REGISTERED NUMBER: SC342923 (Scotland)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

EMTEC GROUP LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

6

Report of the Independent Auditors

9

Consolidated Statement of Comprehensive Income

13

Consolidated Statement of Financial Position

15

Company Statement of Financial Position

16

Consolidated Statement of Changes in Equity

17

Company Statement of Changes in Equity

18

Consolidated Statement of Cash Flows

19

Notes to the Consolidated Statement of Cash Flows

20

Notes to the Consolidated Financial Statements

21

DIRECTORS:

Mr M J Clinch

Mr A T McKenzie

Mr W Ottilinger

REGISTERED OFFICE:

29 Brandon Street

Hamilton

South Lanarkshire

ML3 6DA

REGISTERED NUMBER:

SC342923 (Scotland)

AUDITORS:

S&W Audit

Statutory Auditor

Chartered Accountants

Q Court

3 Quality Street

Edinburgh

EH4 5BP

The directors present their strategic report of the company and the group for the year ended 31 December 2025.

Emtec Group is a leading contractor in the building services sector providing professional, quality and cost-efficient services throughout the UK. Via our group companies, we provide our clients with a full building services solution.

Our mission is to be the "Partner of Choice". Through excellence in customer service, quality, and assured delivery. We are people focused, with relationships and reputation being built on honesty, integrity and by providing safe sustainable business solutions.

Revenue in 2025 was 2.0% higher than in 2024, while gross profit declined by 12%, although profitability remained at a healthy level. While 2024 was an exceptional year for the business the 2025 result was still strong despite challenging market conditions, particularly within our Energy business, where several awarded opportunities were either cancelled or significantly delayed.

During 2025, the wider Sauter UK business carried out a reorganisation, and a number of businesses were brought within Emtec Group. These businesses are Emtec Southern, Emtec React, and Lidex Control Systems. The largest of these, Emtec Southern, has been emerging from a challenging period due to exposure to a difficult Southeast residential market. The business is well supported by both the Emtec Group and the wider Sauter Group, with new and experienced management in place to support it's turnaround. Progress is well underway expanding the client base particularly to tier 1 contractors in the commercial and logistics sectors. Despite these challenges, the overall Emtec Group remained profitable. The Facility Services and Utility Services businesses were notable highlights delivering results ahead of expectations.

Cash generated from operations was positive in 2025 at £2.7m although this is a considerable drop from cash generated in 2024 at £10.0m. This variance was partly driven by the exceptional operational performance in 2024 that was not repeated in 2025, and also from significant upfront payments received by our Energy business in 2024.

REVIEW OF BUSINESS

The Group's key performance indicators (KPIs) are turnover, gross profit and operating profit before tax. Turnover increased by 2.0% however gross profit decreased by 12%. This reflected growth in our better performing businesses including Facility Services and Utility Services, offset by the challenges faced by the Energy and Southern businesses. Cash generated from operations decreased from £10.0m in 2024 to £2.7m in 2025.

Year ending

Year ending

31 Dec 25

31 Dec 24

Change

£m

£m

%

Turnover

95.0

93.1

2.0%

Gross profit

22.8

25.9

-12.0%

Operating profit before tax

1.7

8.1

-79.0%

Cash generated from operations

2.7

10.0

-73.0%

PRINCIPAL RISKS AND UNCERTAINTIES

The group's operations expose it to a variety of financial risks that include performance risk, operational risk, credit risk, liquidity risk and price risk. The directors recognise their overall responsibility for the group's systems and internal control. The controls are designed to manage as opposed to completely eliminate risk.

The group has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the group by regularly reviewing and monitoring individual contract balances and ensuring adequate funding is in place for any given contract.

Performance risk is minimised through accurately budgeting and costing individual projects at the outset and then monitoring the performance on these projects through to completion. The performance of the group and the individual companies within the group is monitored through monthly management accounts which are reviewed at regular board meetings.

Operational risk is minimised through having robust health and safety and quality assurance policies and procedures in place as well as the development of a positive health and safety culture throughout the group.

Credit risk is minimised by requiring the appropriate credit checks on potential customers, working with reputable customers, agreeing regular payment terms on larger contracts and having strict credit controls. The amount of exposure to any individual customer is also assessed and controlled.

Liquidity risk is minimised through managing the cash generated by operations and the retention of a healthy level of group reserves and funds in the bank. At present the group is not reliant on any bank facilities.

Price risk relating to price increases is minimised by agreeing fixed prices with individual suppliers and sourcing goods and services from multiple suppliers to ensure competitive pricing.

SECTION 172(1) STATEMENT

The Companies Act 2006 requires company directors to state how they have had regard to the matters set out in section 172(1)(a) to (f) of the Companies Act 2006 when performing their duties under section 172.

These are as follows:

(a)the likely consequences of any decision in the long term,

(b)the interests of the group's employees,

(c)the need to foster the group's business relationships with suppliers, customers and others,

(d)the impact of the group's operations on the community and the environment,

(e)the desirability of the group maintaining a reputation for high standards of business conduct, and

(f)the need to act fairly between members of the group.

The consideration given to each of these matters for Emtec Group is set out below:

(a)At each board meeting the directors review along with the senior management team the potential outcome and progress of each of the planned strategic priorities.

(b)Each director is required to continually liaise with the HR department and engage directly with employees to ensure that the interests of all employees is kept at the forefront of all strategic decision making and they are strongly motivated by the board to ensure they promote the "employer of choice" ethos.

(c)As we depend on the capability and performance of our supply chain, we strive to be fair and responsible in our dealings with same. We take a collaborative approach across the board to try and maintain a healthy successful relationship for all.

(d)All employees are motivated to provide our customers with the best possible experience. We consistently seek out the most innovative, productive and sustainable solution to every challenge we encounter.

(e)We value customer loyalty. As such we make every effort to understand our customers' needs and key drivers, to allow us to develop long-term relationships that provide our customers with the level of intimacy that they require to support their success.

(f)The interests of all members are considered by the board when making decisions on behalf of the group.

EMPLOYEE MATTERS

The group supports the principle of equal opportunities in employment and opposes all forms of unlawful or unfair discrimination. Opportunity for employment and advancement are based solely on an individuals suitability for the work.

Full and fair consideration is given to applications for employment made by disabled persons, having regard to their aptitudes and abilities. Where any employee of the group should become disabled, retraining and reasonable adjustments to their environment will be provided where possible in order to keep the employee with the group.

It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee engagement is an important aspect of the group employment policies. Employees are regularly consulted regarding their views, the overall business performance and their contributions toward this.

FINANCIAL INSTRUMENTS

The group has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities which are all conducted in sterling. The group does not enter into any hedging transactions.

GOING CONCERN

The directors have prepared detailed forecasts, covering a period of at least 12 months from the date of signature of these financial statements, which show the the Group will trade profitably throughout the period. The forecasts were largely built based on work already secured at the time of writing and orders close to being secured in the period. As was predicted last year, 2025 was cash generative and the Group ended the year with a strong cash balance despite a considerable dividend paid to Group shareholders of £8m.

ON BEHALF OF THE BOARD:

Mr A T McKenzie - Director

30 June 2026

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

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of the provision of building services.

DIVIDENDS

Interim dividends per share were paid as follows:

Ordinary A £1 shares

£1.99

- 7 July 2025

£32.38

- 28 July 2025

£34.37

Ordinary B £1 shares

£15.76

- 7 July 2025

Growth Ordinary £1 shares

NIL

The directors recommend that no final dividends be paid.

The total distribution of dividends for the year ended 31 December 2025 will be £ 8,250,958 .

FUTURE DEVELOPMENTS

Based on projections the directors are confident that the group will continue to trade profitably in the current year.

DIRECTORS

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

Mr M J Clinch

Mr A T McKenzie

Mr W Ottilinger

Other changes in directors holding office are as follows:

Mrs Y H Stevenson - resigned 24 October 2025

Mr S P Stevenson ceased to be a director after 31 December 2025 but prior to the date of this report.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

Suppliers

As we depend on the capability and performance of our supply chain, we strive to be fair and responsible in our dealings with our suppliers. We take a collaborative approach across the board to try and maintain a healthy successful relationship for all with established communication mechanisms.

Customers

Customers are the core of our business. As such we make every effort to understand our customers' needs and key drivers, to allow us to develop long-term relationships that provide our customers with the level of intimacy that they require to support their success.

Shareholders

There are no institutional investors involved with Emtec Group Ltd. Fr. Sauter Ag. has a controlling interest in Emtec Group and its subsidiary undertakings. The interests of any minority shareholders across the group are represented through their active involvement in those business in which they have a shareholding.

STREAMLINED ENERGY AND CARBON REPORTING

Year

Emissions (tCO2e)

Emissions intensity (emissions tCO2e/turnover £m)

2022

1,348

15.4

2023

1,421

16.5

2024

1,144

12.3

2025

1,129

12.6

Emissions have decreased year-on-year in absolute terms. In terms of intensity, which is measured as emissions per million pounds of revenue, this rose slightly during 2025 vs 2024.

The use of electricity remains a relatively small source of emissions relative to the fleet.

Electrification of company cars is in progress, however the majority of vehicles in the company's fleet remain diesel fuelled commercial vehicles (vans). The availability of cost-effective commercial vehicles with sufficient range and the availability of the charging structure for employees who do not have access to home charging continues to remain a barrier to rapid adoption.

The company has explored options of lowering emissions via carbon offsetting schemes; these are not currently in place. We remain committed to focusing on lowering our emissions directly.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

ON BEHALF OF THE BOARD:

Mr A T McKenzie - Director

30 June 2026

Opinion

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

In our opinion the financial statements:

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

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

-	adequate accounting records have not been kept 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 and returns; or

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

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

Responsibilities of directors

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

In preparing the financial statements, the directors are responsible for assessing the group's and the 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.

Auditors' responsibilities for the audit of the financial statements

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

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:

- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- We identified the laws and regulations applicable to the Company/Group through discussions with directors and other management, and from our commercial knowledge;

- We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company/Group, including the Companies Act 2006, taxation legislation, employment and data protection;

- We assessed the extent of compliance with the laws and regulations identified above through making enquires of management and inspecting legal correspondence;

- Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assess the susceptibility of material misstatement within the Company/Group's financial statements, including obtaining an understanding of how fraud might occur by:

- Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

- Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- Performed analytical procedures to identify any unusual or unexpected relationships;

- Tested journal entries to identify unusual transactions;

- Assessed whether judgement and assumptions made in determining accounting estimates were indicative of potential bias; and

- Investigated the rationale behind any significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- Agreeing financial statement disclosures to underlying supporting documentation;

- Reading the minutes of meetings of those charged with governance;

- Enquiring of management as to actual potential litigation and claims; and

- Reviewing correspondence.

Whilst our audit did not identify any significant matters relating to the detection of irregularities including fraud, and despite the audit being planned and conducted in accordance with ISAs (UK), there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularity would likely involve collusion, forgery, intentional misrepresentations, or the override of internal controls.

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

Use of our report

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

Craig Hunter (Senior Statutory Auditor)

for and on behalf of S&W Audit

Statutory Auditor

Chartered Accountants

Q Court

3 Quality Street

Edinburgh

EH4 5BP

30 June 2026

TURNOVER

94,971,770

93,455,710

Cost of sales

(72,211,837

)

(67,461,223

)

GROSS PROFIT

22,759,933

25,994,487

Administrative expenses

(21,087,908

)

(18,520,054

)

1,672,025

7,474,433

Other operating income

110,819

156,671

OPERATING PROFIT

5

1,782,844

7,631,104

Interest receivable and similar income

495,113

511,582

2,277,957

8,142,686

Interest payable and similar expenses

7

(538,520

)

(11,117

)

PROFIT BEFORE TAXATION

1,739,437

8,131,569

Tax on profit

8

1,691,703

(2,051,359

)

PROFIT FOR THE FINANCIAL YEAR

3,431,140

6,080,210

OTHER COMPREHENSIVE INCOME

Revaluation of fixed assets

-

64,604

Income tax relating to other comprehensive income

-

(12,231

)

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

-

52,373

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

3,431,140

6,132,583

Profit attributable to:

Owners of the parent

3,062,161

5,104,371

Non-controlling interests

368,979

975,839

3,431,140

6,080,210

Total comprehensive income attributable to:

Owners of the parent

3,062,161

5,156,744

Non-controlling interests

368,979

975,839

3,431,140

6,132,583

FIXED ASSETS

Intangible assets

11

2,464,326

437,393

Tangible assets

12

2,418,563

2,278,297

Investments

13

-

-

4,882,889

2,715,690

CURRENT ASSETS

Debtors

14

25,222,610

23,637,002

Cash at bank

17,412,538

21,508,600

42,635,148

45,145,602

CREDITORS

Amounts falling due within one year

15

(35,537,037

)

(25,653,380

)

NET CURRENT ASSETS

7,098,111

19,492,222

TOTAL ASSETS LESS CURRENT LIABILITIES

11,981,000

22,207,912

PROVISIONS FOR LIABILITIES

19

(554,439

)

(442,947

)

NET ASSETS

11,426,561

21,764,965

CAPITAL AND RESERVES

Called up share capital

20

251,205

251,205

Share premium

21

24,151

24,151

Revaluation reserve

21

683,633

683,633

Retained earnings

21

10,157,548

19,878,337

SHAREHOLDERS' FUNDS

11,116,537

20,837,326

NON-CONTROLLING INTERESTS

22

310,024

927,639

TOTAL EQUITY

11,426,561

21,764,965

The financial statements were approved by the Board of Directors and authorised for issue on 30 June 2026 and were signed on its behalf by:

Mr A T McKenzie - Director

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

-

-

Investments

13

17,094,189

1,052,435

17,094,189

1,052,435

CURRENT ASSETS

Debtors

14

8,287,143

10,217,787

Cash at bank

606,534

11,695,428

8,893,677

21,913,215

CREDITORS

Amounts falling due within one year

15

(10,943,823

)

(13,250,235

)

NET CURRENT (LIABILITIES)/ASSETS

(2,050,146

)

8,662,980

TOTAL ASSETS LESS CURRENT LIABILITIES

15,044,043

9,715,415

CREDITORS

Amounts falling due after more than one year

16

(10,000,000

)

-

NET ASSETS

5,044,043

9,715,415

CAPITAL AND RESERVES

Called up share capital

20

251,205

251,205

Share premium

21

24,151

24,151

Retained earnings

21

4,768,687

9,440,059

SHAREHOLDERS' FUNDS

5,044,043

9,715,415

Company's profit for the financial year

3,577,123

720,928

The financial statements were approved by the Board of Directors and authorised for issue on 30 June 2026 and were signed on its behalf by:

Mr A T McKenzie - Director

Called up

share

Retained

Share

capital

earnings

premium

£

£

£

Balance at 1 January 2024

251,205

14,891,964

24,151

Changes in equity

Dividends

-

(117,998

)

-

Total comprehensive income

-

5,104,371

-

Balance at 31 December 2024

251,205

19,878,337

24,151

Changes in equity

Dividends

-

(8,250,958

)

-

Total comprehensive income

-

3,062,161

-

Acquisition of non controlling

interest

-

(3,734,928

)

-

Transfer between reserves

-

(797,064

)

-

Balance at 31 December 2025

251,205

10,157,548

24,151

Revaluation

Non-controlling

Total

reserve

Total

interests

equity

£

£

£

£

Balance at 1 January 2024

631,260

15,798,580

554,277

16,352,857

Changes in equity

Dividends

-

(117,998

)

(602,477

)

(720,475

)

Total comprehensive income

52,373

5,156,744

975,839

6,132,583

Balance at 31 December 2024

683,633

20,837,326

927,639

21,764,965

Changes in equity

Dividends

-

(8,250,958

)

(1,171,937

)

(9,422,895

)

Total comprehensive income

-

3,062,161

368,979

3,431,140

Acquisition of non controlling

interest

-

(3,734,928

)

(611,721

)

(4,346,649

)

Transfer between reserves

-

(797,064

)

797,064

-

Balance at 31 December 2025

683,633

11,116,537

310,024

11,426,561

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 January 2024

251,205

8,837,129

24,151

9,112,485

Changes in equity

Dividends

-

(117,998

)

-

(117,998

)

Total comprehensive income

-

720,928

-

720,928

Balance at 31 December 2024

251,205

9,440,059

24,151

9,715,415

Changes in equity

Dividends

-

(8,248,495

)

-

(8,248,495

)

Total comprehensive income

-

3,577,123

-

3,577,123

Balance at 31 December 2025

251,205

4,768,687

24,151

5,044,043

Cash flows from operating activities

Cash generated from operations

1

15,278,925

9,965,159

Interest paid

(538,520

)

(11,117

)

Tax paid

(2,995,231

)

(584,188

)

Net cash from operating activities

11,745,174

9,369,854

Cash flows from investing activities

Purchase of intangible fixed assets

(2,190,190

)

(25,367

)

Purchase of tangible fixed assets

(442,314

)

(371,131

)

Sale of tangible fixed assets

35,911

50,820

Acquisition of non-controlling interests

(4,346,861

)

-

Interest received

495,113

511,582

Net cash from investing activities

(6,448,341

)

165,904

Cash flows from financing activities

Equity dividends paid

(8,250,958

)

(117,998

)

Dividends paid non controlling interests

(1,141,937

)

(602,477

)

Net cash from financing activities

(9,392,895

)

(720,475

)

(Decrease)/increase in cash and cash equivalents

(4,096,062

)

8,815,283

Cash and cash equivalents at beginning of year

2

21,508,600

12,693,317

Cash and cash equivalents at end of year

2

17,412,538

21,508,600