REGISTERED NUMBER: 03105853 (England and Wales)

Report of the Directors and

Financial Statements for the Year Ended 31 March 2026

for

Business Connexion Limited

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

4

Income Statement

8

Balance Sheet

9

Notes to the Financial Statements

10

DIRECTORS:

D J Hattingh

L Joubert

C Venter

SECRETARY:

D J Hattingh

REGISTERED OFFICE:

Connexion House, 4 Arlington Court

Whittle Way

Arlington Business Park

Stevenage

Hertfordshire

SG1 2FS

REGISTERED NUMBER:

03105853 (England and Wales)

AUDITORS:

GH Audit Limited

Unit 1b

Focus 4

Fourth Avenue

Letchworth

Hertfordshire

SG6 2TU

SOLICITORS:

DLA Piper UK LLP

Princes Exchange

Princes Square

Leeds

LS1 4BY

The directors present their report with the financial statements of the company for the year ended 31 March 2026.

DIRECTORS

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

D J Hattingh

L Joubert

C Venter

Other changes in directors holding office are as follows:

S A Mpahlwa - resigned 21 January 2026

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, GH Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

D J Hattingh - Director

26 June 2026

Opinion

We have audited the financial statements of Business Connexion Limited (the 'company') for the year ended 31 March 2026 which comprise the Income Statement, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

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

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

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

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

-	the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory framework applicable to the Company, and the industry in which it operates by making enquiries of management. We also enquired as to whether there were any instances of non compliance with laws and regulations or whether there were any instances of fraud detected or suspected. The key laws and regulations considered include the UK Companies Act and UK Tax Legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. These included compliance with Health and Safety legislation.

We obtained an understanding of the Company's operations, including the nature of the company, its control environment, business performance and its key performance indicators.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud and suspected fraud identified during the audit. However it is the primary responsibility of management and those charged with governance to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

We considered the extent to which non-compliance would have a material impact on the financial statements. We also evaluated the managements incentives and opportunities for fraudulent manipulation of the financial statements, including management override of controls, and determined that the principal risks were related to:

- Management bias in accounting estimates;

- Revenue recognition; and

- Management override of controls

Audit response to risks identified:

Substantive testing was undertaken on the completeness of revenue by way of tracing billable hours booked by employees/contractors through to being invoiced/included in the financial statements.The system for the recharge of hardware was also reviewed and substantive testing undertaken as required. Revenue recognition for software sales has also been discussed with management and tested.

Testing was undertaken on the completeness of liabilities to include both substantive and analytical procedures. Standard procedures were used to test management override including the review of year end journals and whether the judgments made in making accounting estimates are indicative of potential bias.This included the calculation of the deferred tax asset which is a significant accounting estimate. We reviewed the minutes of any meetings of those charged with governance held in the period together with follow up discussions on amounts included in the accounts.

To cover the the other assessed risks in relation to management override of controls namely fraudulent payments, we ensure that transactions are undertaken in line with the company's authority matrix, together with substantive testing of a sample of expenses in the profit and loss to ensure that they are genuine business expenses. We also perform analytical procedures to identify any unusual or unexpected relationship that may indicate risks of material misstatement due to fraud or other irregularities, these procedures also include the review of profit margins.

We remained alert to any indications of fraud or non compliance throughout the entire audit process.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. This risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

Use of our report

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

Martin Williams ACA (Senior Statutory Auditor)

for and on behalf of GH Audit Limited

Unit 1b

Focus 4

Fourth Avenue

Letchworth

Hertfordshire

SG6 2TU

15 July 2026

TURNOVER

4,405,972

3,908,031

Cost of sales

3,610,268

3,365,633

GROSS PROFIT

795,704

542,398

Administrative expenses

454,451

367,376

341,253

175,022

Other operating income

20,632

39,858

OPERATING PROFIT

5

361,885

214,880

Interest receivable and similar income

31,584

29,728

PROFIT BEFORE TAXATION

393,469

244,608

Tax on profit

7,701

(44,171

)

PROFIT FOR THE FINANCIAL YEAR

385,768

288,779

FIXED ASSETS

Tangible assets

6

422,559

435,442

CURRENT ASSETS

Debtors

7

635,266

545,026

Cash at bank and in hand

2,424,707

2,016,276

3,059,973

2,561,302

CREDITORS

Amounts falling due within one year

8

431,785

331,765

NET CURRENT ASSETS

2,628,188

2,229,537

TOTAL ASSETS LESS CURRENT LIABILITIES

3,050,747

2,664,979

CAPITAL AND RESERVES

Called up share capital

2,100

2,100

Share premium

5,199,912

5,199,912

Retained earnings

(2,151,265

)

(2,537,033

)

SHAREHOLDERS' FUNDS

3,050,747

2,664,979

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

The financial statements were approved by the Board of Directors and authorised for issue on 26 June 2026 and were signed on its behalf by:

D J Hattingh - Director

L Joubert - Director

1.	STATUTORY INFORMATION

Business Connexion Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland' (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the company.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

The company has recognised a deferred tax asset based on the utilisation of tax losses against future taxable profits. In arriving at the asset in the accounts the directors have used a period of 10 years forecast profits discounted for uncertainty to arrive at a probable future profits figure which has been applied to known tax rates in that period. The balance of tax losses are unprovided. Please refer to note 8.

Turnover

Turnover represents amounts receivable for goods and services provided in the normal course of the business, net of trade discounts, VAT and other sales related taxes.

Revenue from the sale of goods is recognised when the risks and rewards of ownership have been transferred to the client, the consideration has been agreed by contract or is determinable, and it is probable that the associated receivables will be collected.

Revenue from service contracts is recognised based on billable hours worked on each contract at the agreed rates.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Freehold buildings 2% on cost

Fixtures and fittings 20% on cost

Computer Equipment 33% on cost

Land and buildings have been valued at historic cost less impairment. The building is considered as Property Plant and Equipment due to the use of the server room in the business with any rental income received being incidental.

Financial instruments

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case these are stated at cost.

Short term debtors are measured at transaction price less impairment losses for bad and doubtful debts.

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Taxation

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount 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 represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense 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 it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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 timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Foreign currencies

The financial statements are presented in Sterling (GBP), which is the functional currency of the Company.

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Operating leases

Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7. (2025 - 7)

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31/3/26

31/3/25

£

£

Depreciation - owned assets

14,383

14,329

Operating Lease Income

(23,682

)

(31,500

)

6.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2025

652,839

494,759

1,147,598

Additions

-

1,500

1,500

At 31 March 2026

652,839

496,259

1,149,098

DEPRECIATION

At 1 April 2025

219,788

492,368

712,156

Charge for year

13,057

1,326

14,383

At 31 March 2026

232,845

493,694

726,539

NET BOOK VALUE

At 31 March 2026

419,994

2,565

422,559

At 31 March 2025

433,051

2,391

435,442

7.

DEBTORS

31/3/26

31/3/25

£

£

Amounts falling due within one year:

Trade debtors

411,968

258,437

Amounts owed by group undertakings

-

5,527

Other debtors

51,112

108,876

463,080

372,840

31/3/26

31/3/25

£

£

Amounts falling due after more than one year:

Other debtors

172,186

172,186

Aggregate amounts

635,266

545,026

At 31 March 2026 the company had a total potential deferred tax asset of £661,013 (2025 - £753,451). The asset is recoverable against future profits. A deferred tax asset of £172,186 has been recognised in the accounts based on forecast profits assessed as probable.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/26

31/3/25

£

£

Trade creditors

17,434

17,026

Amounts owed to group undertakings

8,442

-

Taxation and social security

87,522

72,039

Other creditors

318,387

242,700

431,785

331,765

9.	LEASING AGREEMENTS

The company leases out a property it owns and receives rental income.

The future minimum lease rentals falling under the lease are as follows:

2026

2025

Within one year

£40,000

£31,500

Between one and five years

£80,000

£23,625

Total receivable

£120,000

£55,125

The lease states that there is 1 break clause, which is on the third anniversary of the lease (anniversary date April 2029).

10.	FINANCIAL INSTRUMENTS

Exposure to foreign currency, credit and liquidity risks arises in the normal course of the Company's business. These risks are limited by the Company's financial management policies and practices described below:

Foreign currency risk

The Company has limited exposure to foreign currency risk. The majority of the Company's sales and purchases are denominated in Sterling. The Company monitors their foreign currency risk closely and takes steps to minimise this risk at an early stage.

Credit risk

The Company is at risk from its customers defaulting in making payments for goods and services that have been supplied to them. To minimise this risk the Company has procedures in place to ensure that customers have either demonstrated creditworthiness or can provide sufficient collateral prior to delivery of goods. The Company's exposure to this risk is continually monitored so that any potential problems are detected at an early stage.

Liquidity risk

The directors have ultimate responsibility for liquidity risk management in maintaining adequate reserves, banking facilities and reserve borrowing facilities. They do this by continually monitoring forecast and actual cash flows.

11.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.