REGISTERED NUMBER: 02743776 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

CYIENT EUROPE LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

6

Report of the Independent Auditors

9

Consolidated Income Statement

13

Consolidated Other Comprehensive Income

14

Consolidated Balance Sheet

15

Company Balance Sheet

16

Consolidated Statement of Changes in Equity

17

Company Statement of Changes in Equity

18

Consolidated Cash Flow Statement

19

Notes to the Consolidated Cash Flow Statement

20

Notes to the Consolidated Financial Statements

22

DIRECTORS:

Dr A Smith

N S V N Peri

Ms M Gowrishankar

N P Thomas

SECRETARY:

V N Pathipati

REGISTERED OFFICE:

First Floor, Block A

Apex Plaza, Forbury Road

Reading

RG1 1AX

REGISTERED NUMBER:

02743776 (England and Wales)

AUDITORS:

Mehta & Tengra

Chartered Accountants

Statutory Auditors

9 Berners Place

London

W1T 3AD

BANKERS:

HSBC Bank

Canary Wharf

Canada Place

London

E14 5AH

The directors present their strategic report of the company and the group for the year ended 31 March 2025.

REVIEW OF BUSINESS

Turnover of the group for the year ended 31st March 2025 was £134m (2024: £158m). This change was primarily driven by the Sustainability and Connectivity business units. In the Sustainability segment, the decline reflects the natural wind-down of key customer projects that reached their final delivery stages during the year. In Connectivity, performance was impacted by a structural reduction in capital expenditure by mobile network operators across Europe, which continued to affect demand across the sector.

Following the acquisitions completed in 2022, Cyient Europe entered a period of consolidation up to 31st March 2025, during which the integration of the acquired businesses continued to be embedded within the Group's operating model.

Gross profit declined in line with lower revenues. However, there was no material deterioration in pricing discipline or utilisation levels. Administrative expenses reduced year-on-year, reflecting the Group's continued focus on cost control and operational efficiency.

Operating profit decreased compared to the prior year, primarily due to the lower revenue base and reduced other operating income. Finance costs also decreased year-on-year, reflecting lower interest rates on external borrowings and continued efforts to manage the Group's funding structure.

Despite a loss reported for the year, cash management remained a key focus. The Group continued to priorities the reduction of external and intercompany debt, alongside disciplined working capital management. Relationships with the Group's principal banking partners, HSBC and Citi Bank, remained strong, and the Group continued to benefit from supportive financing arrangements.

At 31 March 2025, the Group reported net assets of £50.0m (2024: £51.6m). The reduction in net assets primarily reflects the loss incurred during the year, partially offset by movements in reserves.

Total fixed assets decreased to £92.2m (2024: £102.1m), mainly due to the amortisation of intangible assets recognised on acquisitions completed in prior years. Tangible assets and investments remained broadly stable.

Current assets reduced year-on-year, with trade debtors decreasing to £40.4m (2024: £48.9m), reflecting lower revenue levels and continued focus on working capital management. Cash balances remained stable at £7.6m (2024: £8.3m).

Amounts falling due within one year decreased significantly to £89.7m (2024: £106.2m), resulting in an improvement in net current liabilities to £41.7m (2024: £49.0m). This reflects active management of payables.

Overall, the Group continues to maintain a solid equity position and remains focused on strengthening its balance sheet through disciplined cash management, improved cash collection, and the ongoing reduction of external and intercompany debt. Management expects these actions to support improved financial performance as market conditions stabilise.

PRINCIPAL RISKS AND UNCERTAINTIES

Cyient Europe Limited and the Group operate a structured risk management framework, including periodic reviews, to identify and manage the principal risks and uncertainties that could affect performance, financial position, and future prospects.

Business and Market Risk

The Group is exposed to changes in customer demand and investment cycles across its key industry segments. The completion of large customer programmes and reduced capital expenditure in certain sectors may continue to impact revenue levels. The Group mitigates this risk through diversification across industry verticals, strengthening long-term customer relationships, and expanding its service offerings.

Financial and Liquidity Risk

The Group is exposed to liquidity and funding risks, particularly in light of reduced profitability during the year. Management continues to focus on disciplined cash and working capital management, alongside the reduction of external and intercompany debt. The Group maintains strong relationships with its banking partners and considers its liquidity position to be adequate.

Foreign Exchange Risk

A portion of the Group's revenues and costs are denominated in foreign currencies, primarily the Euro, resulting in exposure to exchange rate volatility. This risk is monitored regularly and managed through effective cash management and natural hedging where possible.

Competitive and Operational Risk

The Group operates in competitive markets that place pressure on pricing and margins. In addition, operational risks exist relating to internal processes and dependency on key personnel. These risks are mitigated through ongoing investment in skills, operational efficiency, and strong governance and control frameworks.

SECTION 172(1) STATEMENT

The board of directors of Cyient Europe Ltd consider, both individually and together, that they have acted in the way they consider, in good faith, would be most likely to promote the success of the group for the benefit of its members as a whole (having regard to the stakeholders and matters set out in S172 (1)(a-f) of the Act) in the decision taken during the year ended 31 March 2024.

- Our plan was designed to have a long-term beneficial impact on the group and to contribute to its success in delivering a better quality, more reliable services to its customer.

- Our employees are fundamental to the delivery of our plan. We aim to be a responsible employer in our approach to the pay and benefits our employees receive. The health, safety and well-being of our employees is one of our primary considerations.

- Our plan took into account the impact of the company’s operations on the community and environment and our wider societal responsibilities.

- As the Board of Directors, our intention is to behave responsibly and ensure that management operates the business in a responsible manner, operating within the high standards of business conduct and good governance expected for a business. The intention is to nurture our reputation that reflects our responsible behaviour.

- As the Board of Directors, our intention is to behave responsibly toward our shareholders and treat them fairly and equally, so they too may benefit from the success of the business.

MODERN SLAVERY AND HUMAN TRAFFICKING

The Group is committed to preventing modern slavery and human trafficking in its business operations and supply chains. We recognise our responsibility to act ethically and with integrity, and to implement effective systems and controls to mitigate the risk of modern slavery.

The Group operates in the UK and supplies goods and/or services. While the risk of modern slavery within our own operations is considered to be low, we acknowledge that risks may arise within wider supply chains

.

In accordance with section 54 of the Modern Slavery Act 2015, the Company has prepared a Modern Slavery and Human Trafficking Statement for the financial year ended 31st Mar 2025, which sets out the steps taken to prevent modern slavery and human trafficking in our business and supply chains. This statement has been approved by the Board and is available on the Company's website.

The Board remains committed to monitoring and improving our policies and procedures to ensure compliance with legal and ethical standards.

KEY PERFORMANCE INDICATORS

The Group's annual operating plan sets objectives and metrics for sales, operations and financial performance. These include revenue, profitability, orders intake, on time delivery and day sales outstanding which are periodically tracked and measured. This gives the basis to understand variances from budget, measure performance on an ongoing basis and ensure cost control.

Operational performance is tracked and managed through the Project Management Office and e3 software, where the focus is on ensuring that deliverables adhere to quality, schedule and budget. The PMO improves transparency on project performance and supports greater management control.

The quality of financial management and internal controls has substantially improved through various initiatives around the automation of financial processes and through establishing strong internal financial controls across all activities.

The board of directors uses both financial and non-financial performance indicators to review the company's position.

The main financial performance indicators are:

2025

2024

Gross profit to turnover

25.19%

26.02%

Net profit/(loss) after tax to turnover

0.20%

2.81%

Current ratio

53.52%

53.82%

Gearing ratio

11.90%

22.29%

Net cash balances

£7.6m

£8.3m

The non-financial indicators are:

Supplier confidence

The Group maintains an excellent relationship with all its suppliers.

Customer satisfaction

The Group's customers are based in the UK and Europe. The Group aims to maintain good relationships with all its customers. The Group continued to track operational performance through periodic customer satisfaction audits.

Employee relationship

The Group operates non-discriminatory policies on the employment and welfare of the staff. Health and safety policies are strictly adhered to by ensuring staff are properly trained. The Group also maintains a healthy and productive relationship with its employees.

ON BEHALF OF THE BOARD:

N S V N Peri - Director

24 December 2025

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

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of the provision of engineering, data, geospatial, network and operations services to customers in the United Kingdom and across Western Europe. There have been no further acquisitions during the financial year. The group's focus has been on the full integration of both the Citec and Celfinet acquisitions and on maximizing the client and market opportunities that have arisen.

DIVIDENDS

The directors did not recommend the payment of any dividends during the year (2024: £ nil ).

FUTURE DEVELOPMENTS

Building on the work undertaken in previous years, the Group will continue to apply technology innovatively to address complex challenges across high-growth sectors including aerospace, connectivity, energy, utilities, healthcare, automotive, and semiconductor. The Group will continue to leverage operational synergies and cost optimisation opportunities with its sister company in Europe, Cyient GmbH. In addition, a broader legal entity consolidation and optimisation initiative (Project LEO) is currently underway to further streamline the Group's European structure.

The Group will continue to build on the success of its offshore finance and HR shared services model, which has supported business growth while limiting increases in indirect costs. Particular focus will be placed on extending these shared services to recently acquired entities to drive further standardisation, efficiency, and control.

Risk and compliance, together with environmental, social, and governance (ESG) priorities, will remain key focus areas for Cyient Europe. Following the implementation of a new compliance tool, the Group is now fully aligned with the wider Cyient Group and is able to monitor compliance and risk on a near real-time basis. ESG initiatives and reporting frameworks are in place to ensure alignment with Group-wide standards and to leverage shared solutions wherever possible.

In addition, the Group is progressing initiatives to strengthen treasury management across its European entities. This includes work towards a regional treasury centre aimed at improving cash visibility, optimising the utilisation of surplus cash, and enhancing liquidity management across Europe. These initiatives are expected to support more efficient funding, reduce reliance on intercompany and external borrowings, and further strengthen the Group's balance sheet over time.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

Dr A Smith

N S V N Peri

Other changes in directors holding office are as follows:

Ms M Gowrishankar - appointed 31 March 2025

N P Thomas was appointed as a director after 31 March 2025 but prior to the date of this report.

J P Renard ceased to be a director after 31 March 2025 but prior to the date of this report.

FINANCIAL INSTRUMENTS

The company's and group's financial instruments include bank balances, trade creditors and inter-company financing. Day to day operations continue to be funded through cashflow and from reserves within the business.

RELATED PARTY TRANSACTIONS

Other than transactions between members of the group headed by the parent company, for which exemption under FRS 102 section 33.1A was adopted, there were no related party transactions.

GROUP'S POLICY ON PAYMENT OF CREDITORS

The company's and group's current policy concerning the payment of trade creditors is to:

- pay in accordance with the company's and group's contractual and other legal obligations;

- agree in specific cases payment terms with a supplier that reflect the particular nature of a client contract;

- ensure that regular suppliers are aware of our standard payment terms and that these are respected and acted upon.

- copies of the standard policy can be obtained from the company's registered office.

STREAMLINED ENERGY AND CARBON REPORTING

The group operates in the UK from one office and one other location. As a result their energy consumption is less that the requirement to disclose in the United Kingdom. The major part of the business is generated from Europe and therefore no further information is required to be disclosed in the financial statements.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group 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 accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:

N S V N Peri - Director

24 December 2025

Opinion

We have audited the financial statements of Cyient Europe Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2025 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 the 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

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

-	adequate accounting records have not been kept 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 Statement of Directors' Responsibilities set out on page seven, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the 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 the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

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

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatements in respect of irregularities, including fraud and non-compliance and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance including the design of company's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets.

- results of our enquiries of management about their own identification and assessment of the risks and irregularities;

- any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified that greatest potential for fraud is revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context include the UK Companies Act, pension legislation and tax legislation.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.The 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 for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

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

P Tengra (Senior Statutory Auditor)

for and on behalf of Mehta & Tengra

Chartered Accountants

Statutory Auditors

9 Berners Place

London

W1T 3AD

24 December 2025

TURNOVER

3

134,426,626

157,699,083

Cost of sales

(99,598,769

)

(116,661,386

)

GROSS PROFIT

34,827,857

41,037,697

Administrative expenses

(33,243,653

)

(35,181,453

)

1,584,204

5,856,244

Other operating income

4

789,213

1,917,431

OPERATING PROFIT

6

2,373,417

7,773,675

Interest receivable and similar income

7

7,844

253,375

2,381,261

8,027,050

Interest payable and similar expenses

8

(2,114,046

)

(3,588,593

)

PROFIT BEFORE TAXATION

267,215

4,438,457

Tax on profit

9

(2,110,677

)

(2,675,278

)

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(1,843,462

)

1,763,179

(Loss)/profit attributable to:

Owners of the parent

(1,843,462

)

1,763,179

(LOSS)/PROFIT FOR THE YEAR

(1,843,462

)

1,763,179

OTHER COMPREHENSIVE INCOME/(LOSS)

Translation reserve

495,868

(464,529

)

Gratuity reserve

323,716

-

Income tax relating to components of other comprehensive income/(loss)

(97,114

)

-

OTHER COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR, NET OF INCOME TAX

722,470

(464,529

)

TOTAL COMPREHENSIVE LOSS

(1,120,992

)

Prior year adjustment

1,324,313

TOTAL COMPREHENSIVE LOSS SINCE LAST ANNUAL REPORT

2,622,963

Total comprehensive (loss)/income attributable to:

Owners of the parent

(1,120,992

)

2,622,963

FIXED ASSETS

Intangible assets

11

89,351,007

98,541,727

Tangible assets

12

1,578,514

1,742,014

Investments

13

1,783,847

1,799,576

92,713,368

102,083,317

CURRENT ASSETS

Debtors

14

40,360,307

48,851,269

Cash at bank and in hand

7,627,620

8,310,421

47,987,927

57,161,690

CREDITORS

Amounts falling due within one year

15

(89,667,014

)

(106,200,128

)

NET CURRENT LIABILITIES

(41,679,087

)

(49,038,438

)

TOTAL ASSETS LESS CURRENT LIABILITIES

51,034,281

53,044,879

PROVISIONS FOR LIABILITIES

21

(545,054

)

(1,434,660

)

NET ASSETS

50,489,227

51,610,219

CAPITAL AND RESERVES

Called up share capital

22

3,773,810

3,773,810

Share premium

23

39,028,617

39,028,617

Translation reserves

23

(500,177

)

(996,045

)

Other reserves

23

261,449

34,847

Retained earnings

23

7,925,528

9,768,990

SHAREHOLDERS' FUNDS

50,489,227

51,610,219

The financial statements were approved by the Board of Directors and authorised for issue on 24 December 2025 and were signed on its behalf by:

N S V N Peri - Director

FIXED ASSETS

Intangible assets

11

32

109,403

Tangible assets

12

591,623

499,699

Investments

13

110,142,251

110,142,251

110,733,906

110,751,353

CURRENT ASSETS

Debtors

14

11,022,405

14,587,445

Cash at bank and in hand

485,248

506,859

11,507,653

15,094,304

CREDITORS

Amounts falling due within one year

15

(53,886,625

)

(70,584,202

)

NET CURRENT LIABILITIES

(42,378,972

)

(55,489,898

)

TOTAL ASSETS LESS CURRENT LIABILITIES

68,354,934

55,261,455

CREDITORS

Amounts falling due after more than one year

16

(2,018,940

)

(2,012,270

)

PROVISIONS FOR LIABILITIES

21

(105,185

)

(72,826

)

NET ASSETS

66,230,809

53,176,359

CAPITAL AND RESERVES

Called up share capital

22

3,773,810

3,773,810

Share premium

23

39,028,617

39,028,617

Retained earnings

23

23,428,382

10,373,932

SHAREHOLDERS' FUNDS

66,230,809

53,176,359

Company's profit for the financial year

13,054,450

7,614,351

The financial statements were approved by the Board of Directors and authorised for issue on 24 December 2025 and were signed on its behalf by:

N S V N Peri - Director

Called up

share

Retained

Share

capital

earnings

premium

£

£

£

Balance at 1 April 2023

3,773,810

6,681,498

39,028,617

Prior year adjustment

-

1,324,313

-

As restated

3,773,810

8,005,811

39,028,617

Changes in equity

Total comprehensive income

-

1,763,179

-

Balance at 31 March 2024

3,773,810

9,768,990

39,028,617

Changes in equity

Total comprehensive loss

-

(1,843,462

)

-

Balance at 31 March 2025

3,773,810

7,925,528

39,028,617

Translation

Other

Total

reserves

reserves

equity

£

£

£

Balance at 1 April 2023

(531,516

)

34,847

48,987,256

Prior year adjustment

-

-

1,324,313

As restated

(531,516

)

34,847

50,311,569

Changes in equity

Total comprehensive income

(464,529

)

-

1,298,650

Balance at 31 March 2024

(996,045

)

34,847

51,610,219

Changes in equity

Total comprehensive loss

495,868

226,602

(1,120,992

)

Balance at 31 March 2025

(500,177

)

261,449

50,489,227

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 April 2023

3,773,810

2,759,581

39,028,617

45,562,008

Changes in equity

Total comprehensive income

-

7,614,351

-

7,614,351

Balance at 31 March 2024

3,773,810

10,373,932

39,028,617

53,176,359

Changes in equity

Total comprehensive income

-

13,054,450

-

13,054,450

Balance at 31 March 2025

3,773,810

23,428,382

39,028,617

66,230,809