REGISTERED NUMBER: 09101952 (England and Wales)

IDCM LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2026

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

9

Other Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Cash Flow Statement

14

Notes to the Cash Flow Statement

15

Notes to the Financial Statements

16

DIRECTORS:

J D May

J-C Oberto

SECRETARY:

A R Pennell

REGISTERED OFFICE:

Third Floor

12a Upper Berkeley Street

London

W1H 7QE

REGISTERED NUMBER:

09101952 (England and Wales)

AUDITORS:

Carston ETL

Statutory Auditor

Second Floor

34 Lime Street

London

EC3M 7AT

The directors present their strategic report for the year ended 31st March 2026.

PRINCIPAL ACTIVITY

The principal activity of IDCM Ltd ("the Company") is the provision of debt arrangement and advisory services for its clients in the renewable and flexible energy infrastructure, core infrastructure, digital infrastructure and social infrastructure sectors.

BUSINESS REVIEW

During the year the Company earned fees from 7 clients (15 months ended 31 March 2025: 14 clients) for whom advice was provided or debt facilities were arranged.

RESULTS AND DIVIDENDS

The loss before tax for the year was £54,833 (15 months ended 31 March 2025: loss before tax £195,519).

Dividends paid by the Company in the current year were £750,000 (2025:- Nil).

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties faced by the Company and its group are set out in the parent company's consolidated report and financial statements.

The Company itself has exposure to Credit Risk, however the Company typically engages with clients who are expected to enter into a transaction involving completion monies from which fees are paid so the risk of default is relatively low.

The Company has limited fixed costs consisting mainly of payroll costs recharged from its parent company, meaning Liquidity Risk must be managed from trading cash flows therefore the directors set annual budgets, retain a cash buffer each year, and review actual results and sales forecasts on at least a monthly basis.

The Company has some Market Risk and actively pitches for new business.

The Company from time to time has Currency Risk when customers pay in foreign currencies. This exposure is short term and not significant at the balance sheet date.

GOING CONCERN

The Company has Net Assets and has delivered a profit for the year, excluding a recharge from the parent and a sister subsidiary in the current year. Having performed an assessment, the directors have reasonable expectation that the Company has adequate resources to continue for the foreseeable future and to service its liabilities as they fall due. The Company therefore continues to adopt the going concern basis when drawing up its accounts.

STATEMENT OF CORPORATE GOVERNANCE

The Board meet at least 4 times a year to monitor results and make key decisions.

SUPPLIER PAYMENT TERMS

It is the policy that the Company settles payments to suppliers within agreed terms.

PROMOTING THEIR SUCCESS OF THE COMPANY

In accordance with Section 172 of the Companies Act 2006, each director acts in a way they consider would most likely promote the success of the Company for the benefit of the members as a whole. The directors have regard, amongst other matters, to:

- the likely consequences of any 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 reputation for a high standards of business conduct; and

- the need to act fairly as between members of the Company.

EMPLOYEE MATTERS

The Company incurs recharges of staff costs from other group companies, but it has no direct employees and therefore no employee policies or employee relations.

REMUNERATION POLICY

The Company's (or for the purpose of this policy, (the "Firm's")) employees including the Directors receive a combination of fixed and variable remuneration.

Fixed Remuneration - employees receive fixed remuneration via a base salary according to the seniority of their role, their experience and professional background. Director base salaries are set at a level which reflects the current and ongoing position of the business.

Variable Remuneration - employees (including the Directors) may receive variable remuneration in the form of discretionary bonuses. In all cases variable remuneration awards are at the discretion of the Board, are dependent on alignment with the Firm's core principles, are only payable when the Firm has made a profit, and may vary to reflect individual performance and conduct.

The Board is responsible for establishing, implementing and maintaining its Remuneration Policy, along with associated procedures and practices that are based on performance appraisals and are consistent with and promote sound, effective risk management and good customer outcomes. In line with FCA proportionality guidance, the Board has not established a Remuneration Committee.

The Board approves the establishment of any pension, bonus, profit sharing or other incentive scheme or plan for all employees including Directors.

The Firm conducts benchmarking exercises and rewards its staff fairly and appropriately for their contribution towards the growth and success of the business, the level of service to clients and performance delivered for the Firm's clients.

For the financial year ended 31 March 2026, the Firm paid salaries (together with social security and pension contributions) totalling £1,512,258 (15 month period ended 31 March 2025: £2,439,382) which included variable remuneration (bonuses) on the same basis totalling £824,134 (15 month period ended 31 March 2025: £1,021,363). The Firm's remuneration policy is designed to be consistent with, and promote, sound and effective risk management. To achieve this, the remuneration of staff is reviewed annually, taking into account individual performance and behaviours as well as market rates for the role being undertaken. In addition, the Firm's variable remuneration arrangements and awards are reviewed annually to ensure their effectiveness.

CUSTOMER RELATIONSHIPS

The Company recognises the importance and continued support of its customers. We treat customers fairly and deliver a high quality and responsive service which results in strong relationships and high level of repeat business.

IMPACT ON THE ENVIRONMENT

The Company strives to minimise its impact on the environment where possible by reusing and recycling its resources.

BY ORDER OF THE BOARD:

A R Pennell - Secretary

20th July 2026

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

DIVIDENDS

The total distribution of dividends for the year ended 31st March 2026 was £750,000.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

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

J D May

J-C Oberto

Other changes in directors holding office are as follows:

S A Bell - resigned 13th August 2025

E I D Huttenga - resigned 13th August 2025

POLITICAL DONATIONS AND EXPENDITURE

The Company made charitable donations of £505 during the year (15 months period ended 31st March 2025:- £5,059).

DIRECTORS AND OFFICERS LIABILITY INSURANCE

The group maintains Directors' and Officers' liability insurance for the benefit of its directors. Such insurance was in place throughout the period and remains in place at the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the 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 of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Carston ETL, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

J D May - Director

20th July 2026

Opinion

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

In our opinion the financial statements:

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

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

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

Basis for opinion

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

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the 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 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 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

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

We design our procedures so as to obtain sufficient appropriate audit evidence that the financial statements are not materially misstated due to non-compliance with laws and regulations or due to fraud or error.

We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations - this responsibility lies with management with the oversight of the Directors.

Based on our understanding of the Company and industry, discussions with management and directors we identified financial reporting standards and Companies Act 2006 as having a direct effect on the amounts and disclosures in the financial statements.

As part of the engagement team discussion about how and where the Company's financial statements may be materially misstated due to fraud, we did not identify any areas with an increased risk of fraud.

Our audit procedures included:

- completing a risk-assessment process during our planning for this audit that specifically considered the risk of fraud;

- enquiry of management about the Company's policies, procedures and related controls regarding compliance with laws and regulations and if there are any known instances of non-compliance;

- examining supporting documents for all material balances, transactions and disclosures;

- enquiry of management, about litigation and claims and inspection of relevant correspondence;

- analytical procedures to identify any unusual or unexpected relationships;

- specific audit testing on and review of areas that could be subject to management override of controls and potential bias, most notably around the key judgments and estimates, including the carrying value of accruals, provisions, investments, recoverability of trade debtors and revenue recognition;

- considering management override of controls outside of the normal operating cycles including testing the appropriateness of journal entries recorded in the general ledger and other adjustments made in the preparation of the financial statements including evaluating the business rationale of significant transactions, outside the normal course of business.

Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements of the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

The potential effects of inherent limitations are particularly significant in the case of misstatement resulting from fraud because fraud may involve sophisticated and carefully organised schemes designed to conceal it, including deliberate failure to record transactions, collusion or intentional misrepresentations being made to us.

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.

Richard Hogg (Senior Statutory Auditor)

for and on behalf of Carston ETL

Statutory Auditor

Second Floor

34 Lime Street

London

EC3M 7AT

20th July 2026

TURNOVER

3

3,469,043

-

3,469,043

Cost of sales

(3,232,540

)

-

(3,232,540

)

GROSS PROFIT

236,503

-

236,503

Administrative expenses

(323,373

)

-

(323,373

)

OPERATING LOSS

5

(86,870

)

-

(86,870

)

Interest receivable and similar income

32,037

-

32,037

LOSS BEFORE TAXATION

(54,833

)

-

(54,833

)

Tax on loss

7

7,088

-

7,088

LOSS FOR THE FINANCIAL YEAR

(47,745

)

-

(47,745

)

TURNOVER

3

3,638,435

127,174

3,765,609

Cost of sales

(3,224,807

)

(362,718

)

(3,587,525

)

GROSS PROFIT/(LOSS)

413,628

(235,544

)

178,084

Administrative expenses

(204,843

)

(169,899

)

(374,742

)

OPERATING PROFIT/(LOSS)

5

208,785

(405,443

)

(196,658

)

Interest receivable and similar income

9,613

-

9,613

Interest payable and similar expenses

6

(8,473

)

(1

)

(8,474

)

PROFIT/(LOSS) BEFORE TAXATION

209,925

(405,444

)

(195,519

)

Tax on profit/(loss)

7

42,626

-

42,626

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

252,551

(405,444

)

(152,893

)

LOSS FOR THE YEAR

(47,745

)

(152,893

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(47,745

)

(152,893

)

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

4,483

3,547

4,483

3,547

CURRENT ASSETS

Debtors

11

2,485,677

3,400,718

Cash at bank

827,440

1,597,809

3,313,117

4,998,527

CREDITORS

Amounts falling due within one year

12

662,820

1,549,549

NET CURRENT ASSETS

2,650,297

3,448,978

TOTAL ASSETS LESS CURRENT LIABILITIES

2,654,780

3,452,525

CAPITAL AND RESERVES

Called up share capital

15

1,100,001

1,100,001

Retained earnings

16

1,554,779

2,352,524

SHAREHOLDERS' FUNDS

2,654,780

3,452,525

The financial statements were approved by the Board of Directors and authorised for issue on 20th July 2026 and were signed on its behalf by:

J D May - Director

J-C Oberto - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1st January 2024

1,100,001

3,376,595

4,476,596

Changes in equity

Total comprehensive income

-

(152,893

)

(152,893

)

Transfer of profits on business reorganisation

-

(871,178

)

(871,178

)

Balance at 31st March 2025

1,100,001

2,352,524

3,452,525

Changes in equity

Total comprehensive income

-

(47,745

)

(47,745

)

Dividends

-

(750,000

)

(750,000

)

Balance at 31st March 2026

1,100,001

1,554,779

2,654,780

Cash flows from operating activities

Cash generated from operations

1

(68,056

)

(186,265

)

Interest paid

-

(8,474

)

Tax paid

-

(896,591

)

Tax refund

18,961

51,023

Net cash from operating activities

(49,095

)

(1,040,307

)

Cash flows from investing activities

Purchase of tangible fixed assets

(3,311

)

(3,406

)

Interest received

32,037

9,613

Net cash from investing activities

28,726

6,207

Cash flows from financing activities

Equity dividends paid

(750,000

)

-

Net cash from financing activities

(750,000

)

-

Decrease in cash and cash equivalents

(770,369

)

(1,034,100

)

Cash and cash equivalents at beginning of year

2

1,597,809

2,631,909

Cash and cash equivalents at end of year

2

827,440

1,597,809

1.	RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period

1/1/24

Year ended

to

31/3/26

31/3/25

£

£

Loss before taxation

(54,833

)

(195,519

)

Depreciation charges

2,375

2,905

Finance costs

-

8,474

Finance income

(32,037

)

(9,613

)

(84,495

)

(193,753

)

Decrease in trade and other debtors

903,168

1,034,318

Decrease in trade and other creditors

(886,729

)

(1,026,830

)

Cash generated from operations

(68,056

)

(186,265

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st March 2026

31/3/26

1/4/25

£

£

Cash and cash equivalents

827,440

1,597,809

Period ended 31st March 2025

31/3/25

1/1/24

£

£

Cash and cash equivalents

1,597,809

2,631,909

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/4/25

Cash flow

At 31/3/26

£

£

£

Net cash

Cash at bank

1,597,809

(770,369

)

827,440

1,597,809

(770,369

)

827,440

Total

1,597,809

(770,369

)

827,440

1.	STATUTORY INFORMATION

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

The financial statements are presented in Pound Sterling (£) which is the functional currency of the Company and rounded to the nearest £.

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Change in Accounting Period

The Company changed its accounting reference date from 31st December to 31st March in 2025. As a result, the financial statements in the previous period cover a period of 15 months from 1st January 2024 to 31st March 2025 compared to the current reporting period of 12 months to 31st March 2026. This change was made to better support internal reporting needs.

Due to the extended reporting period in the comparative period, the figures presented in the financial statements may not be directly comparable with those of the prior period.

Going Concern

The financial statements have been prepared on a going concern basis. The company incurred a loss before taxation of £54,833 for the year ended 31 March 2026 (2025: loss of £195,519) and had net assets of £2,654,780 as of that date (2025: £3,452,525).

In assessing the appropriateness of the going concern basis, the directors have reviewed cash flow forecasts for a period of at least 12 months from the date of approval of these financial statements. These forecasts account for the anticipated trading performance, planned cost-reduction measures, and the availability of the company's existing bank and credit facilities.

Based on this review, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements.

Related party exemption

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

Significant judgements and estimates

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions

The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of the assets and liabilities within the next financial year are addressed below.

(a) Useful economic lives of assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on future investments, economic utilisation and the physical condition of the assets.

(b) Impairment of debtors

The Company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

(c) Deferred tax provision

The Company recognises a provision for deferred tax in respect of timing differences arising from accelerated capital allowances and tax losses carried forward. The calculation of the deferred tax provision requires management to make estimates and assumptions regarding the timing of reversal of these differences, the availability of future taxable profits against which tax losses may be utilised, and the tax rates expected to apply when the timing differences reverse. These estimates are based on management's expectations of future trading performance and capital expenditure. Actual results may differ from these estimates and could result in material adjustments to the deferred tax balances in future periods.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and rebates.

Turnover represents commissions due to the Company for its intermediary activities in relation to debt advisory and execution services. Commissions due to the Company are recognised in the financial statements upon completion of the Company's contractual obligations to third parties resulting in the Company obtaining the right to consideration for its intermediary activities. Turnover that is derived from a contingent fee arrangement, based on a critical event outside of the control of the company, is not recognised until that critical event takes place.

Expenses

All expenses are accounted for on an accrual basis. Costs linked to contingent fee arrangements are expensed as they are incurred.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2014, has been amortised evenly over its estimated useful life of five years.

In the opinion of the directors, the period of amortisation of goodwill is a fair estimate of the period over which it continued to generate valuable consideration from the rights and connections acquired by the Company from IDCM LLP.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

33.33% straight line on cost

Computer equipment

-

33.33% straight line on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

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

Financial instruments

Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances and amounts owed by group undertakings are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the assets expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans, loans from related parties are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

3.

TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the Company.

An analysis of turnover by geographical market is given below:

Period

1/1/24

Year ended

to

31/3/26

31/3/25

£

£

United Kingdom

2,825,998

2,776,214

Europe

643,045

989,395

3,469,043

3,765,609

4.	EMPLOYEES AND DIRECTORS

Period

1/1/24

Year ended

to

31/3/26

31/3/25

£

£

Wages and salaries

1,270,806

2,106,200

Social security costs

207,569

299,388

Other pension costs

33,883

33,794

1,512,258

2,439,382

The average number of employees during the year was as follows:

Period

1/1/24

Year ended

to

31/3/26

31/3/25

Professional staff

11

13

The average number of staff employed by the parent and subsidiary companies including IDCM Limited was 20 (2025:- 20).

Year 1/4/25 to 31/3/26

Period 1/1/24 to 31/3/25

£

£

Salaries and other remuneration

504,135

1,005,587

Reversal of prior year bonus accrual paid by fellow subsidiary and recharged to the company as Cost of Sales

(325,000

)

-

Directors' remuneration including benefits in kind

179,135

1,005,587

Directors' pension contributions

11,250

11,862

Information regarding the highest paid director for the period ended 31st March 2026 is as follows:

Year 1/4/25 to 31/3/26

Period 1/1/24 to 31/3/25

£

£

Directors' emoluments including benefits in kind and pension

436,298

469,383

5.	OPERATING LOSS

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

Period

1/1/24

Year ended

to

31/3/26

31/3/25

£

£

Depreciation - owned assets

2,375

2,905

Auditors' remuneration

17,510

17,000

Auditors' remuneration for non audit work

4,120

7,590

Foreign exchange differences

(4

)

-