REGISTERED NUMBER: 02030344 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

FOR

TOPLINE ELECTRONICS LTD

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Statement of Comprehensive Income

7

Balance Sheet

8

Statement of Changes in Equity

9

Cash Flow Statement

10

Notes to the Cash Flow Statement

11

Notes to the Financial Statements

13

DIRECTORS:

Mr AJ Hunt

Mrs K M Hunt

REGISTERED OFFICE:

A8 Ropemaker Park

Hailsham

East Sussex

BN27 3GU

REGISTERED NUMBER:

02030344 (England and Wales)

AUDITORS:

Watson Associates (Audit Services) Ltd

Statutory Auditor

30 - 34 North Street

Hailsham

East Sussex

BN27 1DW

The directors present their strategic report for the year ended 30 September 2025.

REVIEW OF BUSINESS

Topline Electronics Limited is a well established and reputable electrical contractor which services its clients all over the UK from its head office in the South East of England and one other location in the North.

Turnover has increased by 23.9% this year, the Gross Profit margin has decreased this year from 24.61% in the previous year to 21.08% in the current year. Net Operating Profit margin has decreased slightly from 4.60% to 3.43%.

Key performance indicators for the year:

2025

2024

£

£

Turnover

13,776,445

11,122,113

Gross Profit

2,904,360

2,737,194

Operating Profit

495,896

560,197

Gross Assets

6,537,591

5,581,485

Net Assets

3,361,152

3,000,625

Normalised earnings before interest, tax, depreciation and amortisation ('EBITDA') for the company is shown below:

2025

2024

£

£

Profit before tax

472,431

512,160

Interest received

(12,651)

(11,194)

Interest paid

36,116

59,231

Depreciation

114,491

116,931

EBITDA

610,387

677,128

The directors have considered the potential implications of the current economic climate, taking into account

the ongoing global conflicts and their impact on the instability of inflation and costs.

The Directors were satisfied with the performance of the business in the current economic conditions and are

positive about the coming year's trade.

ON BEHALF OF THE BOARD:

Mr AJ Hunt - Director

18 May 2026

The directors present their report with the financial statements of the company for the year ended 30 September 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of The principal activity of the company continued to be that of design, manufacture and assembly of computer and process equipment.

DIVIDENDS

No dividends will be distributed for the year ended 30 September 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 October 2024 to the date of this report.

Mr AJ Hunt

Mrs K M Hunt

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

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

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

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 company'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 company's auditors are aware of that information.

AUDITORS

The auditors, Watson Associates (Audit Services) Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr AJ Hunt - Director

18 May 2026

Opinion

We have audited the financial statements of Topline Electronics ltd (the 'company') for the year ended 30 September 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 company's affairs as at 30 September 2025 and of its profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the 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 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

Responsibilities of directors

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

Auditors' 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 a Report of the Auditors 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.

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

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.

Audit procedures performed by the engagement team to detect irregularities, including fraud from instances of non-compliance with laws and regulations included:

- Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;

- Reading key correspondence from regulatory bodies;

- Challenging assumptions and judgements made by management in it's significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain;

- Consideration of recent correspondence with the companies legal advisors to ensure that it aligned with the conclusions drawn on obligations recognised in respect of uncertain legal matters;

- Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or those posted by unexpected users; and

- Testing transactions entered into that are outside of the normal course of the Company's business

There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, omission, intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. 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.

Stephen James Moore (Senior Statutory Auditor)

for and on behalf of Watson Associates (Audit Services) Ltd

Statutory Auditor

30 - 34 North Street

Hailsham

East Sussex

BN27 1DW

18 May 2026

TURNOVER

13,776,445

11,122,113

Cost of sales

(10,872,085

)

(8,384,919

)

GROSS PROFIT

2,904,360

2,737,194

Distribution costs

(72,779

)

(78,067

)

Administrative expenses

(2,385,751

)

(2,164,813

)

445,830

494,314

Other operating income

50,066

65,883

OPERATING PROFIT

4

495,896

560,197

Interest receivable and similar income

12,651

11,194

508,547

571,391

Interest payable and similar expenses

5

(36,116

)

(59,231

)

PROFIT BEFORE TAXATION

472,431

512,160

Tax on profit

6

(111,904

)

(127,784

)

PROFIT FOR THE FINANCIAL YEAR

360,527

384,376

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

360,527

384,376

FIXED ASSETS

Tangible assets

8

619,633

674,590

CURRENT ASSETS

Stocks

9

858,317

776,327

Debtors

10

3,163,476

2,242,196

Cash at bank and in hand

1,896,165

1,888,372

5,917,958

4,906,895

CREDITORS

Amounts falling due within one year

11

(3,113,776

)

(2,312,251

)

NET CURRENT ASSETS

2,804,182

2,594,644

TOTAL ASSETS LESS CURRENT LIABILITIES

3,423,815

3,269,234

CREDITORS

Amounts falling due after more than one year

12

(43,451

)

(241,911

)

PROVISIONS FOR LIABILITIES

15

(19,212

)

(26,698

)

NET ASSETS

3,361,152

3,000,625

CAPITAL AND RESERVES

Called up share capital

16

242,887

242,887

Retained earnings

17

3,118,265

2,757,738

SHAREHOLDERS' FUNDS

3,361,152

3,000,625

The financial statements were approved by the Board of Directors and authorised for issue on 18 May 2026 and were signed on its behalf by:

Mr AJ Hunt - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 October 2023

242,887

2,723,362

2,966,249

Changes in equity

Dividends

-

(350,000

)

(350,000

)

Total comprehensive income

-

384,376

384,376

Balance at 30 September 2024

242,887

2,757,738

3,000,625

Changes in equity

Total comprehensive income

-

360,527

360,527

Balance at 30 September 2025

242,887

3,118,265

3,361,152

Cash flows from operating activities

Cash generated from operations

1

439,685

977,146

Interest paid

(20,919

)

(40,850

)

Interest element of hire purchase payments paid

(15,197

)

(18,381

)

Tax paid

(73,419

)

(1,326

)

Net cash from operating activities

330,150

916,589

Cash flows from investing activities

Purchase of tangible fixed assets

(15,132

)

(33,959

)

Sale of tangible fixed assets

19,341

32,044

Interest received

12,651

11,194

Net cash from investing activities

16,860

9,279

Cash flows from financing activities

Loan repayments in year

(240,000

)

(240,000

)

Capital repayments in year

(99,217

)

(104,721

)

Net cash from financing activities

(339,217

)

(344,721

)

Increase in cash and cash equivalents

7,793

581,147

Cash and cash equivalents at beginning of year

2

1,888,372

1,307,225

Cash and cash equivalents at end of year

2

1,896,165

1,888,372

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit before taxation

472,431

512,160

Depreciation charges

114,490

116,930

Loss/(profit) on disposal of fixed assets

8,978

(9,776

)

Finance costs

36,116

59,231

Finance income

(12,651

)

(11,194

)

619,364

667,351

Increase in stocks

(81,990

)

(138,120

)

Increase in trade and other debtors

(921,280

)

(73,274

)

Increase in trade and other creditors

823,591

521,189

Cash generated from operations

439,685

977,146

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 September 2025

30.9.25

1.10.24

£

£

Cash and cash equivalents

1,896,165

1,888,372

Year ended 30 September 2024

30.9.24

1.10.23

£

£

Cash and cash equivalents

1,888,372

1,307,225

3.	ANALYSIS OF CHANGES IN NET FUNDS

Other

non-cash

At 1.10.24

Cash flow

changes

At 30.9.25

£

£

£

£

Net cash

Cash at bank

and in hand

1,888,372

7,793

1,896,165

1,888,372

7,793

1,896,165

Debt

Finance leases

(160,398

)

99,217

(72,720

)

(133,901

)

Debts falling due

within 1 year

(240,000

)

80,000

-

(160,000

)

Debts falling due

after 1 year

(160,000

)

160,000

-

-

(560,398

)

339,217

(72,720

)

(293,901

)

Total

1,327,974

347,010

(72,720

)

1,602,264

1.	STATUTORY INFORMATION

Topline Electronics 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty

No significant judgements have had to be made by management in preparing these financial statements.

There were no key assumptions made concerning the future, and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

Straight line over 3 years

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, and loans to related parties.

Debt instruments that are payable or receivable within one year, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received; other debt instruments are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the balance sheet only when there is an 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 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.

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

838,104

703,132

Social security costs

399,524

327,774

Other pension costs

52,419

47,200

1,290,047

1,078,106

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

2025

2024

Directors

2

2

Operations

49

47

Admin

13

13

64

62

2025

2024

£

£

Directors' remuneration

574,685

440,361

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

307,385

240,061

4.	OPERATING PROFIT

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

2025

2024

£

£

Other operating leases

21,916

22,638

Depreciation - owned assets

61,680

39,367

Depreciation - assets on hire purchase contracts

52,810

77,563

Loss/(profit) on disposal of fixed assets

8,978

(9,776

)

Foreign exchange differences

(15

)

-

Auditors'remuneration

12,000

11,500

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank loan interest

20,919

40,850

Hire purchase

15,197

18,381

36,116

59,231

6.

TAXATION

Analysis of the tax charge

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

2025

2024

£

£

Current tax:

UK corporation tax

128,100

73,596

Prior year adjustments

(8,710

)

-

Total current tax

119,390

73,596

Deferred tax

(7,486

)

54,188

Tax on profit

111,904

127,784

Reconciliation of total tax charge included in profit and loss

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

2025

2024

£

£

Profit before tax

472,431

512,160

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

118,108

128,040

Effects of:

Expenses not deductible for tax purposes

262

55

Capital allowances in excess of depreciation

-

(14,390

)

Depreciation in excess of capital allowances

9,730

-

Utilisation of tax losses

-

(40,109

)

Adjustments to tax charge in respect of previous periods

(8,710

)

-

Deferred tax movement

(7,486

)

54,188

Total tax charge

111,904

127,784

7.

DIVIDENDS

2025

2024

£

£

Final

-

350,000

8.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 October 2024

484,091

92,475

135,629

755,713

1,467,908

Additions

-

-

-

87,852

87,852

Disposals

-

-

-

(101,597

)

(101,597

)

At 30 September 2025

484,091

92,475

135,629

741,968

1,454,163

DEPRECIATION

At 1 October 2024

182,940

89,619

127,334

393,425

793,318

Charge for year

9,590

570

2,065

102,265

114,490

Eliminated on disposal

-

-

-

(73,278

)

(73,278

)

At 30 September 2025

192,530

90,189

129,399

422,412

834,530

NET BOOK VALUE

At 30 September 2025

291,561

2,286

6,230

319,556

619,633

At 30 September 2024

301,151

2,856

8,295

362,288

674,590

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 October 2024

232,839

Additions

57,940

At 30 September 2025

290,779

DEPRECIATION

At 1 October 2024

54,250

Charge for year

52,810

At 30 September 2025

107,060

NET BOOK VALUE

At 30 September 2025

183,719

At 30 September 2024

178,589

9.

STOCKS

2025

2024

£

£

Stocks

858,317

776,327