REGISTERED NUMBER: 03125221 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 December 2025

for

ESP Global Services Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

12

Consolidated Income Statement

15

Consolidated Other Comprehensive Income

16

Consolidated Balance Sheet

17

Company Balance Sheet

18

Consolidated Statement of Changes in Equity

19

Company Statement of Changes in Equity

20

Notes to the Consolidated Financial Statements

21

DIRECTORS:

Dr M G W Harling

M Hayles

A P R Jenner

SECRETARY:

Dr M G W Harling

REGISTERED OFFICE:

5 Acre Road

Reading

Berkshire

RG2 0SU

REGISTERED NUMBER:

03125221 (England and Wales)

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

STRATEGY AND BUSINESS MODEL

ESP Global Services Limited ("ESP") is a global provider of local IT support offering a number of different services to both the Aviation industry and international organisations:

-

Service Desk - AI enabled, multi-lingual, globally aligned, IT infrastructure management

-

Field Operations - Local teams of vetted staff providing managed services or staff augmentation

-

Lifecycle Services - Asset management from regional logistics centres using a global distribution network

-

Digital Platform - ServiceNow MSP with in-house developers as a dedicated or managed service

-

Project Management - Deployment, upgrades and transition management

The Group's mission is to delight every customer every time by having the best people delivering the best service anywhere in the world.

The Group's strategy remains focused on driving growth and best in class customer service through the following business sectors:

-

Global Aviation Services - the provision of bespoke rapid response service solutions to the travel industry;

-

Global Support Services - the provision of onsite staff and dispatch-based services to internationally distributed organisations either directly or through global systems integrators; and

-

Digital Solutions - Technology-led services including ServiceNow implementations, automation, and its proprietary AirportNow platform to drive operational efficiency and high-value outcomes.

In keeping with the Group's overall strategy of diversifying its service locations, a service desk facility was opened in Romania in 2023, complemented by a back-office centre in India. Both facilities operate alongside the Company's longstanding offices in Trinidad, Ireland and the UK. Together, these operations enable the Company to maintain global 24-hour customer support with multilingual capabilities.

REVIEW OF BUSINESS

Turnover for the Group was £39.4m for the year 2025 against a total of £36.9m in 2024. The Group saw a 6.7% increase in revenue year over year, driven in part by a large new US customer, United Airlines, which began to contribute significant monthly revenue from the beginning of the year. This contract saw ESP deliver managed services into all United Airlines locations across the US and plays into its longer term strategy of building its business in the US. ESP's ServiceNow practice more than doubled its revenue during 2025 versus the prior year and project revenue also grew, reinforcing its drive to move into higher margin business.

During the year ESP maintained its focus on gross margin and administrative expenses and these were managed tightly without impacting overall service levels. Its gross margin for 2025 was broadly comparable with 2024 at 26.2% (2024: 26.7%) and its profit before tax for 2025 ended at £712,076 an improvement of 46.7% over the performance in 2024.

PRINCIPAL RISKS AND UNCERTAINTIES

This section outlines the key principle risks and uncertainties affecting ESP:

Market risk

The aviation sector represents more than a third of the Group's revenue. This sector was significantly impacted during the Covid pandemic by measures aimed at limiting the spread of the disease. Another occurrence of a similar nature would likely have a similarly large impact on the overall results of the company. This risk has been mitigated by developing global support services offering outside of aviation and diversifying its product mix.

Success of our partners

ESP's business model has several revenue channels, of which one is providing multi-year contracted services to IT Outsourcing (ITO) companies. This channel generates over 40% of its revenue. This revenue stream is interlinked with the ITO's continued success at winning new contracts or renewing existing contracts. This risk is mitigated by ensuring diversifying relationships to reduce concentration and introducing direct relationships with end-customers where possible.

SECTION 172(1) STATEMENT

The directors of ESP Global Services Ltd confirm that, during the financial year, they have acted in the way they consider, in good faith, would be most likely to promote the success of the Group for the benefit of its members as a whole, in accordance with their duties under section 172 of the Companies Act 2006.

In fulfilling their duties under section 172, the directors have had regard to:

-

the likely consequences of decisions in the long term;

-

the interests of the Company's employees;

-

the need to foster the Company's business relationships with suppliers, customers and others;

-

the impact of the Company's operations on the community and the environment;

-

the desirability of the Company maintaining a reputation for high standards of business conduct; and

-

the need to act fairly between members of the Company.

When considering the factors above, the directors have identified the following stakeholders and areas as key to the long-term success of the Company:

Employees

The directors recognise that ESP's people are central to the delivery of high-quality IT services and acknowledge that its continued success depends on the engagement, wellbeing and development of its employees.

The directors ensure that long-term decisions are communicated effectively through regular management briefings, team meetings and one-to-one discussions with managers. During the year, the Group continued to support flexible working arrangements in response to employee feedback and evolving working practices.

The Group is committed to maintaining a positive and inclusive working environment which supports employee wellbeing, professional development and equal opportunities. The directors seek to encourage open communication and employee engagement across all levels of the business.

Further information regarding employee engagement is included within the Directors' Report.

Suppliers and Customers

The directors recognise the importance of maintaining strong and collaborative relationships with customers, suppliers and technology partners.

Customer satisfaction remains critical to the success of the business. The Group engages regularly with clients through service review meetings, feedback processes, digital communication channels and Net Promoter surveys to ensure services continue to meet customer expectations and contractual obligations.

The directors work closely with suppliers and technology partners to ensure operational requirements are met while maintaining compliance with applicable laws, regulations and ethical standards. The Group seeks to build long-term relationships founded on mutual trust, collaboration and innovation. The directors also consider the resilience of the Group's supply chain and the importance of maintaining reliable service delivery to customers in support of the Group's long-term objectives.

Environment and Community

The directors recognise the importance of minimising the environmental impact of the Group's operations and supporting sustainable business practices where practicable.

As part of the Directors' Report, the Group is required to produce a Streamlined Energy and Carbon Report ("SECR"). The directors continue to consider energy-efficient initiatives and environmentally responsible practices.

The Group also seeks to operate responsibly within the communities in which it operates and considers the broader social and environmental impact of its activities when making business decisions.

Business Conduct and Shareholders

The directors recognise that maintaining high standards of business conduct is fundamental to the long-term success and reputation of the Group. The Board is committed to operating in a responsible, ethical and transparent manner in all dealings with employees, customers, suppliers and other stakeholders.

The Group maintains policies and procedures designed to support compliance with applicable laws and regulations, promote ethical behaviour and ensure appropriate standards of corporate governance. The directors regularly consider operational, financial and regulatory risks as part of the decision-making process and seek to ensure that the Group conducts its business with integrity and accountability.

The directors also recognise the importance of acting fairly for the members of the Group. Shareholders are kept appropriately informed of the Group's performance and significant matters affecting the business. The Board seeks to ensure that decisions are made impartially and in the best interests of the Group as a whole, while balancing the needs of its wider stakeholder groups.

KEY PERFORMANCE INDICATORS (KPI)

ESP monitors its performance using a number of financial measures and these include:

Measure

2025

2024

£m

£m

Turnover

39.4

36.9

Gross Profit

10.3

9.9

Gross Profit %

26.2%

26.7%

Profit before tax

0.71

0.48

In addition to the above financial KPIs, the company also has non-financial KPIs which include customer surveys through regular customer feedback through its service desk as well as a formal six-monthly Net Promoter Score survey which establishes a benchmark within its industry. It also conducts internal employee pulse surveys.

The directors consider that these indicators, when compared against quarterly forecasts and annual budgets, show that the initiatives to improve the efficiency of the company's operating activities and control costs were successful during 2025. The directors expect that these benefits will also improve the overall financial performance in the following years.

ON BEHALF OF THE BOARD:

Dr M G W Harling - Director

27 July 2026

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

ESP Global Services Limited ("ESP") is a global provider of local IT support offering a number of different services to both the Aviation industry and international organisations:

-

Service Desk - AI enabled, multi-lingual, globally aligned, IT infrastructure management

-

Field Operations - Local teams of vetted staff providing managed services or staff augmentation

-

Lifecycle Services - Asset management from regional logistics centres using a global distribution network

-

Digital Platform - ServiceNow MSP with in-house developers as a dedicated or managed service

-

Project Management - Deployment, upgrades and transition management

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2025 will be £250,000 (2024: Nil).

FUTURE DEVELOPMENTS

ESP will continue to pursue its long-term objective of profitable growth across its core business segments. Strategic priorities for the coming year include deepening the Group's presence in the transportation sector, encompassing airlines, airports, rail, ports, OEM manufacturers and systems integrator partners, while maintaining the scale, geographic reach and revenue diversification provided by the ITO and Direct channels. The Group also intends to grow its Digital Solutions business, including its ServiceNow practice and the AirportNow platform, and to build longer-term contractual relationships that improve revenue predictability. Investment will continue in the people, processes, governance and reporting capabilities required to support this growth in a scalable and resilient manner. Where appropriate to support organic growth, the Group will incorporate new entities in additional geographies.

DIRECTORS

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

Dr M G W Harling

M Hayles

A P R Jenner

FINANCIAL RISK MANAGEMENT

The Group uses a variety of financial instruments including foreign currency FX contracts, an invoice financing facility and unsecured loans. The purpose of these financial instruments is to provide working capital for the Group's operations.

The directors are of the view that the main risks arising from the Group's financial instruments are:

Credit risk

All customers are verified, and credit assessed at the outset of any business relationship and are regularly monitored. Exposure levels are reviewed by senior management on a regular basis. The credit risk associated with trade debtors and accrued income is limited as the counterparties have high credit ratings assigned by international credit-rating agencies.

Liquidity risk

The Group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs. Short-term flexibility is achieved through support from our bank in the form of an invoice finance facility.

Foreign Exchange risk

Due to the global nature of the business the Group is exposed to transaction foreign exchange risk. Fluctuations in prices are reviewed on a regular basis and taken into consideration when placing purchase orders and setting the selling price of the Group's services to internally hedge where possible. ESP manages this risk through self-hedging and foreign currency exchange trades.

DONATIONS

Total charitable donations for the period amounted to £1,708 (2024: £6,903).

INVESTMENT

ESP continued to make significant investment in business tools, processes and management with a focus on technological innovation and advancement. There has also been investment in maintaining a number of ISO accreditations, to further strengthen our adherence to worldwide standards and continued improvement in terms of the business and the services delivered. ESP remain accredited with ISO 27001, ISO 20000, ISO 22301, ISO 14001, ISO 45001 and Cyber Essentials Plus.

ESP sees technological innovation as key to growth and as an enabler to service improvement. Continued development of the market leading software platforms utilised within the business to manage and report on service performance, and the introduction of a technology suite including customer self-service applications, support apps and visualisation platforms, has kept ESP at the leading edge of service provision.

GOING CONCERN

As part of the going concern assessment Directors have reviewed forecasts and cashflows and it has been determined that the Group has adequate resources to continue in operational existence for the foreseeable future. The Group has cash resources and no further requirement for external funding in excess of current facilities.

Management has therefore prepared the financial reporting on a going concern basis.

BRANCHES OUTSIDE THE UK

The Group operates the following branches outside the UK:

Australia

Registered office: Level 35 Tower One, Barangaroo, Sydney NSW 2000, Australia

Philippines

Registered office: 4/F Unit 2C, One E-com Center Building, Ocean Drive, Mall of Asia Complex, Pasay City, Philippines

Switzerland

Registered office: 65 Rue de Rhone, 1211, Geneve 3, Switzerland

Singapore

Registered office: 30 Petain Road, Singapore, 208099

Italy

Registered office: Via Cristoforo Colombo, 322 scala N interno 1, 00145 Roma

Norway

Registered office: 5 Acre Road, Reading, RG2 0SU

Ireland

Registered office: 5 Acre Road, Reading, RG2 0SU

ENGAGEMENT WITH EMPLOYEES

The Group recognises the importance of employee engagement and ensuring that all employees are kept informed on matters affecting them as employees as well as the performance of the company. The directors personally deliver monthly briefings on company performance, business context and relevant employee issues and these are cascaded throughout the organisation through face to face and digital channels across the globe.

In addition, the Group utilises more informal digital social media to distribute ongoing updates on key business issues and relevant company news.

Monthly meetings are held with the senior leaders within the business to ensure they are kept informed and updated on the company's strategic initiatives and change programmes and output from these meetings is communicated throughout the business through team briefings.

Levels of staff turnover and retention are monitored on a monthly basis and employee engagement surveys are undertaken every 18-24 months, the results of which are key inputs to the people-related elements of the Group's overall business strategy.

EMPLOYEE INVOLVEMENT

The Group's ability to deliver high class services is dependent on a talented, engaged workforce in all the locations from which it operates. To this end, it is focused on making the Group a place where people feel supported and empowered, can develop their skills and fulfil their personal objectives, and have a clear understanding of the business strategy.

The Group is committed to ensuring that it operates according to rigorous professional, ethical and legal standards. To support this, it has developed a series of policies that define what it stands for as an organisation and to bring employees together under a clear and common purpose.

Key to this are equal opportunities for all employees, clear and fair terms of employment, resources to enable continuous development and forums that involve all employees in the business.

DISABLED EMPLOYEES

ESP has an Equal Opportunities and Diversity Policy which applies to both current and prospective employees and clearly states that everyone deserves to be treated equally and to have the same opportunities to develop and grow within the Group. As a Group, it is committed to ensuring that all employees will be treated equally in relation to all aspects of employment, including recruitment, promotion, opportunities for training, pay & benefits.

Job descriptions are limited to those requirements that are necessary for the effective performance of the job. Candidates for employment are assessed objectively against the requirements for the job, taking account of any reasonable adjustments that may be required for candidates with a disability.

In the event that an employee becomes disabled, every effort is made to ensure employment with the Group continues and that reasonable adjustments and training are made wherever possible.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

The Group acknowledges the vital importance of strong, collaborative relationships with our suppliers, customers, and other stakeholders in delivering critical IT services to the aviation and non- aviation sectors. The Group is committed to operating with the highest standards of integrity, safety, and compliance to support the complex and highly regulated environments in which it operates.

It collaborates closely with vendors, hardware providers, and partners who adhere to stringent industry standards, including safety, cybersecurity, and regulatory compliance.

ESP's clients depend on it for critical IT solutions that support their operations and services. It maintains ongoing engagement through dedicated account teams, feedback forums, and service level reviews to deliver tailored, secure, and resilient IT services that meet their evolving operational requirements and regulatory mandates.

Beyond suppliers and customers, it actively engages with industry bodies, and technology alliances to stay aligned with sector-specific best practices and emerging standards. Through transparent communication and partnerships across all stakeholder groups, ESP strives to deliver dependable IT solutions that enhance safety, efficiency, and innovation in the sectors we operate in.

STREAMLINED ENERGY AND CARBON REPORTING

Introduction

Streamlined Energy and Carbon Reporting (SECR) was first introduced in 2019, as legislation to replace the Carbon Reduction (CRC) Scheme. SECR requires obligated companies to report their energy consumption and associated greenhouse gas emissions within their financial reporting for Companies House. Organisations will also need to report on any energy efficiency measures and state emissions with reference to an intensity metric. The requirements are similar to the requirements of the Mandatory Greenhouse Gas Reporting framework previously in place for quoted companies. However, there are changes to the reported information for quoted companies too.

Large Unquoted Companies and large LLPs are required to report on UK energy use (to include as a minimum: purchased electricity, gas and transport); associated GHG emissions; at least one intensity ratio with documentation; previous year's figures for energy use and GHG emissions; and the methodologies used in the calculating emission disclosures.

Objectives of this report

It has been identified that ESP Global Services Limited is a Large Unquoted company and is therefore required to disclose energy and carbon information in its accounts and reports, including:

- UK energy use (as a minimum gas, electricity and transport, including UK offshore area)

- Associated greenhouse gas emissions

- At least one intensity ratio

- Previous year’s figures for energy use and GHG emissions.

- Methodologies used in calculation of disclosures.

- Information about energy efficiency action taken in the organisation’s financial year.

The relevant report must state the annual quantity of emissions in tonnes of carbon dioxide equivalent (CO2e) resulting from the total UK energy use from electricity, gas and transport.

To ensure we achieve the transparency required we have commissioned a third-party, The Consultus International Group, to compile this report.

Consultus International have utilised all verifiable data that has been made available however in the rare occasions where this has not been possible we have estimated data by using approved approaches as recommended in the SECR Guidelines such as direct comparison, pro-rata extrapolation or benchmarking.

Company information

ESP Global Services Limited is a private limited company, incorporated in the UK. Registered address is 5 Acre Road, Reading, Berkshire, RG2 0SU.

Reporting period

1st January 2025 to 31st December 2025.

UK Energy & Carbon

Total emission scope summary

Emission Type

Total Volume (kWh)

Calculated Emissions (Tonnes of CO2e)

Scope 1 (direct)

635,187

150.75

Scope 2 (indirect)

578,899

102.47

Scope 3 (indirect)

-

-

Total

1,214,086

253.21

Scope 1 emissions (direct)

Emissions from activities owned or controlled by the organisation that release emissions into the atmosphere. Examples of Scope 1 emissions include emissions from combustion in owned or controlled boilers, furnaces, vehicles; emissions from chemical production in owned or controlled process equipment.

Energy Type

Definition

Total Volume (kWh)

Calculated Emissions (Tonnes of CO2e)

Gas

Emissions from combustion of gas

113,261

20.72

Transport

Emissions from combustion of fuel for transport purposes

521,926

130.03

Total

635,157

150.75

Scope 2 emissions (in-direct)

Emissions released into the atmosphere associated with the consumption of purchased electricity, heat, steam and cooling. These are indirect emissions that are a consequence of the organisation’s activities, but which occur at sources you do not own or control.

Energy Type

Definition

Total Volume (kWh)

Calculated Emissions (Tonnes of CO2e)

Electricity

Emissions from purchased electricity

578,899

102.47

Total

578,899

102.47

Scope 3 emissions (in-direct)

Emissions that are a consequence of actions, which occur at sources which are not owned or controlled and which are not classed as Scope 2 emissions. Examples of Scope 3 emissions are business travel by means not owned or controlled by the organisation (e.g. grey fleet and rental cars).

Energy Type

Definition

Total Volume (kWh)

Calculated Emissions (Tonnes of CO2e)

Employee owned cars

Emissions from business travel in rental cars or employee-owned vehicles where the company is responsible for purchasing the fuel (mandatory)

-

-

Other business travel

Travel for business purposes in assets notowned or directly operated by a business

-

-

Total

-

-

How does it compare

Businesses must state the emissions and energy use from previous years reports. This allows businesses to track their emissions to encourage monitoring performance.

Year 3 2025

Year 2 2024

Year 1 2023

Total Emissions (TCO2e)

253

413

302

Total Energy (kWhs)

1,214,086

1,812,623

1,382,909

Intensity Ratio

7.58

12.22

8.35

Intensity metric

Intensity ratios compare emissions data with an appropriate business metric or financial indicator. The organisation has chosen to use Tonnes of CO2e per £million Revenue for its Intensity Ratio.

Intensity Measurement

£m Revenue

Intensity Ratio (tCO2e / £m Revenue)

Tonnes CO2e per £m Sales Revenue

33*

7.58

*Note this amount includes revenue generated by UK registered entities only.

Energy efficiency action

An EV scheme was introduced in 2025 and lighting upgrades were undertaken at the Reading office during the same year.

Quantification and reporting methodology

The Group has taken guidance from the UK Government Environmental Reporting Guidelines (March 2019), the GHG Reporting Protocol - Corporate Standard, and from the UK Government GHG Conversion Factors for Company Reporting document for calculating carbon emissions. Energy usage information (gas and electricity) has been obtained directly from our energy suppliers and half-hourly (HH) data, where applicable, for the HH supplies (there was no estimation profiling required). For supplies where there wasn't complete 12 month energy usage available, flat profile estimation techniques were used to complete the annual consumption. Gas consumption for the current reporting period has been estimated using a pro-rota verified 2023 data. Transport mileage data was obtained from expense claims submitted for our company cars and grey fleet. Company-owned hybrid vehicles were reported previously, however, no data is available for the current reporting period. CO2e emissions were calculated using the appropriate emission factors from the UK Government GHG conversion information.

Carbon footprint 2025

Activity

Energy (kWh)

Emissions (tCO2e)

Scope 1 total

635,187

150.75

Natural gas (mains)

113,261

20.72

Transport

521,926

130.03

Scope 2 (location based) total

578,899

102.47

Electricity (location based)

578,899

102.47

Electricity (transport)

-

-

Scope 3 total

-

-

Business travel - employee owned vehicles

-

-

Business travel - other

-

-

Total

1,214,086

253.21

Intensity ratio (tCO2e)

per £m sales revenue

7.58

Carbon footprint 2024

Activity

Energy (kWh)

Emissions (tCO2e)

Scope 1 total

1,194,424

284.71

Natural gas (mains)

119,813

21.91

Transport

1,074,611

262.8

Scope 2 (location based) total

618,199

128.02

Electricity (location based)

604,385

125.14

Electricity (transport)

13,816

2.88

Scope 3 total

-

-

Business travel - employee owned vehicles

-

-

Business travel - other

-

-

Total

1,812,623

412.74

Intensity ratio (tCO2e)

per £m sales revenue

12.22

Summary

Year

£m Sales Revenue*

TCO2e

Intensity Ratio

2025

33

253

7.58

2024

34

413

12.22

2023

36

302

8.35

*Note this amount includes revenue generated by UK registered entities only.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, 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). 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 the group and of the profit or loss of the group 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;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

AUDITORS

The Board of Directors agreed to retain Sumer Auditco Limited, as auditors for the year ending 31st December 2026.

ON BEHALF OF THE BOARD:

Dr M G W Harling - Director

27 July 2026

Opinion

We have audited the financial statements of ESP Global Services Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity 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 group's and of the parent company affairs as at 31 December 2025 and of the group's 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 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's and the 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 Group Strategic Report and 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have 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 the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or 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 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 Statement of Directors' Responsibilities set out on page eleven, 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 group's and the 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 or the parent 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:

Based on our understanding of the group (and its subsidiaries) and industry, we identified that the principal risks of non-compliance with laws and regulations related to health and safety, employment law and company legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements of the group. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and taxation legislation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure, and management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the audit engagement team included:

-

Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;

-

Understanding of management's internal controls designed to prevent and detect irregularities, and fraud;

-

Reviewing the group's legal costs to check for non-compliance with laws and regulations and fraud;

-

Review of tax compliance;

-

Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing of expenses;

-

Testing transactions entered into outside of the normal course of the group's business; and

-

Identifying and testing journal entries, in particular any journal entries with fraud characteristics such as journals round numbers.

There are inherent limitations in the audit procedures described above and the further removed 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. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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.

David Iain Black (Senior Statutory Auditor)

for and on behalf of Sumer Auditco Limited

Statutory Auditors

Hermes House

Fire Fly Avenue

Swindon

Wiltshire

SN2 2GA

27 July 2026

TURNOVER

3

39,419,147

36,928,471

Cost of sales

29,100,379

27,068,451

GROSS PROFIT

10,318,768

9,860,020

Administrative expenses

9,340,444

9,084,352

OPERATING PROFIT

5

978,324

775,668

Interest receivable and similar income

282

5

978,606

775,673

Interest payable and similar expenses

6

266,530

290,142

PROFIT BEFORE TAXATION

712,076

485,531

Tax on profit

7

197,493

143,091

PROFIT FOR THE FINANCIAL YEAR

514,583

342,440

Profit attributable to:

Owners of the parent

514,583

342,440

PROFIT FOR THE YEAR

514,583

342,440

OTHER COMPREHENSIVE INCOME

Foreign currency differences

(69,430

)

(45,314

)

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

(69,430

)

(45,314

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

445,153

297,126

Total comprehensive income attributable to:

Owners of the parent

445,153

297,126

FIXED ASSETS

Tangible assets

10

386,369

313,372

Investments

11

-

-

386,369

313,372

CURRENT ASSETS

Stocks

12

23,550

35,086

Debtors

13

13,468,040

12,138,417

Cash at bank and in hand

982,667

2,375,209

14,474,257

14,548,712

CREDITORS

Amounts falling due within one year

14

12,001,870

12,059,354

NET CURRENT ASSETS

2,472,387

2,489,358

TOTAL ASSETS LESS CURRENT LIABILITIES

2,858,756

2,802,730

CREDITORS

Amounts falling due after more than one year

15

58,034

197,161

NET ASSETS

2,800,722

2,605,569

CAPITAL AND RESERVES

Called up share capital

20

911,000

911,000

Retained earnings

21

1,889,722

1,694,569

SHAREHOLDERS' FUNDS

2,800,722

2,605,569

The financial statements were approved by the Board of Directors and authorised for issue on 27 July 2026 and were signed on its behalf by:

Dr M G W Harling - Director