Caseware UK (AP4) 2025.0.111 2025.0.111 2025-12-31 2025-12-31 false true true The principal activity is the sale and rental of equipment to the oil and gas industry.true 2025-01-01 false 40 38 true SC170683 2025-01-01 2025-12-31 SC170683 2024-01-01 2024-12-31 SC170683 2025-12-31 SC170683 2024-12-31 SC170683 2024-01-01 SC170683 c:Director9 2025-01-01 2025-12-31 SC170683 d:Buildings d:LongLeaseholdAssets 2025-01-01 2025-12-31 SC170683 d:Buildings d:LongLeaseholdAssets 2025-12-31 SC170683 d:Buildings d:LongLeaseholdAssets 2024-12-31 SC170683 d:PlantMachinery 2025-01-01 2025-12-31 SC170683 d:FurnitureFittings 2025-01-01 2025-12-31 SC170683 d:FurnitureFittings 2025-12-31 SC170683 d:FurnitureFittings 2024-12-31 SC170683 d:FurnitureFittings d:OwnedOrFreeholdAssets 2025-01-01 2025-12-31 SC170683 d:OfficeEquipment 2025-01-01 2025-12-31 SC170683 d:OfficeEquipment 2025-12-31 SC170683 d:OfficeEquipment 2024-12-31 SC170683 d:OfficeEquipment d:OwnedOrFreeholdAssets 2025-01-01 2025-12-31 SC170683 d:OtherPropertyPlantEquipment 2025-01-01 2025-12-31 SC170683 d:OtherPropertyPlantEquipment 2025-12-31 SC170683 d:OtherPropertyPlantEquipment 2024-12-31 SC170683 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2025-01-01 2025-12-31 SC170683 d:OwnedOrFreeholdAssets 2025-01-01 2025-12-31 SC170683 d:ComputerSoftware 2025-01-01 2025-12-31 SC170683 d:ComputerSoftware 2025-12-31 SC170683 d:ComputerSoftware 2024-12-31 SC170683 d:CurrentFinancialInstruments 2025-12-31 SC170683 d:CurrentFinancialInstruments 2024-12-31 SC170683 d:Non-currentFinancialInstruments 2025-12-31 SC170683 d:Non-currentFinancialInstruments 2024-12-31 SC170683 d:CurrentFinancialInstruments d:WithinOneYear 2025-12-31 SC170683 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 SC170683 d:Non-currentFinancialInstruments d:AfterOneYear 2025-12-31 SC170683 d:Non-currentFinancialInstruments d:AfterOneYear 2024-12-31 SC170683 d:ShareCapital 2025-12-31 SC170683 d:ShareCapital 2024-12-31 SC170683 d:ShareCapital 2024-01-01 SC170683 d:RetainedEarningsAccumulatedLosses 2025-01-01 2025-12-31 SC170683 d:RetainedEarningsAccumulatedLosses 2025-12-31 SC170683 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 SC170683 d:RetainedEarningsAccumulatedLosses 2024-12-31 SC170683 d:RetainedEarningsAccumulatedLosses 2024-01-01 SC170683 d:FinancialAssetsAmortisedCost 2025-12-31 SC170683 d:FinancialAssetsAmortisedCost 2024-12-31 SC170683 c:OrdinaryShareClass1 2025-01-01 2025-12-31 SC170683 c:OrdinaryShareClass1 2025-12-31 SC170683 c:OrdinaryShareClass1 2024-12-31 SC170683 c:FRS102 2025-01-01 2025-12-31 SC170683 c:Audited 2025-01-01 2025-12-31 SC170683 c:FullAccounts 2025-01-01 2025-12-31 SC170683 c:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 SC170683 d:Subsidiary2 2025-01-01 2025-12-31 SC170683 d:WithinOneYear 2025-12-31 SC170683 d:WithinOneYear 2024-12-31 SC170683 d:BetweenOneFiveYears 2025-12-31 SC170683 d:BetweenOneFiveYears 2024-12-31 SC170683 d:Subsidiary2 1 2025-01-01 2025-12-31 SC170683 c:SmallCompaniesRegimeForAccounts 2025-01-01 2025-12-31 SC170683 d:AcceleratedTaxDepreciationDeferredTax 2025-12-31 SC170683 d:AcceleratedTaxDepreciationDeferredTax 2024-12-31 SC170683 d:TaxLossesCarry-forwardsDeferredTax 2025-12-31 SC170683 d:TaxLossesCarry-forwardsDeferredTax 2024-12-31 SC170683 d:ComputerSoftware d:ExternallyAcquiredIntangibleAssets 2025-01-01 2025-12-31 SC170683 2 2025-01-01 2025-12-31 SC170683 4 2025-01-01 2025-12-31 SC170683 6 2025-01-01 2025-12-31 SC170683 d:ComputerSoftware d:OwnedIntangibleAssets 2025-01-01 2025-12-31 SC170683 e:PoundSterling 2025-01-01 2025-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: SC170683 ONLINE ELECTRONICS LIMITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 DECEMBER 2025
ONLINE ELECTRONICS LIMITED
CONTENTS
| Page
Balance Sheet | 1
Statement of Changes in Equity | 2
Notes to the Financial Statements | 3 - 13
ONLINE ELECTRONICS LIMITED REGISTERED NUMBER:SC170683
BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 4 |  | 271,948 |  | -
Tangible assets | 5 |  | 101,680 |  | 153,628
Investments | 6 |  | 4,979 |  | 11,310
|  |  | 378,607 |  | 164,938
Current assets |  |  |  |  |
Stocks | 7 | 2,075,047 |  | 1,595,843 |
Debtors: amounts falling due within one year | 8 | 6,539,466 |  | 5,184,947 |
Cash at bank and in hand | 9 | 1,526,438 |  | 955,668 |
|  | 10,140,951 |  | 7,736,458 |
Creditors: amounts falling due within one year | 10 | (5,978,046) |  | (4,069,661) |
Net current assets |  |  | 4,162,905 |  | 3,666,797
Total assets less current liabilities |  |  | 4,541,512 |  | 3,831,735
Creditors: amounts falling due after more than one year | 11 |  | (42,646) |  | -
Provisions for liabilities |  |  |  |  |
Deferred tax | 13 | (13,543) |  | - |
|  |  | (13,543) |  | -
Net assets |  |  | 4,485,323 |  | 3,831,735
Capital and reserves |  |  |  |  |
Called up share capital | 14 |  | 8,750 |  | 8,750
Profit and loss account |  |  | 4,476,573 |  | 3,822,985
|  |  | 4,485,323 |  | 3,831,735
The company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Mr E Berge
Director
Date: 17 June 2026
The notes on pages 3 to 13 form part of these financial statements. Page 1
ONLINE ELECTRONICS LIMITED
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2024 | 8,750 | 3,518,700 | 3,527,450
Comprehensive income for the year |  |  |
Profit for the year | - | 304,285 | 304,285
At 1 January 2025 | 8,750 | 3,822,985 | 3,831,735
Comprehensive income for the year |  |  |
Profit for the year | - | 653,588 | 653,588
At 31 December 2025 | 8,750 | 4,476,573 | 4,485,323
| The notes on pages 3 to 13 form part of these financial statements.
Page 2
ONLINE ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
Online Electronics Limited (the company) is a limited liability company incorporated in the United Kingdom. The address of its principal place of business is Online House, Blackburn Business Park, Woodburn Road, Blackburn, AB21 0PS. The principal activity of the company is the sale and rental of equipment to the oil and gas industry. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies. The following principal accounting policies have been applied:
| 2.2 | Going concern
The directors, having made due and careful enquiry, are of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.
| 2.3 | Foreign currency translation
Functional and presentation currency The company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. Page 3
ONLINE ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.5 | Operating leases: the company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.6 | Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
| 2.7 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.8 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. Page 4
ONLINE ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.9 | Pensions
Defined contribution pension plan The company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds
| 2.10 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.11 | Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.
| 2.12 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. Page 5
ONLINE ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.13 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Tenant's Improvements | - | 10-15 years
|  |  |  | Plant & Office Equipment | - | 3 years
|  |  |  | Assets under construction | - | Not depreciated
|  |  |  | Rental Equipment | - | 3 years
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.14 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.15 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out and standard cost basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.16 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.17 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.18 | Creditors
Short-term 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. Page 6
ONLINE ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.19 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.20 | Financial instruments
The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's Balance Sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Basic financial liabilities 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 company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Page 7
ONLINE ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
3. | Average number of employees
The average monthly number of employees, including directors, during the year was 40 (2024 - 38).
4. | Intangible assets
|  | Computer software
|  | £
| Cost |
| At 1 January 2025 | 417,012
| Additions | 260,798
| Reclassification | 21,583
| Disposals | (417,012)
| At 31 December 2025 | 282,381
| Amortisation |
| At 1 January 2025 | 417,012
| Charge for the year on owned assets | 10,433
| On disposals | (417,012)
| At 31 December 2025 | 10,433
| Net book value |
| At 31 December 2025 | 271,948
| At 31 December 2024 | -
| During the year, software with a net book value of £nil was scrapped.
Page 8
ONLINE ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
5. | Tangible fixed assets
|  | Tenant's Improvements | Fixtures & fittings | Office equipment | Other fixed assets | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 January 2025 | 60,453 | 450,289 | 611,019 | 727,195 | 1,848,956
| Additions | 2,730 | 7,387 | 24,380 | 10,703 | 45,200
| Disposals | - | (419,462) | (552,961) | (658,700) | (1,631,123)
| Reclassification | - | 5,051 | (30,008) | 3,374 | (21,583)
| At 31 December 2025 | 63,183 | 43,265 | 52,430 | 82,572 | 241,450
| Depreciation |  |  |  |  |
| At 1 January 2025 | 2,755 | 432,726 | 579,005 | 680,842 | 1,695,328
| Charge for the year on owned assets | 11,204 | 12,723 | 18,460 | 33,178 | 75,565
| Disposals | - | (419,462) | (552,961) | (658,700) | (1,631,123)
| At 31 December 2025 | 13,959 | 25,987 | 44,504 | 55,320 | 139,770
| Net book value |  |  |  |  |
| At 31 December 2025 | 49,224 | 17,278 | 7,926 | 27,252 | 101,680
| At 31 December 2024 | 57,698 | 17,563 | 32,014 | 46,353 | 153,628
| During the year, software with a net book value of £nil was scrapped.
Page 9
ONLINE ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
6. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 January 2025 | 11,310
| Disposals | (6,331)
| At 31 December 2025 | 4,979
| Subsidiary undertaking
| The following was a subsidiary undertaking of the company:
| Name | Registered office | Class of shares | Holding
| Online Electronics Asia Pacific Pte Ltd | 60 Paya Lebar Road, #08-17 Paya Lebar Square, Singapore 409051 | Ordinary | 100%
| During the year, the company sold its shares in IK Group US Inc to Izomax Ltd at par value.
7. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Raw materials, consumables and finished goods | 1,476,705 | 1,239,374
| Work in progress | 598,342 | 356,469
|  | 2,075,047 | 1,595,843
Page 10
ONLINE ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
8. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 848,705 | 1,021,497
| Amounts owed by group undertakings | 1,181,167 | 1,369,739
| Other debtors | 311,769 | 921,710
| Prepayments and accrued income | 4,197,825 | 1,872,001
|  | 6,539,466 | 5,184,947
9. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 1,526,438 | 955,668
|  | 1,526,438 | 955,668
10. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 299,039 | 303,471
| Amounts owed to group undertakings | 1,241,471 | 1,048,588
| Corporation tax | 441,480 | 66,347
| Other taxation and social security | 87,905 | 54,200
| Other creditors | 170,889 | 943,032
| Accruals and deferred income | 3,737,262 | 1,654,023
|  | 5,978,046 | 4,069,661
11. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts owed to group undertakings | 42,646 | -
|  | 42,646 | -
Page 11
ONLINE ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
12. | Financial instruments
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Financial assets |  |
| Financial assets measured at amortised cost | 1,526,438 | 955,668
| Financial assets measured at amortised cost through profit or loss comprise cash at bank.
13. | Deferred taxation
|  | 2025 | 2024
|  | £ | £
| At beginning of year | - | (74,440)
| Charged to profit or loss | 13,543 | 74,440
| At end of year | 13,543 | -
| The deferred taxation balance is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fixed asset timing differences | 19,656 | -
| Short term timing differences | (6,113) | -
|  | 13,543 | -
14. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 8,750 (2024 - 8,750) Ordinary shares of £1.00 each | 8,750 | 8,750
15. | Pension commitments
The company contributes to a defined contribution pension scheme. The pension charge represents contributions payable by the company to the fund and amounts to £180,886 (2024 - £152,723). At the year end there were outstanding payments due of £19,389 (2024 - £14,932). Page 12
ONLINE ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
16. | Commitments under operating leases
| At 31 December 2025 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 101,415 | 97,344
| Later than 1 year and not later than 5 years | 46,414 | 133,391
|  | 147,829 | 230,735
17. | Related party transactions
| The company has taken advantage of the exemption given under Financial Reporting Standard 102 Section 1AC.35 which allows exemption from disclosure of related party transactions with other group companies.
18. | Ultimate parent undertaking and controlling party
The ultimate parent company is IK Group AS, a company registered in Norway. The largest group in which the results of the company are consolidated is that headed by IK Group AS. The financial statements are available from its registered office at Christian August Thorings veg 9, Forus, 4033 Stavanger, Norway.
19. | Auditors' information
The auditors' report on the financial statements for the year ended 31 December 2025 was unqualified. The audit report was signed on 17 June 2026 by James Pirrie (Senior Statutory Auditor) on behalf of AAB Audit & Accountancy Limited.
Page 13