REGISTERED NUMBER: 01875120 (England and Wales)

IT@Spectrum Limited

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 30 April 2025

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

8

Balance Sheet

9

Statement of Changes in Equity

10

Notes to the Financial Statements

11

DIRECTORS:

E Cavill

T Cavill

K Sturdy

R M Cavill

SECRETARY:

M J Clayphan

REGISTERED OFFICE:

The View

Bridgehead Business Park

Hessle

East Yorkshire

HU13 0GD

REGISTERED NUMBER:

01875120 (England and Wales)

AUDITORS:

Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire HU2 8BA

The directors present their strategic report for the year ended 30 April 2025.

REVIEW OF BUSINESS

The results for the period and financial position of the company are shown in the annexed financial statements.

During the year ended 30 April 2025, the company has met management expectations. Revenues increased by 22% to £10.8 million for the year, and pre-tax profits excluding exceptional items have increased by 29% to £0.84 million. EBITDA rose to £1.2 million.

The management team have set a target of becoming one of the UK's leading independent automation and print management specialists. Organic growth and growth by acquisition remain at the forefront of the groups plans in the upcoming financial year.

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and the execution of the company's strategy are subject to a number of risks. The directors consider the key business risks affecting the group to be market competition and the level of national economic growth.

The company is exposed to a number of financial risks that include the effects of commodity price risk, credit risk, liquidity risk and interest rate risk. The company has in place a number of risk management processes that seek to limit the adverse effect of these on its financial performance.

The company has implemented policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to any individual counterparty is subject to a limit which is reassessed annually by the board.

The company actively manages its working capital requirement to ensure that there are sufficient funds for its operations and planned expansion. The requirements for medium- and long-term debt finance are reviewed by the board of directors based on the company's forecasts.

KEY PERFORMANCE INDICATORS

The key performance indicators of the business are focussed on growth of its revenue streams by acquisition and organically.

ON BEHALF OF THE BOARD:

K Sturdy - Director

29 October 2025

The directors present their report with the financial statements of the company for the year ended 30 April 2025.

DIVIDENDS

No dividends will be distributed for the year ended 30 April 2025.

DIRECTORS

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

E Cavill

T Cavill

K Sturdy

R M Cavill

Messrs E Cavill, T Cavill, K Sturdy and R M Cavill are also directors of the ultimate holding company, Spectrum Workplace Technology Group Limited.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the company 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;

-	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 transactions and disclose with reasonable accuracy at any time the financial position of the 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 company 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 company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Smailes Goldie, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

K Sturdy - Director

29 October 2025

Opinion

We have audited the financial statements of IT@Spectrum Limited (the 'company') for the year ended 30 April 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 company's affairs as at 30 April 2025 and of its profit for the year then ended;

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

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

Basis for 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 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 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 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 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or

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

-	certain disclosures of 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 three, 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 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 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, tax legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

-

performed analytical procedures to identify any unusual or unexpected relationships;

-

tested journal entries to identify unusual transactions;

-

assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

-

investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

-

agreeing financial statement disclosures to underlying supporting documentation;

-

enquiring of management as to actual and potential litigation and claims; and

-

reviewing correspondence with relevant regulators and the company's legal advisors.

Due to 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. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

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.

Ian Lamb FCA (Senior Statutory Auditor)

for and on behalf of Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire HU2 8BA

29 October 2025

TURNOVER

10,882,257

8,913,934

Cost of sales

5,169,120

4,257,975

GROSS PROFIT

5,713,137

4,655,959

Distribution costs

2,553,450

2,248,443

Administrative expenses

2,399,201

1,848,046

4,952,651

4,096,489

760,486

559,470

Other operating income

573,681

95,116

OPERATING PROFIT

4

1,334,167

654,586

Interest receivable and similar income

14,725

16,168

PROFIT BEFORE TAXATION

1,348,892

670,754

Tax on profit

6

269,989

185,766

PROFIT FOR THE FINANCIAL YEAR

1,078,903

484,988

FIXED ASSETS

Intangible assets

7

3,105,377

2,299,787

Tangible assets

8

260,432

236,211

3,365,809

2,535,998

CURRENT ASSETS

Stocks

9

789,359

698,007

Debtors

10

3,483,303

5,581,678

Cash at bank and in hand

821,039

1,389,751

5,093,701

7,669,436

CREDITORS

Amounts falling due within one year

11

4,911,193

7,662,387

NET CURRENT ASSETS

182,508

7,049

TOTAL ASSETS LESS CURRENT LIABILITIES

3,548,317

2,543,047

CREDITORS

Amounts falling due after more than one year

12

-

(62,500

)

PROVISIONS FOR LIABILITIES

15

(34,411

)

(45,544

)

NET ASSETS

3,513,906

2,435,003

CAPITAL AND RESERVES

Called up share capital

16

1,000

1,000

Share premium

17

9,900

9,900

Retained earnings

17

3,503,006

2,424,103

SHAREHOLDERS' FUNDS

3,513,906

2,435,003

The financial statements were approved by the Board of Directors and authorised for issue on 29 October 2025 and were signed on its behalf by:

K Sturdy - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 May 2023

1,000

1,939,115

9,900

1,950,015

Changes in equity

Total comprehensive income

-

484,988

-

484,988

Balance at 30 April 2024

1,000

2,424,103

9,900

2,435,003

Changes in equity

Total comprehensive income

-

1,078,903

-

1,078,903

Balance at 30 April 2025

1,000

3,503,006

9,900

3,513,906

1.	STATUTORY INFORMATION

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102: The Financial Reporting Standard in the UK and Republic of Ireland (FRS 102) Section 1A and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 33.7.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, but net of VAT, rebates and trade discounts. The policies adopted for the recognition of turnover are as follows:

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Turnover relating to on-going service contracts is recognised based on the machine usage over the period the services are provided to the customer. Where amounts are received in advance of services being provided, the amounts are recorded as deferred income and included in creditors.

Goodwill

Purchased goodwill is recognised at cost and amortised on a straight line basis over its useful life. The period chosen for writing off goodwill is 10 years and provisions are made for any impairment following annual reviews.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of five years.

Contracts are being amortised evenly over their estimated useful life of ten years.

Tangible assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Costs includes those costs that are directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Equipment

25% - 100%

Fixtures and fittings

25% - 100%

Motor vehicles

25% - 50%

Stocks

Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation

Current tax represents the amount payable or receivable in respect of the taxable profit or loss for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Employee benefits

Where employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a money purchase scheme plan for the benefit of its employees. Contributions are expensed as they become payable.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Deferred income

Provision is made against charges made to customers for maintenance services which have been invoiced in advance but not yet fulfilled.

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

3,122,390

2,912,502

Social security costs

338,437

343,858

Other pension costs

76,209

84,655

3,537,036

3,341,015

The average number of employees during the year was as follows:

2025

2024

Administration & management

51

52

Sales

15

14

66

66

2025

2024

£

£

Directors' remuneration

-

-

4.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

£

Depreciation - owned assets

124,988

101,505

Goodwill amortisation

219,908

11,560

Patents and licences amortisation

608

607

Contracts amortisation

45,609

41,791

Auditors' remuneration

8,683

8,161

5.	EXCEPTIONAL ITEMS

2025

2024

£

£

Exceptional item - Intra-group loan waiver

500,000

-

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

281,818

164,743

Deferred tax

(11,829

)

21,023

Tax on profit

269,989

185,766

7.	INTANGIBLE FIXED ASSETS

Patents

and

Goodwill

licences

Contracts

Totals

£

£

£

£

COST

At 1 May 2024

2,145,677

6,075

417,831

2,569,583

Additions

241,568

22,134

133,600

397,302

Transfer from group

674,413

-

-

674,413

At 30 April 2025

3,061,658

28,209

551,431

3,641,298

AMORTISATION

At 1 May 2024

91,636

658

177,502

269,796

Amortisation for year

219,908

608

45,609

266,125

At 30 April 2025

311,544

1,266

223,111

535,921

NET BOOK VALUE

At 30 April 2025

2,750,114

26,943

328,320

3,105,377

At 30 April 2024

2,054,041

5,417

240,329

2,299,787

8.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 May 2024

441,096

95,674

126,901

663,671

Additions

45,842

-

100,072

145,914

Disposals

(57,851

)

(2,507

)

-

(60,358

)

Transfer from group company

-

24,978

-

24,978

At 30 April 2025

429,087

118,145

226,973

774,205

DEPRECIATION

At 1 May 2024

309,997

77,607

39,856

427,460

Charge for year

69,007

7,812

48,169

124,988

Eliminated on disposal

(58,631

)

(3,351

)

-

(61,982

)

Transfer from group company

-

23,307

-

23,307

At 30 April 2025

320,373

105,375

88,025

513,773

NET BOOK VALUE

At 30 April 2025

108,714

12,770

138,948

260,432

At 30 April 2024

131,099

18,067

87,045

236,211

9.

STOCKS

2025

2024

£

£

Consumables

626,332

577,812

Goods for resale

163,027

120,195

789,359

698,007

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

1,207,826

1,309,852

Amounts owed by group undertakings

1,643,053

3,639,572

Other debtors

137,581

167,152

Directors' current accounts

136,888

61,512

Tax

-

5,917

Other debtors

357,955

397,673

3,483,303

5,581,678

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Other loans (see note 13)

72,608

125,000

Trade creditors

648,926

393,045

Amounts owed to group undertakings

2,754,924

5,650,749

Corporation tax

208,784

293,656

Taxation and social security costs (excluding corporation tax)

105,429

94,835

VAT

358,155

274,629

Other creditors

254,772

326,448

Provision for deferred income

507,595

504,025

4,911,193

7,662,387

12.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Other loans (see note 13)

-

62,500

13.

LOANS

An analysis of the maturity of loans is given below:

2025

2024

£

£

Amounts falling due within one year or on demand:

Other loans

72,608

125,000

Amounts falling due between one and two years:

Other loans - 1-2 years

-

62,500