Company registration number 06752963 (England and Wales)
IKONIC TECHNOLOGY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
IKONIC TECHNOLOGY LIMITED
COMPANY INFORMATION
Directors
Mr J Newman
Mr J Goldstone
Mr C Perry
Company number
06752963
Registered office
Block P16
Heywood Distribution Park
Pilsworth Road
Heywood
Lancashire
OL10 2TT
Auditor
Azets Audit Services Limited
12 King Street
Leeds
LS1 2HL
IKONIC TECHNOLOGY LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 25
IKONIC TECHNOLOGY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

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

Review of the business

Ikonic Technology Limited continue to make good progress developing the business during the financial year. The growth of subsidiaries has progressed satisfactorily. During the period the business has focused on its people, products and service to ensure Ikonic Technology Limited continue to lead the industry when supplying IT Hardware, peripheral IT products and other electrical products.

The sourcing of a wide range of quality IT products from different brands at the best price continues to be a focus while managing currency risk is important. The established UK and EU infrastructure is benefiting the business and delivering efficiencies and continued profitability in what is a competitive service led market.

The accounts have been prepared for the year ended 31 December 2025. The company's total turnover for the year ended 31 December 2025 was £70,372,552 (2024 - £101,940,716). The company looks to build its competitive position through innovation and its service offering.

EBITDA (earnings before interest, tax, depreciation and amortisation) was £3,395,272 (2024 - £2,341,431) at the year end date. The company maintained control over administrative expenses while investing in its people and processes where required. Profit before taxation of £3,173,143 (2024 - £1,901,208) reflects the company's resilience in a challenging market. The company's net asset position at year end is £8,469,397 (2024 - £9,171,254).

Continuing the business commitment to being more sustainable Ikonic Technology Limited has maintained its objective to be carbon neutral. The directors recognise the importance of the business to be more sustainable and has actioned a long term plan to continue to reduce its carbon footprint.

Principal risks and uncertainties

Currency risk

A significant proportion of the company’s cost of sales is denominated in Sterling and Euro currencies however the company’s revenues are also denominated predominantly in the same currencies. The directors seek to mitigate this inherent currency risk by matching both cost and revenue streams with the objective to limit current exposure.

Interest rate risk

A significant proportion of the company’s debt instruments involve invoice discounting and overdraft facilities based on variable interest rates. The company reviews these facilities regularly to ensure they are being managed and used effectively to limit debt and interest rate exposure.

Cash flow risk

The company’s activities expose it primarily to the financial risks of changes in foreign currency exchange and interest rates. The directors seek to mitigate the risk of adverse cash flows during day to day trading by cultivating a strong and open relationship with the company’s banking partner to ensure that significant credit lines are available.

Cost base risk

The company’s operating cost base continues to increase but the board are mindful that costs reflect the expected benefit and considered infrastructure and daily operating costs continue to be challenged.

Reputation risk

The directors seek to mitigate the risk to the reputation of the company’s brands and by continuing to invest in quality control, supply chain management and the development of new products within strict brand criteria.

Development and performance

The trading outlook remains positive given the company is well positioned in their respective markets and the trend that technology is continuing to be at the centre of business and end users environments is expected to continue.

The Ikonic Group's European based entities have supported both UK and EU growth opportunities especially for Europe based customers. The team and business infrastructure are well placed to continue to take advantage of the opportunities that suit the wider aspirations of the group.

IKONIC TECHNOLOGY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Key performance indicators

The directors consider the key performance indications of the company to be turnover, EBITDA, operating cash flows and shareholders' funds. The KPI targets which were based on revenue, EBITDA and Operating cash flows. The results for the full year were acceptable given the market conditions and wider group activities.

Promoting long term success

The Ikonic Group’s strategy for improved long-term success is based on continuing to be a value-adding Group. This will be achieved by focusing on areas where Ikonic’s products and services have a strategic advantage and then establishing growth opportunities in high-growth and developing markets and geographies. Descriptions of the Group’s approach apply equally to all subsidiary companies.

The directors of the company are always mindful of the Ikonic Group’s strategic priorities and values when setting the strategic direction of the company, as well as when undertaking the day to day management activities. The Group also has a series of detailed policies and procedures that are applied. Regular self-assessment is undertaken to ensure that the activities of the company comply with the Group’s policies and also ensure compliance with the Group’s detailed risk and control framework.

The directors meet regularly to discuss latest trading performance and to approve significant transactions such as capital expenditure proposals. Ad-hoc meetings are also held as required for specific purposes, such as the approval of annual accounts, or the approval of a dividend payment.

The Ikonic Group’s directors ensure that the directors appropriately discharge their statutory responsibilities, and that all material decisions are accurately reflected in minutes.

The directors aim to promote the long-term success of the company, and consider certain stakeholder Groups as noted below, as being fundamental to this objective.

Employees

In line with the wider Ikonic Group, the company believes that people are its most important asset and, as part of the company' ongoing development as a value-added company, is committed to investment and development of talent. The company acknowledges inclusion and diversity as one of its priorities. Having an inclusive culture provides an equal opportunity for everyone to contribute to their full potential, while having a diverse workforce brings a valued range of perspectives. The directors encourage the company’s employees to share best practices around the group.

Customers

The company liaises with customers to ensure that all products meet both their specifications and needs. The Ikonic Group’s value-added strategy is focused on identifying products that drive profitability and growth, whilst working with customers to help promote and improve such products for mutual benefit. Development of products and services within the Group is aimed to be optimised with a customer viewpoint, considering customer’s future directions as well as likely wider market growth trends.

Suppliers

The company aims to build strong relationships with its suppliers and to mitigate supply risk. The Ikonic Group’s supplier assessment program is designed to ensure that suppliers meet the Group’s expectations in terms of behaviours, processes and procedures, as well as meeting legal requirements.

Environment

The Ikonic Group’s value-added strategy underlines the contribution that the Group’s products and services make to society and the environment. IT products and services that enhance lives while limit their impact on the wider environment is essential. The products of the company and its subsidiaries play a key role in its overall environmental strategy. Reducing both the Groups direct and indirect carbon footprint is a core aspiration of the coming years. A focus on the life cycle of IT products is a highlighted area where the Group can enhance its positive impact on the wider environment.

Community

Being involved and supporting the local community continues to be part of the Ikonic Group’s culture. Giving time, IT products and financial support to local and national charities has contributed to benefiting numerous people and communities from a diverse range of backgrounds.

IKONIC TECHNOLOGY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

On behalf of the board

Mr C Perry
Director
13 May 2026
IKONIC TECHNOLOGY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -

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

Principal activities

The principal activity of the company continued to be that of a distributor supplying IT products.

Results and dividends

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

Ordinary dividends were paid amounting to £3,075,000 (2024 - £1,900,000). The directors do not recommend payment of a final dividend.

Directors

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

Mr J Newman
Mr J Goldstone
Mr C Perry
Post reporting date events

Following the end of the accounting period the company entered into a pay facility with HSBC, creating available credit of £2m.

Auditor

The auditor, Azets Audit Services Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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 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.

Medium-sized companies exemption

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

On behalf of the board
Mr C Perry
Director
13 May 2026
IKONIC TECHNOLOGY LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 5 -

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.

IKONIC TECHNOLOGY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF IKONIC TECHNOLOGY LIMITED
- 6 -
Opinion

We have audited the financial statements of Ikonic Technology 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' 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.

IKONIC TECHNOLOGY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF IKONIC TECHNOLOGY LIMITED (CONTINUED)
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its 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, 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.

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 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.

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.

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.

IKONIC TECHNOLOGY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF IKONIC TECHNOLOGY LIMITED (CONTINUED)
- 8 -

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;

- Reviewing minutes of meetings of those charged with governance;

- 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;

- 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; and

- Performing audit work over the timing and recognition of revenue and in particular whether it has been recorded in the correct accounting period.

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 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.

Jessica Lawrence (Senior Statutory Auditor)
For and on behalf of Azets Audit Services Limited, Statutory Auditor
Chartered Accountants
12 King Street
Leeds
LS1 2HL
13 May 2026
IKONIC TECHNOLOGY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
2025
2024
Notes
£
£
Turnover
3
70,372,552
101,940,716
Cost of sales
(58,500,354)
(90,437,488)
Gross profit
11,872,198
11,503,228
Distribution costs
(867,813)
(1,296,067)
Administrative expenses
(7,626,895)
(8,053,476)
Operating profit
4
3,377,490
2,153,685
Interest receivable and similar income
9
-
0
8,869
Interest payable and similar expenses
8
(204,347)
(261,346)
Profit before taxation
3,173,143
1,901,208
Tax on profit
10
(800,000)
(462,555)
Profit for the financial year
2,373,143
1,438,653

The profit and loss account has been prepared on the basis that all operations are continuing operations.

The notes on pages 12 to 25 form part of these financial statements.

IKONIC TECHNOLOGY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
12
107,456
17,735
Tangible assets
13
10,570
10,273
Investments
14
298,652
298,652
416,678
326,660
Current assets
Stocks
16
11,366,461
8,805,034
Debtors
17
7,170,904
7,359,396
Cash at bank and in hand
3,248,321
1,851,740
21,785,686
18,016,170
Creditors: amounts falling due within one year
18
(13,732,967)
(9,171,576)
Net current assets
8,052,719
8,844,594
Net assets
8,469,397
9,171,254
Capital and reserves
Called up share capital
21
680
680
Capital redemption reserve
170
170
Profit and loss reserves
8,468,547
9,170,404
Total equity
8,469,397
9,171,254

The notes on pages 12 to 25 form part of these financial statements.

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

The financial statements were approved by the board of directors and authorised for issue on 13 May 2026 and are signed on its behalf by:
Mr C Perry
Director
Company registration number 06752963 (England and Wales)
IKONIC TECHNOLOGY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2024
680
170
9,631,751
9,632,601
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
1,438,653
1,438,653
Dividends
11
-
-
(1,900,000)
(1,900,000)
Balance at 31 December 2024
680
170
9,170,404
9,171,254
Year ended 31 December 2025:
Profit and total comprehensive income
-
-
2,373,143
2,373,143
Dividends
11
-
-
(3,075,000)
(3,075,000)
Balance at 31 December 2025
680
170
8,468,547
8,469,397

The notes on pages 12 to 25 form part of these financial statements.

IKONIC TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
1
Accounting policies
Company information

Ikonic Technology Limited is a private company limited by shares incorporated in England and Wales. The registered office is Block P16, Heywood Distribution Park, Pilsworth Road, Heywood, Lancashire, OL10 2TT.

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 pound sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £1.

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. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- 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.

The financial statements of the company are consolidated in the financial statements of Ikonic Technology Holdings Limited. These consolidated financial statements are available from its registered office, P16 Parklands Heywood Distribution Park, Heywood, England, OL10 2TT.

1.2
Going concern

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

1.3
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

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

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

IKONIC TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 13 -
1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated 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.

1.5
Intangible fixed assets other than goodwill

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

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

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

Software
3 years straight line
1.6
Tangible fixed assets

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

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

Leasehold land and buildings
7 years straight line
Fixtures and fittings
3 years straight line
Motor vehicles
4 years 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 credited or charged to profit or loss.

1.7
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

IKONIC TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -

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

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

1.8
Impairment of fixed assets

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.

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
Cash and cash equivalents

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

IKONIC TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -
1.11
Financial instruments

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

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

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

Impairment of financial assets

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

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

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

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the 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.

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 company after deducting all of its liabilities.

IKONIC TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 16 -
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. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

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

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

Derecognition of financial liabilities

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

1.12
Equity instruments

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.

1.13
Taxation

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

Current tax

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

IKONIC TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 17 -
1.14
Employee benefits

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

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

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

1.15
Retirement benefits

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

1.16
Leases
As lessee

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 s asset are consumed.

1.17
Foreign exchange

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

2
Judgements and key sources of estimation uncertainty

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.

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.

Stock valuation and provisioning

Judgement is required on the adequacy of stock valuation and provisioning. The assessment of estimated selling price can fluctuate as a result of market factors. Furthermore, estimation uncertainty exists from provision requirements for slow moving stock.

3
Turnover and other revenue

Turnover is wholly attributable to the principal activity of the company.

IKONIC TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
3
Turnover and other revenue
(Continued)
- 18 -
2025
2024
£
£
Turnover analysed by geographical market
UK
54,921,517
50,520,573
Rest of Europe
15,108,428
43,746,061
Rest of the World
342,607
7,674,082
70,372,552
101,940,716
2025
2024
£
£
Other revenue
Interest income
-
8,869
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(123,750)
66,693
Depreciation of owned tangible fixed assets
7,503
54,373
Amortisation of intangible assets
10,279
136,941
Operating lease charges
224,301
226,177
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 company
68,820
68,170
For other services
Other taxation services
7,650
9,025
All other non-audit services
18,170
13,930
25,820
22,955
IKONIC TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 19 -
6
Employees

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

2025
2024
Number
Number
Sales & Administration
98
98
Directors
3
3
Total
101
101

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
4,436,782
4,339,672
Social security costs
566,577
478,760
Pension costs
411,953
427,423
5,415,312
5,245,855
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
498,518
475,308
Company pension contributions to defined contribution schemes
6,714
5,696
505,232
481,004

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2024 - 3).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
174,480
190,290
Company pension contributions to defined contribution schemes
1,320
1,320
8
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
204,347
261,346
IKONIC TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
9
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
-
0
8,869
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
800,000
531,212
Adjustments in respect of prior periods
-
0
(68,657)
Total current tax
800,000
462,555

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
3,173,143
1,901,208
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
793,286
475,302
Tax effect of expenses that are not deductible in determining taxable profit
-
0
8,799
Adjustments in respect of prior years
-
0
(68,657)
Other
6,714
47,111
Taxation charge for the year
800,000
462,555
11
Dividends
2025
2024
£
£
Interim paid
3,075,000
1,900,000
IKONIC TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 21 -
12
Intangible fixed assets
Goodwill
Software
Total
£
£
£
Cost
At 1 January 2025
802,932
150,069
953,001
Additions
-
0
100,000
100,000
At 31 December 2025
802,932
250,069
1,053,001
Amortisation and impairment
At 1 January 2025
802,932
132,334
935,266
Amortisation charged for the year
-
0
10,279
10,279
At 31 December 2025
802,932
142,613
945,545
Carrying amount
At 31 December 2025
-
0
107,456
107,456
At 31 December 2024
-
0
17,735
17,735

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

13
Tangible fixed assets
Leasehold land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2025
237,244
360,448
53,814
651,506
Additions
-
0
7,800
-
0
7,800
At 31 December 2025
237,244
368,248
53,814
659,306
Depreciation and impairment
At 1 January 2025
231,458
355,961
53,814
641,233
Depreciation charged in the year
3,016
4,487
-
0
7,503
At 31 December 2025
234,474
360,448
53,814
648,736
Carrying amount
At 31 December 2025
2,770
7,800
-
0
10,570
At 31 December 2024
5,786
4,487
-
0
10,273
IKONIC TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 22 -
14
Fixed asset investments
2025
2024
Notes
£
£
Investments in subsidiaries
15
29,972
29,972
Unlisted investments
268,680
268,680
298,652
298,652
15
Subsidiaries

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

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Cetra IT Logistics and Services Limited
C/O Legalinx Limited Tallis House, 2 Tallis Street, Temple, London, EC4Y 0AB
Supply of IT products
Ordinary shares
100.00
-
Eurosimm Limited
C/O Legalinx Limited Tallis House, 2 Tallis Street, Temple, London, EC4Y 0AB
Supply of IT products
Ordinary shares
100.00
-
IT Source AS
Cort Adeler Gate 16, 3rd Floor, 0254, Oslo, Norway
Supply of IT products
Ordinary shares
100.00
-
Ikonic B.V.
Bouvigne 20 2, 1083BP, Amsterdam, The Netherlands
Supply of IT products
Ordinary shares
100.00
-
Ikonic Technology Europe GmbH
Römerstr. 6 a, 63785 Obernburg, Germany
Supply of IT products
Ordinary shares
0
100.00
Cetra IT Europe GmbH
Römerstr. 6 a, 63785 Obernburg, Germany
Supply of IT products
Ordinary shares
0
100.00
Ikonic Technologie SARL
165 AV Du Prade 13008 Marseille
Supply of IT products
Ordinary Shares
0
100.00
Cenoka Global Trading FZCO
UAE Freezone
Supply of IT products
Ordinary Shares
100.00
-

Ikonic Technologia sp.z.o.o, incorporated in Poland, was dissolved during the year on 1 April 2025.

16
Stocks
2025
2024
£
£
Finished goods and goods for resale
11,366,461
8,805,034
IKONIC TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 23 -
17
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
4,958,382
3,903,802
Unpaid share capital
850
850
Corporation tax recoverable
-
0
122,429
Amounts owed by group undertakings
1,876,582
2,702,581
Other debtors
15,761
259,819
Prepayments and accrued income
319,329
369,915
7,170,904
7,359,396
18
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
19
4,000,000
2,500,000
Trade creditors
5,863,162
3,825,170
Amounts owed to group undertakings
17,914
19,165
Corporation tax
26,870
-
0
Other taxation and social security
318,461
458,158
Other creditors
3,122,682
2,072,208
Accruals and deferred income
383,878
296,875
13,732,967
9,171,576

Bank loans are secured by fixed charges over the assets of the company.

19
Loans and overdrafts
2025
2024
£
£
Bank loans
4,000,000
2,500,000
Payable within one year
4,000,000
2,500,000

Bank loans are secured by fixed charges over the assets of the company.

20
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
411,953
427,423

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.

IKONIC TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 24 -
21
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary shares of 1p each
68,000
68,000
680
680
22
Financial commitments, guarantees and contingent liabilities

A Composite Company Unlimited Multilateral Guarantee dated 07 October 2014 given to the bank over a number of connected entities.

23
Operating lease commitments
As lessee

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:

2025
2024
£
£
Within 1 year
194,260
114,287
Years 2-5
676,967
25,018
After 5 years
730,290
-
0
1,601,517
139,305
24
Events after the reporting date

Following the end of the accounting period the company entered into a pay facility with HSBC, creating available credit of £2m.

25
Related party transactions
Transactions with related parties

As at 31 December 2025, an entity with common control owed the company £Nil (2024 - £35,828). Sales of £34,500 (2024 - £100,836) were made to this entity during the year.

IKONIC TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 25 -
26
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Directors loan account
-
184,507
147,918
(375,000)
(42,575)
184,507
147,918
(375,000)
(42,575)
27
Ultimate controlling party

The immediate and ultimate parent company is Ikonic Technology Holdings Limited, into which these results are consolidated, incorporated in England and Wales at P16 Parklands, Heywood Distribution Park, Heywood, OL10 2TT.

The ultimate controlling party is considered to be the Employee Ownership Trust by virtue of majority shareholding.

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