BrightAccountsProduction v1.0.0 v1.0.0 2024-04-01 The company was not dormant during the period The company was trading for the entire period RMS Cash Solutions Ltd trading as Pivotal is a leading provider of cash management services, which include cash in transit, valuables in transit, cash processing, cash management, coin services, ATM services and engineering. 12 February 2026 NI609337 2025-03-31 NI609337 2024-03-31 NI609337 2023-03-31 NI609337 2024-04-01 2025-03-31 NI609337 2023-04-01 2024-03-31 NI609337 uk-bus:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 NI609337 uk-curr:PoundSterling 2024-04-01 2025-03-31 NI609337 uk-bus:FullAccounts 2024-04-01 2025-03-31 NI609337 uk-bus:Director1 2024-04-01 2025-03-31 NI609337 uk-bus:Director2 2024-04-01 2025-03-31 NI609337 uk-bus:RegisteredOffice 2024-04-01 2025-03-31 NI609337 uk-bus:Agent1 2024-04-01 2025-03-31 NI609337 uk-bus:Audited 2024-04-01 2025-03-31 NI609337 uk-core:PriorPeriodIncreaseDecrease 2024-04-01 2025-03-31 NI609337 uk-core:PriorPeriodIncreaseDecrease 2023-04-01 2024-03-31 NI609337 uk-core:ShareCapital 2025-03-31 NI609337 uk-core:ShareCapital 2024-03-31 NI609337 uk-core:RetainedEarningsAccumulatedLosses 2025-03-31 NI609337 uk-core:RetainedEarningsAccumulatedLosses 2024-03-31 NI609337 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2025-03-31 NI609337 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-03-31 NI609337 uk-bus:FRS102 2024-04-01 2025-03-31 NI609337 uk-core:CopyrightsPatentsTrademarksServiceOperatingRights 2024-04-01 2025-03-31 NI609337 uk-core:Goodwill 2024-04-01 2025-03-31 NI609337 uk-core:LandBuildings 2024-04-01 2025-03-31 NI609337 uk-core:Buildings 2024-04-01 2025-03-31 NI609337 uk-core:PlantMachinery 2024-04-01 2025-03-31 NI609337 uk-core:FurnitureFittingsToolsEquipment 2024-04-01 2025-03-31 NI609337 uk-core:MotorVehicles 2024-04-01 2025-03-31 NI609337 uk-core:IntangibleAssetsOtherThanGoodwill 2024-04-01 2025-03-31 NI609337 uk-core:IntangibleAssetsOtherThanGoodwill 2023-04-01 2024-03-31 NI609337 uk-core:TotalPropertyPlantEquipmentOtherThanExplorationEvaluationAssets 2024-04-01 2025-03-31 NI609337 uk-core:TotalPropertyPlantEquipmentOtherThanExplorationEvaluationAssets 2023-04-01 2024-03-31 NI609337 uk-core:Goodwill 2024-04-01 2025-03-31 NI609337 uk-core:Goodwill 2023-04-01 2024-03-31 NI609337 uk-core:Goodwill 2024-03-31 NI609337 uk-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-04-01 2025-03-31 NI609337 uk-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2025-03-31 NI609337 uk-core:Goodwill 2025-03-31 NI609337 uk-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-03-31 NI609337 uk-core:CostValuation 2024-03-31 NI609337 uk-core:CostValuation 2024-03-31 NI609337 uk-core:AdditionsToInvestments 2025-03-31 NI609337 uk-core:AdditionsToInvestments 2024-03-31 NI609337 uk-core:CostValuation 2025-03-31 NI609337 uk-core:CostValuation 2025-03-31 NI609337 uk-core:CurrentFinancialInstruments 2025-03-31 NI609337 uk-core:CurrentFinancialInstruments 2024-03-31 NI609337 uk-core:CurrentFinancialInstruments 2025-03-31 NI609337 uk-core:CurrentFinancialInstruments 2024-03-31 NI609337 uk-core:WithinOneYear 2025-03-31 NI609337 uk-core:WithinOneYear 2024-03-31 NI609337 uk-core:WithinOneYear 2025-03-31 NI609337 uk-core:WithinOneYear 2024-03-31 NI609337 uk-core:WithinOneYear 2025-03-31 NI609337 uk-core:WithinOneYear 2024-03-31 NI609337 uk-core:AfterOneYear 2025-03-31 NI609337 uk-core:AfterOneYear 2024-03-31 NI609337 uk-core:AfterOneYear 2025-03-31 NI609337 uk-core:AfterOneYear 2024-03-31 NI609337 uk-core:AfterOneYear 2025-03-31 NI609337 uk-core:AfterOneYear 2024-03-31 NI609337 uk-core:BetweenOneTwoYears 2025-03-31 NI609337 uk-core:BetweenOneTwoYears 2024-03-31 NI609337 uk-core:BetweenOneFiveYears 2025-03-31 NI609337 uk-core:BetweenOneFiveYears 2024-03-31 NI609337 uk-core:EmployeeBenefits 2024-03-31 NI609337 uk-core:EmployeeBenefits 2024-04-01 2025-03-31 NI609337 uk-core:AcceleratedTaxDepreciationDeferredTax 2025-03-31 NI609337 uk-core:TaxLossesCarry-forwardsDeferredTax 2025-03-31 NI609337 uk-core:OtherDeferredTax 2025-03-31 NI609337 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2025-03-31 NI609337 uk-core:EmployeeBenefits 2025-03-31 NI609337 uk-bus:OrdinaryShareClass1 2024-04-01 2025-03-31 NI609337 uk-bus:OrdinaryShareClass1 2025-03-31 NI609337 uk-core:ParentEntities 2024-04-01 2025-03-31 NI609337 2024-04-01 2025-03-31 xbrli:pure iso4217:GBP xbrli:shares

Company Registration Number: NI609337

RMS Cash Solutions Limited

Reports and Financial Statements

for the financial year ended 31 March 2025

RMS Cash Solutions Limited

DIRECTOR AND OTHER INFORMATION

Directors | Mr T Hughes
| Mrs K Hughes (Resigned 28 February 2025)
Company Registration Number | NI609337
Registered Office | 38 Montgomery Road
| Belfast
| Antrim
| BT69HL
| Northern Ireland
Business Address | 38 Montgomery Road
| Belfast
| Antrim
| BT6 9HL
| Northern Ireland
Independent Auditors | DNTCA Limited
| Chartered Accountants and Statutory Auditor
| Ormeau House
| 91-97 Ormeau Road
| Belfast
| BT7 1SH
Bankers | Barclays Bank PLC
| 6th Floor
| Donegall House
| Donegall Square North
| Belfast
| BT1 5GB
Solicitors | Tughans LLP
| The Ewart
| 3 Bedford Square
| Belfast
| BT2 7EP

RMS Cash Solutions Limited

STRATEGIC REPORT

for the financial year ended 31 March 2025

The director presents his strategic report on the company for the financial year ended 31 March 2025.

Business Review

RMS Cash Solutions Limited ("RMS" or "the Company") is a leading UK provider of end-to-end cash management services, including cash-in-transit (CIT), valuables in transit, cash processing, cash management, coin services and ATM services including engineering. The Company operates across the UK and is part of the Tate Group. Revenue increased to £19,419,701 (FY2024: £16,085,499). Gross profit was £6,534,643, with a gross margin of 33.6%. Administrative expenses increased to £5,435,304. Operating profit was £1,099,339. An exceptional item of £896,628 relating to a related-party loan write-off reduced statutory profit. Profit before tax was £80,084 and profit for the financial year was £178,270, including a deferred tax credit of £98,186. A dividend of £200,000 was paid. Net assets were £2,976,629. Cash increased to £1,060,005. Debtors increased to £4,250,037 while creditors (<1 year) decreased to £1,754,324. Amounts owed to group undertakings increased to £9,368,169. Operating cash flow was £(1,617,330), investing outflows £1,391,196, and financing inflows £3,660,703, closing with cash of £1,041,618.

Principal Risks and Uncertainties

The Company identifies the following as key risks for the future: ■ Inflation and the ‘cost of living’ crisis ■ Evolving cash cycle dynamics ■ Increased crime and the changing dynamic of criminal attacks ■ Political and regulatory uncertainty ■ Price and Credit risk The company continues to invest in compliance, technology, fleet safety, and strengthened credit controls.

Financial Key Performance Indicators

The Board monitors EBITDA (before exceptional items), fleet and operational ratios, revenue growth, gross margin and cash conversion. FY2025 saw revenue growth of 20.7%, gross margin of 33.6%, operating profit of £1.10m, closing cash of £1.06m and an average headcount of 204 employees.

Future Developments

Post year-end trading to 12 February 2026 indicates improving EBITDA and cash flow. The group acquisition of Security Plus Limited enables the company to pursue GB-wide contracts, enhance route density and integrate best-practice processes. The Board expects revenues in the next financial year to exceed £20million.

Section 172 Statement

The directors of RMS Cash Solutions Limited recognise their duty under section 172 of the Companies Act 2006 to promote the success of the company for the benefit of its members as a whole, having regard to the interests of employees, suppliers, customers, and other stakeholders, as well as the impact of operations on the community and the environment. The Directors considered long-term decision-making impacts on employees, customers, suppliers, communities and the environment. Investments were made in staff training, technology, customer engagement and environmental efficiency. The Security Plus integration plan supports these priorities.

Strategic Development: Acquisition of Security Plus Limited

In October 2024, the company's parent company Tate Group Holdings Limited completed the acquisition of Security Plus Limited, a well-established Stoke-based CIT and cash management operator with a significant footprint across England, Wales and Scotland. This provides the company with nationwide access, best-practice synergies, cross-sell opportunities and integration potential across Fleet, Branches and Personnel.

Going Concern

The financial statements are prepared on a going concern basis. The company has strong contracted revenue streams and benefits from the Tate Group Holdings Limited's commitment not to call on group balances unless sufficient funds are available.

Environment

The company prioritises safety, compliance and sustainability. The Company employed 204 staff during FY2025 and invested in welfare, training and a defined contribution pension scheme. Fleet management continues to focus on efficiency and environmental impact.

On behalf of the board

___________________________ |  |  |
Mr T Hughes |  |  |
Director |  |  |
12 February 2026 |  |  |

RMS Cash Solutions Limited

DIRECTOR'S REPORT

for the financial year ended 31 March 2025

The director presents his report and the audited financial statements for the financial year ended 31 March 2025.

Principal Activity

RMS Cash Solutions Ltd trading as Pivotal is a leading provider of cash management services, which include cash in transit, valuables in transit, cash processing, cash management, coin services, ATM services and engineering.

Results and Dividends

The profit for the financial year after providing for depreciation and taxation amounted to £178,270 (2024 - £1,578,970).

The director has paid a final dividend amounting to £200,000.

Directors

The directors who served during the financial year are as follows:

Mr T Hughes

Mrs K Hughes (Resigned 28 February 2025)

There were no changes in shareholdings between 31 March 2025 and the date of signing the financial statements.

Political Contributions

The company did not make any disclosable political donations in the current financial year.

Statement of Director's Responsibilities

The director is responsible for preparing the Strategic Report, Director's 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) including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”. 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 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 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 him 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.

Disclosure of Information to Auditor Each person who is a director at the date of approval of this report confirms that: In so far as the director is aware: ■there is no relevant audit information (information needed by the company's auditor in connection with preparing the auditor's report) of which the company's auditor is unaware, and ■the director has taken all the steps that he ought to have taken to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information.
Auditors

The auditors, DNTCA Limited, (Chartered Accountants) have indicated their willingness to continue in office in accordance with the provisions of Section 485 of the Companies Act 2006.

On behalf of the board

___________________________

Mr T Hughes

Director

12 February 2026

INDEPENDENT AUDITOR'S REPORT

to the Shareholders of RMS Cash Solutions Limited

Report on the audit of the financial statements

Opinion

We have audited the financial statements of RMS Cash Solutions Limited ('the company') for the financial year ended 31 March 2025 which comprise the Income Statement, the Statement of Financial Position, the Statement of Cash Flows and the related notes to the financial statements, including significant accounting policies set out in note . The financial reporting framework that has been applied in their preparation is applicable Law and United Kingdom Accounting Standards, including FRS 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 financial 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 the date 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.

Opinion 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 Director's Report 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.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any material misstatements in the Strategic Report and the Director's Report.

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
■ | 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 for the financial statements

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 they 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 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 intend 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:

■ 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, ■ 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, To address the risk of fraud through management bias and override of controls, we: ■ Performed analytical procedures to identify any unusual or unexpected relationships; ■ Tested journal entries to identify unusual transactions; ■ Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and ■ Investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: ■ Agreeing financial statement disclosures to underlying supporting documentation; ■ Reading the minutes of meetings of those charged with governance; ■ Enquiring of management as to actual and potential litigation and claims; ■ Reviewing correspondence with HMRC, Companies House and the company’s legal advisors. 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. 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 is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Further information regarding the scope of our responsibilities as auditor

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

■ | Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
■ | Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.
■ | Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
■ | Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor's Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditor's Report. However, future events or conditions may cause the company to cease to continue as a going concern.
■ | Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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.

__________________________________

Mr Mike Nangle (Senior Statutory Auditor)

for and on behalf of

DNTCA LIMITED

Chartered Accountants and Statutory Auditor

Ormeau House

91-97 Ormeau Road

Belfast

BT7 1SH

12 February 2026

RMS Cash Solutions Limited

INCOME STATEMENT

for the financial year ended 31 March 2025

|  | 2025 |  | 2024
| Notes | £ |  | £

Revenue | 5 | 19,419,701 |  | 16,085,499
Cost of sales |  | (12,885,058) |  | (10,749,417)
|  | ───────── |  | ─────────
Gross profit |  | 6,534,643 |  | 5,336,082
Administrative expenses |  | (5,435,304) |  | (4,040,362)
|  | ───────── |  | ─────────
Operating profit | 6 | 1,099,339 |  | 1,295,720
Exceptional items | 7 |  |  |
Insurance Payout |  | - |  | 500,000
Exceptional item: long-term advances to related parties written off |  | (896,628) |  | -
|  | ───────── |  | ─────────
Profit before interest |  | 202,711 |  | 1,795,720
Interest payable and similar expenses | 8 | (122,627) |  | (130,497)
|  | ───────── |  | ─────────
Profit before taxation |  | 80,084 |  | 1,665,223
Tax on profit | 10 | 98,186 |  | (86,253)
|  | ───────── |  | ─────────
Profit for the financial year |  | 178,270 |  | 1,578,970
Equity dividends |  | (200,000) |  | (175,000)
Prior financial year adjustment |  | - |  | (477,396)
Retained profit brought forward |  | 2,998,259 |  | 2,071,685
|  | ───────── |  | ─────────
Retained profit carried forward |  | 2,976,529 |  | 2,998,259
|  | ═════════ |  | ═════════

RMS Cash Solutions Limited

Company Registration Number: NI609337

STATEMENT OF FINANCIAL POSITION

as at 31 March 2025

|  |  | 2025 |  | 2024
|  | Notes | £ |  | £
Non-Current Assets

Intangible assets |  | 12 | 869,249 |  | 891,693
Property, plant and equipment |  | 13 | 5,091,761 |  | 5,100,994
Financial assets |  | 14 | 4,166,194 |  | 3,301,373
|  |  | ───────── |  | ─────────
Non-Current Assets |  |  | 10,127,204 |  | 9,294,060
|  |  | ───────── |  | ─────────
Current Assets

Stocks |  | 15 | 64,070 |  | 64,070
Debtors |  | 16 | 4,250,037 |  | 3,281,463
Cash and cash equivalents |  | 17 | 1,060,005 |  | 389,441
|  |  | ───────── |  | ─────────
|  |  | 5,374,112 |  | 3,734,974
|  |  | ───────── |  | ─────────
Creditors: amounts falling due within one year |  | 18 | (1,754,324) |  | (4,351,153)
|  |  | ───────── |  | ─────────
Net Current Assets/(Liabilities) |  |  | 3,619,788 |  | (616,179)
|  |  | ───────── |  | ─────────
Total Assets less Current Liabilities |  |  | 13,746,992 |  | 8,677,881
Creditors:

amounts falling due after more than one year |  | 19 | (9,876,806) |  | (4,687,779)
Provisions for liabilities |  | 21 | (893,557) |  | (991,743)
|  |  | ───────── |  | ─────────
Net Assets |  |  | 2,976,629 |  | 2,998,359
|  |  | ═════════ |  | ═════════
Capital and Reserves

Called up share capital |  | 24 | 100 |  | 100
Retained earnings |  |  | 2,976,529 |  | 2,998,259
|  |  | ───────── |  | ─────────
Equity attributable to owners of the company |  |  | 2,976,629 |  | 2,998,359
|  |  | ═════════ |  | ═════════
Approved by the Director and authorised for issue on 12 February 2026

________________________________ |  |  |  |  |
Mr T Hughes |  |  |  |  |
Director |  |  |  |  |

RMS Cash Solutions Limited

STATEMENT OF CASH FLOWS

for the financial year ended 31 March 2025

|  | 2025 | 2024
| Notes | £ | £

Cash flows from operating activities

Profit for the financial year |  | 178,270 | 1,578,970
Adjustments for:

Exceptional items |  | 896,628 | (500,000)
Interest payable and similar expenses |  | 122,627 | 130,497
Tax on profit on ordinary activities |  | (98,186) | 86,253
Depreciation |  | 575,634 | 473,981
Amortisation of intangibles |  | 25,000 | 25,000
Profit/loss on disposal of property, plant and equipment |  | (42,582) | (43,604)
Exceptional items |  | - | 500,000
|  | ───────── | ─────────
|  | 1,657,391 | 2,251,097
Movements in working capital:

Movement in stocks |  | - | (8,239)
Movement in debtors |  | (853,222) | (743,487)
Movement in creditors |  | (2,298,872) | (24,026)
|  | ───────── | ─────────
Cash (used in)/generated from operations |  | (1,494,703) | 1,475,345
Interest paid |  | (122,627) | (130,497)
Tax paid |  | - | (3)
|  | ───────── | ─────────
Net cash (used in)/generated from operating activities |  | (1,617,330) | 1,344,845
|  | ───────── | ─────────
Cash flows from investing activities

Payments to acquire intangible assets |  | (45,931) | (23,064)
Payments to acquire property, plant and equipment |  | (543,810) | (1,131,865)
Receipts from sales of property, plant and equipment |  | 63,366 | 199,062
Payments on acquisition of group interests |  | (864,821) | (266,395)
|  | ───────── | ─────────
Net cash used in investment activities |  | (1,391,196) | (1,222,262)
|  | ───────── | ─────────
Cash flows from financing activities

New short term loan |  | - | 51,503
Repayment of short term loan |  | (533,333) | (251,502)
Capital element of hire purchase contracts |  | (422,169) | 120,771
Advances to subsidiaries/group companies and connected parties |  | (115,352) | (22,635)
Advances from subsidiaries/group companies |  | 5,828,185 | 238,824
Advances to related parties |  | (896,628) | -
Dividends paid |  | (200,000) | (175,000)
|  | ───────── | ─────────
Net cash generated from/(used in) financing activities |  | 3,660,703 | (38,039)
|  | ───────── | ─────────
Net increase in cash and cash equivalents |  | 652,177 | 84,544
Cash and cash equivalents at beginning of financial year |  | 389,441 | 304,897
|  | ───────── | ─────────
Cash and cash equivalents at end of financial year | 17 | 1,041,618 | 389,441
|  | ═════════ | ═════════

RMS Cash Solutions Limited

NOTES TO THE FINANCIAL STATEMENTS

for the financial year ended 31 March 2025

1. | General Information
| RMS Cash Solutions Limited is a company limited by shares incorporated and registered in Northern Ireland. The registered number of the company is NI609337. The registered office of the company is 38 Montgomery Road, Belfast, Antrim, BT69HL, Northern Ireland. The nature of the company's operations and its principal activities are set out in the Director's Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.

2. | Summary of Significant Accounting Policies
| The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
| Statement of compliance
| The financial statements of the company for the financial year ended 31 March 2025 have been prepared in accordance with the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland (FRS 102) issued by the Financial Reporting Council and in accordance with the Companies Act 2006.
| Basis of preparation
| The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
| Revenue
| Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of services is recognised when the significant risks and rewards of ownership have transferred to the buyer; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
| Investments
| Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
| Impairment
| A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
| Intangible assets
| Intangible assets are valued at cost less accumulated amortisation.
| Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful life of 20 years.
| Goodwill
| Purchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the identifiable net assets including other intangible fixed assets when they were acquired. Purchased goodwill is capitalised in the Statement of Financial Position and amortised on a straight line basis over its economic useful life of 20 years, which is estimated to be the period during which benefits are expected to arise. On disposal of a business any goodwill not yet amortised is included in determining the profit or loss on sale of the business.
| Property, plant and equipment and depreciation
| Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:
|  | Land and buildings freehold | - | -
|  | Short leasehold property | - | 10% straight line
|  | Plant and machinery | - | 7.5% reducing balance
|  | Fixtures, fittings and equipment | - | 10% straight line
|  | Motor vehicles | - | 10% reducing balance
| The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
| Leasing and hire purchases
| Property, plant and equipment held under leasing and Hire Purchases arrangements which transfer substantially all the risks and rewards of ownership to the company are capitalised and included in the Statement of Financial Position at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Income Statement.
| Leasing
| Rentals payable under operating leases are dealt with in the Income Statement as incurred over the period of the rental agreement.
| Financial assets
| Investments held as fixed assets are stated at cost less provision for any permanent diminution in value. Income from other investments together with any related tax credit is recognised in the Income Statement in the financial year in which it is receivable.
| Stocks
| Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
| Trade and other debtors
| Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
| Borrowing costs
| Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
| Provisions
| Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
| Trade and other creditors
| Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
| Employee benefits
| The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
| Taxation and deferred taxation
| Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.
| Dividends
| Dividends are recognised as a liability when they are appropriately authorised and no longer at the discretion of the Company. Final dividends are recognised when approved by the shareholders; interim dividends are recognised when paid. Dividends are paid only from distributable reserves after consideration of the Company’s cash requirements and overall financial position.
| Foreign currencies
| Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.
| Pensions
| The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. Annual contributions payable to the company's pension scheme are charged to the Income Statement in the period to which they relate.
| Research and development
| Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: ■ It is technically feasible to complete the intangible asset so that it will be available for use or sale; ■ There is the intention to complete the intangible asset and use or sell it; ■ There is the ability to use or sell the intangible asset; ■ The use or sale of the intangible asset will generate probable future economic benefits; ■ There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and ■The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
| Financial Instruments
| A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
| Ordinary share capital
| The ordinary share capital of the company is presented as equity.
| Exceptional item
| Exceptional items are those that the directors' view are required to be separately disclosed by virtue of their size or incidence to enable a full understanding of the company's financial performance.

3. | Going concern
| The financial statements have been prepared on a going concern basis. In assessing going concern, the Directors have considered the Company’s current financial position, cash flow forecasts for at least twelve months from the date of approval, and the potential impact of downside sensitivities, including reductions in revenue and increases in operating costs. Despite the exceptional write-off recognised in the year, the Company continues to generate positive underlying cash flows and maintains strong contracted revenue streams. RMS Cash Solutions Limited is part of the Tate Group, which has confirmed its intention to provide financial support for at least twelve months from the date of approval of these financial statements and not to seek repayment of group balances unless the Company has sufficient funds. On this basis, the Directors consider that the Company will have adequate resources to meet its liabilities as they fall due and therefore the financial statements have been prepared on a going concern basis.

4. | Critical Accounting Judgements and Estimates
| In preparing these financial statements, the Directors are required to make judgements, estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses. These are based on historical experience and other factors considered reasonable in the circumstances. Actual results may differ from these estimates. Critical Judgements The following judgements have the most significant effect on amounts recognised in the financial statements: ■ Assessment of Going Concern The Directors have considered the Company’s financial position, cash flow forecasts and the availability of support from the parent company when concluding that the going concern basis of preparation is appropriate. ■ Classification of Financial Assets and Liabilities The Directors have exercised judgement in determining whether balances with group and connected parties should be classified as basic financial instruments and whether any indicators of impairment exist. Key sources of Estimation uncertainty The estimates and assumptions that may have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year include: ■ Expected Credit Losses on Trade and Other Receivables The Company assesses recoverability based on historical default experience, ageing, specific customer risk factors and forward-looking information. ■ Useful Economic Lives of Intangible Assets and Property, Plant and Equipment Depreciation and amortisation are charged over management’s estimate of each asset’s useful life. These estimates are reviewed annually. ■ Impairment of Goodwill and Development Costs The Company considers whether there are indicators of impairment and, where necessary, calculates recoverable amounts using value-in-use models that involve estimating future cash flows and selecting an appropriate discount rate.

5. | Revenue
| The whole of the company's revenue is attributable to its market in the United Kingdom and is derived from the principal activity of cash and valuables in transit, cash processing, cash management, coin services and ATM services including engineering.

6. | Operating profit | 2025 | 2024
|  | £ | £
| Operating profit is stated after charging/(crediting):
| Amortisation of intangible assets | 43,375 | 41,909
| Depreciation of property, plant and equipment | 532,259 | 432,072
| Amortisation of goodwill | 25,000 | 25,000
| (Profit) on disposal of property, plant and equipment | (42,582) | (43,604)
| Loss on foreign currencies | 60,040 | 8,585
| Operating lease rentals
| - Motor vehicles | 109,137 | 127,806
| Auditor's remuneration
| - audit services | 35,954 | 17,950
|  | ═════════ | ═════════

7. | Exceptional items | 2025 | 2024
|  | £ | £
| Insurance Payout | - | 500,000
| Exceptional item: long-term advances to related parties written off | (896,628) | -
|  | ───────── | ─────────
|  | (896,628) | 500,000
|  | ═════════ | ═════════
| Related party loan written off
| During the year, the company assessed the recoverability of an amount owed by Retail & Financial Solutions Limited (Company No. 11309572), a connected party. Subsequent to the reporting date, Retail & Financial Solutions Limited entered administration, which provided evidence of conditions existing at the balance sheet date indicating significant financial difficulty. In accordance with FRS 102 Section 11 Basic Financial Instruments, the Directors have concluded that the amount outstanding of £896,627.91 is no longer recoverable. As a result, the full balance has been written off during the year. This write-off has been presented as an exceptional item due to its material size and non-recurring nature, in order to provide a clearer understanding of the company’s underlying trading performance.

8. | Interest payable and similar expenses | 2025 | 2024
|  | £ | £
| On bank loans and overdrafts | 20,166 | 56,292
| Hire purchase interest | 102,461 | 74,205
|  | ───────── | ─────────
|  | 122,627 | 130,497
|  | ═════════ | ═════════

9. | Employees and remuneration
| Number of employees
| The average number of persons employed (including executive director) during the financial year was as follows:
|  | 2025 | 2024
|  | Number | Number
| Administration Staff | 21 | 21
| Management Staff | 8 | 8
| Operational Staff | 175 | 175
|  | ───────── | ─────────
|  | 204 | 204
|  | ═════════ | ═════════
| The staff costs comprise: | 2025 | 2024
|  | £ | £
| Wages and salaries | 8,005,400 | 6,818,668
| Social security costs | 362,627 | 319,183
| Pension costs | 212,346 | 211,660
|  | ───────── | ─────────
|  | 8,580,373 | 7,349,511
|  | ═════════ | ═════════

10. | Tax on profit
|  | 2025 | 2024
|  | £ | £
| (a) Analysis of charge in the financial year
| Current tax:
| Corporation tax at 25.00% (2024 - 25.00%) (Note 10 (b)) | - | -
|  | ───────── | ─────────
| Deferred tax:
| Origination and reversal of timing differences | (98,186) | 86,253
|  | ───────── | ─────────
| Total deferred tax | (98,186) | 86,253
|  | ═════════ | ═════════
| (b) Factors affecting tax charge for the financial year
| The tax assessed for the financial year differs from the standard rate of corporation tax in the United Kingdom 25.00% (2024 - 25.00%). The differences are explained below:
|  | 2025 | 2024
|  | £ | £
| Profit taxable at 25.00% | 80,084 | 1,665,223
|  | ═════════ | ═════════
| Profit before tax
| multiplied by the standard rate of corporation tax
| in the United Kingdom at 25.00% (2024 - 25.00%) | 20,021 | 416,306
| Effects of:
| Expenses not deductible for tax purposes | 1,382 | 2,624
| Capital allowances for period in excess of depreciation | (3,861) | (169,498)
| Utilisation of tax losses | (236,339) | (249,432)
| Deferred tax | (98,186) | 86,253
| Effects of intercompany balances released | 224,157 | -
| Group relief | (5,360) | -
|  | ───────── | ─────────
| Total tax charge for the financial year (Note 10 (a)) | (98,186) | 86,253
|  | ═════════ | ═════════
| No current corporation tax charge arose for the year as taxable profits were fully offset by the utilisation of tax losses brought forward and group relief available within the wider group.

11. | Dividends | 2025 | 2024
|  | £ | £
| Dividends on equity shares:
| Ordinary A Shares - Final paid | 200,000 | 175,000
|  | ═════════ | ═════════

12. | Intangible assets
|  | Development |  |
|  | Costs | Goodwill | Total
|  | £ | £ | £
| Cost
| At 1 April 2024 | 851,725 | 500,000 | 1,351,725
| Additions | 45,931 | - | 45,931
|  | ───────── | ───────── | ─────────
| At 31 March 2025 | 897,656 | 500,000 | 1,397,656
|  | ───────── | ───────── | ─────────
| Amortisation
| At 1 April 2024 | 128,971 | 331,061 | 460,032
| Charge for financial year | 43,375 | 25,000 | 68,375
|  | ───────── | ───────── | ─────────
| At 31 March 2025 | 172,346 | 356,061 | 528,407
|  | ───────── | ───────── | ─────────
| Net book value
| At 31 March 2025 | 725,310 | 143,939 | 869,249
|  | ═════════ | ═════════ | ═════════
| At 31 March 2024 | 722,754 | 168,939 | 891,693
|  | ═════════ | ═════════ | ═════════

13. | Property, plant and equipment
|  | Land and | Short | Plant and | Fixtures, | Motor | Total
|  | buildings | leasehold | machinery | fittings and | vehicles |
|  | freehold | property |  | equipment |  |
|  | £ | £ | £ | £ | £ | £
| Cost or Valuation
| At 1 April 2024 | 116,779 | 58,062 | 2,396,917 | 2,005,234 | 3,126,964 | 7,703,956
| Additions | - | - | 413,234 | 107,453 | 23,123 | 543,810
| Disposals | - | - | - | - | (27,249) | (27,249)
|  | ───────── | ───────── | ───────── | ───────── | ───────── | ─────────
| At 31 March 2025 | 116,779 | 58,062 | 2,810,151 | 2,112,687 | 3,122,838 | 8,220,517
|  | ───────── | ───────── | ───────── | ───────── | ───────── | ─────────
| Depreciation
| At 1 April 2024 | - | 25,294 | 602,668 | 1,056,411 | 918,589 | 2,602,962
| Charge for the financial year | - | 5,806 | 151,376 | 153,987 | 221,090 | 532,259
| On disposals | - | - | - | - | (6,465) | (6,465)
|  | ───────── | ───────── | ───────── | ───────── | ───────── | ─────────
| At 31 March 2025 | - | 31,100 | 754,044 | 1,210,398 | 1,133,214 | 3,128,756
|  | ───────── | ───────── | ───────── | ───────── | ───────── | ─────────
| Net book value
| At 31 March 2025 | 116,779 | 26,962 | 2,056,107 | 902,289 | 1,989,624 | 5,091,761
|  | ═════════ | ═════════ | ═════════ | ═════════ | ═════════ | ═════════
| At 31 March 2024 | 116,779 | 32,768 | 1,794,249 | 948,823 | 2,208,375 | 5,100,994
|  | ═════════ | ═════════ | ═════════ | ═════════ | ═════════ | ═════════

14. | Financial fixed assets
|  | Subsidiary | Total
|  | undertakings |
|  | shares |
| Investments | £ | £
| Cost
| At 1 April 2024 | 3,301,373 | 3,301,373
| Additions | 864,821 | 864,821
|  | ───────── | ─────────
| At 31 March 2025 | 4,166,194 | 4,166,194
|  | ───────── | ─────────
| Net book value
| At 31 March 2025 | 4,166,194 | 4,166,194
|  | ═════════ | ═════════
| At 31 March 2024 | 3,301,373 | 3,301,373
|  | ═════════ | ═════════

15. | Stocks | 2025 | 2024
|  | £ | £
| Consumables | 64,070 | 64,070
|  | ═════════ | ═════════
| The replacement cost of stock did not differ significantly from the figures shown.

16. | Debtors | 2025 | 2024
|  | £ | £
| Trade debtors | 2,043,422 | 1,665,697
| Amounts owed by group undertakings | 137,987 | 22,635
| Amounts owed by connected parties (Note 28) | 476,978 | 777,243
| Other debtors | 1,409,634 | 52,320
| Prepayments and accrued income | 182,016 | 763,568
|  | ───────── | ─────────
|  | 4,250,037 | 3,281,463
|  | ═════════ | ═════════
| Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

17. | Cash and cash equivalents | 2025 | 2024
|  | £ | £
| Cash and bank balances | 1,060,005 | 389,441
| Bank overdrafts | (18,387) | -
|  | ───────── | ─────────
|  | 1,041,618 | 389,441
|  | ═════════ | ═════════

18. | Creditors | 2025 | 2024
| Amounts falling due within one year | £ | £
| Bank overdrafts | 18,387 | -
| Bank loan | - | 199,992
| Net obligations under finance leases
| and hire purchase contracts | 327,573 | 443,925
| Trade creditors | 640,655 | 1,933,707
| Taxation (Note 20) | 501,145 | 558,024
| Other creditors | 11,281 | 743,871
| Accruals | 255,283 | 471,634
|  | ───────── | ─────────
|  | 1,754,324 | 4,351,153
|  | ═════════ | ═════════

19. | Creditors | 2025 | 2024
| Amounts falling due after more than one year | £ | £
| Bank loan | - | 333,341
| Finance leases and hire purchase contracts | 508,637 | 814,454
| Amounts owed to group undertakings | 9,368,169 | 3,539,984
|  | ───────── | ─────────
|  | 9,876,806 | 4,687,779
|  | ═════════ | ═════════
| Loans
| Repayable in one year or less, or on demand (Note 18) | 18,387 | 199,992
| Repayable between one and two years | - | 333,341
|  | ───────── | ─────────
|  | 18,387 | 533,333
|  | ═════════ | ═════════
| Net obligations under finance leases
| and hire purchase contracts
| Repayable within one year | 327,573 | 443,925
| Repayable between one and five years | 508,637 | 814,454
|  | ───────── | ─────────
|  | 836,210 | 1,258,379
|  | ═════════ | ═════════
|  | ═════════ | ═════════
| At year end, RMS Cash Solutions Ltd had the following charges registered against the company; • RMS Cash Solutions Ltd were provided with a loan from WhiteRock Capital Partners. In consideration of the offer of the loan, RMS Cash Solutions Ltd granted to WhiteRock Capital Partners an option to subscribe at par for such number of GLF Ordinary Shares as represents 5% of the fully diluted equity share capital. The Option may only be exercised on the occurrence of an Option Event at any time during the Option Period. If the Option has not been exercised before the expiry of the Option Period, it shall lapse. • Barclays Bank PLC- (Joint with Tate Group Holdings Ltd) - a fixed and floating charge covering all the property or undertaking of the company along with a negative pledge • Barclays Bank PLC- (Irish Debenture) - a fixed and floating charge covering all the property or undertaking of the company along with a negative pledge registered 23 October 2024 • Barclays Bank PLC- (Northern Irish Debenture) - a fixed and floating charge covering all the property or undertaking of the company along with a negative pledge registered 23 October 2024 • Barclays Bank PLC- (English Debenture) - a fixed and floating charge covering all the property or undertaking of the company along with a negative pledge registered 23 October 2024 • Growth Finance Fund (Debenture) - a fixed and floating charge covering all the property or undertaking of the company along with a negative pledge. This charge was satisfied on 25 October 2024. • Barclays Bank PLC - a limited guarantee for £500,000 is provided by Mr T Hughes During the year the Company repaid its bank loan with Barclays Bank PLC. Although the loan has been settled, certain fixed and floating charges registered in favour of Barclays Bank PLC remain in place at the year-end pending formal release. The directors expect the remaining charges to be satisfied following completion of the administrative process. Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

20. | Taxation | 2025 | 2024
|  | £ | £
| Creditors:
| VAT | 381,169 | 428,834
| PAYE / NI | 119,976 | 129,190
|  | ───────── | ─────────
|  | 501,145 | 558,024
|  | ═════════ | ═════════

21. | Provisions for liabilities
| The amounts provided for deferred taxation are analysed below:
|  | Capital | Total
|  | allowances |
|  | 2025 | 2024
|  | £ | £
| At financial year start | 991,743 | 905,490
| Charged to profit and loss | (98,186) | 86,253
|  | ───────── | ─────────
| At financial year end | 893,557 | 991,743
|  | ═════════ | ═════════

22. | Financial Instruments
| The carrying amount for each category of financial instrument is as follows:
|  | 2025 | 2024
|  | £ | £
| Financial assets that are debt instruments measured at amortised cost
| Financial assets that are debt instruments measured at amortised cost | 4,068,021 | 2,517,895
|  | ═════════ | ═════════
| Financial liabilities measured at amortised cost
| Financial liabilities measured at amortised cost | 10,845,034 | 7,108,403
|  | ═════════ | ═════════

23. | Pension costs - defined contribution
| The amount recognised in profit or loss as an expense in relation to defined contribution plans was £212,346 (2024 - £211,660).

24. | Share capital |  |  | 2025 | 2024
|  |  |  | £ | £
| Description | Number of shares | Value of units |  |
| Allotted, called up and fully paid
| Ordinary A Shares | 100 | £1.00 each | 100 | 100
|  |  |  | ═════════ | ═════════

| The director's interests in the share capital of other group companies are as follows:
|  |  | Class of | Number Held At
| Name | Company | Shares | 31/03/25 | 01/04/24
| Holdings in Parent Company
| Mr T Hughes | Tate Group Holdings Limited | Ordinary A Shares | 50 | 50
| Mrs K Hughes | Tate Group Holdings Limited | Ordinary A Shares | 50 | 50
|  |  |  | ═════════ | ═════════

25. | Financial commitments
| Total future minimum lease payments under non-cancellable operating leases are as follows:
|  | 2025 | 2024
|  | £ | £
| Due:
| Within one year | 327,573 | 443,925
| Between one and five years | 508,637 | 814,454
|  | ───────── | ─────────
|  | 836,210 | 1,258,379
|  | ═════════ | ═════════
| The finance leases are secured by the lessor's title to the leased assets which have a carrying value of £1,190,294 (2024: £1,343,333) The directors consider that the carrying value amount of the obligations under finances leases approximate their fair value.

26. | Capital commitments
| The company had no capital expenditure contracted for at the balance sheet date that has not been provided for in these financial statements (2024: £485,000).

27. | Director's remuneration
| No director exercised share options or received long-term incentive payments during the year. No director received remuneration during the year.

28. | Related party transactions
| The company has availed of the exemption under FRS 102 in relation to the disclosure of transactions with group undertakings.
|  | Balance | Movement | Balance | Maximum
|  | 2025 | in year | 2024 | in year
|  | £ | £ | £ | £
| Retail and Financial Solutions Limited | - | (643,274) | 643,274 | 896,628
| Mail Boxes Etc | 397,866 | 263,897 | 133,969 | 397,866
| TH Fitness | 79,112 | 79,112 | - | 79,112
|  | ───────── | ───────── | ───────── | ═════════
|  | 476,978 | (300,265) | 777,243 |
|  | ═════════ | ═════════ | ═════════ |
| The Company entered into transactions with connected parties during the financial year. These transactions primarily related to intercompany trading balances, recharges of operating costs, and short-term funding arrangements. Balances outstanding at the year-end are unsecured, interest-free, and repayable on demand unless otherwise stated. No guarantees were provided to or received from related parties during the year, and no provisions were recognised in respect of related party balances. At the balance sheet date, the company was owed £896,627.91 by Retail & Financial Solutions Limited (Company No. 11309572), a connected undertaking within the wider group. The balance was unsecured, interest-free and repayable on demand. Subsequent to the year end, Retail & Financial Solutions Limited entered administration. After assessing the recoverability of the outstanding amount, the Directors determined that the balance was irrecoverable, and the full amount has been written off during the year. This write-off is presented within exceptional items (see Note 7).

29. | Parent company
| The company's immediate and ultimate parent undertaking is Tate Group Holdings Limited. Tate Group Holdings Limited was incorporated in Northern Ireland. Copies of the group accounts may be obtained from the secretary, 38 Montgomery Road, Belfast, BT6 9HL. The ultimate controlling party is Tate Group Holdings Limited who controls 100% of the shares of RMS Cash Solutions Limited.

30. | Events After the End of the Reporting Period
| There have been no significant events affecting the company since the financial year-end.

31 | Reconciliation of Net Cash Flow to Movement in Net Debt
|  | Opening | Cash | Other | Closing
|  | balance | flows | changes | balance
|  | £ | £ | £ | £
| Long-term borrowings | (333,341) | - | 333,341 | -
| Short-term borrowings | (199,992) | 533,333 | (333,341) | -
| Finance lease and hire purchase | (1,258,379) | 422,169 | - | (836,210)
|  | ───────── | ───────── | ───────── | ─────────
| Total liabilities from financing activities | (1,791,712) | 955,502 | - | (836,210)
|  | ═════════ | ═════════ | ═════════ | ─────────
| Total Cash and cash equivalents (Note 17) |  |  |  | 1,041,618
|  |  |  |  | ─────────
| Total net cash |  |  |  | 205,408
|  |  |  |  | ═════════