Caseware UK (AP4) 2023.0.135 2023.0.135 Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The judgments, estimates and assumptions used in the financial statements are based upon management’s evaluation of the relevant facts and circumstances as of the date of the financial statements. Actual results could differ from these estimates, and the effect of any change in estimates will be adjusted in the financial statements when they become reasonably determinable. Judgments, estimates and assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under these circumstances. Estimates and Assumptions The key estimates and assumptions concerning the future and other key sources of estimation uncertainty at the financial reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed in the next page. The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The judgments, estimates and assumptions used in the financial statements are based upon management’s evaluation of the relevant facts and circumstances as of the date of the financial statements. Actual results could differ from these estimates, and the effect of any change in estimates will be adjusted in the financial statements when they become reasonably determinable. Judgments, estimates and assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under these circumstances. Estimates and Assumptions The key estimates and assumptions concerning the future and other key sources of estimation uncertainty at the financial reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed in the next page. Estimating allowance for impairment of debtors The Company maintains provisions for impaired accounts at a level considered adequate to provide for probable uncollectible receivables. The level of this provision is regularly evaluated and normally consists of past due accounts that are neither subject of ongoing negotiations with management to revise payment schedules nor secured with any collateral. The Company considers account balances aged over ninety (90) days as past due.false true true 2024-08-01 false The principal activity of the Company includes provision of professional services across the full Microsoft stack; provision of managed services and development of accelerators through Codec Labs; and reselling of hardwares.49 50 false NI635500 2024-08-01 2025-07-31 NI635500 2023-08-01 2024-07-31 NI635500 2025-07-31 NI635500 2024-07-31 NI635500 2023-08-01 NI635500 2 2024-08-01 2025-07-31 NI635500 2 2023-08-01 2024-07-31 NI635500 4 2024-08-01 2025-07-31 NI635500 4 2023-08-01 2024-07-31 NI635500 d:Director1 2024-08-01 2025-07-31 NI635500 d:Director2 2024-08-01 2025-07-31 NI635500 d:RegisteredOffice 2024-08-01 2025-07-31 NI635500 d:Agent1 2024-08-01 2025-07-31 NI635500 e:FurnitureFittings 2024-08-01 2025-07-31 NI635500 e:FurnitureFittings 2025-07-31 NI635500 e:FurnitureFittings 2024-07-31 NI635500 e:FurnitureFittings e:OwnedOrFreeholdAssets 2024-08-01 2025-07-31 NI635500 e:ComputerEquipment 2024-08-01 2025-07-31 NI635500 e:ComputerEquipment 2025-07-31 NI635500 e:ComputerEquipment 2024-07-31 NI635500 e:ComputerEquipment e:OwnedOrFreeholdAssets 2024-08-01 2025-07-31 NI635500 e:OwnedOrFreeholdAssets 2024-08-01 2025-07-31 NI635500 e:CurrentFinancialInstruments 2025-07-31 NI635500 e:CurrentFinancialInstruments 2024-07-31 NI635500 e:UKTax 2024-08-01 2025-07-31 NI635500 e:UKTax 2023-08-01 2024-07-31 NI635500 e:ShareCapital 2025-07-31 NI635500 e:ShareCapital 2024-07-31 NI635500 e:ShareCapital 2023-08-01 NI635500 e:RetainedEarningsAccumulatedLosses 2024-08-01 2025-07-31 NI635500 e:RetainedEarningsAccumulatedLosses 2025-07-31 NI635500 e:RetainedEarningsAccumulatedLosses 2023-08-01 2024-07-31 NI635500 e:RetainedEarningsAccumulatedLosses 2024-07-31 NI635500 e:RetainedEarningsAccumulatedLosses 2023-08-01 NI635500 d:OrdinaryShareClass1 2024-08-01 2025-07-31 NI635500 d:OrdinaryShareClass1 2023-08-01 2024-07-31 NI635500 d:OrdinaryShareClass1 2025-07-31 NI635500 d:OrdinaryShareClass1 2024-07-31 NI635500 d:FRS102 2024-08-01 2025-07-31 NI635500 d:Audited 2024-08-01 2025-07-31 NI635500 d:FullAccounts 2024-08-01 2025-07-31 NI635500 d:PrivateLimitedCompanyLtd 2024-08-01 2025-07-31 NI635500 e:WithinOneYear 2025-07-31 NI635500 e:WithinOneYear 2024-07-31 NI635500 e:BetweenOneFiveYears 2025-07-31 NI635500 e:BetweenOneFiveYears 2024-07-31 NI635500 e:MoreThanFiveYears 2025-07-31 NI635500 e:MoreThanFiveYears 2024-07-31 NI635500 1 2024-08-01 2025-07-31 NI635500 2 2024-08-01 2025-07-31 NI635500 f:PoundSterling 2024-08-01 2025-07-31 xbrli:shares iso4217:GBP xbrli:pure

Financial Statements Codec-DSS Ltd For the financial year ended 31 July 2025 Registered number: NI635500
Codec-DSS Ltd
Company Information
Directors | Fiona Daly
| Ronan Stafford
Registered number | NI635500
Registered office | 8th Floor
| The Boat
| Queen's Square
| Belfast
| BT1 3FG
Independent auditor | Grant Thornton
| Chartered Accountants & Statutory Auditors
| 13-18 City Quay
| Dublin 2
Bankers | First Trust
| 35 University Road
| Belfast
| BT7 1ND
Solicitors | Byrne Wallace
| Grand Canal Dock
| Dublin 2
Codec-DSS Ltd
Contents
| Page
Directors' report | 1
Directors' responsibilities statement | 2
Independent auditor's report | 3 - 6
Statement of comprehensive income | 7
Statement of financial position | 8
Statement of changes in equity | 9
Notes to the financial statements | 10 - 18
Codec-DSS Ltd
Directors' report For the financial year ended 31 July 2025 The Directors present their report and the financial statements for the financial year ended 31 July 2025.
Directors
The Directors who served during the financial year were:
Fiona Daly
Ronan Stafford
Statement on relevant audit information
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Post balance sheet events
There have been no significant events affecting the Company since the year end.
Auditor
The auditor, Grant Thornton, will be proposed for re-appointment in accordance with section 485 of the Companies Act 2006.
Small companies note
In preparing this report, the Directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
Going concern
The Company earned a net income of £59,051 (2024: £469,291). Given the assets, the relationships with its Group, and the anticipated activities of the Company, the directors assess that the assets are ample to satisfy the projected needs of the Company for the foreseeable term. As a result, the financial statements for the financial year ended 31 July 2024 have been prepared on a going concern basis . This report was approved by the board and signed on its behalf.
Fiona Daly Director
Date: 20 January 2026
Page 1
Codec-DSS Ltd
Directors' responsibilities statement For the financial year ended 31 July 2025 The Directors are responsible for preparing the Directors' 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 the law, the Directors have elected to prepare the financial statements in accordance with United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law, the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙state whether applicable 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 Company will continue in business. The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Directors are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Fiona Daly Director Date: 20 January 2026 Page 2
Independent auditor's report to the members of Codec-DSS Ltd
Opinion
We have audited the financial statements of Codec-DSS Ltd, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity for the financial year ended 31 July 2025, and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in the preparation of the financial statements is applicable law and accounting standards issued by the Financial Reporting Council including FRS 102 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, Codec-DSS Ltd's financial statements: ∙give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 31 July 2025 and of its financial performance for the financial year then ended; 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 'Responsibilities of the auditor for the audit of the financial statements' section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. We have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from the date 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. Page 3
Independent auditor's report to the members of Codec-DSS Ltd (continued)
Other information
Other information comprises the information included in the annual report, other than the financial statements and our Auditor's report thereon, including the Directors' report. The Directors are responsible for the other information. Our opinion on the financial statements does not cover the information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements, and ∙the Directors' report has 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 Company and its environment we have obtained in the course of the audit, we have not identified material misstatements in the Directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of Directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit; or ∙the Directors were not entitled to take advantage of the small companies' exemptions from the requirement to prepare a strategic report or in preparing the Directors' report. Page 4
Independent auditor's report to the members of Codec-DSS Ltd (continued)
Responsibilities of management and those charged with governance for the financial statements
Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 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, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Company's financial reporting process.
Responsibilities of the auditor for the audit of the financial statements
The objectives of an auditor 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 their 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. A further description of an auditor's responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud 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. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK). The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below: Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with data protection requirements in the jurisdictions in which the Company operates and holds data, non-compliance related to employment regulation in the UK and other environment regulations and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and local tax legislation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statement. Page 5
Independent auditor's report to the members of Codec-DSS Ltd (continued) Responsibilities of the auditor for the audit of the financial statements (continued) Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud (continued) In response to these principal risks, our audit procedures included but were not limited to: ∙inquiries of management and board on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud; ∙inspection of the Company’s legal correspondence and review of minutes of board meetings during the financial year to corroborate inquiries made; ∙gaining an understanding of the internal controls established to mitigate risk related to fraud; ∙discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit; ∙identifying and testing journal entries to address the risk of inappropriate journals and management override of controls ∙designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing; ∙challenging assumptions and judgements made by management in their significant accounting estimates, including impairment assessment of investments; and ∙review of the financial statements disclosures to underlying supporting documentation and inquiries of management. The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.
The purpose of our audit work and to whom we owe our responsibilities
This report is made solely to the Company’s members, as a body, in accordance with chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed. Cathal Kelly (Senior statutory auditor) for and on behalf of Grant Thornton Chartered Accountants & Statutory Auditors 13-18 City Quay Dublin 2 Date: 20 January 2026 Page 6
Codec-DSS Ltd
Statement of comprehensive income For the financial year ended 31 July 2025
| 2025 | 2024
Note | £ | £
Turnover |  | 2,909,421 | 3,209,682
Cost of sales |  | (2,787,423) | (3,069,480)
Gross profit |  | 121,998 | 140,202
Administrative expenses |  | (105,460) | 223,121
Other operating income | 4 | 69,406 | 106,990
Operating profit | 5 | 85,944 | 470,313
Interest receivable and similar income |  | 56 | -
Interest payable and similar expenses |  | (735) | (1,022)
Profit before tax |  | 85,265 | 469,291
Tax on profit | 7 | (26,214) | -
Profit for the year |  | 59,051 | 469,291
There was no other comprehensive income for 2025 (2024: £Nil)
The notes on pages 10 to 18 form part of these financial statements.
Page 7
Codec-DSS Ltd Registered number:NI635500
Statement of financial position As at 31 July 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 8 |  | 10,906 |  | 16,617
Current assets |  |  |  |  |
Stocks | 9 | 321 |  | 121 |
Debtors: amounts falling due within one year | 10 | 1,388,164 |  | 1,184,751 |
Cash at bank and in hand | 11 | 70,885 |  | 216,711 |
|  | 1,459,370 |  | 1,401,583 |
Current liabilities |  |  |  |  |
Creditors: amounts falling due within one year | 12 | (645,096) |  | (652,071) |
Net current assets |  |  | 814,274 |  | 749,512
Net assets |  |  | 825,180 |  | 766,129
Capital and reserves |  |  |  |  |
Called up share capital | 13 |  | 1,000 |  | 1,000
Profit and loss account |  |  | 824,180 |  | 765,129
|  |  | 825,180 |  | 766,129
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Fiona Daly
Director
Date: 20 January 2026
The notes on pages 10 to 18 form part of these financial statements. Page 8
Codec-DSS Ltd
Statement of changes in equity For the financial year ended 31 July 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 August 2023 | 1,000 | 295,838 | 296,838
Comprehensive income for the financial year |  |  |
Profit for the financial year | - | 469,291 | 469,291
At 1 August 2024 | 1,000 | 765,129 | 766,129
Comprehensive income for the financial year |  |  |
Profit for the financial year | - | 59,051 | 59,051
At 31 July 2025 | 1,000 | 824,180 | 825,180
| The notes on pages 10 to 18 form part of these financial statements.
Page 9
Codec-DSS Ltd
Notes to the financial statements For the financial year ended 31 July 2025
1. | General information
Codec-DSS Ltd is a private limited by shares company which is registered and incorporated in Northern Ireland on 22 December 2015. The Company's registered office is at 8th Floor, The Boat, Queen's Square, Belfast, BT1 3FG. The principal activity of the Company includes provision of professional services across the full Microsoft stack; provision of managed services and development of accelerators through Codec Labs; and reselling of hardwares. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Going concern
After reviewing the Company’s forecasts and projections, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. Page 10
Codec-DSS Ltd
Notes to the financial statements For the financial year ended 31 July 2025 2.Accounting policies (continued)
| 2.4 | Revenue
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised: Sale of goods Turnover from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of turnover can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of turnover can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.5 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.6 | Government grant
Grants are recognised under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Statement of comprehensive income at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
| 2.7 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 11
Codec-DSS Ltd
Notes to the financial statements For the financial year ended 31 July 2025 2.Accounting policies (continued)
| 2.8 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.9 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.10 | Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
| 2.11 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Fixtures and fittings | - | 4 years
|  |  |  | Computer equipment | - | 4 years
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. Page 12
Codec-DSS Ltd
Notes to the financial statements For the financial year ended 31 July 2025 2.Accounting policies (continued)
| 2.12 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.13 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.14 | Cash at bank
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.15 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The judgments, estimates and assumptions used in the financial statements are based upon management’s evaluation of the relevant facts and circumstances as of the date of the financial statements. Actual results could differ from these estimates, and the effect of any change in estimates will be adjusted in the financial statements when they become reasonably determinable. Judgments, estimates and assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under these circumstances. Estimates and Assumptions The key estimates and assumptions concerning the future and other key sources of estimation uncertainty at the financial reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed in the next page. Page 13
Codec-DSS Ltd
Notes to the financial statements For the financial year ended 31 July 2025 3.Judgments in applying accounting policies and key sources of estimation uncertainty (continued) Estimating allowance for impairment of debtors The Company maintains provisions for impaired accounts at a level considered adequate to provide for probable uncollectible receivables. The level of this provision is regularly evaluated and normally consists of past due accounts that are neither subject of ongoing negotiations with management to revise payment schedules nor secured with any collateral. The Company considers account balances aged over ninety (90) days as past due.
4. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| R&D tax credit | 69,406 | 106,990
5. | Profit on ordinary activities before taxation
| The profit on ordinary activities before taxation is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation | 5,712 | 4,291
| Exchange differences | 40,035 | 491
| Other operating lease rentals | 81,270 | 91,186
6. | Employees
| The directors did not receive any remuneration for the year (2024: £Nil).
| The average monthly number of employees, including the directors, during the financial year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Employees | 49 | 50
Page 14
Codec-DSS Ltd
Notes to the financial statements For the financial year ended 31 July 2025
7. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Current tax on profits for the year | 26,214 | -
| Tax on profit | 26,214 | -
| Factors affecting tax charge for the financial year
| The tax assessed for the financial year is lower than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 19%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 85,265 | 469,291
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 19%) | 21,316 | 89,165
| Effects of: |  |
| Non deductible expenses | 5,564 | (150)
| Capital allowances for financial year in excess of depreciation | 1,428 | 815
| Non-taxable income - R&D tax credit | - | (20,328)
| Qualifying expenditure | - | (92,011)
| Group relief | - | 22,509
| Marginal tax relief | (2,094) | -
| Total tax charge for the year | 26,214 | -
| Factors that may affect future tax charges
In accordance with the Finance Act 2021, the tax rate was increased to 25% from 1 April 2023 for companies generating taxable profits of more than £250,000. The 19% tax rate continues to apply to ‘small’ companies with profits less than £50,000, with a ‘taper relief rate’ for those companies with profits between the new thresholds. Page 15
Codec-DSS Ltd
Notes to the financial statements For the financial year ended 31 July 2025
8. | Tangible fixed assets
|  | Fixtures and fittings | Computer equipment | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 August 2024 | 18,411 | 4,438 | 22,849
| At 31 July 2025 | 18,411 | 4,438 | 22,849
| Depreciation |  |  |
| At 1 August 2024 | 3,181 | 3,051 | 6,232
| Charge for the financial year | 4,602 | 1,109 | 5,711
| At 31 July 2025 | 7,783 | 4,160 | 11,943
| Net book value |  |  |
| At 31 July 2025 | 10,628 | 278 | 10,906
| At 31 July 2024 | 15,230 | 1,387 | 16,617
9. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Raw materials and consumables | 321 | 121
10. | Debtors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 514,993 | 384,854
| Amounts owed by group undertakings | 584,605 | 563,845
| Other debtors | 22,831 | -
| Prepayments and accrued income | 53,936 | 54,257
| Tax recoverable | 211,799 | 181,795
|  | 1,388,164 | 1,184,751
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Codec-DSS Ltd
Notes to the financial statements For the financial year ended 31 July 2025 10.Debtors: Amounts falling due within one year (continued)
| Trade debtors represent debtors arising from trade and are measured net of allowance for doubtful accounts. Amounts owed by group undertakings are unsecured and interest free, repayable on demand. Prepayments represents advances for operating expenditures and are expected to be used within the next financial period. Accrued income represent unconditional rights to consideration that remain unbilled at year end.
11. | Cash at bank
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 70,885 | 216,711
12. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 32,990 | 44,726
| Amounts due to related parties | - | 2,163
| Other taxation and social security | 285,913 | 254,611
| Accruals and deferred income | 326,193 | 350,571
|  | 645,096 | 652,071
| Trade and other creditors are payable at various dates over the coming months in accordance with the suppliers' usual and customary credit terms. Amounts owed to group undertakings are unsecured, interest free and are repayable on demand. Corporation tax and other taxes including social insurance are repayable at various dates over the coming months in accordance with the applicable statutory provisions. Deferred income represents unearned portion of customer's remittances.
13. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Authorised, allotted, called up and fully paid |  |
|  | 1 (2024 - 1) Ordinary share of £1,000.00 | 1,000 | 1,000
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Codec-DSS Ltd
Notes to the financial statements For the financial year ended 31 July 2025
14. | Commitments under operating leases
| At 31 July 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 48,785 | 48,785
| Later than 1 year and not later than 5 years | 195,140 | 195,140
| Later than 5 years | 138,224 | 187,009
|  | 382,149 | 430,934
15. | Related party transactions
| The Company has availed of the exemption in FRS 102 Section 33, Paragraph 33.1A which allows nondisclosure of transactions between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member. No other transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 33.
16. | Post balance sheets events
There have been no significant events affecting the Company since the year end.
17. | Controlling party
The Company is an immediate subsidiary of Codec Solutions UK Limited, a Company incorporated in UK. The ultimate parent company is Durlas Limited, a company incorporated in Malta with registered address at Office 5(A), 185, Wine Pressers' Wharf, Marsa, MRS1912. The results are consolidated into the results of Codec Systems Limited. The consolidated accounts are publicly available.
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