REGISTERED NUMBER: 02777816 (England and Wales)

Financial Statements for the Year Ended 31st December 2025

for

Nortech Management Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

O Andersson

J W Brown

P J Lewington

Dr S C E Jupe

REGISTERED OFFICE:

5A Stella House Building

2 Asparagus Way

Vale Park

Evesham

Worcestershire

WR11 1GN

REGISTERED NUMBER:

02777816 (England and Wales)

AUDITORS:

Richards Sandy Audit Services Ltd

Thorneloe House

25 Barbourne Road

Worcester

Worcestershire

WR1 1RU

FIXED ASSETS

Tangible assets

4

71,216

96,369

CURRENT ASSETS

Stocks

1,233,626

1,108,772

Debtors

5

1,452,229

1,002,936

Cash at bank

3,203,511

4,891,762

5,889,366

7,003,470

CREDITORS

Amounts falling due within one year

6

2,296,152

2,318,859

NET CURRENT ASSETS

3,593,214

4,684,611

TOTAL ASSETS LESS CURRENT LIABILITIES

3,664,430

4,780,980

PROVISIONS FOR LIABILITIES

57,075

23,945

NET ASSETS

3,607,355

4,757,035

CAPITAL AND RESERVES

Called up share capital

23,000

23,000

Share premium

8,400

8,400

Retained earnings

3,575,955

4,725,635

3,607,355

4,757,035

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5th August 2026 and were signed on its behalf by:

Dr S C E Jupe - Director

1.	STATUTORY INFORMATION

Nortech Management 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 presentation currency of the financial statements is the Pound Sterling (£).

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

TURNOVER

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership have passed to the customer, which is usually on delivery.

Turnover from development work is recognised as contractual milestones are achieved, to the extent that there is a right to consideration and the amount can be measured reliably.For software development sales, contracts are broken down into individual contractual project milestones and revenue for each individual project milestone is recognised on completion. It is not considered possible to reliably measure the percentage stage of completion of individual project milestones that are ongoing but not yet complete, nor is it considered possible to reliably measure of the relating staff and other costs associated with such ongoing individual project milestones be made, and as such no revenue for is recognised in regard to individual project milestones that are ongoing but not yet complete as at the balance sheet date.

Turnover from maintenance, monitoring, detection and other service activities is recognised on a straight line basis over the period in which the services are provided, to the extent that there is a right to consideration, the amount of revenue can be measured reliably, it is probable that the related economic benefits will flow to the company, and the associated costs can be measured reliably.

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

-

25% on cost

Motor vehicles

-

25% on cost

STOCKS

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is determined on the first-in, first-out (FIFO) basis. Cost includes the purchase price, transport and handling costs directly attributable to bringing the stock to its present location and condition, together with an appropriate proportion of production overheads included in the cost of developed stock.

At each reporting date, inventories are assessed for impairment, and any excess of the carrying amount over the 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.

FINANCIAL INSTRUMENTS

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 when the company becomes party to contractual provisions of the instrument.

Financial assets are offset, with the net amounts presented in the accounts where 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

Basic financial assets, which include trade and other receivables 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. Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening od the deposit or similar account.

Basic Financial Liabilities

Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future receipts, discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of the operations from suppliers. Accounts 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 payables are recognised initially at transaction cost.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

OPERATING LEASED ASSETS

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 36 (2024 - 34 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1st January 2025

562,136

14,270

576,406

Additions

34,191

-

34,191

At 31st December 2025

596,327

14,270

610,597

DEPRECIATION

At 1st January 2025

465,767

14,270

480,037

Charge for year

59,344

-

59,344

At 31st December 2025

525,111

14,270

539,381

NET BOOK VALUE

At 31st December 2025

71,216

-

71,216

At 31st December 2024

96,369

-

96,369

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

915,781

858,924

Amounts owed by group undertakings

18,174

-

Other debtors

25,231

-

Staff loans

-

4,970

Corporation tax

191,295

-

S455 tax debtor

1,007

1,007

Prepayments

300,741

138,035

1,452,229

1,002,936

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

286,994

205,602

Corporation tax

-

602,919

Social security and other taxes

62,370

55,306

Pension control account

9,951

7,350

VAT

305,589

340,509

Other creditors

12,732

7,032

Accruals and deferred income

1,618,516

1,100,141

2,296,152

2,318,859

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2024

£

£

Within one year

107,965

108,745

Between one and five years

57,035

138,763

165,000

247,508

Please refer to note 9.

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Aimee Stinton (Senior Statutory Auditor)

for and on behalf of Richards Sandy Audit Services Ltd

9.	POST BALANCE SHEET EVENTS

After the reporting date, the company terminated its existing lease for property and entered into a new lease arrangement that incorporates the original premises together with additional space. The termination and new lease agreement will affect future lease commitments but do not impact the financial position at the reporting date. Under the new lease the company is committed to paying rent of £116,424 p.a for seven years.

10.	ULTIMATE PARENT COMPANY

The ultimate parent company is Vestum AB (publ), who is registered in Kungsgatan 26, 111 35, Stockholm, Sweden.