Company registration number 12784742 (England and Wales)
E2E-GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
E2E-GROUP LIMITED
COMPANY INFORMATION
Directors
Mr R Demain
Mr D McIntyre
Mr G Pope
Company number
12784742
Registered office
First Floor
1 Des Roches Square
Witan Way
Witney
OX28 4BE
Auditor
DSA Prospect Audit Limited
First Floor
1 Des Roches Square
Witan Way
Witney
OX28 4BE
E2E-GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Company statement of cash flows
15
Notes to the financial statements
16 - 33
E2E-GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

This report has been prepared for the year ended 31 March 2025 (‘FY25’). Unless specified, the figures relate to the Group of companies comprising e2e-assure Ltd, e2e-cyber Ltd, e2e-engage Ltd, e2e-group Ltd, and Australian company e2e-assure Pty Ltd (together the ‘Group’ or ‘e2e’).

Overview

FY25 marked a transformative year for e2e-assure, reinforcing its position as a leading UK-based provider of expert Security Operations Centre ('SOC') services and Managed Threat Detection and Response. At the heart of the business is Cumulo, e2e's proprietary AI-enabled software platform, which underpins a flexible range of service models — from pure Software as a Service ('SaaS') and SaaS-enabled SOC, through to fully managed SOC and hybrid arrangements — allowing customers to choose the model that best fits their environment, maturity and budget.

Continuing its focus on proactive cyber resilience, in FY25 e2e launched innovative solutions, expanded its expert team and deepened engagement with customers across key vertical markets including critical national infrastructure, public services, manufacturing, education and retail.

The Group is highly regarded for the quality and effectiveness of its SOC capability, as evidenced by strong service levels and leading Net Promoter Scores ('NPS') across its client base.

The Group's strategy remains centred on delivering high-quality, tailored security services — expert-led and AI-enabled — through the Cumulo platform. Cumulo is a full, standalone SIEM and SOAR solution, providing complete detection, investigation and response capability without dependency on third-party platforms. It is available as a cloud-hosted service, deployed into a customer's own cloud environment, or delivered via hardware appliance — the latter making it particularly well suited to Operational Technology ('OT') environments where cloud or network connectivity may be limited or restricted. Where customers already have investments in Microsoft Sentinel, Microsoft 365 or other major SIEM platforms, Cumulo integrates with these environments, increasing detection coverage and enhancing their capability while managing and optimising deployment costs. e2e continues to invest in scalable, cloud-native technologies and UK-based expertise to ensure data sovereignty and regulatory alignment.

In February 2025 the Group received a further follow-on investment of £3m from BGF, one of the most active growth investors in the UK. The investment is supporting e2e's adoption of an AI-first strategy — accelerating R&D across AI-driven detection, behavioural analytics and anomaly detection, and further developing business development resource and expertise. Central to this strategy is the recognition that years of investment in Cumulo's underlying architecture — its data pipelines, integrations and proprietary data lakes — have created a strong and differentiated foundation for AI development. The breadth and depth of security data that Cumulo captures and structures gives e2e a significant advantage in training, deploying and refining AI models in ways that directly improve detection and response outcomes for customers. The Group is well positioned to build on this foundation and is planning for strong organic growth through its direct and partner sales channels.

Summary of financial performance for the year-ended 31 March 2025

Turnover recognised during the year for the Group was £6.8m (2023: £6.2m), which is a 9.7% year-on-year increase and reflects the strong positive momentum of new clients wins during FY25 (18 new clients added during FY25).

Review of the Business

FY25 was an important and successful year for e2e, following the turbulence and re-build/re-alignment completed in the prior year. The Group’s service portfolio is well positioned to provide bundled solutions to our partners and large enterprise clients, delivering optimised customer service and providing exceptional protection and value.

E2E-GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -

Throughout FY25, significant investments were made in the Cumulo platform, in particular to enhance the development and adoption of AI, as well as making a number of key hires, particularly in the business development teams as part of a refinement of the sales and marketing approach to drive greater engagement across our key markets in line with our overall go-to-market strategy.

Some key highlights illustrating the strong performance:

- Sales wins increased by 24% compared to the previous year

- New logo wins grew by 30%, highlighting our ability to attract new customers

- Pipeline value increased by 140%

- NPS score continually in the mid-80s

Research and Development

The Group has continued to invest in research and development in the year, which remains a key focus for e2e as it continues to innovate to address the challenges of cyber security. Future R&D efforts are focusing on advanced threat detection and response, including the adoption of AI, machine learning and anomaly detection.

Cumulo is now a mature, scalable platform with integrations into all the major cloud platforms including AWS, Microsoft Azure, Google Cloud Platform, Oracle Cloud as well as Modern Workplace solutions such as Microsoft 365 and Google Workspace. Furthermore, Cumulo integrates with the top Endpoint Detection and Response providers, allowing the Cumulo software platform to be seamlessly integrated with customers’ existing security and cloud services. SOC services are delivered using Microsoft Sentinel and customers use a hybrid technology approach where Cumulo and Sentinel work together seamlessly. This solution is popular as it provides ‘best of both’ in terms of technology as well as significant cost savings for typical deployments and is a particularly good for large or complex organisations.

Looking Ahead

The achievements of FY25 provide a strong platform and momentum for accelerated success in the next financial year and beyond. A key component of e2e’s strategy is the enhancement of existing direct and partner sales channels to capitalise on the significant growing market for proactive and robust cyber security solutions that protect customers’ IT and OT environments. This combined with its market-leading SaaS solution provides the Directors with a high degree of confidence in the Group’s ability to accelerate growth, attract new customers, and deliver exceptional value to both existing and clients.

On behalf of the board

Mr R Demain
Director
18 March 2026
E2E-GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

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

Principal activities

The principal activity of the company and group continued to be that of cyber security.

Results and dividends

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

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

Directors

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

Mr R Demain
Mr D McIntyre
Mr G Pope
Research and development

Research and development (R&D) expenditure is capitalised where it meets the requirements of FRS 102. If the expenditure does not meet the requirements of FRS 102 it is expensed in the year in which it is incurred.

Post reporting date events

The directors do not believe there are any material post reporting date events to disclose.

Future developments

There are no future developments that the directors believe need to be reported.

Auditor

In accordance with the company's articles, a resolution proposing that DSA Prospect Audit Limited be reappointed as auditor of the group will be put at a General Meeting.

Statement of disclosure to auditor

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

Medium-sized companies exemption

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

On behalf of the board
Mr R Demain
Director
18 March 2026
E2E-GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

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

- select suitable accounting policies and then apply them consistently;

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

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

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

E2E-GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF E2E-GROUP LIMITED
- 5 -
Opinion

We have audited the financial statements of E2E-Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- T he information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

E2E-GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF E2E-GROUP LIMITED
- 6 -
Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- 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 industry;

- 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 the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental (including Waste Electrical and Electronic Equipment recycling (WEEE) Regulations 2013) and health and safety 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.

E2E-GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF E2E-GROUP LIMITED
- 7 -

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; and

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

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; and

- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, 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: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Mr Gary John McHale FCCA (Senior Statutory Auditor)
For and on behalf of DSA Prospect Audit Limited, Statutory Auditor
Chartered Certified Accountants
First Floor
1 Des Roches Square
Witan Way
Witney
OX28 4BE
18 March 2026
E2E-GROUP LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
2025
2024
Notes
£
£
Turnover
4
6,785,814
6,184,707
Cost of sales
(2,298,271)
(3,228,379)
Gross profit
4,487,543
2,956,328
Administrative expenses
(5,276,743)
(5,077,199)
Operating loss
5
(789,200)
(2,120,871)
Interest receivable and similar income
8
5,338
3,991
Interest payable and similar expenses
9
(181,163)
(34,510)
Loss before taxation
(965,025)
(2,151,390)
Tax on loss
10
249,177
671,844
Loss for the financial year
24
(715,848)
(1,479,546)
Loss for the financial year is all attributable to the owners of the parent company.
E2E-GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
2025
2024
£
£
Loss for the year
(715,848)
(1,479,546)
Other comprehensive income
Currency translation (loss)/gain taken to retained earnings
(15,552)
11,046
Cash flow hedges gain arising in the year
-
0
-
0
Total comprehensive income for the year
(731,400)
(1,468,500)
Total comprehensive income for the year is all attributable to the owners of the parent company.
E2E-GROUP LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 10 -
2025
2024
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
1,811,772
1,642,513
Tangible assets
12
217,967
217,951
2,029,739
1,860,464
Current assets
Debtors
15
2,342,120
2,344,724
Cash at bank and in hand
2,993,329
328,769
5,335,449
2,673,493
Creditors: amounts falling due within one year
16
(2,013,999)
(1,959,134)
Net current assets
3,321,450
714,359
Total assets less current liabilities
5,351,189
2,574,823
Creditors: amounts falling due after more than one year
17
(3,975,000)
(470,000)
Provisions for liabilities
Deferred tax liability
20
52,463
49,697
(52,463)
(49,697)
Net assets
1,323,726
2,055,126
Capital and reserves
Called up share capital
23
1,009
1,009
Profit and loss reserves
24
1,322,717
2,054,117
Total equity
1,323,726
2,055,126

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

The financial statements were approved by the board of directors and authorised for issue on 18 March 2026 and are signed on its behalf by:
18 March 2026
Mr R Demain
Director
Company registration number 12784742 (England and Wales)
E2E-GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 11 -
2025
2024
as restated
Notes
£
£
£
£
Fixed assets
Investments
13
15,000,000
25,000,000
15,000,000
25,000,000
Current assets
Debtors
15
3,929,348
15
Creditors: amounts falling due within one year
16
(260,584)
(52,998)
Net current assets/(liabilities)
3,668,764
(52,983)
Total assets less current liabilities
18,668,764
24,947,017
Creditors: amounts falling due after more than one year
17
(3,975,000)
-
Net assets
14,693,764
24,947,017
Capital and reserves
Called up share capital
23
1,009
1,009
Revaluation reserve
14,999,000
24,999,000
Profit and loss reserves
24
(306,245)
(52,992)
Total equity
14,693,764
24,947,017

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s loss for the year was £253,253 (2024 - £606,297 loss).

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

The financial statements were approved by the board of directors and authorised for issue on 18 March 2026 and are signed on its behalf by:
18 March 2026
Mr R Demain
Director
Company registration number 12784742 (England and Wales)
E2E-GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
As restated for the period ended 31 March 2024:
Balance at 1 April 2023
1,009
3,522,617
3,523,626
Year ended 31 March 2024:
Loss for the year
-
(1,479,546)
(1,479,546)
Other comprehensive income:
Currency translation differences
-
11,046
11,046
Total comprehensive income
-
(1,468,500)
(1,468,500)
Balance at 31 March 2024
1,009
2,054,117
2,055,126
Year ended 31 March 2025:
Loss for the year
-
(715,848)
(715,848)
Other comprehensive income:
Currency translation differences
-
(15,552)
(15,552)
Total comprehensive income
-
(731,400)
(731,400)
Balance at 31 March 2025
1,009
1,322,717
1,323,726
E2E-GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
As restated for the period ended 31 March 2024:
Balance at 1 April 2023
1,009
41,999,000
553,304
42,553,313
Year ended 31 March 2024:
Loss for the year
-
-
(606,296)
(606,296)
Other comprehensive income:
Adjustments to fair value of financial assets
-
(17,000,000)
-
(17,000,000)
Total comprehensive income
-
(17,000,000)
(606,296)
(17,606,296)
Balance at 31 March 2024
1,009
24,999,000
(52,992)
24,947,017
Year ended 31 March 2025:
Profit for the year
-
-
(253,253)
(253,253)
Other comprehensive income:
Adjustments to fair value of financial assets
-
(10,000,000)
-
(10,000,000)
Total comprehensive income
-
(10,000,000)
(253,253)
(10,253,253)
Balance at 31 March 2025
1,009
14,999,000
(306,245)
14,693,764
E2E-GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 14 -
2025
2024
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
28
(314,340)
(528,158)
Interest paid
(181,163)
(34,510)
Income taxes refunded
264,180
704,476
Net cash (outflow)/inflow from operating activities
(231,323)
141,808
Investing activities
Purchase of intangible assets
(530,325)
(697,565)
Purchase of tangible fixed assets
(110,787)
(122,089)
Proceeds from disposal of tangible fixed assets
10,079
4,761
Interest received
5,338
3,991
Net cash used in investing activities
(625,695)
(810,902)
Financing activities
Proceeds from borrowings
3,000,000
70,000
Repayment of borrowings
505,000
400,000
Net cash generated from financing activities
3,505,000
470,000
Net increase/(decrease) in cash and cash equivalents
2,647,982
(199,094)
Cash and cash equivalents at beginning of year
328,769
516,817
Effect of foreign exchange rates
16,578
11,046
Cash and cash equivalents at end of year
2,993,329
328,769
E2E-GROUP LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 15 -
2025
2024
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
29
(3,799,950)
-
0
Interest paid
(192,226)
-
0
Income taxes refunded
17,176
-
0
Net cash outflow from operating activities
(3,975,000)
-
Financing activities
Proceeds from borrowings
3,000,000
-
0
Repayment of borrowings
975,000
-
Net cash generated from financing activities
3,975,000
-
Net increase in cash and cash equivalents
-
-
Cash and cash equivalents at beginning of year
-
0
-
0
Cash and cash equivalents at end of year
-
0
-
0
E2E-GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 16 -
1
Accounting policies
Company information

E2E-Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .

The group consists of E2E-Group Limited and all of its subsidiaries.

1.1
Accounting convention

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

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

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

1.2
Business combinations

With the merger accounting method, the carrying values of the assets and liabilities of the parties to the combination are not required to be adjusted to fair value, although appropriate adjustments shall be made to achieve uniformity of accounting policies in the combining entities.

All undertakings in the group should follow uniform accounting policies and, where this is not the case, appropriate adjustments should be made in the consolidated financial statements to achieve uniformity. This requirement is equally applicable whether acquisition or merger accounting is adopted. Thus, although book amounts rather than fair values of the net assets of the merged subsidiary are used for the purpose of consolidation, these book amounts should first be adjusted to the extent necessary to achieve uniformity in accounting policies.

The results and cash flows of all the combining entities shall be brought into the financial statements of the combined entity from the beginning of the financial year in which the combination occurred, adjusted to achieve uniformity of accounting policies. The comparative information shall be restated by including the total comprehensive income for all the combining entities for the previous reporting period and their statement of financial position for the previous reporting date, adjusted as necessary to achieve uniformity of accounting policies.

The difference, if any, between the nominal value of the shares issued plus the fair value of any other consideration given, and the nominal value of the shares received in exchange shall be shown as a movement on other reserves in the consolidated financial statements. Any existing balances on the share premium account or capital redemption reserve of the new subsidiary shall be brought in by being shown as a movement on other reserves. These movements shall be shown in the statement of changes in equity.

Merger expenses are not to be included as part of this adjustment but shall be charged to the statement of comprehensive income as part of profit or loss of the combined entity at the effective date of the group reconstruction.

E2E-GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 17 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company E2E-Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

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

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

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

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover comprises income from the provision of cybersecurity services and software solutions to customers, net of value added tax and other sales taxes, and after deducting any discounts or rebates. Turnover is recognised when performance obligations are satisfied and control of the services has been transferred to the customer.

Where the performance obligation is satisfied over time — for example, in relation to managed security, monitoring, or support services — turnover is recognised based on the stage of completion of the service.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

Dividend income from investments is recognised when the shareholder's right to receive payment has been established.

Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and the effective interest rate applicable.

E2E-GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 18 -
1.6
Intangible fixed assets other than goodwill

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

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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

Intangible assets
5% and 10% straight line
1.7
Tangible fixed assets

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

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

Leasehold improvements
0% and 33% straight line
Plant and equipment
25% straight line and 25% reducing balance
Fixtures and fittings
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.8
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

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

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

E2E-GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 19 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the g roup’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent c ompany financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of fixed assets

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

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Cash and cash equivalents

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

E2E-GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 20 -
1.11
Financial instruments

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

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

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

Basic financial assets

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

Other financial assets

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

Impairment of financial assets

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

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

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

Derecognition of financial assets

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

Classification of financial liabilities

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

E2E-GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 21 -
Basic financial liabilities

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

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

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

Other financial liabilities

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

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

Derecognition of financial liabilities

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

1.12
Equity instruments

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

1.13
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

E2E-GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 22 -
Deferred tax

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

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

1.14
Employee benefits

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

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

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

1.15
Retirement benefits

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

1.16
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the weighted average exercise price model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

1.17
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

E2E-GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 23 -
2
Change in accounting policy

During the year, the company changed its accounting policy for measuring investments in subsidiaries in its individual financial statements. Previously, such investments were stated at cost less impairment. From 1 April 2024, the company has elected to measure investments in subsidiaries at fair value through other comprehensive income.

The directors consider that the adoption of the fair value model provides more relevant and reliable information about the company’s financial position, as it reflects current market valuations of its underlying subsidiary undertakings.

This change in accounting policy has been applied retrospectively and comparative amounts have been restated accordingly.

At 31 March 2024, the fair value of investments in subsidiaries was £25,000,000, compared with the previously stated carrying amount of £42,000,000. The resulting decrease of £17,000,000 has been recognised as an adjustment to the revaluation reserve (for FVOCI) at 1 April 2023.

3
Judgements and key sources of estimation uncertainty

In preparing the consolidated financial statements, the directors are required to make judgements, estimates, and assumptions that affect the reported amounts of assets, liabilities, income, and expenses. These judgements and estimates are based on historical experience, knowledge of the business, and other relevant factors, and actual results may differ.

The key areas of judgement and estimation uncertainty for the group include:

Valuation of subsidiary investments held at fair value by the holding company, including assessment of recoverable amounts based on projected trading performance and market conditions.

Intangible assets relating to the group’s software, where estimates are required in determining useful life, amortisation, and potential impairment, particularly given the group’s current loss-making position.

Consolidation adjustments and intercompany balances, which require judgement to ensure the financial statements reflect the economic substance of group transactions.

These estimates and assumptions are reviewed regularly, and any revisions are recognised in the period in which they are revised, or in the period of the revision and future periods if the revision affects both current and future periods.

4
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Cyber security
6,785,814
6,184,707
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
6,785,814
5,989,440
Australia
-
195,267
6,785,814
6,184,707
E2E-GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
4
Turnover and other revenue
(Continued)
- 24 -
2025
2024
£
£
Other revenue
Interest income
5,338
3,991
5
Operating loss
2025
2024
£
£
Operating loss for the year is stated after charging/(crediting):
Exchange losses
16,785
43,445
Depreciation of owned tangible fixed assets
108,045
199,670
Profit on disposal of tangible fixed assets
(7,353)
(4,705)
Amortisation of intangible assets
251,105
184,874
Loss on disposal of intangible assets
77,831
-
6
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
8,250
6,500
Audit of the financial statements of the company's subsidiaries
22,850
22,250
31,100
28,750
7
Employees

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

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
75
89
3
3
E2E-GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
7
Employees
(Continued)
- 25 -

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
4,910,444
5,850,964
-
0
-
0
Social security costs
68,684
84,087
-
-
Pension costs
154,682
84,217
-
0
-
0
5,133,810
6,019,268
-
0
-
0
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
5,338
3,991
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
5,338
3,991
9
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
(11,063)
34,510
Other interest on financial liabilities
192,226
-
181,163
34,510
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
(87,785)
(105,850)
Adjustments in respect of prior periods
-
0
19,000
Total current tax
(87,785)
(86,850)
Deferred tax
Origination and reversal of timing differences
(161,392)
(584,994)
Total tax credit
(249,177)
(671,844)
E2E-GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
10
Taxation
(Continued)
- 26 -

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

2025
2024
£
£
Loss before taxation
(965,025)
(2,151,390)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(241,256)
(537,848)
Tax effect of expenses that are not deductible in determining taxable profit
93,509
3,413
Tax effect of utilisation of tax losses not previously recognised
-
0
(15,456)
Unutilised tax losses carried forward
(197,346)
(567,449)
Adjustments in respect of prior years
-
0
3,147
Depreciation on assets not qualifying for tax allowances
(1,052)
18,314
Amortisation on assets not qualifying for tax allowances
58,885
41,750
Research and development tax credit
(87,783)
(105,850)
Other non-reversing timing differences
161,411
585,021
Effect of overseas tax rates
31,942
12,960
R&D enhancement
(67,487)
(109,846)
Taxation credit
(249,177)
(671,844)
11
Intangible fixed assets
Group
Intangible assets
£
Cost
At 1 April 2024
1,973,755
Additions - internally developed
530,325
Disposals
(155,659)
Exchange adjustments
(23,084)
At 31 March 2025
2,325,337
Amortisation and impairment
At 1 April 2024
331,242
Amortisation charged for the year
251,105
Disposals
(77,828)
Exchange adjustments
9,046
At 31 March 2025
513,565
E2E-GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
11
Intangible fixed assets
(Continued)
- 27 -
Carrying amount
At 31 March 2025
1,811,772
At 31 March 2024
1,642,513
The company had no intangible fixed assets at 31 March 2025 or 31 March 2024.
12
Tangible fixed assets
Group
Leasehold improvements
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 April 2024
12,460
1,582,633
35,161
1,630,254
Additions
-
0
110,453
334
110,787
Disposals
-
0
(27,310)
(373)
(27,683)
At 31 March 2025
12,460
1,665,776
35,122
1,713,358
Depreciation and impairment
At 1 April 2024
11,072
1,374,147
27,084
1,412,303
Depreciation charged in the year
-
0
103,495
4,550
108,045
Eliminated in respect of disposals
-
0
(24,834)
(123)
(24,957)
At 31 March 2025
11,072
1,452,808
31,511
1,495,391
Carrying amount
At 31 March 2025
1,388
212,968
3,611
217,967
At 31 March 2024
1,388
208,486
8,077
217,951
The company had no tangible fixed assets at 31 March 2025 or 31 March 2024.
13
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
15,000,000
25,000,000
E2E-GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
13
Fixed asset investments
(Continued)
- 28 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2024
25,000,000
Valuation changes
(10,000,000)
At 31 March 2025
15,000,000
Carrying amount
At 31 March 2025
15,000,000
At 31 March 2024
25,000,000
14
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
E2E Cyber Limited
United Kingdom
Ordinary
100.00
E2E Assure Limited
United Kingdom
Ordinary
100.00
E2E Engage Limited
United Kingdom
Ordinary
100.00
E2E Assure PTY
Australia
Ordinary
100.00
15
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
754,741
1,024,153
-
0
-
0
Corporation tax recoverable
12,336
24,573
-
0
-
0
Amounts owed by group undertakings
-
-
3,911,817
-
Other debtors
1,360,279
1,062,563
17,531
15
Prepayments and accrued income
214,764
233,435
-
0
-
0
2,342,120
2,344,724
3,929,348
15
E2E-GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 29 -
16
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
£
£
£
£
Trade creditors
146,832
147,943
11,400
-
0
Amounts owed to group undertakings
-
0
-
0
46,033
46,033
Other taxation and social security
416,160
839,346
-
340
Other creditors
34,719
708,942
-
0
-
0
Accruals and deferred income
1,416,288
262,903
203,151
6,625
2,013,999
1,959,134
260,584
52,998
17
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Other borrowings
18
3,975,000
470,000
3,975,000
-
0
18
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Other loans
3,975,000
470,000
3,975,000
-
0
Payable after one year
3,975,000
470,000
3,975,000
-
0

The company has loans with shareholders totaling £3,975,000 (2024: £0), bearing interest at 12% per annum. Repayment is due between 2027 and 2029. Accrued interest at the year-end is included in current liabilities.

19
Security

Debenture/ Guarantee and Debenture

Bgf Nominees Limited hold fixed and floating charges over the undertaking and all property and assets present and future including goodwill book debts uncalled capital buildings, fixtures, fixed plant and machinery.

All monies due or to become due from the company and/or all or any of the other companies named therein to the chargee on any account whatsoever.

E2E-GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 30 -
20
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
52,463
49,697
The company has no deferred tax assets or liabilities.
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 April 2024
49,697
-
Charge to profit or loss
2,766
-
Liability at 31 March 2025
52,463
-

T he deferred tax liability set out above is expected to reverse within 24 months and relates to accelerated capital allowances that are expected to mature within the same period.

21
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
154,682
84,217

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Share-based payment transactions
Group and company
Number of share options
Weighted average exercise price
2025
2024
2025
2024
Number
Number
£
£
Outstanding at 1 April 2024
11,000
-
-
-
Granted
-
11,000
-
-
Outstanding at 31 March 2025
11,000
11,000
-
-
Exercisable at 31 March 2025
-
-
-
-
E2E-GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
22
Share-based payment transactions
(Continued)
- 31 -
Group and company

The weighted average fair value of options granted in the year was determined using the Black-Scholes option pricing model. The Black-Scholes model is considered to apply the most appropriate valuation method due to the relatively short contractual lives of the options and the requirement to exercise within a short period after the employee becomes entitled to the shares (the “vesting date”).

The expected life used in the model has been adjusted, based on management’s best estimate, for the effect of non-transferability, exercise restrictions, and behavioural considerations.

Non-vesting conditions and market conditions are taken into account when estimating the fair value of the option at grant date. Service conditions and non-market performance conditions are taken into account by adjusting the number of options expected to vest at each reporting date.

23
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
75,240
75,240
752
752
A Ordinary shares of 1p each
24,760
24,760
248
248
B Ordinary shares of 1p each
888
888
9
9
100,888
100,888
1,009
1,009

Ordinary shares are entitled to one vote in any circumstances, equal rights to dividends, to participate in a distribution on winding up of the company and are non-redeemable.

A Ordinary shares are entitled to one vote in any circumstances, equal rights to dividends, to participate in a distribution on winding up of the company and are non-redeemable.

B Ordinary shares are not entitled to vote, no rights to dividends, are entitled to participate in a distribution on winding up of the company and are non-redeemable.

24
Profit and loss reserves
Group
Company
2025
2024
2025
2024
as restated
as restated
£
£
£
£
At the beginning of the year
2,054,117
3,522,617
(52,992)
553,304
Loss for the year
(715,848)
(1,479,546)
(253,253)
(606,296)
Currency translation differences
(15,552)
11,046
-
0
-
0
At the end of the year
1,322,717
2,054,117
(306,245)
(52,992)
25
Financial commitments, guarantees and contingent liabilities

The company has an outstanding fixed and floating charge, which contains a negative pledge, against certain assets of the company in respect of group liabilities.

E2E-GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 32 -
26
Events after the reporting date

There are no events after the year end that the directors believe need to be reported.

27
Controlling party

The ultimate controlling party is Mr R Demain.

28
Cash absorbed by group operations
2025
2024
£
£
Loss after taxation
(715,848)
(1,479,546)
Adjustments for:
Taxation credited
(249,177)
(671,844)
Finance costs
181,163
34,510
Investment income
(5,338)
(3,991)
Gain on disposal of tangible fixed assets
(7,353)
(4,705)
Loss on disposal of intangible assets
77,831
-
Amortisation and impairment of intangible assets
251,105
184,874
Depreciation and impairment of tangible fixed assets
108,045
199,670
Movements in working capital:
(Increase)/decrease in debtors
(9,633)
292,208
Increase in creditors
54,865
920,666
Cash absorbed by operations
(314,340)
(528,158)
29
Cash absorbed by operations - company
2025
2024
£
£
Loss after taxation
(253,253)
(606,296)
Adjustments for:
Taxation credited
(17,176)
-
0
Finance costs
192,226
-
0
Movements in working capital:
(Increase)/decrease in debtors
(3,929,333)
614,191
Increase/(decrease) in creditors
207,586
(7,895)
Cash absorbed by operations
(3,799,950)
-
E2E-GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 33 -
30
Analysis of changes in net debt - group
1 April 2024
Cash flows
Exchange rate movements
31 March 2025
£
£
£
£
Cash at bank and in hand
328,769
2,647,982
16,578
2,993,329
Borrowings excluding overdrafts
(470,000)
(3,505,000)
-
(3,975,000)
(141,231)
(857,018)
16,578
(981,671)
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