Company registration number 11232731 (England and Wales)
M CONNECT LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
PAGES FOR FILING WITH REGISTRAR
M CONNECT LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
M CONNECT LTD
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
48,563
5,287
Current assets
Debtors
5
3,496,680
1,415,037
Cash at bank and in hand
24,693
65,772
3,521,373
1,480,809
Creditors: amounts falling due within one year
6
(955,413)
(371,028)
Net current assets
2,565,960
1,109,781
Total assets less current liabilities
2,614,523
1,115,068
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
2,614,521
1,115,066
Total equity
2,614,523
1,115,068

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 19 June 2026 and are signed on its behalf by:
D Taylor
Director
Company registration number 11232731 (England and Wales)
M CONNECT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
1
Accounting policies
Company information

M Connect Ltd is a private company limited by shares incorporated in England and Wales. The registered office is C/O Sobell Rhodes LLP, The Kinetic Centre, Theobald Street, Borehamwood, England, WD6 4PJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate true resources to continue in operational existence for the foreseeable future.

The business meets its day to day working capital requirements with its own cash reserves and cash pooling arrangement. The company is forecasting to achieve turnover in 2026 of £10-12m and have a confirmed pipeline of £4.7m.

Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is measured as the fair value of the consideration received or receivable, for the provision subcontractors for construction projects. Revenue is recognised once work has been completed by the relevant subcontractors. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the Company will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and

- the costs incurred and the costs to complete the contract can be measured reliably.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Plant and equipment
33.33% Straight Line
Motor vehicles
33.33% Reducing Balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

M CONNECT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 3 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors, and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

M CONNECT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 4 -
1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
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 amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Work in progress

At the year-end, management estimates a percentage stage of completion for individual projects. The overall percentage for each individual project is calculated as an average of the percentage complete of various milestones for each project. The percentage is used to calculate the amount of revenue and costs accrued for the individual projects. At the year-end, other debtors included an amount of £972,006 (2024: £557,426) in relation to the revenue recoverable on the projects straddling the year-end. At the year-end, accruals and deferred income included an amount of £320,480 (2024: £168,400) relating to costs accrued on these projects.

The work in progress is reviewed by management on a regular basis. The directors are comfortable with the work in progress and associated accrued costs recognised to date, based on actual and estimated project agreements.

M CONNECT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 5 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
5
2
4
Tangible fixed assets
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 January 2025
23,753
2,000
25,753
Additions
7,690
45,000
52,690
Disposals
(78)
(2,000)
(2,078)
At 31 December 2025
31,365
45,000
76,365
Depreciation and impairment
At 1 January 2025
19,629
837
20,466
Depreciation charged in the year
1,610
6,563
8,173
Eliminated in respect of disposals
-
0
(837)
(837)
At 31 December 2025
21,239
6,563
27,802
Carrying amount
At 31 December 2025
10,126
38,437
48,563
At 31 December 2024
4,124
1,163
5,287
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
279,294
58,019
Amounts owed by group undertakings
2,232,792
747,306
Other debtors
975,040
605,509
Prepayments and accrued income
9,554
4,203
3,496,680
1,415,037

Included within other debtors are amounts recoverable on contracts amounting to £972,006 (2024: £557,426)

M CONNECT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -
6
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
261,308
18,666
Corporation tax
136,769
51,901
Other taxation and social security
195,011
89,693
Other creditors
17,395
10,568
Accruals and deferred income
344,930
200,200
955,413
371,028
7
Related party transactions
Transactions with related parties

The company has previously entered into a cash pooling arrangement with an entity with control over the company. Included within amounts owed by group undertakings, as at 31 December 202 5, is an amount owing of £1,680,469 (2024: £496,980).

8
Parent company

Impact Data Solutions Limited, a company incorporated in England and Wales is the immediate parent company. Its registered office is located at The Kinetic Centre, Theobald Street, Elstree, Borehamwood, Hertfordshire, United Kingdom, WD6 4PJ.

The ultimate parent undertaking is Hexatronic Group AB (Publ), a company incorporated in Sweden with a registered office of S ofierogatan 3A, 412 51 Göteborg, Sweden.

The results of the company for the year ended 31 December 202 5 are included in the consolidated financial statements of Hexatronic Group AB (Publ). These can be publicly accessed from the following link https://group.hexatronic.com/en/financial.

9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

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.

Senior Statutory Auditor:
Katherine Montgomery
Statutory Auditor:
HW Fisher Audit
Date of audit report:
19 June 2026
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