Company No: 02973383 (England and Wales)

Contents

• Company Information
• Group Strategic Report
• Directors' Report
• Directors' Responsibilities Statement
• Independent Auditor's Report
• Consolidated Statement of Comprehensive Income
• Consolidated Balance Sheet
• Company Balance Sheet
• Consolidated Statement of Changes in Equity
• Company Statement of Changes in Equity
• Consolidated Statement of Cash Flows
• Notes to the Consolidated Financial Statements

DIRECTORS	S Anthony
	S Cobb
	J Reed (Appointed 19 September 2025)
	G Robertson (Resigned 17 September 2025)
	B Youssef

SECRETARY

Burnett & Reid LLP

REGISTERED OFFICE	1 London Street
	Reading
	Berkshire
	RG1 4QW
	United Kingdom

BUSINESS ADDRESS	Units B1 - B3
	Airport Industrial Park
	Howe Moss Drive
	Dyce
	Aberdeen
	AB21 0GL

COMPANY NUMBER

02973383 (England and Wales)

AUDITOR	Hall Morrice LLP
	Statutory Auditor
	6 & 7 Queens Terrace
	Aberdeen
	AB10 1XL

BANKERS	Amegy Bank of Texas
	P.O. Box 27459
	Houston, TX
	USA

	Virgin Money
	1 Queens Cross
	Aberdeen
	AB15 4XU

SOLICITORS	Burnett & Reid LLP
	Suite A
	1 Albyn Place
	Aberdeen
	AB10 1BR

The directors present their Strategic Report for the financial year ended 31 December 2025.

The principal activity of the company and group continued to be that of core analysis, formation damage and reservoir geology.

REVIEW OF THE BUSINESS

The group has had a strong year of trading in the context of the oil and gas downturn in the North East of Scotland. The Consolidated statement of comprehensive income on page 12 shows that Turnover in the year was £8.03m compared to £8.58m in the previous year.

The group's Profit for the year was £0.49m (2024 - £0.47m).

The group's Net assets at the balance sheet date were £2.84m (2024 - £2.80m).

During the year 92% (2024 - 93%) of turnover has come from international (Rest of the World) markets, with much of the work being performed by our Aberdeen facilities, but increasingly also from our laboratories in Egypt, and the expansion of our laboratory in Kuwait.

The group maintained its Quality Management System - ISO 9001:2008 and its Occupational Heath and Safety Management System - ISO 45001:2018 (previously ISO 18001) registration during the year.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks facing the group are fluctuations in the price of oil and the inherent risks (political, economic and security) of doing business internationally, particularly in some regions of the group's market area, namely North Africa and the Middle East. The maturing North Sea oil and gas industry has led the group to increase its share in the international market and to look at expanding its service portfolio to meet the future requirements of the North Sea oil and gas industry – both in terms of the declining hydrocarbon production reserves and into the evolving renewables market (in the UK and Internationally). The group has also looked to switch the increase the proportion of its work from exploration type activities to more development and production related activities, with the industry’s emphasis on maximising economic recovery and production.

DEVELOPMENT AND PERFORMANCE

The group prepare detailed annual budgets and this becomes the key document against which progress, on a monthly basis, during the year is monitored.

Approved by the Board of Directors and signed on its behalf by:

S Anthony Director

16 July 2026

The directors present their report and audited financial statements for the year ended 31 December 2025.

DIVIDENDS

No dividend was paid for the current financial year (2024: £Nil).

FUTURE DEVELOPMENTS

There are no plans to materially change the group's activities in the future.

EXISTENCE OF BRANCHES OUTSIDE UK

The group has branches outside the UK, as defined in section 1046(3) of the Companies Act 2006, in Kuwait and Libya.

These branches do not constitute separate legal entities and their results, assets and liabilities are included within the financial statements.

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

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

DIRECTORS

The directors, who served during the financial year and to the date of this report except as noted, were as follows:

S Anthony
S Cobb
J Reed	(Appointed 19 September 2025)
G Robertson	(Resigned 17 September 2025)
B Youssef

AUDITOR

Each of the persons who is a director at the date of approval of this report confirms that:

* So far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware; and

* The director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.

Hall Morrice LLP have expressed their willingness to continue in office as auditor and appropriate arrangements have been put in place for them to be deemed reappointed as auditors in the absence of an Annual General Meeting.

Approved by the Board of Directors and signed on its behalf by:

S Anthony Director

16 July 2026

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 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), 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 group and of the profit or loss of the group for that financial 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; and
* Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company and group's transactions and disclose with reasonable accuracy at any time the financial position of the company and group and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Opinion

We have audited the financial statements of Premier Corex Ltd (the ‘parent company’) and its subsidiaries (the ‘group’) for the financial year ended 31 December 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity, the Consolidated Statement of Cash Flows, the accounting policies, and the related notes 1 to 21, including 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 of Premier Corex Ltd (the ‘company’):
* Give a true and fair view of the state of the company and group's affairs as at 31 December 2025 and of the group's profit for the financial year 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.

Basis for opinion

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

We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent company’s ability to continue as a going concern for a period of at least 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 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 Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
* The Strategic Report and Directors' Report has 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 parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
* Adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
* The parent company financial statements are not in agreement with the accounting records 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 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 group and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group and parent company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements


Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue 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.

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.

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.

In identifying and assessing the risk of material misstatement due to non-compliance with laws and regulations we have:

* Ensured that the engagement team had the appropriate competence, capabilities and skills to identify or recognise non-compliance with laws and regulations;
* Identified the laws and regulations applicable to the entity through discussions with directors and management and through our own knowledge of the sector;
* Focused on the specific laws and regulations we consider may have a direct effect on the financial statements, including FRS 102, the Companies Act 2006 and tax compliance regulations;
* Focused on the specific laws and regulations we consider may have an indirect effect on the financial statements that are central to the entity's ability to trade including those relating to imports and exports, offshore safety, and security and immigration;
* Reviewed the financial statement disclosures and tested to supporting documentation to assess compliance with applicable laws and regulations;
* Made enquiries of management and inspected legal correspondence;
* Reviewed minutes of meetings of those charged with governance; and
* Ensured the engagement team remained alert to instances of non-compliance throughout the audit.

In identifying and assessing the risk of material misstatement due to irregularities, including fraud and how it may occur, and the potential for management bias and the override of controls we have:

* Obtained an understanding of the entity's operations, including the nature of its revenue sources and of its objectives and strategies, to understand the classes of transactions, account balances, expected financial disclosures and business risks that may result in risk of material misstatement;
* Obtained an understanding of the internal controls in place to mitigate risks of irregularities, including fraud;
* Vouched balances and reconciling items in key control account reconciliations to supporting documentation;
* Carried out detailed testing, on a sample basis, to verify the completeness, occurrence, existence and accuracy of transactions and balances;
* Carried out detailed testing to verify the completeness, occurrence, validity, existence and accuracy of income including cut-off testing and ensuring income recognition is in line with stated accounting policies;
* Made enquiries of management as to where they consider there was a susceptibility to fraud, and their knowledge of any actual, suspected or alleged fraud;
* Tested journal entries to identify any unusual transactions;
* Performed analytical procedures to identify any significant or unusual transactions;
* Investigated the business rationale behind any significant or unusual transactions; and
* Evaluated the appropriateness of accounting policies and the reasonableness of accounting estimates.

We did not identify any matters relating to non-compliance with laws and regulations, or relating to fraud.

Because of the inherent limitations of an audit, there is an unavoidable risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk of not detecting a material misstatement due to fraud is inherently more difficult than detecting those that result from error as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. In addition, the further removed any non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

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.

Peter Cowan CA (Senior Statutory Auditor)
For and on behalf of Hall Morrice LLP
Statutory Auditor

6 & 7 Queens Terrace
Aberdeen
AB10 1XL

16 July 2026

	Note	2025		2024
		£		£
Turnover	3	8,028,218		8,581,418
Cost of sales		( 4,295,381)		( 5,062,651)
Gross profit		3,732,837		3,518,767
Administrative expenses		( 2,996,740)		( 2,842,178)
Other operating income	4	186,085		0
Operating profit		922,182		676,589
Interest receivable and similar income	5	2		1,024
Interest payable and similar expenses	5	( 4,975)		( 35,923)
Profit before taxation	6	917,209		641,690
Tax on profit	9	( 427,223)		( 172,569)
Profit for the financial year		489,986		469,121
Other comprehensive income		0		0
Total comprehensive income		489,986		469,121
Total comprehensive income attributable to:
Owners of the parent		489,896		469,034
Non-controlling interests		90		87
		489,986		469,121

All amounts relate to continuing operations.

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	10	75,269		92,545
Tangible assets	11	1,472,263		1,540,992
		1,547,532		1,633,537
Current assets
Debtors	13	8,055,515		7,069,640
Cash at bank and in hand		3,509,282		6,308,502
		11,564,797		13,378,142
Creditors: amounts falling due within one year	14	( 8,987,434)		( 10,916,527)
Net current assets		2,577,363		2,461,615
Total assets less current liabilities		4,124,895		4,095,152
Creditors: amounts falling due after more than one year	15	( 1,281,030)		( 1,295,007)
Net assets		2,843,865		2,800,145
Capital and reserves	17
Called-up share capital		4,200,000		4,200,000
Other reserves		( 1,428,721)		( 982,455)
Profit and loss account		72,198		( 417,698)
Equity attributable to owners of the parent company		2,843,477		2,799,847
Non-controlling interests		388		298
		2,843,865		2,800,145

The financial statements of Premier Corex Ltd (registered number: 02973383) were approved and authorised for issue by the Board of Directors on 16 July 2026. They were signed on its behalf by:

S Anthony Director

16 July 2026

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	10	75,269		92,545
Tangible assets	11	1,207,436		1,375,245
Investments	12	2,296		2,296
		1,285,001		1,470,086
Current assets
Debtors	13	4,735,382		4,191,790
Cash at bank and in hand		3,369,053		6,104,856
		8,104,435		10,296,646
Creditors: amounts falling due within one year	14	( 8,219,575)		( 10,138,011)
Net current (liabilities)/assets		(115,140)		158,635
Total assets less current liabilities		1,169,861		1,628,721
Creditors: amounts falling due after more than one year	15	( 1,281,030)		( 1,295,007)
Net (liabilities)/assets		(111,169)		333,714
Capital and reserves	17
Called-up share capital		4,200,000		4,200,000
Other reserves		( 1,226,431)		( 990,266)
Profit and loss account		( 3,084,738)		( 2,876,020)
Total shareholder's (deficit)/funds		(111,169)		333,714

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The loss of the parent company was £208,718 (2024: loss of £168,999).

The financial statements of Premier Corex Ltd (registered number: 02973383) were approved and authorised for issue by the Board of Directors on 16 July 2026. They were signed on its behalf by:

S Anthony Director

16 July 2026

	Called-up share capital		Other reserves		Profit and loss account		Equity attributable to owners of parent company		Non-controlling interests		Total
	£		£		£		£		£		£
At 01 January 2024	700,000		( 1,003,489)		( 886,732)		( 1,190,221)		211		( 1,190,010)
Profit for the financial year	0		0		469,034		469,034		87		469,121
Total comprehensive income	0		0		469,034		469,034		87		469,121
Issue of share capital	3,500,000		0		0		3,500,000		0		3,500,000
Other movements	0		21,034		0		0		0		21,034
At 31 December 2024	4,200,000		( 982,455)		( 417,698)		2,799,847		298		2,800,145
At 01 January 2025	4,200,000		( 982,455)		( 417,698)		2,799,847		298		2,800,145
Profit for the financial year	0		0		489,896		489,896		90		489,986
Total comprehensive income	0		0		489,896		489,896		90		489,986
Other movements	0		( 446,266)		0		( 446,266)		0		( 446,266)
At 31 December 2025	4,200,000		( 1,428,721)		72,198		2,843,477		388		2,843,865

	Called-up share capital		Other reserves		Profit and loss account		Total
	£		£		£		£
At 01 January 2024	700,000		( 1,005,026)		( 2,707,021)		( 3,012,047)
Loss for the financial year	0		0		( 168,999)		( 168,999)
Total comprehensive loss	0		0		( 168,999)		( 168,999)
Issue of share capital	3,500,000		0		0		3,500,000
Other movements	0		14,760		0		14,760
At 31 December 2024	4,200,000		( 990,266)		( 2,876,020)		333,714
At 01 January 2025	4,200,000		( 990,266)		( 2,876,020)		333,714
Loss for the financial year	0		0		( 208,718)		( 208,718)
Total comprehensive loss	0		0		( 208,718)		( 208,718)
Other movements	0		( 236,165)		0		( 236,165)
At 31 December 2025	4,200,000		( 1,226,431)		( 3,084,738)		( 111,169)

	2025		2024
	£		£
Operating profit	922,182		676,589
Adjustment for:
Depreciation and amortisation	493,818		479,551
Profit on sale of plant and equipment	( 49,850)		0
Operating cash flows before movement in working capital	1,366,150		1,156,140
Increase in debtors	( 903,965)		( 609,164)
Decrease in creditors	( 1,772,676)		( 2,946,859)
Cash generated by operations	( 1,310,491)		( 2,399,883)
Income taxes paid	( 492,870)		( 137,040)
Interest paid	( 4,975)		( 35,923)
Net cash flows from operating activities	( 1,808,336)		( 2,572,846)
Cash flows from investing activities
Proceeds from sale of plant and machinery	24,040		0
Purchase of plant and machinery	( 270,531)		( 261,527)
Interest received	2		1,024
Net cash flows from investing activities	( 246,489)		( 260,503)
Cash flows from financing activities
Repayments of borrowings	( 155,776)		( 233,113)
Proceeds on issue of shares	0		3,500,000
Payment of finance leases obligations	(142,353)		(155,723)
Proceeds from borrowings	0		32,558
Net cash flows from financing activities	( 298,129)		3,143,722
Net (decrease)/increase in cash and cash equivalents	( 2,352,954)		310,373
Cash and cash equivalents at beginning of year	6,308,502		5,977,095
Effect of foreign exchange rate changes	( 446,266)		21,034
Cash and cash equivalents at end of year	3,509,282		6,308,502
Reconciliation to cash at bank and in hand:
Cash at bank and in hand at end of year	3,509,282		6,308,502
Cash and cash equivalents at end of year	3,509,282		6,308,502

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Premier Corex Ltd (the group) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the group's registered office is 1 London Street, Reading, Berkshire, RG1 4QW, United Kingdom. The principal place of business is Units B1 - B3, Airport Industrial Park, Howe Moss Drive, Dyce, Aberdeen, AB21 0GL. These financial statements comprise the consolidated financial statements of the company and its subsidiary undertakings (together referred to as "the Group").

The principal activities are set out in the Strategic Report.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Financial Reporting Standard 102 (FRS 102) applicable in the UK and Republic of Ireland issued by the Financial Reporting Council and the requirements of the Companies Act 2006.

The financial statements are presented in pounds sterling which is the functional currency of the group and rounded to the nearest £.

The company is a qualifying entity for the purposes of FRS 102, being the parent of a group that 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. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

•Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares;
•Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash flow and related notes and disclosures;
•Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; 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.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group and company have adequate resources to continue in operational existence for at least twelve months from the date of signing the financial statements. Thus the directors have continued to adopt the going concern basis of accounting in preparing the financial statements.

Basis of consolidation

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

The consolidated financial statements incorporate those of Premier Corex Ltd and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

All financial statements are made up to 31 December 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date. Gains and lossess arising on translation are included in the Statement of Comprehensive Income.

The group’s overseas branch and subsidiary use the US dollar as their functional currency. The results and financial position are translated into pounds sterling as follows:-

- assets and liabilities are translated at the rate ruling at the balance sheet date;
- income and expenses are translated at the average exchange rate; and
- resulting exchange differences, including retranslation of opening net assets at the closing exchange rate, are recognised in the balance sheet within a currency translation reserve.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for 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 provision of services is recognised by reference to the date on which services were rendered.

Employee benefits

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

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

Defined contribution schemes
For defined contribution schemes the amounts charged to the Statement of Comprehensive Income in respect of pension costs and other post-retirement benefits are the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are shown as either accruals or prepayments in the Balance Sheet.

Other long-term employee benefits are measured at the present value of the benefit obligation at the reporting date.

Taxation

Current tax, including UK corporation tax and foreign tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Balance Sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the Balance Sheet date. Timing differences are differences between the group's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

When the amount that can be deducted for tax for an asset that is recognised in a business combination is less (more) than the value at which it is recognised, a deferred tax liability (asset) is recognised for the additional tax that will be paid (avoided) in respect of that difference. Similarly, a deferred tax asset (liability) is recognised for the additional tax that will be avoided (paid) because of a difference between the value at which a liability is recognised and the amount that will be assessed for tax.

Deferred tax liabilities are recognised for timing differences arising from investments in subsidiaries and associates, except where the group is able to control the reversal of the timing difference and it is probable that it will not reverse in the foreseeable future.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply to the reversal of the timing difference. Deferred tax relating to property, plant and equipment is measured using the revaluation model and investment property is measured using the tax rates and allowances that apply to the sale of the asset.

Where items recognised in the Statement of Comprehensive Income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income.

Current tax assets and liabilities are offset only when there is a legally enforceable right to set off the amounts and the group intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. Deferred tax assets and liabilities are offset only if: a) the group has a legally enforceable right to set off current tax assets against current tax liabilities; and b) the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on the group and the group intends either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.

Intangible assets

Computer software	10 years straight line
Trademarks, patents and licences	10 years straight line

Research and development

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Trademarks, patents and licences

Patent costs are stated at cost less accumulated amortisation and accumulated impairment losses. Patents are amortised over their estimated useful life, on a straight line basis once the patent has been granted and is generating economic benefit.

Where factors, such as technological advancement or changes in market price, indicate that residual value or useful life have changed, the residual value, useful life or amortisation rate are amended prospectively to reflect the new circumstances.

At 31 December 2025 the patent has been granted and economic benefit is being generated from it. Because of this amortisation is being charged over its useful life of 10 years.

Other intangible assets

Software costs acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Software costs acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; software costs arise from contractual or other legal rights; and the software costs are separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives of 10 years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than Assets in the course of construction at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements	10 years straight line
Plant and machinery	5 years straight line
Vehicles	5 years straight line
Fixtures and fittings	5 years straight line
Computer equipment	3 years straight line
Other property, plant and equipment	5 years straight line
Assets in the course of construction	not depreciated

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The group as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Comprehensive Income over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below.

Non-financial assets
At each balance sheet date, the group reviews 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its 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.

Where it is not possible to estimate the recoverable amount of an individual asset, the group estimates the recoverable amount of the cash-generating unit to which the asset belongs. 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.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a longterm interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

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 creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the group becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the group intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the group transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the group, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or 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. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the group are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the group will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Provisions

Provisions are recognised when the group has a present obligation (legal or constructive) as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the group'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.

3. Turnover

Turnover represents the fair value of services provided to customers during the financial year excluding value added tax.

Breakdown by business class

An analysis of the group's turnover by class of business is set out below.

	2025		2024
	£		£
Sale of services	8,028,218		8,581,418

Breakdown by geographical market:

An analysis of the group's turnover by geographical market is set out below.

	2025		2024
	£		£
United Kingdom	605,519		633,115
Rest of the World	7,422,699		7,948,303
	8,028,218		8,581,418

4. Other operating income

	2025		2024
	£		£
RDEC income	186,085		0

5. Interest receivable and interest payable

	2025		2024
	£		£
Interest receivable and similar income	2		1,024
Interest payable and similar expenses	( 4,975)		( 35,923)
	(4,973)		(34,899)

Interest receivable and similar income

	2025		2024
	£		£
Bank interest	2		1,024

Interest payable and similar expenses

	2025		2024
	£		£
Bank loans and overdrafts	( 4,975)		( 28,838)
Other interest payable and similar expense	0		( 7,085)
	( 4,975)		( 35,923)

6. Profit before taxation

Profit before taxation is stated after charging/(crediting):

	2025		2024
	£		£
Depreciation of tangible fixed assets (note 11)	290,380		282,934
Amortisation of intangible assets (note 10)	17,276		17,277
Operating lease rentals	0		494,438
Foreign exchange losses/(gains)	131,785		( 53,977)
Depreciation of tangible fixed assets held under finance leases	186,162		179,337
Fees payable to the company's auditor	34,000		33,698

7. Staff number and costs

	Group		Group
	2025		2024
	Number		Number
The average monthly number of employees (including directors) was:
Adminstration	32		32
Direct	68		70
	100		102

Their aggregate remuneration comprised:

	Group		Group
	2025		2024
	£		£
Wages and salaries	2,528,379		2,471,509
Social security costs	253,410		214,852
Other retirement benefit costs	316,631		233,004
	3,098,420		2,919,365

The company had 58 employees during the year (2024 - 56).

8. Directors' remuneration

	2025		2024
	£		£
Directors' emoluments	283,344		139,540
Company contributions to money purchase pension schemes	87,916		45,474
	371,260		185,014

	2025		2024
	Number		Number
Members of a money purchase pension scheme	2		1

Remuneration of the highest paid director

	2025		2024
	£		£
Director's emoluments	252,469		0
Company contributions to money purchase schemes	81,981		0
	334,450		0

9. Tax on profit

	2025		2024
	£		£
Current tax on profit
UK corporation tax	63,977		( 63,977)
Foreign tax	356,486		236,546
Total current tax	420,463		172,569
Deferred tax
Origination and reversal of timing differences	6,760		0
Total deferred tax	6,760		0
Total tax on profit	427,223		172,569

Changes to the UK corporation tax rates were substantively enacted as part of Finance Bill 2023 (on 10 January 2023). These changes included an increase in the main rate to 25% from April 2023. Deferred taxes at the balance sheet date, in relation to UK companies, are measured using tax rates enacted as at the balance sheet date (25%).

Tax reconciliation

The tax assessed for the year is higher than (2024: higher than) the standard rate of corporation tax in the UK:

	2025		2024
	£		£
Profit before taxation	917,209		641,690
Tax on profit at standard UK corporation tax rate of 23.75% (2024: 23.75%)	217,837		152,401
Effects of:
Expenses not deductible for tax purposes	1,908		2,249
Higher tax rates on overseas earnings	0		7,549
Adjustments in respect of prior years	63,977		0
Permanent capital allowances in excess of depreciation	(5,998)		(6,723)
Research and development tax credit	(46,521)		(63,977)
Foreign tax	142,336		24,672
Movement in deferred tax not recognised	53,684		56,398
Total tax charge for year	427,223		172,569

10. Intangible assets

Group

	Computer software		Trademarks, patents and licences		Total
	£		£		£
Cost
At 01 January 2025	74,816		98,436		173,252
At 31 December 2025	74,816		98,436		173,252
Accumulated amortisation
At 01 January 2025	27,391		53,316		80,707
Charge for the financial year	7,481		9,795		17,276
At 31 December 2025	34,872		63,111		97,983
Net book value
At 31 December 2025	39,944		35,325		75,269
At 31 December 2024	47,425		45,120		92,545

Company

	Computer software		Trademarks, patents and licences		Total
	£		£		£
Cost
At 01 January 2025	74,816		98,436		173,252
At 31 December 2025	74,816		98,436		173,252
Accumulated amortisation
At 01 January 2025	27,391		53,316		80,707
Charge for the financial year	7,481		9,795		17,276
At 31 December 2025	34,872		63,111		97,983
Net book value
At 31 December 2025	39,944		35,325		75,269
At 31 December 2024	47,425		45,120		92,545

11. Tangible assets

Group

	Leasehold improve- ments		Plant and machinery		Vehicles		Fixtures and fittings		Computer equipment		Other property, plant and equipment		Assets in the course of construction		Total
	£		£		£		£		£		£		£		£
Cost
At 01 January 2025	267,284		6,279,088		24,727		211,021		354,374		24,401		259,350		7,420,245
Additions	0		277,041		23,689		1,660		3,678		0		61,974		368,042
Disposals	0		( 772,578)		( 3,500)		0		0		0		( 18,394)		( 794,472)
Transfers	0		268,320		0		0		6,537		0		( 274,857)		0
Exchange adjustments	939		11,756		43		259		171		10		783		13,961
At 31 December 2025	268,223		6,063,627		44,959		212,940		364,760		24,411		28,856		7,007,776
Accumulated depreciation
At 01 January 2025	237,442		5,067,020		23,238		183,397		344,653		23,503		0		5,879,253
Charge for the financial year	13,989		444,238		5,405		5,421		7,165		324		0		476,542
Disposals	0		( 816,782)		( 3,500)		0		0		0		0		( 820,282)
At 31 December 2025	251,431		4,694,476		25,143		188,818		351,818		23,827		0		5,535,513
Net book value
At 31 December 2025	16,792		1,369,151		19,816		24,122		12,942		584		28,856		1,472,263
At 31 December 2024	29,842		1,212,068		1,489		27,624		9,721		898		259,350		1,540,992

Company

	Leasehold improve- ments		Plant and machinery		Vehicles		Fixtures and fittings		Computer equipment		Assets in the course of construction		Total
	£		£		£		£		£		£		£
Cost
At 01 January 2025	151,078		5,349,739		3,500		176,024		299,455		248,927		6,228,723
Additions	0		125,996		23,689		0		0		61,974		211,659
Disposals	0		( 772,578)		( 3,500)		0		0		( 18,394)		( 794,472)
Transfers	0		257,897		0		0		6,537		( 264,434)		0
Exchange adjustments	868		10,720		0		179		56		783		12,606
At 31 December 2025	151,946		4,971,774		23,689		176,203		306,048		28,856		5,658,516
Accumulated depreciation
At 01 January 2025	125,342		4,276,965		3,500		152,605		295,066		0		4,853,478
Charge for the financial year	13,502		394,591		3,948		3,441		2,402		0		417,884
Disposals	0		( 816,782)		( 3,500)		0		0		0		( 820,282)
At 31 December 2025	138,844		3,854,774		3,948		156,046		297,468		0		4,451,080
Net book value
At 31 December 2025	13,102		1,117,000		19,741		20,157		8,580		28,856		1,207,436
At 31 December 2024	25,736		1,072,774		0		23,419		4,389		248,927		1,375,245

Assets held under finance leases

Tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts owned by the Group and Company are:

Plant and machinery: Cost £1,868,871 (2024 - £1,757,400), Accumulated depreciation £1,631,238 (2024 - £1,445,076), and Net book value £237,633 (2024 - £325,738).

Depreciation of £186,162 was charged in the year (2024 - £179,337).

12. Fixed asset investments

Company

	Investments in subsidiaries		Total
	£		£
Cost or valuation before impairment
At 01 January 2025	2,296		2,296
At 31 December 2025	2,296		2,296
Carrying value at 31 December 2025	2,296		2,296
Carrying value at 31 December 2024	2,296		2,296

Investments in subsidiaries

The company had the following subsidiary undertaking:

Name of entity	Registered office	Principal activity	Class of shares	Ownership 31.12.2025	Ownership 31.12.2024	Held
Premier Corex S.A.E	176, 5&6th Sector, Zahraa El Maadi, Cairo, 11435, Egypt	Core analysis, formation damage and reservoir geology	Ordinary	99.99%	99.99%	Direct

The investment in the subsidiary is stated at cost.

Premier Corex S.A.E is a company incorporated in Egypt.

13. Debtors

	Group		Group		Company		Company
	2025		2024		2025		2024
	£		£		£		£
Trade debtors	3,356,763		2,526,055		2,597,469		2,141,215
Amounts owed by group undertakings (note 20)	1,736,511		1,529,440		59,065		184,115
Corporation tax	81,910		0		81,910		0
Other taxation and social security	155,995		105,338		95,845		56,348
Other debtors	471,799		306,626		372,348		110,957
Prepayments and accrued income	2,252,537		2,602,181		1,528,745		1,699,155
	8,055,515		7,069,640		4,735,382		4,191,790

Amounts owed by group undertakings are repayable on demand and do not bear interest.

14. Creditors: amounts falling due within one year

	Group		Group		Company		Company
	2025		2024		2025		2024
	£		£		£		£
Bank loans (secured)	46,296		155,776		46,296		155,776
Obligations under finance leases and hire purchase contracts (secured)	53,701		116,901		53,701		116,901
Trade creditors	653,043		1,065,681		548,425		961,122
Amounts owed to group undertakings (note 20)	5,673,599		7,733,464		5,576,431		7,626,315
Corporation tax	224,036		207,773		0		0
Other taxation and social security	137,268		61,479		109,048		49,947
Accruals and deferred income	2,027,202		1,365,930		1,885,674		1,227,950
Other creditors	172,289		209,523		0		0
	8,987,434		10,916,527		8,219,575		10,138,011

The bank has security in the form of a fixed and floating charge over the group's assets.

Amounts owed to group undertakings are repayable on demand and do not bear interest.

At the balance sheet date the company has one bank loan that is repayable in monthly instalments ending in May 2026. The interest rate for the loan is the Bank of England's Base Rate plus 5.75% over the term of the loan.

15. Creditors: amounts falling due after more than one year

	Group		Group		Company		Company
	2025		2024		2025		2024
	£		£		£		£
Bank loans (secured)	0		46,296		0		46,296
Obligations under finance leases and hire purchase contracts (secured)	110,692		78,373		110,692		78,373
Amounts owed to group undertakings (note 20)	1,170,338		1,170,338		1,170,338		1,170,338
	1,281,030		1,295,007		1,281,030		1,295,007

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

Bank loans
	Group		Group		Company		Company
	2025		2024		2025		2024
	£		£		£		£
Between one and two years	0		46,296		0		46,296
Between two and five years	0		0		0		0
After five years	0		0		0		0
	0		46,296		0		46,296
On demand or within one year	46,296		155,776		46,296		155,776
	46,296		202,072		46,296		202,072

Finance leases
	Group		Group		Company		Company
	2025		2024		2025		2024
	£		£		£		£
Between one and two years	53,985		45,635		53,985		45,635
Between two and five years	56,707		32,738		56,707		32,738
After five years	0		0		0		0
	110,692		78,373		110,692		78,373
On demand or within one year	53,701		116,901		53,701		116,901
	164,393		195,274		164,393		195,274

Total borrowings including finance leases
	Group		Group		Company		Company
	2025		2024		2025		2024
	£		£		£		£
Between one and two years	53,985		91,931		53,985		91,931
Between two and five years	56,707		32,738		56,707		32,738
	110,692		124,669		110,692		124,669
On demand or within one year	99,997		272,677		99,997		272,677
	210,689		397,346		210,689		397,346

16. Financial instruments

The carrying values of the group’s financial assets and liabilities are summarised by category below:

	Group		Group
	2025		2024
	£		£
Financial assets
Measured at undiscounted amount receivable
Trade debtors (note 13)	3,356,763		2,526,055
Other debtors (note 13)	471,799		306,626
Amounts owed by Group undertakings (note 13)	1,736,511		1,529,440
	5,565,073		4,362,121
Financial liabilities
Measured at amortised cost
Bank loans and other loans	( 46,296)		( 202,072)
Obligations under finance leases	( 164,393)		( 195,274)
Measured at undiscounted amount payable
Trade creditors (note 14)	( 653,043)		( 1,065,681)
Other payables (note 14)	( 172,289)		( 209,523)
Amounts owed to Group undertakings (note 14 and note 15)	( 6,843,937)		( 8,903,802)
	(7,879,958)		(10,576,352)

The company has taken the exemption from disclosing financial instruments information as described in the accounting policies.

17. Called-up share capital and reserves

	2025		2024
	£		£
Allotted, called-up and fully-paid
4,200,000 Ordinary shares of £ 1.00 each	4,200,000		4,200,000
Presented as follows:
Called-up share capital presented as equity	4,200,000		4,200,000

The group's other reserves are as follows:

Other reserves records the accumulated exchange rate differences for transactions denominated in currencies other than pounds sterling.

The profit and loss reserve represents cumulative profits or losses, net of dividends paid and other adjustments.

18. Financial commitments

Commitments

The group had no material capital commitments at the year ended 31 December 2025.

Included within Cash at bank and in hand is £2,691,586 (2024 - £5,698,019) in respect of cash held in deposit accounts which are subject to third party guarantees.

Total future minimum lease payments under non-cancellable operating leases are as follows:

	Group		Group		Company		Company
	2025		2024		2025		2024
	£		£		£		£
Within one year	226,855		256,876		226,855		256,876
Between one and five years	643,139		0		643,139		0
Total future minimum lease payments under non-cancellable operating leases	869,994		256,876		869,994		256,876

Pensions

The group operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

	Group		Group
	2025		2024
	£		£
Unpaid contributions due to the fund (inc. in Other creditors)	26,466		19,730
Charge to profit or loss in respect of defined contribution schemes	267,594		233,004
	294,060		252,734

20. Related party transactions

Transactions with group companies

Amounts owed by Group undertakings

	2025		2024
	£		£
Amounts owed by fellow group undertakings	1,736,511		1,529,440

Amounts owed to Group undertakings

	2025		2024
	£		£
Amounts due to fellow group undertakings	6,843,937		8,903,802

No guarantees have been given or received.

21. Controlling party

The immediate parent company is Premier Corex LLC which is registered in the USA.

The largest group in which the financial results of the company are consolidated is that headed by Premier Corex LLC. No other financial statements include the results of the company.