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Registered number: 10884951 EMIXA INDUSTRY SOLUTIONS LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED ENDED 31 DECEMBER 2025
EMIXA INDUSTRY SOLUTIONS LIMITED COMPANY INFORMATION
Directors | A Blackwell (resigned 28 November 2025)
| R Dyer
| L Males
| M Parry
| E Burghoorn (resigned 1 July 2025)
| P Simons
| A Lodge
| D Schornagel (appointed 16 July 2025)
Company secretary | Oakwood Corporate Secretary Limited
Registered number | 10884951
Registered office | The Second Floor
| The Wolfram Centre Lower Road
| Long Hanborough
| Witney
| Oxfordshire
| OX29 8FD
Independent auditors | James Cowper Kreston Audit
| Chartered Accountants and Statutory Auditor
| 201 Cumnor Hill
| Cumnor
| Oxford
| Oxfordshire
| OX2 9PJ
EMIXA INDUSTRY SOLUTIONS LIMITED CONTENTS
| Page
Strategic report | 1 - 2
Directors' report | 3 - 4
Independent auditors' report | 5 - 7
Statement of comprehensive income | 8
Balance sheet | 9
Statement of changes in equity | 10
Statement of cash flows | 11
Analysis of net debt | 12
Notes to the financial statements | 13 - 25
EMIXA INDUSTRY SOLUTIONS LIMITED STRATEGIC REPORT FOR THE YEAR ENDED ENDED 31 DECEMBER 2025
Introduction
The Directors present their Strategic Report in respect of the year ended 31 December 2025. The comparatives are for the 12 months ended 31 December 2024.
Business review
The board of Directors consider the FY25 business performance to have exceeded expectations, considering the challenges it has faced from moving to a software subscription model from a perpetual license model. Both software and services revenues have remained strong throughout 2025, and this has been highlighted as the business revenues grew by 13% compared to 2024. There has also been a fantastic collaboration between the companies within the group, together shaping the future of digital transformation across its customer base. FY25 led to the awards from Siemens’ of Top Partner UK and Ireland, Top EMEA Partner for Software New Business and Top EMEA Partner for NX Software. These are the highest accolades the Company and group can achieve, competing against all Siemens PLM partners across Europe. The award recognises outstanding performance for software sales, technical support, customer satisfaction and retention. The senior management team all remain in place and are committed to continue to drive the business forward, with significant experience shown in all areas of the business. The business remains committed to ensuring a long term relationship and high performance with its customers, which has shown in its low attrition of customers across its various revenue streams.
Principal risks and uncertainties
Brexit risk As expected, the Company has not been materially impacted by Brexit. The Directors and their European colleagues continue to monitor the situation. Software Subscriptions The move from perpetual software license sales to a subscription model continued to challenge the business short term finance model throughout 2025. However, three years of this model have now passed and the business is more than confident that it will be able to meet all of its financial commitments in the future. Technical Services A growth plan of 20% has been put in place again for FY26 as the Company expands its services offerings. This is made possible by the group acquisition and the numerous capabilities of providing the digital transformation services that are now available to the Company’s customer base.
Financial key performance indicators
The Company considers its key financial performance indicators to be revenue and EBITDA. Revenue has remained strong and for the 12 months to 31 December 2025 amounting to £24,551,701 (2024: £21,695,916), an increase of 13.2%. EBITDA has also increased for the 12 months to 31 December 2025 amounting to £1,610,037 (2024: £1,445,407), an increase of 11.4%. The Company remain in a strong financial position which reflects the commitment of the Directors to expand the services of the Company through existing customer relationships together with new opportunities arising from its new parent and its fellow subsidiaries in Europe. Page 1
EMIXA INDUSTRY SOLUTIONS LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED ENDED 31 DECEMBER 2025
Non-financial key performance indicators
The Company does not have any non-financial key performance indicators. This report was approved by the board and signed on its behalf.
M Parry Director
Date: 28 May 2026
Page 2
EMIXA INDUSTRY SOLUTIONS LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED ENDED 31 DECEMBER 2025 The Directors present their report and the financial statements for the year ended ended 31 December 2025.
Directors
The Directors who served during the year ended were:
A Blackwell (resigned 28 November 2025)
R Dyer
L Males
M Parry
E Burghoorn (resigned 1 July 2025)
P Simons
A Lodge
D Schornagel (appointed 16 July 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 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 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 ended, after taxation, amounted to £547,833 (2024 - £422,713). The Company paid no dividends during the year (2024: £Nil)
Disclosure of information to auditors
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 auditors are 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 auditors are aware of that information. Page 3
EMIXA INDUSTRY SOLUTIONS LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED ENDED 31 DECEMBER 2025
Post balance sheet events
There have been no significant events affecting the Company since the year end.
Auditors
The auditors, James Cowper Kreston Audit, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
M Parry Director
Date: 28 May 2026
Page 4
EMIXA INDUSTRY SOLUTIONS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EMIXA INDUSTRY SOLUTIONS LIMITED
Opinion
We have audited the financial statements of Emixa Industry Solutions Limited (the 'Company') for the year ended ended 31 December 2025, which comprise the Statement of comprehensive income, the Analysis of net debt, the Balance sheet, the Statement of cash flows, 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 31 December 2025 and of its profit for the year ended 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 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.
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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. Page 5
EMIXA INDUSTRY SOLUTIONS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EMIXA INDUSTRY SOLUTIONS LIMITED (CONTINUED)
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 ended 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 3, 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 6
EMIXA INDUSTRY SOLUTIONS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EMIXA INDUSTRY SOLUTIONS LIMITED (CONTINUED)
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 an Auditors' 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. 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. The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows: ∙Enquiry of management and those charged with governance around actual and potential litigation and claims; ∙Enquiry of management and those charged with governance to identify any material instances of non-compliance with laws and regulations; ∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; ∙Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias. 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 Auditors' 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 Auditors' 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. James Pitt BA(Hons) BFP FCA (Senior Statutory Auditor) for and on behalf of James Cowper Kreston Audit Chartered Accountants and Statutory Auditor 201 Cumnor Hill Cumnor Oxford Oxfordshire OX2 9PJ 28 May 2026 Page 7
EMIXA INDUSTRY SOLUTIONS LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 24,551,701 | 21,695,916
Cost of sales |  | (11,509,903) | (9,943,851)
Gross profit |  | 13,041,798 | 11,752,065
Administrative expenses |  | (11,431,761) | (10,306,658)
Depreciation and amortisation |  | (657,588) | (658,164)
Operating profit | 6 | 952,449 | 787,243
Interest payable and similar expenses | 10 | - | (3,176)
Profit before tax |  | 952,449 | 784,067
Tax on profit | 11 | (404,616) | (361,354)
Profit for the financial year ended |  | 547,833 | 422,713
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 13 to 25 form part of these financial statements.
Page 8
EMIXA INDUSTRY SOLUTIONS LIMITED REGISTERED NUMBER: 10884951 BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 12 |  | 1,728,941 |  | 2,310,303
Tangible assets | 13 |  | 85,672 |  | 123,434
|  |  | 1,814,613 |  | 2,433,737
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 14 | 18,305,246 |  | 15,410,463 |
Cash at bank and in hand | 15 | 1,810,696 |  | 1,812,500 |
|  | 20,115,942 |  | 17,222,963 |
Creditors: amounts falling due within one year | 16 | (16,700,277) |  | (14,974,255) |
Net current assets |  |  | 3,415,665 |  | 2,248,708
Total assets less current liabilities |  |  | 5,230,278 |  | 4,682,445
Provisions for liabilities |  |  |  |  |
Deferred tax | 18 | (47,000) |  | (47,000) |
|  |  | (47,000) |  | (47,000)
Net assets |  |  | 5,183,278 |  | 4,635,445
Capital and reserves |  |  |  |  |
Called up share capital | 19 |  | 2 |  | 2
Share premium account | 21 |  | 434,727 |  | 434,727
Profit and loss account | 21 |  | 4,748,549 |  | 4,200,716
|  |  | 5,183,278 |  | 4,635,445
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
M Parry
Director
Date: 28 May 2026
The notes on pages 13 to 25 form part of these financial statements. Page 9
EMIXA INDUSTRY SOLUTIONS LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED ENDED 31 DECEMBER 2025
| Called up share capital | Share premium account | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2025 | 2 | 434,727 | 4,200,716 | 4,635,445
Profit for the year ended | - | - | 547,833 | 547,833
At 31 December 2025 | 2 | 434,727 | 4,748,549 | 5,183,278
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED ENDED 31 DECEMBER 2024
| Called up share capital | Share premium account | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2024 | 2 | 434,727 | 3,778,003 | 4,212,732
Profit for the year | - | - | 422,713 | 422,713
At 31 December 2024 | 2 | 434,727 | 4,200,716 | 4,635,445
| The notes on pages 13 to 25 form part of these financial statements.
Page 10
EMIXA INDUSTRY SOLUTIONS LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED ENDED 31 DECEMBER 2025
|  |  |  | 2025 | 2024
|  |  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year ended | 547,833 | 422,713
Adjustments for: |  |
Amortisation of intangible assets | 581,362 | 581,364
Depreciation of tangible assets | 76,226 | 76,801
Interest paid | - | 3,176
Taxation charge | 404,616 | 361,354
(Increase) in debtors | (529,046) | (1,279,052)
Increase in creditors | 1,726,022 | 1,695,378
Corporation tax (paid) | (404,616) | (629,999)
Net cash generated from operating activities | 2,402,397 | 1,231,735
Cash flows from investing activities |  |
Purchase of intangible fixed assets | (38,464) | (69,386)
Net cash from investing activities | (38,464) | (69,386)
Cash flows from financing activities |  |
Other new loans | (2,365,737) | (600,000)
Interest paid | - | (3,176)
Net cash used in financing activities | (2,365,737) | (603,176)
Net (decrease)/increase in cash and cash equivalents | (1,804) | 559,173
Cash and cash equivalents at beginning of year ended | 1,812,500 | 1,253,327
Cash and cash equivalents at the end of year ended | 1,810,696 | 1,812,500
Cash and cash equivalents at the end of year ended comprise: |  |
Cash at bank and in hand | 1,810,696 | 1,812,500
| 1,810,696 | 1,812,500
| The notes on pages 13 to 25 form part of these financial statements.
Page 11
EMIXA INDUSTRY SOLUTIONS LIMITED ANALYSIS OF NET DEBT FOR THE YEAR ENDED ENDED 31 DECEMBER 2025
| At 1 January 2025 | Cash flows | At 31 December 2025
| £ | £ | £
Cash at bank and in hand | 1,812,500 | (1,804) | 1,810,696
| 1,812,500 | (1,804) | 1,810,696
The notes on pages 13 to 25 form part of these financial statements.
Page 12
EMIXA INDUSTRY SOLUTIONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED ENDED 31 DECEMBER 2025
1. | General information
Emixa Industry Solutions Limited is a private company, limited by shares, incorporated and domiciled in England and Wales. The address of the registered office is The Second Floor, The Wolfram Centre, Lower Road, Long Hamborough, Witney, OX29 8FD. The principal activity of the Company is that of engineering software sales and engineering consultancy for designers. 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 judgement in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Exemption from preparing consolidated financial statements
The Company is exempt from the requirement to prepare consolidated financial statements as all of its subsidiaries are required to be excluded from consolidation by section 402 of the Companies Act 2006.
| 2.3 | 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. Page 13
EMIXA INDUSTRY SOLUTIONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.4 | 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: 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.
| 2.5 | 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. The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 January 2024 to continue to be charged over the period to the first market rent review rather than the term of the lease.
| 2.6 | 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 specific 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.
| 2.7 | 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. Page 14
EMIXA INDUSTRY SOLUTIONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.8 | 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.
| 2.9 | Current and deferred taxation
The tax expense for the year ended 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. Page 15
EMIXA INDUSTRY SOLUTIONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.10 | Intangible assets
Goodwill Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life. Other 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.
| 2.11 | 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:
|  |  |  | Office equipment | - | 33% | reducing balance
|  |  |  | Computer equipment | - | 25% | straight line
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.
| 2.12 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.13 | 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. Page 16
EMIXA INDUSTRY SOLUTIONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.14 | 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 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 Company's cash management.
| 2.15 | 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.
| 2.16 | 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.
| 2.17 | 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. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
| 2.18 | 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. Page 17
EMIXA INDUSTRY SOLUTIONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED ENDED 31 DECEMBER 2025
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
In preparing the financial statements, management are required to make estimates and judgements that affect the amounts reported in the financial statements. Actual results could differ from these estimations which may be material to the financial statements. The key judgements include: Goodwill Management recognise goodwill for the consideration paid in excess of the fair value of net assets acquired under the purchase method. Management review the useful economic life of goodwill based on past trading experience of subsidiaries acquired and expected future discounted cash flows. The estimate of the useful economic life of goodwill has a material impact to the financial statements.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Software licences | 14,269,229 | 8,334,214
| Maintenance | 3,639,186 | 7,777,879
| Technical services and training | 6,643,286 | 5,583,823
|  | 24,551,701 | 21,695,916
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 23,625,253 | 20,602,956
| Rest of the world | 926,448 | 1,092,960
|  | 24,551,701 | 21,695,916
5. | EBITDA
| This note reports results in addition to those required under Financial Reporting Standard 102. The Company’s key financial performance indicator is EBITDA representing profit for the year adjusted for tax expenses, interest paid, interest received, depreciation and amortisation.
|  | 2025 | 2024
|  | £ | £
| Profit for the period | 547,833 | 422,713
| Taxation | 404,616 | 361,354
| Interest payable | - | 3,176
| Depreciation | 76,226 | 76,801
| Amortisation | 581,362 | 581,363
|  | 1,610,037 | 1,445,407
Page 18
EMIXA INDUSTRY SOLUTIONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED ENDED 31 DECEMBER 2025
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation | 76,226 | 76,801
| Amortisation | 581,362 | 581,363
| Exchange differences | 75,299 | 24,628
7. | Auditors' remuneration
| During the year ended, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditor for the audit of the Company's financial statements | 42,550 | 40,500
| Fees payable to the Company's auditors in respect of: |  |
| Taxation compliance services | 5,150 | 4,900
8. | Employees
| Staff costs, including Directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 7,622,427 | 7,111,510
| Social security costs | 992,954 | 786,054
| Cost of defined contribution scheme | 168,975 | 169,600
|  | 8,784,356 | 8,067,164
| The average monthly number of employees, including the Directors, during the year ended was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Employees | 114 | 112
Page 19
EMIXA INDUSTRY SOLUTIONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED ENDED 31 DECEMBER 2025
9. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors salaries | 672,488 | 605,616
| Company contributions to defined contribution pension schemes | 77,562 | 79,622
|  | 750,050 | 685,238
| During the year ended retirement benefits were accruing to 5 Directors (2024 - 6) in respect of defined contribution pension schemes.
| The highest paid Director received remuneration of £220,914 (2024 - £210,011).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £18,294 (2024 - £17,061).
10. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | - | 3,176
11. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 404,616 | 361,354
|  | 404,616 | 361,354
| Total current tax | 404,616 | 361,354
| Deferred tax |  |
| Total deferred tax | - | -
| Tax on profit | 404,616 | 361,354
Page 20
EMIXA INDUSTRY SOLUTIONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED ENDED 31 DECEMBER 2025 11.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 952,449 | 784,067
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 238,112 | 196,017
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 45,553 | 27,276
| Capital allowances for year ended/year in excess of depreciation | 140,349 | 140,349
| Adjustments to tax charge in respect of prior periods | - | (978)
| Movement in deferred tax not recognised | (19,398) | (1,310)
| Total tax charge for the year ended/year | 404,616 | 361,354
12. | Intangible assets
|  | Patents | Development expenditure | Goodwill | Total
|  | £ | £ | £ | £
| Cost |  |  |  |
| At 1 January 2025 | 70,051 | 199,671 | 5,328,054 | 5,597,776
| At 31 December 2025 | 70,051 | 199,671 | 5,328,054 | 5,597,776
| Amortisation |  |  |  |
| At 1 January 2025 | 70,051 | 134,552 | 3,082,870 | 3,287,473
| Charge for the year | - | 19,966 | 561,396 | 581,362
| At 31 December 2025 | 70,051 | 154,518 | 3,644,266 | 3,868,835
| Net book value |  |  |  |
| At 31 December 2025 | - | 45,153 | 1,683,788 | 1,728,941
| At 31 December 2024 | - | 65,119 | 2,245,184 | 2,310,303
Page 21
EMIXA INDUSTRY SOLUTIONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED ENDED 31 DECEMBER 2025
13. | Tangible fixed assets
|  | Office equipment | Computer equipment | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 January 2025 | 13,769 | 479,239 | 493,008
| Additions | 14,995 | 23,469 | 38,464
| At 31 December 2025 | 28,764 | 502,708 | 531,472
| Depreciation |  |  |
| At 1 January 2025 | 12,302 | 357,272 | 369,574
| Charge for the year | 5,433 | 70,793 | 76,226
| At 31 December 2025 | 17,735 | 428,065 | 445,800
| Net book value |  |  |
| At 31 December 2025 | 11,029 | 74,643 | 85,672
| At 31 December 2024 | 1,467 | 121,967 | 123,434
14. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 6,223,664 | 6,273,202
| Amounts owed by group undertakings | 5,250,000 | 2,884,263
| Other debtors | 265,682 | 173,194
| Prepayments and accrued income | 6,565,900 | 6,079,804
|  | 18,305,246 | 15,410,463
| Amounts owed by group undertakings are unsecured, non-interest bearing and repayable on demand.
15. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 1,810,696 | 1,812,500
Page 22
EMIXA INDUSTRY SOLUTIONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED ENDED 31 DECEMBER 2025
16. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 1,554,643 | 1,421,261
| Amounts owed to group undertakings | 112,618 | 35,250
| Other taxation and social security | 949,225 | 1,076,936
| Other creditors | 4,238 | 6,941
| Accruals and deferred income | 14,079,553 | 12,433,867
|  | 16,700,277 | 14,974,255
| Amounts owed to group undertakings are unsecured, non-interest bearing and repayable on demand.
17. | Financial instruments
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Financial assets |  |
| Cash at bank | 1,810,696 | 1,812,500
| Financial assets that are debt instruments measured at amortised cost | 11,739,346 | 9,330,659
|  | 13,550,042 | 11,143,159
| Financial liabilities |  |
| Financial liabilities measured at amortised cost | (4,458,075) | (3,789,814)
| Financial assets that are debt instruments measured at amortised cost comprise trade debtors, amount owed by group undertakings, and other debtors. Financial liabilities measured at amortised cost comprise trade creditors, amounts owed to group undertakings, other creditors and accruals.
Page 23
EMIXA INDUSTRY SOLUTIONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED ENDED 31 DECEMBER 2025
18. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (47,000)
| At end of year | (47,000)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fixed asset timing differences | (47,000) | (47,000)
|  | (47,000) | (47,000)
19. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 66,000 (2024 - 66,000) Ordinary shares of £0.00002 each | 1.32 | 1.32
|  | 22,000 (2024 - 22,000) A Ordinary shares of £0.00002 each | 0.44 | 0.44
|  |  | 1.76 | 1.76
| Ordinary shares entitle the holder to one vote per share and have full dividend and distribution rights. Ordinary shares rank behind A Ordinary shares for their preferential return of capital and long term dividend. A Ordinary shares entitle the holder to one vote per share subject to certain conditions and entitle the holder to full participation rights.
20. | Charge over assets
The Company has granted fixed and floating charges to Kroll Trustee Services Limited, as security agent, under a debenture dated 25 November 2022 and registered on 1 December 2022. The security includes a fixed charge over all present and future intellectual property (excluding restricted IP) and floating charges over the remainder of the Company’s assets. The charge is held as continuing security for amounts owed under the Group’s financing arrangements. Page 24
EMIXA INDUSTRY SOLUTIONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED ENDED 31 DECEMBER 2025
21. | Reserves
Share premium account The share premium reserve includes amounts received in excess of the nominal value of shares. Profit and loss account The profit and loss account includes all current and prior period profits and losses.
22. | Pension commitments
The Company operates a defined contributions 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 £168,975 (2024: £169,600). Contributions totalling £2,287 (2024: £4,990) were payable to the fund at the balance sheet date and are included in creditors.
23. | Commitments under operating leases
| At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 177,547 | 59,465
| Later than 1 year and not later than 5 years | 230,159 | -
|  | 407,706 | 59,465
24. | Related party transactions
| The Company has taken advantage of Section 33.1A of FRS102 not to disclose information on transactions entered into between 100% owned group companies.
25. | Controlling party
The Directors do not consider there to be one ultimate controlling party.
Page 25