Company Registration No. 03064392 (England and Wales)
TRYZENS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
TRYZENS LIMITED
COMPANY INFORMATION
Directors
A Burton
D Paton
(Appointed 23 July 2025)
Company number
03064392
Registered office
4th Floor
20 Appold Street
London
United Kingdom
EC2A 2AS
Auditor
Johnston Carmichael LLP
Office 7
Floor 3
Maybrook House
27 Grainger St
Newcastle upon Tyne
NE1 5JE
Bankers
Barclays Bank
Princes Street
Ipswich
IP1 1PB
TRYZENS LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 26
TRYZENS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The directors present the strategic report for the year ended 31 March 2025.

Principal activity

Tryzens Limited is a company that provides end-to-end digital commerce services, including consultancy, technical delivery, systems integration, on going support customer experience and managed services for both retail (B2C and D2C) and wholesale (B2B) clients.

As a full-service digital commerce company we enable leading brands to engage and transact with their customers effectively across digital and physical channels. This helps our clients increase customer engagement, sales and optimise costs whilst ensuring compliance with data privacy and accessibility regulations.

Our services also include integrating payment service providers and software vendors with ecommerce platforms to enable secure ecommerce transaction processing. The benefit is reduced integration time and increased transaction revenues for fintech providers and vendors.

Key performance indicators

The directors monitor a comprehensive range of key performance indicators to govern the Company’s operations and inform strategic decisions. These include non-financial metrics (client and employee satisfaction and employee development) and financial metrics (billable staff utilisation rates, recurring contractual revenue growth, contractual contribution margin, gross profit margin, new business growth/retention, order book, debtor days and overhead cost controls).

A selection of these KPIs, both non-financial and financial, is highlighted in the table below to demonstrate our progress against these key performance indicators.

The directors continue to adapt and strengthen internal controls and procedures including the management of key performance indicators used to govern the operations of the business and take strategic decisions.

Non-financial KPIs | 2025 | 2024 | Movement
Employee engagement | 89% | 85% | 4%
Net promoter score (NPS) | 73 | 80 | (9%)
Financial KPIs | 2025 | 2024 | Movement
Revenue | £10,266k | £13,925k | (26%)
Gross profit | £1,021k | £4,648k | (78%)

Results

The statement of comprehensive income is set out on page 9 and shows the results for the year. The trading results for the year and the company's financial position at the end of the year are shown in the financial statements and are discussed further in the business review below.

Business review

Compared to the prior year revenue declined from £13.9m to £10.3m, this reduction was due to a broader market slowdown in new business activity during 2024 driven by macroeconomic pressures affecting consumer confidence and retail sector performance and the conclusion of several major projects early in the year.

TRYZENS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -

Business review (continued)

In response to these challenging conditions across the global IT consulting sector, the company acted decisively to protect long-term value. Management implemented a targeted cost restructuring programme, including a reduction in workforce and realignment of leadership, to streamline operations and reduce overheads. While transitional costs were incurred during this period, including redundancy expenses recorded as Exceptional Costs, these actions enabled a return to growth in the final quarter of the year—momentum that has continued into FY26.

Product innovation also contributed to improved recurring revenue performance. The launch of Fuse ‘Ignite for Payments’, designed for the fintech sector, combined with Tryzens’ 24/7 ‘CommerceOps’ solution, drove an

increase in contracted annual recurring revenues to 12% of total revenue in FY25 (up 19% year-on-year).

Looking ahead, the company enters FY26 with a strengthened pipeline and renewed growth trajectory, as the business adapted its go to market proposition for clients to improve customer engagement whilst reducing the cost to serve customers. A series of significant project wins from both new and existing clients is expected to support increased revenues and a return to profitability.

The company remains focused on delivering global commerce solutions to consumer brands, retailers, and commercial enterprises. This is underpinned by strategic partnerships with leading digital commerce ecosystem platforms and a comprehensive suite of value-added services that optimise clients’ operational performance and revenue growth.

The company continues to invest in innovation and operational efficiency. This includes the development of proprietary products and accelerators that reduce the total cost of ownership and time to market—spanning storefront technology, native apps, and packaged integrations.

The company is committed to delivering profitable, sustainable growth and enhancing customer satisfaction across all markets. Continued investment in future capabilities, including the practical application of AI and best practice delivery models, positions the business to meet evolving client needs and drive internal efficiencies.

Environmental, Social, and Governance (ESG) principles remain integral to the company’s operations and ethos with the first independent report published in 2024. A range of initiatives are underway to embed best practices and demonstrate ongoing commitment to responsible business conduct.

Principal risks and uncertainties

Economic risks

There continue to be challenging business conditions globally across the wider economy, which impact living costs and consumer confidence as well as operating costs and supply chains for businesses. We expect the economic conditions to improve, however, uncertainty in the political and geographic markets we serve still remain outside of our control. The rapid advancement of technology and the shift towards digital-first business models have significantly increased the demand for digital skills. This trend, while beneficial for our company’s market opportunities, has also led to higher average labour costs within the industry. In response to ongoing market uncertainties, management and senior management is closely monitoring economic and market conditions. Our business strategies have been adapted to address the evolving nature of client requirements and our addressable market.

Credit risk

The company’s principal credit risk arises from its trade debtors, most of which are retailers with online stores. Credit risk is managed based on a combination of payment history, debtor status and the requirement for payment in advance of delivery where there is no, or poor, payment history.

TRYZENS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
Financial risk management objectives and policies

The company uses financial instruments, other than derivatives, comprising cash and other liquid resources and various other items such as trade debtors and creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company's operations.

The main risks arising from the company’s financial instruments are liquidity risk and foreign currency risk. The directors review and agree policies for managing each of these risks and they are summarised below. These policies have remained unchanged from previous years.

Liquidity risk

The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.

Currency risk

The company is exposed to translation and transaction foreign exchange risk. The company assesses its exposure to balances due from customers and payable to suppliers and hedges its exposure where these amounts are significant. There were no hedges put in place during the year.

Payment policy and practice

It is the company's policy to settle the terms of payments with suppliers when agreeing the terms of engagement, to ensure that suppliers are aware of these terms and to abide by them. Typical supplier payment terms are 30 to 90 days from the receipt of invoice depending on commercial arrangements.

Future developments

The business regards ecommerce together with digital customer experiences and payments technology as critical parts of the global economy. Through innovation the business has evolved its services and developed new capabilities, services and products to address client needs and emerging market trends. The company expects ecommerce, digital customer experiences and digital payments market to continue to grow and be a significant part of the global economy. The company anticipates further developing the company’s services in these areas as the market evolves, in order to stay relevant and achieve growth.

Going concern

The financial statements have been prepared on a going concern basis. As at 31 March 2025 the company reported net current liabilities of £18,699,000, including amounts due to group undertakings of £20,766,000 and net liabilities of £16,939,000. The company has received a letter of support from Tryzens Global Limited, the immediate parent company, to confirm that they will not seek repayment of the amounts due to them for a period of at least 12 months where it would be to the detriment of the company and its ability to meet its financial obligations as they fall due.

Based on consideration of a detailed cash flow forecast and the information outlined at note 1.2 of the financial statements, the directors have a reasonable expectation that the company will have adequate resources to continue in operational existence for at least 12 months from the date of approval of these financial statements.

The directors have reviewed the detailed forecasts of the business and related potential scenarios. These forecasts show growth in both revenue and profitability across the business and a positive cash flow. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements and the directors do not believe there to be any material uncertainty in the company’s ability to continue as a going concern.

On behalf of the board

A Burton
Director
30 January 2026
TRYZENS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -

The directors present their annual report and financial statements for the year ended 31 March 2025.

Principal activities

The principal activity of the company is outlined within the company's strategic report on page 1.

Results and dividends

The results for the year are set out on page 9.

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

Directors

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

E Castledine
(Resigned 25 February 2025)
A Burton
G Barnes
(Appointed 26 February 2025 and resigned 18 July 2025)
D Paton
(Appointed 23 July 2025)
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Auditor

The auditor, Johnston Carmichael LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of financial risk management objectives and policies, research and development activities and future developments (where applicable).

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor 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 company’s auditor is aware of that information.

On behalf of the board
A Burton
Director
30 January 2026
TRYZENS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -

The directors are responsible for preparing the strategic report, directors' report 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 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.

TRYZENS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF TRYZENS LIMITED
- 6 -
Opinion

We have audited the financial statements of Tryzens Limited ('the company') for the year ended 31 March 2025, which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 F inancial R eporting S tandard 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 31 March 2025 and of its 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 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 other information comprises the information included in the Annual Report and Financial Statements other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the Annual Report and Financial Statements. 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.

TRYZENS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF TRYZENS LIMITED
- 7 -
Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d 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, 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 Directors’ responsibilities statement set out on page 5, 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 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.

Auditor responsibilities for the audit of the financial statements

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

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

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.

We assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations by considering their experience, past performance and support available.

All engagement team members were briefed on relevant identified laws and regulations and potential fraud risks at the planning stage of the audit. Engagement team members were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and the sector in which it operates, focusing on those provisions that had a direct effect on the determination of material amounts and disclosures in the financial statements. The most relevant frameworks we identified include:

- Companies Act 2006;

- UK Tax legislation; and

- UK Generally Accepted Accounting Practice.

TRYZENS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF TRYZENS LIMITED
- 8 -

Extent to which the audit was considered capable of detecting irregularities, including fraud (continued)

We gained an understanding of how the company is complying with these laws and regulations by making enquiries of management and those charged with governance. We corroborated these enquiries through our review of submitted returns, external inspections, relevant correspondence with regulatory bodies and board meeting minutes.

We assessed the susceptibility of the financial statements to material misstatement, including how fraud might occur, by meeting with management and those charged with governance to understand where it was considered there was susceptibility to fraud. This evaluation also considered how management and those charged with governance were remunerated and whether this provided an incentive for fraudulent activity. We considered the overall control environment and how management and those charged with governance oversee the implementation and operation of controls. In areas of the financial statements where the risks were considered to be higher, we performed procedures to address each identified risk. We identified a heightened fraud risk in relation to:

- Management override of controls

- Revenue recognition

In addition to the above, the following procedures were performed to provide reasonable assurance that the financial statements were free of material fraud or error:

- Reviewing minutes of meetings of those charged with governance for reference to: breaches of laws and regulation or for any indication of any potential litigation and claims; and events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud;

- Reviewing the level of and reasoning behind the company’s procurement of legal and professional services;

- Performing audit procedures 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 assessing judgements made by management in their calculation of accounting estimates for potential management bias;

- Performing audit work procedures over the completeness, accuracy and cut-off of project revenue, agreeing revenue recognised within the year to receipt and signed contracts to ensure accuracy of income recognised and that the income was complete with cut-off applied appropriately;

- Completion of appropriate checklists and use of our experience to assess the company’s compliance with the Companies Act 2006; and

- Agreement of the financial statement disclosures to supporting documentation.

Our audit procedures were designed to respond to the risk of material misstatements in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

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 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 Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Scott Jeffrey (Senior Statutory Auditor)
For and on behalf of Johnston Carmichael LLP
30 January 2026
Statutory Auditor
Newcastle, United Kingdom
TRYZENS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
2025
2024
Notes
£000
£000
Turnover
3
10,266
13,925
Cost of sales
(9,245)
(9,277)
Gross profit
1,021
4,648
Administrative expenses
(3,006)
(4,129)
Other operating income
-
0
213
Exceptional items
4
(556)
(1,099)
Operating loss
5
(2,541)
(367)
Interest receivable and similar income
8
-
0
32
Interest payable and similar expenses
9
(17)
(17)
Loss before taxation
(2,558)
(352)
Tax on loss
10
-
0
(203)
Loss after tax and total comprehensive expenditure for the year
(2,558)
(555)

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

TRYZENS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 10 -
2025
2024
Notes
£000
£000
£000
£000
Fixed assets
Goodwill
11
474
529
Other intangible assets
11
1,185
1,037
Total intangible assets
1,659
1,566
Tangible assets
12
12
21
Investments
13
89
89
1,760
1,676
Current assets
Debtors - deferred tax
15
1,901
1,901
Debtors - other
15
1,980
2,617
Cash at bank and in hand
346
847
4,227
5,365
Creditors: amounts falling due within one year
16
(22,926)
(21,422)
Net current liabilities
(18,699)
(16,057)
Net liabilities
(16,939)
(14,381)
Capital and reserves
Called up share capital
19
-
0
-
0
Profit and loss reserves
20
(16,939)
(14,381)
Total equity
(16,939)
(14,381)
The financial statements were approved by the board of directors and authorised for issue on 30 January 2026 and are signed on its behalf by:
A Burton
Director
Company Registration No. 03064392
TRYZENS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
Share capital
Profit and loss reserves
Total
£000
£000
£000
Balance at 1 April 2023
-
0
(13,826)
(13,826)
Year ended 31 March 2024:
Loss and total comprehensive expenditure for the year
-
(555)
(555)
Balance at 31 March 2024
-
0
(14,381)
(14,381)
Year ended 31 March 2025:
Loss and total comprehensive expenditure for the year
-
(2,558)
(2,558)
Balance at 31 March 2025
-
0
(16,939)
(16,939)
TRYZENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
1
Accounting policies
Company information

Tryzens Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4th Floor, 20 Appold Street, London, United Kingdom, EC2A 2AS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £000.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements (where applicable):

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Tryzens Global Limited. These consolidated financial statements are available from its registered office, 4th Floor 20 Appold Street, London, EC2A 2AS.

The company is eligible for exemption from the preparation of consolidated financial statements under section 400 of the Companies Act 2006 as a wholly owned subsidiary of Tryzens Global Limited. The results of Tryzens Limited and its subsidiaries are included in the consolidated financial statements of Tryzens Global Limited which are available from the company's registered office outlined above.

TRYZENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 13 -
1.2
Going concern

The financial statements have been prepared on a going concern basis. As at 31 March 2025 the company reported net current liabilities of £18,699,000, including amounts due to group undertakings of £20,766,000 and net liabilities of £16,939,000. The company has received a letter of support from Tryzens Global Limited, the immediate parent company, to confirm that they will not seek repayment of the amounts due to them for a period of at least 12 months where it would be to the detriment of the company and its ability to meet its financial obligations as they fall due.true

At the time of approving the financial statements, the directors have a reasonable expectation that the company will have adequate resources to continue in operational existence for a period of at least 12 months from the approval date of the financial statements.

Subsequent to the year end, the wider group’s revolving credit facilities have been extended to 2028 with revised financial and non-financial terms and conditions and additional funding made available, to support the group’s growth ambitions. The continued servicing of the group’s debt is reflected in the detailed forecasts prepared by the directors in support of the group’s and company’s ability to continue in operational existence and to meet financial and non-financial covenants related to their borrowings.

Consequently, the directors are satisfied that it remains appropriate to adopt the going concern basis in preparing these financial statements.

1.3
Turnover

Turnover shown in the statement of comprehensive income represents amounts recognised in relation to work undertaken during the year.

Turnover is the revenue arising from the sale of services. It is stated at the fair value of the consideration receivable, net of value added tax, rebates and discounts.

Revenue from services provided by the company is recognised when the company has performed its obligations and in exchange obtained the right to consideration.

Revenue is recognised in accordance with the stage of completion of contractual obligations to the customer. The stage of completion is ascertained by assessing the fair value of the services provided to the reporting date as a proportion of the total fair value of the contract. Losses on contracts are recognised in the period in which the loss first becomes foreseeable.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a businesses 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.

TRYZENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 14 -
1.6
Intangible fixed assets other than goodwill

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

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

Development costs
33.3% straight line
Trademarks and branding
10% straight line
Customer contracts
10% straight line
1.7
Tangible fixed assets

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

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

Leasehold improvements
Over the life of the lease
Office equipment
33% straight line
Fixtures, fittings and equipment
33% straight line

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 credited or charged to the statement of comprehensive income.

1.8
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the profit and loss account.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Impairment of fixed assets

At each reporting period end date, the company 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.

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 the statement of comprehensive income.

TRYZENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 15 -

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 the statement of comprehensive income.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

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

Basic financial assets

Basic financial assets, which include certain 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.

Impairment of financial assets

Financial assets 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 the statement of comprehensive income.

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 the statement of comprehensive income.

Derecognition of financial assets

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

Classification of financial liabilities

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

TRYZENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 16 -
Basic financial liabilities

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

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

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

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the company 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 company.

1.13
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the statement of comprehensive income 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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

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

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the statement of comprehensive income, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

TRYZENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 17 -
1.14
Employee benefits

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

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

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

1.15
Retirement benefits

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

1.16
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to the statement of comprehensive income 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 leas ed asset are consumed.

1.17
Government grants

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

Government grants are recognised in accordance with the accruals model. Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

1.18
Foreign exchange

Transactions in currencies other than 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 the statement of comprehensive income.

1.19

Exceptional items

Exceptional items comprise costs which the directors consider material (either by their nature or amount) to the statement of comprehensive income and where separate disclosure is necessary for an appropriate understanding of the company's financial performance.

2
Judgements and key sources of estimation uncertainty

In the application of the company’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.

TRYZENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
- 18 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Revenue recognition

Management are required to exercise judgement in determining the amount of revenue to recognise in respect of project work ongoing at the year end. Factors taken into account in assessing the amount of revenue to recognise include project activity phases and hours worked.

Impairment of financial assets

Management are required to determine whether there is any impairment to the carrying value of financial assets. Factors considered in making this assessment include payments received post year end, previous payment history and the ongoing relationship with the client.

The carrying value of the company's financial assets are outlined within note 15.

Deferred tax asset

The company has recognised a deferred tax asset in respect of certain losses which are available for offset against the company's future trading profits. In assessing the extent of losses on which a deferred tax asset is recognised, management consider the probability and likelihood of being able to utilise losses against forecast profitability.

Details of the deferred tax asset recognised is outlined at note 17.

3
Turnover and other revenue
2025
2024
£000
£000
Turnover analysed by class of business
Sale of services
10,266
13,925
2025
2024
£000
£000
Turnover analysed by geographical market
United Kingdom
8,923
11,206
Rest of Europe
674
1,188
Rest of World
669
1,531
10,266
13,925
2025
2024
£000
£000
Other significant revenue
Interest income
-
32
Grants received
-
213

Grants received relate to an RDEC tax credit of £nil (202 4: £213k) received in relation to eligible research and development expenditures incurred.

TRYZENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 19 -
4
Exceptional items
2025
2024
£000
£000
Expenditure
Exceptional costs
556
1,099

Exceptional costs in the current financial year relate to £556k of non-recurring costs linked to employment restructuring.

Exceptional costs in the comparative financial year relate to £306k of costs incurred in the pursuit and completion of a private equity backed management buy-out of the company as well as £793k of one-off non-recurring staff costs linked to the management buy-out.

5
Operating loss
2025
2024
Operating loss for the year is stated after charging/(crediting):
£000
£000
Exchange differences
30
44
Government grants
-
(213)
Fees payable to the company's auditor for the audit of the company's financial statements
16
15
Depreciation of owned tangible fixed assets
14
14
Amortisation of intangible assets
399
23
Operating lease charges
322
320
6
Employees

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

2025
2024
Number
Number
Production
27
20
Management and Administration
30
30
Total
57
50

Their aggregate remuneration comprised:

2025
2024
£000
£000
Wages and salaries
4,303
4,657
Social security costs
470
556
Pension costs
211
215
4,984
5,428
TRYZENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
6
Employees
(Continued)
- 20 -

Included in the aggregate remuneration outlined above are wages and salaries costs of £511k (2024: £697k) and social security costs of £45k (2024: £96k) which are regarded as exceptional and included within exceptional costs outlined at note 4.

7
Directors' remuneration
2025
2024
£000
£000
Remuneration for qualifying services
416
716
Company pension contributions to defined contribution schemes
10
18
426
734

In the current year, certain directors' remuneration has been borne by Satori 789 Limited, an intermediate parent undertaking, Satori 789 Limited has been recharged £587k (2024: £404k) in respect of remuneration paid by Satori 789 Limited to directors of the company in respect of services provided to the company.

Included within the remuneration incurred directly by the company is £Nil (2024: £500k) of remuneration paid to directors for qualifying services which has been regarded as exceptional and included within exceptional costs outlined at note 4.

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2024: 2).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£000
£000
Remuneration for qualifying services
210
533
Company pension contributions to defined contribution schemes
-
13

As outlined above, certain directors' remuneration has been borne by Satori 789 Limited in the current year. As a result, no disclosure has been provided in respect of the highest paid director in the current year as total directors' remuneration incurred by the company is less than £200k. Equivalent disclosure has been made within the financial statements of Satori 789 Limited to the extent required.

Included above is remuneration for qualifying services of £Nil (2024: £400k) paid to the highest paid director which has been regarded as exceptional in and included within exceptional costs at note 4.

8
Interest receivable and similar income
2025
2024
£000
£000
Interest income
Interest on bank deposits
-
0
32
TRYZENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 21 -
9
Interest payable and similar expenses
2025
2024
£000
£000
Bank interest and charges
8
7
Other interest
9
10
17
17
10
Taxation
2025
2024
£000
£000
Current tax
Adjustments in respect of prior periods
-
0
30
Deferred tax
Origination and reversal of timing differences
-
0
187
Adjustment in respect of prior periods
-
0
(14)
Total deferred tax
-
0
173
Total tax charge
-
0
203

The actual charge 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:

2025
2024
£000
£000
Loss before taxation
(2,558)
(352)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(640)
(88)
Tax effect of expenses that are not deductible in determining taxable profit
3
322
Change in unrecognised deferred tax assets
614
-
0
Adjustments in respect of prior years
-
0
30
Research and development tax credit
-
0
(53)
Deferred tax adjustments in respect of prior years
-
0
(14)
Fixed asset differences
23
6
Taxation charge for the year
-
203
TRYZENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 22 -
11
Intangible fixed assets
Goodwill
Development costs
Trademarks and branding
Customer contracts
Total
£000
£000
£000
£000
£000
Cost
At 1 April 2024
544
761
6
311
1,622
Additions - internally developed
-
0
492
-
0
-
492
At 31 March 2025
544
1,253
6
311
2,114
Amortisation and impairment
At 1 April 2024
15
27
6
8
56
Amortisation charged for the year
55
311
-
0
33
399
At 31 March 2025
70
338
6
41
455
Carrying amount
At 31 March 2025
474
915
-
0
270
1,659
At 31 March 2024
529
734
-
0
303
1,566
12
Tangible fixed assets
Leasehold improvements
Office equipment
Fixtures, fittings and equipment
Total
£000
£000
£000
£000
Cost
At 1 April 2024
361
65
200
626
Additions
-
0
-
0
5
5
At 31 March 2025
361
65
205
631
Depreciation
At 1 April 2024
361
65
179
605
Depreciation charged in the year
-
0
-
0
14
14
At 31 March 2025
361
65
193
619
Carrying amount
At 31 March 2025
-
0
-
0
12
12
At 31 March 2024
-
0
-
0
21
21
13
Fixed asset investments
2025
2024
Notes
£000
£000
Investments in subsidiaries
14
89
89
TRYZENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 23 -
14
Subsidiaries

Details of the company's subsidiaries at 31 March 2025 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Tryzens Bulgaria Limited
26 Cherni Vrah Blvd, 1421 Sofia, Bulgaria
Provision of workers
Ordinary
100.00
Tryzens India PVT Limited
3rd Floor, M-Squared Annexe Building, Technopark, Trivandrum-695581, Kerala, India
Provision of workers
Ordinary
100.00
15
Debtors
2025
2024
Amounts falling due within one year:
£000
£000
Trade debtors
904
1,721
Corporation tax recoverable
146
146
Amounts owed by group undertakings
347
52
Other debtors
75
66
Prepayments and accrued income
508
632
1,980
2,617
2025
2024
Amounts falling due after more than one year:
£000
£000
Deferred tax asset (note 17)
1,901
1,901
Total debtors
3,881
4,518

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

16
Creditors: amounts falling due within one year
2025
2024
£000
£000
Trade creditors
403
645
Amounts owed to group undertakings
20,766
18,790
Taxation and social security
748
720
Other creditors
74
107
Accruals and deferred income
935
1,160
22,926
21,422

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

TRYZENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 24 -
17
Deferred taxation

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

Assets
Assets
2025
2024
Balances:
£000
£000
Decelerated capital allowances
17
17
Tax losses
1,864
1,864
Other timing differences
20
20
1,901
1,901
There were no deferred tax movements in the year.

The company had estimated UK tax losses of £9.9m (2024: £7.5m) available for carry forward against future trading profits.

18
Retirement benefit schemes
2025
2024
Defined contribution schemes
£000
£000
Charge to profit or loss in respect of defined contribution schemes
211
215

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the reporting date, contributions totalling £100k (2024: £42k) were payable to the fund and included within creditors falling due within one year.

TRYZENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 25 -
19
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 2.22p each
100
100
2
2
100
100
2
2
2025
2024
£000
£000
Total equity share capital (rounded £000's)
-
0
-
0
20
Reserves
Profit and loss reserves

Profit and loss reserves represent cumulative profits or losses, net of dividends paid.

21
Financial commitments, guarantees and contingent liabilities

Commitments

There were no commitments as at 31 March 2025 except for operating lease commitments as disclosed within note 22.

Guarantees

The company has provided a cross guarantee to WestBridge III GP LLP, a private equity investor in the wider group, in respect of A Loan Notes held within the company's intermediate parent undertaking, Satori 456 Limited. The maximum liability under the guarantee as at 31 March 2025 is £34.6m (2024: £30.6m). The company has also provided a cross guarantee to WestBridge III GP LLP in respect of a Revolving Facility Agreement held within Satori 456 Limited. The maximum liability under the guarantee as at 31 March 2025 is £3.0m (2024: £Nil).

In addition to the above, the company is also party to a composite guarantee and debenture provided by the company and certain group undertakings in respect of third party borrowings held within Satori 789 Limited, a further intermediate parent undertaking. The maximum liability under the guarantee as at 31 March 2025 is £11.5m (2024: £11.4m).

22
Operating lease commitments
Lessee

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

2025
2024
£000
£000
Within one year
245
320
Between two and five years
-
0
240
245
560
TRYZENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 26 -
23
Events after the reporting date

Subsequent to the year end, the group’s revolving credit facilities have been extended to 2028 with revised financial and non-financial terms and conditions and additional funding made available, to support the group’s growth ambitions.

24
Related party transactions
Transactions with related parties

The company has taken advantage of the exemption available in FRS 102 Section 33 1A whereby it has not disclosed transactions with the immediate parent or any wholly owned subsidiary undertaking of the group.

25
Directors' transactions

Advances have been granted by a director to the company as follows:

Description
% Rate
Opening balance
Amounts advanced
Closing balance
£000
£000
£000
Director's loan
-
-
43
43
-
43
43

Amounts advanced are unsecured and interest free.

26
Ultimate controlling party

The company's immediate parent is Tryzens Global Limited, a company registered in England and Wales whose registered address is 4th Floor 20 Appold Street, London, EC2A 2AS.

The company's ultimate parent is Satori 123 Limited, a company registered in England and Wales whose registered address is 4th Floor 20 Appold Street, London, EC2A 2AS.

Tryzens Global Limited is the smallest and Satori 123 Limited is the largest group entity which prepares consolidated financial statements including Tryzens Limited. Copies of the consolidated financial statements are available from the Companies House online register at https://find-and-update.company-information.service.gov.uk/.

In the opinion of the directors, the ultimate controlling party is WestBridge III GP LLP in its capacity as shareholder of Satori 123 Limited.

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