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

The Company delivered a resilient performance in 2025, maintaining strong operating fundamentals despite shifts in the Autodesk commercial model and broader macro‑economic uncertainty. Recurring revenues continued to strengthen, and cash generation remained robust, ensuring the business is well‑positioned for continued long‑term growth.

Autodesk’s transition from a buy‑sell model to the Agent model was fully implemented in 2025. While this changed the structure of income recognition, the overall profit per transaction remained consistent with prior years. Adoption of the agency framework also enabled operational efficiencies, improved invoicing accuracy, and strengthened margin predictability.

Graitec’s proprietary software portfolio accelerated growth during the year. Demand for BIM, Cloud and fabrication‑driven workflows continued to scale, supported by new product enhancements and increased integration across our ecosystem. The synergy between Autodesk solutions and Graitec‑developed software continues to differentiate our market position and deepen customer value.

The company's key performance indicators are:

Turnover growth: -16.9% (2024 - 15.9%)

Gross profit margin: 46.2% (2024 - 55.3%)

Profit before tax margin: 15.6% (2024 - 28.8%)

The markets we operate in continued to expand in 2025, driven by ongoing government support for digital construction initiatives and increased investment in industrialised and automated workflows. Cloud adoption remained a major catalyst for customer transformation, particularly within infrastructure and public‑sector projects.

Professional Services revenue grew in line with software activity as more larger customers and global partners engaged Graitec to support implementation, optimisation and digital‑transformation programmes.

The business remains aligned to long‑term structural growth drivers including cloud adoption, automation, sustainability requirements and the industry’s shift toward data‑centric project delivery.

Competitive risks:

The Autodesk partner ecosystem continued to consolidate in 2025, with fewer resellers remaining in the market. Our strengthened UK market share and expanding Graitec software footprint reinforce our competitive position. As customers accelerate digital fabrication processes, Graitec’s differentiated value proposition further enhances resilience.

Macro-economic risks:

Geopolitical tensions, inflationary pressures and low economic growth in some of our core markets remain ongoing considerations. While rising operating costs cannot be fully mitigated, the business continues to manage expenses carefully to protect profitability. Customer appetite for subscription‑based models remained strong, supporting cash‑flow stability.

We have reviewed cash‑flow forecasts and stress‑tested various economic scenarios. The Company benefits from high levels of recurring revenue and predictable renewal cycles, providing confidence in future stability. The

Agency model from Autodesk has significantly reduced cash collection costs and shortened DSO, this enhances forward‑looking cash flows. Based on this assessment, the Board remains satisfied that the Company has adequate resources to continue in operational existence for the foreseeable future.

Section 172 statement

Throughout the year, the Board has acted in a manner consistent with promoting the success of the Company for the benefit of its members as a whole, while having regard to the matters set out in Section 172(1)(a‑f) of the Companies Act 2006.

In particular, the Board has considered:

• long‑term strategic consequences of decisions;

• the interests and development needs of employees;

• the importance of strong, transparent relationships with customers, suppliers and partners;

• the community and environmental impact of operations;

• the need to uphold high standards of conduct;

• the fair treatment of all shareholders.

Regular dialogue with stakeholders, including employees, customers, suppliers, regulators and shareholders, continues to inform the Company’s strategy, operational decisions and investment priorities.

Employees

Our team remains central to delivering the Company’s strategic ambitions. In 2025 we strengthened training, leadership development and technical‑skills programmes, supporting both employee progression and organisational capability. The Company continues to focus on being a responsible employer, offering fair remuneration, inclusive policies and clear development pathways.

Clients

We maintained strong engagement with clients across all sectors. Our focus continues to be on enabling customers to achieve their digital‑transformation objectives through a combination of Autodesk technologies, Graitec software and professional expertise. Customer success programmes have expanded to ensure deeper value realisation and improved long‑term retention.

Suppliers

The Company continues to value its supply chain as a key contributor to operational performance. We are committed to transparency, fairness and ethical conduct in all supplier relationships and seek long‑term, stable partnerships that support mutual success.

Environment and community

The Company continues to prioritise sustainability and environmental responsibility. Diversity and inclusion remain core principles, with the leadership team reflecting a broad range of backgrounds and perspectives. The Company maintains its commitment to low‑emission operations, including the continued use of electric vehicles for company‑car schemes. Community engagement initiatives expanded during the year, with employees encouraged to participate in local and industry programmes.

Governance and regulation

The Board remains committed to high standards of governance and responsible management practices. Compliance with relevant regulations and industry expectations is monitored throughout the year. These principles underpin our long‑term strategy, reputation and performance.

Members

The Board maintains close engagement with shareholders and provides regular updates on financial performance, strategic priorities and operational progress. Shareholders are treated fairly and equally, with the aim of ensuring they benefit from the Company’s long‑term success.

On behalf of the board

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

The principal activity of the company in the year ender review was that of a computer aided system editor and reseller incorporating training, CAD bureau and programming services and the hire of computer software and hardware.

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £3,700,000. The directors do not recommend payment of a final dividend.

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

Graitec continues to increase market share, performing strongly against key performance indicators as we expand into new geographies, deepen relationships with existing customers, and acquire subscribers ahead of competitors. Our momentum in Cloud solutions remains robust, with particularly strong growth in AEC markets. This performance was recognised by Autodesk, which awarded Graitec UK the title of Fastest-Growing Platinum Partner in Northern Europe.

Autodesk’s transition from a traditional Buy-Sell model to an Agency model has reshaped our 2025 income profile into a predominantly commission-based structure. While this change alters the timing and composition of revenue, it presents opportunities to enhance margins through operational efficiencies and further strengthen revenue streams from our proprietary software and professional services.

Our Graitec software portfolio continues to accelerate, supported by new BIM and cloud product launches. In 2025, our software solutions business achieved significant growth, and we expect this trajectory to continue throughout 2026 and subsequent years.

Professional services revenue is also scaling in line with increased software adoption, underscoring our commitment to delivering high value consulting and implementation services that enable customers’ digital transformation. In 2025, we achieved strong growth across BIM, manufacturing, and business process optimisation services, a highlight being the increase in the number of larger professional services engagements signed.

Looking forward, all three pillars of our business; Graitec software, professional services, and Autodesk solutions; are expected to continue expanding over the next three years. As we progress into 2026 and beyond, our strategic focus remains on innovation, strengthening partnerships, and delivering high performance solutions that support long-term customer success.

The auditors, Azets Audit Services, will be proposed for re-appointment at the forthcoming Annual General Meeting.

The directors have elected to include within the Strategic Report a review of the business and information relating to the company's strategy and management of financial and business risk exposure.

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 company’s auditor 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 company’s auditor is aware of that information.

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

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 company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

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

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

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

We have audited the financial statements of Graitec Limited (the 'company') for the year ended 31 December 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity 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 company's affairs as at 31 December 2025 and of its profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

• the information given in the strategic report and the directors' report 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.

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

As explained more fully in the directors' responsibilities statement, 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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.

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.

Extent to which 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 and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

• Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud; 

• Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection; 

• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

• Review of large and unusual bank payments;

• Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias. 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

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

Graitec Limited is a private company limited by shares incorporated in England and Wales. The registered office is Mountbatten House, Grosvenor Square, Southampton, SO15 2JU.

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 amounts 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.

This 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:

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

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument; 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.

The company has taken advantage of the exemption under section 402 of the Companies Act 2006 not to prepare consolidated financial statements. The financial statements present information about the company as an individual entity and not about its group.

Graitec Limited is a wholly owned subsidiary of Graitec Innovations SAS and the results of Graitec Limited are included in the consolidated financial statements of Graitec Innovations SAS which are available from 17 Burospace, 91572, Bievres, France.

The company has taken exmpetion from disclosing key management personnel compensation, as permitted by FRS 102 paragraph 33.7A, as they are the same as the Directors.

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company 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.

The directors have considered the impact of the current economic conditions on the business and a detailed review of this covered within the Strategic Report. The directors, at both UK and group level, have undertaken modelling to review multiple scenarios to consider the funding requirements of the business, and they consider the reserves and facilities in place are sufficient to enable it to continue trading both profitably and effectively as a going concern.

Turnover represents the value of goods for internal related products, earnback in relation to third party products and services supplied, net of discounts and excluding value added tax.

Income in respect of goods is recognised in full once the company has met all necessary obligations to the purchaser for those goods. Income in respect of services, where these are maintenance contracts or other time related services, is spread over the time period to which the service relates. Income from commissions is recognised once the goods to be sold have been purchased from the supplier of the commission.

Goodwill represents the excess of the cost of acquisition of businesses over the fair value of net assets 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, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

Intangible assets, being the amount paid in connection with the acquisition of customer bases/business are being amortised evenly over their estimated useful life of ten years.

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:

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 credited or charged to profit or loss.

At each reporting period end date, the company 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.

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

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

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

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.

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest 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.

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

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

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

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

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

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 company after deducting all of its 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 payments 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.

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

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

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company 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 company.

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

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

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

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

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.

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

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 leases asset are consumed.

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.

In the application of the company’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.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Acquired goodwill is required to be reviewed and separable, identifiable, intangible assets re-classified accordingly. The directors have reviewed prior acquisitions and consider that goodwill previously recognised is materially comprised of customer databases and related information. The existing period of amortisation is still considered to be valid.

Determination of whether leases entered into by the company as lessee are operating or finance leases. These decisions depend on whether the risks and rewards of ownership have been transferred to the company, on a lease by lease basis. The leases in place have all been recognised as operating leases based on this method.

Revenue is recognised in full when the company has undertaken all the work necessary for the significant risks and rewards of products or services to pass to the client. In making that judgement regard is given to factors such as the nature and timing of the services, the obligations of the company and the commercial terms of the sales contract. Where income is deferred, consideration is given to the term of the contract and the expected pattern of costs for the services being provided.

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.

Tangible fixed assets are depreciated over their useful lives, taking into account their expected residual values at the end of those lives. The actual lives and residual values may vary depending on a number of factors and are considered annually. In assessing asset lives factors such as maintenance programmes, technological advances and product life cycles are taken into account. In assessing residual values such as market conditions and disposal values are considered.

Determination of whether there are indicators of impairment of tangible and intangible assets take into account the future economic viability of the assets, expected future returns, and current carrying values.

Intangible assets are amortised over their useful lives. The useful life is considered to be the period of time that the intangible asset will generate income for the business. The useful life is reviewed annually.

Bad debt provision is recognised based on the assumptions of management as to whether customers are able to pay, this is subject to asymmetric information and thus there is inherent uncertainty in management's estimate.

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

Their aggregate remuneration comprised:

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:

More information on impairment movements in the year is given in note .

Amortisation of intangible fixed assets is included in administration expenses.

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Cadpoint Limited

Registered office: 34 Wellington Business Park, Dukes Ride, Crowthorne, Berkshire, RG45 6LS

Nature of business: Software reseller

     %

Class of shares:                        holding

Ordinary                            100.00

This company dissolved on 2 January 2024.

Strucsoft Solutions UK Limited

Registered office: Liverpool Science Park, 131 Mount Pleasant, Suite 21, Liverpool, Merseyside, L3 5TF

Nature of business: Software developer

     %

Class of shares:                        holding

Ordinary                            100.00

This company dissolved on 3 September 2024.

There are no financial assets or financial liabilities at fair value through profit and loss.

Amounts owed to group undertakings are unsecured and repayable in full in 2027. Interest is charged at market rate.

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

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Share capital represents the nominal value of shares that have been issued.

The holders of the ordinary shares are entitled to receive dividends declared from time to time and are entitled to one vote per share at meetings of the company.

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

During the year the company entered into the following transactions with related parties:

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Ireland' not to disclosure related party transactions with wholly owned subsidiaries within the group.

The ultimate Parent Company is Seven2 Funds, a company incorporated in France. The smallest and largest group of undertakings of which the company is a member and that draws up group financial statements is that of Grailink SAS.

Copies of the company's financial statements which incorporate the accounts of Graitec Limited may be obtained from:

Grailink SAS

20 rue de Provence

75009

Paris

France