Company Registration No. 05934466 (England and Wales)
EDW Technology Holdings Limited
Annual report and
group financial statements
for the year ended 31 October 2025
EDW Technology Holdings Limited
Company information
Directors
Graham Paul
Thomas Anderton
(Appointed 1 January 2026)
Paul Dowling
(Appointed 1 January 2026)
Edward Kilby
(Appointed 1 January 2026)
Company number
05934466
Registered office
3 Radian Court
Knowlhill
Milton Keynes
MK5 8PJ
Independent auditor
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
EDW Technology Holdings Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Group statement of comprehensive income
9
Group and company statement of financial positions
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 29
EDW Technology Holdings Limited
Strategic report
For the year ended 31 October 2025
1

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

Review of the business

We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.

As a software developer and systems integrator, EDW Technology's main revenue streams are from sales of:

- Licensed software

- Support and maintenance provision for licensed software

- Software implementation services

- Software product development

Most of these sales relate to the company’s primary product, the Energy Retail Suite (ERS), which is an integrated energy solution platform for businesses operating in the UK power retail market. The company’s main customers use the system to price, bill and manage significantly large and growing retail supply portfolios; however, the platform is capable of supporting a variety of business uses in this market. The company strategy is to build long term recurring revenue through licensing and maintenance of ERS which then provides a stable financial environment to enable continued investment in its capability. Additional sales through development and implementation services are driven by industry change and our clients' desire to innovate.

In July 2017 the company acquired Energy Auditing Agency Limited (T/A TEAM), a leading provider of energy and carbon management solutions. This has created a stronger combined organisation capable of providing a range of carbon and energy related software and services to a market extending beyond energy retail companies to utility companies and large industrial, corporate and public sector organisations. As well as operating in related markets, the company's two subsidiaries share common technologies and skills.

Energy Auditing Agency's main revenue streams are from sales of:

- Licensed software

- Support and maintenance provision for licensed software

- Outsourced bill validation, tenant billing and energy management services

- Energy management and net-zero consultancy

Principal risks and uncertainties

Prior to the acquisition of TEAM in July 2017 the company's principal risk was that it operated in a narrow vertical market with a relatively small number of companies and where the risk of failure and acquisition is relatively high. Following acquisition this risk has been mitigated as the company now has more than 800 customers including many blue chip private and public sector organisations. There are now opportunities to cross-sell products and services across the wider client base.

EDW Technology Holdings Limited
Strategic report (continued)
For the year ended 31 October 2025
2
Development and performance

We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, these being turnover and EBITDA. The 2025 financial year saw an increase in turnover of £0.5m to £10.7m (2024: £10.2m) and an increase of EBITDA of £0.1m to £1.7m (2024: £1.6m).

Our energy retail customers have proven resilient to the current market conditions and continue to invest in our energy retail platform as a core component of their systems landscape. We ensure our systems remain compliant with industry legislation, such as the upcoming Market Wide Half Hourly Settlement (MHHS) which will be a major disrupter to the UK energy market over the next few years. Opportunities in the carbon and energy management market are building rapidly driven by increasing focus on reducing carbon emissions and cutting energy costs. With its established market position, TEAM is strongly placed to help our customers achieve their net-zero ambitions through our carbon reduction consultancy, project implementation and certification services.

A further distribution of £1.1m (2024: £1.4m) was made to the EDW Employee Ownership Trust in the year. The company's cash position increased by £0.5m to £3.5m (2024: £3m) with shareholders' funds increasing by £0.4m to £4.4m (2024: £4m). We consider the group to be in a strong financial position and expect it to grow its profits over the coming years.

Employee ownership

In December 2019 100% of the shares of EDW Technology Holdings Limited were sold to EDW Employee Ownership Trustees Limited which holds the shares on behalf of our employees. This move into employee ownership, using an Employee Ownership Trust model, will increase employee engagement and improve future company performance. The existing directors remain with the company and will continue to drive the company forwards.

On behalf of the board

Thomas Anderton
Director
18 March 2026
EDW Technology Holdings Limited
Directors' report
For the year ended 31 October 2025
3

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

Principal activities

The principal activity of the group throughout the year was the supply of computer software and services and consultancy services in relation to utility consultation and support.

Results and dividends

The results for the year are set out on page 9.

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:

Simon Miles
(Resigned 1 January 2026)
James Inglis
(Resigned 1 January 2026)
Edward White
(Resigned 11 March 2025)
David Kingston
(Resigned 26 February 2025)
Graham Paul
Thomas Anderton
(Appointed 1 January 2026)
Paul Dowling
(Appointed 1 January 2026)
Edward Kilby
(Appointed 1 January 2026)
Research and development

We will continue to invest in research and development for our ERS product for the foreseeable future, accelerated by the MHHS industry legislation which will require us to build new capability as well as to ensure existing capability continues to support the complex operations within the deregulated electricity sector of our customers.

Auditor

Saffery LLP have expressed their willingness to remain in office as auditors of the company.

EDW Technology Holdings Limited
Directors' report (continued)
For the year ended 31 October 2025
4
Statement of directors' responsibilities

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.

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.

On behalf of the board
Thomas Anderton
Director
18 March 2026
EDW Technology Holdings Limited
Independent auditor's report
To the members of EDW Technology Holdings Limited
5
Opinion

We have audited the financial statements of EDW Technology Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2025 which comprise the group statement of comprehensive income, the group statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group 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 and of the parent company's affairs as at 31 October 2025 and of the group's profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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 directors are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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.

EDW Technology Holdings Limited
Independent auditor's report (continued)
To the members of EDW Technology Holdings Limited
6

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the 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.

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.

EDW Technology Holdings Limited
Independent auditor's report (continued)
To the members of EDW Technology Holdings Limited
7

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the group and parent company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent company by discussions with directors and by updating our understanding of the sector in which the group and parent company operates.

Laws and regulations of direct significance in the context of the group and parent company include The Companies Act 2006, UK Tax legislation and the ISO27001 certification.

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of group and parent company financial statement disclosures. We reviewed the parent company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

As group auditors, our assessment of matters relating to non-compliance with laws or regulations and fraud differed at group and component level according to their particular circumstances. Our communications included a request to identify instances of non-compliance with laws and regulations and fraud that could give rise to a material misstatement of the group financial statements in addition to our risk assessment.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through 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.

EDW Technology Holdings Limited
Independent auditor's report (continued)
To the members of EDW Technology Holdings Limited
8

Use of our report

This report is made solely to the parent 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 parent company's members those matters we are required to state to them in an auditors 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 parent company and the parent company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Peter Harker
Senior Statutory Auditor
For and on behalf of Saffery LLP
2 April 2026
Accountants
Statutory Auditors
71 Queen Victoria Street
London
EC4V 4BE
EDW Technology Holdings Limited
Group statement of comprehensive income
For the year ended 31 October 2025
9
2025
2024
Notes
£
£
Turnover
3
10,785,190
10,182,265
Cost of sales
(2,905,020)
(2,909,431)
Gross profit
7,880,170
7,272,834
Administrative expenses
(6,459,601)
(5,912,631)
Operating profit
4
1,420,569
1,360,203
Interest receivable and similar income
100,228
97,838
Interest payable and similar expenses
8
(4,672)
-
0
Profit before taxation
1,516,125
1,458,041
Tax on profit
9
(338,806)
(318,934)
Profit for the financial year
21
1,177,319
1,139,107
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

The income statement has been prepared on the basis that all operations are continuing operations.

EDW Technology Holdings Limited
Group and company statements of financial position
As at 31 October 2025
2025-10-31
10
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
10
230,625
365,625
-
-
Tangible assets
11
692,538
785,247
-
0
-
0
Investments
12
-
0
-
0
3,463,645
3,463,645
923,163
1,150,872
3,463,645
3,463,645
Current assets
Debtors
14
1,991,465
2,128,342
57,275
57,275
Cash at bank and in hand
3,509,574
3,033,147
-
0
-
0
5,501,039
5,161,489
57,275
57,275
Creditors: amounts falling due within one year
15
(2,270,403)
(2,251,679)
(2,683,233)
(2,683,233)
Net current assets/(liabilities)
3,230,636
2,909,810
(2,625,958)
(2,625,958)
Total assets less current liabilities
4,153,799
4,060,682
837,687
837,687
Provisions for liabilities
Deferred tax liability
16
(52,296)
(54,346)
-
0
-
0
Net assets
4,101,503
4,006,336
837,687
837,687
Capital and reserves
Called up share capital
20
10,531
10,531
10,531
10,531
Share premium account
21
40,362
40,362
40,362
40,362
Capital redemption reserve
21
736
736
736
736
Profit and loss reserves
21
4,049,874
3,954,707
786,058
786,058
Total equity
4,101,503
4,006,336
837,687
837,687

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 profit for the year was £1,082,152 (2024: £1,386,285 profit).

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
Thomas Anderton
Director
Company Registration No. 05934466
EDW Technology Holdings Limited
Group statement of changes in equity
For the year ended 31 October 2025
11
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 November 2023
10,531
40,362
736
4,201,885
4,253,514
Year ended 31 October 2024:
Profit and total comprehensive income for the year
-
-
-
1,139,107
1,139,107
Contributions to Employee Ownership Trust
-
-
-
(1,386,285)
(1,386,285)
Balance at 31 October 2024
10,531
40,362
736
3,954,707
4,006,336
Year ended 31 October 2025:
Profit and total comprehensive income for the year
-
-
-
1,177,319
1,177,319
Contributions to Employee Ownership Trust
-
-
-
(1,082,152)
(1,082,152)
Balance at 31 October 2025
10,531
40,362
736
4,049,874
4,101,503
EDW Technology Holdings Limited
Company statement of changes in equity
For the year ended 31 October 2025
12
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 November 2023
10,531
40,362
736
786,058
837,687
Year ended 31 October 2024:
Profit and total comprehensive income for the year
-
-
-
1,386,285
1,386,285
Contributions to Employee Ownership Trust
-
-
-
(1,386,285)
(1,386,285)
Balance at 31 October 2024
10,531
40,362
736
786,058
837,687
Year ended 31 October 2025:
Profit and total comprehensive income for the year
-
-
-
1,082,152
1,082,152
Contributions to Employee Ownership Trust
-
-
-
(1,082,152)
(1,082,152)
Balance at 31 October 2025
10,531
40,362
736
786,058
837,687
EDW Technology Holdings Limited
Group statement of cash flows
For the year ended 31 October 2025
13
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
1,935,154
1,572,245
Interest paid
(4,672)
-
0
Income taxes paid
(404,704)
(312,574)
Net cash inflow from operating activities
1,525,778
1,259,671
Investing activities
Purchase of tangible fixed assets
(67,427)
(85,623)
Interest received
100,228
97,838
Net cash generated from investing activities
32,801
12,215
Financing activities
Contributions to EOT
(1,082,152)
(1,386,285)
Net cash used in financing activities
(1,082,152)
(1,386,285)
Net increase/(decrease) in cash and cash equivalents
476,427
(114,399)
Cash and cash equivalents at beginning of year
3,033,147
3,147,546
Cash and cash equivalents at end of year
3,509,574
3,033,147
EDW Technology Holdings Limited
Notes to the group financial statements
For the year ended 31 October 2025
14
1
Accounting policies
Company information

EDW Technology Holdings Limited (“the company”) is a private company limited by shares incorporated in England and Wales. The registered office is 3 Radian Court, Knowlhill, Milton Keynes, MK5 8PJ.

The group consists of EDW Technology Holdings 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.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

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

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

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

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

EDW Technology Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 October 2025
1
Accounting policies (continued)
15
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company EDW Technology Holdings 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 October 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.

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 statement of financial position 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 represents amounts receivable for consultancy and software development, licensing and support net of VAT and trade discounts.

Revenue from contracts for the provision of licences and support services are recognised equally over the length of the contract.

1.6
Intangible fixed assets - goodwill

Goodwill arising on the acquisition of Energy Auditing Agency Limited represents the excess of the fair value of the consideration over the fair value of the identifiable assets and liabilities acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life of 5 years.

EDW Technology Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 October 2025
1
Accounting policies (continued)
16
1.7
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.

Intangible assets comprise primarily of software acquired as part of a business combination. Such assets are defined as having finite useful lives and the costs are amortised on a straight line basis over their estimated useful lives of 10 years. Intangible assets are stated at cost less amortisation and are reviewed for impairment whenever there is an indication that the carrying value may be impaired. Amortisation charged in the period is recognised within administrative costs.

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:

Software
10% straight line
Customer contracts
50% straight line
1.8
Tangible fixed assets

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

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

Land and buildings Freehold
4% straight line
Computer equipment
33% straight line
Fixtures, fittings & equipment
25% 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 income statement.

1.9
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.

EDW Technology Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 October 2025
1
Accounting policies (continued)
17
1.10
Impairment of fixed assets

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

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.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, 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.

1.12
Financial instruments

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

Financial instruments are recognised in the group's statement of financial position 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, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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.

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.

EDW Technology Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 October 2025
1
Accounting policies (continued)
18
1.13
Equity instruments

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

1.14
Taxation

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

Current tax

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

Deferred tax

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

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

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

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

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

1.16
Retirement benefits

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

EDW Technology Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 October 2025
1
Accounting policies (continued)
19
1.17
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. 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. Where there is no vesting period, the expense is recognised immediately.

The expense in relation to options over the parent company’s shares granted to employees of a subsidiary is recognised by the c ompany as a capital contribution, and presented as an increase in the company’s investment in that subsidiary.

1.18
Leases

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

1.19
Foreign exchange

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

2
Critical accounting judgements and key sources of estimation uncertainty

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

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

EDW Technology Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 October 2025
2
Critical accounting judgements and key sources of estimation uncertainty (continued)
20
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Useful economic life of tangible fixed assets

Tangible fixed assets are material to the company's financial statements. The charge in respect of periodic depreciation is derived after determining an estimate of an asset's expected useful life and the expected residual value at the end of its life. Increasing an asset's expected life or its residual value would result in a reduced depreciation charge in the consolidated income statement.

The useful lives and residual values of the assets are determined by management at the time the asset is acquired and reviewed annually for appropriateness. The lives are based on historical experience with similar assets.

Historically changes in useful lives and residual lives have not resulted in material changes to the depreciation charge.

Business combinations and goodwill

When the Group completes a business combination, the fair values of the identifiable assets and liabilities acquired, including intangible assets, are recognised. The determination of the fair values of acquired assets and liabilities is based, to a considerable extent, on management’s judgement.

If the purchase consideration exceeds the fair value of the net assets acquired then the incremental amount paid is recognised as goodwill.

The useful life over which intangible assets are amortised depends on management’s estimate of the period over which economic benefit will be derived from the asset. Reducing the useful life will increase the amortisation charge in the consolidated income statement. Useful lives are periodically reviewed to ensure that they remain appropriate.

3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2025
2024
£
£
Turnover analysed by class of business
Software licence & maintenance
5,133,603
5,025,767
IT services
2,064,110
1,748,049
Bureau
1,816,497
1,548,740
Energy services
1,268,684
1,438,888
Other revenue
502,296
420,821
10,785,190
10,182,265
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
10,785,190
10,182,265
EDW Technology Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 October 2025
3
Turnover and other revenue (continued)
21
2025
2024
£
£
Other revenue
Interest income
100,228
97,838
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging:
Research and development costs
639,117
661,202
Depreciation of owned tangible fixed assets
158,866
152,561
Loss on disposal of tangible fixed assets
1,268
650
Amortisation of intangible assets
135,000
135,000
Operating lease charges
52,881
58,878
5
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
59,122
44,850
For other services
Taxation compliance services
15,646
11,250
6
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
Management, Sales & Administration
21
20
-
-
Software Engineering
50
46
-
-
Bureau
30
30
-
-
Energy Consulting
18
18
-
-
Total
119
114
0
0
EDW Technology Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 October 2025
6
Employees (continued)
22

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
5,462,950
5,265,840
-
0
-
0
Social security costs
708,322
635,380
-
-
Pension costs
256,883
246,610
-
0
-
0
6,428,155
6,147,830
-
0
-
0
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
417,599
417,039
Company pension contributions to defined contribution schemes
118,343
113,621
535,942
530,660
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
153,706
154,842
Company pension contributions to defined contribution schemes
29,613
7,131
8
Interest payable and similar expenses
2025
2024
£
£
Other interest
4,672
-
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
468,679
286,839
Adjustments in respect of prior periods
(127,823)
28,370
Total current tax
340,856
315,209
EDW Technology Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 October 2025
9
Taxation
2025
2024
£
£ (continued)
23
Deferred tax
Origination and reversal of timing differences
(2,050)
3,725
Total tax charge
338,806
318,934

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

2025
2024
£
£
Profit before taxation
1,516,125
1,458,041
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
379,031
364,510
Tax effect of expenses that are not deductible in determining taxable profit
2,644
599
Adjustments in respect of prior years
-
0
28,370
Permanent capital allowances in excess of depreciation
52,998
51,026
Research and development tax credit
(127,823)
(125,571)
R&D expenditure surrendered for tax credit
31,956
-
0
Taxation charge
338,806
318,934
10
Intangible fixed assets
Group
Goodwill
Software
Customer contracts
Total
£
£
£
£
Cost
At 1 November 2024 and 31 October 2025
140,304
1,350,000
100,000
1,590,304
Amortisation and impairment
At 1 November 2024
140,304
984,375
100,000
1,224,679
Amortisation charged for the year
-
0
135,000
-
0
135,000
At 31 October 2025
140,304
1,119,375
100,000
1,359,679
Carrying amount
At 31 October 2025
-
0
230,625
-
0
230,625
At 31 October 2024
-
0
365,625
-
0
365,625
The company had no intangible fixed assets at 31 October 2025 or 31 October 2024.
EDW Technology Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 October 2025
10
Intangible fixed assets (continued)
24
11
Tangible fixed assets
Group
Land and buildings Freehold
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
Cost
At 1 November 2024
1,692,666
391,766
88,706
2,173,136
Additions
43,683
13,953
9,791
67,427
Disposals
-
0
(28,075)
(22,185)
(50,260)
Transfers
-
0
-
0
(2,595)
(2,595)
At 31 October 2025
1,736,349
377,644
73,717
2,187,708
Depreciation and impairment
At 1 November 2024
1,078,479
253,987
55,423
1,387,889
Depreciation charged in the year
76,993
64,703
17,170
158,866
Eliminated in respect of disposals
-
0
(27,292)
(21,698)
(48,990)
Transfers
-
0
-
0
(2,595)
(2,595)
At 31 October 2025
1,155,472
291,398
48,300
1,495,170
Carrying amount
At 31 October 2025
580,877
86,246
25,417
692,538
At 31 October 2024
614,187
137,774
33,284
785,247
The company had no tangible fixed assets at 31 October 2025 or 31 October 2024.
12
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
3,463,645
3,463,645
EDW Technology Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 October 2025
12
Fixed asset investments (continued)
25
Movements in fixed asset investments
Company
Shares in group undertakings
£
Cost or valuation
At 1 November 2024 and 31 October 2025
3,463,645
Carrying amount
At 31 October 2025
3,463,645
At 31 October 2024
3,463,645
13
Subsidiaries

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

Name of undertaking
Nature of business
Class of
% Held
shares held
Direct
EDW Technology Limited
Computer software and services
Ordinary
100.00
Energy Auditing Agency Limited
Energy consultancy services
Ordinary
100.00

The registered office for all subsidiaries is: 3 Radian Court, Knowlhill, Milton Keynes, MK5 8PJ.

14
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,495,210
1,136,959
-
0
-
0
Amounts owed by group undertakings
57,275
57,275
57,275
57,275
Prepayments and accrued income
438,980
934,108
-
0
-
0
1,991,465
2,128,342
57,275
57,275
EDW Technology Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 October 2025
26
15
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Trade creditors
300,121
277,178
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
2,683,233
2,683,233
Corporation tax payable
222,856
286,772
-
0
-
0
Other taxation and social security
658,660
578,190
-
-
Deferred income
18
749,448
739,591
-
0
-
0
Other creditors
6,526
-
0
-
0
-
0
Accruals and deferred income
332,792
369,948
-
0
-
0
2,270,403
2,251,679
2,683,233
2,683,233
16
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated/(decelerated) capital allowances
52,296
54,346
The company has no deferred tax assets or liabilities.
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 November 2024
54,346
-
Credit to profit or loss
(2,050)
-
Liability at 31 October 2025
52,296
-

T he deferred tax liability set out above is expected to reverse within 4 years and relates to accelerated capital allowances that are expected to mature within the same period.

17
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
256,883
246,610
EDW Technology Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 October 2025
17
Retirement benefit schemes (continued)
27

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.

18
Deferred income
Group
Company
2025
2024
2025
2024
£
£
£
£
Other deferred income
749,448
739,591
-
-
19
Share-based payment transactions
Group
Number of share options
Weighted average exercise price
2025
2024
2025
2024
Number
Number
£
£
Outstanding at 1 November 2024 and 31 October 2025
1,505
1,505
1.00
1.00
Exercisable at 31 October 2025
1,505
1,505
1.00
1.00
Company
Number of share options
Weighted average exercise price
2025
2024
2025
2024
Number
Number
£
£
Outstanding at 1 November 2024 and 31 October 2025
1,505
1,505
1.00
1.00
Exercisable at 31 October 2025
1,505
1,505
1.00
1.00

The options outstanding at 31 October 2025 relate to 1,505 share options that were granted as part of an EMI Scheme in April 2020. They are exercisable for a 10 year period from grant date, and have an exercise price of £1.

EDW Technology Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 October 2025
28
20
Share capital
Group and company
2025
2024
Issued and fully paid
10,531 Ordinary shares of £1 each
10,531
10,531

There is one class of share capital. Each share is entitled to one vote in any circumstances. Each share is entitled pari passu to dividend payments or any other distribution. Each share is entitled pari passu to participate in distribution arising from a winding up of the company. The shares are not to be redeemed or liable to be redeemed.

21
Reserves
Capital redemption reserve

The capital redemption reserve arose on the restructure of the group.

Profit and loss reserves

The profit and loss reserve represents cumulative profits or losses, net of dividends paid and other adjustments.

22
Operating lease commitments
Lessee

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

Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
52,367
39,137
-
-
Between two and five years
87,713
68,483
-
-
140,080
107,620
-
-
23
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2025
2024
£
£
Aggregate compensation
641,033
647,557
EDW Technology Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 October 2025
29
24
Control

EDW Employee Ownership Trustees Limited, a company registered in England & Wales, is the immediate parent undertaking. Its registered office is 3 Radian Court, Knowlhill, Milton Keynes, MK5 8PJ. The ultimate controlling party of the Group are the trustees of EDW Ownership Trust.

25
Cash generated from group operations
2025
2024
£
£
Profit for the year after tax
1,177,319
1,139,107
Adjustments for:
Taxation charged
338,806
318,934
Finance costs
4,672
-
0
Investment income
(100,228)
(97,838)
Loss on disposal of tangible fixed assets
1,268
651
Amortisation and impairment of intangible assets
135,000
135,000
Depreciation and impairment of tangible fixed assets
158,866
152,561
Movements in working capital:
Decrease/(increase) in debtors
136,877
(232,640)
Increase/(decrease) in creditors
72,717
(63,337)
Increase in deferred income
9,857
219,807
Cash generated from operations
1,935,154
1,572,245
26
Analysis of changes in net funds - group
1 November 2024
Cash flows
31 October 2025
£
£
£
Cash at bank and in hand
3,033,147
476,427
3,509,574
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