REGISTERED NUMBER: 02330115 (England and Wales)

Total Security Protection Limited

Group Strategic Report, Directors' Report and

Audited Consolidated Financial Statements for the Year Ended 31 October 2025

Page

Company Information

1

Group Strategic Report

2

Directors' Report

3

Independent Auditors' Report

5

Consolidated Statement of Income and Retained Earnings

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Cash Flow Statement

12

Notes to the Consolidated Cash Flow Statement

13

Notes to the Consolidated Financial Statements

14

DIRECTORS:

R W Parnell

R A Langdon

M Parnell

W Tew-Cragg

K Parnell

I Bradley

C M Worrall

SECRETARY:

R A Langdon

REGISTERED OFFICE:

4 Century Court

Tolpits Lane

Watford

WD18 9RS

REGISTERED NUMBER:

02330115 (England and Wales)

SENIOR STATUTORY AUDITOR:

Emma Fraser FCA

INDEPENDENT AUDITORS:

Bracey's Accountants (Audit) Limited

Statutory Auditor, Chartered Accountants

Unit 1 The Cam Centre

Wilbury Way

Hitchin

Hertfordshire

SG4 0TW

Principal activity

The principal activity of the group is installation and maintenance of specialist security and access control systems.

REVIEW OF BUSINESS

2024/25 has been another positive year for Total Security Protection Ltd group, the business has continued to grow seeing an increase of £4.96m in turnover from last year (13%) to £41.9m. The group has seen its gross profit margin also increase to 40% this year from 38% last year. The group is projecting turnover of approximately £50m for 2025/26 with maintaining a strong order book, high customer retention and a growing recurring maintenance base.

Our Board of Directors and leadership team have continued to focus on developing our people, systems and processes to support further expansion across the UK, Europe, EMEA and APAC, while maintaining the culture, technical capability and customer service standards that underpin the business.

During the year we have continued to build on our regional presence in the North of England and Scotland and have further developed our international operations through established businesses in Ireland, Germany and Hong Kong. These locations support our ability to service clients across multiple countries and continents.

The sectors in which we are strongest, particularly mission critical systems for data centres, financial services, corporate customers, utilities, CNI and government-related work, have continued to expand. We have capitalised on this by increasing both our delivery and support capabilities for these customers, supported by our accreditations, supplier partnerships and long-standing client relationships.

Our sales forecast for 2025/26 and beyond remains strong with further growth expected in 2026 supported by a significant pipeline of project opportunities and long-term framework agreements.

PRINCIPAL RISKS AND UNCERTAINTIES

Our sales turnover is a combination of new project sales, existing customer small works and maintenance contracts.

The business has continued to diversify and, during 2024/25, major projects and support contracts have been delivered across the UK, Europe and wider international markets. We have not lost any major customers during this period and most of our customers are continuing to invest in upgrades, maintenance and improvements to their systems. Our maintenance contract base continues to grow and provides a sustainable and recurring revenue stream.

The vast majority of our customers remain financially stable and good payers. We maintain a robust credit checking process and continue to take a cautious approach where customer or project credit risk is not acceptable.

Staff numbers have increased significantly as the group has grown, with approximately 155 directly employed staff reported during 2025. Recruitment has focused on strengthening senior management, project delivery, service, support and business development capability.

Each month we produce a detailed financial report which is shared with the senior management team, this report includes the following;

o Cash in bank

o Cash flow forecast for the next 3 months

o Detailed Profit & Loss

o Profit & Loss forecast for the next 12 months

o Aged debtor profile

SIGNED ON BEHALF OF THE BOARD BY::

R W Parnell - Director

29 July 2026

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

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of installation and maintenance of specialist security and access control systems

DIVIDENDS

During the year interim dividend payments were made of £31.5737 per share totalling £962,997 during the year.

FUTURE DEVELOPMENTS

TSP continues to go from strength to strength. Our services remain essential, as we provide mission critical security protection to data centres, CNI, government-related sites, financial institutions, corporate customers and other key buildings and organisations. The service and maintenance side of the business continues to grow, supported by long-term relationships, high customer retention and recurring contracted revenue. We continue to engage new customers, win framework agreements and develop international opportunities across EMEA and APAC. We have sufficient cash reserves to manage short and medium-term scenarios, a strong order book, and a reputation that positions us as one of the leading independent companies in our sector.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 November 2024 to the date of this report.

R W Parnell

R A Langdon

M Parnell

W Tew-Cragg

K Parnell

I Bradley

C M Worrall

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Directors' Report 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;

-	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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

SIGNED ON BEHALF OF THE BOARD BY::

R W Parnell - Director

29 July 2026

Opinion

We have audited the financial statements of Total Security Protection Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2025 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 October 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 Directors' Report, but does not include the financial statements and our Auditors' Report 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Directors' Report 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 Directors' Report.

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 three, 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 an Auditors' Report 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:

Irregularities including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and addressing risk of material misstatement in respect of irregularities, including fraud and non compliance with laws and regulations, our audit procedures performed included, but were not limited to the following: review of the financial statements and disclosures to underlying supporting documentation, obtained an understanding of laws and regulations that affect the company both directly in the financial statements and its operations, undertaking a walk through test of key controls that are in operation, review and enquiries into journal entries processed during the period under review, evaluation and consideration of areas where the potential for management bias exists, enquiries of management and key personnel, performance of analytical review and reviewing the findings of testing, review of costs, documents obtained and engaging in discussions to ensure consistency is evident in the findings documented.

Our work was directed where management applies significant judgement within the financial statements - construction contract recognition. This involves estimating the outcome of a job so as to recognise revenue in line with the stage of completion of that job (with reference to costs incurred), this requires profitability within the job to be estimated reliably and reviewed/updated regularly.

Our audit procedures to address specific risks related to construction contracts included, but were not limited to the following:

- Evaluating the internal controls to prevent and detect fraud and revenue recognition

- Testing the completeness and accuracy of cost estimates and other critical inputs to the percentage of completion calculation

- Reviewing management's assumptions and estimates for bias or inconsistency

- Performing detailed analytical procedures to identify unusual trends or significant variations in related costs and revenue

- Reviewing post year end activity against estimations applied at the year end

- Reviewing the outcome of the prior years projects and the accuracy of estimations applied

Our audit did not identify any instances of fraud or irregularities that materially affect the financial statements. However, due to the inherent estimation risks in long term contracts, there is a risk that future results may differ from management's current estimates. We recommend that management continues to strengthen internal controls and monitor estimation processes to mitigate this inherent risk within construction contract accounting.

There are inherent limitations in the audit procedures described above as irregularities in relation to fraud are by nature difficult to detect as it would likely have occurred through deliberate concealment and could involve collusion and deliberate misrepresentations. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non compliance with laws and regulations.

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 Auditors' Report.

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 an Auditors' Report 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.

Emma Fraser FCA (Senior Statutory Auditor)

for and on behalf of Bracey's Accountants (Audit) Limited

Statutory Auditor, Chartered Accountants

Unit 1 The Cam Centre

Wilbury Way

Hitchin

Hertfordshire

SG4 0TW

31 July 2026

TURNOVER

3

41,884,409

36,927,309

Cost of sales

25,251,804

23,013,467

GROSS PROFIT

16,632,605

13,913,842

Administrative expenses

13,380,633

11,382,583

OPERATING PROFIT

5

3,251,972

2,531,259

Interest receivable and similar income

29,376

25,733

3,281,348

2,556,992

Interest payable and similar expenses

7

4,546

10,761

PROFIT BEFORE TAXATION

3,276,802

2,546,231

Tax on profit

8

830,105

642,004

PROFIT FOR THE FINANCIAL YEAR

2,446,697

1,904,227

Retained earnings at beginning of year

5,898,095

4,698,007

Dividends

10

(962,997

)

(704,139

)

RETAINED EARNINGS FOR THE GROUP AT END OF YEAR

7,381,795

5,898,095

Profit attributable to:

Owners of the parent

2,446,697

1,904,227

FIXED ASSETS

Intangible assets

11

82,346

-

Tangible assets

12

183,362

186,819

Investments

13

-

-

265,708

186,819

CURRENT ASSETS

Stocks

14

171,088

224,148

Debtors

15

9,534,287

11,765,190

Cash at bank and in hand

8,422,341

5,614,058

18,127,716

17,603,396

CREDITORS

Amounts falling due within one year

16

10,921,858

11,823,830

NET CURRENT ASSETS

7,205,858

5,779,566

TOTAL ASSETS LESS CURRENT LIABILITIES

7,471,566

5,966,385

CREDITORS

Amounts falling due after more than one year

17

-

(6,964

)

PROVISIONS FOR LIABILITIES

20

(59,271

)

(30,826

)

NET ASSETS

7,412,295

5,928,595

CAPITAL AND RESERVES

Called up share capital

21

30,500

30,500

Retained earnings

22

7,381,795

5,898,095

SHAREHOLDERS' FUNDS

7,412,295

5,928,595

The financial statements were approved by the Board of Directors and authorised for issue on 29 July 2026 and were signed on its behalf by:

R W Parnell - Director

FIXED ASSETS

Intangible assets

11

82,346

-

Tangible assets

12

183,362

186,363

Investments

13

838

838

266,546

187,201

CURRENT ASSETS

Stocks

14

171,088

224,148

Debtors

15

9,576,411

10,241,246

Cash at bank and in hand

4,010,997

4,989,467

13,758,496

15,454,861

CREDITORS

Amounts falling due within one year

16

8,233,971

9,950,608

NET CURRENT ASSETS

5,524,525

5,504,253

TOTAL ASSETS LESS CURRENT LIABILITIES

5,791,071

5,691,454

CREDITORS

Amounts falling due after more than one year

17

-

(6,964

)

PROVISIONS FOR LIABILITIES

20

(59,271

)

(30,574

)

NET ASSETS

5,731,800

5,653,916

CAPITAL AND RESERVES

Called up share capital

21

30,500

30,500

Retained earnings

22

5,701,300

5,623,416

SHAREHOLDERS' FUNDS

5,731,800

5,653,916

Company's profit for the financial year

1,040,881

1,471,343

The financial statements were approved by the Board of Directors and authorised for issue on 29 July 2026 and were signed on its behalf by:

R W Parnell - Director

Cash flows from operating activities

Cash generated from operations

1

4,493,405

2,333,125

Interest paid

(1,854

)

(10,761

)

Interest element of hire purchase payments paid

(2,692

)

-

Tax paid

(588,697

)

(574,905

)

Net cash from operating activities

3,900,162

1,747,459

Cash flows from investing activities

Purchase of intangible fixed assets

(82,346

)

-

Purchase of tangible fixed assets

(53,975

)

(77,317

)

Sale of tangible fixed assets

14,253

-

Interest received

29,376

25,733

Net cash from investing activities

(92,692

)

(51,584

)

Cash flows from financing activities

Capital repayments in year

(12,061

)

(5,096

)

Amount withdrawn by directors

(24,129

)

-

Equity dividends paid

(962,997

)

(704,139

)

Net cash from financing activities

(999,187

)

(709,235

)

Increase in cash and cash equivalents

2,808,283

986,640

Cash and cash equivalents at beginning of year

2

5,614,058

4,627,418

Cash and cash equivalents at end of year

2

8,422,341

5,614,058

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

2025

2024

£

£

Profit before taxation

3,276,802

2,546,231

Depreciation charges

45,053

39,727

Profit on disposal of fixed assets

(1,875

)

-

Finance costs

4,546

10,761

Finance income

(29,376

)

(25,733

)

3,295,150

2,570,986

Decrease in stocks

53,060

10,551

Decrease/(increase) in trade and other debtors

2,230,903

(4,706,148

)

(Decrease)/increase in trade and other creditors

(1,085,708

)

4,457,736

Cash generated from operations

4,493,405

2,333,125

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 31 October 2025

31.10.25

1.11.24

£

£

Cash and cash equivalents

8,422,341

5,614,058

Year ended 31 October 2024

31.10.24

1.11.23

£

£

Cash and cash equivalents

5,614,058

4,627,418

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.11.24

Cash flow

At 31.10.25

£

£

£

Net cash

Cash at bank and in hand

5,614,058

2,808,283

8,422,341

5,614,058

2,808,283

8,422,341

Debt

Finance leases

(12,061

)

12,061

-

(12,061

)

12,061

-

Total

5,601,997

2,820,344

8,422,341

1.	STATUTORY INFORMATION

Total Security Protection 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 General Information page.

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.

The financial statements are prepared in sterling, which is the functional currency of the entity. Amounts are rounded to the nearest £1.

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

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 October 2025.

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group.

Investments

Investments comprise amounts held in wholly owned subsidiaries. There is no active market for these investments and therefore they are measured at cost less impairment. Where cost comprises foreign currencies these are converted using the rate at acquisition and are held at the historic converted rate.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The company accounts for long term contracts under FRS102, specifically using the percentage of costs incurred to arrive at a contract value - resulting in amounts payable or amounts recoverable on contracts - see revenue policy for more details.

The nature of this involves significant judgement which can change as time progresses. The scale of this work covers large aspects of the financial statements and it is a key estimation area of the business. Management review this monthly taking in to account specific factors in the job to ensure that the long term contracts are accounted for in accordance with FRS102 in all aspects and the estimate applied is reasonable and supported.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.

The group recognises revenue when:

The amount of revenue can be reliably measured;

it is probable that future economic benefits will flow to the entity;

and specific criteria have been met for each of the group's activities.

Contract Revenue Recognition

The company deals with long term contracts and in arriving at a value for these contracts the company uses the percentage of completion method with reference to the incurred costs on the job at that date against the total expected costs. This percentage is applied to the contract value and amounts invoiced are deducted from the calculation to arrive at either amounts payable on contracts (recorded in creditors) or amounts recoverable on contracts (recorded in debtors). The company performs these calculations monthly and continually reviews the details of each job when applying the estimate of costs expected, as the job progresses the most up to date knowledge of the job is applied which can vary each month.

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.

Intangible assets comprise computer software. This is being amortised evenly over its estimated useful life of 7 years. Amounts are amortised once in use.

Tangible fixed assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset Class

Depreciation method and rate

Leasehold Improvements

over lease term, 10 years

Plant and Machinery

33% straight line

Motor vehicle

25% reducing balance

Furniture and Fittings

25% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using an average cost.

At each reporting date, stocks are assessed for impairment. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit and or loss.

Taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Leases

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Pension costs and other post-retirement benefits

Defined contribution pension obligation.

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash.

Trade debtors

Trade debtors are amounts due from customers for goods and services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables. The provision is written off to the profit and loss account in the relevant period.

Trade Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Share based payments

Equity settled share based payments are measured at fair value at the date of grant. The fair value determined at the grant date is expensed on a straight line basis over the vesting period, where material. This is based on the estimate of shares that will eventually vest and their respective conditions. A corresponding adjustment is made to equity where material.

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

2025

2024

£

£

Installation sales

29,180,916

27,744,496

Service and maintenance sales

6,915,703

6,264,356

Small works and other sales

5,787,790

2,918,457

41,884,409

36,927,309