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Registered number: 13535125 MICOM TECHNOLOGIES LTD (FORMERLY KNOWN AS IMAIL COMMS LIMITED) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
MICOM TECHNOLOGIES LTD (FORMERLY KNOWN AS IMAIL COMMS LIMITED) CONTENTS
| Page
Company Information | 2
Strategic Report | 3 - 8
Directors' Report | 9 - 11
Independent Auditor's Report | 12 - 15
Statement of Income and Retained Earnings | 16
Balance Sheet | 17
Notes to the Financial Statements | 18 - 35
MICOM TECHNOLOGIES LTD (FORMERLY KNOWN AS IMAIL COMMS LIMITED) COMPANY INFORMATION
Directors | A M Barber
| C G Buswell
| G M Badenhorst
Registered number | 13535125
Registered office | Unit 3 Manor Park Industrial Estate
| Quinn Close
| Coventry
| England
| CV3 4LH
Independent auditor | MHA
| The Pinnacle
| 150 Midsummer Boulevard
| Milton Keynes
| MK9 1LZ
Page 2
MICOM TECHNOLOGIES LTD (FORMERLY KNOWN AS IMAIL COMMS LIMITED) STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
Introduction
The Directors present their report for the year ended 31 December 2025. Purpose & Principal Activity Micom Technologies is a Customer Communication Management (CCM) SaaS technology company that enables organisations to consolidate their communication platforms - replacing multiple vendors with a single, secure, multi-channel technology stack. Our proprietary platform combines digital-first document composition, secure multi-channel delivery (email, SMS, digital mail, portal, physical mail), intelligent workflow automation, storage, and retrieval through an intuitive, cloud-native interface deployed on Microsoft Azure. We serve mid-market and enterprise customers across regulated sectors including Financial Services, Healthcare, Housing, Utilities, and Public Sector - industries where compliance, security, and operational efficiency are non-negotiable.
Business Model & Strategic Position
Micom operates a dual-revenue model: 1. Core CCM Technology Platform (Micom Unified Communications) ∙SaaS subscription revenue from customers consolidating email, SMS, digital mail, and physical mail communications onto a single platform. ∙Multi-tenant, cloud-native architecture (Microsoft Azure). ∙Regulatory compliance built-in (GDPR, PECR, FCA, NHS requirements). ∙Target customer profile: Mid-market organisations with 500-5,000 employees; £100-150k annual ACV. 2. Intelligent Digital Mail Services (Cash-Generative Core) ∙Encrypted digital alternative to physical post, with a unique fall-back to print if opened. ∙Market-leading position in UK regulated sectors (NHS, Local Government, Financial Services) ∙Generates £12.4m net revenue (2025) and funds platform investment. Strategic rationale: The core business is a profitable, cash-generative asset that funds product development and market expansion. It is not our future revenue stream - it is our competitive moat and our growth engine. Page 3
MICOM TECHNOLOGIES LTD (FORMERLY KNOWN AS IMAIL COMMS LIMITED) STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 2025: Transformation Milestones The transformation from a traditional mail services company to a multi-channel communications technology leader is now visible in the numbers: ∙Total Net Revenue: £12.4m (+21.2% YoY), delivering operational leverage and reinvestment capacity. ∙Gross Margin: 75.7% (up from 73.5%) — evidence of platform economics improving as digital volumes increase. ∙Adjusted EBITDA: £4.86m (+25% YoY), generating cash to invest in product and market expansion. ∙ Product & Technology Milestones: ∙Micom Connect Launch (April 8, 2026): New SaaS offering for SME and mid-market customers, simplifying onboarding with self-serve workflows and no long sales cycle. ∙Cloud Migration Progress: Completed migration of major regulated-sector clients (Financial Services, Public Sector) to Azure cloud platform, eliminating legacy infrastructure risk. ∙Multi-Channel Workflow Capability: Implemented email, SMS, and document workflows that route communications intelligently across digital and physical channels based on recipient preference and regulatory requirement. ∙Cisco Partner Ecosystem: Integrated into Cisco's technology partner network, expanding reach into enterprise customers and gaining access to Cisco's global distribution and technology portfolio. ∙ Market Position & Wins: ∙Consolidation Proof-Point: Won major deal consolidating customer off two separate CCM vendors onto Micom Connect our unified platform - demonstrating customer willingness to trade vendor count for ∙platform simplicity and cost efficiency. ∙NHS SBS Framework: Secured supplier status under NHS Secure Boundary Service, validating ∙regulatory compliance posture and opening Public Sector procurement pathway. ∙Regulated Sector Leadership: Deployed digital-first secure communications solutions for major ∙Financial Services clients, protecting mission-critical customer interactions whilst improving efficiency. ∙ Organisational Momentum: ∙Top 100 Place to Work (shortlisted 2026 awards) and record-high employee engagement scores reflect strong culture and alignment. ∙3x Lloyds Business of the Year award nominations (Technology, Growth, Employer) signal external recognition of transformation progress. ∙Cyber Essentials Plus Certification (in progress) and ongoing compliance audit readiness demonstrate security-first delivery approach Technology & Talent: Strengthened team with product, engineering, and sales hires focused on mid-market SaaS expansion. Page 4
MICOM TECHNOLOGIES LTD (FORMERLY KNOWN AS IMAIL COMMS LIMITED) STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Strategic Roadmap: From Transformation to Market Leadership (2026) We are executing a consolidation-focused go-to-market strategy aimed at capturing mid-market share in regulated sectors where our compliance expertise and unified platform delivery model are genuine competitive advantages. 2026 Key Priorities: ∙Launch Micom Connect to Market — Establish product-market fit and early reference customers in SME/mid-market, proving the "consolidation" value proposition and generating organic growth momentum. ∙Accelerate Digital Adoption in Base — Drive upgrade path from customers using only hybrid mail to multi-channel users (email, SMS, digital mail), expanding ARPU and deepening customer stickiness. ∙Complete Cloud Platform Migrations — Finish customer migrations to Azure, eliminating technical debt, improving support margins, and enabling velocity on product roadmap. ∙Launch SaaS-Native Feature Set — Ship email workflow automation (March 2026), SMS workflow automation (April 2026), bulk messaging API (June 2026) — differentiating Micom from legacy competitors still delivering via traditional interfaces. ∙Build Supply Chain Resilience — Extend network of operational partners and geographic redundancyto de-risk hybrid mail delivery and improve service quality. ∙Maintain Security & Compliance Leadership — Achieve Cyber Essentials Plus certification, maintain NHS SBS supplier status, and build ongoing audit evidence packs to strengthen competitive positioning in regulated sectors. ∙ Competitive Position & Market Opportunity The UK CCM market is consolidating around a small number of players. Larger vendors are complex, enterprise-focused and slow to execute. Smaller niche players own limited segments (e.g., Archive, Inbound, SME cost). Micom's opportunity: Own the "consolidation for regulated mid-market" segment - replacing point solutions and multi-vendor sprawl with a single, cloud-native, compliance-first platform delivered with speed and accountability. Our competitive advantages: ∙Compliance Expertise: 15+ years delivering mission-critical communications for Financial Services, Healthcare, and Public Sector — built into product DNA. ∙Unified Platform: Single vendor, single contract, one invoice (vs. customers juggling email, SMS, physical mail across 3-4 vendors). ∙Speed: Cloud-native architecture and modular onboarding (8-week typical deployment vs. 16+ weeks for legacy platforms). ∙Profitability: Hybrid mail cash generation funds product innovation without external capital dependency. ∙UK Market Position: Validated supplier (NHS SBS framework), proven in regulated-sector workflows, no geographic complexity. Page 5
MICOM TECHNOLOGIES LTD (FORMERLY KNOWN AS IMAIL COMMS LIMITED) STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Principal risks and mitigations
The business faces three principal risk categories: 1. Competitive Execution Risk Risk: Larger, better-capitalised competitors) ship agentic AI and matching consolidation narratives before Micom ships product differentiation. Mitigation: (1) Ship Micom Connect early (April 2026) already secured early major reference customers; (2) Telegraph AI/intelligent automation roadmap with concrete early 2027 delivery dates; (3) Focus sales motion on regulated sectors where compliance expertise and speed matter more than raw feature parity. Owner: CEO / Product Lead. 2. Digital Adoption Velocity Risk Risk: Customer base slow take up of multi-channel services; digital/SaaS mix does not grow fast enough to drive platform revenue scale. Mitigation: (1) Upgrade path from hybrid-only to multi-channel subscription pricing; (2) Embed digital workflows in customer project delivery; (3) Micom Connect SME pricing designed to acquire digital-first customers organically (first customers acquired). Owner: Commercial / Product Lead. 3. Platform Delivery Risk Risk: 2026 roadmap (email workflows, SMS workflows, bulk API) is aggressive; slippage delays competitive differentiation. Mitigation: (1) Named engineering resources and delivery ownership; (2) Monthly delivery RAG status to board; (3) Phased launch approach (MVP + iteration vs. "big bang" feature). Owner: CTO / Product Engineering Lead. Page 6
MICOM TECHNOLOGIES LTD (FORMERLY KNOWN AS IMAIL COMMS LIMITED) STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Financial Performance & Key Indicators
Metric | 2025 | 2024 | Change
Net revenue | £12.4m | £10.2m | +21.2%
Gross profit | £9.7m | £8.0m | +21%
Gross margin EBITDA Exceptional expenses | 75.7% £4.8m £34k | 73.5% £3.9m £1k | +220bps +23.1% +3,300%
Adjusted EBITDA | £4.9m | £3.9m | +25%
EBITDA margin | 13.1% | 12.0% | +110bps
Profit after tax | £3.06m | £2.30m | +33%
Cash balance | £1.51m | £0.87m | +73%
Equity/net assets | £5.49m | £2.44m | +125%
Narrative: Strong operational momentum in core business (net revenue +21.2%, EBITDA +25%) reflects (1) customer volume resilience (2) pricing discipline, and (3) operational efficiency improvements. Gross margin expansion of 220bps signals early evidence of platform economics as digital volumes grow. Customer Metrics & Engagement: ∙Highest net promoter score to date (reflects regulated-sector customer satisfaction and product quality). ∙Highest employee engagement scores (reflects culture and transformation alignment). ∙Highest customer retention to date (evidence of switching costs and platform stickiness in regulated sectors). ∙Strategic KPIs: Micom Connect pipeline (50% of total prospect pipeline signed up for launch), digital mail adoption rate (accelerating), multi-channel customer mix (expanding). ∙ Governance, Culture & External Recognition ∙Health & Safety: Zero reportable accidents; robust H&S framework and Board oversight. ∙Cyber & Compliance: Cyber Essentials Plus certification in progress; ongoing audit readiness with external advisors; GDPR and data protection compliance embedded in product and operations. ∙Workplace: Achieved "Best Place to Work" recognition in 2026 awards; 100+ industry engagement through speaking, thought leadership, and partnerships. ∙External Validation: 3x Lloyds Business of the Year nominations (Technology, Growth, Employer). Page 7
MICOM TECHNOLOGIES LTD (FORMERLY KNOWN AS IMAIL COMMS LIMITED) STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Conclusion Micom Technologies is a Customer Communication Management technology company consolidating multi-channel communications for regulated-sector mid-market customers. Our cloud-native platform (Micom Unified Communications) replaces fragmented vendor sprawl with a single, compliance-first solution. We are backed by a profitable, cash-generative hybrid mail business that funds product innovation and market expansion without external capital dependency. In 2026, we are executing a consolidation-focused go-to-market strategy via Micom Connect (SaaS offering for SME/mid-market) and accelerating digital adoption in our established customer base. We are well-positioned to capture share in a fragmented, consolidating market where compliance expertise, speed of execution, and unified platform economics are genuine competitive advantages. This report was approved by the board and signed on its behalf.
................................................ A M Barber Director | ................................................ G M Badenhorst Director
Date: 29 June 2026 |
Page 8
MICOM TECHNOLOGIES LTD (FORMERLY KNOWN AS IMAIL COMMS LIMITED) DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors present their report and the financial statements for the year ended 31 December 2025.
Directors' responsibilities statement
The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations. Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the Directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The profit for the year, after taxation, amounted to £3,057,043 (2024 - £2,298,495). No dividends were declared during the year (2024 - £4,200,000).
Directors
The Directors who served during the year were:
A M Barber
C G Buswell
Page 9
MICOM TECHNOLOGIES LTD (FORMERLY KNOWN AS IMAIL COMMS LIMITED) DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Environmental matters
The Company will seek to minimise adverse impacts on the environment from its activities, whilst continuing to address health, safety and economic issues. The Company has complied with all applicable legislation and regulations. Company's policy for payment of creditors The Company aims to settle all valid creditor invoices within their stated terms or as agreed with the individual suppliers if advantageous rates can be obtained for early settlement. Health and safety of employees The Company continually reviews the Health and Safety Policy to ensure maintenance of the high health and safety standards and record. Engagement with employees The Company operates a framework for employee information and consultation which complies with the requirements of the Information and Consultation of Employees Regulations 2004. Disabled employees The Company gives full consideration to applications for employment from disabled persons. Where existing employees become disabled it is the Company’s policy to provide continuing employment either in the same or an alternative position, wherever practicable. The Company provides equal opportunities for training and career development to all disabled employees. Employment and training The Company continues to be an equal opportunities employer and undertakes a proactive training policy for the benefit of the staff as appropriate at all levels. Information regarding overall performance and news is produced regularly at group level and available to all staff.
Future developments
Future Development will continue to maintain, expand and enhance the product offering.
Disclosure of information to auditor
Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware, and ∙the Director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Post balance sheet events
There have been no significant events affecting the Company since the year end. Page 10
MICOM TECHNOLOGIES LTD (FORMERLY KNOWN AS IMAIL COMMS LIMITED) DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Auditor
The auditor, MHA, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
................................................ G M Badenhorst Director | ................................................ A M Barber Director
Date: 29 June 2026 |
Page 11
MICOM TECHNOLOGIES LTD (FORMERLY KNOWN AS IMAIL COMMS LIMITED) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MICOM TECHNOLOGIES LTD (FORMERLY KNOWN AS IMAIL COMMS LIMITED)
Opinion
We have audited the financial statements of Micom Technologies Ltd (Formerly known as Imail Comms Limited) (the 'Company') for the year ended 31 December 2025, which comprise the Statement of Income and Retained Earnings, the Balance Sheet and the related notes, including 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report. Page 12
MICOM TECHNOLOGIES LTD (FORMERLY KNOWN AS IMAIL COMMS LIMITED) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MICOM TECHNOLOGIES LTD (FORMERLY KNOWN AS IMAIL COMMS LIMITED) (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements. In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of Directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 9, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 13
MICOM TECHNOLOGIES LTD (FORMERLY KNOWN AS IMAIL COMMS LIMITED) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MICOM TECHNOLOGIES LTD (FORMERLY KNOWN AS IMAIL COMMS LIMITED) (CONTINUED)
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: • enquiry of management and those charged with governance around actual and potential litigation and claims; • enquiry of entity staff in tax and compliance functions to identify any instance of non-compliance with laws and regulations; • performing audit work over the risk of management override of controls, including testing of journal entries and other adjustment for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. • reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report. Page 14
MICOM TECHNOLOGIES LTD (FORMERLY KNOWN AS IMAIL COMMS LIMITED) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MICOM TECHNOLOGIES LTD (FORMERLY KNOWN AS IMAIL COMMS LIMITED) (CONTINUED)
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Adam Young (Senior Statutory Auditor) for and on behalf of MHA Statutory Auditors Milton Keynes, United Kingdom Date: MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542) 30 June 2026 Page 15
MICOM TECHNOLOGIES LTD (FORMERLY KNOWN AS IMAIL COMMS LIMITED) STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 37,037,757 | 32,305,508
Cost of sales |  | (27,327,771) | (24,301,634)
Gross profit |  | 9,709,986 | 8,003,874
Administrative expenses |  | (5,907,928) | (5,188,493)
Operating profit | 5 | 3,802,058 | 2,815,381
Interest receivable and similar income | 9 | 37,244 | 38,916
Interest payable and similar expenses | 10 | (22,787) | (60,252)
Profit before tax |  | 3,816,515 | 2,794,045
Tax on profit | 11 | (759,472) | (495,550)
Profit after tax |  | £3,057,043 | £2,298,495
Retained earnings at the beginning of the year |  | 2,437,653 | 4,339,158
Profit for the year |  | 3,057,043 | 2,298,495
Dividends declared and paid |  | - | (4,200,000)
Retained earnings at the end of the year |  | £5,494,696 | £2,437,653
There were no recognised gains and losses for the period other than those included in the statement of income and retained earnings
The notes on pages 18 to 35 form part of these financial statements.
Page 16
MICOM TECHNOLOGIES LTD (FORMERLY KNOWN AS IMAIL COMMS LIMITED) REGISTERED NUMBER: 13535125 BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 13 |  | 1,910,554 |  | 1,482,439
Tangible assets | 14 |  | 660,463 |  | 745,396
|  |  | 2,571,017 |  | 2,227,835
Current assets |  |  |  |  |
Stocks | 15 | 157,195 |  | 341,444 |
Debtors: amounts falling due within one year | 16 | 7,449,465 |  | 3,596,362 |
Cash at bank and in hand | 17 | 1,512,209 |  | 872,786 |
|  | 9,118,869 |  | 4,810,592 |
Creditors: amounts falling due within one year | 18 | (6,105,678) |  | (4,502,156) |
Net current assets |  |  | 3,013,191 |  | 308,436
Total assets less current liabilities |  |  | 5,584,208 |  | 2,536,271
Provisions for liabilities |  |  |  |  |
Deferred tax | 19 | (89,511) |  | (98,617) |
|  |  | (89,511) |  | (98,617)
Net assets |  |  | £5,494,697 |  | £2,437,654
Capital and reserves |  |  |  |  |
Called up share capital | 20 |  | 1 |  | 1
Profit and loss account | 21 |  | 5,494,696 |  | 2,437,653
|  |  | £5,494,697 |  | £2,437,654
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ A M Barber | ................................................ G M Badenhorst
Director | Director
Date: 29 June 2026 |
The notes on pages 18 to 35 form part of these financial statements. Page 17
MICOM TECHNOLOGIES LTD (FORMERLY KNOWN AS IMAIL COMMS LIMITED) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
Micom Technologies Ltd (formerly Imail Comms Limited) is a private company limited by shares and incorporated in England and Wales. The registered office and principal place of business is Unit 3 Manor Park Industrial Estate, Quinn Close, Coventry, England, CV3 4LH. The principal activity is providing Customer Communication Management (CCM) SaaS technology that digitally transforms customers’ communication workflows by providing document composition, secure multi-channel delivery (including digital mail, email, SMS, portal), storage, and retrieval through an easy-to-use web interface. The financial statements are presented in Sterling, which is also the functional currency of the Company. The figures in the financial statements are rounded to the nearest £1. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of HDCO11 Limited as at 31 December 2025 and these financial statements may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ. Page 18
MICOM TECHNOLOGIES LTD (FORMERLY KNOWN AS IMAIL COMMS LIMITED) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.3 | Going concern
The financial statements have been prepared on a going concern basis. The Directors have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. There was a profit after tax for the period ended 31 December 2025 of £3,057,043 and for at least the next 12 months the Directors consider that the Company retains sufficient working capital to continue trading for the foreseeable future. Based on these assessments and having regard to the resources available to the entity, the Directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and accounts.
| 2.4 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. Page 19
MICOM TECHNOLOGIES LTD (FORMERLY KNOWN AS IMAIL COMMS LIMITED) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.5 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.6 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset. Page 20
MICOM TECHNOLOGIES LTD (FORMERLY KNOWN AS IMAIL COMMS LIMITED) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.7 | Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
| 2.8 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.9 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.10 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds. Page 21
MICOM TECHNOLOGIES LTD (FORMERLY KNOWN AS IMAIL COMMS LIMITED) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.11 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.12 | 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. Intangible assets related to development expenditure and are initially recognised at cost. After completion and being brought into use, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Amortisation is provided over a 3 year period for each cycle of development asset and therefore amortisation is provided at different periods based on capitalisation dates. Page 22
MICOM TECHNOLOGIES LTD (FORMERLY KNOWN AS IMAIL COMMS LIMITED) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.13 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Leasehold property improvements | - | Over the period of the lease
|  |  |  | Plant and machinery | - | 20%
|  |  |  | Motor vehicles | - | 33%
|  |  |  | Fixtures and fittings | - | 33%
|  |  |  | Computer equipment | - | 33%
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.14 | 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 balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.15 | 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. Page 23
MICOM TECHNOLOGIES LTD (FORMERLY KNOWN AS IMAIL COMMS LIMITED) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.16 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.17 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Page 24
MICOM TECHNOLOGIES LTD (FORMERLY KNOWN AS IMAIL COMMS LIMITED) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.17 | Financial instruments (continued)
Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic 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 the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Page 25
MICOM TECHNOLOGIES LTD (FORMERLY KNOWN AS IMAIL COMMS LIMITED) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.17 | Financial instruments (continued)
Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
| 2.18 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include: Useful economic lives of tangible and intangible fixed assets The Company holds both tangible and intangible assets. Management judgement is required in setting the useful economic lives for each class of tangible asset and an appropriate rate for intangible assets. Management judgement is also required for estimating any net residual values to be incorporated into depreciation methods. Impairment of intangible assets Management must consider whether intangible assets are impaired. Where an indication of impairment is identified, the estimation of recoverable value requires estimation of the recoverable value of the cash generating units. This requires estimation of the future cash flows from the cash generating units and also selection of appropriate discount rates in order to calculate the net present value of those cashflows.
4. | Turnover
The whole of the turnover is attributable to the principal activity.
| All turnover arose within the United Kingdom.
Page 26
MICOM TECHNOLOGIES LTD (FORMERLY KNOWN AS IMAIL COMMS LIMITED) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Exchange differences | 2,177 | 1,072
| Other operating lease rentals | £154,397 | £154,286
6. | Auditor's remuneration
| During the year, the Company obtained the following services from the Company's auditor:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditor for the audit of the Company's financial statements | 28,000 | 27,000
| The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.
7. | Employees
| Staff costs, including directors' remuneration, included in the profit and loss account were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 2,874,824 | 2,167,584
| Social security costs | 357,562 | 285,624
| Cost of defined contribution scheme | 51,768 | 33,717
|  | £3,284,154 | £2,486,925
| In addition to the above, staff costs of £551,284 (2024 - £580,394) have been capitalised within development expenditure on the balance sheet.
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Employees | 44 | 43
Page 27
MICOM TECHNOLOGIES LTD (FORMERLY KNOWN AS IMAIL COMMS LIMITED) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
8. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 926,995 | 570,539
| Company contributions to defined contribution pension schemes | 18,123 | 3,934
|  | £945,118 | £574,473
| During the year retirement benefits were accruing to 1 director (2024 - 1) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £545,567 (2024 - £201,422).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £18,123 (2024 - £3,934).
9. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | £37,244 | £38,916
10. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Finance leases and hire purchase contracts | £22,787 | £60,252
Page 28
MICOM TECHNOLOGIES LTD (FORMERLY KNOWN AS IMAIL COMMS LIMITED) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
11. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 737,617 | 543,839
| Adjustments in respect of previous periods | 30,961 | -
| Total current tax | £768,578 | £543,839
| Deferred tax |  |
| Origination and reversal of timing differences | (9,106) | (48,289)
| Total deferred tax | £(9,106) | £(48,289)
| Total tax charge | £759,472 | £495,550
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | £3,816,515 | £2,794,045
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 954,129 | 698,511
| Effects of: |  |
| Non-tax deductible costs | 4,211 | 2,080
| Depreciation in excess of capital allowances | 7,356 | 38,841
| Adjustments to tax charge in respect of prior periods | 30,961 | -
| Short-term timing difference leading to an increase (decrease) in taxation | (181) | 7,753
| Group relief | (227,898) | (203,346)
| Deferred tax movements | (9,106) | (48,289)
| Total tax charge for the year | £759,472 | £495,550
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 29
MICOM TECHNOLOGIES LTD (FORMERLY KNOWN AS IMAIL COMMS LIMITED) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
12. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends paid | £- | £4,200,000
13. | Intangible assets
|  | Development expenditure | Trademarks | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 January 2025 | 2,254,154 | 400 | 2,254,554
| Additions | 1,178,854 | 645 | 1,179,499
| At 31 December 2025 | 3,433,008 | 1,045 | 3,434,053
| Amortisation |  |  |
| At 1 January 2025 | 772,115 | - | 772,115
| Charge for the year on owned assets | 751,384 | - | 751,384
| At 31 December 2025 | 1,523,499 | - | 1,523,499
| Net book value |  |  |
| At 31 December 2025 | £1,909,509 | £1,045 | £1,910,554
| At 31 December 2024 | £1,482,039 | £400 | £1,482,439
Page 30
MICOM TECHNOLOGIES LTD (FORMERLY KNOWN AS IMAIL COMMS LIMITED) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
14. | Tangible fixed assets
|  | Leasehold property improvements | Plant and machinery | Motor vehicles | Fixtures and fittings
|  | £ | £ | £ | £
| Cost |  |  |  |
| At 1 January 2025 | 330,600 | 735,254 | 185,324 | 22,129
| Additions | 10,299 | 291 | 167,238 | 5,047
| Disposals | - | - | (83,512) | -
| At 31 December 2025 | 340,899 | 735,545 | 269,050 | 27,176
| Depreciation |  |  |  |
| At 1 January 2025 | 57,504 | 435,640 | 39,821 | 17,404
| Charge for the year on owned assets | 26,797 | 107,921 | 80,500 | 3,986
| Charge for the year on financed assets | - | 25,552 | - | -
| Disposals | - | - | (46,446) | -
| At 31 December 2025 | 84,301 | 569,113 | 73,875 | 21,390
| Net book value |  |  |  |
| At 31 December 2025 | £256,598 | £166,432 | £195,175 | £5,786
| At 31 December 2024 | £273,096 | £299,614 | £145,503 | £4,725
Page 31
MICOM TECHNOLOGIES LTD (FORMERLY KNOWN AS IMAIL COMMS LIMITED) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 14.Tangible fixed assets (continued)
|  | Computer equipment | Total
|  | £ | £
| Cost |  |
| At 1 January 2025 | 349,072 | 1,622,379
| Additions | 31,743 | 214,618
| Disposals | - | (83,512)
| At 31 December 2025 | 380,815 | 1,753,485
| Depreciation |  |
| At 1 January 2025 | 326,614 | 876,983
| Charge for the year on owned assets | 17,729 | 236,933
| Charge for the year on financed assets | - | 25,552
| Disposals | - | (46,446)
| At 31 December 2025 | 344,343 | 1,093,022
| Net book value |  |
| At 31 December 2025 | £36,472 | £660,463
| At 31 December 2024 | £22,458 | £745,396
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Plant and machinery | £78,047 | £103,599
15. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Raw materials and consumables | £157,195 | £341,444
Page 32
MICOM TECHNOLOGIES LTD (FORMERLY KNOWN AS IMAIL COMMS LIMITED) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
16. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 3,176,155 | 2,218,666
| Amounts owed by group undertakings | 3,626,836 | 868,571
| Other debtors | 3,460 | 3,125
| Prepayments and accrued income | 643,014 | 506,000
|  | £7,449,465 | £3,596,362
17. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | £1,512,209 | £872,786
18. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 3,111,231 | 2,633,136
| Corporation tax | 531,131 | 352,554
| Other taxation and social security | 836,909 | 362,422
| Obligations under finance lease and hire purchase contracts | 50,026 | 92,164
| Other creditors | 53,874 | 55,065
| Accruals and deferred income | 1,522,507 | 1,006,815
|  | £6,105,678 | £4,502,156
| The Company has acceded to a group debenture and guarantee arrangement under which security has been granted over certain assets of the Company in respect of group borrowings. The Company has also guaranteed obligations of other group undertakings under the related finance arrangements. The amount outstanding to the security holder by the wider group at the year end is £19,475,000.
Page 33
MICOM TECHNOLOGIES LTD (FORMERLY KNOWN AS IMAIL COMMS LIMITED) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
19. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | 98,617
| Credited to the profit and loss account | (9,106)
| At end of year | £89,511
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | 117,587 | 128,477
| Other timing differences | (28,076) | (29,860)
|  | £89,511 | £98,617
20. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1 (2024 - 1) Ordinary share capital share of £1.00 | £1 | £1
21. | Reserves
Profit and loss account This reserve represents the cumulative profits and losses of the Company after the payment of dividends.
22. | Pension commitments
The entity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the entity in an independently administered fund. The pension cost charge represents contributions payable by the entity to the fund and amounted to £51,768 (2024 - £33,717). Contributions totalling £22,905 (2024 - £24,109) were payable to the fund at the balance sheet date. Page 34
MICOM TECHNOLOGIES LTD (FORMERLY KNOWN AS IMAIL COMMS LIMITED) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
23. | Commitments under operating leases
| At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  |  | As restated
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 632,812 | 618,707
| Later than 1 year and not later than 5 years | 1,195,105 | 1,535,922
| Later than 5 years | 154,000 | 308,000
|  | £1,981,917 | £2,462,629
| During the year, the Directors identified that a number of leases had been omitted from the comparative operating lease commitments disclosure. The comparative information has been restated to include the omitted leases. This correction has no impact on profit for the prior year, net assets or cash flows.
24. | Controlling party
The immediate parent entity for the Company is HDCO11 Limited by virtue of their 100% holding of the shares of the company. The ultimate parent company for Micom Technologies Ltd is HDCO26 Holdco Limited. The Directors consider that A M Barber is the ultimate controlling party by virtue of his majority shareholding.
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