Financial Statements
For the period ended 31 December 2025
Registered number: 11380820
Company Information
Contents
Strategic report
For the period ended 31 December 2025
The profit for the 9 month period after taxation was £6,624,654 (12 month 2024: £13,190,966). The results for the period reflect a shortened nine month accounting period arising from the change to a December year end. On an annualised basis, performance is broadly comparable to the prior year. Revenues for the period amounted to £28,864,297, with a gross profit margin of 33.7% (2024: 40.6%). Administrative costs incurred during the period are consistent with an abbreviated reporting period.
Aiming to provide a solid platform for future growth, we also continue to strengthen both our Board and our management team, and despite a challenging macroeconomic environment we are optimistic for the year ahead. Finally, despite a challenging macroeconomic environment, and through a combination of new business wins and prudent cost management, we are cautiously optimistic for the year ahead.
Competition risk
The directors of the Company manage competition risk through close attention to maintaining excellent customer service levels and providing innovative product offerings.
Financial risk
The Company has budgetary and financial reporting procedures, supported by appropriate key performance indicators, to manage credit, liquidity and other financial risks.
Foreign exchange transactional currency exposure
The Company is exposed to currency exchange rate risk due to a significant proportion of its receivables and operating expenses being denominated in non-GBP currencies. The net exposure of each currency is monitored and managed by the Company on a continuous basis.
The Company is exposed to currency exchange rate risk due to a significant proportion of its receivables and operating expenses being denominated in non-GBP currencies. The net exposure of each currency is monitored and managed by the Company on a continuous basis.
Liquidity
The objective of the Company in managing liquidity risk is to ensure that it can meet its financial obligations as and when they fall due. The Company expects to meet its financial obligations through operating cash flows.
Geopolitical risk
In the current volatile geopolitical environment, the Company has maintained a resilient and well-managed supply chain with limited exposure to disruption. While ongoing international tensions and shifts in global trade policy continue to create uncertainty across markets, the Company’s operations have not been materially impacted. This resilience is underpinned by proactive supply chain oversight and continuous monitoring of potential risks, including delays, shortages, and pricing volatility. Although we have one supplier, they have a secondary manufacturing facility available should this be required, and we maintain strong, well-established relationships with key logistics and distribution partners. This approach enables the Company to respond quickly to changing conditions and sustain consistent service levels for its customers.
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Strategic report (continued)
For the period ended 31 December 2025
Pax Technology Europe Limited's key financial and other performance indicators during the year were as follows:
The board of directors of the Company both individually and together, confirm that they have acted in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole, in line with Section 172 (1) (a-f) of the Companies Act 2006, in the decisions taken during the year ended 31 December 2025. The following paragraphs summarise how the directors fulfil their duties:
∙As the board of directors, our intention is to behave responsibly and ensure that management operate the business in a responsible manner and that the best interest of the Company is at the forefront when making decisions.
∙We recognise that our employees are fundamental and core to our business and services provided by the Company. We acknowledge the importance of keeping our employees motivated and engaged through a responsible approach to salary and benefit packages and through training. We ensure our staff are appropriately qualified and can continue to develop within the Company through our performance system. We also acknowledge that the health and safety of the employees is key to our business.
∙As the board of directors, we recognize that our suppliers are fundamental to the quality of our products and ensuring that as a business we meet the high standards of conduct that we have set. We are committed to engaging with our suppliers and customers to maintain and grow our business relationships, ensuring that we receive and provide the best service possible. We endeavour to review feedback from all our stakeholders in a timely manner and consider it prior to any decision making.
∙As our products and consumer base grows so too does our risk environment, we are committed to engaging with our stakeholders to effectively identify, evaluate, manage and mitigate the risks the Company faces in a timely manner. Please see the principal risks and uncertainties above for further details.
∙We as directors, ensure that the board remains informed and monitors compliance with the relevant Company Law and governance standards resulting in the Company maintaining a reputation for high standards of business conduct.
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Strategic report (continued)
For the period ended 31 December 2025
This report was approved by the board and signed on its behalf.
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Directors' report
For the period ended 31 December 2025
The directors present their report and the financial statements for the period ended 31 December 2025 .
The profit for the period, after taxation, amounted to £6,624,654 (12 months ended March 2025 - £13,190,966 ).
The directors declared dividends in the amount of £14,590,000 (12 months ended March 2025 - £10,000,000). On 19 January 2026, the Company declared a dividend of £1,810,100.
The directors who served during the period were:
On 19 January 2026, the Company declared a dividend of £1,810,100.
It is the intention of the directors to continue its present activities of the Company in the coming year.
There are no branches outside the UK.
The Company’s customers and suppliers are fundamental to the ongoing success and stability of the business. A substantial proportion of the Company’s revenues is derived from repeat and recurring transactions with its established value-added reseller base, reflecting the strength and longevity of these relationships. The Company actively manages and nurtures these key relationships through structured monthly and quarterly business reviews, ensuring continued alignment, high service standards, new product introductions, and the identification of opportunities for growth, efficiency, and mutual value creation.
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Directors' report (continued)
For the period ended 31 December 2025
In accordance with the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, as amended by the Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018, the Company satisfies the criteria that require it to report the total energy consumption and greenhouse gas ("GHG") emissions of its activities in the United Kingdom.
The Company has not disclosed information in respect of its greenhouse gas emissions, energy consumption and energy efficiency action, as its energy consumption in the United Kingdom for the year is 40,000kWh or lower.
The auditor, Grant Thornton, have indicated their willingness to stay in office in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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Directors' responsibilities statement
For the period ended 31 December 2025
For and on behalf of the board:
................................................ ................................................
Tom Burke Giada Mazzola
Director Director
Date: 30 April 2026
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Independent auditor's report to the members of Pax Technology Europe Limited
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 'Responsibilities of the auditor 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 United Kingdom, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. 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.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from the date 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.
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Independent auditor's report to the members of Pax Technology Europe Limited (continued)
The financial statements of Pax Technology Europe Limited for the year ended 31 March 2025, were audited by CSL Partnership Limited who expressed an unmodified opinion on those statements on 18 December 2025.
Other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's report thereon, including the Directors' report and the Strategic report. The directors are responsible for the other information. Our opinion on the financial statements does not cover the 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 in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 Directors' report and the Strategic report for which the financial statements are prepared is consistent with the financial statements, and
∙the Directors' report and the Strategic report have been prepared in accordance with applicable legal requirements.
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Independent auditor's report to the members of Pax Technology Europe Limited (continued)
The objectives of an auditor 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 their 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.
A further description of an auditor's 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 auditor's report.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK).
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations including data protection requirements in the jurisdictions in which the Company operates and holds data and environment regulations and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and UK tax legislation. The Audit engagement partner considered the experience and expertise of the engagement team to ensure that the team had appropriate competence and capabilities to identify or recognised non-compliance with the laws and regulations. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgments and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statement.
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Independent auditor's report to the members of Pax Technology Europe Limited (continued)
Responsibilities of the auditor for the audit of the financial statements (continued)
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud (continued)
In response to these principal risks, our audit procedures included but were not limited to:
∙inquiries of management on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud;
∙gaining an understanding of the internal controls established to mitigate risk related to fraud;
∙discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit;
∙identifying and testing journal entries to address the risk of inappropriate journals and management override of controls;
∙designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;
∙challenging assumptions and judgments made by management in their significant accounting estimates including recoverability of debtors and stocks; and
∙review of the financial statement disclosures to underlying supporting documentation and inquiries of management.
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.
for and on behalf of
Chartered Accountants &
Statutory Auditors
13- 18 City Quay
Dublin 2
Date:30 April 2026
Dublin 2
Date:
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Statement of comprehensive income
For the period ended 31 December 2025
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Balance sheet
As at 31 December 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 30 form part of these financial statements.
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Statement of changes in equity
For the year ended 31 December 2025
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Notes to the financial statements
For the period ended 31 December 2025
Pax Technology Europe Limited (“the Company”) is a private company, limited by shares, incorporated and registered in the United Kingdom with registered office at Unit 4n, Atlantic House, The Lansbury Estate 102 Lower Guildford Road, Knaphill, Woking, GU21 2EP.
2.Accounting policies
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; and
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
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Notes to the financial statements
For the period ended 31 December 2025
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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Notes to the financial statements
For the period ended 31 December 2025
2.Accounting policies (continued)
Interest income is recognised in profit or loss using the effective interest method.
Interest expenses are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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Notes to the financial statements
For the period ended 31 December 2025
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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Notes to the financial statements
For the period ended 31 December 2025
2.Accounting policies (continued)
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
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Notes to the financial statements
For the period ended 31 December 2025
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an 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.
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Notes to the financial statements
For the period ended 31 December 2025
When preparing the financial statements, management undertakes a number of judgments, estimates and assumptions about the recognition and measurement of assets, liabilities, income and expenses. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The following are significant management judgements in applying the accounting policies of the Company that have the most significant effect on the financial statements.
Judgements
In the process of applying the Company’s accounting policies, management has made the following judgements, apart from those involving estimations, which have the most significant effect of the amounts recognised in the financial statements:
Recoverability of debtors
The Company has made judgments when assessing the impairment of its stock. Slow moving stock, overstocked and obsolete items are reviewed regularly, and impairment has been reviewed with reference to historical loss experience updated for current conditions.
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Notes to the financial statements
For the period ended 31 December 2025
4.Turnover (continued)
Analysis of turnover by country of destination:
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Notes to the financial statements
For the period ended 31 December 2025
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Notes to the financial statements
For the period ended 31 December 2025
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Notes to the financial statements
For the period ended 31 December 2025
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Notes to the financial statements
For the period ended 31 December 2025
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Notes to the financial statements
For the period ended 31 December 2025
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Notes to the financial statements
For the period ended 31 December 2025
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Notes to the financial statements
For the period ended 31 December 2025
Profit and loss account
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Notes to the financial statements
For the period ended 31 December 2025
The largest and smallest consolidated accounts to include the results of the Company are prepared by
The Company's ultimate controlling party is
The audited balances for the financial year ended 31 March 2025 have been restated to record dividend allocation errors between financial years 2019 and 2024 and related tax impact in line with FRS 102. The impact to the previously reported statement of financial position as at 31 March 2025 are as follows:
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Notes to the financial statements
For the period ended 31 December 2025
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