The directors present the strategic report for the year ended 31 October 2025.

MPAAS Limited continues to develop and grow across the Meter Field Services market, now providing service to three of the UK’s largest Utility companies across both the Residential and SME markets. In addition, the company has developed a Field Revenue Services market solution for Utilities industry across the UK, these services are at the forefront of meeting the new OFGEM Code of Practice to deliver Customer supportive solutions with particular attention to ensure vulnerabilities are identified with the correct handling of such Customers.

Business Model

2025 has been a continuation and development of the existing business model to enhance the solution that is offered to the marketplace, the utility market’s focus on driving the installation of Smart Meters into all properties across the UK is maintained but, with a shift to meet external compliance changes to improve the operational and maintenance of meters already installed.

The continuing tightening of OFGEM performance targets continues to increase pressure and competition across the Field Services installation market on staff recruitment and retention.

Within the year we have mobilized and operated a near normal solution to the utilities market to provide debt collection requirements, operating under the OFGEM Code of Practice, MPAAS has created and now is operating a robust solution that with a fully trained workforce to increase volume delivery for our clients with the forecast of this growth continuing into 2026, with a renegotiation of existing contracts that are better aligned to the new operational environment.

Strategy & Objectives

At MPAAS we continue to follow the long-term strategic plan of developing a business at scale to deliver a breadth of Field-based services to the Utilities market with an expanded portfolio of Utility companies across the UK.

The development of our Field Revenue Services is an offering that sits comfortably alongside our Field Metering Services utilizing similarly trained Meter Engineers, presenting a strong opportunity to broaden service offerings to our Clients, this we have seen particular success with our existing Client base and will continue to expand.

Within 2025 we have seen maintained our FTE numbers, we are forecasting further material growth in 2026 with further investment within both our Meter Maintenance and Revenue Services teams.

The optimizing of the operational delivery model has been implemented in 2025, we have seen improving performance against all Client SLA and KPI performance indicators. We see further operational and support service opportunities which are underway with a drive to reduce costs and improve efficiency in both back office and operational delivery.

Financial Review

2025 improvement in overall financial performance although the business continues to show a significant loss and remains Cash negative overall, with difficult trading within Q2 and Q3 2025 during a volume decrease

from Clients during a shift in their internal operations.

Overall performance did not meet budget and forecast levels driven by market conditions and a material delay in volumes growing as committed by Clients, although we are now seeing these volumes in 2026.

To support the future operating model, improve Gross Profitability and deliver a stronger partnership model with our main clients, MPAAS Limited continues to invest in system improvements and new technology solutions, with the expectation that further cost reductions will be realized over the coming trading year.

Principal Risks & Uncertainties

The material challenges of workforce recruitment and retention provide the highest risk to continuing growth expectations, we are finding the costs of employment, and the expectations of staff provide additional pressures on profitability growth. We are a service-based business, and these inherent costs of employment are driving challenges on the numbers of staff employed and whether we operate non-front-line solutions in the UK or further afield.

Other key risks that continue surround the operational costs of field-based staff, with vehicle running costs and the charges with operating vehicles in cities and towns increasingly becoming prohibitive.

ESG Overview

At MPAAS Limited, we believe in building a sustainable, ethical, and resilient business that creates long-term value for our employees, customers, partners, and the community. We are committed to integrating Environmental, Social, and Governance (ESG) principles into our core operations.

We are committed to reducing our environmental footprint by improving energy efficiency in our offices, reducing waste, and, where possible, sourcing sustainable materials.

Our people are our priority. We are committed to maintaining a safe, inclusive, and diverse workplace, providing opportunities for professional development, and supporting the wellbeing of our employees. We also engage with our local community to make a positive impact.

We hold ourselves to the highest standards of integrity, transparency, and ethical conduct. Our leadership ensures compliance with all applicable laws, responsible financial management, and open communication with our stakeholders.

We believe that starting with these key actions, we can build a better, more sustainable future for MPAAS Limited.

Within the notes to these Financial Statements we would highlight the following key performance indicators, these demonstrate the progress that has been made by the business through the course of 2025 trading.

Revenue £23.5m (2024: £21.1m) - Growth reflects expanded client activity and increased volumes across core service lines.

Gross profit £16.7 m (2024: £17.3m) - Higher direct costs and subcontract labour has offset against improvement driven by higher throughput, stronger utilisation and operational efficiencies.

Operating loss £4.1m (2024: £4.3m) - Loss narrowed despite continued investment in systems, fleet and workforce capacity.

Operating cash outflow £0.3m (2024: £2.9m) - Outflow reflects investment in operational scale and interest costs on long-term funding.

Average FTE 272 (2024: 315) - Workforce change is driven by separation of Revenue Services for the Welfare Officers during June 2025.

MPAAS Limited is set up well for the future following continued investment in systems, contract growth, staff training and recruitment.

This investment is to enable the business to deliver ever increasing volume and variation in services demanded by our existing clients whilst enabling us to challenge ourselves and delivering new business wins whilst continuing to seek efficiencies and improvements across our existing delivery models.

We are market driven delivery changes that will be implemented over the coming year, with a move for market consolidation operating delivery models across the Smart Metering market, we are well set to optimize the opportunities that this will provide, with strategic solutions in place to provide end to end meter solutions for our existing, and new clients.

We are forecasting another challenging year in 2026, although we are forecasting a move to becoming cash positive trading business during the year, this even with the ongoing challenges in recruitment and retention of skilled staff, against a backdrop of increasing costs across the economic landscape within the UK.

Viability Statement

The Directors have assessed the Company’s prospects and financial position, taking into account its current financial position, principal risks, and the potential impact of severe but plausible scenarios. Based on this assessment, the Directors have a reasonable expectation that the Company will be able to continue in operation and meet its liabilities as they fall due over the next three financial years and beyond.

Conclusion

The trading year in 2025 remained challenging despite the eventual restart of the Revenue Services arm of the Business, with many of the wider market factors, already noted within this report, conspiring against the strong growth expectations within our Budget and Forecasts.

The outlook looks more positive with the expectation of a move to being cash positive within the next trading year when we continue to adapt to optimize our delivery solutions to meet Client and the regulated market and operational changing requirements.

We continue to proactively work well with all our clients to develop and optimize the future operating models that will ensure that MPAAS Limited is best placed to be successful and grow further over the coming years.

We remain a critical strategic partner to our major Clients and have strong backing from our investors on this path of growth and continuing development as a business into the future.

We thank all our staff and partners for their continuing effort, support and dedication that continue to drive the growth and development of MPAAS Limited to be an even stronger successful business over the coming years.

On behalf of the board

The directors present their annual report and financial statements for the year ended 31 October 2025.

The principal activity of the company continued to be that of the provision of energy solutions across the UK, including smart metering installation and maintenance, solar energy systems, electric vehicle charging infrastructure, and battery storage technologies.

The results for the year are set out on page 12.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend as the company does not have sufficient distributable reserves available for distribution at the year end.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned against the job description. In the event of members of staff becoming disabled or suffering other life changing diagnosis, every effort is made to ensure that their employment within the company continues. The company carries out full assessment by an external occupational health provider, that provide a report recommending any reasonable adjustment, retraining or role adaption as is feasible within the company. It is the policy of the company that the role adaption, training, career development and promotion of disabled or minority persons should, as far as possible, be identical to that of other employees. The company has comprehensive policies covering numerous scenarios that may arise, to ensure that all employees are fully informed of their rights and the steps that the company would take to address their concerns.

The company's policy is to consult and discuss with employees, through any union representation, staff groups and at team meetings, matters likely to affect employees' interests.

Information about matters of concern to employees is given through information bulletins online through our HRIS Portal, emails and cascaded messaging throughout the company, which seek to achieve a common awareness on the part of all employees of the operational and strategic factors affecting the company's performance.

There is no employee share scheme at present, but the directors continue to review the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

The business will continue to develop new client relationships while expanding the range of services delivered to existing clients. During 2026, the company plans to establish a strategic back-office operation in Dubai, bringing in‑house a number of functions that are currently outsourced. This initiative is intended to enhance service delivery from a client‑centred location while providing a more cost‑effective operational structure, supporting the continued growth and scalability of the business.

The auditor, Martlet Audit Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

The directors are responsible for preparing the annual 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 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; and

• 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.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Qualified Opinion

We have audited the financial statements of MPAAS Ltd (the 'company') for the year ended 31 October 2025 which comprise the statement of income and retained earnings, the balance sheet, the statement of cash flows and notes to the financial statements, including 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, except for the effects of the matter described in the Basis for Qualified Opinion paragraph, the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 October 2025 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 qualified opinion

We were appointed as auditors of the company after the balance sheet date for the prior period and were therefore not able to attend the counting of the physical inventories at the comparative year end of 31 October 2024. Owing to the nature of the company's records, we were unable to satisfy ourselves by alternative means concerning the inventory quantities and condition held at 31 October 2024, which are stated in the balance sheet at £217,782. Since the inventory balance affects the determination of the results for the year and the opening financial position, we were unable to determine whether adjustments might have been necessary to cost of sales and profit for the year ended 31 October 2025.

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 Auditor's 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.

Emphasis of matter – Comparative information (opening balances)

As Martlet Audit Limited were not appointed until 2025, we were unable to obtain sufficient appropriate audit evidence regarding the stock balance as at 1 November 2024 as we were unable to attend the stock take. As a result, our audit procedures in the current year did not provide sufficient appropriate audit evidence regarding those opening balances. This matter does not affect our opinion on the statement of financial position as at 31 October 2025.

However, as explained in the basis for qualified opinion section, our opinion on the results for the year ended 31 October 2025 (and, where relevant, the cash flows for that year) is qualified due to a limitation of scope arising from our inability to obtain sufficient appropriate audit evidence regarding the opening balances.

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.

Our evaluation of the directors’ assessment of the company’s ability to continue as a going concern included the following:

• evaluating the directors’ assessment of going concern through analysis of the company’s management accounts and discussions with the managing directors

• assessing the underlying assumptions included in the financial forecasts, with reference to our knowledge of the business, its historic performance, and its operational environment

• considering the projected cash flows and the key sensitivities identified by management

• evaluating whether the assumptions used by management were consistent with our understanding obtained throughout the audit

• evaluating the adequacy and appropriateness of the going concern disclosures with reference to the requirements of the applicable financial reporting framework and our understanding of the business

• reviewing the letter of support provided by a company under common control, confirming its intention to provide financial support to the company for the foreseeable future, and evaluating that company’s ability to provide such support

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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

• the information given in the 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 strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

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 directors' report.

We have nothing to report in respect of the following matters in relation to which 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.

As explained more fully in the directors' responsibilities statement, 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 is 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.

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 auditor's 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.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following:

• We enquired of management, which included obtaining and reviewing supporting documentation, concerning the company's policies and procedures relating to:

  • Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;

  • Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud;

     

• We reviewed the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.

• We obtained an understanding of the legal and regulatory framework that the company operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the company from our professional and sector experience.

• We communicated applicable laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit.

• We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations.

• We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.

• In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.

Based on our risk assessment, we considered the areas most susceptible to fraud to be management override of controls, valuation of stock and payroll costs.

Our procedures in respect of the above included:

• Testing a sample of journal entries throughout the year by agreeing to supporting documentation;

• Assessing significant estimates made by management for bias;

• Selecting a sample of year end stock items and agreeing to supporting documentation.

• Selecting a sample of payroll transactions and agreeing payroll records to supporting documentation, including payslips, HR letters, salary increase letters, and employment contracts;

• Inspecting employment contracts to confirm they were appropriately authorised by valid signatories;

• Verifying employees’ right‑to‑work status, including inspection of copies of identification documents, to ensure compliance with statutory requirements;

• Performing substantive testing over payroll costs, including reconciling payroll records to underlying HR information and agreeing payroll expenses to supporting documentation.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members who were all deemed to have the appropriate competence and capabilities and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 auditor's 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.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

MPAAS Ltd is a private company limited by shares incorporated in England and Wales. The registered office is One Canada Square Canary Wharf, Floor 10 (North West), London, E14 5AB.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company 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.

The company is reliant on external financial support to continue operating. The directors have received formal confirmation of ongoing support and have considered the financial position and ability of the supporting parties to provide funding, together with the company's budgets, forecasts and projected cash flows. Based on this assessment, the directors are satisfied that sufficient resources will be available to enable the company to meet its liabilities as they fall due for at least twelve months from the date of approval of the financial statements. Accordingly, the directors have concluded that the use of the going concern basis of accounting is appropriate and that no material uncertainty exists in relation to going concern.

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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 classified as receivable within one year are not amortised.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

One area of key judgement is the carrying value of the contract asset which has a carrying value of £3m as at 31 October 2025. In assessing whether any impairment is required, the directors considered the future economic benefits expected to arise from the underlying contracts, together with current trading performance and forecast future cash flows. The company generated turnover of £23.5m and gross profit of £16.7m during the year, demonstrating that the contracts continue to generate significant economic benefit. Based on the level of gross profit achieved, the continued utilisation of the contracts and forecast future performance, the directors concluded that the carrying value of the customer contract rights asset remains recoverable and that no impairment provision is required at the year end.

The company’s turnover represents revenue earned from its single principal activity, all of which was undertaken in the United Kingdom.

The average monthly number of persons (including directors) employed by the company during the year was:

Their aggregate remuneration comprised:

The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

No deferred tax asset has been recognised due to the significant losses incurred in the current and previous years.

The company has a long‑term loan from Enpaas Group Ltd, a related party by virtue of common directorships. The loan is unsecured, bears interest at 8% per annum, and has no fixed maturity date. Under a formal subordination agreement dated 8 July 2026, Enpaas Group Ltd has unconditionally agreed not to demand repayment of the outstanding balance for at least 12 months from the date of approval of these financial statements. Accordingly, the loan is classified as a non‑current liability. Three directors of Enpaas Group Ltd also serve as directors of MPAAS Ltd.

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

The company is subject to a legal requirement to disclose directors’ remuneration. As the directors comprise the company’s key management personnel, the company has applied FRS 102 para 33.7A and has not presented a separate aggregate key management personnel compensation figure.

During the year the company entered into the following transactions with related parties:

The following amounts were outstanding at the reporting end date:

Transactions and balances were on normal commercial terms unless stated otherwise.

The directors consider that there is no ultimate controlling party, as no individual or entity has control of the company.