ACCOUNTS - Final Accounts

The average monthly number of employees, including the director, during the year was 29 (2024 - 25).

Staff costs were as follows:

Registered number: 09767332

Monek Limited

Financial statements

For the Year Ended 30 June 2025


Monek Limited Registered number:09767332

Balance Sheet

As at 30 June 2025

		2025		2024
Note		£		£


Fixed assets
Intangible assets	5		3,325,883		2,811,057
Tangible assets	6		212,921		68,474
Right-of-use assets	7		26,402		94,483
			3,565,206		2,974,014
Current assets
Debtors: amounts falling due within one year	8	1,235,728		592,643
Cash at bank and in hand	9	29,719		46,800
		1,265,447		639,443
Creditors: amounts falling due within one year	10	(6,899,881)		(3,210,698)
Net current liabilities			(5,634,434)		(2,571,255)
Total assets less current liabilities			(2,069,228)		402,759

Creditors: amounts falling due after more than one year	11		-		(412,126)
			(2,069,228)		(9,367)
Provisions for liabilities
Deferred taxation	14		(43,000)		(19,000)

Net liabilities			(2,112,228)		(28,367)

Capital and reserves
Called up share capital	15	100	100
Profit and loss account	16	(2,112,328)	(28,467)
		(2,112,228)	(28,367)

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Monek Limited Registered number:09767332

Balance Sheet (continued)

As at 30 June 2025

The Company's financial statements have been prepared in accordance with the provisions applicable to entities 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:

___________________________

M S Carroll

Director

Date: 21 July 2026

The notes on pages 3 to 19 form part of these financial statements.

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Monek Limited

Notes to the Financial Statements

For the Year Ended 30 June 2025

1.	General information

Monek Limited is a private company, limited by shares, incorporated in the United Kingdom and registered in England and Wales under the Companies Act. The address of the registered office is given on the Company Information page. The nature of the Company's operations and its principal activity is that of the provision of credit card processing to businesses via IP connectivity.

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 101 'Reduced Disclosure Framework' and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Financial Reporting Standard 101 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions under FRS 101:

∙the requirements of IFRS 7 Financial Instruments: Disclosures

∙the requirements of IAS 7 Statement of Cash Flows

∙the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures

∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member

This information is included in the consolidated financial statements of Monek Group Limited as at 30 June 2025 and these financial statements may be obtained from Sterling House, F2/F3 Davidson Road, Lichfield, England, WS14 9DZ.

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Monek Limited

Notes to the Financial Statements

For the Year Ended 30 June 2025

2.Accounting policies (continued)

2.3

Going concern

The Company has recorded a loss for the year as it continues to incur costs in excess of revenues. The director has prepared cashflow forecasts covering a period of at least twelve months from the date of approval of these financial statements. These forecasts indicate that the Company will continue to require financial support from its parent undertaking, Monek Group Limited, in order to meet its obligations as they fall due.
Monek Group Limited has confirmed its intention to provide such financial support for at least twelve months from the date of approval of these financial statements, to support the development of the Gateway technology. The parent undertaking is itself dependent on the availability of surplus free cash resources within Monek Merchant Services Ltd, whose ability to provide funding is subject to regulatory capital and safeguarding requirements applicable to FCA-regulated entities.
As disclosed in Note 19 to these financial statements, the winding-up petition presented by HM Revenue & Customs after the reporting date was dismissed by the court in July 2026 following settlement of the outstanding balance in full. No liability in respect of this matter remains outstanding.
These circumstances represent a material uncertainty that may cast significant doubt on the Company’s ability to continue as a going concern. The financial statements do not include the adjustments that would be required if the Company were unable to continue as a going concern.
Notwithstanding this uncertainty, the director considers the use of the going concern basis of accounting to be appropriate in preparing these financial statements, based on the financial support committed by the parent undertaking.

2.4

Impact of new international reporting standards, amendments and interpretations

The financial statements for the year ended 30 June 2025 have been prepared in accordance with Financial Reporting Standard 101 (FRS 101) ‘Reduced Disclosure Framework’. The following amendments to IFRS, as adopted by the UK, are effective for the current reporting period and have been applied in the preparation of these financial statements:
Amendments to IAS 1 Presentation of Financial Statements – Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants: These amendments, effective for annual periods beginning on or after 1 January 2024, clarify the requirements for classifying liabilities as current or non-current and introduce additional disclosures for liabilities subject to covenants. The adoption of these amendments did not have a material impact on the classification of the Company’s liabilities.
Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures – Supplier Finance Arrangements: These amendments, effective for annual periods beginning on or after 1 January 2024, introduce additional disclosure requirements to enhance transparency regarding supplier finance arrangements and their effect on an entity’s liabilities, cash flows and exposure to liquidity risk. The adoption of these amendments did not have a material impact on the financial statements.
The Company has not early adopted any other standard, interpretation, or amendment that has been issued but is not yet effective. The directors anticipate that the adoption of these standards, amendments, and interpretations in future periods will not have a material impact on the financial statements of the

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Monek Limited

Notes to the Financial Statements

For the Year Ended 30 June 2025

2.Accounting policies (continued)

2.4

Impact of new international reporting standards, amendments and interpretations (continued)

Company.

2.5

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:
The Company does not expect to have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, the Company does not adjust any of the transaction prices for the time value of money.
Sale of goods
Revenue from the sale of goods is recognised on the satisfaction of performance obligations, such as the transfer of a promised good, identified in the contract between the Company and the customer.
A receivable is recognised when the goods are delivered as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due.
Rendering of services
Revenue from providing services is recognised in the accounting period in which the services are rendered.
For fixed-price contracts, revenue is recognised based on the actual service provided to the end of the reporting period as a proportion of the total services to be provided because the customer receives and uses the benefits simultaneously.

2.6

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.

The estimated useful lives range as follows:

				Development expenditure	-		10% straight line
				Intellectual property	-		10% straight line

2.7

Leases

The Company as a lessee

The Company assesses whether a contract is or contains a lease, at inception of a contract. The Company recognises a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Company recognises the lease payments as an

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Monek Limited

Notes to the Financial Statements

For the Year Ended 30 June 2025

2.Accounting policies (continued)

2.7

Leases (continued)

operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Company uses its incremental borrowing rate.

Lease payments included in the measurement of the lease liability comprise:

∙fixed lease payments (including in-substance fixed payments), less any lease incentives;

The lease liability is included in 'Creditors' on the Balance Sheet.

The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.

The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses.

Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Company expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease.

The Company applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in note 2.8.

As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and instead account for any lease and associated non-lease components as a single arrangement. The Company has used this practical expedient.

2.8

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.

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Monek Limited

Notes to the Financial Statements

For the Year Ended 30 June 2025

2.Accounting policies (continued)

2.8

Tangible fixed assets (continued)

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:

Plant and machinery	-	33%	straight line
Fixtures, fittings and equipment	-	33%	straight line
Computer equipment	-	33%	straight line
Other fixed assets	-	20%	reducing balance
Right-of-use assets	-		over the life of the lease

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.

2.9

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

2.10

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.

2.11

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.

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Monek Limited

Notes to the Financial Statements

For the Year Ended 30 June 2025

2.Accounting policies (continued)

2.12

Creditors

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

2.13

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP and the financial statements are prepared to the nearest £.

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.

2.14

Pensions

Defined contribution pension plan

The Company operates 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 profit or loss 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.

2.15

Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

2.16

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.

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Monek Limited

Notes to the Financial Statements

For the Year Ended 30 June 2025

2.Accounting policies (continued)

2.17

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.

2.18

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.

2.19

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 is taken as 10 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.

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Monek Limited

Notes to the Financial Statements

For the Year Ended 30 June 2025

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements in conformity with generally accepted accounting principles requires the Director to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results in the future could differ from those estimates. In this regard, the Director believes that the critical accounting policies where judgements or estimating are necessarily applied are summarised below.
Fixed assets
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing the asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual values consider such things such as future market conditions, the remaining life of the asset and projected disposal values.
Intangible fixed assets are amortised over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors.
The Director has reviewed the asset lives and associated residual values of all fixed asset classes and has concluded that a straight line depreciation policy is more appropriate as it reflects the useful economic lives of assets and their residual values more reliably than the reducing balance depreciation policy.

Wages and salaries	999,011	881,444
Social security costs	207,052	172,651
Cost of defined contribution scheme	83,223	56,494
	1,289,286	1,110,589

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Monek Limited

Notes to the Financial Statements

For the Year Ended 30 June 2025

5.	Intangible assets

	Intellectual property	Development costs	Total
	£	£	£
Cost
At 1 July 2024	582,786	3,904,472	4,487,258
Additions	-	1,007,759	1,007,759
At 30 June 2025	582,786	4,912,231	5,495,017
Amortisation
At 1 July 2024	582,786	1,093,415	1,676,201
Charge for the year on owned assets	-	447,402	447,402
Impairment charge	-	45,531	45,531
At 30 June 2025	582,786	1,586,348	2,169,134
Net book value
At 30 June 2025	-	3,325,883	3,325,883
At 30 June 2024	-	2,811,057	2,811,057

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Monek Limited

Notes to the Financial Statements

For the Year Ended 30 June 2025

6.	Tangible fixed assets

	Plant and machinery	Fixtures, fittings and equipment	Computer equipment	Other fixed assets	Total
	£	£	£	£	£
Cost
At 1 July 2024	14,424	132,751	22,707	66,916	236,798
Additions	-	-	3,419	189,998	193,417
Transfers between classes	(13,693)	(30,421)	44,114	-	-
At 30 June 2025	731	102,330	70,240	256,914	430,215
Depreciation
At 1 July 2024	14,424	131,328	10,424	12,148	168,324
Charge for the year on owned assets	-	1,423	5,844	41,703	48,970
Transfers between classes	(13,693)	(30,421)	44,114	-	-
At 30 June 2025	731	102,330	60,382	53,851	217,294
Net book value
At 30 June 2025	-	-	9,858	203,063	212,921
At 30 June 2024	-	1,423	12,283	54,768	68,474

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Monek Limited

Notes to the Financial Statements

For the Year Ended 30 June 2025

7.	Right-of-use assets

		Right-of-use assets
		£
	Cost
	At 1 July 2024	287,421
	Disposals	(33,965)
	At 30 June 2025	253,456
	Depreciation
	At 1 July 2024	192,938
	Charge for the period	68,081
	Depreciation on disposals	(33,965)
	At 30 June 2025	227,054
	Net book value
	At 30 June 2025	26,402
	At 30 June 2024	94,483

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Monek Limited

Notes to the Financial Statements

For the Year Ended 30 June 2025

Debtors

					2025	2024
					£	£


Trade debtors	170,344	148,182
Amounts owed by group undertakings	10,684	-
Other debtors	833,169	366,857
Prepayments and accrued income	221,531	77,604
	1,235,728	592,643

Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are
repayable on demand.

9.	Cash and cash equivalents
		2025	2024
		£	£

	Cash at bank and in hand	29,719	46,800

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Monek Limited

Notes to the Financial Statements

For the Year Ended 30 June 2025

10.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Bank overdrafts	28,380	-
Bank loan	383,176	260,659
Trade creditors	457,933	153,694
Amounts owed to group undertakings	4,588,170	2,099,449
Other taxation and social security	1,172,048	439,986
Lease liabilities	28,949	72,734
Other creditors	55,782	80,977
Accruals and deferred income	185,443	103,199
	6,899,881	3,210,698

During the prior year, the Company obtained a new loan of £810,000. 36 monthly payments are to be made following the date of first drawdown of the facility. Interest payable will be charged at 9.71%.
The bank loan is secured by way of a debenture over the assets and undertaking of the Company.
Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are
repayable on demand.
During the year and at 30 June 2025, under the terms of the facility agreement and in accordance with IAS 1, the balance of the facility has been presented in full within creditors: amounts falling due within one year. The lender has not sought accelerated repayment; all instalments have been paid in full and on time since drawdown, and the facility continues to be repaid in accordance with its original schedule, with the final instalment due in October 2026.

11.	Creditors: Amounts falling due after more than one year
		2025	2024
		£	£

Bank loan	-	383,176
Lease liabilities	-	28,950

The bank loan is secured by way of a debenture over the assets and undertaking of the Company.

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Monek Limited

Notes to the Financial Statements

For the Year Ended 30 June 2025

Amounts falling due within one year
Bank loan	383,176	260,659
Amounts falling due 1-2 years
Bank loan	-	287,126
Amounts falling due 2-5 years
Bank loan	-	96,050

	383,176	643,835

13.	Lease liabilities
	At 30 June 2025, the maturity of the Company's lease liabilities is set out below:
		Buildings	Total
		£	£

	Discounted future cash flows - not later than one year	(28,949)	(28,949)
	Total discounted future cash flows	(28,949)	(28,949)

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Monek Limited

Notes to the Financial Statements

For the Year Ended 30 June 2025

14.	Deferred taxation

	2025	2024
	£	£

At beginning of year	(19,000)	(404,000)
(Charged)/credited to profit or loss	(24,000)	385,000
At end of period	(43,000)	(19,000)

The provision for deferred taxation is made up as follows:
	2025	2024
	£	£

Fixed asset temporary differences	(726,703)	(609,000)
Tax losses carried forward	682,060	588,000
Short term temporary differences	1,643	2,000
	(43,000)	(19,000)

15.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

100 (2024 - 100) Ordinary shares of £1.00 each	100	100

16.

Reserves

Profit and loss account

The profit and loss account records the total amount of distributable reserves available to the shareholders.

17.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £83,223 (2024 - £56,494). Contributions totalling £15,388 (2024 - £20,508) were payable to the fund at the balance sheet date.

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Monek Limited

Notes to the Financial Statements

For the Year Ended 30 June 2025

18.	Controlling Party

At 30 June 2025, the immediate and ultimate parent undertaking is Monek Group Limited, a company incorporated in the United Kingdom and registered in England and Wales. Copies of the financial statements for Monek Group Limited can be obtained from its registered office, Sterling House, F2/F3 Davidson Road, Lichfield, England, WS14 9DZ.
The parent undertaking of the largest and smallest group to consolidate their financial statements is Monek Group Limited.
At 30 June 2025, the Directors considered the ultimate controlling party to be M Carroll.

19.	Post balance sheet events

Subsequent to the reporting date, HM Revenue & Customs presented a winding-up petition against the Company in respect of historic tax liabilities exceeding £700,000. The petition has since been resolved in full. The outstanding balance was settled through a combination of cash payments and the offset of a research and development tax credit claim, funded in part via a fellow group company, and the petition was dismissed by the court in July 2026. No liability in respect of this matter remains outstanding. The resolution of this matter concludes the Company's principal legacy liability and supports the completion of the orderly wind-down of the Company's residual activities.

As the petition was presented after the reporting date of 30 June 2025, it has been treated as a non-adjusting post balance sheet event. The underlying liabilities were recognised in these financial statements at the reporting date and accordingly no further adjustments are required. Further information regarding the Company's liquidity and going concern assessment is provided in Note 2.3.

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Monek Limited

Notes to the Financial Statements

For the Year Ended 30 June 2025

20.	Auditor's information

The auditor's report on the financial statements for the year ended 30 June 2025 was unqualified.

In their report, the auditor emphasised the following matter without qualifying their report:

The auditors drew attention to note 2.3 in the financial statements, which indicates that the Company has incurred significant losses during the period, has limited available cash, and is dependent on ongoing financial support from its parent undertaking. Monek Group Limited has provided financial support to the Company throughout the period and in the twelve months following the year end, including the settlement in full of the liabilities that were the subject of a winding-up petition presented by HM Revenue & Customs after the reporting date, which was dismissed by the court in July 2026 as described in notes 2.3 and 19. Monek Group Limited has confirmed its intention to continue providing financial support for at least twelve months from the date of approval of these financial statements. As stated in note 2.3, these events or conditions, along with the other matters as set forth in note 2.3, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. The auditors opinion was not modified in respect of this matter.
In auditing the financial statements, the auditors concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Their evaluation of the director's assessment of the Company's ability to continue to adopt the going concern basis of accounting included a review of the cashflow forecasts prepared by management, assessment of the availability and feasibility of financial support from group companies, including the Group's demonstrated provision of support in settling the HM Revenue & Customs liabilities after the reporting date, and consideration of the Group's confirmed intention to continue that support. Based on this work, the auditors identified that the Company remains dependent on group support to meet its obligations as they fall due, which gives rise to the material uncertainty described above.

The audit report was signed on 21 July 2026 by Mark Gurney FCCA (Senior Statutory Auditor) on behalf of Dains Audit Limited.

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