Company Registration No. 01118303 (England and Wales)
REGA RESEARCH LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
REGA RESEARCH LIMITED
COMPANY INFORMATION
Director
R L K Gandy
Company number
01118303
Registered office
Unit 6 Coopers Way
Temple Farm Industrial Estate
Southend-on-Sea
Essex
SS2 5TE
Auditor
Rickard Luckin Limited
1st Floor
County House
100 New London Road
Chelmsford
Essex
CM2 0RG
REGA RESEARCH LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3
Director's responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 22
REGA RESEARCH LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 1 -

The director presents the strategic report for the year ended 30 June 2025.

Review of the business

The Director is satisfied with the performance of the business reporting an increase in turnover of 11.3% compared to the prior year. Turnover is being maintained at a level at which the company Director believes the business is best suited to serve customers.

Gross profit margins have increased to 35.2% (2024: 32.6%) in the year. The gross profit margin achieved in the year is favourable, despite continued challenges of inflation and increased supplier costs. The ongoing decision to adopt a low margin/​​high sales volume strategy has helped maintain both trade and profitability whilst continuing to be a strategy that best suits the company's long term aims. At the end of the year the business had net assets of £22,786,185 (2024: £21,910,734).

Future developments

We continue to believe that innovation whilst offering a value-based product is at the heart of Rega’s business. Therefore, we plan to release a selection of products over the next 12 months at varying price ranges with improved profitability, further increasing demand for Rega products and increasing trade within an ever competitive market. This approach will complement our current low margin/high sales volume strategy which will ensure the company remains both profitable and innovative.

The cash balance has fallen slightly to £9.3m (2024: £9.9m) in the year. The company’s long term aim is to maintain cash at these levels given its operational importance, allowing the business to meet demand despite increasing supplier costs and supply chain time constraints that would otherwise result in an enforced reduction in trade. It also allows us to invest in our infrastructure, plant & equipment and development of new products.

Principal risks and uncertainties

The principal risk of the business is in respect to market trends and the demand for products.

Price risk, credit risk, liquidity risk and cash flow risk

Th e company’s principal financial instruments comprise cash and liquid resources. The main purpose of these instruments is to finance the company’s operations. The company has various other financial instruments such as trade debtors and trade creditors that arise directly from it’s operations.

In respect of bank balances, the liquidity risk is managed by maintaining a positive cash balance. All of the company’s cash balances are held in such a way that achieves a competitive rate of interest. The company makes use of money market facilities where funds are available.

Trade debtors are managed in respect of credit and cash flow risk policies concerning the credit offered to customers and regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

REGA RESEARCH LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 2 -
Key performance indicators

The company's key financial performance indicators during the year were as follows:

2025 2024

Turnover £15,760,536 £14,159,561

Turnover growth 11.3% 3.1%

Gross profit margin 35.2% 32.6%

Profit before tax £1,201,407 £639,016

On behalf of the board

R L K Gandy
Director
12 February 2026
REGA RESEARCH LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 3 -

The director presents his annual report and financial statements for the year ended 30 June 2025.

Principal activities

The principal activity of the company is manufacturing and selling audio equipment.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The director does not recommend payment of a final dividend.

Director

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

R L K Gandy
Auditor

The auditor, Rickard Luckin Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Strategic report

The directors ha ve 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 (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of results for the year, principal risks and uncertainties.

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.

Medium-sized companies exemption

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

On behalf of the board
R L K Gandy
Director
12 February 2026
REGA RESEARCH LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2025
- 4 -

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

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;

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

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

The director is 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. He is 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.

REGA RESEARCH LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF REGA RESEARCH LIMITED
- 5 -
Opinion

We have audited the financial statements of Rega Research Limited (the 'company') for the year ended 30 June 2025 which comprise the statement of comprehensive income, the balance sheet, the 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 Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 30 June 2025 and of its profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the director's 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 director's report have been prepared in accordance with applicable legal requirements.

REGA RESEARCH LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF REGA RESEARCH LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the director's 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, 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 director's remuneration specified by law are not made; or

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

Responsibilities of director

As explained more fully in the director's r esponsibilities s tatement, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditor's 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.

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.

Capability of the audit in detecting irregularity, including fraud

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our: general commercial and sector experience; through verbal and written communications with those charged with governance and other management; and via inspection of the company’s regulatory and legal correspondence.

We communicated identified laws and regulations to our team and remained alert to any indicators of non-compliance throughout the audit, we also specifically considered where and how fraud may occur within the company.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the company is subject to laws and regulations that directly affect the financial statements, including: the company’s constitution, relevant financial reporting standards; company law; tax legislation and distributable profits legislation and we assess the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on the amounts or disclosures in the financial statements, for instance through the imposition of fines and penalties, or through losses arising from litigations. We identified the following areas as those most likely to have such an affect: employment legislation; health and safety legislation; trade legislation; waste electrical electronic equipment regulations; data protection regulations; export control act; anti-bribery and anti-corruption legislation.

REGA RESEARCH LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF REGA RESEARCH LIMITED (CONTINUED)
- 7 -

ISAs (UK) limit the required procedures to identify non-compliance with these laws and regulations, and no procedures over and above those already noted are required. These limited procedures did not identify any actual or suspected non-compliance with laws and regulations that could have a material impact on the financial statements.

In relation to fraud, we performed the following specific procedures in addition to those already noted:

- Challenging assumptions made by management in its significant accounting estimates in particular: depreciation and deferred tax;

- Identifying and testing journal entries during the year and around the year end, and in particular any entries posted with unusual nominal ledger account combinations, journal entries posted by senior management, and journal entries crediting cash or any revenue account;

- Performing analytical procedures to identify unexpected movements in account balances which may be indicative of fraud;

- Ensuring that testing undertaken on both the performance statement, and the Balance Sheet includes a number of items selected on a random basis;

These procedures did not identify any actual or suspected fraudulent irregularity that could have a material impact on the financial statements.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with ISAs (UK). For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the procedures that we are required to undertake would identify it. In addition, as with any audit, there remains a high risk of non-detection of irregularities, as these might involve collusion, forgery, intentional omissions, misrepresentation, or the override of internal controls. We are not responsible for preventing non-compliance with laws and regulations or fraud, and cannot be expected to detect non-compliance with all laws and regulations or every incidence of fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

Joanna Southon (Senior Statutory Auditor)
For and on behalf of Rickard Luckin Limited, Statutory Auditor
Chartered Accountants
1st Floor
County House
100 New London Road
Chelmsford
Essex
CM2 0RG
26 February 2026
REGA RESEARCH LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
15,760,536
14,159,561
Cost of sales
(10,213,275)
(9,545,330)
Gross profit
5,547,261
4,614,231
Distribution costs
(82,752)
(75,315)
Administrative expenses
(4,680,738)
(4,264,454)
Other operating income
131,427
-
0
Operating profit
4
915,198
274,462
Interest receivable and similar income
7
286,209
364,554
Profit before taxation
1,201,407
639,016
Tax on profit
8
(325,956)
69,850
Profit for the financial year
875,451
708,866

The profit and loss account has been prepared on the basis that all operations are continuing operations.

REGA RESEARCH LIMITED
BALANCE SHEET
AS AT
30 JUNE 2025
30 June 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
9
3,857
4,252
Tangible assets
10
3,510,748
3,538,700
3,514,605
3,542,952
Current assets
Stocks
11
10,034,638
9,646,967
Debtors
12
2,395,081
703,013
Cash at bank and in hand
9,328,849
9,944,064
21,758,568
20,294,044
Creditors: amounts falling due within one year
13
(1,980,662)
(1,531,626)
Net current assets
19,777,906
18,762,418
Total assets less current liabilities
23,292,511
22,305,370
Provisions for liabilities
Deferred tax liability
14
506,326
394,636
(506,326)
(394,636)
Net assets
22,786,185
21,910,734
Capital and reserves
Called up share capital
16
1,250
1,250
Share premium account
499,750
499,750
Profit and loss reserves
17
22,285,185
21,409,734
Total equity
22,786,185
21,910,734

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

The financial statements were approved and signed by the director and authorised for issue on 12 February 2026
R L K Gandy
Director
Company registration number 01118303 (England and Wales)
REGA RESEARCH LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
- 10 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 July 2023
1,250
499,750
20,700,868
21,201,868
Year ended 30 June 2024:
Profit and total comprehensive income
-
-
708,866
708,866
Balance at 30 June 2024
1,250
499,750
21,409,734
21,910,734
Year ended 30 June 2025:
Profit and total comprehensive income
-
-
875,451
875,451
Balance at 30 June 2025
1,250
499,750
22,285,185
22,786,185
REGA RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
- 11 -
1
Accounting policies
Company information

Rega Research Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 6 Coopers Way, Temple Farm Industrial Estate, Southend-on-Sea, Essex, SS2 5TE.

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 £.

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:

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

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

The financial statements of the company are consolidated in the financial statements of Rega Developments Limited. These consolidated financial statements are available from its registered office, Unit 6 Coopers Way, Temple Farm Industrial Estate, Southend On Sea, Essex, SS2 5TE.

1.2
Going concern

A true t the time of approving the financial statements, t he director has a reasonable expectation that the company has adequate resources to continue in operational existence for a period of at least twelve months from when the financial statements were authorised for issue. Thus t he director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and 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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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 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.

REGA RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 12 -

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

Patents and licenses
Over the life of the patent
1.6
Tangible fixed assets

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

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

Land and buildings Leasehold
Over term of lease
Leasehold improvements
10% straight line
Plant and machinery
10% reducing balance
Tooling
50% straight line
Computer equipment
25% reducing balance
Motor vehicles
25% reducing balance

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 profit or loss.

1.7
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.

Where a reasonable and consistent basis of allocation can be identified, assets are allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Work in progress is recognised within raw materials and components in the financial statements. Work in progress is valued at the cost of each component and the labour incurred to bring the component to its current condition. Once work is completed on each component the item is removed from work in progress and recognised as an item of stock.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash and cash equivalents

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

REGA RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 13 -
1.10
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 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

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.

REGA RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 14 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.11
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.

1.12
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 profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

REGA RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 15 -
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.

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 profit and loss account, 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.

1.13
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.

1.14
Retirement benefits

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

1.15
Leases

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

1.16
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 profit or loss.

REGA RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 16 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director may be required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources.

Upon consideration the director does not consider there to be any significant judgements and estimates that have been applied which will result in the actual future results differing from these estimates.

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.

Depreciation

Depreciation is based on an estimate of the useful economic life of each asset. The directors have exercised judgement in determining the useful economic lives of the tangible fixed assets in order to set the depreciation policy.

3
Turnover and other revenue

An analysis of the company's turnover by geographical market is as follows:

2025
2024
£
£
Turnover analysed by geographical market
Sales - UK
4,686,873
4,104,537
Sales - Europe
6,045,374
5,738,803
Sales - Rest of the world
5,028,289
4,316,221
15,760,536
14,159,561
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(21,457)
(19,132)
Research and development costs
657,137
715,676
Fees payable to the company's auditor for the audit of the company's financial statements
20,680
16,920
Depreciation of owned tangible fixed assets
512,477
505,038
Amortisation of intangible assets
395
395
Operating lease charges
208,854
198,043
REGA RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 17 -
5
Employees

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

2025
2024
Number
Number
Administration and support
62
60
Production
75
66
Total
137
126

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
4,273,378
4,111,344
Pension costs
111,002
89,012
4,384,380
4,200,356
6
Director's remuneration
2025
2024
£
£
Remuneration for qualifying services
43,250
41,500
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
283,751
364,554
Other interest income
2,458
-
0
Total income
286,209
364,554
8
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
219,440
-
0
Adjustments in respect of prior periods
(5,174)
-
0
Total current tax
214,266
-
0
REGA RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
8
Taxation
2025
2024
£
£
(Continued)
- 18 -
Deferred tax
Origination and reversal of timing differences
111,690
(69,850)
Total tax charge/(credit)
325,956
(69,850)

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

2025
2024
£
£
Profit before taxation
1,201,407
639,016
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
300,352
159,754
Tax effect of expenses that are not deductible in determining taxable profit
15,007
9,455
Permanent capital allowances in excess of depreciation
126,208
(12,044)
Depreciation on assets not qualifying for tax allowances
2,959
2,959
Under/(over) provided in prior years
(5,107)
-
0
Enhanced research and development expense
-
0
(153,871)
Patent box
(113,463)
(76,103)
Taxation charge/(credit) for the year
325,956
(69,850)
9
Intangible fixed assets
Patents and licenses
£
Cost
At 1 July 2024 and 30 June 2025
5,931
Amortisation and impairment
At 1 July 2024
1,679
Amortisation charged for the year
395
At 30 June 2025
2,074
Carrying amount
At 30 June 2025
3,857
At 30 June 2024
4,252
REGA RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 19 -
10
Tangible fixed assets
Land and buildings Leasehold
Leasehold improvements
Plant and machinery
Tooling
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 July 2024
987,000
968,320
2,574,929
305,080
553,688
314,824
5,703,841
Additions
-
0
141,183
127,020
56,485
27,771
152,843
505,302
Disposals
-
0
-
0
-
0
-
0
-
0
(49,250)
(49,250)
At 30 June 2025
987,000
1,109,503
2,701,949
361,565
581,459
418,417
6,159,893
Depreciation and impairment
At 1 July 2024
3,084
521,110
909,730
194,752
339,390
197,075
2,165,141
Depreciation charged in the year
1,028
91,384
179,171
117,923
60,517
62,454
512,477
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
-
0
(28,473)
(28,473)
At 30 June 2025
4,112
612,494
1,088,901
312,675
399,907
231,056
2,649,145
Carrying amount
At 30 June 2025
982,888
497,009
1,613,048
48,890
181,552
187,361
3,510,748
At 30 June 2024
983,916
447,210
1,665,199
110,328
214,298
117,749
3,538,700
REGA RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 20 -
11
Stocks
2025
2024
£
£
Raw materials and components
9,929,305
9,374,478
Finished goods and goods for resale
105,333
272,489
10,034,638
9,646,967
12
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
419,268
305,740
Corporation tax recoverable
-
0
25,000
Amounts owed by group undertakings
1,601,705
12,000
Other debtors
280,325
267,140
Prepayments and accrued income
93,783
93,133
2,395,081
703,013
13
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
1,173,266
909,470
Corporation tax
554
-
0
Other taxation and social security
90,553
78,279
Other creditors
-
0
62
Accruals and deferred income
716,289
543,815
1,980,662
1,531,626
14
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
506,326
504,173
Tax losses
-
(109,537)
506,326
394,636
REGA RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
14
Deferred taxation
(Continued)
- 21 -
2025
Movements in the year:
£
Liability at 1 July 2024
394,636
Charge to profit or loss
111,690
Liability at 30 June 2025
506,326
15
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
111,002
89,012

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.

Contributions totalling £nil (2024: £5,792) were payable to the scheme at the end of the year and are included within other creditors.

16
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,250
1,250
1,250
1,250
17
Profit and loss reserves

The profit and loss reserves are fully distributable.

18
Operating lease commitments
As 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
£
£
Within 1 year
188,750
188,750
Years 2-5
648,333
725,000
After 5 years
75,688
187,771
912,771
1,101,521
REGA RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 22 -
19
Related party transactions
Transactions with related parties

During the year the company paid rents of £19,750 (2024: £8,229) to the pension scheme in which the Director is a beneficiary. As at the balance sheet date there were no amounts due to the related party.

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
1,601,705
12,000

These amounts are repayable on demand and interest is not charged on amounts due from related parties.

In accordance with FRS102 the company has not disclosed transactions with wholly owned members of the group.

20
Ultimate controlling party

Rega Research Limited is a 100% subsidiary of Rega Developments Limited, which is the parent company. Rega Developments Limited has a registered office address of Unit 6 Coopers Way, Temple Farm Industrial Estate, Southend On Sea, Essex, SS2 5TE.

At the balance sheet date the parent company is wholly owned by the Rega Employee Ownership Trust through its corporate trustee, Rega Trustees Limited.

There is therefore no ultimate controlling party, as the shares are held on trust for the beneficiaries and no individual or entity has the ability to exercise control or significant influence over the company.

Rega Developments Limited is the parent undertaking of both the largest and smallest group of which the company is a member and for which consolidated financial statements are prepared. Copies of the consolidated financial statements of Rega Developments Limited are available from Unit 6 Coopers Way, Temple Farm Industrial Estate, Southend On Sea, Essex, SS2 5TE.

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