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Registration number: 09242528

Amiosec Ltd
Annual Report and Financial Statements
for the Period from 1 April 2024 to 30 June 2025

Amiosec Ltd

Contents

Company Information | 1
Strategic Report | 2 to 3
Directors' Report | 4 to 5
Statement of Directors' Responsibilities | 6
Independent Auditor's Report | 7 to 9
Profit and Loss Account | 10
Balance Sheet | 11
Statement of Changes in Equity | 12
Notes to the Financial Statements | 13 to 27

Amiosec Ltd

Company Information

Directors | A M Cunningham J A Pyke M J Thomas

Registered office | Unit 5 Miller Court Severn Drive Tewkesbury Gloucestershire GL20 8DN

Auditors | Deloitte LLP Statutory AuditorAbbots House Abbey St Reading United Kingdom RG1 3BD

Amiosec Ltd

Strategic Report for the Period from 1 April 2024 to 30 June 2025

The directors present their strategic report for the period from 1 April 2024 to 30 June 2025.

Principal activity

The principal activity of the company is a key research and technology partner for UK defence, government and civil organisations.

Fair review of the business

Amiosec is a specialist in the design, development, build and supply of secure mobile communications, cyber security, high-grade cryptography and advanced network defence products and related services which it supplies to both government and civil organisations. Formed in 2014, the company has become a trusted supplier and partner to its primary government customers to which it supplies a number of products and services within the high-grade communications and crypt-key marketplace, both in the UK and across the 5-eyes community.

Key Events
On 16th April 2025, the entire issued share capital of the Company was acquired by PentenAmio Ltd, a company incorporated on 27 August 2024 in England and Wales [Company number 15919095].
The transaction was undertaken for Group restructuring purposes following the merger between Amiosec Ltd and Penten Pty Ltd.
The Directors consider that the acquisition will provide the Company with enhanced strategic support, access to additional resources, and opportunities for growth within the wider group. The Company will continue to trade as before and maintain its existing operations, while benefiting from the synergies and expertise of the group.

Trading results
Turnover for the 15-month period ended 30 June 2025 was £22.6M (2024: £20.7M) an increase of 9%. This increase in turnover is due to the extended period. Comparable 12-month period revenues were 5% down year on year primarily driven by a drop in System integration revenues £0.9m (2024: £3.2m) and a drop in product sales of £1m due to the completion of the onboarding of a new client. This reduction is mostly offset by growth in Managed Service revenues to £8.1m (2024: £6.0m). Customer funded research and development sales are broadly in-line with FY24 demonstrating their commitment to invest in future technology solutions. The period ending June 2025 saw continued investment by the business in headcount and other associated costs but was still able to deliver another profit before tax of £1.7m (2024: £4.0m). ( £0.5m statutory loss before tax includes £2.2m expenditure on the sale of Amiosec Ltd to PentenAmio Ltd).
Investment in internally funded research and development was £2.3M (2024: £2.1m). This demonstrates the Board’s commitment to ongoing investment in research and development (R&D) to ensure the continuing relevance of the company’s product and service offerings. In accordance with FRS 102 recognition criteria the Board has continued to make the accounting policy choice that all such expenditure is expensed to the profit and loss account and no expenditure is capitalised.
Gross Profit margin was 54% (2024: 40%) improved by lower customer spend on low margin system integration projects and external product purchases. FY25 represents a margin that is expected of the business.
As a result of the new UK Group formation the Company will adopt FRS101 effective financial year ending 30th June 2026.
Headcount grew significantly during the year and averaged 121 (2024: 104), demonstrating the company’s ability to attract new talent across all disciplines including engineering, managed services, information technology and administrative functions. The company considers its employees to be its most valuable asset and fosters an environment that encourages professional development, collaboration and team working. As a result, the company enjoys a low employee attrition rate.
Financial position and cash flow
The company had a net cash balance as at 30 June 2025 of £1.9M (2024: £6.3M)
This drop in cash balance reflects a redistribution of funds within the Group post Merger
The company finished the year with working capital (being stock and debtors plus cash at bank less creditors due within one year) of £15.8M (2024: £15.1M).
The Board considers the company to be in a strong financial position with sufficient working capital and cash to facilitate its future plans and continued investment in products and services.

Amiosec Ltd

Strategic Report for the Period from 1 April 2024 to 30 June 2025

The Board considers the following to be key performance indicators within the business and monitors these on a regular basis:

| Unit | 2025 | 2024
Revenue | £ | 22,635,055 | 20,692,942
Operating profit/(loss) | £ | (667,186) | 3,841,927
On Time In Full | % | 87 | 86

On Time In Full (OTIF) monitors the timeliness and completeness of deliverables across the business. OTIF in the year across measured internal and external deliverables was 87% (31 March 2024: 86%) with no deliverables being significantly late.

Principal risks and uncertainties

The Board monitors business risks on a regular basis and mitigating actions are put in place wherever possible. The principal risks and mitigating actions are as follows:

• | Lack of suitably qualified and experienced personnel to facilitate growth - mitigated through the development of strong relationships with specialist recruitment agencies, the implementation of apprenticeship and graduate schemes, relationships with academia and dedicated in-house early careers and recruitment personnel.
• | Potential impact of sovereign crypt-key industrial strategy on market access - mitigated through close working relationships with key stakeholders to understand and influence the strategy. Exploration of other markets and security classifications where our products could provide significant benefits to UK PLC.
• | Supply chain issues adversely impacting ability to build and supply product – mitigated through close working relationships with supply chain partners, utilisation of third party Materials Requirement Planning tools and advance procurement to minimise the impact of long-lead components.
• | Potential impact of a disruptive competitor or new technology entering the marketplace – mitigated through continuing high levels of investment in R&D to identify and develop new technologies and solutions and close working relationships with customers and other relevant stakeholders.
• | Geo-political risk as global tensions, sanctions, and state‑driven cyber activity can shift threats and influence how our AI‑enabled security solutions are deployed - mitigated by maintaining diverse supply chains, aligning closely with international compliance standards, and continuously updating our threat intelligence to stay ahead of fast‑moving geopolitical developments.
• | Compromise of critical IT systems - mitigated through implementation of best security practices, monitoring, business continuity planning and continuous improvement activities.
• | Customer related risks arising from the continued scaling of its operations. Rapid growth increases pressure on service delivery, support capacity and operational resilience. Any failure to meet customer expectations, including service availability or performance standards, could lead to reduced satisfaction, higher churn, or reputational impact - mitigated through continued investment in systems, processes and resources to maintain service quality and support sustainable growth.
• | Legal and compliance risks associated with expanding operations, including heightened obligations relating to data protection, contractual commitments and regulatory requirements. Increased volumes and complexity raise the potential for non compliance, contractual disputes or exposure to regulatory scrutiny – mitigated through robust controls, policies and governance frameworks to ensure ongoing compliance.

Future developments

The continued growth in electronic communications, constant evolution of cyber threats and changes to working patterns and methods mean that demand for highly secure mobility products and services will continue to increase at pace in the foreseeable future. By leveraging its strong financial position, deep customer relationships, technical partnerships and wealth of experience in secure high-grade cryptography, the Board is confident that the company can continue to execute a business strategy that focuses on innovation, agility and rapid development and deployment of products and services and delivers significant future growth.

Approved by the Board on 27 May 2026 and signed on its behalf by:

A M Cunningham
Director

Amiosec Ltd

Directors' Report for the Period from 1 April 2024 to 30 June 2025

The directors present their report and the financial statements for the period from 1 April 2024 to 30 June 2025.

Directors of the company

The directors who held office during the period were as follows:

A M Cunningham

J A Pyke

J A B Hendry (resigned 16 April 2025)

The following director was appointed after the period end:

M J Thomas (appointed 17 July 2025)

Key Events
On 16th April 2025, the entire issued share capital of the Company was acquired by PentenAmio Ltd, a company incorporated on 27 August 2024 in England and Wales [Company number 15919095].
The transaction was undertaken for Group restructuring purposes following the merger between Amiosec Ltd and Penten Pty Ltd.
The Directors consider that the acquisition will provide the Company with enhanced strategic support, access to additional resources, and opportunities for growth within the wider group. The Company will continue to trade as before and maintain its existing operations, while benefiting from the synergies and expertise of the group.

Results and dividends

The business reported a trading profit for the 15-month period of £1.7M (2024: £4.0M). Exceptional costs relating to the sale to PentenAmio Ltd (£2.2M) result in a loss before tax of £0.5M
The directors recommended a dividend of £Nil for the financial year (2024: £1.5M).

Information included in the Strategic Report

The future developments of the company are covered in the Strategic Report.

Financial instruments

Objectives and policies

The company's financial instruments comprise cash and liquid resources and various other items such as trade debtors, trade creditors, etc that arise directly from its operations. The main purpose of these financial instruments is to finance the operations of the company. The main risks arising from the company's financial instruments are set out below.

Price risk, credit risk, liquidity risk and cash flow risk

Price risk
Price risk is the risk that price changes will cause financial losses for the company. Through careful monitoring of the company's marketplace and competitors the company's exposure to price risk is kept to a minimum.
Credit risk
Credit risk is the risk that one party to a financial instrument will cause a financial loss to the other party by failing to discharge an obligation. The company trades under agreed payment terms with government bodies and large blue-chip organisations and has implemented credit control procedures and reporting to ensure that debts are repaid in a timely manner to mitigate this risk. The company has no significant credit risk.
Liquidity risk
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with its financial liabilities. The company held cash of £1.9M at the year-end date and the directors consider the company has sufficient liquid resources to meet its operational requirements. In addition, the Parent Company undertakes to provide all necessary assistance and resources to the Subsidiary to meet its financial and operational needs.
Cash flow risk
Cash flow risk is the risk that inflows and outflows of cash and cash equivalents will not be sufficient to finance day-to-day operations of the company. The company manages cash flow by active management of working capital and negotiating terms with customers and suppliers to maintain available funds to meet its liabilities as they fall due.

Amiosec Ltd

Directors' Report for the Period from 1 April 2024 to 30 June 2025

Going concern

Forecasts have been prepared that reflect estimates of future performance that take into account changes in the economic environment. These forecasts indicated that the company will continue to operate within their existing facilities. At 30 June 2025, the company had net assets of £17.1M (2024: £15.7M) and access to cash reserves of £1.9M (2024: £6.3M). Based on forecasts prepared and funds available, the directors believe that there are sufficient resources for the company to conduct business for at least 12 months post signing of the financial statements. As such the directors believe it is appropriate for the financial statements to be prepared on the going concern basis.

Research and Development
During the financial year, the company invested £2.3 million in R&D activities, a testament to our commitment to innovation and long-term growth. In line with FRS 102, this has been expensed to profit or loss. We continue to monitor the progress and commercial viability of all our R&D projects, ensuring that our investments deliver sustainable value and maintain our competitive edge.
Change in Accounting Standard
For the next Financial Year, the company will transition to FRS 101 Reduced Disclosure Framework in place of FRS 102. This change aligns the Company’s accounting policies more closely with those applied by the wider Group under IFRS, improving consistency and comparability across reporting entities structure.

Directors' liabilities

The company has indemnified, by means of directors’ and officers’ liability insurance, the directors of the company against liability in respect of proceedings brought by third parties, subject to the conditions set out in section 234 of the Companies Act. Such qualifying third party indemnity provision was in force during the year and is in force at the date of approving the Directors’ Report.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved by the Board on 27 May 2026 and signed on its behalf by:

A M Cunningham
Director

Amiosec Ltd

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual 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 under FRS102 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 apply them consistently;

• | make judgements and accounting estimates that are reasonable and prudent;

• | state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• | 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.

Amiosec Ltd

Independent Auditor's Report to the Members of Amiosec Ltd

Report on the audit of the Financial Statements

Opinion
In our opinion the financial statements of Amiosec Ltd (the 'company'):

• | give a true and fair view of the state of the company's affairs as at 30 June 2025 and of its profit for the period then ended;
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"; and
• | have been prepared in accordance with the requirements of the Companies Act 2006.

We have audited the financial statements which comprise:

• | the profit and loss account;

• | the balance sheet;

• | the statement of changes in equity;

• | the statement of accounting policies and

• | the related notes 1 to 24.

The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

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 UK, including the Financial Reporting Council’s (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 were 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 auditor’s report thereon. The directors are responsible for the other information. 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.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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.

Amiosec Ltd

Independent Auditor's Report to the Members of Amiosec Ltd

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.

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.

A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Extent to which the audit was considered capable of detecting irregularities, including fraud
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.
We considered the nature of the company’s industry and its control environment, and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management and the directors about their own identification and assessment of the risks of irregularities, including those that are specific to the company’s business sector.
We obtained an understanding of the legal and regulatory framework that the company operates in, and identified the key laws and regulations that:

• | had a direct effect on the determination of material amounts and disclosures in the financial statements. These included UK Companies Act, tax legislation; and

• | do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.

We discussed among the audit engagement team including relevant internal specialists such as tax, regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
As a result of performing the above, we identified the greatest potential for fraud in the following area, and our procedures performed to address it are described below:
Revenue recognition
Revenue cut off focused on whether sales transactions relating to research and development revenue were recorded in the correct accounting period:

• | Understand the relevant process the company has established in relation to revenue recognition throughout the period:

• | Performed testing of the design and implementation of the relevent controls over the recognition of revenue;

• | Performed substantive procedures over costs incurred to date and estimates to complete on selected contracts, including historical forecasting accuracy, and challenged the key assumptions taken by management;

• | Reviewed evidence to assess stage of completion of the revenue transactions such as customer confirmations and cash receipts; and

• | Performed an independent recalculation of expected revenue.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:

Amiosec Ltd

Independent Auditor's Report to the Members of Amiosec Ltd

• | reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

• | performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

• | enquiring of management, and in-house legal counsel concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and

• | reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC.

Report on other legal and regulatory requirements

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 Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and

• | the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any material misstatements in the strategic report or the directors’ report

Matters on which we are required to report by exception

Under the Companies Act 2006 we are required to report in respect of the following matters 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.

We have nothing to report in respect of these matters.

Use of this 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.

Garry Muzambi (Senior Statutory Auditor)
For and on behalf of Deloitte LLP
Statutory Auditor
Reading, United Kingdom

27 May 2026

Amiosec Ltd

Profit and Loss Account for the Period from 1 April 2024 to 30 June 2025

| Note | 1 April 2024 to 30 June 2025 | 1 April 2023 to 31 March 2024
Turnover | 3 | 22,635,055 | 20,692,942
Cost of sales |  | (10,368,105) | (12,325,598)
Gross profit |  | 12,266,950 | 8,367,344
Administrative expenses |  | (13,196,805) | (4,560,296)
Other operating income | 4 | 262,669 | 34,879
Operating (loss)/profit | 5 | (667,186) | 3,841,927
Other interest receivable and similar income | 6 | 202,703 | 180,428
Interest payable and similar charges | 7 | (12,011) | -
(Loss)/profit before tax |  | (476,494) | 4,022,355
Taxation | 11 | 1,938,728 | (838,754)
Profit for the financial period |  | 1,462,234 | 3,183,601

The above results were derived from continuing operations.

The company has no other comprehensive income for the year.

Amiosec Ltd

(Registration number: 09242528)
Balance Sheet as at 30 June 2025

| Note | 1 April 2024 to 30 June 2025 £ | 1 April 2023 to 31 March 2024 £
Fixed assets |  |  |
Tangible assets | 12 | 875,144 | 1,024,944
Investments | 13 | 1 | 1
|  | 875,145 | 1,024,945
Current assets |  |  |
Stocks | 14 | 4,424,631 | 4,488,218
Debtors | 15 | 17,117,310 | 9,876,824
Cash at bank and in hand |  | 1,929,973 | 6,306,852
|  | 23,471,914 | 20,671,894
Creditors: Amounts falling due within one year | 16 | (6,946,886) | (5,634,392)
Net current assets |  | 16,525,028 | 15,037,502
Total assets less current liabilities |  | 17,400,173 | 16,062,447
Provisions for liabilities | 11, 17 | (202,633) | (343,141)
Net assets |  | 17,197,540 | 15,719,306
Capital and reserves |  |  |
Called up share capital | 19 | 160,000 | 160,000
Share premium reserve |  | 16,000 | -
Profit and loss account |  | 17,021,540 | 15,559,306
Total equity |  | 17,197,540 | 15,719,306

Approved and authorised by the Board on 27 May 2026 and signed on its behalf by:

A M Cunningham
Director

Amiosec Ltd

Statement of Changes in Equity for the Period from 1 April 2024 to 30 June 2025

| Share capital £ | Share premium £ | Profit and loss account £ | Total £
At 1 April 2024 | 160,000 | - | 15,559,306 | 15,719,306
Profit for the period | - | - | 1,462,234 | 1,462,234
New share capital subscribed | - | 16,000 | - | 16,000
At 30 June 2025 | 160,000 | 16,000 | 17,021,540 | 17,197,540

| Share capital £ | Share premium £ | Profit and loss account £ | Total £
At 1 April 2023 | 160,000 | - | 13,875,705 | 14,035,705
Profit for the period | - | - | 3,183,601 | 3,183,601
Dividends | - | - | (1,500,000) | (1,500,000)
At 31 March 2024 | 160,000 | - | 15,559,306 | 15,719,306

Amiosec Ltd

Notes to the Financial Statements for the Period from 1 April 2024 to 30 June 2025

| 1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 5 Miller Court
Severn Drive
Tewkesbury
Gloucestershire
GL20 8DN

| 2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Summary of disclosure exemptions

This Company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this Company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The Company has therefore taken advantage of exemptions from the following disclosure requirements:.

• | Section 7 'Statement of Cash Flows': Presentation of a statement of cash flow and related notes and disclosures;
• | Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues': Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, changes recognised in profit or loss and in other comprehensive income;
• | Section 26 'Share based Payments': Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements; and
• | Section 33 'Related Party Disclosures': Compensation for key management personnel.

Name of parent of group

These financial statements are consolidated in the financial statements of PentenAmio Ltd.

The financial statements of PentenAmio Ltd may be obtained from the company's registered office, Unit 5 Miller Court, Severn Drive, Tewkesbury, Gloucestershire, United Kingdom, GL20 8DN.

Going concern

Forecasts have been prepared that reflect estimates of future performance that take into account changes in the economic environment. These forecasts indicated that the company will continue to operate within their existing facilities. At 30 June 2025, the company had net assets of £17.1M (31 March 2024: £15.7M) and access to cash reserves of £1.9M (31 March 2024: £6.3M). Based on forecasts prepared and funds available, the directors believe that there are sufficient resources for the company to conduct business for at least 12 months post signing of the financial statements. As such the directors believe it is appropriate for the financial statements to be prepared on the going concern basis.

Amiosec Ltd

Notes to the Financial Statements for the Period from 1 April 2024 to 30 June 2025

Adjusting events after the financial period

The directors evaluated subsequent events through to the date the Financial Statements were approved by the Board. After the reporting date, on 23rd July 2025, the Directors declared a final dividend of £8 million in respect of the year ended 31 December 2025. In accordance with FRS 102 Section 32, this dividend has not been recognised as a liability in these financial statements as it was declared after the reporting date.

Exemption from preparing group accounts

The financial statements contain information about Amiosec Ltd as an individual company and do not contain consolidated financial information as the parent of a group.
The company is exempt under section 400 of the Companies Act 2006 from the requirement to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, PentenAmio Ltd.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue from the sale of goods when the entity has transferred to the buyer the significant risk and reward of ownership of goods, and the amount of revenue can be reliably measured.
The company recognises revenue from the rendering of services when the amount of revenue can be reliably measured, it is probable that the economic benefits associated with the transaction will flow to the entity, the stage of completion of the transaction at the end of the reporting period can be measured reliably; and the costs incurred for the transaction and the costs to complete the transaction can be reliably measured.
For the purposes of revenue recognition based on % completion, the measure will be either an agreed deliverable milestone or over time via input method labour hours. Revenue for support contracts is deferred and released on a straight line basis over the term of the contract.
The company recognises revenue from royalties on an accrual basis, based on confirmation of the number of sales in each quarter period.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Amiosec Ltd

Notes to the Financial Statements for the Period from 1 April 2024 to 30 June 2025

Tax

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

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

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
A deferred tax asset is recognised only to the extent that it is probable that sufficient taxable profits will be available against which the deductible temporary differences can be utilised.

Research & Development Expenditure Credit (RDEC)
The company recognises the Research and Development Expenditure Credit (RDEC) within operating profit. RDEC is recognised when there is reasonable assurance that the Company has complied with the relevant conditions and that the credit will be received. The income is recorded as other operating income and matched to the related qualifying expenditure in the period in which the R&D activities occur. This presentation reflects the substance of the credit as a government incentive directly linked to operating activities and provides a more transparent view of the Company’s underlying performance.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Leasehold improvements | 33.3% straight line
Fixtures and fittings | 33.3% straight line
IT equipment | 33.3% - 50% straight line
Office equipment | 33.3% straight line
Plant and machinery | 33.3% straight line
Assets under construction | Not depreciated

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Amiosec Ltd

Notes to the Financial Statements for the Period from 1 April 2024 to 30 June 2025

Trade debtors

Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company's shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Amiosec Ltd

Notes to the Financial Statements for the Period from 1 April 2024 to 30 June 2025

Financial Instruments
Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.
Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Amiosec Ltd

Notes to the Financial Statements for the Period from 1 April 2024 to 30 June 2025

| 3 | Turnover

The analysis of the company's Turnover for the period from continuing operations is as follows:

| 1 April 2024 to 30 June 2025 £ | 1 April 2023 to 31 March 2024 £
Sale of goods | 1,738,648 | 765,969
Rendering of services | 20,523,575 | 19,373,609
Royalty revenue | 372,832 | 553,364
| 22,635,055 | 20,692,942

The analysis of the company's Turnover for the period by market is as follows:

| 1 April 2024 to 30 June 2025 £ | 1 April 2023 to 31 March 2024 £
UK | 21,678,610 | 20,056,386
Rest of world | 956,445 | 636,556
| 22,635,055 | 20,692,942

| 4 | Other operating income

The analysis of the company's other operating income for the period is as follows:

| 1 April 2024 to 30 June 2025 £ | 1 April 2023 to 31 March 2024 £
Other income | 262,669 | 34,879

| 5 | Operating profit

Arrived at after charging/(crediting)

| 1 April 2024 to 30 June 2025 £ | 1 April 2023 to 31 March 2024 £
Depreciation expense | 685,853 | 492,819
Research and development cost | 2,300,362 | 2,123,434
Foreign exchange losses | 10,634 | 10,079
Operating lease expense - property | 444,942 | 286,230
Operating lease expense - plant and machinery | - | 5,099
Loss on disposal of property, plant and equipment | 198 | -

| 6 | Other interest receivable and similar income

| 1 April 2024 to 30 June 2025 £ | 1 April 2023 to 31 March 2024 £
Interest income on director's loan account | 23,657 | 42,604
Interest income on bank deposits | 140,359 | 137,824
Interest income from HMRC | 38,687 | -
| 202,703 | 180,428

Amiosec Ltd

Notes to the Financial Statements for the Period from 1 April 2024 to 30 June 2025

| 7 | Interest payable and similar expenses

| 1 April 2024 to 30 June 2025 £ | 1 April 2023 to 31 March 2024 £
Interest expense on other finance liabilities | 12,011 | -

| 8 | Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

| 1 April 2024 to 30 June 2025 £ | 1 April 2023 to 31 March 2024 £
Wages and salaries | 10,371,803 | 6,561,845
Social security costs | 1,187,457 | 694,412
Pension costs, defined contribution scheme | 744,980 | 517,128
| 12,304,240 | 7,773,385

The average number of persons employed by the company (including directors) during the period, analysed by category was as follows:

| 1 April 2024 to 30 June 2025 No. | 1 April 2023 to 31 March 2024 No.
Production | 80 | 69
Administration and support | 41 | 35
| 121 | 104

| 9 | Directors' remuneration

The directors' remuneration for the period was as follows:

| 1 April 2024 to 30 June 2025 £ | 1 April 2023 to 31 March 2024 £
Remuneration | 957,791 | 434,153
Pension costs, defined contribution scheme | 35,625 | 26,908
| 993,416 | 461,061

During the period the number of directors who were receiving benefits and share incentives was as follows:

| 1 April 2024 to 30 June 2025 No. | 1 April 2023 to 31 March 2024 No.
Accruing benefits under money purchase pension scheme | 2 | 3

Amiosec Ltd

Notes to the Financial Statements for the Period from 1 April 2024 to 30 June 2025

In respect of the highest paid director:

| 1 April 2024 to 30 June 2025 £ | 1 April 2023 to 31 March 2024 £
Remuneration | 737,894 | 255,940
Company contributions to money purchase pension schemes | 13,750 | 5,000

£392,080 of total and highest paid director relates to amounts paid as part of the acquisition of Amiosec Ltd by PentenAmio Ltd.

| 10 | Auditor's remuneration

| 1 April 2024 to 30 June 2025 £ | 1 April 2023 to 31 March 2024 £
Audit of the financial statements | 20,000 | 24,400

| 11 | Taxation

Tax charged/(credited) in the profit and loss account

| 1 April 2024 to 30 June 2025 £ | 1 April 2023 to 31 March 2024 £
Current taxation |  |
UK corporation tax | - | 841,498
UK corporation tax adjustment to prior periods | - | 718
| - | 842,216
Deferred taxation |  |
Arising from origination and reversal of timing differences | (1,938,728) | (594)
Arising from previously unrecognised tax loss, tax credit or temporary difference of prior periods | - | (2,868)
Total deferred taxation | (1,938,728) | (3,462)
Tax (receipt)/expense in the income statement | (1,938,728) | 838,754

The tax on loss before for the period is higher than the standard rate of corporation tax in the UK (2024 - lower than the standard rate of corporation tax in the UK) of 25% (2024 - 25%).
The differences are reconciled below:

Amiosec Ltd

Notes to the Financial Statements for the Period from 1 April 2024 to 30 June 2025

| 1 April 2024 to 30 June 2025 £ | 1 April 2023 to 31 March 2024 £
(Loss)/profit before tax | (476,494) | 4,022,355
Corporation tax at standard rate | (119,124) | 1,005,589
Increase in UK and foreign current tax from adjustment for prior periods | - | 718
Tax increase from effect of capital allowances and depreciation | 6,579 | 1,308
Effect of revenues exempt from taxation | (46) | -
Effect of expense not deductible in determining taxable profit (tax loss) | 459,129 | 44,642
Deferred tax credit from unrecognised temporary difference from a prior period | - | (2,868)
Tax decrease from effect of adjustment in research and development tax credit | - | (210,635)
Other permanent differences | (2,285,266) | -
Total tax (credit)/charge | (1,938,728) | 838,754

Deferred tax
Deferred tax assets and liabilities

2025 | Asset
Difference between accumulated amortisation, depreciation and capital allowances | (175,998)
Losses and other deductions | 1,878,127
Short term timing differences | 17,728
Deferred RDEC credits | 130,217
| 1,850,074

2024 | Liability
Difference between accumulated amortisation, depreciation and capital allowances | 229,638
Short term timing differences | (10,767)
| 218,871

Amiosec Ltd

Notes to the Financial Statements for the Period from 1 April 2024 to 30 June 2025

| 12 | Tangible assets

| Leasehold improvements £ | Assets under construction £ | Fixtures and fittings £ | IT equipment £ | Office equipment £ | Plant and machinery £ | Total £
Cost
At 1 April 2024 | 439,253 | 301,931 | 202,403 | 1,342,905 | 36,762 | 22,219 | 2,345,473
Additions | 309,743 | - | 15,997 | 204,325 | 6,186 | - | 536,251
Disposals | (21,167) | - | (9,467) | (209,232) | (23,685) | (5,502) | (269,053)
Transfers | 38,076 | (301,931) | - | 263,855 | - | - | -
At 30 June 2025 | 765,905 | - | 208,933 | 1,601,853 | 19,263 | 16,717 | 2,612,671
Depreciation
At 1 April 2024 | 329,314 | - | 165,535 | 773,957 | 32,235 | 19,488 | 1,320,529
Charge for the year | 149,292 | - | 37,085 | 492,116 | 5,589 | 1,771 | 685,853
Eliminated on disposal | (20,969) | - | (9,467) | (209,232) | (23,685) | (5,502) | (268,855)
At 30 June 2025 | 457,637 | - | 193,153 | 1,056,841 | 14,139 | 15,757 | 1,737,527
Carrying amount
At 30 June 2025 | 308,268 | - | 15,780 | 545,012 | 5,124 | 960 | 875,144
At 31 March 2024 | 109,939 | 301,931 | 36,868 | 568,948 | 4,527 | 2,731 | 1,024,944

Amiosec Ltd

Notes to the Financial Statements for the Period from 1 April 2024 to 30 June 2025

| 13 | Investments

| 1 April 2024 to 30 June 2025 £ | 1 April 2023 to 31 March 2024 £
Investments in subsidiaries | 1 | 1

Subsidiaries | £
Cost
At 1 April 2024 | 1
Carrying amount
At 30 June 2025 | 1
At 31 March 2024 | 1

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking | Registered office | Holding | Proportion of voting rights and shares held
|  |  | 2025 | 2024

Amiosec Trustee Ltd | England and Wales | Ordinary | 100% | 100%

Amiosec Trustee Ltd is a trustee of an Employee Share Scheme Trust.

| 14 | Stocks

| 1 April 2024 to 30 June 2025 £ | 1 April 2023 to 31 March 2024 £
Raw materials and consumables | 3,291,780 | 3,083,284
Work in progress | 409,692 | 583,464
Finished goods and goods for resale | 723,159 | 821,470
| 4,424,631 | 4,488,218

Amiosec Ltd

Notes to the Financial Statements for the Period from 1 April 2024 to 30 June 2025

| 15 | Debtors

| Note | 1 April 2024 to 30 June 2025 £ | 1 April 2023 to 31 March 2024 £
Trade debtors |  | 2,445,666 | 7,143,508
Amounts owed by group undertakings |  | 9,192,373 | -
Other debtors |  | 419,792 | 248,905
Prepayments |  | 1,239,491 | 654,815
Accrued income |  | 731,681 | 538,721
Payments in advance |  | 20,099 | 732,137
Director's loan account | 21 | - | 551,026
Deferred tax asset | 11 | 1,850,074 | -
Corporation tax asset |  | 1,218,134 | 7,712
|  | 17,117,310 | 9,876,824

Loans with related parties are unsecured, non interest bearing, and repayable on demand. No guarantees have been provided or received in relation to these balances.
Included within amounts owed by group undertakings is a balance of £8,019,000 which was subsequently settled by way of a dividend declared after the reporting date. As disclosed in Note 24, Non adjusting events after the financial period.

| 16 | Creditors

| 1 April 2024 to 30 June 2025 £ | 1 April 2023 to 31 March 2024 £
Due within one year |  |
Trade creditors | 130,174 | 1,815,726
Amounts due to group undertakings | 325,788 | -
Social security and other taxes | 523,006 | 1,230,192
Outstanding defined contribution pension costs | 120,936 | 92,182
Other payables | 1,406,610 | 20,390
Accrued expenses | 773,572 | 840,312
Deferred income | 3,666,800 | 1,635,590
| 6,946,886 | 5,634,392

Loans with related parties are unsecured, non interest bearing, and repayable on demand. No guarantees have been provided or received in relation to these balances.

Amiosec Ltd

Notes to the Financial Statements for the Period from 1 April 2024 to 30 June 2025

| 17 | Deferred tax and other provisions

| Warranties £ | Deferred tax £ | Dilapidations £ | Total £
At 1 April 2024 | 836 | 218,871 | 123,434 | 343,141
Additional provisions | 17,353 | - | 61,846 | 79,199
Increase/(decrease) in existing provisions | (836) | (218,871) | - | (219,707)
At 30 June 2025 | 17,353 | - | 185,280 | 202,633

The dilapidations provision of £185,280 relates to the cost the company expects to incur in restoring the leased premises to their condition prior to occupancy. The provision is management's best estimate of the expected cash outflows.
The company gives warranties on certain products. A provision for warranty is calculated and recognised for each type of such product based on available past historical data on the levels of repairs and returns.

| 18 | Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the 15-month period ended 30 June 2025 represents contributions payable by the company to the scheme and amounted to £744,980 (12-month period ended 31 March 2024 - £517,128).
Contributions totalling £120,936 (31 March 2024 - £92,182) were payable to the scheme at the end of the period and are included in creditors.

| 19 | Share capital

Allotted, called up and fully paid shares

| 1 April 2024 to 30 June 2025 | 1 April 2023 to 31 March 2024
| No. | £ | No. | £
Ordinary A £1 of £1 each | 48,000 | 48,000 | 48,000 | 48,000
Ordinary B £1 of £1 each | 48,000 | 48,000 | 48,000 | 48,000
Ordinary C £1 of £1 each | 48,000 | 48,000 | 48,000 | 48,000
Ordinary D £1 of £1 each | 16,000 | 16,000 | 16,000 | 16,000
| 160,000 | 160,000 | 160,000 | 160,000

All shares carry full voting rights and are entitled to received dividends and distributions. All share classes rank pari passu.

Amiosec Ltd

Notes to the Financial Statements for the Period from 1 April 2024 to 30 June 2025

| 20 | Obligations under leases

Operating leases

The total of future minimum lease payments is as follows:

| 1 April 2024 to 30 June 2025 £ | 1 April 2023 to 31 March 2024 £
Not later than one year | 232,162 | 361,843
Later than one year and not later than five years | 501,191 | 1,066,494
Later than five years | 213,398 | 548,153
| 946,751 | 1,976,490

The amount of non-cancellable operating lease payments recognised as an expense during the period from 1 April 2024 to 30 June 2025 was £447,546 (year ended 31 March 2024 - £291,329).

| 21 | Related party transactions

Summary of transactions with key management

Key management personnel are considered to be the directors of the company and key management personnel compensation is disclosed in note 9 to the financial statements.

Transactions with directors

Director's loan account

2025 | At 1 April 2024 £ | Advances to director £ | Repayments by director £ | At 30 June 2025 £
A M Cunningham | 551,026 | - | (551,026) | -

2024 | At 1 April 2023 £ | Advances to director £ | Repayments by director £ | At 31 March 2024 £
A M Cunningham | 508,422 | 42,604 | - | 551,026

The loan was repayable no later than 1 January 2023. As such, the loan plus interest which accrues at 3% above the Bank of England base rate is immediately repayable on demand by the company. The loan was repaid in full on the 16th April 2025.

Loans from related parties

| 1 April 2024 to 30 June 2025 £
Loan due in more than one year | 1,012,011
| 1,012,011

Amiosec Ltd

Notes to the Financial Statements for the Period from 1 April 2024 to 30 June 2025

| 22 | Analysis of changes in net debt

| At 1 April 2024 £ | Cash flow £ | At 30 June 2025 £
Cash and cash equivalents |  |  |
Cash | 6,306,852 | (4,376,879) | 1,929,973
| 6,306,852 | (4,376,879) | 1,929,973

| 23 | Parent and ultimate parent undertaking

The Company’s immediate parent undertaking is PentenAmio Operations Ltd, a company incorporated in UK [CN16363008].
The Company’s ultimate parent undertaking and controlling party is PentenAmio Ltd [CN 15919095] which is the parent of the group in which the results of the Company are consolidated. The consolidated financial statements of this group are available from Unit 5 Miller Court, Severn Drive, Tewkesbury, Gloucestershire, United Kingdom, GL20 8DN.

| 24 | Non adjusting events after the financial period

The directors evaluated subsequent events through to the date the Financial Statements were approved by the Board.
After the reporting date, on 23rd July 2025, the Directors declared a final dividend of £8 million in respect of the year ended 31 December 2025. In accordance with FRS 102 Section 32, this dividend has not been recognised as a liability in these financial statements as it was declared after the reporting date.