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# ULTRA SONAR SYSTEMS LIMITED

## Company Registration Number:
14355663 (England and Wales)

## Unaudited statutory accounts for the year ended 31 December 2025

## Period of accounts

## Start date: 1 January 2025

## End date: 31 December 2025

# ULTRA SONAR SYSTEMS LIMITED

## Contents of the Financial Statements

for the Period Ended 31 December 2025

Directors report |
Profit and loss |
Balance sheet |
Additional notes |
Balance sheet notes |

# ULTRA SONAR SYSTEMS LIMITED

Directors' report period ended 31 December 2025

The directors present their report with the financial statements of the company for the period ended 31 December 2025

Principal activities of the company

Introduction The period the Financial Statements covers is the year from 1 January 2025 to 31 December 2025. Business review Ultra Sonar Systems Limited is headquartered in Loudwater, UK and has two other operating sites at Greenford and Weymouth, where we partner with the UK Ministry of Defence ("MoD") and other governmental, aerospace, defence and critical infrastructure providers, both directly and through prime contractors. Ultra Sonar Systems service countries and navies around the globe with UK MoD being the largest customer. The Company is positioned on all Royal Navy warships and submarines. Delivering against Royal Navy needs, with strong Anti-Submarine Warfare incumbent positions across air, surface and subsurface platforms, exporting to "five eyes" and targeted allied partners who value high-technology solutions. Through innovative problem solving, and by using evolving technologies, Ultra Sonar Systems engages directly with its customers to design mission-led solutions aligned to their future needs. Ultra's core markets are the "five eyes" nations (Australia, Canada, New Zealand, the UK and the US) in the maritime sector. The Company employs around 373 people [2024: 341] working principally, but not exclusively, on UK MoD contracts and other highly regulated markets, focussing on providing mission-specific, bespoke solutions and capabilities. Order intake grew by 40% on 2024 results to £148m [2024: £105m] with significant orders received across the business providing a healthy backlog. Growth was underpinned by our incumbent position on Global Combat Ship (Type 26) exports to Canada and Australia - notably the new Canadian Surface Combatant Hull Mounted Sonar & Torpedo Defence order – as well as a further follow-on contract for supply of UK Sonobuoys, the Vehicle Missile Launcher, and varied spares & repairs support contracts for existing customers. Significant milestones were also achieved in Customer-funded Research and Development programs for UK MoD, including advances in AI/ML technologies. Strong revenue of £93.9m [2024: £71.3m] was achieved through product deliveries and development work, 52% of which for our UK domestic customers [2024: 69%] generating a 158% increase in Gross Profit to £19.9m [2024: £12.6m] which represented a Gross Margin of 21.2% [2024: 17.7%]. Administrative Costs were £13.6m [2024: £9.9m] and include continued investment by the business in Internal Research & Development activities. These costs were partially offset by Other Operating Income of £2.0m [2024: £1.7m], resulting in Operating Profit for the period of £8.0m [2024: £4.4m]. Principal risks and uncertainties Defence Sector Cycle Risk Defence spending by governments can fluctuate cyclically depending on economic conditions, change of government policy or political considerations, budgetary constraints, and changes to national and global threats. Lower defence spending by our major customers in a down cycle could have a material impact on future results and financial conditions. Mitigation commentary/examples Ultra Sonar Systems is geographically spread across the UK and international defence markets Investment in technology to help us access high growth segments of the market Long-term projects, which help mitigate against short-term changes in the defence cycle Comment, changes and outlook The defence markets are a key focus for Ultra Sonar Systems, being an area where we believe we can grow at good returns on capital in the medium and long term. Ultra Sonar Systems has a degree of tolerance to defence cycle risk and are not seeking to diversify away from the defence market. However, we do seek to have a diverse customer and programme base, which provides resilience. As mentioned above, we see growth in our markets over the medium term, driven by the increasing threat presented by current military conflicts in the world. Bid and Contract Risk A major proportion of revenues are generated through contracts which are long term in nature and subject to complex terms and conditions. Contracts include commitments relating to pricing, quality and safety, technical and customer requirements and product servicing. A failure to fully recognise contract risks or to anticipate technical challenges and estimate costs accurately at the outset of a contract can lead to unexpected liabilities, increased outturn costs and reduced profitability. Mitigation commentary/examples New and improved business bid and contract management processes Legal reviews of contract terms and conditions Contract-specific risk assessments Delegation of authority/escalation criteria for approvals Reviews of contract performance Comment, changes and outlook Ultra Sonar Systems maintains a balanced risk appetite, with additional controls investment where justified. We have continued to invest in specialist resources in commercial and legal spheres, improving our bid competency and ability to align new contracts with our risk appetite. Programme Risk Many of the programmes entered into by Ultra Sonar Systems are complex, long term and subject to various performance conditions which must be adhered to throughout the programme. Poor management of such programmes brings risks related to: Delays in product development Failure to meet customer specifications or predict technical problems Inability to deliver to contract terms Inability to manage programme costs or forecast accurately Potential impact Ineffective programme management could result in damage to customer relationships or cancellation of a contract, resulting in claims for loss and reputational damage. Poor performance against a contract could also undermine Ultra Sonar Systems ability to win future contracts and could result in cost overruns and significantly lower returns than expected. Mitigation commentary/examples Embedded programme management Formal review and escalation framework Review and approval of key programmes ‘Lessons learned’ and best practice sharing Inspection of programmes by customers Comment, changes and outlook A risk averse appetite for failures on programme management drives investment in strong controls for a key business process. Geo-Political Risk With a key focus on the defence sector, geo-political factors could lead to an unfavourable business climate for defence spending or restrict the access of overseas suppliers to national markets. Political change in country could impact revenue flows from cancellation of defence programmes or reduction in future programmes for political reasons, or a change of supplier selection conditions on defence contracts. Mitigation commentary/examples Ultra Sonar Systems proactively monitors the political environments affecting our key markets We develop and maintain strong relationships with customers, governments and stakeholders differentiating through our domain expertise Diversified operations with local manufacturing in our key market countries Diversification of end customers in multiple countries Long-term nature of defence contracts and domain expertise Comment, changes and outlook Ultra Sonar Systems maintains a balanced risk appetite, with additional controls investment where justified. Risk iis mitigated in the short to medium term with increasing political prioritisation of defence capability by multiple governments in the current period of global political instability and events, including the Russian invasion of Ukraine. Delivering Change The ability to continuously improve and transform our business to deliver objectives in complex technology markets is vital for business success. Effective delivery of major or concurrent change programmes with minimal effect on business as usual is a key component of Ultra Sonar Systems drive to deliver our strategy and supporting operational improvement. Transformation programmes may not be delivered on time or costs may increase. The expected benefits of change from programmes may not be realised. Under-resourcing may lead to management distraction from business as usual. Structural change may impact employee morale. Mitigation commentary/examples Change programme management procedures and controls Robust governance around all programmes, including strong steering committees, standard reporting and executive level sponsorship Investment in dedicated professional transformation resource and leadership Comment, changes and outlook Ultra Sonar Systems maintains a balanced risk appetite, with additional controls investment where justified; increased current investment reflects scale and scope of current change activity. Security and Cyber Risks As a key partner to our customers and end customers, Ultra Sonar Systems has custody of classified information and customer and its own intellectual property. In circumstances where the incidence and sophistication of cyber security crime continues to rise, the effective management and protection of information and Ultra Sonar Systems security and IT systems is necessary to prevent the compromise of secure information, intellectual property or our people’s personal data. There could be reputational damage to Ultra Sonar Systems as a highly regarded partner in the event of compromise of classified information or IP. This could lead to loss of business opportunities with removal of government approval to work on classified programmes. Regulatory action or civil/contractual penalties could result from loss of personal data, a partner’s IP or classified information. Mitigation commentary/examples Ultra Sonar Systems has invested in specialist cyber security resources Intellectual property is addressed in the bid and contract management process and protected through information security policies, procedures and systems Security clearance processes are in place for all employees Established physical security processes are implemented at all sites Defence business governance framework in place Independent security reviews by defence departments and customers Comment, changes and outlook Focus on investment in strong controls are a key enabling capability to support Ultra Sonar Systems risk adverse position in respect of security and cyber risks. Governance, Compliance & Internal Controls In common with other businesses in our sector, Ultra Sonar Systems operates in a highly regulated environment across multiple jurisdictions and is subject to a range of regulatory, governance and compliance requirements. New or retrospective compliance changes (for example in tax) or a failure in the framework of internal controls could result in penalties, liabilities or reputational damage. Key impacts from specific relevant controls/events, all of which carry the potential for reputational damage are: Financial rules and standards compliance – failure to comply in key areas such as revenue recognition could result in adjustments that undermine results Breach of defence contractor financial compliance rules in a key market, such as the UK or USA, could lead to financial/participation penalties and/or reputational damage Trade compliance – failure to comply with export controls or defence specific requirements, such as US ITAR controls, could result in regulatory action and penalties Bid and contract requirements for some government and defence contracts introduce “Offset” compliance obligations requiring special national investment or operations constraints. While typically very long term by nature, failure to comply could lead eventually to regulatory action or penalties Anti-bribery and corruption (ABC) – failure to comply with multiple jurisdiction rules in relation to public sector contracts directly or through intermediaries could result in regulatory action and penalties Tax compliance – retrospective regulatory changes could lead to significant unforeseen liabilities Mitigation commentary/examples Corporate and business level controls policies, procedures, training and systems Internal expert teams in key functional areas Built-in IT system controls Controls and compliance reviews by management and internal audit Specialist advisers Comment, changes and outlook As an international defence supplier, investment in strong compliance controls is key to our standing as a responsible and reputable supplier to governments. While recognising the increasing demands of the compliance environment, the assessment of the net risk as reducing reflects improvements in our compliance controls framework. Supply Chain Increased costs from supply chain and energy cost inflation, some of which may not be able to be passed on under contractual terms, could impact profits. Shortages or logistic delays for materials and components post Covid-19 or from emergent sanctions in response to the invasion of Ukraine may impair delivery timeframes, leading to penalties. Mitigation commentary/examples Proactive management of sourcing and stock levels of critical materials and components Use of contractual terms or renegotiation to reflect increasing cost base in pricing by agreement with customers Supply chain analysis following events in Ukraine indicate no direct supply chain implications Comment, changes and outlook Ultra Sonar Systems risk-averse stance supports investment in standardisation, controls and tools to proactively manage supply chain risks. Specialist Recruitment and Retention With our focus on the defence sector, geo-political factors could lead to a restriction in the access of overseas suppliers to national markets. Highly competitive labour markets as economies recover from Covid-19, is driving specialist resourcing gaps in our operations which, if enduring, could start to impact customer programme delivery. Mitigation commentary/examples Embedding of specialist HR talent acquisition function to directly address Ultra Sonar Systems recruitment priorities Proactive strategies to retain critical specialist employees targeted for individual locations and circumstances Comment, changes and outlook The quality of our people is a key asset and differentiator for Ultra Sonar Systems and, recognising the increasingly challenging labour market conditions, we are investing in our recruitment capabilities Financial risk management Ultra Sonar Systems operations expose it to a variety of financial risks that include credit risk, liquidity risk, interest rate, cash flow risk and foreign currency exchange rate risk. Ultra Group’s policies seek to limit the adverse effects of these risks on the financial performance of Ultra Sonar Systems. This includes the use of debt and other instruments. Ultra Sonar Systems does not trade in financial instruments. Credit risk Ultra Sonar Systems Limited has policies that require appropriate credit checks on potential customers before contracts are signed and sales are made. The businesses also monitor existing customer accounts on an ongoing basis and take appropriate action where necessary to minimise any potential credit risk. Cash and bank balances are held with banks that have been assigned satisfactory credit ratings by international credit rating agencies. Liquidity risk Ultra Sonar Systems Limited continues to rely upon revolving credit facilities under a Group banking arrangement to fund its operations and strategic endeavours. Foreign currency exchange rate risk Ultra Sonar Systems Limited’s aim is to reduce foreign exchange transaction risk. The US dollar/sterling exchange rate is the most significant exposure, together with several other, smaller foreign exchange transaction exposures. Financial key performance indicators The company annually updates a Strategic Business Review (SBR) covering 5 years which is supplemented by Short Term Forecasts (STFs), updated at least quarterly. The key components of these performance indicators include Orders, Revenue, Earning Before Interest & Tax, Net Cash and associated average headcounts. As Ultra Groups operations are managed on a Strategic Business Unit ("SBU") basis, the Company's Directors believe that key performance indicators for the Company are not necessarily or appropriate for an understanding of the development, performance or position of the business. The performance of the Group which includes this Company, is discussed in the Group's Annual Report, which is available at www.ultra.group and does not form part of this Report. Other key performance indicators All employees undertook annual compliance and ethics training. The company operates a Quality Management System (QMS) which complies with the requirements of BS EN ISO9001:2015. The QMS is subject to annual continuing surveillance assessments and recertification every 3 years by an external certification body. The company recognises that all accidents are preventable and through focus on a safety commitment, communication, education, behavioural safety and culture in developing a zero-accident policy, performance is measure using a total recordable incident rate. This is set at 1.2 which is below the 3.2 average in industry. Directors' statement of compliance with duty to promote the success of the Company In discharging the Board’s s172 responsibilities to promote the success of the company for its members, the Directors have regard, amongst other matters, to the: Likely consequences of decisions in the long term; Interests of the company’s employees; Need to foster the company’s business relationships with customers, suppliers and others; Impact on the company’s operation on the community and environment; Desirability of the company maintaining a reputation for high standards of business conduct; and Need to act fairly between shareholders / stakeholders. This section describes how the Directors have considered the matters set out in Section 172(1) of the Companies Act 2006, as amended by the Companies (Miscellaneous Reporting) Regulations 2018, when performing their duty to promote the success of the Company. Further details on key actions regarding Employee Engagement and Business Relationships are also contained within the Directors’ Report on pages 8 - 11 and are incorporated into this statement by cross reference.

Company policy on disabled employees

The Company gives full and fair consideration to applications for employment made by disabled persons and promote the continued employment of employees who have become disabled. The company encourages career development, and training of all our workforce, focusing on diversity as a whole.

Directors

The directors shown below have held office during the whole of the period from
1 January 2025 to 31 December 2025

Christopher Gerard Cullis
Wayne Clifton
Michael Robinson

Secretary Christopher Gerard Cullis

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
18 June 2026

And signed on behalf of the board by:
Name: Wayne Clifton
Status: Director

# ULTRA SONAR SYSTEMS LIMITED

## Profit And Loss Account

for the Period Ended 31 December 2025

| 2025 | 2024
--- | --- | ---
| £ | £
Turnover: | 93,872,096 | 71,281,629
Cost of sales: | ( 73,946,012 ) | ( 58,722,844 )
Gross profit(or loss): | 19,926,084 | 12,558,785
Administrative expenses: | ( 13,619,135 ) | ( 9,913,927 )
Other operating income: | 2,007,595 | 1,728,945
Operating profit(or loss): | 8,314,544 | 4,373,803
Interest payable and similar charges: | ( 803,430 ) | ( 592,863 )
Profit(or loss) before tax: | 7,511,114 | 3,780,940
Tax: | ( 1,010,234 ) | ( 624,834 )
Profit(or loss) for the financial year: | 6,500,880 | 3,156,106

# ULTRA SONAR SYSTEMS LIMITED

## Balance sheet

As at 31 December 2025

| Notes | 2025 | 2024
--- | --- | --- | ---
|  | £ | £
Called up share capital not paid: |  | 0 | 0
Fixed assets
Intangible assets: | 3 | 571,169 | 130,786
Tangible assets: | 4 | 15,202,785 | 10,520,027
Investments: | 5 | 13,522,173 | 14,569,978
Total fixed assets: |  | 29,296,127 | 25,220,791
Current assets
Stocks: | 6 | 607,202 | 936,405
Debtors: | 7 | 48,338,513 | 47,594,180
Total current assets: |  | 48,945,715 | 48,530,585
Creditors: amounts falling due within one year: | 8 | ( 48,632,459 ) | ( 51,326,821 )
Net current assets (liabilities): |  | 313,256 | (2,796,236)
Total assets less current liabilities: |  | 29,609,383 | 22,424,555
Creditors: amounts falling due after more than one year: | 9 | ( 13,359,375 ) | ( 13,343,921 )
Provision for liabilities: |  | ( 4,218,589 ) | ( 3,839,808 )
Total net assets (liabilities): |  | 12,031,419 | 5,240,826
Capital and reserves
Called up share capital: |  | 1 | 1
Profit and loss account: |  | 12,031,418 | 5,240,825
Total Shareholders' funds: |  | 12,031,419 | 5,240,826

The notes form part of these financial statements

# ULTRA SONAR SYSTEMS LIMITED

## Balance sheet statements

For the year ending 31 December 2025 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 18 June 2026
and signed on behalf of the board by:

Name: Christopher Gerard Cullis
Status: Director

The notes form part of these financial statements

# ULTRA SONAR SYSTEMS LIMITED

## Notes to the Financial Statements

for the Period Ended 31 December 2025

- ## 1. Accounting policies

  Basis of measurement and preparation

  These financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 101

  Turnover policy

  The Company recognises revenue from the sales of goods and from long-term contracts. Revenue is measured based on the consideration specified in a contract. Revenue is recognised either when the performance obligation in the contract has been performed, i.e., 'point in time' recognition, or, 'over time', as control of the performance obligation is transferred to the customer. Under a book-and-hold agreement with a customer, the Company may have physical possession of an asset that the customer controls, therefore the revenue is recognised when the customer has control of the asset. The Company follows the 'five step' model as set out in IFRS 15 to ensure that revenue is recognised at the appropriate point whether over time or at a point in time; the five steps are: 1. Identify the contract(s) with a customer. 2. Identify the performance obligations. 3. Determine the transaction price. 4. Allocate the transaction price to the performance obligations. 5. Recognise revenue as performance obligations are satisfied. For each performance obligation, the Company determines if revenue will be recognised over time or at a point in time. The Company has a number of contracts with government bodies, particularly in the Maritime business, for which control is typically transferred to the customer as the product is being manufactured or as the services are being provided. For these contracts, revenue is recognised over time with reference to the stage of completion, using cost to measure progress. For 'cost-plus' contracts (typically with government departments and agencies), revenue is recognised to the extent of reimbursable costs incurred, plus a proportionate amount of the estimated fee earned. The Company has a number of long term development programmes. For the majority of these contracts revenue is recognised over time on a percentage of completion basis. This is where a portion of the contract revenue is recognised based on contract costs incurred to date compared with total estimated costs at completion. This method is considered to most faithfully depict the transfer of goods and services to the customer over the life of the performance obligation. As these products come out of the development phase and into full rate production, revenue is recognised at a point in time where there is an alternative use. Over time Performance obligations are satisfied over time if one of the following criteria is satisfied: the customer simultaneously receives and consumes the benefits provided by the Company's performance as it performs; the Company's performance creates or enhances an asset that the customer controls as the asset is created or enhanced, or the Company's performance does not create an asset with an alternative use to the Company and it has an enforceable right to payment for performance completed to date. Revenue that is recognised over time is determined by reference to the stage of completion of the performance obligation. For each performance obligation to be recognised over time, revenue and attributable margin are calculated by reference to reliable estimates of transaction price and total expected costs, after making suitable allowances for technical and other risks, except in limited scenarios where the proportion of costs incurred would not be representative of the stage of completion. Owing to the complexity of some of the contracts undertaken by the Company, the cost estimation process and the allocation of costs and revenue to each performance obligation are carried out using the experience of the Company's engineers, project managers and finance and commercial professionals. Cost estimates are reviewed and updated on a regular basis. Some of the factors impacting cost estimates include the availability of suitably qualified labour, the nature and complexity of the work to be performed, the technology readiness level, the availability of materials and the performance of sub-contractors. Revenue and associated margin are recognised progressively as costs are incurred and as risks have been mitigated or retired. For contracts with multiple activities or deliverables, management considers whether those promised goods and services are: (i) distinct - to be accounted for as separate performance obligations; (ii) not distinct - to be combined with other promised goods or services until a bundle is identified that is distinct; or (iii) part of a series of distinct goods and services that are substantially the same and have the same pattern of transfer to the customer. Goods and services are distinct if the customer can benefit from them on their own or together with other resources that are readily available to the customer and they are separately identifiable in the contract. For example, certain Ultra contracts might be to design and build a system as one performance obligation when the criteria above are assessed. Other Ultra contracts might contain one performance obligation to design a system and a separate obligation to build them: these are required to be treated as separate performance obligations if, for example, the customer obtains control of the design and could ask another contractor to build them. At the start of a contract, the total transaction price is estimated as the amount of consideration to which the Company expects to be entitled in exchange for transferring the promised goods and services to the customer, excluding sales taxes. The transaction price is allocated to each performance obligation based on relative standalone selling prices of all items in the contract. This could be based on list prices, external market evidence or, where individual tailored products are concerned, based on the estimated expected costs to produce the item or deliver the services, plus a reasonable margin to reflect the risk of delivering the product or service. Variable consideration (for example, discounts dependent on sales levels, returns, refunds, rebates and other incentives) is included based on the expected value, or most likely amount, only to the extent that it is highlyprobable that there will not be a reversal in the amount of cumulative revenue recognised. The transaction price does not include estimates of consideration resulting from contract modifications, such as change orders, until they have been approved by the parties to the contract. A contract modification exists when the parties to the contract approve a modification that either changes existing or creates new enforceable rights and obligations. Payment terms vary from contract to contract but will typically be 30 days from the date of invoice. The Company's contracts are not considered to include significant financing components on the basis that there is no difference between the consideration and the cash selling price. Incremental costs of obtaining a contract are capitalised to the extent that they are recoverable from the customer and the anticipated contract period will be more than one year. Incremental costs are those that would not have arisen if the contract had not been obtained. Unconditional bid or proposal costs would not be capitalised as costs to obtain a contract because they are incurred whether the contract is obtained or not. The Company has not capitalised any such costs to date. The effect of a contract modification on the transaction price and the Company's measure of progress towards the satisfaction of the performance obligation is recognised either as: (i) an additional separate contract; (ii) as a termination of the existing contract and creation of a new contract; or (iii) as part of the original contract using a cumulative catch-up adjustment to the revenue recognised to date. Where the outcome of a long-term contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately. Under IFRS 15, an option to acquire additional goods or services gives rise to a separate performance obligation, if the option provides a material right that the customer would not receive without entering into that contract. IFRS 15 requires management to estimate the transaction price to be allocated to the separate performance obligations and to recognise a contract liability for the performance obligations that will be satisfied in the future. The Company recognises revenue for the option when those future goods or services are transferred to the customer.

  Tangible fixed assets depreciation policy

  2.12 Tangible fixed assets Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis: Freehold property - 40 to 50 years Long-term leasehold property - Over the period of the lease Plant and machinery - 3 to 20 years Fixtures and fittings - 3 to 20 years Computer equipment - 3 to 20 years Other fixed assets - Held at cost The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined

  Intangible fixed assets amortisation policy

  At each reporting end date, the company reviews the carrying amountsof its tangible and intangible 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 amoount of the cash-generating unit to which the asset belongs. Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cashgenerating 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 years. 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.

  Valuation information and policy

  See uploaded Full Statutory Accounts

  Other accounting policies

  See uploaded Full Statutory Accounts

# ULTRA SONAR SYSTEMS LIMITED

## Notes to the Financial Statements

for the Period Ended 31 December 2025

- ## 2. Employees

  | 2025 | 2024
  --- | --- | ---
  Average number of employees during the period | 373 | 341

# ULTRA SONAR SYSTEMS LIMITED

## Notes to the Financial Statements

for the Period Ended 31 December 2025

## 3. Intangible assets

| Goodwill | Other | Total
--- | --- | --- | ---
Cost | £ | £ | £
At 1 January 2025 |  | 469,447 | 469,447
Additions |  | 701,057 | 701,057
Disposals |  |  |
Revaluations |  |  |
Transfers |  |  |
At 31 December 2025 |  | 1,170,504 | 1,170,504
Amortisation |  |  |
At 1 January 2025 |  | 338,661 | 338,661
Charge for year |  | 260,674 | 260,674
On disposals |  |  |
Other adjustments |  |  |
At 31 December 2025 |  | 599,335 | 599,335
Net book value |  |  |
At 31 December 2025 |  | 571,169 | 571,169
At 31 December 2024 |  | 130,786 | 130,786

# ULTRA SONAR SYSTEMS LIMITED

## Notes to the Financial Statements

for the Period Ended 31 December 2025

## 4. Tangible assets

| Land & buildings | Plant & machinery | Fixtures & fittings | Office equipment | Motor vehicles | Total
--- | --- | --- | --- | --- | --- | ---
Cost | £ | £ | £ | £ | £ | £
At 1 January 2025 | 16,885,930 | 3,001,520 | 2,146,944 | 3,275,529 |  | 25,309,923
Additions | 5,441,925 | 304,464 | 582,773 | 639,474 |  | 6,968,636
Disposals |  |  |  |  |  |
Revaluations |  |  |  |  |  |
Transfers |  |  |  |  |  |
At 31 December 2025 | 22,327,855 | 3,305,984 | 2,729,717 | 3,915,003 |  | 32,278,559
Depreciation |  |  |  |  |  |
At 1 January 2025 | 6,957,325 | 2,856,378 | 2,076,069 | 2,900,124 |  | 14,789,896
Charge for year | 1,794,427 | 53,202 | 165,661 | 272,588 |  | 2,285,878
On disposals |  |  |  |  |  |
Other adjustments |  |  |  |  |  |
At 31 December 2025 | 8,751,752 | 2,909,580 | 2,241,730 | 3,172,712 |  | 17,075,774
Net book value |  |  |  |  |  |
At 31 December 2025 | 13,576,103 | 396,404 | 487,987 | 742,291 |  | 15,202,785
At 31 December 2024 | 9,928,605 | 145,142 | 70,875 | 375,405 |  | 10,520,027

# ULTRA SONAR SYSTEMS LIMITED

## Notes to the Financial Statements

for the Period Ended 31 December 2025

## 5. Fixed assets investments note

See uploaded Full Statutory Accounts

# ULTRA SONAR SYSTEMS LIMITED

## Notes to the Financial Statements

for the Period Ended 31 December 2025

## 6. Stocks

| 2025 | 2024
--- | --- | ---
| £ | £
Stocks | 607,202 | 936,405
Total | 607,202 | 936,405

# ULTRA SONAR SYSTEMS LIMITED

## Notes to the Financial Statements

for the Period Ended 31 December 2025

## 7. Debtors

| 2025 | 2024
--- | --- | ---
| £ | £
Other debtors | 48,338,513 | 47,594,180
Total | 48,338,513 | 47,594,180

# ULTRA SONAR SYSTEMS LIMITED

## Notes to the Financial Statements

for the Period Ended 31 December 2025

## 8. Creditors: amounts falling due within one year note

| 2025 | 2024
--- | --- | ---
| £ | £
Bank loans and overdrafts | 8,277,506 | 12,995,145
Trade creditors | 40,354,953 | 38,331,676
Total | 48,632,459 | 51,326,821

# ULTRA SONAR SYSTEMS LIMITED

## Notes to the Financial Statements

for the Period Ended 31 December 2025

## 9. Creditors: amounts falling due after more than one year note

| 2025 | 2024
--- | --- | ---
| £ | £
Bank loans and overdrafts | 13,359,375 | 13,343,921
Total | 13,359,375 | 13,343,921

# ULTRA SONAR SYSTEMS LIMITED

## Notes to the Financial Statements

for the Period Ended 31 December 2025

## 10. Financial Commitments

See uploaded Full Statutory Accounts