REGISTERED NUMBER: 08281689 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2025

for

AVI-SPL Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

15

DIRECTORS:

J Faber

M S Kellaway

M Payne

J T Zettel

SECRETARY:

Ms L Fenno

REGISTERED OFFICE:

Unit 12 Armstrong Mall

Southwood Business Park

Farnborough

GU14 0NR

REGISTERED NUMBER:

08281689 (England and Wales)

AUDITORS:

Butt Miller

Chartered Accountants and Statutory Auditor

1 Minster Court

Tuscam Way

Camberley

Surrey

GU15 3YY

The directors present their Strategic Report for the Company for the year ended 31 December 2025. AVI-SPL is a leading digital workplace solutions provider, installing, servicing and managing United Communication and Collaboration technologies for clients globally.

REVIEW OF BUSINESS

2025 saw a continuation of the company's growth and development. Healthy increases in revenue as well as Gross Profit were as a result of increased Market penetration and a number of key major customer (and General Contractor) contracts being won. Good cash and cost management have helped the business as it shapes up for further expansion.

AVI-SPL Limited's core offering is:

-AV equipment and its integration into standard and bespoke design solutions

-Onsite & Remote Managed Services

-Warranty & Customer Care Packages

-Also, the Company has become a market leader in providing a full suite of UCC services.

Revenue was £37.9m (2024: £33.6m), up by 13% and GP increased by £1.6m (+16%)with GP margins remaining consistent.

The Company continues to be supported by its US Parent: AVI-SPL Global LCC is the world's largest and leading AV Integration group (expanding toward $2.0b revenue in 2025). They support with finance, if required, and continue to invest in long term growth for the UK (as well as further company acquisitions in EMEA) and with the business looking to move to a larger, modern warehouse facility in 2026, the future looks bright for the business.

Financial key performance indicators

The Company monitors several Key Performance Indicators, to effectively manage the business, including

2025

2024

Turnover

£37,918,592

£33,553,493

Gross Profit

£11,638,624

£10,060,538

Gross Profit %

30.7%

30.0%

Services as a % of Total Revenue

32.4%

32.2%

UK Only SG&A Cost as a % of Turnover

19.7%

23.4%

Other key performance indicators

Customer experience is exceptionally important to AVI-SPL and therefore we closely monitor both NPS and CSAT scores originating from our customer satisfaction surveys, both of which have been exceptional and much higher than industry standard.

Employee involvement

The Directors believe that the Company's employees are a key differentiator and a source of competitive advantage.

The Company is committed to ensuring equality of opportunity and employment and has policies in place to ensure no employee or applicant is treated less favourably on the grounds of, but not limited to age, disability, sexual orientation, parental status, religious belief.

Direct and regular communication with staff is vital to promote employee involvement and the Company achieves this with quarterly staff briefings, financial updates and monthly "ask me anything" sessions and other channels of communication where information is disseminated, and staff feedback is sought.

The business also provides financial incentive schemes for employees in various forms.

PRINCIPAL RISKS AND UNCERTAINTIES

Foreign currency risk - The Company is exposed to FX risk in both its trading activities and although, following the recapitalisation of the balance sheet in 2024, the intercompany loan position is much reduced, there is less FX risk going forward as a result. Trading risk is managed by matching contract and purchase currencies.

Credit risk - Risk arises from non-payment of amounts due from customers and from suppliers going into administration. Prudent bad debt provisioning is made, but stringent credit checks and a client list which is dominated by FTSE 100 companies means the company has a very good record in collecting all amounts due.

SECTION 172(1) STATEMENT

During 2025 the Directors have complied with the requirements of Section 172 of the Act in prompting the long term

success of the Company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in S172(a-f) of the Act) in the decisions taken during the year ended 31 December 2025.

During the decision-making process the Board continues to have regard for the impact of their decisions on the Company's stakeholders as required, taking into account the likely consequences of any decisions in the long term. Further detail is provided below:

Shareholders - The Company's shareholder is a US based company. The Company aims to generate value for the

shareholder by generating profit sufficient to increase reserves and pay periodic dividends.

Employees - Protecting the health, safety and wellbeing of our employees and everyone who comes into contact with the business is our number one priority. We provide regular health and safety training and promote wellbeing through our company health and employee assistance schemes. We are committed to a diverse and inclusive work environment and helping our employees gain skills that support their personal ambitions and drive the business forward.

Customers - The Company aims to build long term relationships with its customers. We aim to provide a comprehensive solution to our clients' Unified Communication and Collaboration needs.

Suppliers - Our suppliers and sub-contractors are critical to our operations and we take a long term collaborative approach to working with them.

Communities - The Company seeks to find employment and training opportunities locally to its offices wherever possible. The Company is actively engaged with local colleges in order to source its future talent.

Principal Decisions - Principal decisions are defined at those that are material to the Company and that are significant to our key stakeholder groups as above. During the year the directors closely monitored financial performance. This report was approved by the board and signed on its behalf.

ON BEHALF OF THE BOARD:

M S Kellaway - Director

22 June 2026

The directors present their report with the financial statements of the company for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of a leading digital workplace solutions provider, installing, servicing and managing United Communication and Collaboration technologies for clients.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

J Faber

M S Kellaway

M Payne

J T Zettel

DISCLOSURE IN THE STRATEGIC REPORT

The Company has chosen in accordance with Section 414C(11) of the Companies Act 2006 (Strategic Report and

Director's Report) Regulations 2013 to set out within the Company's Strategic Report the Company Report Information required by Schedule 7 of the Large and Medium Sized Companies (Accounts and Reports) Regulations 2008. This includes information that would have been included in the business review and details the principal risks and uncertainties.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

M S Kellaway - Director

22 June 2026

Opinion

We have audited the financial statements of AVI-SPL Limited (the 'company') for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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

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

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- The nature of the industry and sector the company is in, its control environment and business performance including the design of the company's policies, key drivers for directors’ remuneration and staff bonus levels;

- Results of our enquiries of management about their own identification and assessment of the risks of irregularities;

- Any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

- The matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

Our procedures to respond to risks identified included the following:

- Enquiries of management and staff including concerning actual and potential litigation and claims and any instances of non-compliance with laws.

- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- Obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of provisions; and

- In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; checking internal controls are being followed are per company policy and assessing suitability; assessing the judgements made in making accounting estimates; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

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

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

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Susan Ambrose FCCA FCA (Senior Statutory Auditor)

for and on behalf of Butt Miller

Chartered Accountants and Statutory Auditor

1 Minster Court

Tuscam Way

Camberley

Surrey

GU15 3YY

22 June 2026

TURNOVER

4

37,918,592

33,553,493

Cost of sales

(26,279,968

)

(23,492,955

)

GROSS PROFIT

11,638,624

10,060,538

Administrative expenses

(9,115,157

)

(8,245,290

)

OPERATING PROFIT

7

2,523,467

1,815,248

Interest receivable and similar income

-

64,443

2,523,467

1,879,691

Interest payable and similar expenses

9

(3,175

)

(5,495

)

PROFIT BEFORE TAXATION

2,520,292

1,874,196

Tax on profit

10

7,296

51,089

PROFIT FOR THE FINANCIAL YEAR

2,527,588

1,925,285

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,527,588

1,925,285

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

286,199

285,386

286,199

285,386

CURRENT ASSETS

Stocks

13

1,468,114

2,825,105

Debtors

14

18,199,868

10,484,234

Cash at bank and in hand

1,932,811

3,811,241

21,600,793

17,120,580

CREDITORS

Amounts falling due within one year

15

(10,895,161

)

(10,002,080

)

NET CURRENT ASSETS

10,705,632

7,118,500

TOTAL ASSETS LESS CURRENT LIABILITIES

10,991,831

7,403,886

CREDITORS

Amounts falling due after more than one year

16

(1,492,806

)

(425,153

)

PROVISIONS FOR LIABILITIES

18

-

(7,296

)

NET ASSETS

9,499,025

6,971,437

CAPITAL AND RESERVES

Called up share capital

19

8,551,040

8,551,040

Retained earnings

947,985

(1,579,603

)

SHAREHOLDERS' FUNDS

9,499,025

6,971,437

The financial statements were approved by the Board of Directors and authorised for issue on 22 June 2026 and were signed on its behalf by:

M S Kellaway - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2024

3,000,000

(3,504,888

)

(504,888

)

Changes in equity

Issue of share capital

5,551,040

-

5,551,040

Total comprehensive income

-

1,925,285

1,925,285

Balance at 31 December 2024

8,551,040

(1,579,603

)

6,971,437

Changes in equity

Total comprehensive income

-

2,527,588

2,527,588

Balance at 31 December 2025

8,551,040

947,985

9,499,025

Cash flows from operating activities

Cash generated from operations

1

(1,686,901

)

(5,096,850

)

Interest paid

(701

)

(2,171

)

Interest element of hire purchase payments paid

(2,474

)

(3,324

)

Net cash from operating activities

(1,690,076

)

(5,102,345

)

Cash flows from investing activities

Purchase of tangible fixed assets

(148,044

)

(85,248

)

Sale of tangible fixed assets

4,226

11,316

Interest received

-

64,443

Net cash from investing activities

(143,818

)

(9,489

)

Cash flows from financing activities

Capital repayments in year

(44,536

)

(47,795

)

Share issue

-

5,551,040

Net cash from financing activities

(44,536

)

5,503,245

(Decrease)/increase in cash and cash equivalents

(1,878,430

)

391,411

Cash and cash equivalents at beginning of year

2

3,811,241

3,419,830

Cash and cash equivalents at end of year

2

1,932,811

3,811,241

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

2025

2024

£

£

Profit before taxation

2,520,292

1,874,196

Depreciation charges

144,058

344,216

Profit on disposal of fixed assets

(1,053

)

(7,821

)

Movement in amounts owed by groups

(4,708,889

)

3,356,216

Movement in amounts owed to groups

67,702

(9,800,689

)

Finance costs

3,175

5,495

Finance income

-

(64,443

)

(1,974,715

)

(4,292,830

)

Decrease/(increase) in stocks

1,356,991

(724,395

)

(Increase)/decrease in trade and other debtors

(3,006,745

)

1,625,790

Increase/(decrease) in trade and other creditors

1,937,568

(1,705,415

)

Cash generated from operations

(1,686,901

)

(5,096,850

)

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31 December 2025

31.12.25

1.1.25

£

£

Cash and cash equivalents

1,932,811

3,811,241

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

3,811,241

3,419,830

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank and in hand

3,811,241

(1,878,430

)

1,932,811

3,811,241

(1,878,430

)

1,932,811

Debt

Finance leases

(44,536

)

44,536

-

(44,536

)

44,536

-

Total

3,766,705

(1,833,894

)

1,932,811

1.	STATUTORY INFORMATION

AVI-SPL Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

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

For systems integration projects, turnover is recognised based on the value of work done in the period by reference to the proportion of costs incurred compared to total expected costs.

For services, turnover is either recognised on the work completed, or in the case of ongoing service contracts, the turnover is recognised on a straight line basis over the term of the contract.

For equipment sales, turnover is recognised based on the value of equipment delivered by reference to the proportion of costs incurred compared to total expected costs.

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.

Amortisation is provided on the following bases:

Computer software - 1 - 3 years straight line

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Long leasehold

-

Over the remaining period of the lease

Fixtures and fittings

-

Straight line over 7 years

Motor vehicles

-

25% on reducing balance

Computer equipment

-

Straight line over 2 to 5 years

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 the Statement of Comprehensive Income.

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to

complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and

finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is

reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in

the Statement of Comprehensive Income.

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.

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.

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.

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.

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Statement of Financial

Position.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are not recognised even if it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currency 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.

Hire purchase and operating leases

Assets obtained under hire purchase contracts are capitalised in the Statement of Financial Position. Those held under hire purchase contracts are depreciated over their estimated useful lives.

The interest element of these obligations is charged to the Statement of Comprehensive Income over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the Statement of Comprehensive Income 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.

Pension costs

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 the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported. These estimates and judgments are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Key areas in which management make judgments, estimates and assumptions when preparing the financial

statements include the useful economic lives of fixed assets, valuation of stock and recoverability of debtors.

Due to the nature of the business, these estimates and judgments are not considered to give rise to a material uncertainty.

Judgments are present in applying the Company’s accounting policy in respect of revenue recognition of systems integration projects. Revenue arising from systems integration projects is recognised in accordance with the stage of completion at the reporting date. The stage of completion is based on the value of work done in the period by reference to the proportion of costs incurred compared to total expected costs.

Contract receipts relating to future financial periods are included in deferred income, while costs relating to activity in the year are shown as accrued income unless their recovery is not deemed probable.

4.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2025

2024

£

£

Integrations

23,729,201

21,338,563

Services

12,280,466

10,798,340

Sale of equipment

1,601,272

1,205,193

Intergroup recharges uplift

307,653

211,397

37,918,592

33,553,493

An analysis of turnover by geographical market is given below:

2025

2024

£

£

United Kingdom

30,827,888

31,374,315

Europe

3,287,612

334,422

Rest of world

3,803,092

1,844,756

37,918,592

33,553,493

5.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

12,930,002

12,621,570

Social security costs

1,710,258

1,357,908

Other pension costs

414,424

410,012

15,054,684

14,389,490