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Registered number: 05190452 NAPIT REGISTRATION LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Page Kirk LLP Chartered Accountants and Statutory Auditors Sherwood House 7 Gregory Boulevard Nottingham NG7 6LB
NAPIT REGISTRATION LIMITED
CONTENTS
| Page
Company Information | 1
Strategic Report | 2 - 3
Directors' Report | 4 - 5
Directors' Responsibilities Statement | 6
Independent Auditor's report to the members of NAPIT REGISTRATION LIMITED | 7 - 10
Profit and Loss Account | 11
Balance Sheet | 12
Statement of Changes in Equity | 13
Notes to the Financial Statements | 14 - 21
NAPIT REGISTRATION LIMITED
COMPANY INFORMATION
Directors | Mr M I Andrews
| Mr T Gray
| Mr F Bertie (appointed 5 February 2025)
| Mrs S Lowe
| Mr S J Melton
| Mr L J Rhodes (appointed 9 June 2025)
Company secretary | Mrs S J Lowe
Registered number | 05190452
Registered office | L4a, 4th Floor
| Mill 3 The Business Park
| Mansfield
| NG19 8RL
Independent auditor | KPMG LLP
| Chartered Accountants
| 7th Floor,
| EastWest, Tollhouse Hill,
| Nottingham.
| NG1 5FS
Accountants | Page Kirk LLP
| Chartered Accountants
| Sherwood House
| 7 Gregory Boulevard
| Nottingham
| NG7 6LB
Page 1
NAPIT REGISTRATION LIMITED
STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
Introduction
The directors present their strategic report for the year ended 31 December 2025.
Business review
NAPIT has delivered another year of strong performance in 2025, marked by continued growth and strategic progress across the group. Membership levels have now exceeded 20,000, reflecting both the strength of the organisation's reputation and its ability to deliver value to members across a broad range of services. This sustained growth in membership continues to drive increased demand for NAPIT’s supporting services, particularly in training, software, and publications. The interconnection between membership expansion and commercial performance highlights the success of the group’s integrated business model and its member-centric approach. Significant investments in infrastructure have further strengthened the organisation’s foundation. Key projects have included the development of a new website, enhancements to software products, and the optimisation of member databases. These initiatives have improved the customer journey, streamlined internal processes, and provided enhanced data insights to support more informed decision-making and operational efficiency.
Principal risks and uncertainties
The business operates in a dynamic regulatory environment and must maintain compliance with the rules of authorised certification and registration schemes. At the same time, it must remain agile and responsive to changes in government policy and industry conditions. Key risks are as follows: Regulatory and Compliance Risk Ensuring continued compliance with certification and registration scheme requirements remains central to the business. NAPIT maintains close engagement with regulatory bodies and actively monitors policy changes to mitigate potential impacts. Credit Risk The business’s debtor base is spread across many small balances. In cases involving significant individual balances, third-party credit checks are undertaken. The debtor profile is regularly reviewed to ensure adherence to agreed payment terms. Liquidity and Cash Flow Risk Financial forecasts are closely monitored to ensure adequate liquidity and working capital are maintained. Inflation Risk Inflationary pressures present an ongoing challenge. The business actively works with suppliers to manage costs and maintain value for members without compromising service quality. Employment and Talent Risk Retaining and attracting key personnel is vital to the success of the group. Succession plans are in place for all department heads, and NAPIT continues to invest in recruitment, staff development, and external promotion of roles. NAPIT is committed to maintaining its position as an employer of choice. Page 2
NAPIT REGISTRATION LIMITED
STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Financial key performance indicators
The company considers the following financial KPIs: • Continued growth in membership fees year on year • Improved gross margin year on year
Other key performance indicators
The company considers the following non-financial KPIs: • Continued growth in membership numbers year on year • Improved member satisfaction This report was approved by the board on 21 May 2026 and signed on its behalf.
................................................ Mrs S Lowe Director
Page 3
NAPIT REGISTRATION 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.
Principal activity
The Principal activity of the company is that of managing the registration of competent person schemes.
Results and dividends
The profit for the year, after taxation, amounted to £15,697 (2024 - £36,222). No dividends were declared or paid during the year.
Directors
The directors who served during the year were:
Mr M I Andrews
Mr T Gray
Mr F Bertie (appointed 5 February 2025)
Mrs S Lowe
Mr S J Melton
Mr L J Rhodes (appointed 9 June 2025)
Future developments
There are currently no future developments.
Going concern
NAPIT Registration Limited ("the Company") is part of, and integrated into, the NAPIT Holdings Limited group ("the Group") and, in making their going concern assessment, the directors have considered the financial performance and position of the Company and the Group as a whole. The financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons. The company meets its day to day working capital requirements from operational cash flows and intercompany loan and trading balances with the group headed by NAPIT Holdings Limited. The directors have performed a going concern assessment which indicates that, in both the base and reasonably possible downsides, the company will have sufficient funds to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements, the going concern assessment period. This assessment is dependent on its immediate parent company, NAPIT Holdings Limited, not seeking repayment of the amounts currently due to the group, which at 31 December 2025 amounted to £12,865,517. NAPIT Holdings Limited has indicated that it does not intend to seek repayment of these amounts currently due to the group, which at 31 December 2025 amounted to £12,865,517, during the going concern assessment period. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so. Consequently, the directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis. Page 4
NAPIT REGISTRATION LIMITED
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
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.
Auditor
The auditor, KPMG LLP were appointed during the year. The auditor, KPMG LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
Registered office
The address of its registered office is: L4a, 4th Floor Mill 3 The Business Park Mansfield NG19 8RL This report was approved by the board on 21 May 2026 and signed on its behalf.
................................................ Mrs S Lowe Director
Page 5
NAPIT REGISTRATION LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2025 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 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; ∙assess the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and ∙use the going concern basis of accounting unless they either intended to liquidate the Company or to cease operations, or have no realistic alternative but to do so. 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. Page 6
NAPIT REGISTRATION LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NAPIT REGISTRATION LIMITED FOR THE YEAR ENDED 31 DECEMBER 2025 We have audited the financial statements of NAPIT Registration Limited (“the Company”) for the year ended 31 December 2025, which comprise the comprise the Profit and Loss Account, the Balance Sheet and related notes, including the accounting policies in note 2 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 or loss for the year then ended; ∙have been properly prepared in accordance with UK accounting standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland; and ∙have been prepared in accordance with the requirements of the Companies Act 2006; Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities are described below. We have fulfilled our ethical responsibilities under, and are independent of the Company in accordance with, UK ethical requirements including the FRC Ethical Standard, in the circumstances set out in note 1 to the financial statements. We believe that the audit evidence we have obtained is a sufficient and appropriate basis for our opinion. Going concern The directors have prepared the financial statements on the going concern basis as they do not intend to liquidate the Company or to cease its operations, and as they have concluded that the Company’s financial position means that this is realistic. They have also concluded that there are no material uncertainties that could have cast significant doubt over its ability to continue as a going concern for at least a year from the date of approval of the financial statements (“the going concern period”). In our evaluation of the directors’ conclusions, we considered the inherent risks to the Company’s business model and analysed how those risks might affect the Company’s financial resources or ability to continue operations over the going concern period. Our conclusions based on this work: ∙we consider that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate; ∙we have not identified, and concur with the directors’ assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for the going concern period. However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the above conclusions are not a guarantee that the Company will continue in operation. Fraud and breaches of laws and regulations – ability to detect Identifying and responding to risks of material misstatement due to fraud To identify risks of material misstatement due to fraud (“fraud risks”) we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included: ∙Enquiring of directors, and inspection of policy documentation as to the Company’s high-level policies and procedures to prevent and detect fraud and the Company’s channel for “whistleblowing”, as well as whether they have knowledge of any actual, suspected or alleged fraud. ∙Reading Board minutes. We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit. Page 7
NAPIT REGISTRATION LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NAPIT REGISTRATION LIMITED FOR THE YEAR ENDED 31 DECEMBER 2025 As required by auditing standards, we perform procedures to address the risk of management override of controls, in particular the risk that management may be in a position to make inappropriate accounting entries On this audit we do not believe there is a fraud risk related to revenue recognition because it consists entirely of routine, non-complex transactions that are subject to systematic processing and pricing. We did not identify any additional fraud risks. We also performed procedures including: ∙Identifying journal entries to test based on risk criteria and comparing the identified entries to supporting documentation. These included those posted to revenue and cash. Identifying and responding to risks of material misstatement related to compliance with laws and regulations We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the directors and others management (as required by auditing standards, and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably. Firstly, the Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Secondly, the Company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: health and safety, data protection laws, anti-bribery, employment law, , competition law, l and certain aspects of company, tax legislation recognizing the nature of the Companies activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach. Context of the ability of the audit to detect fraud or breaches of law or regulation Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of fraud, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations. Strategic report and Directors' report The directors are responsible for the strategic and directors’ report. Our opinion on the financial statements does not cover that report and we do not express an audit opinion thereon. Page 8
NAPIT REGISTRATION LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NAPIT REGISTRATION LIMITED FOR THE YEAR ENDED 31 DECEMBER 2025 Our responsibility is to read the strategic and directors’ report and, in doing so, consider whether, based on our financial statements audit work, the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge. Based solely on that work: ∙we have not identified material misstatements in the directors’ report; ∙in our opinion the information given in that report for the financial year is consistent with the financial statements; and ∙in our opinion that report has been prepared in accordance with the Companies Act 2006. Matters on which we are required to report by exception Under the Companies Act 2006 we are required 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; or We have nothing to report in these respects. Directors’ responsibilities As explained more fully in their statement set out on page 6, the directors are responsible for: the preparation of the financial statements and for being satisfied that they give a true and fair view; such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; 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 they either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Auditor’s responsibilities 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 our opinion in an auditor’s report. Reasonable assurance is a high level of assurance, but does not 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements. A fuller description of our responsibilities is provided on the FRC’s website at www.frc.org.uk/auditorsresponsibilities. The purpose of our audit work and to whom we owe our responsibilities 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. Page 9
NAPIT REGISTRATION LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NAPIT REGISTRATION LIMITED FOR THE YEAR ENDED 31 DECEMBER 2025 Gareth Woods (Senior statutory auditor) for and on behalf of KPMG LLP Chartered Accountants 7th Floor, EastWest, Tollhouse Hill, Nottingham. NG1 5FS 21 May 2026 Page 10
NAPIT REGISTRATION LIMITED
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 17,602,358 | 13,186,126
Cost of sales |  | (17,462,441) | (13,053,135)
Gross profit |  | 139,917 | 132,991
Administrative expenses |  | (123,947) | (91,360)
Operating profit |  | 15,970 | 41,631
Interest receivable and similar income | 7 | - | 3
Profit before tax |  | 15,970 | 41,634
Tax on profit | 8 | (273) | (5,412)
Profit for the financial year |  | 15,697 | 36,222
All the activities of the company are from continued operations. There are no items of other comprehensive income for 2025 or 2024 other than the profit for the year. As a result, no separate Statement of Comprehensive Income has been presented.
The notes on pages 14 to 21 form part of these financial statements.
Page 11
NAPIT REGISTRATION LIMITED REGISTERED NUMBER:05190452
BALANCE SHEET AS AT 31 DECEMBER 2025
| 2025 | 2025 | 2024 | 2024
Note | £ | £ | £ | £
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 9 | 13,254,777 |  | 12,915,106 |
Cash at bank and in hand | 10 | 1,538,960 |  | 815,245 |
|  | 14,793,737 |  | 13,730,351 |
Creditors: amounts falling due within one year | 11 | (14,107,205) |  | (13,059,516) |
Net current assets |  |  | 686,532 |  | 670,835
Total assets less current liabilities |  |  | 686,532 |  | 670,835
Net assets |  |  | 686,532 |  | 670,835
Capital and reserves |  |  |  |  |
Called up share capital | 12 |  | 1 |  | 1
Profit and loss account |  |  | 686,531 |  | 670,834
|  |  | 686,532 |  | 670,835
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 May 2026.
................................................ Mrs S Lowe
Director
The notes on pages 14 to 21 form part of these financial statements. Page 12
NAPIT REGISTRATION LIMITED
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2024 | 1 | 634,612 | 634,613
Profit for the year | - | 36,222 | 36,222
At 1 January 2025 | 1 | 670,834 | 670,835
Profit for the year | - | 15,697 | 15,697
At 31 December 2025 | 1 | 686,531 | 686,532
| The notes on pages 14 to 21 form part of these financial statements.
Page 13
NAPIT REGISTRATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
The company is a private company limited by share capital, incorporated in England and Wales. The address of its registered office is: L4a, 4th Floor Mill 3 The Business Park Mansfield NG19 8RL 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 | Summary of disclosure exemptions
The entity has taken advantage of the following disclosure exemptions: Preparing a Statement of Cash Flows, on the basis that it is a qualifying entity and the Consolidated Statement of Cash Flows included in the Group Financial Statements includes the company's cashflow. Disclosing the compensation of key management personnel as permitted by FRS 102 section 33.7A. Disclosing financial instruments as required under FRS 102 section 11.29 to 11.48A and section 12.26 and 12.29 as this information is provided in the notes to the Consolidated Financial Statements. Disclosing transactions with related parties that are members of the same group as permitted by FRS 102 section 33.1A. The Consolidated Financial Statements of TIC Holdco Limited may be obtained from the company secretary, 3 Cadogan Gate, London, United Kingdom, SW1X 0AS.
| 2.3 | Revenue recognition
Membership and scheme turnover and associated costs are recognised over the period in which the customer journey to live membership takes place. The directors estimate that the customer journey to live membership takes up to four months from first application and therefore new members are deferred over this period. Annual memberships and assessment income are non-refundable and therefore are recognised as they occur. Page 14
NAPIT REGISTRATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.4 | Going concern
NAPIT Registration Limited ("the Company") is part of, and integrated into, the NAPIT Holdings Limited group ("the Group") and, in making their going concern assessment, the directors have considered the financial performance and position of the Company and the Group as a whole. The financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons. The company meets its day to day working capital requirements from operational cash flows and intercompany loan and trading balances with the group headed by NAPIT Holdings Limited. The directors have performed a going concern assessment which indicates that, in both the base and reasonably possible downsides, the company will have sufficient funds to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements, the going concern assessment period. This assessment is dependent on its immediate parent company, NAPIT Holdings Limited, not seeking repayment of the amounts currently due to the group, which at 31 December 2025 amounted to £12,865,517. NAPIT Holdings Limited has indicated that it does not intend to seek repayment of these amounts currently due to the group, which at 31 December 2025 amounted to £12,865,517, during the going concern assessment period. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so. Consequently, the directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.
| 2.5 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.6 | Taxation
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.
| 2.7 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. Page 15
NAPIT REGISTRATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.8 | 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.
| 2.9 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.10 | Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instrument. If the payment is deferred and the time value of the money is material, the initial measurement is on a present value basis.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
Judgements Preparation of the financial statements requires management to make significant judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from their estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the financial year in which the estimate is revised if the revision affects only that financial year, or in the financial year of the revision and future financial years if the revision affects both current and future periods. No critical judgements have been identified by the directors that have been made in the process of applying the company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements. Key sources of estimation uncertainty Preparation of the financial statements requires management to make significant judgements and estimates. Due to the nature of the business the customer journey length is estimated to determine the revenue for new memberships to be deferred. Page 16
NAPIT REGISTRATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Rendering of services, UK | 15,651,009 | 12,619,622
| Sales - group recharges | 1,951,349 | 566,504
|  | 17,602,358 | 13,186,126
| All turnover arose within the United Kingdom.
5. | Auditor's remuneration
| 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. All audit fees are invoiced to the parent company.
6. | Employees
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Employees | 6 | 6
| Payroll costs are incurred through NAPIT Services Limited.
7. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | - | 3
|  | - | 3
Page 17
NAPIT REGISTRATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
8. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 273 | 5,412
|  | 273 | 5,412
| Total current tax | 273 | 5,412
| Deferred tax |  |
| Total deferred tax | - | -
| Taxation on profit on ordinary activities | 273 | 5,412
Page 18
NAPIT REGISTRATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 8.Taxation (continued)
| 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 | 15,970 | 41,634
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 3,993 | 10,409
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 25 | -
| Group relief | (3,745) | (4,997)
| Total tax charge for the year | 273 | 5,412
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NAPIT REGISTRATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
9. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 1,702,148 | 1,424,349
| Amounts owed by group undertakings | 11,545,905 | 11,486,887
| Other debtors | 2,442 | -
| Prepayments and accrued income | 4,282 | 3,870
|  | 13,254,777 | 12,915,106
| The amount owed by group undertakings are repayable on demand.
10. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 1,538,960 | 815,245
|  | 1,538,960 | 815,245
11. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 6,162 | 4,060
| Amounts owed to group undertakings | 12,865,517 | 11,917,980
| Corporation tax | - | 5,412
| Other taxation and social security | 763,701 | 659,992
| Accruals and deferred income | 471,825 | 472,072
|  | 14,107,205 | 13,059,516
| The amount owed to group undertakings are repayable on demand. Secured creditors A cross guarantee and debenture with Kroll Trustee Services Limited was satisfied 18 July 2024. This was held in conjunction with several associated companies within the Tic Bidco Limited group.
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NAPIT REGISTRATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
12. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1 (2024 - 1) Ordinary shares share of £1.00 | 1 | 1
13. | Controlling party
NAPIT Registration Limited is part of the Phenna Group, the ultimate controlling party is Tic Holdco Limited, incorporated in England. The address of Puma Topco Limited is: 3 Cadogan Gate London SW1X 0AS Consolidated accounts for TIC Holdco Limited win which NAPIT Registration Limited is included are available from Companies House.
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