REGISTERED NUMBER: 08066249 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

MATRIXX SOFTWARE, EUROPE LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Income Statement

8

Consolidated Other Comprehensive Income

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Notes to the Consolidated Financial Statements

14

DIRECTORS:

E D Carlson

M C Cordero

A Vasou

REGISTERED OFFICE:

Fourth Floor St James House

St James' Square

Cheltenham

GL50 3PR

REGISTERED NUMBER:

08066249 (England and Wales)

AUDITORS:

Byrd Link Audit & Accountancy Services Limited

Statutory Auditor

Honeybourne Place

Jessop Avenue

Cheltenham

Gloucestershire

GL50 3SH

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

MATRIXX Software, Inc. is a privately held software company founded in 2008 and headquartered in California, USA. MATRIXX Software, Inc. provides real-time billing, charging and monetization platforms for telecommunications companies and other consumption-based industries. MATRIXX Software, Inc. is a US company formed in Delaware with foreign subsidiaries around the world.

MATRIXX Software Europe Limited ("The Company") and its subsidiaries (collectively "The Group") generate revenue under a cost-plus model with monthly payments according to an ongoing service agreement with MATRIXX Software, Inc. and, hence, is expected to generate future taxable income.

Our strategy is aligned with the goals of MATRIXX Software, Inc. focusing on:

1) Sales and marketing, engineering, administration and post-sales support to MATRIXX Software, Inc.

2) Sales development in the region.

REVIEW OF BUSINESS

The Group saw a 27.3% decrease in profit on the prior year. The Group's profit for the year was £0.9m (2023: £1.16m). Turnover was £18.1m (2023: £20.5m), 11.5% lower than the prior year. Operating profit for the year decreased by £0.36m to a profit of £1.23m compared to last year (2023: £1.59m).

PRINCIPAL RISKS AND UNCERTAINTIES

Dependency on MATRIXX Software, Inc. as a wholly owned subsidiary, our financial health is directly tied to MATRIXX Software, Inc's success and decision-making. Any changes to strategic priorities or budget allocations could affect our future revenue.

Strategic Risks

Dependence on the US parent company: the Company's business is entirely dependent on the continued need for services by the US parent. Any significant changes in the parent company's strategic direction or alteration in the nature of services required, could impact the UK subsidiary's operation.

Financial Risks

Currency Risk: as the Company operates in the UK and charges services in GBP, fluctuations in the exchange rate between GBP and non-GBP could impact financial results of the UK entity. However, this risk is partially mitigated by the cost-plus structure, which reflects the UK's local operating costs in GBP.

Credit Risk: the Company is financially linked to the US parent, which is itself owned by Amdocs Limited, a large and stable company. While credit risk is minimal due to the financial strength of the wider group, any disruption in the parent's operation could indirectly impact the Company cash flow.

Operational Risks

Retention of key talent: the success of the Company is dependent on retained skilled employees. Failure to retain key talent or difficulties in recruiting suitably qualified employees could impact the subsidiary's ability to meet its obligations to the US parent.

FUTURE DEVELOPMENTS

On December 23, 2025, Amdocs acquired the consolidated MATRIXX group - the Company remains a stable and integral part of the overall business, providing essential services to its US parent. Whilst there are some strategic, financial and operational risks, these are effectively mitigated through careful planning and management. The cost-plus model provides financial stability and there are no significant risks expected to arise from external economic factors, employment or regulatory change in the foreseeable future.

The Company will continue to focus on maintaining cost efficiency, service quality and employee retention, in line with the parent company's strategic objectives, ensuring continued success in the coming years.

ON BEHALF OF THE BOARD:

M C Cordero - Director

14 May 2026

The directors present their report with the financial statements of the company and its subsidiaries for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company is to provide sales and marketing services and software support in the specific contracted region, being the UK, to its parent company MATRIXX Software, Inc. ("MATRIXX, Inc."), a company incorporated in the United States of America.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

E D Carlson has held office during the whole of the period from 1 January 2024 to the date of this report.

Other changes in directors holding office are as follows:

A Vasou was appointed as a director 23 December 2025

M C Cordero was appointed as a director 23 December 2025

L M Maher resigned as a director 23 December 2025

MATRIXX Software, Inc. resigned as a director 23 December 2025

T V Punj resigned as a director 9 January 2026

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group 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;

-	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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Byrd Link Audit & Accountancy Services Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

M C Cordero - Director

14 May 2026

Opinion

We have audited the financial statements of MATRIXX Software, Europe Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity and Notes to the Financial Statements, including a summary of 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 of the parent company affairs as at 31 December 2024 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies 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 the audit:

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where 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; or

-	the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Group Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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 group's and 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the Company and its financial operations we have considered the initial risks of non-compliance with the UK regulators, predominantly HM Revenue and Customs and Companies Act 2006. We have assessed the impact of any breaches in such laws and regulations and considered whether any such findings would have a material impact on these financial statements.

We have considered the risk of those charged with management overriding internal controls and the opportunity for financial manipulation. We have considered the effect of any accounting estimates included within these accounts and the effect this may have on our audit opinion.

Our audit procedures together with our assessment of risks identified at planning were transparent to the Company and we have communicated with the client throughout the audit as well as the audit engagement team, and this includes such matters as fraud and irregularity.

The above procedures do however have their limitations as we can only work on a sample of financial transactions. Ultimately it is the responsibility of those charged with management for the prevention and detection of fraud and other irregularities.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website: https://www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-the-audit-of-the-fi/description-of-the-auditor %E2%80%99s-responsibilities-for. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

Russel Byrd FCA (Senior Statutory Auditor)

for and on behalf of Byrd Link Audit & Accountancy Services Limited

Statutory Auditor

Honeybourne Place

Jessop Avenue

Cheltenham

Gloucestershire

GL50 3SH

20 May 2026

TURNOVER

3

18,094,284

20,452,460

Administrative expenses

16,903,139

18,969,526

1,191,145

1,482,934

Other operating income

39,725

112,062

OPERATING PROFIT

5

1,230,870

1,594,996

Interest receivable and similar income

12,568

7,841

1,243,438

1,602,837

Interest payable and similar expenses

6

-

54

PROFIT BEFORE TAXATION

1,243,438

1,602,783

Tax on profit

7

364,940

443,985

PROFIT FOR THE FINANCIAL YEAR

878,498

1,158,798

Profit attributable to:

Owners of the parent

878,498

1,158,798

PROFIT FOR THE YEAR

878,498

1,158,798

OTHER COMPREHENSIVE INCOME

FX on consolidation

(36,441

)

167,584

Other Reserves

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

(36,441

)

167,584

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

842,057

1,326,382

Total comprehensive income attributable to:

Owners of the parent

842,057

1,326,382

CURRENT ASSETS

Debtors

11

6,005,117

5,475,356

Cash at bank

308,403

425,400

6,313,520

5,900,756

CREDITORS

Amounts falling due within one year

12

1,586,539

2,288,236

NET CURRENT ASSETS

4,726,981

3,612,520

TOTAL ASSETS LESS CURRENT LIABILITIES

4,726,981

3,612,520

CREDITORS

Amounts falling due after more than one year

13

328,919

241,392

NET ASSETS

4,398,062

3,371,128

CAPITAL AND RESERVES

Called up share capital

15

100

100

Equity settled share based payments

16

1,335,830

1,179,113

Foreign exchange reserve

16

(33,815

)

(25,534

)

Retained earnings

16

3,095,947

2,217,449

SHAREHOLDERS' FUNDS

4,398,062

3,371,128

The financial statements were approved by the Board of Directors and authorised for issue on 14 May 2026 and were signed on its behalf by:

M C Cordero - Director

FIXED ASSETS

Tangible assets

9

-

-

Investments

10

319,438

319,438

319,438

319,438

CURRENT ASSETS

Debtors

11

4,777,552

4,252,874

Cash at bank

260,585

363,446

5,038,137

4,616,320

CREDITORS

Amounts falling due within one year

12

1,300,872

1,823,874

NET CURRENT ASSETS

3,737,265

2,792,446

TOTAL ASSETS LESS CURRENT LIABILITIES

4,056,703

3,111,884

CREDITORS

Amounts falling due after more than one year

13

328,919

241,392

NET ASSETS

3,727,784

2,870,492

CAPITAL AND RESERVES

Called up share capital

15

100

100

Equity settled share based payments

16

1,335,830

1,179,113

Foreign exchange reserve

16

(3,830

)

3,738

Retained earnings

16

2,395,684

1,687,541

SHAREHOLDERS' FUNDS

3,727,784

2,870,492

Company's profit for the financial year

708,143

950,411

The financial statements were approved by the Board of Directors and authorised for issue on 14 May 2026 and were signed on its behalf by:

M C Cordero - Director

Equity

settled

Called up

share

Foreign

share

Retained

based

exchange

Total

capital

earnings

payments

reserve

equity

£

£

£

£

£

Balance at 1 January 2023

100

997,304

979,454

67,888

2,044,746

Changes in equity

Total comprehensive income

-

1,220,145

199,659

(93,422

)

1,326,382

Balance at 31 December 2023

100

2,217,449

1,179,113

(25,534

)

3,371,128

Changes in equity

Total comprehensive income

-

878,498

156,717

(8,281

)

1,026,934

Balance at 31 December 2024

100

3,095,947

1,335,830

(33,815

)

4,398,062

Equity

settled

Called up

share

Foreign

share

Retained

based

exchange

Total

capital

earnings

payments

reserve

equity

£

£

£

£

£

Balance at 1 January 2023

100

737,130

979,454

(2,699

)

1,713,985

Changes in equity

Total comprehensive income

-

950,411

199,659

6,437

1,156,507

Balance at 31 December 2023

100

1,687,541

1,179,113

3,738

2,870,492

Changes in equity

Total comprehensive income

-

708,143

156,717

(7,568

)

857,292

Balance at 31 December 2024

100

2,395,684

1,335,830

(3,830

)

3,727,784

1.	STATUTORY INFORMATION

MATRIXX Software, Europe Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions

The group has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

These disclosures have been made in the accounts of its parent company, MATRIXX Software, Inc., these consolidated financial statements can be obtained from 251 Little Falls Drive, Wilmington, Delaware19808-1674, United States of America.

Basis of consolidation

The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of turnover can be measured reliably;

- it is probable that the Group will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and

- the costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures & fittings

3 years straight line

Office equipment

3 years straight line

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Basic financial assets and liabilities that are payable or receivable within one year, typically trade payables and receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Foreign currencies

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of the overseas operations are translating into sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Share based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.

The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as target based on an index) or factors which are within the control of one or other of the parties (such as the Group keeping the scheme open or the employee maintaining any contributions required by the scheme).

Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.

Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of at least twelve months from the date of signing this report.

The company relies on the continued support from its parent company MATRIXX Software, Inc. which has confirmed that it will continue to provide this for the foreseeable future. On that basis, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

2024

2023

£

£

Intergroup sales

18,094,284

20,452,460

18,094,284

20,452,460

An analysis of turnover by geographical market is given below:

2024

2023

£

£

United Kingdom

11,840,908

13,707,671

Rest of World

6,253,376

6,744,789

18,094,284

20,452,460

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

12,025,934

12,965,719

Social security costs

1,085,834

1,177,605

Other pension costs

194,434

169,407

13,306,202

14,312,731

The average number of employees during the year was as follows:

2024

2023

UK (including branch)

75

85

Singapore

3

4

Malaysia

31

33

Philippines

1

2

Germany

2

4

Japan

-

1

112

129

During the year the directors were remunerated through a fellow group company and no remuneration was received from Matrixx Software, Europe Limited. No recharge is made to the company for the remuneration settled by the fellow group company.

2024

2023

£

£

Directors' remuneration

-

-

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024

2023

£

£

Other operating leases

56,965

83,608

Depreciation - owned assets

-

4,262

Profit on disposal of fixed assets

-

(4,093

)

Auditors' remuneration

32,115

30,564

Foreign exchange differences

88,553

(23,569

)

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Interest payable

-

54

7.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2024

2023

£

£

Current tax:

UK corporation tax

401,168

443,062

Adjustments in respect of

prior periods

4

(21,790

)

Total current tax

401,172

421,272

Deferred tax

(36,232

)

22,713

Tax on profit

364,940

443,985

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024

2023

£

£

Profit before tax

1,243,438

1,602,783

Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 23.520 %)

310,860

376,975

Effects of:

Expenses not deductible for tax purposes

40,240

47,994

Income not taxable for tax purposes

-

(68,781

)

Adjustments to tax charge in respect of previous periods

(2,441

)

(21,790

)

rate

Tax for foreign income at foreign rate

16,281

84,052

Other differences

-

8

Fixed asset differences

-

(1

)

Other permanent differences

-

(1,351

)

Remeasurement of deferred tax for changes in tax rates

-

(262

)

Movement in deferred tax not recognised

-

27,141

Total tax charge

364,940

443,985