Company registration number 10504189 (England and Wales)
IKONIC TECHNOLOGY HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
IKONIC TECHNOLOGY HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr J D Goldstone
Mr J A Newman
Mr C J Perry
Company number
10504189
Registered office
P16 Parklands Heywood Distribution Park
Heywood
OL10 2TT
Auditor
Azets Audit Services Limited
12 King Street
Leeds
LS1 2HL
IKONIC TECHNOLOGY HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 6
Directors' responsibilities statement
7
Independent auditor's report
8 - 10
Group statement of comprehensive income
11
Group balance sheet
12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Notes to the financial statements
17 - 33
IKONIC TECHNOLOGY HOLDINGS 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

The Group continue to make good progress developing the business during the financial year. The growth of subsidiaries has progressed further in line with expectations. 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 and peripheral IT 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 developing internal 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 202 5. The Group's total turnover for the year ended 31 December 202 5 was £125,807,488 (202 4 - £139,910,195). The group looks to build its competitive position through innovation and its service offering.

EBITDA (earnings before interest, tax, depreciation and amortisation) was £3,623,669 (202 4 - £2,620,876) at the year end date. The Group maintained control over administrative expenses while investing in its people and processes where required. Profit before taxation of £3,205,630 (202 4 - £1,951,696) reflects the Group's resilience in a challenging market. The Group's net asset position at year end is £8,550,756 (202 4 - £9,274,440). Operating cash inflow was £1,529,892 (202 4 - in flow of £2,735,004).

Continuing the business commitment to being more sustainable Ikonic Technology Limited has maintained its objective to be carbon neutral. T he 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.

Future developments

The trading outlook remains positive despite a more volatile world econcomic environment. The Group's entities are 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. European based entities created in previous year s have continued to facilitate better growth opportunities especially for Europe based customers. This includes diversification of the sales mix during the year with growth opportunities identified across various market areas. Growth in gross profit is expected going forward while margin percentage is expected to reduce in future years. The investment in people and systems has continued to help the business adapt to meet customer requirements and enhance service capabilities.

Key performance indicators

The directors consider the key performance indications of the Group to be turnover, EBITDA, operating cash flows and shreholders' funds, which are documented below. The KPI targets which were based on revenue, EBITDA and Operating cash flows. These were acceptable given the market conditions and wider group activities.

|  | 2025 |  | 2024
|  | £ |  | £
Turnover |  | 125,807,488 |  | 139,910,195
EBITDA |  | 3,623,669 |  | 2,620,876
Operating cash flows |  | 1,529,892 |  | 2,735,004
Shareholders' funds |  | 8,550,756 |  | 9,274,440

IKONIC TECHNOLOGY HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Promoting the success of the company

Section 172 Statement

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 Group’s 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 encourange the company’s employees to share best practi c es 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 ing 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 HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

Principal risks and uncertainties

Currency risk

A significant proportion of the Group’s cost of sales is denominated in Sterling and Euro currencies however the Group’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 steams with the objective to limit current exposure. Hedging certain currency flows has been developed to support the mitigation of currency fluctional risk.

Interest rate risk

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

Cash flow risk

The Group’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 Group’s banking partner to ensure that significant credit lines are available.

Cost base risk

The Group’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 Group’s brands and by continuing to invest in quality control, supply chain management and the development of new products within strict brand criteria.

On behalf of the board

Mr C J Perry
Director
13 May 2026
IKONIC TECHNOLOGY HOLDINGS 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 and group continued to be that of a distributor supplying IT products.

Results and dividends

The results for the year are set out on page 11.

Ordinary dividends were paid amounting to £375,000. Distrbutions to the Employee Ownership Trust were paid amounting to £2,700,000. The directors do not recommend payment of a further dividend.

Directors

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

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

Following the end of the accounting period the group raised further credit with HSBC totalling £4m.

Auditor

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

Energy and carbon report

The Companies (Directors Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 implemented the government's policy on Streamline Energy and Carbon Reporting (SECR). The Regulations came into effect on 1 April 2019 and the group is required to report the emissions and energy consumption for this year to 31 December 2025 to coincide with the financial reporting period.

Change of methodology

We have decided to change the methodology of the emissions we capture under the streamlined energy and carbon reporting requirements and therefore have reinstated our 2024 emissions for the purpose of a fair comparison period.

Please refer to our methodology section for further guidance on how our annual emissions are calculated.

2025
2024
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
- Electricity purchased
247,642
258,358
- Fuel consumed for transport
20,465
17,482
268,107
275,840
IKONIC TECHNOLOGY HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 5 -
2025
2024
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
-
-
- Fuel consumed for owned transport
0.65
2.54
0.65
2.54
Scope 2 - indirect emissions
- Electricity purchased
43.83
53.49
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the group
4.36
1.80
Total gross emissions
48.84
57.83
Intensity ratio
Tonnes CO2e per £m turnover
0.39
0.41
Quantification and reporting methodology

All emissions have been calculated and verified by Catalyst Commercial Services Limited.

Emissions have been calculated in line with the Greenhouse Gas Protocol and the UK’s Environmental Reporting Guidelines (including Streamlined Energy and Carbon Reporting (SECR) requirements).

Emissions calculated using DEFRA/BEIS 2025 conversion factors.

Operational control boundary applied for all UK operations of Ikonic Technology Holdings Limited.

Electricity emissions reported using the location based method.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £m turnover, the recommended ratio for the sector.

Measures taken to improve energy efficiency

We have implemented a server energy reduction plan to continue to improve energy efficiency. Additionally, we have transitioned to a new energy consultant who provides access to our energy data in 30 minute increments, which allows a deeper understanding of our energy consumption for targeting reduction initiatives.

Emissions performance

Our energy consumption used to calculate emissions has reduced by 7,733 kWh (2.8%) compared to our previous reporting year (2024).

Our total gross emissions reduced by 15.54% in 2025 compared to our previous reporting period, with an overall emissions reduction of 8.99 tCO2e

Statement of disclosure to auditor

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

IKONIC TECHNOLOGY HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -
On behalf of the board
Mr C J Perry
Director
13 May 2026
IKONIC TECHNOLOGY HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -

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

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

- select suitable accounting policies and then apply them consistently;

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

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

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

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

IKONIC TECHNOLOGY HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF IKONIC TECHNOLOGY HOLDINGS LIMITED
- 8 -
Opinion

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

In our opinion the financial statements:

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

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

IKONIC TECHNOLOGY HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF IKONIC TECHNOLOGY HOLDINGS LIMITED
- 9 -
Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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 HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF IKONIC TECHNOLOGY HOLDINGS LIMITED
- 10 -

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 entity 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 HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
2025
2024
Notes
£
£
Turnover
3
125,807,488
139,910,195
Cost of sales
(112,085,733)
(126,249,084)
Gross profit
13,721,755
13,661,111
Distribution costs
(867,813)
(1,296,067)
Administrative expenses
(9,248,055)
(9,935,482)
Operating profit
4
3,605,887
2,429,562
Interest receivable and similar income
8
-
0
8,869
Interest payable and similar expenses
9
(400,257)
(486,735)
Profit before taxation
3,205,630
1,951,696
Tax on profit
10
(800,000)
(463,048)
Profit for the financial year
2,405,630
1,488,648
Other comprehensive income
Currency translation loss taken to retained earnings
(54,314)
(74,003)
Total comprehensive income for the year
2,351,316
1,414,645
Profit for the financial year is all attributable to the owner of the parent company.
Total comprehensive income for the year is all attributable to the owner of the parent company.

The notes on pages 17 to 33 form part of these financial statements.

IKONIC TECHNOLOGY HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 12 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
107,456
17,735
Tangible assets
13
10,570
10,273
Investments
14
268,680
268,680
386,706
296,688
Current assets
Stocks
16
15,139,515
12,328,016
Debtors
17
8,108,267
7,187,808
Cash at bank and in hand
3,979,707
2,936,976
27,227,489
22,452,800
Creditors: amounts falling due within one year
18
(19,063,439)
(13,475,048)
Net current assets
8,164,050
8,977,752
Net assets
8,550,756
9,274,440
Capital and reserves
Called up share capital
21
680
680
Other reserves
(1,366,338)
(1,366,338)
Profit and loss reserves
9,916,414
10,640,098
Total equity
8,550,756
9,274,440
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:
13 May 2026
Mr C J Perry
Director
Company registration number 10504189 (England and Wales)
IKONIC TECHNOLOGY HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2025
31 December 2025
- 13 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
14
1,367,188
1,367,188
1,367,188
1,367,188
Current assets
Cash at bank and in hand
-
0
53
Creditors: amounts falling due within one year
18
(1,677)
(1,550)
Net current liabilities
(1,677)
(1,497)
Net assets
1,365,511
1,365,691
Capital and reserves
Called up share capital
21
680
680
Profit and loss reserves
1,364,831
1,365,011
Total equity
1,365,511
1,365,691

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The company's profit for the year was £3,074,820 (2024 - £1,899,820 profit).

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:
13 May 2026
Mr C J Perry
Director
Company registration number 10504189 (England and Wales)
IKONIC TECHNOLOGY HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 14 -
Share capital
Merger reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2024
680
(1,366,338)
11,125,453
9,759,795
Year ended 31 December 2024:
Profit for the year
-
-
1,488,648
1,488,648
Other comprehensive income:
Currency translation differences
-
-
(74,003)
(74,003)
Total comprehensive income
-
-
1,414,645
1,414,645
Other movements
-
-
(1,900,000)
(1,900,000)
Balance at 31 December 2024
680
(1,366,338)
10,640,098
9,274,440
Year ended 31 December 2025:
Profit for the year
-
-
2,405,630
2,405,630
Other comprehensive income:
Currency translation differences
-
-
(54,314)
(54,314)
Total comprehensive income
-
-
2,351,316
2,351,316
Other movements
-
-
(3,075,000)
(3,075,000)
Balance at 31 December 2025
680
(1,366,338)
9,916,414
8,550,756
IKONIC TECHNOLOGY HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 15 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2024
680
1,365,191
1,365,871
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
1,899,820
1,899,820
Other movements
-
(1,900,000)
(1,900,000)
Balance at 31 December 2024
680
1,365,011
1,365,691
Year ended 31 December 2025:
Profit and total comprehensive income
-
3,074,820
3,074,820
Other movements
-
(3,075,000)
(3,075,000)
Balance at 31 December 2025
680
1,364,831
1,365,511
IKONIC TECHNOLOGY HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 16 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
1,529,892
2,735,004
Interest paid
(400,257)
(486,735)
Income taxes paid
(646,536)
(510,249)
Net cash inflow from operating activities
483,099
1,738,020
Investing activities
Purchase of intangible assets
(100,000)
-
Purchase of tangible fixed assets
(7,800)
-
Interest received
-
0
8,869
Net cash (used in)/generated from investing activities
(107,800)
8,869
Financing activities
Proceeds from new bank loans
1,500,000
2,500,000
(Decrease)/Increase in Invoice Discounting
1,282,109
(1,704,752)
Dividends paid to equity shareholders
(375,000)
(300,000)
Distribution to employee ownership trust
(2,700,000)
(1,600,000)
Net cash used in financing activities
(292,891)
(1,104,752)
Net increase in cash and cash equivalents
82,408
642,137
Cash and cash equivalents at beginning of year
(104,484)
(672,618)
Effect of foreign exchange rates
(54,314)
(74,003)
Cash and cash equivalents at end of year
(76,390)
(104,484)
Relating to:
Cash at bank and in hand
3,979,707
2,936,976
Bank overdrafts included in creditors payable within one year
(4,056,097)
(3,041,460)
IKONIC TECHNOLOGY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 17 -
1
Accounting policies
Company information

Ikonic Technology Holdings Limited (“the company”) is a private company, limited by shares, domiciled and incorporated in England and Wales. The registered office is P16 Parklands Heywood Distribution Park, Heywood, England, OL10 2TT.

The group consists of Ikonic Technology Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

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

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

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

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

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

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

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

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

1.2
Business combinations

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

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

IKONIC TECHNOLOGY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 18 -
1.3
Basis of consolidation

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

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

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

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

The Group applied the principles of merger accounting in consolidating the results control of Ikonic Technology Limited and its subsidiaries. It was acquired by Ikonic Technology Holdings Limited via a share-for-share exchange on 31 May 2023. Merger accounting requires that the results of the Group are presented as if the Group has always been in its present form, and does not require a re-evaluation of fair values as at the point of acquisition. Accordingly, as a result of this merger accounting a merger reserve is recognised within equity

Merger reserve reflects the difference between the value of investments in Ikonic Technology Limited prior to

merger and the nominal value of its share capital. The group is eligible to adopt merger accounting rules on

the basis that ultimate shareholders remained unchanged after the share reorganisation. This was done by

issuing shares in Ikonic Technology Holdings to mirror the share capital within Ikonic Technology Limited.

1.4
Going concern

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

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received 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 HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 19 -
1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business 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.

1.7
Intangible fixed assets other than goodwill

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

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

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
1.8
Tangible fixed assets

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

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

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 recognised in the profit and loss account.

1.9
Fixed asset investments

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

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

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

IKONIC TECHNOLOGY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 20 -
1.10
Impairment of fixed assets

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

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

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.

1.11
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.

1.12
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 HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 21 -
1.13
Financial instruments

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

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

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

Basic financial assets

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

Other financial assets

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

Impairment of financial assets

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

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

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

Derecognition of financial assets

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

Classification of financial liabilities

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

IKONIC TECHNOLOGY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 22 -
Basic financial liabilities

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

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

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

Derecognition of financial liabilities

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

1.14
Equity instruments

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

Merger reserve reflects the difference between the value of investments in Ikonic Technology Limited prior to merger and the nominal value of its share capital. The group is eligible to adopt merger accounting rules on the basis that ultimate shareholders remained unchanged after the share reorganisation. This was done by issuing shares in Ikonic Technology Holdings to mirror the share capital within Ikonic Technology Limited.

1.15
Taxation

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

Current tax

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

Deferred tax

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

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

IKONIC TECHNOLOGY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 23 -
1.16
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.

1.17
Retirement benefits

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

1.18
Leases

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

1.19
Foreign exchange

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

2
Judgements and key sources of estimation uncertainty

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

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

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.

IKONIC TECHNOLOGY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 24 -
3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by geographical market
UK
51,297,057
50,622,745
Rest of Europe
69,445,423
75,743,255
Rest of World
5,065,008
13,544,195
125,807,488
139,910,195
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
(137,945)
119,682
Depreciation of owned tangible fixed assets
7,503
54,373
Amortisation of intangible assets
10,279
136,941
Operating lease charges
228,477
243,458
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
6,850
6,680
Audit of the financial statements of the company's subsidiaries
65,770
66,205
72,620
72,885
For other services
Other taxation services
34,750
11,110
All other non-audit services
30,306
13,500
65,056
24,610
IKONIC TECHNOLOGY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 25 -
6
Employees

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

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Sales & administration
99
99
-
-
Directors
3
3
3
3
Total
102
102
3
3

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
4,801,648
4,675,713
-
0
-
0
Social security costs
599,368
525,164
-
-
Pension costs
423,035
437,916
-
0
-
0
5,824,051
5,638,793
-
0
-
0
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
Remuneration disclosed above includes 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 receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
-
0
8,869
IKONIC TECHNOLOGY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 26 -
9
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
204,347
261,346
Other interest
195,910
225,389
Total finance costs
400,257
486,735
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
800,000
531,705
Adjustments in respect of prior periods
-
0
(68,657)
Total current tax
800,000
463,048

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
3,205,630
1,951,696
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
801,408
487,924
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
(1,408)
34,982
Taxation charge
800,000
463,048
11
Dividends
Group
Company
2025
2024
2025
2024
£
£
£
£
Dividends
375,000
300,000
375,000
300,000
Recognised as distributions to the Employee Ownership Trust
2,700,000
1,600,000
2,700,000
1,600,000
3,075,000
1,900,000
3,075,000
1,900,000
IKONIC TECHNOLOGY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 27 -
12
Intangible fixed assets
Group
Goodwill
Software
Total
£
£
£
Cost
At 1 January 2025
1,661,239
150,069
1,811,308
Additions
-
0
100,000
100,000
At 31 December 2025
1,661,239
250,069
1,911,308
Amortisation and impairment
At 1 January 2025
1,661,239
132,334
1,793,573
Amortisation charged for the year
-
0
10,279
10,279
At 31 December 2025
1,661,239
142,613
1,803,852
Carrying amount
At 31 December 2025
-
0
107,456
107,456
At 31 December 2024
-
0
17,735
17,735
The company had no intangible fixed assets at 31 December 2025 or 31 December 2024.
13
Tangible fixed assets
Group
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
The company had no tangible fixed assets at 31 December 2025 or 31 December 2024.
IKONIC TECHNOLOGY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 28 -
14
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
1,367,188
1,367,188
Unlisted investments
268,680
268,680
-
0
-
0
268,680
268,680
1,367,188
1,367,188

The entire share capital of Ikonic Technology Limited was acquired by Ikonic Technology Holdings Limited by way of a share-for-share exchange. The transaction qualifie d for use of merger accounting when preparing the group consolidated financial statements, as permitted by FRS102 when the transfer of equity holdings in one or more subsidiaries of a group to a new entity that is not a group entity but whose equity holders are the same as those of the group’s parent, immediately after the transaction.

Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 January 2025 and 31 December 2025
268,680
Carrying amount
At 31 December 2025
268,680
At 31 December 2024
268,680
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2025 and 31 December 2025
1,367,188
Carrying amount
At 31 December 2025
1,367,188
At 31 December 2024
1,367,188
IKONIC TECHNOLOGY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 29 -
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
Ikonic Technology Limited
P16 Parklands, Heywood Distribution Park, Heywood, England, OL10 2TT
Supply of IT products
Ordinary
100.00
-
Cetra IT Logistics and Services Limited
C/O Legalinx Limited Churchill House, Churchill Way, Cardiff, Wales CF10 2HH
Dormant
Ordinary
0
100.00
Eurosimm Limited
C/O Legalinx Limited Churchill House, Churchill Way, Cardiff, Wales CF10 2HH
Dormant
Ordinary
0
100.00
IT Source AS
Cort Adeler Gate 16, 3rd Floor, 0254, Oslo, Norway
Supply of IT products
Ordinary
0
100.00
Ikonic B.V.
Bouvigne 20 2, 1083BP, Amsterdam, The Netherlands
Supply of IT products
Ordinary
0
100.00
Ikonic Technology Europe GmbH
Römerstr. 6 a, 63785 Obernburg, Germany
Supply of IT products
Ordinary
0
100.00
Cetra IT Europe GmbH
Römerstr. 6 a, 63785 Obernburg, Germany
Supply of IT products
Ordinary
0
100.00
Ikonic Technologie SARL
165 AV Du Prado 13008 Marseille
Supply of IT products
Ordinary
0
100.00
Cenoka Global Trading FZCO
UAE Freezone
Dormant
Ordinary
0
100.00

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

16
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Finished goods and goods for resale
15,139,515
12,328,016
-
0
-
0
17
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
6,618,363
6,379,277
-
0
-
0
Unpaid share capital
850
850
-
0
-
0
Corporation tax recoverable
-
0
133,756
-
0
-
0
Other debtors
1,140,310
274,626
-
0
-
0
Prepayments and accrued income
348,744
399,299
-
0
-
0
8,108,267
7,187,808
-
-
IKONIC TECHNOLOGY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 30 -
18
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
19
8,056,097
5,541,460
-
0
-
0
Trade creditors
6,981,531
5,082,125
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
327
200
Corporation tax payable
19,708
-
0
-
0
-
0
Other taxation and social security
318,461
148,193
-
0
-
0
Other creditors
3,138,608
2,102,940
-
0
-
0
Accruals and deferred income
549,034
600,330
1,350
1,350
19,063,439
13,475,048
1,677
1,550

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

19
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
4,000,000
2,500,000
-
0
-
0
Bank overdrafts
4,056,097
3,041,460
-
0
-
0
8,056,097
5,541,460
-
-
Payable within one year
8,056,097
5,541,460
-
0
-
0

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

20
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
423,035
437,916

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

IKONIC TECHNOLOGY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 31 -
21
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
'A' Ordinary shares of 1p each
7,558
7,558
76
76
'B' Ordinary shares of 1p each
1,700
1,700
17
17
'C' Ordinary shares of 1p each
14,100
14,100
141
141
'D' Ordinary shares of 1p each
3,842
3,842
38
38
'E' Ordinary shares of 1p each
40,800
40,800
408
408
68,000
68,000
680
680

All shares rank parri passu in all respects save as to dividends.

Called up share capital represents the nominal value of shares that have been issued.

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 group entities.

23
Other reserves
Merger reserve
The merger reserve represents the carrying value of the investment in the subsidiary undertaking at the point of the share for share exchange.
2025
2024
£
£
Merger reserve
(1,366,338)
(1,366,338)
24
Operating lease commitments
Lessee

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

Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
194,260
114,287
-
-
Between two and five years
676,967
25,018
-
-
In over five years
730,290
-
-
-
1,601,517
139,305
-
-
IKONIC TECHNOLOGY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 32 -
25
Events after the reporting date

Following the end of the accounting period the group raised further credit with HSBC totalling £4m.

26
Related party transactions

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

27
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts written off
Closing balance
£
£
£
£
Directors' loan account
-
184,507
147,918
(375,000)
(42,575)
184,507
147,918
(375,000)
(42,575)
28
Controlling party

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

29
Cash generated from group operations
2025
2024
£
£
Profit after taxation
2,405,630
1,488,648
Adjustments for:
Taxation charged
800,000
463,048
Finance costs
400,257
486,735
Investment income
-
0
(8,869)
Amortisation and impairment of intangible assets
10,279
136,941
Depreciation and impairment of tangible fixed assets
7,503
54,373
Movements in working capital:
Increase in stocks
(2,811,499)
(1,013,545)
(Increase)/decrease in debtors
(1,054,215)
407,307
Increase in creditors
1,771,937
720,366
Cash generated from operations
1,529,892
2,735,004
IKONIC TECHNOLOGY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 33 -
30
Analysis of changes in net debt - group
1 January 2025
Cash flows
31 December 2025
£
£
£
Cash at bank and in hand
2,936,976
1,042,731
3,979,707
Bank overdrafts
(3,041,460)
(1,014,637)
(4,056,097)
(104,484)
28,094
(76,390)
Borrowings excluding overdrafts
(2,500,000)
(1,500,000)
(4,000,000)
(2,604,484)
(1,471,906)
(4,076,390)
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