4,286,781)
(3,708,471)
Net current liabilities
(954,904)
(848,330)
Total assets less current liabilities
8,052,451
9,326,226
Creditors: amounts falling due after more than one year
19
(3,557,373)
(3,592,320)
Provisions for liabilities
Deferred tax liability
21
61,484
93,249
(61,484)
(93,249)
Net assets
4,433,594
5,640,657
Capital and reserves
Called up share capital
23
2
2
Equity reserve
24
7,492,181
7,492,181
Profit and loss reserves
25
(3,058,589)
(1,851,526)
Total equity
4,433,594
5,640,657

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

The financial statements were approved by the board of directors and authorised for issue on 23 December 2025 and are signed on its behalf by:
23 December 2025
Mr F Blad
Director
Company registration number 14247410 (England and Wales)
SALVATIO HOLDING LIMITED (CONSOLIDATION)
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
13
9,068,918
9,068,918
Current assets
Debtors falling due after more than one year
17
1,582,941
-
0
Debtors falling due within one year
17
284,880
1,968,815
Cash at bank and in hand
28,739
18,224
1,896,560
1,987,039
Creditors: amounts falling due within one year
18
(790,762)
(422,698)
Net current assets
1,105,798
1,564,341
Total assets less current liabilities
10,174,716
10,633,259
Creditors: amounts falling due after more than one year
19
(3,557,373)
(3,592,320)
Net assets
6,617,343
7,040,939
Capital and reserves
Called up share capital
23
2
2
Equity reserve
24
7,492,181
7,492,181
Profit and loss reserves
25
(874,840)
(451,244)
Total equity
6,617,343
7,040,939

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s loss for the year was £423,596 (2023 - £451,244 loss).

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

The financial statements were approved by the board of directors and authorised for issue on 23 December 2025 and are signed on its behalf by:
23 December 2025
Mr F Blad
Director
Company registration number 14247410 (England and Wales)
SALVATIO HOLDING LIMITED (CONSOLIDATION)
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
Share capital
Equity reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 21 July 2022
-
0
-
0
-
0
-
Period ended 31 December 2023:
Loss and total comprehensive income
-
-
(1,851,526)
(1,851,526)
Issue of share capital
23
2
-
-
2
Shareholder contribution
24
-
0
7,492,181
-
7,492,181
Balance at 31 December 2023
2
7,492,181
(1,851,526)
5,640,657
Period ended 31 December 2024:
Loss and total comprehensive income
-
-
(1,207,063)
(1,207,063)
Balance at 31 December 2024
2
7,492,181
(3,058,589)
4,433,594
SALVATIO HOLDING LIMITED (CONSOLIDATION)
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
Share capital
Equity reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 21 July 2022
-
0
-
0
-
0
-
Period ended 31 December 2023:
Loss and total comprehensive income for the period
-
-
(451,244)
(451,244)
Issue of share capital
23
2
-
-
2
Shareholder contribution
24
-
0
7,492,181
-
7,492,181
Balance at 31 December 2023
2
7,492,181
(451,244)
7,040,939
Period ended 31 December 2024:
Loss and total comprehensive income
-
-
(423,596)
(423,596)
Balance at 31 December 2024
2
7,492,181
(874,840)
6,617,343
SALVATIO HOLDING LIMITED (CONSOLIDATION)
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
2024
2023
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
31
442,137
1,026,882
Income taxes paid
(20,115)
(26,974)
Net cash inflow from operating activities
422,022
999,908
Investing activities
Purchase of business
-
(3,128,223)
Cash acquired on acquisition of group
-
149,629
Purchase of intangible assets
(13,364)
(32,347)
Purchase of tangible fixed assets
(66,388)
(125,466)
Proceeds from disposal of tangible fixed assets
208
-
Interest received
533
3,346
Net cash used in investing activities
(79,011)
(3,133,061)
Financing activities
Issue of convertible loans
-
5,042,205
Repayment of borrowings
(65,083)
(2,391,161)
Repayment of invoice discounting
(59,301)
-
Interest paid
(159,956)
(274,067)
Net cash (used in)/generated from financing activities
(284,340)
2,376,977
Net increase in cash and cash equivalents
58,671
243,824
Cash and cash equivalents at beginning of year
243,824
-
0
Cash and cash equivalents at end of year
302,495
243,824
SALVATIO HOLDING LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
1
Accounting policies
Company information

Salvatio Holding Limited (“the company”) is a private company limited by shares domiciled and incorporated in England and Wales. The registered office is 73 Cornhill, London, EC3V 3QQ.

The group consists of Salvatio Holding Limited and all of its subsidiaries, details of which can be found in Note 14.

1.1
Reporting period

The financial statements cover the 12-month period ended 31 December 2024. The comparative figures relate to the 17-month period from the date of incorporation to 31 December 2023. The profit and loss account reflects a 15-month trading period within that 17-month accounting period. As a result, the current year’s figures are not entirely comparable with those of the prior period.

1.2
Accounting convention

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. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified for items accounted for at fair value. The principal accounting policies adopted are set out below.

1.3
Business combinations

In the parent company financial statements, t he 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. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

SALVATIO HOLDING LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Salvatio Holding 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 31 December 2024. 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 g roup.

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.

1.5
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future, having considered net liabilities at the balance sheet date and the letter of support provided by SG Accessibility AB, a subsidiary of Systematic Group AB, the Company’s ultimate parent undertaking. This confirms that SG Accessibility AB will not request repayment of accrued interest arising on loans from group undertakings unless the company is able to make the repayment without prejudice to its working capital requirements. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.6
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

Revenue 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 revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from a contract to provide services is recognised in the period in which the services are provided, for maintenance over the period of support and for training on occurrence of the training session.

SALVATIO HOLDING LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.7
Intangible fixed assets - goodwill

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

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.8
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Trademarks
Six years straight line
1.9
Tangible fixed assets

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:

Leasehold land and buildings
over period of the lease
Plant and equipment
10 years straight line
Fixtures and fittings
25% straight line
Motor vehicles
25% reducing the balance

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.

1.10
Fixed asset investments

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities 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.

SALVATIO HOLDING LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.11
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.12
Stocks

Stocks are stated at the lower of costs and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment, If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Group profit and loss account.

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.

1.13
Cash and cash equivalents

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.

SALVATIO HOLDING LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.14
Financial instruments

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

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 m ethod 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.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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.

SALVATIO HOLDING LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
Basic financial 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 paymen ts 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.15
Equity instruments

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.

1.16
Taxation

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

Current 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

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.

1.17
Employee benefits

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.

1.18
Retirement benefits

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

SALVATIO HOLDING LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
1.19
Leases

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 lease d asset are consumed.

1.20
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.21
Foreign exchange

Transactions in currencies other 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.

SALVATIO HOLDING LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
2
Judgements and key sources of estimation uncertainty

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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Estimation of useful economic life

The charge in respect of periodic depreciation and amortisation is derived after determining an estimate of an asset's expected useful economic life and the expected residual value at the end of its life. The useful lives of all assets are determined at the time the asset is acquired and reviewed at least annually for appropriateness. The lives are based on historical experience with similar assets as well as anticipation of future events, which may impact their life, in particular the changing profile of building safety risk management.

Recoverability of trade debtors

Trade and other receivables are recognised to the extent that they are judged recoverable. Management reviews are performed to estimate the level of reserves required for irrecoverable debt. Provisions are made specifically against invoices where recoverability is uncertain. Management makes allowance for doubtful debts based on an assessment of recoverability of the debtors. Allowances are applied to debtors where events or changes in circumstances indicate that the carrying amounts may not be recoverable. Where the exception is different from the original estimate, such difference will impact the carrying value of the debtors and the charge in the Statement of Comprehensive Income.

Stock provisioning

Determining stock provisioning involves estimating the recoverable amount of the stock held by the company. Calculating the recoverable amount of stock requires a degree of estimation in terms of the likely demand for individual stock items. Management monitor demand very closely and continue to ensure any changes in the market are appropriately reflected.

SALVATIO HOLDING LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
3
Turnover
12 month year ended
15 month period ended
Group
Group
2024
2023
£
£
Turnover analysed by class of business
Product and accessory sales
7,090,060
8,584,608
Maintenance and training services
2,789,891
2,563,144
9,879,951
11,147,752
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
7,766,954
9,147,646
Rest of Europe
1,270,342
1,477,923
Rest of world
842,655
522,183
9,879,951
11,147,752
4
Operating loss
12 month year ended
15 month period ended
Group
Group
2024
2023
£
£
Operating loss for the period is stated after charging/(crediting):
Exchange gains
(25,551)
(7,573)
Research and development costs
57,926
19,388
Government grants
(7,199)
-
Fees payable to the group's auditor for the audit of the group's financial statements
13,500
12,000
Depreciation of tangible fixed assets
174,655
215,756
Profit on disposal of tangible fixed assets
(208)
-
Amortisation of intangible assets
1,072,298
1,357,010
Provision for other debtors not recoverable
24,271
-
Operating lease charges
551,929
458,291
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor:
£
£
For audit services
Audit of the financial statements of the group and company
13,500
12,000
SALVATIO HOLDING LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
6
Employees

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

12 month year ended
15 month period ended
Group
Group
2024
2023
Number
Number
Production
52
55
Administrative
56
59
Directors
4
4
Total
112
118

Their aggregate remuneration comprised:

12 month year ended
15 month period ended
Group
Group
2024
2023
£
£
Wages and salaries
4,049,039
4,524,067
Social security costs
419,722
439,066
Pension costs
387,509
404,819
4,856,270
5,367,952
7
Directors' remuneration
12 month year ended
15 month period ended
Group
Group
2024
2023
£
£
Remuneration for qualifying services
228,308
237,954
Company pension contributions to defined contribution schemes
31,933
23,146
260,241
261,100

All amounts included in the above were pa yable to the only director who was remunerated in the period.

SALVATIO HOLDING LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
8
Interest receivable and similar income
12 month year ended
15 month period ended
Group
Group
2024
2023
£
£
Interest income
Interest on bank deposits
20
-
0
Other interest income
513
3,346
Total income
533
3,346
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
20
-
9
Interest payable and similar expenses
12 month year ended
15 month period ended
Group
Group
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
4,167
-
Other interest on financial liabilities
439,790
419,024
443,957
419,024
Other finance costs:
Other interest
195
112
Total finance costs
444,152
419,136
10
Taxation
12 month year ended
15 month period ended
Group
Group
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
146,701
60,305
Adjustments in respect of prior periods
(6,724)
(52,598)
Total current tax
139,977
7,707
SALVATIO HOLDING LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10
Taxation
12 month year ended
15 month period ended
Group
Group
(Continued)
- 24 -
Deferred tax
Origination and reversal of timing differences
(31,765)
(17,751)
Total tax charge/(credit)
108,212
(10,044)

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

2024
2023
£
£
Loss before taxation
(1,098,851)
(1,861,570)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.50%)
(274,713)
(437,469)
Tax effect of expenses that are not deductible in determining taxable profit
296,985
438,074
Tax effect of income not taxable in determining taxable profit
(13,235)
-
0
Unutilised tax losses carried forward
105,899
-
0
Adjustments in respect of prior years
(6,724)
(55,432)
Adjustments in the rate of deferred tax
-
0
(1,683)
Other
-
0
46,466
Taxation charge/(credit)
108,212
(10,044)

Factors that may affect future tax charges

The parent company has trading losses of £451,382 (2023: £32,108) available to utilise in future periods.

11
Intangible fixed assets
Group
Goodwill
Trademarks
Total
£
£
£
Cost
At 1 January 2024
10,527,268
52,491
10,579,759
Additions
-
0
13,364
13,364
At 31 December 2024
10,527,268
65,855
10,593,123
Amortisation and impairment
At 1 January 2024
1,340,837
16,173
1,357,010
Amortisation charged for the year
1,052,727
19,571
1,072,298
At 31 December 2024
2,393,564
35,744
2,429,308
SALVATIO HOLDING LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
11
Intangible fixed assets
(Continued)
- 25 -
Carrying amount
At 31 December 2024
8,133,704
30,111
8,163,815
At 31 December 2023
9,186,431
36,318
9,222,749
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.
12
Tangible fixed assets
Group
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
555,949
453,729
157,885
-
0
1,167,563
Additions
-
0
32,072
32,366
1,950
66,388
Disposals
-
0
(3,154)
-
0
-
0
(3,154)
At 31 December 2024
555,949
482,647
190,251
1,950
1,230,797
Depreciation and impairment
At 1 January 2024
78,024
80,867
56,865
-
0
215,756
Depreciation charged in the year
63,524
67,481
43,298
352
174,655
Eliminated in respect of disposals
-
0
(3,154)
-
0
-
0
(3,154)
At 31 December 2024
141,548
145,194
100,163
352
387,257
Carrying amount
At 31 December 2024
414,401
337,453
90,088
1,598
843,540
At 31 December 2023
477,925
372,862
101,020
-
0
951,807
The company had no tangible fixed assets at 31 December 2024 or 31 December 2023.
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
9,068,918
9,068,918
SALVATIO HOLDING LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
13
Fixed asset investments
(Continued)
- 26 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
9,068,918
Carrying amount
At 31 December 2024
9,068,918
At 31 December 2023
9,068,918
14
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Evac + Chair International Limited
Unit 4 Central Boulevard, Blythe Valley Park, Solihul, West Midlands, B90 8AW
Ordinary
0
100.00
Wensleydale W & G Limited
Unit 4 Central Boulevard, Blythe Valley Park, Solihul, West Midlands, B90 8AW
Ordinary
100.00
-
*Promove UK Limited
Unit 4 Central Boulevard, Blythe Valley Park, Solihul, West Midlands, B90 8AW
Ordinary
0
100.00
Parevac Inc
51 Little Falls Drive, Wilmington, Delaware, DE 19808, USA
Common stock
0
100.00

*Denotes that the financial statements of this subsidiary undertaking has not been audited for period ended 31 December 2024 in accordance with Section 479A of the Companies Act 2006 as the group has opted to take advantage of a statutory exemption. Strict criteria must be met for this exemption to be taken and it must be agreed to by the directors of this subsidiary company. In order to facilitate the adoption of this exemption, Salvatio Holdings Limited, the ultimate parent company of the subsidiary undertakes to provide a guarantee under Section 479C of the Companies Act 2006 in respect of those subsidiaries.

The company's investments in its subsidiary undertakings are subject to a fixed charge to secure certain bank borrowings of fellow group undertakings.

15
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets include:
Financial assets measured at fair value through profit and loss
302,495
243,824
28,739
18,224
Debt instruments measured at amortised cost
1,790,124
1,466,647
1,768,670
1,965,469
Carrying amount of financial liabilities include:
Measured at amortised cost
7,452,569
7,016,565
4,331,510
3,996,065
SALVATIO HOLDING LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
270,811
178,154
-
-
Work in progress
474,269
475,084
-
-
Finished goods and goods for resale
85,282
180,787
-
0
-
0
830,362
834,025
-
-

No impairment losses were recognised in the Group profit and loss account (2023: £Nil)

17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,788,487
1,378,819
-
-
Corporation tax recoverable
-
0
57,798
-
0
-
0
Amounts owed by group undertakings
-
-
1,768,668
1,965,467
Other debtors
1,637
87,848
2
2
Prepayments and accrued income
408,896
257,827
99,151
3,346
2,199,020
1,782,292
1,867,821
1,968,815
Amounts falling due after more than one year:
Amounts owed by group undertakings
-
-
1,582,941
-
Total debtors
2,199,020
1,782,292
3,450,762
1,968,815

Any balances due from group companies are unsecured, interest-free and repayable on demand.

18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Other borrowings
20
206,894
237,030
206,894
237,030
Trade creditors
994,742
1,085,027
18,900
-
0
Corporation tax payable
62,064
-
0
-
0
-
0
Other taxation and social security
329,521
284,226
16,625
18,953
Other creditors
256,775
308,906
4,127
-
0
Accruals and deferred income
2,436,785
1,793,282
544,216
166,715
4,286,781
3,708,471
790,762
422,698
SALVATIO HOLDING LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
18
Creditors: amounts falling due within one year
(Continued)
- 28 -

Secured loans

Invoice financing facilities of £249,384 (2023: £308,685), included within other creditors, are secured by a fixed and floating charge over the assets of the company.

19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Other borrowings
20
3,557,373
3,592,320
3,557,373
3,592,320
20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Loans from group undertakings
3,764,267
3,829,350
3,764,267
3,829,350
Payable within one year
206,894
237,030
206,894
237,030
Payable after five years
3,557,373
3,592,320
3,557,373
3,592,320

The Company owes amounts in respect of promissory loans totaling £3,775,756 (2023: £3,829,350) from a parent undertaking. These loans are repayable on the tenth anniversary of the loan notes being issued and accrue interest at a rate comparable with the market plus a mark up of 4%.

21
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
94,358
93,249
Other short term timing differences
(32,874)
-
61,484
93,249
The company has no deferred tax assets or liabilities (2023: £Nil).
SALVATIO HOLDING LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
21
Deferred taxation
(Continued)
- 29 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 January 2024
93,249
-
Credit to profit or loss
(31,765)
-
Liability at 31 December 2024
61,484
-
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
387,509
404,819

The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in independently administered funds. The pension costs charge represents contributions payable by the group to the fund amounted to £387,509 (2023: £404,819). Contributions totalling £31,312 (2023: £60,944) were payable to the fund at the balance sheet date and are included in creditors.

23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
2
2
2
2
24
Shareholder contributions

Shareholder contributions relate to capital contributions made by shareholders, who have confirmed that there are no conditions that would require repayment. Accordingly this amount has been treated as equity.

25
Reserves
Profit and loss reserves

This reserve records the accumulation of the profits and losses in the current period and prior periods in the normal course of the business.

SALVATIO HOLDING LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 30 -
26
Operating lease commitments

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within 1 year
506,295
511,401
-
-
Years 2-5
1,453,959
1,619,841
-
-
After 5 years
1,507,138
1,813,760
-
-
3,467,392
3,945,002
-
-
27
Capital commitments

At 31 December 2024 the group and company had capital commitments as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Contracted for but not provided in these financial statements
28,350
-
-
-
28
Related party transactions
Remuneration of key management personnel

The directors are considered to be the key management personnel of the company therefore no additional disclosure has been made.

Other information

The Company has taken advantage of the exemption in section 33.1A of FRS102 from the requirement to disclose transactions with wholly owned members of the group.

29
Controlling party and Ultimate controlling party

The Company's ultimate parent company is Systematic Group AB, incorporated in Sweden whose registered office is Birger Jarlsgatan 20, 114 34 Stockholm, Sweden.

The ultimate controlling party at 31 December 202 4 was A Pouya by virtue of his shareholding the ultimate parent company.

SALVATIO HOLDING LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 31 -
30
Contingent liabilities

The Group has provided guarantee s to secure certain bank borrowings of its fellow group undertaking, SG Accessibility A B. The amounts guaranteed in this way at the balance sheet date were £4,857.896 (2023: £5,678,948), US$7,075,788 (2023: US$7,061,052), Swedish Kr55,000,000 (2023: £Nil) and Danish Kr41,591,000 (2023: £Nil).

Nordea Bank Abp, Filial I Sverige provided a loan facility to a connected company of Salvatio Holding Limited. As part of the security on this loan Nordea Bank Abp, Filial I Sverige holds a fixed charge over the share capital of Salvatio Holding Limited.

31
Cash generated from group operations
2024
2023
£
£
Loss after taxation
(1,207,063)
(1,851,526)
Adjustments for:
Taxation charged/(credited)
108,212
(10,044)
Finance costs
444,152
419,136
Investment income
(533)
(3,346)
Gain on disposal of tangible fixed assets
(208)
-
Amortisation and impairment of intangible assets
1,072,298
1,357,010
Depreciation and impairment of tangible fixed assets
174,655
215,756
Movements in working capital:
Decrease/(increase) in stocks
3,663
(243,408)
Increase in debtors
(474,526)
(31,352)
Increase in creditors
321,487
1,174,656
Cash generated from operations
442,137
1,026,882
32
Analysis of changes in net debt - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
243,824
58,671
302,495
Borrowings excluding overdrafts
(3,829,350)
65,083
(3,764,267)
Invoice discounting facility
(308,685)
59,301
(249,384)
(3,894,211)
183,055
(3,711,156)
SALVATIO HOLDING LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 32 -
33
Prior period adjustment
Changes to the balance sheet - group
As previously reported
Adjustment
As restated at 31 Dec 2023
£
£
£
Net assets
5,640,657
-
5,640,657
Capital and reserves
Total equity
5,640,657
-
5,640,657
Changes to the profit and loss account - group
As previously reported
Adjustment
As restated
Period ended 31 December 2023
£
£
£
Distribution costs
-
(1,843,857)
(1,843,857)
Administrative expenses
(8,914,774)
1,843,857
(7,070,917)
Loss after taxation
(1,851,526)
-
(1,851,526)
Reconciliation of changes in equity - group
The prior period adjustments do not give rise to any effect upon equity.
Reconciliation of changes in loss for the previous financial period
2023
£
Adjustments to prior year
Total adjustments
-
Loss as previously reported
(1,851,526)
Loss as adjusted
(1,851,526)

Cash flow statement – prior year reclassification

In the prior year, interest payable was presented within operating activities in the cash flow statement. In the current year, interest payable has been reclassified to financing activities to be consistent with the presentation requirements of FRS 102. The comparative cash flow statement has been restated accordingly.

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