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Registered number: 08843714
Unitech Innovations Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 30 June 2025
GMS FC Limited
1 London Road
Ipswich
Suffolk
IP1 2HA
Unitech Innovations Limited
Contents
Contents

| Page
--- | ---
Strategic Report | 1—2
Directors' Report | 3—4
Independent Auditor's Report | 5—7
Consolidated Profit and Loss Account | 8
Consolidated Statement of Comprehensive Income | 9
Consolidated Balance Sheet | 10—11
Company Balance Sheet | 12
Consolidated Statement of Changes in Equity | 13
Company Statement of Changes in Equity | 14
Consolidated Statement of Cash Flows | 15
Notes to the Consolidated Statement of Cash Flows | 16
Company Statement of Cash Flows | 17
Notes to the Company Statement of Cash Flows | 18
Notes to the Financial Statements | 19—28

Page 1
Unitech Innovations Limited
Strategic Report
For The Year Ended 30 June 2025
Strategic Report
The directors present their strategic report for the year ended 30 June 2025.
Review of the Business
The group’s core business, delivered in the main through its subsidiary company, Azpects Ltd, provides a range of specialist hard landscaping material to, primarily, builders merchants and landscape supply companies throughout the UK. The products are all Azpects branded items.
Group Turnover was £17.768m (2024:£18.560m). With good management and reviews of our costings, we achieved a Gross Margin of 41.7% (2024: 44.3%) and a Profit before tax of £0.264m (2024: £3.575m).
All of these results were achieved, despite increases in inflation (and wages), distribution costs, interest rates and energy costs.
The continued support of our American customer, has increased the liabilities from them, but the Board continue to believe that their market offers longer term growth and opportunity for the group.
Our consolidated Net Asset position has reduced to £16.240m (2024: £17.085m)
We are in a competitive market, but our products are of high quality and the service levels we supply are (as reported by our customers) the best in the industry. Our loyal and dedicated workforce are key to our success and we remain focused on our mission - to deliver products which make common landscape construction and care challenges easy and less frequent.
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Unitech Innovations Limited
Strategic Report (continued)
For The Year Ended 30 June 2025
Principal Risks and Uncertainties
The group faces the usual commercial risks of competition, alongside more global pressures. The principal risks, in no particular order, are set out below:
• Changing customer and competitor strategies
• Changes within key employees
• Market conditions, leading to demand fluctuations and price changes
• Operational disruption to the wider environment from macro-economic factors
• Financial disruption caused by the loss of key customers or suppliers.
• Breaches of data security and confidentiality.
The above risks have been identified and strategies and policies are in place to counter them. The senior management team has many years of industry experience and continually monitors the business.
Good practice is employed in maintaining credit control and the company has no external borrowing. This sound footing has been achieved through good housekeeping and one of the core principles of our strategy is never to over-extend.
However, it is recognised there will undoubtedly be continued pressure on consumer spend following the world-wide challenges presented by the tough economic conditions and inflationary factors.
Financial key performance indicators
The key, high level, financial performance measures monitored by the Directors are Turnover, Profit before Tax and Shareholders Funds.

| 2025 |  | 2024
| £ |  | £
Turnover | 17,768,603 |  | 18,560,872
Gross Profit Margin | 41.7% |  | 44.3%
Profit before Tax | 264,637 |  | 3,575,776
Total Equity | 16,240,327 |  | 17,085,102

On behalf of the board

Mr Paul Taylor Director
31st March 2026

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Unitech Innovations Limited
Company No. 08843714
Directors' Report For The Year Ended 30 June 2025
Directors' Report
The directors present their report and the financial statements for the year ended 30 June 2025.
Principal Activity
The group's principal activity continues to be that of the supply of hard landscaping products
Directors
The directors who held office during the year were as follows:

Mr David Eastgate
Mr Paul Taylor
Mr Mike Downing

Statement of Directors' Responsibilities
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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing the financial statements the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable United Kingdom Accounting Standards, comprising FRS102, 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 and group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved:

- so far as the director is aware, there is no relevant audit information of which the company and group's auditors are unaware; and
- they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company and group's auditors are aware of that information.

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Unitech Innovations Limited
Directors' Report (continued)
For The Year Ended 30 June 2025
Independent Auditors
The auditors, GMS FC Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board

Mr Paul Taylor Director
31st March 2026

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Independent Auditor's Report
to the Members of
Unitech Innovations Limited
Independent Auditor's Report
Opinion
We have audited the financial statements of Unitech Innovations Limited (the "parent company") and its subsidiaries (the "group") for the year ended 30 June 2025 which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of Equity, Consolidated Cash Flow Statement, Company Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:

- give a true and fair view of the state of the group's and of the parent company's affairs as at 30 June 2025 and of the group's profit/(loss) 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 group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions Relating to Going Concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent company's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other Information
The 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. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on Other Matters Prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:

- the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

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Independent Auditor's Report (continued)
to the Members of
Unitech Innovations Limited
Matters on Which We Are Required to Report by Exception
In the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records or 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 3—4, 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 group and parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.
The following laws and regulations were identified as being a significance to the entity:
• Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation.
• Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements including operating licences, environmental and health & safety legislation Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: Inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same about any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journals, and the performance of an analytical review to identify unexpected movements in account balances that may be indicative of fraud.
No instances of material non-compliance were identified. However the likelihood of detecting irregularities including fraud is limited by the inherent difficulty in detecting irregularities; the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities the result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and conducted in line with ISA’s(UK).
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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 that 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.
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Independent Auditor's Report (continued)
to the Members of
Unitech Innovations Limited

Ian James Nicholl (Senior Statutory Auditor) for and on behalf of GMS FC Limited , Statutory Auditor
31st March 2026

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Unitech Innovations Limited
Consolidated Profit and Loss Account
For The Year Ended 30 June 2025
Consolidated Profit and Loss Account

| 2025 |  | 2024 as restated
--- | --- | --- | ---
| Notes | £ |  | £
TURNOVER | 3 | 17,768,603 |  | 18,560,872
Cost of sales |  | (10,351,995 ) |  | (11,363,462 )
GROSS PROFIT |  | 7,416,608 |  | 7,197,410
Distribution costs |  | (987,107 ) |  | (892,576 )
Administrative expenses |  | (3,558,776 ) |  | (3,122,452 )
Other operating income |  | 129,968 |  | 39,579
Profit on revaluation of investments |  | 512,348 |  | 310,635
OPERATING PROFIT | 5 | 3,513,041 |  | 3,532,596
Exceptional items |  | (3,676,208) |  | -
Income from Shares in group undertakings |  | 375,000 |  | -
Profit/(loss) on disposal of fixed assets |  | 11,709 |  | (7,540 )
Other interest receivable and similar income | 10 | 41,194 |  | 50,820
Interest payable and similar charges | 11 | (100 ) |  | (100 )
PROFIT BEFORE TAXATION |  | 264,636 |  | 3,575,776
Tax on Profit | 12 | (4,381 ) |  | (873,537 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR |  | 260,255 |  | 2,702,239
Profit attributable to:
Owners of the parent |  | 231,627 |  | 2,598,909
Non-controlling interest |  | 28,628 |  | 103,330
|  | 260,255 |  | 2,702,239

The notes on pages 16 to 28 form part of these financial statements.
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Unitech Innovations Limited
Consolidated Statement of Comprehensive Income
For The Year Ended 30 June 2025
Consolidated Statement of Comprehensive Income

| 2025 |  | 2024 as restated
--- | --- | --- | ---
| £ |  | £
PROFIT FOR THE FINANCIAL YEAR |  | 260,255 |  | 2,702,239
OTHER COMPREHENSIVE INCOME FOR THE YEAR |  | - |  | -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |  | 260,255 |  | 2,702,239
Total comprehensive income attributable to:
Owners of the parent |  | 231,627 |  | 2,598,909
Non-controlling interest |  | 28,628 |  | 103,330
|  | 260,255 |  | 2,702,239

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Unitech Innovations Limited
Consolidated Balance Sheet
As At 30 June 2025
Consolidated Balance Sheet
Registered number: 08843714

| 2025 | 2024 as restated
--- | --- | ---
| Notes | £ | £ | £ | £
FIXED ASSETS
Tangible Assets | 14 |  | 186,137 |  | 124,073
Investments | 15 |  | 3,360,172 |  | 2,847,824
|  |  | 3,546,309 |  | 2,971,897
CURRENT ASSETS
Stocks | 16 | 983,434 |  | 919,835 |
Debtors | 17 | 8,209,582 |  | 11,634,587 |
Cash at bank and in hand |  | 7,146,156 |  | 5,365,926 |
|  | 16,339,172 |  | 17,920,348 |
Creditors: Amounts Falling Due Within One Year | 18 | (3,101,987 ) |  | (3,790,772 ) |
NET CURRENT ASSETS (LIABILITIES) |  |  | 13,237,185 |  | 14,129,576
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 16,783,494 |  | 17,101,473
PROVISIONS FOR LIABILITIES
Provisions For Charges | 20 |  | (71,526 ) |  | -
Deferred Taxation | 19 |  | (19,111 ) |  | (16,371 )
NET ASSETS |  |  | 16,692,857 |  | 17,085,102
CAPITAL AND RESERVES
Called up share capital | 21 |  | 200 |  | 200
Profit and Loss Account |  |  | 13,738,121 |  | 14,131,494
Equity attributable to owners of the parent |  |  | 13,738,321 |  | 14,131,694
Non-controlling interest |  |  | 2,954,536 |  | 2,953,408
TOTAL EQUITY |  |  | 16,692,857 |  | 17,085,102

Page 10
Page 11
Unitech Innovations Limited
Consolidated Balance Sheet (continued)
As At 30 June 2025
On behalf of the board

Mr Paul Taylor Director
31st March 2026

The notes on pages 16 to 28 form part of these financial statements.
Page 11
Page 12
Unitech Innovations Limited
Company Balance Sheet
As At 30 June 2025
Company Balance Sheet
Registered number: 08843714

| 2025 | 2024 as restated
--- | --- | ---
| Notes | £ | £ | £ | £
FIXED ASSETS
Tangible Assets | 14 |  | 289 |  | 1,171
Investments | 15 |  | 1,212,025 |  | 1,212,025
|  |  | 1,212,314 |  | 1,213,196
CURRENT ASSETS
Debtors | 17 | 2,704,690 |  | 6,209,068 |
Cash at bank and in hand |  | 1,087,737 |  | 550,394 |
|  | 3,792,427 |  | 6,759,462 |
Creditors: Amounts Falling Due Within One Year | 18 | (1,043,668 ) |  | (1,589,757 ) |
NET CURRENT ASSETS (LIABILITIES) |  |  | 2,748,759 |  | 5,169,705
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 3,961,073 |  | 6,382,901
PROVISIONS FOR LIABILITIES
Deferred Taxation | 19 |  | (73 ) |  | (293 )
NET ASSETS |  |  | 3,961,000 |  | 6,382,608
CAPITAL AND RESERVES
Called up share capital | 21 |  | 200 |  | 200
Profit and Loss Account |  |  | 3,960,800 |  | 6,382,408
SHAREHOLDERS' FUNDS |  |  | 3,961,000 |  | 6,382,608

In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's (loss)/profit for the year was £(1,796,608 ) (2024: £ 1,628,896 profit).
On behalf of the board

Mr Paul Taylor Director
31st March 2026

The notes on pages 16 to 28 form part of these financial statements.
Page 12
Page 13
Unitech Innovations Limited
Consolidated Statement of Changes in Equity
For The Year Ended 30 June 2025
Consolidated Statement of Changes in Equity

| Share Capital | Profit and Loss Account | Total Attributable to Parent | Non-controlling interest | Total
--- | --- | --- | --- | --- | ---
| £ | £ | £ | £ | £
As at 1 July 2023 | 200 | 12,716,025 | 12,716,225 | 2,850,078 | 15,566,303
Profit for the year and total comprehensive income | - | 2,598,909 | 2,598,909 | 103,330 | 2,702,239
Dividends paid | - | (1,183,440) | (1,183,440) | - | (1,183,440)
As at 30 June 2024 and 1 July 2024 as restated | 200 | 14,131,494 | 14,131,694 | 2,953,408 | 17,085,102
Profit for the year and total comprehensive income | - | 231,627 | 231,627 | 28,628 | 260,255
Dividends paid | - | (625,000) | (625,000) | (27,500 ) | (652,500)
As at 30 June 2025 | 200 | 13,738,121 | 13,738,321 | 2,954,536 | 16,692,857

Page 13
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Unitech Innovations Limited
Company Statement of Changes in Equity
For The Year Ended 30 June 2025
Company Statement of Changes in Equity

| Share Capital | Profit and Loss Account | Total
--- | --- | --- | ---
| £ | £ | £
As at 1 July 2023 | 200 | 6,113,512 | 6,113,712
Profit for the year and total comprehensive income | - | 1,628,896 | 1,628,896
Dividends paid | - | (1,360,000) | (1,360,000)
As at 30 June 2024 and 1 July 2024 as restated | 200 | 6,382,408 | 6,382,608
Loss for the year and total comprehensive income | - | (1,796,608 ) | (1,796,608)
Dividends paid | - | (625,000) | (625,000)
As at 30 June 2025 | 200 | 3,960,800 | 3,961,000

Page 14
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Unitech Innovations Limited
Consolidated Statement of Cash Flows
For The Year Ended 30 June 2025
Consolidated Statement of Cash Flows

| 2025 |  | 2024 as restated
| Notes | £ |  | £
Cash flows from operating activities
Net cash generated from operations | 1 | 2,033,563 |  | 2,490,778
Interest paid |  | (100 ) |  | (100 )
Tax paid |  | (4,876 ) |  | (17,843 )
Net cash generated from operating activities |  | 2,028,587 |  | 2,472,835
Cash flows from investing activities
Purchase of tangible assets |  | (115,149 ) |  | (84,407 )
Proceeds from disposal of tangible assets |  | 32,538 |  | 1
Interest received |  | 41,194 |  | 50,820
Dividends received |  | 375,000 |  | -
Net cash generated from/(used in) investing activities |  | 333,583 |  | (33,586 )
Cash flows from financing activities
Equity dividends paid |  | (652,500 ) |  | (1,183,440 )
Amount introduced by directors |  | 70,560 |  | -
Amount withdrawn by directors |  | - |  | (321,200)
Net cash used in financing activities |  | (581,940 ) |  | (1,504,640 )
Increase in cash and cash equivalents |  | 1,780,230 |  | 934,609
Cash and cash equivalents at beginning of year | 2 | 5,365,926 |  | 4,431,317
Cash and cash equivalents at end of year | 2 | 7,146,156 |  | 5,365,926

Page 15
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Unitech Innovations Limited
Notes to the Consolidated Statement of Cash Flows
For The Year Ended 30 June 2025
Notes to the Consolidated Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from operations

| 2025 |  | 2024 as restated
--- | --- | --- | ---
| £ |  | £
Profit for the financial year | 260,255 |  | 2,702,239
Adjustments for:
Tax on profit | 4,381 |  | 873,537
Interest expense | 100 |  | 100
Interest income | (41,194 ) |  | (50,820 )
Income from shares in group undertakings | (375,000) |  | -
Depreciation of tangible assets | 32,256 |  | 37,778
(Profit)/loss on disposal of tangible assets | (11,709) |  | 7,540
Profit on revaluation of fixed assets | (512,348) |  | (310,635)
Movements in working capital:
(Increase)/decrease in stocks | (63,599 ) |  | 317,500
Decrease/(increase) in trade and other debtors | 3,255,397 |  | (769,211 )
Decrease in trade and other creditors | (514,976 ) |  | (317,250 )
Net cash generated from operations | 2,033,563 |  | 2,490,778

2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

| 2025 |  | 2024 as restated
--- | --- | --- | ---
| £ |  | £
Cash at bank and in hand | 7,146,156 |  | 5,365,926

3. Analysis of changes in net funds

| As at 1 July 2024 | Cash flows | As at 30 June 2025
--- | --- | --- | ---
| £ | £ | £
Cash at bank and in hand | 5,365,926 | 1,780,230 | 7,146,156

Page 16
Page 17
Unitech Innovations Limited
Company Statement of Cash Flows
For The Year Ended 30 June 2025
Company Statement of Cash Flows

| 2025 |  | 2024 as restated
| Notes | £ |  | £
Cash flows from operating activities
Net cash generated from operations | 1 | 561,183 |  | 1,012,613
Interest paid |  | (100 ) |  | (100 )
Tax (paid)/refunded |  | (4,876 ) |  | 100
Net cash generated from operating activities |  | 556,207 |  | 1,012,613
Cash flows from investing activities
Interest received |  | 8,636 |  | 5
Dividends received |  | 597,500 |  | 820,000
Net cash generated from investing activities |  | 606,136 |  | 820,005
Cash flows from financing activities
Equity dividends paid |  | (625,000 ) |  | (1,360,000 )
Amount withdrawn by directors |  | - |  | (321,200)
Net cash used in financing activities |  | (625,000 ) |  | (1,681,200 )
Increase in cash and cash equivalents |  | 537,343 |  | 151,418
Cash and cash equivalents at beginning of year | 2 | 550,394 |  | 398,976
Cash and cash equivalents at end of year | 2 | 1,087,737 |  | 550,394

Page 17
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Unitech Innovations Limited
Notes to the Company Statement of Cash Flows
For The Year Ended 30 June 2025
Notes to the Company Statement of Cash Flows
1. Reconciliation of (loss)/profit for the financial year to cash generated from operations

| 2025 |  | 2024 as restated
--- | --- | --- | ---
| £ |  | £
(Loss)/profit for the financial year | (1,796,608 ) |  | 1,628,896
Adjustments for:
Tax on (loss)/profit | 1,421 |  | 337,226
Interest expense | 100 |  | 100
Interest income | (8,636 ) |  | (5 )
Income from shares in group undertakings | (597,500) |  | (820,000)
Depreciation of tangible assets | 882 |  | 943
Movements in working capital:
Decrease in stocks | - |  | 248,040
Decrease/(increase) in trade and other debtors | 3,504,378 |  | (350,734 )
Decrease in trade and other creditors | (542,854 ) |  | (31,853 )
Net cash generated from operations | 561,183 |  | 1,012,613

2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

| 2025 |  | 2024 as restated
--- | --- | --- | ---
| £ |  | £
Cash at bank and in hand | 1,087,737 |  | 550,394

3. Analysis of changes in net funds

| As at 1 July 2024 | Cash flows | As at 30 June 2025
--- | --- | --- | ---
| £ | £ | £
Cash at bank and in hand | 550,394 | 537,343 | 1,087,737

Page 18
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Unitech Innovations Limited
Notes to the Financial Statements
For The Year Ended 30 June 2025
Notes to the Financial Statements
1. General Information
Unitech Innovations Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08843714 . The registered office is 1 London Road, Ipswich, IP1 2HA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Basis Of Consolidation
The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 30 June 2025.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.
Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.
Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.
Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.
Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.
2.3. Business Combinations
Business combinations are accounted for by applying the purchase method.
The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction.
Contingent consideration is initially recognised at estimated amount where the consideration is probable and can be measured reliably. Where (i) the contingent consideration is not considered probable or cannot be reliably measured but subsequently becomes probable and measurable or (ii) contingent consideration previously measured is adjusted, the amounts are recognised as an adjustment to the cost of the business combination.
On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.
Page 19
Page 20
Unitech Innovations Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2025
2.4. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. This is usually at the point that goods are dispatched to the customer, as at this point control and risk passes to the buyer and the entity retains no continuing managerial involvement in the goods.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are initially recognised at cost, comprising the purchase price and any directly attributable costs of bringing the asset to its working condition and intended use. Subsequent expenditure is capitalised only where it is probable that future economic benefits will flow to the company; all other repairs and maintenance costs are expensed as incurred.
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold | 20% on cost
Plant & Machinery | 25% on cost
Motor Vehicles | 25% on cost
Fixtures & Fittings | 25% on cost
Computer Equipment | 33% on cost

2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and selling price less costs to complete and sell after making due allowance for obsolete and slow-moving stocks.
Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
2.7. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
Page 20
Page 21
Unitech Innovations Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2025
2.8. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.9. Currency
The financial statements are presented in Pounds Sterling, which is the functional currency of the company.
3. Turnover
Analysis of turnover by geographical market is as follows:

| 2025 |  | 2024 as restated
--- | --- | --- | ---
| £ |  | £
United Kingdom | 16,462,273 |  | 17,053,659
Europe | 20,143 |  | 167,177
North America | 1,286,187 |  | 1,340,036
| 17,768,603 |  | 18,560,872

4. Other Operating Income

| 2025 |  | 2024 as restated
--- | --- | --- | ---
| £ |  | £
Other operating income | 129,968 |  | 39,579
| 129,968 |  | 39,579

5. Operating Profit
The operating profit is stated after charging:

| 2025 |  | 2024 as restated
--- | --- | --- | ---
| £ |  | £
Bad debts | 10,655 |  | 920
Research and Development Costs | 7,088 |  | 11,174
Depreciation of tangible fixed assets | 32,256 |  | 37,778

Page 21
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Unitech Innovations Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2025
6. Auditor's Remuneration
Remuneration received by the group's auditors and their associates during the year was as follows:

| 2025 |  | 2024 as restated
--- | --- | --- | ---
| £ |  | £
Audit Services
Audit of the group and company's financial statements | 33,000 |  | 25,000
Other Services
Other non-audit services | 14,211 |  | -

7. Staff Costs
Staff costs, including directors' remuneration, were as follows:

| Group |  | Company
--- | --- | --- | ---
| 2025 |  | 2024 as restated |  | 2025 |  | 2024 as restated
| £ |  | £ |  | £ |  | £
Wages and salaries | 1,840,794 |  | 1,695,547 |  | 74,260 |  | 75,738
Social security costs | 20,424 |  | 20,146 |  | - |  | -
Other pension costs | 163,152 |  | 125,859 |  | - |  | -
| 2,024,370 |  | 1,841,552 |  | 74,260 |  | 75,738

8. Average Number of Employees
Average number of employees, including directors, during the year was as follows:

| Group |  | Company
--- | --- | --- | ---
| 2025 |  | 2024 |  | 2025 |  | 2024
Office and administration | 17 |  | 22 |  | 10 |  | 10
Sales, marketing and distribution | 26 |  | 26 |  | - |  | -
| 43 |  | 48 |  | 10 |  | 10

9. Directors' remuneration

| 2025 |  | 2024 as restated
--- | --- | --- | ---
| £ |  | £
Emoluments | 186,650 |  | 191,388
Company contributions to money purchase pension schemes | 21,223 |  | -
| 207,873 |  | 191,388

The emoluments of the highest paid director were £98,440. The disclosure of the highest paid director's emoluments is not required for the prior year as aggregate directors' emoluments were below £200,000 in 2024.

| 2025 |  | 2024 as restated
--- | --- | --- | ---
| £ |  | £
Emoluments | 98,440 |  | -

Page 22
Page 23
Unitech Innovations Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2025
10. Interest Receivable and Similar Income

| 2025 |  | 2024 as restated
--- | --- | --- | ---
| £ |  | £
Bank interest receivable | 36,218 |  | 32,878
Dividends from shares in subsidiaries | 375,000 |  | -
Interest receivable on Corporation tax payments on account | 4,976 |  | 17,942
| 416,194 |  | 50,820

11. Interest Payable and Similar Charges

| 2025 |  | 2024 as restated
--- | --- | --- | ---
| £ |  | £
Late payment tax charges | 100 |  | 100

12. Tax on Profit
The tax charge on the profit for the year was as follows:

| Tax Rate | 2025 |  | 2024 as restated
--- | --- | --- | --- | ---
| 2025 | 2024 | £ |  | £
Current tax
UK Corporation Tax | 25.0% | 25.0% | 1,641 |  | 862,460
Deferred Tax
Deferred taxation | 2,740 |  | 11,077
Total tax charge for the period | 4,381 |  | 873,537

The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Profit before tax | 264,636 |  | 3,575,776
Tax on profit at 25% (UK standard rate) | 66,159 |  | 1,070,704
Goodwill/depreciation not allowed for tax | 8,064 |  | 11,331
Expenses not deductible for tax purposes | 34,198 |  | 6,018
Capital allowances | (29,125 ) |  | (21,681 )
Short term timing differences | (396 ) |  | 11,077
Prior period adjustment | - |  | 1,088
Dividends from companies | (597,500 ) |  | (205,000 )
Tax losses unutilised carried forward | 522,981 |  | -
Total tax charge for the period | 4,381 |  | 873,537

Page 23
Page 24
Unitech Innovations Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2025
13. Prior Period Adjustment
During the year it was identified that incorrect cost of sales postings made in prior periods had resulted in a stock balance being carried on the balance sheet that did not represent physical stock held by the business.
A prior period adjustment has been made in accordance with Section 10 of FRS 102 to correct this error. The comparative figures in these financial statements have been restated to reflect the removal of the accumulated stock balance. The current year element of the adjustment has been recognised through cost of sales in the profit and loss account.
14. Tangible Assets
Group

| Land & Property
--- | ---
| Leasehold | Plant & Machinery | Motor Vehicles | Fixtures & Fittings
| £ | £ | £ | £
Cost
As at 1 July 2024 | 304,150 | 92,267 | 87,986 | 159,070
Additions | 99,326 | 13,843 | - | 1,980
Disposals | - | - | (77,990 ) | -
As at 30 June 2025 | 403,476 | 106,110 | 9,996 | 161,050
Depreciation
As at 1 July 2024 | 302,982 | 65,698 | 65,824 | 86,067
Provided during the period | 4,334 | 8,373 | 334 | 18,333
Disposals | - | - | (57,161 ) | -
As at 30 June 2025 | 307,316 | 74,071 | 8,997 | 104,400
Net Book Value
As at 30 June 2025 | 96,160 | 32,039 | 999 | 56,650
As at 1 July 2024 | 1,168 | 26,569 | 22,162 | 73,003

| Computer Equipment | Total
--- | --- | ---
| £ | £
Cost
As at 1 July 2024 | 3,589 | 647,062
Additions | - | 115,149
Disposals | - | (77,990 )
As at 30 June 2025 | 3,589 | 684,221
Depreciation
As at 1 July 2024 | 2,418 | 522,989
Provided during the period | 882 | 32,256
Disposals | - | (57,161 )
As at 30 June 2025 | 3,300 | 498,084
Net Book Value
As at 30 June 2025 | 289 | 186,137
As at 1 July 2024 | 1,171 | 124,073

Page 24
Page 25
Unitech Innovations Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2025
Company

| Computer Equipment
--- | ---
| £
Cost
As at 1 July 2024 | 3,589
As at 30 June 2025 | 3,589
Depreciation
As at 1 July 2024 | 2,418
Provided during the period | 882
As at 30 June 2025 | 3,300
Net Book Value
As at 30 June 2025 | 289
As at 1 July 2024 | 1,171

15. Investments
Group

| Subsidiaries | Associates | Total
--- | --- | --- | ---
| £ | £ | £
Cost or Valuation
As at 1 July 2024 | (125,625 ) | 2,973,449 | 2,847,824
Revaluations | - | 512,348 | 512,348
As at 30 June 2025 | (125,625 ) | 3,485,797 | 3,360,172
Provision
As at 1 July 2024 | - | - | -
As at 30 June 2025 | - | - | -
Net Book Value
As at 30 June 2025 | (125,625 ) | 3,485,797 | 3,360,172
As at 1 July 2024 | (125,625 ) | 2,973,449 | 2,847,824

Company

| Subsidiaries | Associates | Total
--- | --- | --- | ---
| £ | £ | £
Cost or Valuation
As at 1 July 2024 | 1,086,400 | 125,625 | 1,212,025
As at 30 June 2025 | 1,086,400 | 125,625 | 1,212,025
Provision
As at 1 July 2024 | - | - | -
As at 30 June 2025 | - | - | -

...CONTINUED
Page 25
Page 26
Unitech Innovations Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2025

Net Book Value
As at 30 June 2025 | 1,086,400 | 125,625 | 1,212,025
As at 1 July 2024 | 1,086,400 | 125,625 | 1,212,025

Subsidiaries
Details of the group's subsidiaries as at 30 June 2025 are as follows:

Name of undertaking | Registered Office | Class of shares held | Direct holding | Indirect holding
--- | --- | --- | --- | ---
Azpects Ltd | 1 London Road, Ipswich, IP1 2HA | Ordinary | 89.00% | -

The aggregate capital and reserves and the result for the year of the subsidiaries listed above was as follows:
Associates
Details of the group's associates as at 30 June 2025 are as follows:

Name of undertaking | Registered Office | Class of shares held | Direct holding | Indirect holding
--- | --- | --- | --- | ---
Building Chemical Research (1984) Ltd | Sion Street, Radcliffe, Manchester, M26 3SJ | Ordinary | 50.00% | -

16. Stocks

| Group |  | Company
--- | --- | --- | ---
| 2025 |  | 2024 as restated |  | 2025 |  | 2024 as restated
| £ |  | £ |  | £ |  | £
Stock | 983,434 |  | 919,835 |  | - |  | -

17. Debtors

| Group |  | Company
--- | --- | --- | ---
| 2025 |  | 2024 as restated |  | 2025 |  | 2024 as restated
| £ |  | £ |  | £ |  | £
Due within one year
Trade debtors | 6,622,594 |  | 8,303,039 |  | 1,218,723 |  | 3,275,562
Prepayments and accrued income | 63,241 |  | 67,619 |  | - |  | -
Other debtors | 1,164,327 |  | 2,259,602 |  | 1,160,767 |  | 2,255,442
Corporation tax recoverable assets | - |  | 96,995 |  | - |  | -
Directors' loan accounts | 34,320 |  | 106,933 |  | - |  | -
Called up share capital not paid | 200 |  | 200 |  | 200 |  | 200
Amounts owed by associates | (100 ) |  | 122,335 |  | - |  | -
Amounts owed by other participating interests | 325,000 |  | 325,000 |  | 325,000 |  | 325,000
| 8,209,582 |  | 11,281,723 |  | 2,704,690 |  | 5,856,204
Due after more than one year
Other debtors | - |  | 352,864 |  | - |  | 352,864
| 8,209,582 |  | 11,634,587 |  | 2,704,690 |  | 6,209,068

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Unitech Innovations Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2025
18. Creditors: Amounts Falling Due Within One Year

| Group |  | Company
--- | --- | --- | ---
| 2025 |  | 2024 as restated |  | 2025 |  | 2024 as restated
| £ |  | £ |  | £ |  | £
Trade creditors | 2,069,838 |  | 1,830,778 |  | 127,666 |  | 249,146
Amounts owed to group undertakings | - |  | - |  | 800,000 |  | 800,000
Other creditors | 11,644 |  | 42,391 |  | 5,200 |  | 5,200
Corporation tax | 303,299 |  | 403,529 |  | 25,234 |  | 28,469
Taxation and social security | 435,053 |  | 429,921 |  | 52,318 |  | 20,192
Accruals and deferred income | 282,153 |  | 1,084,153 |  | 33,250 |  | 486,750
| 3,101,987 |  | 3,790,772 |  | 1,043,668 |  | 1,589,757

19. Deferred Taxation
The provision for deferred tax is made up as follows:

| Group |  | Company
--- | --- | --- | ---
| 2025 |  | 2024 as restated |  | 2025 |  | 2024 as restated
| £ |  | £ |  | £ |  | £
Other timing differences | 19,111 |  | 16,371 |  | 73 |  | 293

20. Provisions for Liabilities

Group
| Deferred Tax | Other Provisions | Total
--- | --- | --- | ---
| £ | £ | £
As at 1 July 2024 | 16,371 | - | 16,371
Additions | 2,740 | 71,526 | 74,266
Balance at 30 June 2025 | 19,111 | 71,526 | 90,637

Company
| Deferred Tax | Total
--- | --- | ---
| £ | £
As at 1 July 2024 | 293 | 293
Utilised | (220 ) | (220)
Balance at 30 June 2025 | 73 | 73

21. Share Capital

| 2025 |  | 2024 as restated
--- | --- | --- | ---
Allotted, called up but not fully paid | £ |  | £
200 Ordinary Shares of £ 1.00 each | 200 |  | 200

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Unitech Innovations Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2025
22. Pension Commitments
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.
During the year the charge to the profit and loss account in respect of defined contribution schemes was £163,152 (2024: £125,859).
At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.
23. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:

| As at 1 July 2024 | Amounts advanced | Amounts repaid | Amounts written off | As at 30 June 2025
--- | --- | --- | --- | --- | ---
| £ | £ | £ | £ | £
Mr Paul Taylor | 71,940 | - | 32,940 | - | 34,320
Mr Mike Downing | 37,333 | - | 32,940 | - | (287 )

The above loan is unsecured, interest free and repayable on demand.
24. Dividends

| 2025 |  | 2024 as restated
--- | --- | --- | ---
| £ |  | £
On equity shares:
Final dividend paid | 625,000 |  | 1,183,440

25. Related Party Disclosures
The Group had the following related party transactions during the year:
Azpects USA INC
Trade customer in which the majority of shares are owned by the shareholders of Unitech Innovations Ltd.
This includes a Trade Debtor balance of £3,123,050 (including a Trade Debt with it’s subsidiary HLW Inc of £448,452) and Long Term Trade Loan of £1,447,539. An impairment recognised in exceptional costs has been raised against the total of these balances.
Building Chemical Research (1984) Ltd
Non Controlled Entity in which Unitech Innovations owns 50% of the ordinary Shares. Trade Creditor balance of £1,130,838 including £931,494 owed by subsidiary Azpects Ltd.
None of the above balances are covered by any form of security or provisions. The balances have arisen as part of normal trading activity and approved by the Board of Directors.
Unitech Property Ltd
A property company owed by the shareholders of Unitech Innovation Ltd. This is a loan of £1,160,767, which is repayable on demand.
P L Taylor and M Downing Partnership
Fees received for rent of an apartment to the business £27,012.
238 Ltd Loan
Included in other debtors is an amount of £325,000 being a loan from Unitech to 238 Ltd, which is a related company involving the Directors. This loan is interest free and repayable on demand.
26. Controlling Parties
No Individual shareholder holds majority of the voting rights, therefore these is no ultimate controlling party by virtue of shareholdings.
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