ACCOUNTS - Final Accounts

An analysis of turnover by class of business is as follows:

Registered number: 04524830

WANSTOR LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

WANSTOR LIMITED

COMPANY INFORMATION

Directors	P J Lukes
	F E F White
	M S Rai


Registered number	04524830


Registered office	First Floor
	Bridgegate House
	124-126 Borough High Street
	London
	England
	SE1 1LB


Independent auditor	Barnes Roffe Audit Limited
	Chartered Accountants & Statutory Auditor
	Level 41A, Tower 42
	25 Old Broad Street
	London
	EC2N 1HQ

WANSTOR LIMITED

CONTENTS

	Page
Strategic report	1 - 4
Directors' report	5 - 6
Independent auditor's report	7 - 10
Statement of comprehensive income	11
Balance sheet	12
Statement of changes in equity	13
Notes to the financial statements	14 - 26

WANSTOR LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Introduction

The Directors are pleased to present the Strategic Report for the year ended 30 September 2025. The year represented a significant inflection point for the Company, marking the completion of a multi-year programme of investment in platforms, automation, and service capability, and the beginning of a scaling phase in which the benefits of that investment are now being realised.

Principal activity

The principal activity of the Company is the provision of managed IT services, cyber security services, and technology-enabled transformation solutions to mid-market organisations in the UK.

Page 1

WANSTOR LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Business review

Wanstor is a UK-based Managed Service Provider focused on being a long-term, strategic technology partner to organisations that rely on technology to operate securely, efficiently, and at scale. The Company supports customers across managed operations, security, digital workplace, and data and AI-enabled services.

The Company’s strategy is centred on three core principles:

• Experience-led services, delivering consistent, high-quality outcomes for customers

• Operational scalability, enabled through platform investment, automation, and standardisation

• Specialised capability, particularly across security and data-driven services, supported by strong vendor partnerships

During FY25, the Company completed the foundational phase of this strategy. With the core service platform and operating model now embedded, the focus has shifted from build to scale, with growth increasingly delivered through operational leverage, deeper customer relationships, and enhanced propositions rather than headcount expansion.

Financial performance

For the year ended 30 September 2025, the Company generated revenue of £26.9m, representing 11.7% year-on-year growth. EBITDA increased to £2.86m, a 28.0% increase compared to the prior year, reflecting the benefits of earlier investment in platforms, automation, and service capability now flowing through the business.

Growth continued to be driven primarily by expansion within existing customers rather than reliance on new customer acquisition. Net revenue retention was 116.9%, demonstrating strong customer satisfaction, long-term partnerships, and increasing adoption of higher-value services.

The improvement in profitability reflects a clear decoupling of revenue growth from delivery headcount. During the year, the Company increased Managed Services revenue by £1.4m, from £8.4m to £9.9m, without a corresponding increase in delivery headcount. This was enabled by ongoing automation and problem management initiatives, which reduced like-for-like case volumes by 24% and reduced cases per customer contact by 33%.

Operational progress and achievements

FY25 was characterised by disciplined execution and tangible operational progress:

• Service excellence and scalability - The Service Desk operating model continued to mature, with automation and continuous improvement embedded as standard practice. The Company successfully renewed its SDI 4-Star Service Desk accreditation and onboarded additional global service desk customers, demonstrating the scalability and resilience of the delivery platform.

• Automation and AI-enabled operations - Automation and AI-enabled workflows are now embedded within service operations, supporting incident triage, resolution, and proactive problem management. These capabilities form a core component of the Company’s scalable delivery model and underpin continued efficiency gains.

• Service quality and customer outcomes - Efficiency improvements were delivered while maintaining high service quality, with customer satisfaction measured through a Net Promoter Score of +73, reinforcing the Company’s focus on experience-led service delivery.

• People and culture - The Company employed approximately 200 people during the year. Wanstor was once again recognised by Best Companies as a Very Good Company to Work For, reflecting continued

Page 2

WANSTOR LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2025

investment in leadership capability, employee engagement, and organisational health.

Markets and customers

Wanstor serves customers across a range of sectors, with a strategic focus on Not-for-Profit and Professional Services organisations. These sectors value reliability, security, and long-term partnership, aligning closely with the Company’s service model and proposition strengths.

Growth is increasingly driven by deepening relationships within the existing customer base, supported by multi-year contractual arrangements and a broadening of services delivered to customers over time.

Risks and uncertainties

The Directors recognise that the Company operates in a dynamic and competitive environment. Key risks include:

• Cyber security and service resilience risk - This is mitigated through ongoing investment in security controls, monitoring, and incident response capability.

• Market and economic uncertainty - This may impact customer spending decisions and is mitigated through a high proportion of contracted recurring revenue and close customer engagement.

• Talent availability and retention - This is mitigated through continued investment in culture, leadership development, and employee engagement.

The Company maintains a disciplined risk management framework and regularly reviews its risk profile and mitigations.

Future plans

With the core operating platform now embedded and operating effectively, the Company enters FY26 with strong momentum. Focus areas include:

• Continued enhancement of customer propositions across managed services, security, and data and AI-enabled offerings

• Further leverage of automation and AI within service operations to improve outcomes and efficiency

• Deepening strategic partnerships to extend capability and customer value

The Company continued to reduce net debt during the year and expects to be debt free during FY26, providing increased financial and strategic flexibility. The Directors are confident that Wanstor has a robust foundation, a scalable operating model, and a clear strategic direction to support sustainable growth and long-term value creation.

Employees, social and environmental matters

Wanstor recognises its responsibility to its people, customers, and the wider community. The Company remains committed to operating in a socially and environmentally responsible manner, with continued focus on employee wellbeing, inclusive leadership, and environmental impact reduction. Environmental performance is monitored and mitigated through carbon reduction initiatives and offsetting activity.

Page 3

WANSTOR LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2025

This report was approved by the board on 27 April 2026 and signed on its behalf.

F E F White

Director

Page 4

WANSTOR LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2025

The directors present their report and the financial statements for the year ended 30 September 2025.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

∙make judgments 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 to 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.

Results and dividends

The profit for the year, after taxation, amounted to £2,029,010 (2024 - £1,542,596).

Directors

The directors who served during the year were:

P J Lukes

F E F White

M S Rai

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Page 5

WANSTOR LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Auditor

During the year Barnes Roffe LLP resigned as auditors due to the transfer of its audit business and its successor Barnes Roffe Audit Limited was appointed by the directors under s485 Companies Act 2006.

This report was approved by the board on 27 April 2026 and signed on its behalf.

F E F White

Director

Page 6

WANSTOR LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WANSTOR LIMITED

Opinion

We have audited the financial statements of Wanstor Limited (the 'Company') for the year ended 30 September 2025, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.

Page 7

WANSTOR LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WANSTOR LIMITED (CONTINUED)

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.

Opinion 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 Directors' report 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.

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 Directors' report.

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Page 8

WANSTOR LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WANSTOR LIMITED (CONTINUED)

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.

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:

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. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud was as follows:

The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
-We identified the laws and regulations applicable to the company through discussions with directors and other anagement, and from our commercial knowledge and experience of the sector in which the company operates;
-We focused on specific laws and regulations which we considered may have a direct impact material effect on the financial statements, or the operations of the company which included the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;
-We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
-Identified laws and regulations were communicated within the audit team and the team remained alert to instances of non-compliance throughout the audit.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to involve the completeness and timing of income recognition and the override of controls by management.

To address the risk of fraud in relation to revenue recognition, we:
- Performed detailed substantive testing to address completeness and accuracy of sales;
- Assessed the appropriateness and application of the accounting policy concerning income recognition; and
- Performed detailed cut-off testing either side of the balance sheet date.

To address the risk of fraud through management bias and override of controls, we:
- Performed analytical procedures to identify any unusual or unexpected relationships;
- Tested journal entries to identify unusual transactions;
- Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias;
- Investigated the rationale behind significant or unusual transactions.

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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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WANSTOR LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WANSTOR LIMITED (CONTINUED)

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 Auditor's report.

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.

Duncan Stannett (Senior statutory auditor)

for and on behalf of

Barnes Roffe Audit Limited

Chartered Accountants

Statutory Auditor

Level 41A, Tower 42

25 Old Broad Street

London

EC2N 1HQ

18 May 2026

Page 10

WANSTOR LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 SEPTEMBER 2025

	2025	2024
Note	£	£

Turnover	4	26,932,437	24,119,957
Cost of sales		(20,221,293)	(18,478,555)
Gross profit		6,711,144	5,641,402
Administrative expenses		(3,973,112)	(3,585,600)
Operating profit	5	2,738,032	2,055,802
Interest payable and similar expenses		(34,501)	(28,483)
Profit before tax		2,703,531	2,027,319
Tax on profit	9	(674,521)	(484,723)
Profit for the financial year		2,029,010	1,542,596

There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2025 (2024:£NIL).

The notes on pages 14 to 26 form part of these financial statements.

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WANSTOR LIMITED

REGISTERED NUMBER: 04524830

BALANCE SHEET

AS AT 30 SEPTEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Intangible assets	10		12,036		28,502
Tangible assets	11		139,063		194,107
			151,099		222,609
Current assets
Stocks	12	12,932		6,721
Debtors: amounts falling due within one year	13	11,328,754		11,079,953
Cash at bank and in hand	14	1,277,050		718,238
		12,618,736		11,804,912
Creditors: amounts falling due within one year	15	(3,565,135)		(3,325,832)
Net current assets			9,053,601		8,479,080
Total assets less current liabilities			9,204,700		8,701,689
Provisions for liabilities
Deferred tax	16	(32,391)		(45,631)
Other provisions	17	(48,978)		(48,978)
			(81,369)		(94,609)
Net assets			9,123,331		8,607,080

Capital and reserves
Called up share capital	18	100	100
Capital redemption reserve		25	25
Profit and loss account		9,123,206	8,606,955
		9,123,331	8,607,080

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 April 2026.

F E F White

Director

The notes on pages 14 to 26 form part of these financial statements.

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WANSTOR LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 SEPTEMBER 2025

	Called up share capital	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 October 2024	100	25	8,606,955	8,607,080

Profit for the year	-	-	2,029,010	2,029,010
Dividends	-	-	(1,512,759)	(1,512,759)
At 30 September 2025	100	25	9,123,206	9,123,331

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 SEPTEMBER 2024

	Called up share capital	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 October 2023	100	25	7,715,202	7,715,327

Profit for the year	-	-	1,542,596	1,542,596
Dividends	-	-	(650,843)	(650,843)
At 30 September 2024	100	25	8,606,955	8,607,080

The notes on pages 14 to 26 form part of these financial statements.

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WANSTOR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

1.	General information

Wanstor Limited is a private company limited by shares incorporated in England and Wales. The registered office is First Floor, Bridgegate House, 124-126 Borough High Street, London, SE1 1LB.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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 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'.

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WANSTOR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

2.Accounting policies (continued)

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue 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 revenue can be measured reliably;

∙it is probable that the Company 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.

2.4

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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WANSTOR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

2.Accounting policies (continued)

2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

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WANSTOR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

2.Accounting policies (continued)

2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property	-		3 years
Motor vehicles	-	25%	straight-line method
Fixtures and fittings	-	25%	straight-line method
Other fixed assets	-	33%	straight-line method

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.11

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.

2.12

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.

2.13

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.

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WANSTOR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

2.Accounting policies (continued)

2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.15

Financial instruments

The company 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.

2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

a) Critical judgements in applying the company's accounting policies

No significant judgements have been made by management in the preparation of the financial statements.

b) Key accounting estimates and assumptions

The company has made key assumptions regarding the useful economic life of tangible fixed assets and this is further described in note 2.9 of the accounting policies.

The company has also made key assumptions regarding settlement credits. An estimate is made for the value of cases at the year end which will result in a credit against the fee charged to the customer. There is a degree of estimation uncertainty when providing for such credits (reflecting the incidence of cancelled cases, customer terms and timing of such credits). The aggregate amount of such credits is included within other creditors.

Page 18

WANSTOR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Sales	1,864,927	1,602,468
Support	21,730,837	18,334,256
Service	3,203,933	4,081,195
Carriage and expenses	132,740	102,038
	26,932,437	24,119,957

Analysis of turnover by country of destination:

					2025	2024
					£	£

United Kingdom	26,932,437	24,119,957
	26,932,437	24,119,957

	Exchange differences	(8,403)	1,865
	Other operating lease rentals	287,804	268,572

Fees payable to the Company's auditor for the audit of the Company's financial statements

16,725

Page 19

WANSTOR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

7.	Employees
	Staff costs, including directors' remuneration, were as follows:

		Company	Company
		2025	2024
		£	£

Wages and salaries	10,598,169	10,647,319
Social security costs	1,378,136	1,245,305
Cost of defined contribution scheme	960,130	709,904
	12,936,435	12,602,528

The average monthly number of employees, including the directors, during the year was as follows:

	2025	2024
	No.	No.

Administrative and Support	13	12
Sales, marketing and distribution	14	12
Technical	210	218

	237	242

8.	Directors' remuneration
		2025	2024
		£	£

Directors' emoluments	420,972	406,415
Company contributions to defined contribution pension schemes	4,597	3,522
	425,569	409,937

During the year retirement benefits were accruing to 2 directors (2024 - 2) in respect of defined contribution pension schemes.

Page 20

WANSTOR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Corporation tax
Current tax on profits for the year	687,761	526,019
Adjustments in respect of previous periods	-	(37,843)

Total current tax	687,761	488,176

Deferred tax
Origination and reversal of timing differences	(13,240)	(3,453)
Total deferred tax	(13,240)	(3,453)


	Tax on profit	674,521	484,723

Profit on ordinary activities before tax

2,703,531

2,027,319

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	675,883	506,830
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	1,504	(5,378)
Capital allowances for year in excess of depreciation	11,935	24,567
Short-term timing difference leading to an increase (decrease) in taxation	(13,240)	(3,453)
Group relief	(1,561)	-
Prior year R&D Claim	-	(37,843)
Total tax charge for the year	674,521	484,723

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 21

WANSTOR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

10.	Intangible assets

		Patents
		£
	Cost
	At 1 October 2024	208,322
	Additions	3,910
	At 30 September 2025	212,232
	Amortisation
	At 1 October 2024	179,820
	Charge for the year	20,376
	At 30 September 2025	200,196
	Net book value
	At 30 September 2025	12,036
	At 30 September 2024	28,502

Page 22

WANSTOR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

11.	Tangible fixed assets

	Long-term leasehold property	Fixtures and fittings	Other fixed assets	Total
	£	£	£	£
Cost or valuation
At 1 October 2024	55,447	813,400	1,502,205	2,371,052
Additions	-	21,955	27,399	49,354
At 30 September 2025	55,447	835,355	1,529,604	2,420,406
Depreciation
At 1 October 2024	18,482	692,363	1,466,100	2,176,945
Charge for the year	18,482	66,887	19,029	104,398
At 30 September 2025	36,964	759,250	1,485,129	2,281,343
Net book value
At 30 September 2025	18,483	76,105	44,475	139,063
At 30 September 2024	36,965	121,037	36,105	194,107

The net book value of land and buildings may be further analysed as follows:
	2025	2024
	£	£

Long leasehold	18,483	36,965
	18,483	36,965

Page 23

WANSTOR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

12.	Stocks
		2025	2024
		£	£

Finished goods and goods for resale	12,932	6,721
	12,932	6,721

13.

Debtors

					2025	2024
					£	£


Trade debtors	5,033,097	4,872,304
Amounts owed by group undertakings	5,656,759	5,650,514
Other debtors	9,235	10,327
Prepayments and accrued income	629,663	546,808
	11,328,754	11,079,953

14.	Cash and cash equivalents
		2025	2024
		£	£

Cash at bank and in hand	1,277,050	718,238
	1,277,050	718,238

15.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Trade creditors	1,183,026	1,483,396
Corporation tax	924,599	531,011
Other taxation and social security	580,706	756,176
Obligations under finance lease and hire purchase contracts	-	40,972
Other creditors	76,420	32,781
Accruals and deferred income	800,384	481,496
	3,565,135	3,325,832

Page 24

WANSTOR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

16.	Deferred taxation

	2025	2024
	£	£

At beginning of year	(45,631)	(49,084)
Charged to profit or loss	13,240	3,453
At end of year	(32,391)	(45,631)

The provision for deferred taxation is made up as follows:
	2025	2024
	£	£

	Accelerated capital allowances	(32,391)	(45,631)
		(32,391)	(45,631)

17.	Provisions

		Other provision
		£

	At 1 October 2024	48,978
	At 30 September 2025	48,978

18.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

100 (2024 - 100) Ordinary shares of £1.00 each	100	100

19.	Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £919,472 (2024: £709,904). Contributions totalling £8,865 (2024: £7,085) were payable to the fund at the balance sheet date and are included in other creditors due within one year

Page 25

WANSTOR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Not later than 1 year	250,000	250,000
Later than 1 year and not later than 5 years	312,500	562,500
	562,500	812,500

21.	Controlling party

The immediate and ultimate parent company is Wanstor Group Limited and its registered address is First Floor, Bridgegate House, 124-126 Borough High Street, London, SE1 1LB.

Page 26