Company Registration No. 08624932 (England and Wales)
TRYZENS GLOBAL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
TRYZENS GLOBAL LIMITED
COMPANY INFORMATION
Directors
A Burton
G Davies
E Minton
D Paton
(Appointed 23 July 2025)
Company number
08624932
Registered office
4th Floor
20 Appold Street
London
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 GLOBAL LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 10
Group statement of comprehensive income
11
Group balance sheet
12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Notes to the financial statements
17 - 35
TRYZENS GLOBAL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

Introduction

The directors present their strategic report together with the audited financial statements for the year ended 31 March 2025.

Principal activity

Tryzens Global Limited is an investment company with a portfolio of companies 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 group 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 Group’s operations and inform strategic decisions. These include non-financial metrics (client and employee satisfaction, employee development, environmental impact) 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 strategic goals.

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%
Training and development hours | 21,468 | 8,052 | 167%
Total Net CO2 emissions | 791 | 1,285 | (38%)
Financial KPIs | 2025 | 2024 | Movement
Revenue | £17,761k | £20,420k | (13%)
Gross profit | £7,855k | £11,329k | (31%)

Results

The consolidated statement of comprehensive income is set out on page 11 and shows the results for the year. The trading results for the year and the group's financial position at the end of the year are shown in the attached financial statements and are discussed further in the business review below.

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

Business review

Group revenue has declined from £20.4m in 2024 to £17.8m. 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.

In response to these challenging conditions across the global IT consulting sector, the group 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 group 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 group 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 group 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 group 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 group’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 group’s market opportunities, has also led to higher average labour costs within the industry. Despite these challenges, the group has delivered a strong performance in the current financial year. 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 group’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 GLOBAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
Financial risk management objectives and policies

The group 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 group's operations.

The main risks arising from the group’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 group 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 group is exposed to translation and transaction foreign exchange risk. The group 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 group'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 £11,640,000, including amounts due to group undertakings of £11,645,000 and net liabilities of £11,594,000. The group recorded net current liabilities of £10,860,000, and net liabilities of £9,089,000. The company has received a letter of support from Satori 789 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 1.3 of the financial statements, the directors have a reasonable expectation that the group and company 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 group and related potential scenarios. These forecasts show growth in both revenue and profitability across the group 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 group’s or company’s ability to continue as a going concern.

This report was approved by the board and signed on its behalf.

A Burton
Director
30 January 2026
TRYZENS GLOBAL 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 and group are outlined within the group's strategic report on page 1.

Results and dividends

The results for the year are set out on page 11.

No ordinary dividends were paid. The directors do not recommend payment of a further 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 Davies
E Minton
G Barnes
(Appointed 26 February 2025 and resigned 18 July 2025)
D Paton
(Appointed 23 July 2025)
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The group's policy is to consult and discuss with employees, staff councils and at meetings, matters likely to affect employees' interests.

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

Strategic report

The group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group'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 and future developments (where applicable).

Auditor

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

Statement of disclosure to auditor

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

TRYZENS GLOBAL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
On behalf of the board
A Burton
Director
30 January 2026
TRYZENS GLOBAL LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -

The directors are responsible for preparing the Annual 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

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

- state whether applicable UK 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 group and company will continue in business.

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

TRYZENS GLOBAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TRYZENS GLOBAL LIMITED
- 7 -
Opinion

We have audited the financial statements of Tryzens Global Limited ('the parent company') and its subsidiaries ('the group') for the year ended 31 March 2025, which comprise the Group Statement of Comprehensive Income, the Group Balance Sheet, the Company Balance Sheet, Group Statement of Changes in Equity, Company Statement of Changes in Equity, Group Statement of Cashflows 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 group's and the parent company's 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 Auditor 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 parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Directors' with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual Report 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' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

TRYZENS GLOBAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TRYZENS GLOBAL LIMITED
- 8 -
Matters on which we are required to report by exception

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

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

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

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

- certain disclosures of Directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Directors’ responsibilities statement set out on page 6, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Directors are responsible for assessing the group’s and parent company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the group or parent company or to cease operations, or have no realistic alternative but to do so.

Auditor 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. We assessed the component auditor team collectively had appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations by considering their experience.

TRYZENS GLOBAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TRYZENS GLOBAL LIMITED
- 9 -

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

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. Component team members were briefed on relevant identified laws and regulations and potential fraud risks during the audit process.

We obtained an understanding of the legal and regulatory frameworks that are applicable to the group and the parent company and the sector in which they operate, 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;

- Tax legislation (UK); and

- UK Generally Accepted Accounting Practice.

We gained an understanding of how the group and the parent company are complying with these laws and regulations by making enquiries of management and those charged with governance including management and those charged with governance of component entities where necessary. We corroborated these enquiries through our review of submitted returns, external inspections, relevant correspondence with regulatory bodies and board meeting and through communication with the component auditor.

We assessed the susceptibility of the group’s and parent company’s 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 group’s and parent 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;

- Review of component auditor working papers and questionnaire responses as deemed appropriate;

- Completion of appropriate checklists and use of our experience to assess the group’s and parent 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.

TRYZENS GLOBAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TRYZENS GLOBAL LIMITED
- 10 -

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 GLOBAL LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
2025
2024
Notes
£000
£000
Turnover
3
17,761
20,420
Cost of sales
(9,906)
(9,091)
Gross profit
7,855
11,329
Administrative expenses
(8,150)
(8,626)
Other operating income
-
213
Exceptional items
4
(1,005)
(1,391)
Operating (loss)/profit
5
(1,300)
1,525
Interest receivable and similar income
9
3
32
Interest payable and similar expenses
10
(25)
(244)
(Loss)/profit before taxation
(1,322)
1,313
Tax on (loss)/profit
11
(288)
(520)
(Loss)/profit for the financial year
21
(1,610)
793
Other comprehensive expenditure
Currency translation differences
(219)
(228)
(Loss)/profit after tax and total comprehensive (expenditure)/income for the year
(1,829)
565
(Loss)/profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive (expenditure)/income for the year is all attributable to the owners of the parent company.
TRYZENS GLOBAL LIMITED
GROUP BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 12 -
2025
2024
Notes
£000
£000
£000
£000
Fixed assets
Goodwill
12
474
529
Other intangible assets
12
1,185
1,037
Total intangible assets
1,659
1,566
Tangible assets
13
112
140
1,771
1,706
Current assets
Debtors - deferred tax
16
2,031
2,045
Debtors - other
16
2,733
3,264
Cash at bank and in hand
642
1,264
5,406
6,573
Creditors: amounts falling due within one year
17
(16,266)
(15,539)
Net current liabilities
(10,860)
(8,966)
Net liabilities
(9,089)
(7,260)
Capital and reserves
Called up share capital
20
7,082
7,082
Share premium account
21
47
47
Profit and loss reserves
21
(16,218)
(14,389)
Total equity
(9,089)
(7,260)
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:
30 January 2026
A Burton
Director
TRYZENS GLOBAL LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 13 -
2025
2024
Notes
£000
£000
£000
£000
Fixed assets
Investments
14
46
46
Current assets
Debtors
16
13
14
Cash at bank and in hand
-
0
5
13
19
Creditors: amounts falling due within one year
17
(11,653)
(11,649)
Net current liabilities
(11,640)
(11,630)
Net liabilities
(11,594)
(11,584)
Capital and reserves
Called up share capital
20
7,082
7,082
Share premium account
21
47
47
Profit and loss reserves
21
(18,723)
(18,713)
Total equity
(11,594)
(11,584)

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s loss for the year was £10k (2024 - £2,277k profit).

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:
30 January 2026
A Burton
Director
Company Registration No. 08624932
TRYZENS GLOBAL LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 14 -
Share capital
Share premium account
Profit and loss reserves
Total
£000
£000
£000
£000
Balance at 1 April 2023
7,082
47
(14,954)
(7,825)
Year ended 31 March 2024:
Profit for the year
-
-
793
793
Other comprehensive expenditure:
Currency translation differences
-
-
(228)
(228)
Total comprehensive income for the year
-
-
565
565
Balance at 31 March 2024
7,082
47
(14,389)
(7,260)
Year ended 31 March 2025:
Loss for the year
-
-
(1,610)
(1,610)
Other comprehensive expenditure:
Currency translation differences
-
-
(219)
(219)
Total comprehensive expenditure for the year
-
-
(1,829)
(1,829)
Balance at 31 March 2025
7,082
47
(16,218)
(9,089)
TRYZENS GLOBAL LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 15 -
Share capital
Share premium account
Profit and loss reserves
Total
£000
£000
£000
£000
Balance at 1 April 2023
7,082
47
(20,990)
(13,861)
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
2,277
2,277
Balance at 31 March 2024
7,082
47
(18,713)
(11,584)
Year ended 31 March 2025:
Loss and total comprehensive expenditure for the year
-
-
(10)
(10)
Balance at 31 March 2025
7,082
47
(18,723)
(11,594)
TRYZENS GLOBAL LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 16 -
2025
2024
Notes
£000
£000
£000
£000
Cash flows from operating activities
Cash (absorbed by)/generated from operations
28
(624)
1,131
Income taxes paid
(272)
(360)
Net cash (outflow)/inflow from operating activities
(896)
771
Investing activities
Purchase of business
-
(659)
Purchase of intangible assets
(492)
(734)
Purchase of tangible fixed assets
(58)
(97)
Interest received
3
32
Net cash used in investing activities
(547)
(1,458)
Financing activities
Amounts advanced from related undertakings
2,500
14,683
Repayment of borrowings
(1,625)
(14,683)
Interest paid
(25)
(49)
Amounts repaid to related undertakings
-
(3,034)
Net cash generated from/(used in) financing activities
850
(3,083)
Net decrease in cash and cash equivalents
(593)
(3,770)
Cash and cash equivalents at beginning of year
1,264
5,039
Effect of foreign exchange rates
(29)
(5)
Cash and cash equivalents at end of year
642
1,264
TRYZENS GLOBAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 17 -
1
Accounting policies
Company information

Tryzens Global Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 4th Floor 20 Appold Street, London, EC2A 2AS

The group consists of Tryzens Global Limited and all of its subsidiaries.

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.

The 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. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements (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 33 ‘Related Party Disclosures’: Compensation for key management personnel.

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Tryzens Global Limited together with all entities controlled by the parent company (its subsidiaries).

All financial statements are made up to 31 March 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

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

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

TRYZENS GLOBAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 18 -
1.3
Going concern

The financial statements have been prepared on a going concern basis. As at 31 March 2025 the group reported net current liabilities of £10,860,000, including amounts due to group undertakings of £12,478,000 and net liabilities of £9,089,000. The company has received a letter of support from Satori 789 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.

At the time of approving the financial statements, the directors have a reasonable expectation that the group and 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.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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

Turnover 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 year in which the loss first becomes foreseeable.

1.5
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.

1.6
Intangible fixed assets - goodwill

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

1.7
Intangible fixed assets other than goodwill

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

TRYZENS GLOBAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 19 -

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
10% straight line
Trademarks
10% straight line
Customer contracts
10% straight line
1.8
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
Computer 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 recognised in the statement of comprehensive income.

1.9
Fixed asset investments

I n the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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

1.10
Impairment of fixed assets

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

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.

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.

TRYZENS GLOBAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 20 -
1.11
Cash and cash equivalents

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

1.12
Financial instruments

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

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

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

Basic financial assets

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

Impairment of financial assets

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

Classification of financial liabilities

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

TRYZENS GLOBAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 21 -
Basic financial liabilities

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

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

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

Derecognition of financial liabilities

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

1.13
Equity instruments

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

1.14
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

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

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 if, and only if, there is 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 GLOBAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 22 -
1.15
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.

1.16
Retirement benefits

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

1.17
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 lease d asset are consumed.

1.18
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 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.

1.19
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.

The financial statements of overseas subsidiary undertakings are translated at the rate of exchange ruling at the balance sheet date. The exchange difference arising on the retranslation of opening net assets is taken to reserves through other comprehensive income. The income and expenditure of foreign operations are translated at an average rate for the period where this rate approximates to the foreign exchange rates ruling at the dates of the transactions. Exchange differences arising from this translation of foreign operations are taken to reserves through other comprehensive income.

1.20

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 group's financial performance.

TRYZENS GLOBAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 23 -
2
Judgements and key sources of estimation uncertainty

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

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

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.

Details of the revenue generated by the group in the current financial year is outlined within note 3.

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 group's financial assets are outlined within note 16.

Deferred tax asset

The group has recognised a deferred tax asset in respect of certain losses which are available for offset against the group'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 18.

TRYZENS GLOBAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 24 -
3
Turnover and other revenue
2025
2024
£000
£000
Turnover analysed by geographical market
United Kingdom
8,923
11,206
Rest of Europe
699
1,188
Rest of World
8,139
8,026
17,761
20,420
2025
2024
£000
£000
Other significant revenue
Interest income
3
32
Grants received
-
213

Government grants include £Nil (2024: £213k) in respect of a RDEC tax credit received in the year relating to eligible research and development expenditure incurred.

4
Exceptional items
2025
2024
£000
£000
Expenditure
Exceptional costs
1,005
1,391
1,005
1,391

Exceptional costs in the current financial year relate to £1,005k of non-recurring costs linked to employment restructuring.

Exceptional costs in the comparative financial year relate to £469k of costs incurred in the pursuit and completion of a private equity backed management buy-out of the company as well as £922k of one-off non-recurring staff costs linked to the management buy-out.

5
Operating (loss)/profit
2025
2024
£000
£000
Operating (loss)/profit for the year is stated after charging/(crediting):
Exchange differences
(121)
(72)
Government grants
-
(213)
Depreciation of owned tangible fixed assets
86
131
Amortisation of intangible assets
399
23
Operating lease charges
676
688
TRYZENS GLOBAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 25 -
6
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£000
£000
For audit services
Audit of the financial statements of the group and company
37
35
For other services
All other non-audit services
16
15
7
Employees

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

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Production
272
260
-
-
Management and administration
59
56
-
-
Total
331
316
0
0

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£000
£000
£000
£000
Wages and salaries
13,336
13,153
-
0
17
Social security costs
982
817
-
1
Pension costs
576
512
-
0
-
0
14,894
14,482
-
18

Included in the aggregate remuneration outlined above are wages and salaries costs of £959k (2024: £750k) and social security costs of £46k (2024: £172k) which are regarded as exceptional and included within exceptional costs outlined at note 4.

8
Directors' remuneration
2025
2024
£000
£000
Remuneration for qualifying services
17
710
Company pension contributions to defined contribution schemes
1
18
18
728
TRYZENS GLOBAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
8
Directors' remuneration
(Continued)
- 26 -

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 includes the following amounts paid to the highest paid director:
2025
2024
£000
£000
Remuneration for qualifying services
n/a
533
Company pension contributions to defined contribution schemes
n/a
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 group 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.

9
Interest receivable and similar income
2025
2024
£000
£000
Interest income
Interest on bank deposits
3
32
10
Interest payable and similar expenses
2025
2024
£000
£000
Bank interest and charges payable
13
10
Other interest payable
12
234
Total finance costs
25
244
TRYZENS GLOBAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 27 -
11
Taxation
2025
2024
£000
£000
Current tax
Adjustments in respect of prior periods
-
0
29
Foreign current tax on profits for the current period
252
258
Adjustments in foreign tax in respect of prior periods
22
-
0
Total current tax
274
287
Deferred tax
Origination and reversal of timing differences
13
246
Adjustment in respect of prior periods
1
(13)
Total deferred tax
14
233
Total tax charge
288
520

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

2025
2024
£000
£000
(Loss)/profit before taxation
(1,322)
1,313
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(331)
328
Tax effect of expenses that are not deductible in determining taxable profit
3
2,011
Change in unrecognised deferred tax assets
614
(1,593)
Adjustments in respect of prior years
22
29
Research and development tax credit
-
0
(53)
Deferred tax adjustments in respect of prior years
1
(13)
Change in foreign tax rates
(27)
(167)
Fixed asset differences
23
6
Other differences
(17)
(28)
Taxation charge
288
520
TRYZENS GLOBAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 28 -
12
Intangible fixed assets
Group
Goodwill
Development costs
Trademarks
Customer contracts
Total
£000
£000
£000
£000
£000
Cost
At 1 April 2024
5,795
762
6
311
6,874
Additions - internally developed
-
0
492
-
0
-
492
At 31 March 2025
5,795
1,254
6
311
7,366
Amortisation and impairment
At 1 April 2024
5,266
28
6
8
5,308
Amortisation charged for the year
55
312
-
0
32
399
At 31 March 2025
5,321
340
6
40
5,707
Carrying amount
At 31 March 2025
474
914
-
0
271
1,659
At 31 March 2024
529
734
-
0
303
1,566
The company had no intangible fixed assets at 31 March 2025 or 31 March 2024.
TRYZENS GLOBAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 29 -
13
Tangible fixed assets
Group
Leasehold improvements
Office equipment
Computer equipment
Total
£000
£000
£000
£000
Cost
At 1 April 2024
364
511
382
1,257
Additions
7
12
39
58
Disposals
(3)
(17)
-
0
(20)
Transfers
-
0
(48)
48
-
0
At 31 March 2025
368
458
469
1,295
Depreciation and impairment
At 1 April 2024
364
392
361
1,117
Depreciation charged in the year
-
0
22
64
86
Eliminated in respect of disposals
(3)
(17)
-
0
(20)
Transfers
-
0
(5)
5
-
0
At 31 March 2025
361
392
430
1,183
Carrying amount
At 31 March 2025
7
66
39
112
At 31 March 2024
-
0
119
21
140
The company had no tangible fixed assets at 31 March 2025 or 31 March 2024.
14
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£000
£000
£000
£000
Investments in subsidiaries
15
-
0
-
0
46
46
Movements in fixed asset investments
Company
Shares in subsidiaries
£000
Cost or valuation
At 1 April 2024 and 31 March 2025
4,731
Impairment
At 1 April 2024 and 31 March 2025
4,685
Carrying amount
At 31 March 2025
46
At 31 March 2024
46
TRYZENS GLOBAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 30 -
15
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
Indirect
Tryzens Limited
4th Floor, 20 Appold Street, London, EC2A 2AS
Ecommerce consultancy
Ordinary
100.00
-
Tryzens Bulgaria Limited
26 Cherni Vrah Blvd, 1421 Sofia, Bulgaria
Provision of workers
Ordinary
0
100.00
Tryzens India PVT Limited
3rd Floor, M-Squared Annexe Building, Technopark, Trivandrum-695581, Kerala, India
Provision of workers
Ordinary
0
100.00
Tryzens Australia PTY Limited
520 Bourke Street, Melbourne, Victoria 3000, Australia
Provision of workers
Ordinary
100.00
-
Tryzens LLC
8 The Green #16579, Dover, DE 19901, USA
Provision of workers
Ordinary
100.00
-
16
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£000
£000
£000
£000
Trade debtors
1,456
2,183
-
0
-
0
Corporation tax recoverable
146
146
-
0
-
0
Other debtors
196
208
-
0
2
Prepayments and accrued income
935
727
-
0
-
0
2,733
3,264
-
2
Amounts falling due after more than one year:
Deferred tax asset (note 18)
2,031
2,045
13
12
Total debtors
4,764
5,309
13
14
17
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
£000
£000
£000
£000
Trade creditors
807
718
8
-
0
Amounts owed to group undertakings
12,478
11,649
11,645
11,649
Corporation tax payable
93
91
-
0
-
0
Other taxation and social security
1,097
1,079
-
-
Other creditors
125
110
-
0
-
0
Accruals and deferred income
1,666
1,892
-
0
-
0
16,266
15,539
11,653
11,649
TRYZENS GLOBAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
17
Creditors: amounts falling due within one year
(Continued)
- 31 -

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

18
Deferred taxation

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

Assets
Assets
2025
2024
Group
£000
£000
Decelerated capital allowances
17
17
Tax losses
1,877
1,876
Short term timing differences
137
152
2,031
2,045
Assets
Assets
2025
2024
Company
£000
£000
Tax losses
13
12
Group
Company
2025
2025
Movements in the year:
£000
£000
Asset at 1 April 2024
(2,045)
(12)
Charge/(credit) to profit or loss
14
(1)
Asset at 31 March 2025
(2,031)
(13)

The group had estimated UK tax losses of £10.1m (2024: £7.5m) available for carry forward against future trading profits.

19
Retirement benefit schemes
2025
2024
Defined contribution schemes
£000
£000
Charge to profit or loss in respect of defined contribution schemes
576
512

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund. At the reporting date, contributions totalling £191k (2024: £122k) were payable to the fund and included within creditors falling due within one year.

TRYZENS GLOBAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 32 -
20
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
7,081,228
7,081,228
7,081,228
7,081,228
B Ordinary shares of £0.01 each
7,000
7,000
70
70
C1 Ordinary shares of £0.0001 each
1,110,163
1,110,163
111
111
B1 Ordinary shares of £0.01 each
3,000
3,000
30
30
C2 Ordinary shares of £0.0001 each
1,427,354
1,427,354
143
143
C3 Ordinary shares of £0.0001 each
812,004
812,004
81
81
10,440,749
10,440,749
7,081,663
7,081,663
2025
2024
£000
£000
Total equity share capital (rounded £000's)
7,082
7,082

Rights attached to share classes

The Ordinary shares are irredeemable and carry full voting rights and dividend entitlements.

The B Ordinary shares and B1 Ordinary shares carry full voting rights and dividend entitlements. They are subject to redemption rights subject to determination by the board to do so.

The C1 Ordinary shares, C2 Ordinary shares and C3 Ordinary shares do not carry voting rights, but entitle the holders to participate fully in any distribution of company profit. They are subject to redemption rights subject to the determination by the board to do so.

On a distribution of assets on liquidation or other return of capital, any surplus shall be distributed among the Ordinary shareholders in accordance with the order of priority set out in the Articles of Association of the company.

21
Reserves
Share premium

The share premium account includes the premium on issue of equity shares, net of any issue costs.

Profit and loss reserves

Profit and loss reserves represent cumulative profits or losses, net of dividends and other distributions or adjustments.

TRYZENS GLOBAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 33 -
22
Financial commitments, guarantees and contingent liabilities

Commitments

There are no commitments as at 31 March 2025 except the operating lease commitments disclosed in note 23.

Guarantees

The company has provided a cross guarantee to WestBridge III GP LLP, a private equity investor in the 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).

23
Operating lease commitments
Lessee

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

Group
Company
2025
2024
2025
2024
£000
£000
£000
£000
Within one year
521
423
-
-
Between two and five years
268
240
-
-
789
663
-
-
24
Events after the reporting date

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.

25
Related party transactions

The group has taken advantage of the exemption available under paragraph 33.1A of Financial Reporting Standard 102 not to disclose transactions with other wholly owned members of the group.

The key management personnel of the group are the directors and details of directors' remuneration are outlined at note 8.

TRYZENS GLOBAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 34 -
26
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.

27
Controlling party

The company's immediate parent is Satori 789 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.

Satori 123 Limited is the largest group entity which prepares consolidated financial statements including the results of Tryzens Global Limited and its subsidiaries. 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.

28
Cash (absorbed by)/generated from group operations
2025
2024
£000
£000
(Loss)/profit for the year after tax
(1,610)
793
Adjustments for:
Taxation charged
288
520
Finance costs
25
244
Investment income
(3)
(32)
Amortisation and impairment of intangible assets
399
23
Depreciation and impairment of tangible fixed assets
86
131
Movements in working capital:
Decrease in debtors
531
701
Decrease in creditors
(340)
(1,249)
Cash (absorbed by)/generated from operations
(624)
1,131
TRYZENS GLOBAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 35 -
29
Analysis of changes in net funds - group
1 April 2024
Cash flows
Exchange rate movements
31 March 2025
£000
£000
£000
£000
Cash at bank and in hand
1,264
(593)
(29)
642
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