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

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.

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

• Raw material costs

• Competition

• Legislation

• Exports

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

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

The principal activity of the Group was the 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.

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.

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

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.

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.

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.

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.

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.

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.

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

United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and parent company, and of the profit or loss of the group for that period.

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

• select suitable accounting policies and then apply them consistently;

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

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent company, and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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

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

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:

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

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

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 identified material misstatements in the strategic report or the directors' 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 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.

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group's and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or parent company or to cease operations, or have no realistic alternative but to do so.

Our 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;

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

• Performing 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.

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

As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s 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.

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.

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.

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 amounts 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.

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

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 group.

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

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

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.

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.

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.

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:

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

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

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

In 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.

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.

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.

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

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

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

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

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

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.

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.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Government grants are recognised at the fair value of the asset received 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.

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.

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

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

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.

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.

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.

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

Their aggregate remuneration comprised:

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

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:

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.

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

*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.

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

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

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.

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%.

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

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.

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.

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

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:

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

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

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.

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 2024 was A Pouya by virtue of his shareholding the ultimate parent company.

The Group has provided guarantees to secure certain bank borrowings of its fellow group undertaking, SG Accessibility AB. 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.

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.