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REGISTERED NUMBER: 02927891 (England and Wales)

| Strategic Report, Report of the Directors and |

| Financial Statements |

| for the Year Ended 31 March 2025 |

| for |

| International Copiers UK Limited |

International Copiers UK Limited (Registered number: 02927891)

Contents of the Financial Statements

for the Year Ended 31 March 2025

Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Directors | 3 |

Report of the Independent Auditors | 5 |

Statement of Comprehensive Income | 9 |

Balance Sheet | 10 |

Statement of Changes in Equity | 11 |

Cash Flow Statement | 12 |

Notes to the Cash Flow Statement | 13 |

Notes to the Financial Statements | 14 |

International Copiers UK Limited

Company Information

for the Year Ended 31 March 2025

| DIRECTORS: | P Anderson

| R C Wood

| Mrs K Anderson

| Mrs A Wood

| SECRETARY: | R C Wood

| REGISTERED OFFICE: | 44 The Pantiles

| Tunbridge Wells

| Kent

| TN2 5TN

| REGISTERED NUMBER: | 02927891 (England and Wales)

| AUDITORS: | Vale & West Accountancy Services Limited

| Victoria House

| 26 Queen Victoria Street

| Reading

| Berkshire

| RG1 1TG

International Copiers UK Limited (Registered number: 02927891)

Strategic Report

for the Year Ended 31 March 2025

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

REVIEW OF BUSINESS

The principal activity of the company is that of the purchase and sale of second hand photocopiers. In the accounting period under review, the company reported a pre-tax profit of £3,479,476 (2024: £4,194,901) and the directors are satisfied with this result and hope to improve on it in the current year.

PRINCIPAL RISKS AND UNCERTAINTIES

The company operates within the global international market and is therefore subject to the impact of overseas economies and foreign exchange risks. The directors continue to monitor these risks and uncertainties and are confident that the company is well placed to manage these risks going forward.

As the supply of new machines enters the market, it is inevitable that the availability of used machines will increase and we believe this will lead to a reduction in the sales price in the coming months due to the over supply in our key markets. To counter this price decrease, we have already reacted by negotiating lower prices from suppliers.

KEY PERFORMANCE INDICATORS

Key performance indicators highlights a downward movement in the company's turnover in the current period, from the period ended 31 March 2024. Debtor days for the period ended 31 March 2025 was 69 days, which is an increase to the debtor days previously disclosed by the company in respect of the accounting period ended 31 March 2024, being 48 days.

The gross profit margin for the period ended 31 March 2025 was 55%, which is consistent with the period ended 31 March 2024 of 55%.

The directors anticipate the business environment will remain competitive. They believe that the company is in a good financial position and that the risks that have been identified are being well managed.

ON BEHALF OF THE BOARD:

R C Wood - Director

16 March 2026

International Copiers UK Limited (Registered number: 02927891)

Report of the Directors

for the Year Ended 31 March 2025

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

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2025.

DIRECTORS

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

P Anderson

R C Wood

Mrs K Anderson

Mrs A Wood

FINANCIAL INSTRUMENTS

The company's principal financial instruments comprise bank balances, trade creditors and trade and other debtors. The main purpose of these instruments is to finance the company's operations.

Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is shown below.

In respect of bank balances and trade creditors, the liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Trade and other debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

CHARITABLE | DONATIONS

During the year, the company made charitable donations of £6,969.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

International Copiers UK Limited (Registered number: 02927891)

Report of the Directors

for the Year Ended 31 March 2025

AUDITORS

The auditors, Vale & West Accountancy Services Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

R C Wood - Director

16 March 2026

Report of the Independent Auditors to the Members of

International Copiers UK Limited

Opinion

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

In our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Report of the Independent Auditors to the Members of

International Copiers UK Limited

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of

International Copiers UK Limited

Auditors' responsibilities for the audit of the financial statements

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

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:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the computer component manufacturing and supply sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including Companies Act 2006 and taxation legislation.

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and

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

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

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

- investigated the rationale behind significant or unusual transactions; and

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

- agreeing financial statement disclosures to underlying supporting documentation;

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

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Report of the Independent Auditors to the Members of

International Copiers UK Limited

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

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

Lee Gardner FCA (Senior Statutory Auditor)

for and on behalf of Vale & West Accountancy Services Limited

Victoria House

26 Queen Victoria Street

Reading

Berkshire

RG1 1TG

16 March 2026

International Copiers UK Limited (Registered number: 02927891)

Statement of Comprehensive Income

for the Year Ended 31 March 2025

| 31.3.25 |  | 31.3.24

| Notes | £ | £ |

TURNOVER | 4 | 9,892,298 |  | 12,347,064 |  |

Cost of sales | 4,435,695 |  | 5,610,143 |  |

GROSS PROFIT | 5,456,603 |  | 6,736,921 |  |

Administrative expenses | 2,318,823 |  | 2,915,213 |  |

3,137,780 |  | 3,821,708 |  |

Other operating income | 294,384 |  | 355,505 |  |

OPERATING PROFIT | 6 | 3,432,164 |  | 4,177,213 |  |

Interest receivable and similar income | 47,312 |  | 17,688 |  |

PROFIT BEFORE TAXATION | 3,479,476 |  | 4,194,901 |  |

Tax on profit | 7 | 878,755 |  | 1,060,638 |  |

PROFIT FOR THE FINANCIAL YEAR | 2,600,721 |  | 3,134,263 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 2,600,721 |  | 3,134,263 |  |

International Copiers UK Limited (Registered number: 02927891)

Balance Sheet

31 March 2025

| 31.3.25 | 31.3.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 8 | 301,146 |  | 421,676 |  |

CURRENT ASSETS

Stocks | 9 | 647,293 |  | 277,158 |  |

Debtors | 10 | 30,775,636 |  | 26,976,108 |  |

Cash at bank and in hand | 1,579,391 |  | 3,222,877 |  |

33,002,320 |  | 30,476,143 |  |

CREDITORS

Amounts falling due within one year | 11 | 2,199,482 |  | 2,366,543 |  |

NET CURRENT ASSETS | 30,802,838 |  | 28,109,600 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 31,103,984 |  | 28,531,276 |  |

PROVISIONS FOR LIABILITIES | 12 | 68,136 |  | 96,149 |  |

NET ASSETS | 31,035,848 |  | 28,435,127 |  |

CAPITAL AND RESERVES

Called up share capital | 13 | 1,000 |  | 1,000 |  |

Retained earnings | 14 | 31,034,848 |  | 28,434,127 |  |

SHAREHOLDERS' FUNDS | 31,035,848 |  | 28,435,127 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 16 March 2026 and were signed on its behalf by:

P Anderson - Director

R C Wood - Director

International Copiers UK Limited (Registered number: 02927891)

Statement of Changes in Equity

for the Year Ended 31 March 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 April 2023 | 1,000 |  | 25,299,864 |  | 25,300,864 |  |

Changes in equity

Total comprehensive income | - |  | 3,134,263 |  | 3,134,263 |  |

Balance at 31 March 2024 | 1,000 |  | 28,434,127 |  | 28,435,127 |  |

Changes in equity

Total comprehensive income | - |  | 2,600,721 |  | 2,600,721 |  |

Balance at 31 March 2025 | 1,000 |  | 31,034,848 |  | 31,035,848 |  |

International Copiers UK Limited (Registered number: 02927891)

Cash Flow Statement

for the Year Ended 31 March 2025

| 31.3.25 |  | 31.3.24

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | (494,032 | ) | 1,719,250 |  |

Tax paid | (1,193,208 | ) | (490,500 | ) |

Net cash from operating activities | (1,687,240 | ) | 1,228,750 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (3,558 | ) | (68,535 | ) |

Sale of tangible fixed assets | - |  | 3,600 |  |

Interest received | 47,312 |  | 17,688 |  |

Net cash from investing activities | 43,754 |  | (47,247 | ) |

(Decrease)/increase in cash and cash equivalents | (1,643,486 | ) | 1,181,503 |  |

Cash and cash equivalents at beginning of year | 2 | 3,222,877 |  | 2,041,374 |  |

Cash and cash equivalents at end of year | 2 | 1,579,391 |  | 3,222,877 |  |

International Copiers UK Limited (Registered number: 02927891)

Notes to the Cash Flow Statement

for the Year Ended 31 March 2025

1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 31.3.25 |  | 31.3.24

£ | £ |

| Profit before taxation | 3,479,476 |  | 4,194,901 |  |

| Depreciation charges | 124,088 |  | 147,417 |  |

| Loss on disposal of fixed assets | - |  | 4,314 |  |

| Finance income | (47,312 | ) | (17,688 | ) |

3,556,252 |  | 4,328,944 |  |

| Increase in stocks | (370,135 | ) | (26,986 | ) |

| Increase in trade and other debtors | (3,799,528 | ) | (1,701,451 | ) |

| Increase/(decrease) in trade and other creditors | 119,379 |  | (881,257 | ) |

| Cash generated from operations | (494,032 | ) | 1,719,250 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 31 March 2025

| 31.3.25 |  | 1.4.24

£ | £ |

| Cash and cash equivalents | 1,579,391 |  | 3,222,877 |  |

| Year ended 31 March 2024

| 31.3.24 |  | 1.4.23

£ | £ |

| Cash and cash equivalents | 3,222,877 |  | 2,041,374 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.4.24 | Cash flow | At 31.3.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 3,222,877 |  | (1,643,486 | ) | 1,579,391 |  |

3,222,877 |  | (1,643,486 | ) | 1,579,391 |  |

| Total | 3,222,877 |  | (1,643,486 | ) | 1,579,391 |  |

International Copiers UK Limited (Registered number: 02927891)

Notes to the Financial Statements

for the Year Ended 31 March 2025

1. | STATUTORY INFORMATION

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

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Income is recognised when the sales order is delivered and company has transferred significant risks and rewards of ownership to the buyer.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Improvements to property | - | 10% on cost

| Plant and machinery | - | 25% on reducing balance

| Fixtures and fittings | - | 25% on reducing balance

| Motor vehicles | - | 25% on reducing balance

| Computer equipment | - | 25% on reducing balance

| Stock

| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs and an appropriate allocation of production overheads, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

| When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

International Copiers UK Limited (Registered number: 02927891)

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

2. | ACCOUNTING POLICIES - continued

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Foreign currencies

| Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

| Financial instruments

| Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price, 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.

| Such assets are subsequently carried at amortised cost, using the effective interest rate method.

| Basic financial liabilities including trade and other payables 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 receipts discounted at a market rate of interest.

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

| Going concern

| The directors have prepared the accounts using the going concern basis. The directors consider that there are no material uncertainties about the company's ability to continue as a going concern.

International Copiers UK Limited (Registered number: 02927891)

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

| The preparation of the financial statements in conformity with Financial Reporting Standard 102 requires the directors to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of turnover and expenses during the reporting period. The directors are also required to exercise judgement in the process of applying the company's accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including the expectations of future events that are believed to be reasonable under the circumstances. The estimates and assumptions that have a significant risk of causing a material adjustments to the carrying amounts of assets and liabilities within the next financial year are addressed below.

| CARRYING VALUE OF STOCKS

| The directors review the market value of and demand for its stocks on a periodic basis to ensure stock is recorded in the financial statements at the lower of cost and net realisable value. Any provision for impairment is recorded against the carrying value of stocks. The directors use their knowledge of market conditions, historical experiences and estimates of future events to assess future demand for the company's products and achievable selling prices.

| PROVISIONS

| A provision is recognised when the company has a present legal or constructive obligation as a result of a past event for which it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated.

| Whether a present obligation is probable or not requires judgement. The nature and type of risks for these provisions differ and management's judgement is applied regarding the nature and extent of obligations in deciding if an outflow of resources is probable or not. External advice is sought where appropriate.

4. | TURNOVER

| The turnover and profit before taxation are attributable to the one principal activity of the company.

| An analysis of turnover by class of business is given below:

| 31.3.25 |  | 31.3.24

£ | £ |

| Machine sales | 9,511,349 |  | 11,539,195 |  |

| Accessories sales | 241,235 |  | 327,099 |  |

| Support services | 139,714 |  | 480,770 |  |

9,892,298 |  | 12,347,064 |  |

| An analysis of turnover by geographical market is given below:

| 31.3.25 |  | 31.3.24

£ | £ |

| United Kingdom | 3,759,343 |  | 4,354,823 |  |

| Europe | 125,275 |  | 242,887 |  |

| Rest of the World | 6,007,680 |  | 7,749,354 |  |

9,892,298 |  | 12,347,064 |  |

International Copiers UK Limited (Registered number: 02927891)

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

5. | EMPLOYEES AND DIRECTORS

| 31.3.25 |  | 31.3.24

£ | £ |

| Wages and salaries | 1,578,458 |  | 1,555,198 |  |

| Other pension costs | 30,282 |  | 29,203 |  |

1,608,740 |  | 1,584,401 |  |

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

| 31.3.25 |  | 31.3.24

| Warehouse | 32 |  | 33 |  |

| Distribution | 5 |  | 5 |  |

| Administration | 7 |  | 7 |  |

44 |  | 45 |  |

| 31.3.25 |  | 31.3.24

£ | £ |

| Directors' remuneration | - |  | - |  |

6. | OPERATING PROFIT

| The operating profit is stated after charging/(crediting):

| 31.3.25 |  | 31.3.24

£ | £ |

| Depreciation - owned assets | 124,088 |  | 147,417 |  |

| Loss on disposal of fixed assets | - |  | 4,314 |  |

| Auditors' remuneration | 14,620 |  | 12,410 |  |

| Foreign exchange differences | 14,676 |  | (6,137 | ) |

7. | TAXATION

| Analysis of the tax charge

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

| 31.3.25 |  | 31.3.24

£ | £ |

| Current tax:

| UK corporation tax | 906,768 |  | 1,085,882 |  |

| Deferred tax | (28,013 | ) | (25,244 | ) |

| Tax on profit | 878,755 |  | 1,060,638 |  |

International Copiers UK Limited (Registered number: 02927891)

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

7. | TAXATION - continued

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

| 31.3.25 |  | 31.3.24

£ | £ |

| Profit before tax | 3,479,476 |  | 4,194,901 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 869,869 |  | 1,048,725 |  |

| Effects of:

| Expenses not deductible for tax purposes | 6,965 |  | 11,434 |  |

| Depreciation in excess of capital allowances | 29,934 |  | 25,723 |  |

| Deferred tax | (28,013 | ) | (25,244 | ) |

| Total tax charge | 878,755 |  | 1,060,638 |  |

8. | TANGIBLE FIXED ASSETS

| Improvements |  | Fixtures

| to |  | Plant and |  | and

| property |  | machinery |  | fittings

£ | £ | £ |

| COST

| At 1 April 2024 | 450,914 |  | 253,290 |  | 35,052 |  |

| Additions | - |  | - |  | - |  |

| At 31 March 2025 | 450,914 |  | 253,290 |  | 35,052 |  |

| DEPRECIATION

| At 1 April 2024 | 362,749 |  | 183,825 |  | 31,641 |  |

| Charge for year | 40,302 |  | 17,366 |  | 853 |  |

| At 31 March 2025 | 403,051 |  | 201,191 |  | 32,494 |  |

| NET BOOK VALUE

| At 31 March 2025 | 47,863 |  | 52,099 |  | 2,558 |  |

| At 31 March 2024 | 88,165 |  | 69,465 |  | 3,411 |  |

International Copiers UK Limited (Registered number: 02927891)

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

8. | TANGIBLE FIXED ASSETS - continued

| Motor |  | Computer |

| vehicles |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1 April 2024 | 383,353 |  | 130,384 |  | 1,252,993 |  |

| Additions | - |  | 3,558 |  | 3,558 |  |

| At 31 March 2025 | 383,353 |  | 133,942 |  | 1,256,551 |  |

| DEPRECIATION

| At 1 April 2024 | 186,884 |  | 66,218 |  | 831,317 |  |

| Charge for year | 49,117 |  | 16,450 |  | 124,088 |  |

| At 31 March 2025 | 236,001 |  | 82,668 |  | 955,405 |  |

| NET BOOK VALUE

| At 31 March 2025 | 147,352 |  | 51,274 |  | 301,146 |  |

| At 31 March 2024 | 196,469 |  | 64,166 |  | 421,676 |  |

9. | STOCKS

| 31.3.25 |  | 31.3.24

£ | £ |

| Finished goods | 647,293 |  | 277,158 |  |

10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.3.25 |  | 31.3.24

£ | £ |

| Trade debtors | 1,864,882 |  | 1,627,286 |  |

| Other debtors | 28,522,333 |  | 25,283,353 |  |

| VAT | 101,198 |  | 45,703 |  |

| Prepayments and accrued income | 287,223 |  | 19,766 |  |

30,775,636 |  | 26,976,108 |  |

11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.3.25 |  | 31.3.24

£ | £ |

| Trade creditors | 638,777 |  | 327,632 |  |

| Tax | 434,959 |  | 721,399 |  |

| Social security and other taxes | 65,062 |  | 31,694 |  |

| Pension liability | 7,592 |  | 7,448 |  |

| Other creditors | 125,869 |  | 109,868 |  |

| Accruals and deferred income | 927,223 |  | 1,168,502 |  |

2,199,482 |  | 2,366,543 |  |

International Copiers UK Limited (Registered number: 02927891)

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

12. | PROVISIONS FOR LIABILITIES

| 31.3.25 |  | 31.3.24

£ | £ |

| Deferred tax | 68,136 |  | 96,149 |  |

| Deferred |

| tax |

£ |

| Balance at 1 April 2024 | 96,149 |  |

| Credit to Statement of Comprehensive Income during year | (28,013 | ) |

| Balance at 31 March 2025 | 68,136 |  |

| Deferred tax of £68,136 is expected to reverse in the next year as accelerated capital allowances reduce.

13. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.3.25 |  | 31.3.24

| value: | £ | £ |

| 1,800 | Ordinary A | 25p | 400 |  | 400 |  |

| 1,800 | Ordinary B | 25p | 400 |  | 400 |  |

| 400 | Ordinary C | 25p | 200 |  | 200 |  |

1,000 |  | 1,000 |  |

| The various share classes rank pari passu in all respects.

14. | RESERVES

| Retained

| earnings

£ |

| At 1 April 2024 | 28,434,127 |  |

| Profit for the year | 2,600,721 |  |

| At 31 March 2025 | 31,034,848 |  |

15. | RELATED PARTY DISCLOSURES

| International Copiers UK Limited is connected to ICL Assets LLP, Robert Charles Wood Limited, Paul Anderson Property Limited, R&A Wood LLP and P&K Anderson LLP through common directors and designated members.

| Included within other debtors as at 31 March 2025 are balances due to the following connected entities:

| Robert Charles Wood Limited £14,121,634 (2024: £12,493,530)

| Paul Anderson Property Limited £14,399,041 (2024: £12,782,960)

| During the period under review, service charges totalling £30,000 (2024: £27,000) was charged by ICL Assets LLP.

International Copiers UK Limited (Registered number: 02927891)

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

16. | CURRENCY

| The company's presentational and functional currency is Pounds Sterling.

17. | FINANCIAL INSTRUMENTS

| The company has the following financial instruments:

|  | Note |  | 2025 |  | 2024 |  |

| Financial assets that are debt instruments measured at amortised cost |  |  |

| - Trade receivables |  | 10 |  | 1,864,882 |  | 1,627,286 |  |

| - Other receivables |  | 10 |  | 28,910,754 |  | 25,348,822 |  |

|  | 30,775,636 |  | 26,976,108 |  |

| Financial liabilities that are debt instruments measured at amortised cost |  |  |

| - Trade payables |  | 11 |  | 638,777 |  | 327,632 |  |

| - Other payables |  | 11 |  | 125,869 |  | 109,868 |  |

|  | 764,646 |  | 437,500 |  |