Company registration number 11321813 (England and Wales)
IONIZE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
IONIZE LIMITED
COMPANY INFORMATION
Directors
Mr K L Ellmore
Mr H van den Berg
Mr B van Hauwermeiren
Mr M Dyer
Mr T Miki
Mr A Dimou
(Appointed 1 August 2025)
Company number
11321813
Registered office
10B Cefn Llan Science Park
Aberystwyth
Ceredigion
United Kingdom
SY23 3AH
Auditor
Deloitte LLP
1 Station Square
Cambridge
United Kingdom
CB1 2GA
Bankers
Barclays
Leicester
United Kingdom
LE87 2BB
IONIZE LIMITED
CONTENTS
Page
Directors' report
1 - 2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 19
IONIZE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2026
- 1 -

The directors present their annual report and financial statements for the year ended 31 March 2026.

Principal activities

The principal activity of the company continued to be that of information technology consultancy services.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr K L Ellmore
Mr M L Heath
(Resigned 1 August 2025)
Mr H van den Berg
Mr B van Hauwermeiren
Mr M Dyer
Mr T Miki
Mr A Dimou
(Appointed 1 August 2025)

Going concern

The directors have carried out a review of the company's expected performance in conjunction with budgets and cash flow requirements of the business to assess going concern. This review happens regularly throughout the period by the directors to assess business performance.

The company’s principal activity is the provision of IT and other support services, primarily to related party Robert Heath Heating Limited. The company has an arrangement with this company whereby costs incurred in providing these services are recharged at a fixed margin. The company has sought assurances that the agreement will continue for at least 12 months from the date of approval of these financial statements. Further, the directors believe there will be sufficient cash reserves to enable the company to meet its obligations as they fall due, for a period not less than 12 months from approval of these financial statements. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Auditor

Deloitte LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information. This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption as per section 415A of the Companies Act 2006.

IONIZE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 2 -
Approved by the Board and signed on its behalf by:
Mr H van den Berg
Director
3 July 2026
10B Cefn Llan Science Park
Aberystwyth
Ceredigion
United Kingdom
SY23 3AH
IONIZE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2026
- 3 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial period. 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, including FRS 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;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and 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.

IONIZE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF IONIZE LIMITED
- 4 -
Report on the audit of the financial statements
Opinion

In our opinion the financial statements of Ionize Limited (the ‘company’):

- give a true and fair view of the state of the company’s affairs as at 31 March 2026 and of its profit for the period then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 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.

We have audited the financial statements which comprise:

- the profit and loss account;

- the balance sheet;

- the statement of changes in equity; and

- the related notes 1 to 18.

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).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report.

We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council’s (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 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

IONIZE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF IONIZE LIMITED (CONTINUED)
- 5 -
Responsibilities of directors

As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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.

A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

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.

We considered the nature of the company’s industry and its control environment, and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management and the directors about their own identification and assessment of the risks of irregularities, including those that are specific to the company’s business sector.

We obtained an understanding of the legal and regulatory framework that the company operates in, and identified the key laws and regulations that:

- had a direct effect on the determination of material amounts and disclosures in the financial statements. These included UK Companies Act, UK GAAP, pensions legislation and tax legislation; and

- did not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty. These included employment law, General Data Protection Regulation (GDPR) and health and safety law.

We discussed among the audit engagement team, including relevant specialists such as tax, regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

IONIZE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF IONIZE LIMITED (CONTINUED)
- 6 -

In addition to the above, our procedures to respond to the risks identified included the following:

- reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- enquiring of management and in-house legal counsel concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and

- reading minutes of meetings of those charged with governance

Report on other legal and regulatory requirements

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 directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the directors’ report has been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any material misstatements in the directors’ report.

Matters on which we are required to report by exception

Under the Companies Act 2006 we are required to report in respect of the following matters 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

- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemption in preparing the directors’ report and from the requirement to prepare a strategic report.

We have nothing to report in respect of these matters.

Use of our report

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

Tom Gooda (Senior Statutory auditor)
For and on behalf of Deloitte LLP
Statutory Auditor
Cambridge, United Kingdom
3 July 2026
IONIZE LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2026
- 7 -
Year
Period
ended
ended
31 March
31 March
2026
2025
Notes
£
£
Turnover
3
1,976,932
1,489,064
Cost of sales
(1,196,494)
(795,011)
Gross profit
780,438
694,053
Administrative expenses
(672,314)
(629,148)
Other operating income
-
0
741
Operating profit
108,124
65,646
Interest receivable and similar income
3
1,041
2,279
Profit before taxation
109,165
67,925
Taxation
7
(26,542)
(15,072)
Profit for the financial period
82,623
52,853

The profit and loss account has been prepared on the basis that all operations are continuing operations.

There are no recognised gains or losses in the current or previous periods other than those charged to the profit and loss account and therefore no statement of comprehensive income has been presented.

IONIZE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2026
31 March 2026
- 8 -
2026
2025
Notes
£
£
£
£
Fixed assets
Tangible assets
8
42,284
17,064
Current assets
Debtors
9
289,924
154,578
Cash at bank and in hand
241,307
294,794
531,231
449,372
Creditors: amounts falling due within one year
10
(260,389)
(241,860)
Net current assets
270,842
207,512
Total assets less current liabilities
313,126
224,576
Provisions for liabilities
11
(7,411)
(1,484)
Net assets
305,715
223,092
Capital and reserves
Called up share capital
13
100
100
Profit and loss reserves
14
305,615
222,992
Total shareholders' funds
305,715
223,092

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

The financial statements were approved by the board of directors and authorised for issue on 3 July 2026 and are signed on its behalf by:
Mr H van den Berg
Director
Company registration number 11321813 (England and Wales)
IONIZE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2026
- 9 -
Called up share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 July 2024
100
170,139
170,239
Period ended 31 March 2025:
Profit and total comprehensive income
-
52,853
52,853
Balance at 31 March 2025
100
222,992
223,092
Year ended 31 March 2026:
Profit and total comprehensive income
-
82,623
82,623
Balance at 31 March 2026
100
305,615
305,715
IONIZE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
- 10 -
1
Accounting policies
Company information

Ionize Limited is a private company limited by shares incorporated in England and Wales. The company number is 11321813 and the registered office is 10B Cefn Llan Science Park, Aberystwyth, Ceredigion, Wales, SY23 3AH. The company's principal activity is stated in the Directors' report on page 1.

1.1
Reporting period

These financial statements cover the 12 month period ended 31 March 2026. The company's financial reporting date is now aligned with other members of the Daikin group. The comparatives represent the previous 9 month period ended 31 March 2025 and are not directly comparable.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.

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

The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of the following e xemption from disclosure requirements:

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 29 'Income Tax': Deferred tax arising from Pillar Two legislation;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Daikin Europe N.V. These consolidated financial statements are available from its registered office address at Zandvoordestraat 300, B-8400 Oostende, Belgium.

1.3
Going concern

The directors have carried out a review of the company's expected performance in conjunction with budgets and cash flow requirements of the business to assess going concern. This review happens regularly throughout the period by the directors to assess business performance.

The company’s principal activity is the provision of IT and other support services, primarily to related party Robert Heath Heating Limited. The company has an arrangement with this company whereby costs incurred in providing these services are recharged at a fixed margin. The company has sought assurances that the agreement will continue for at least 12 months from the date of approval of these financial statements. Further, the directors believe there will be sufficient cash reserves to enable the company to meet its obligations as they fall due, for a period not less than 12 months from approval of these financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

IONIZE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 11 -
1.4
Turnover and other income

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue for the sale of goods and services is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods or provision of service), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of income can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and the effective interest rate applicable.

1.5
Tangible fixed assets

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

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

Fixtures and fittings
Over 3-5 years
Computer equipment
Over 3 years

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

1.6
Impairment of fixed assets

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

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

IONIZE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 12 -
1.8
Financial instruments

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

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

Financial assets are classified into specified categories. The classification depends on the nature and purpose of the financial instruments and is determined at the time of recognition.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs, less any impairment.

Loans and receivables are measured at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transactions, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Other financial liabilities

Other financial liabilities, including bank loans, are initially measured at fair value, net of transactions costs, and are measured subsequently at amortised cost using the effective interest method.

1.9
Equity instruments

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

1.10
Taxation

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

Current tax

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

IONIZE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 13 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date 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. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

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

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

1.12
Retirement benefits

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

1.13
Leases

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

1.14
Foreign exchange

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

IONIZE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 14 -
2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical accounting judgements

In the process of applying the entity’s accounting policies, no critical judgements have been made that are considered to have a significant effect on the amounts recognised in the financial statements.

Key sources of estimation uncertainty

There are no key assumptions concerning the future, or other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities.

3
Turnover and other income
Year
Period
ended
ended
31 March
31 March
2026
2025
£
£
Turnover analysed by class of business
Information technology consultancy services
1,976,932
1,489,064
The company's turnover is derived from its principal activity wholly undertaken in the United Kingdom.
Year
Period
ended
ended
31 March
31 March
2026
2025
£
£
Other income
Interest income
1,041
2,279

Interest income comprises £954 (2025: £2,279) of bank interest and £87 (2025: £nil) of interest received from HMRC in respect of a corporation tax repayment.

In addition to the above, Operating profit in the prior period included £741 of promotional incentives shown as Other operating income. No such incentives were received in the current year.

IONIZE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 15 -
4
Auditor's remuneration
Year
Period
ended
ended
31 March
31 March
2026
2025
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
10,695
10,283

No fees were paid or payable to the statutory auditor in respect of non-audit services (2025: £nil). The auditor's remuneration relates solely to statutory audit services provided for the period.

5
Employees

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

Year
Period
ended
ended
31 March
31 March
2026
2025
Number
Number
Management and administration
11
12
Total
11
12
6
Directors' remuneration
Year
Period
ended
ended
31 March
31 March
2026
2025
£
£
Remuneration for qualifying services
48,200
160,950
Company pension contributions to defined contribution schemes
1,350
3,038

Directors' remuneration relates to 1 director (2025: 1).

IONIZE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 16 -
7
Taxation
Year
Period
ended
ended
31 March
31 March
2026
2025
£
£
Current tax
UK corporation tax on profits for the current period
20,615
18,275
Deferred tax
Origination and reversal of timing differences
5,927
(3,203)
Total tax charge
26,542
15,072

The corporation tax rate for current and deferred tax is 25% (2025: 25%).

8
Tangible fixed assets
Fixtures and fittings
Computer equipment
Total
£
£
£
Cost
At 1 April 2025
2,308
43,424
45,732
Additions
121
41,453
41,574
Disposals
-
0
(10,216)
(10,216)
At 31 March 2026
2,429
74,661
77,090
Depreciation and impairment
At 1 April 2025
686
27,982
28,668
Depreciation charged in the year
478
15,681
16,159
Eliminated in respect of disposals
-
0
(10,021)
(10,021)
At 31 March 2026
1,164
33,642
34,806
Carrying amount
At 31 March 2026
1,265
41,019
42,284
At 31 March 2025
1,622
15,442
17,064
9
Debtors
2026
2025
Amounts falling due within one year:
£
£
Trade debtors
4,004
4,962
Amounts owed by group undertakings
227,931
148,457
Prepayments and accrued income
57,989
1,159
289,924
154,578
IONIZE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
9
Debtors
(Continued)
- 17 -

Amounts owed by group undertakings includes £119,537 (2025: £147,455 ) owed by fellow subsidiary Robert Heath Heating Limited, arising as a result of normal business trading. There is no interest charged on the balance owed by the fellow subsidiary, and it is repayable under normal business trading terms. Payment is due at the end of the month following date of invoice.

Amounts owed by group undertakings also include a balance of £107,505 (2025: £nil) in respect of group transfer pricing arrangements. No interest is charged on this balance, which is repayable under normal business trading terms. A further £889 (2025: £1,002) relates to a group cash pooling arrangement which is repayable on demand and accumulates interest at GBP SONIA less intercompany margin calculated by Daikin Europe Coordination Center N.V.

10
Creditors: amounts falling due within one year
2026
2025
£
£
Trade creditors
148,729
126,206
Corporation tax
18,322
1,319
Other taxation and social security
71,035
89,210
Other creditors
22,303
25,125
260,389
241,860
11
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company:

Liabilities
Liabilities
2026
2025
Balances:
£
£
Accelerated capital allowances
7,411
1,484
2026
Movements in the year:
£
Liability at 1 April 2025
1,484
Charge to profit or loss
5,927
Liability at 31 March 2026
7,411
IONIZE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 18 -
12
Retirement benefit schemes
Year
Period
ended
ended
31 March
31 March
2026
2025
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
17,375
14,304

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

There were no commitments for defined contribution liabilities at the year end.

13
Called up share capital
2026
2025
2026
2025
Ordinary share capital
Number
Number
£
£
Issued and fully paid
50 A Ordinary shares of £1 each
50
50
50
50
50 B Ordinary shares of £1 each
50
50
50
50
100
100
100
100
14
Profit and loss reserves
2026
2025
£
£
At the beginning of the period
222,992
170,139
Profit for the period
82,623
52,853
At the end of the period
305,615
222,992
15
Contingent liabilities

The company had no capital commitments at the period end (2025: £nil).

IONIZE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 19 -
16
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2026
2025
£
£
Within one year
-
0
3,014
Total commitments
-
0
3,014

The company's lease agreement in respect of 10B Cefn Llan Science Park in Aberystwyth came to the end of its contractual term during the year. Notwithstanding the expiry of the formal lease agreement, the company continues to occupy the property and make regular quarterly payments to the lessor. These payments are recognised as lease expenses in the period to which they relate.

17
Related party transactions
Transactions with related parties

The company has taken advantage of the exemption conferred by FRS102 section 33 from the requirement to disclose transactions with group companies on the grounds that consolidated financial statements are prepared.

18
Parent company

The immediate parent company is Robert Heath Group Limited, company no. 06713680, registered in England and Wales.

The ultimate parent undertaking and controlling party is Daikin Industries Limited.

The company's results are consolidated into group accounts prepared by Daikin Europe N.V., a company registered in Belgium. This is the parent undertaking of the smallest group to consolidate these financial statements. Copies of these group financial statements are available from their registered office address at Zandvoordestraat 300, B-8400 Oostende, Belgium.

The ultimate parent undertaking and controlling party is Daikin Industries Limited, a company registered in Japan. Daikin Industries Limited is the parent undertaking of the largest group to consolidate these financial statements. Copies of these group financial statements are available from their registered office address at Umeda Center Bldg., 2-4-12, Nakazaki-Nishi, Kita-ku, Osaka. 530-8323, Japan.

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