REGISTERED NUMBER: 04685938 (England and Wales)

Financial Statements for the Year Ended 31 December 2025

for

Montel Group Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

P N Hewitt

T R Nyblin

E V Osmundsen

M G Scrimshaw

REGISTERED OFFICE:

Montel House Falcon Court

Preston Farm Business Park

Stockton-On-Tees

England

TS18 3TS

REGISTERED NUMBER:

04685938 (England and Wales)

AUDITORS:

Krogh & Partners Limited, (Statutory Auditor)

823 Salisbury House

29 Finsbury Circus

London

EC2M 5QQ

FIXED ASSETS

Tangible assets

4

316,006

318,632

Investments

5

88

88

316,094

318,720

CURRENT ASSETS

Debtors

6

4,843,474

2,706,160

Cash at bank

663,907

606,064

5,507,381

3,312,224

CREDITORS

Amounts falling due within one year

7

2,748,407

2,477,871

NET CURRENT ASSETS

2,758,974

834,353

TOTAL ASSETS LESS CURRENT LIABILITIES

3,075,068

1,153,073

PROVISIONS FOR LIABILITIES

-

6,480

NET ASSETS

3,075,068

1,146,593

CAPITAL AND RESERVES

Called up share capital

8

866

866

Capital redemption reserve

901

901

Retained earnings

3,073,301

1,144,826

SHAREHOLDERS' FUNDS

3,075,068

1,146,593

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 April 2026 and were signed on its behalf by:

E V Osmundsen - Director

1.	STATUTORY INFORMATION

Montel Group Ltd 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 Company Information page.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

For the year 2025 reclassifications were made between turnover and other operating income, so that they reflect the activity more accurately. Comparison figures for 2024 are adjusted accordingly.

This change has no impact on profit/loss for the year.

Preparation of consolidated financial statements

The financial statements contain information about Montel Group Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 401 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Montel AS, Holbergs Gate 1, 0166 Oslo, Norway.

Going concern

The directors are confident in the Company’s sales growth and results and believe it is well positioned to effectively manage its business risks. Additionally, as part of a larger group, the Company benefits from the support and resources of the group, further reinforcing the directors’ expectation that it has adequate resources to sustain operations for the foreseeable future. Montel Group Ltd is a part of Transfer Pricing setup in Group, which are continuing at least a year after signing date of the financial statements. Accordingly, they continue to prepare the financial statements on a going concern basis.

Related party exemption

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

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover from sale of licenses on a subscription model which provides the customer with a right to access the software as it exist at anytime in the subscription period is recognised in the income statement on a straight line during the subscription period.

Cost of sales

Cost of sales comprise costs incurred in generating revenue for the year. Such costs include software, hardware, etc.

Administrative expenses

Administrative expenses include expenses relating to the Entity's ordinary activities, including expenses for premises, sales as well as office expenses, etc. This item also includes writedowns of debtors recognised in current assets.

Operating lease

Rental income from operating leases is credited to profit and loss on a straight-line basis over the lease term. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the asset and recognised on a straight-line basis over the lease term.

Staff costs

Staff costs comprise wages and salaries, and social security contributions, pension contributions, etc. for entity staff.

Pension costs and other post-retirement benefits

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

Other operating income

Other operating income includes costs recharged to group companies. The related costs are recognised within administrative expenses in the year.

Interest and similar income and charges

Interest and similar income and charges are recognised in the profit and loss account over the term of such instruments at a constant rate on the carrying amount.

Foreign currencies

Transactions denominated in foreign currencies are recorded at the rates of exchange ruling at the date of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated at period end rates. The resulting exchange differences are dealt with in the profit and loss account in the period to which they arise.

Financial instruments

The company only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:.

Leasehold land and buildings

2% per annum, straight line basis

Fixtures, fittings and equipment

20% per annum, straight line basis

Computer equipment

20% per annum, straight line basis

The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Investments in subsidiaries

Investments in subsidiaries are measured at cost less accumulated impairment.

Debtors

Debtors are valued individually and a provision is made according to this valuation.

Cash at bank

Cash at bank include deposits held at call with banks.

Creditors

Creditors are carried at payment or settlement amounts. Where the time value of money is material, creditors are carried at amortized cost.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 53 (2024 - 52 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Short

and

Computer

leasehold

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2025

280,315

70,782

99,773

450,870

Additions

-

5,607

19,237

24,844

At 31 December 2025

280,315

76,389

119,010

475,714

DEPRECIATION

At 1 January 2025

37,753

50,851

43,634

132,238

Charge for year

5,607

4,491

17,372

27,470

At 31 December 2025

43,360

55,342

61,006

159,708

NET BOOK VALUE

At 31 December 2025

236,955

21,047

58,004

316,006

At 31 December 2024

242,562

19,931

56,139

318,632

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2025

and 31 December 2025

88

NET BOOK VALUE

At 31 December 2025

88

At 31 December 2024

88

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Trade debtors

370,025

183,920

Amounts owed by group undertakings

3,494,117

2,364,673

Other debtors

1,027

1,792

Deferred tax asset

800,000

-

Prepayments and accrued income

178,305

155,775

4,843,474

2,706,160

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Trade creditors

284,064

245,257

Social security and other taxes

116,562

267,877

VAT

43,465

-

Other creditors

22,372

608

Accruals and deferred income

2,281,944

1,964,129

2,748,407

2,477,871

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Numbers:

Class:

Nominal

2024

2023

value:

£

£

1,000

A Ordinary shares

0.1

100

100

1,000

B Ordinary shares

0.1

100

100

666

D Ordinary shares

1

666

666

866

866

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

John Lindegaard (Senior Statutory Auditor)

for and on behalf of Krogh & Partners Limited, (Statutory Auditor)

10.	OTHER FINANCIAL COMMITMENTS

At 31 December 2025 the company had commitments under non-cancellable operating leases of £14,801 (2024 - £63,168).

11.	ULTIMATE CONTROLLING PARTY

The Company's immediate and ultimate parent company at the balance sheet date is Montel AS, a private limited company incorporated and registered in Norway. The registered office of Montel AS is Holbergs Gate 1, 0166 Oslo. The parent company prepares and delivers consolidated financial statements.