REGISTERED NUMBER: 09952842 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

SPYROSOFT LTD

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

10

Other Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Cash Flow Statement

14

Notes to the Cash Flow Statement

15

Notes to the Financial Statements

16

DIRECTORS:

Spyrosoft S.A.

A D Radcliffe

K Weiske

D Johnson

REGISTERED OFFICE:

SmartBase

Target Road

Aviation Park West

Christchurch

Dorset

BH23 6NW

REGISTERED NUMBER:

09952842 (England and Wales)

AUDITORS:

PKF Francis Clark

Chartered Accountants

Towngate House

2-8 Parkstone Road

Poole

Dorset

BH15 2PW

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

REVIEW OF BUSINESS

The principal activity and purpose of the Company during the year continued to be delivering technology solutions predominantly into the public sector. The Company continued to work across media, finance, geospatial, and other sectors.

The results for the year are set out in the profit and loss account. The company reported a profit after tax for the financial year of £1,503,045 (2024: £561,136) and net assets of £3,491,164 at the balance sheet date (2024: £1,981,373).

The directors monitor the performance of the company using the following Key Performance Indicators:

a) Turnover: £28,741,983 (2024: £16,940,640)

b) Gross profit: £4,575,495 (2024: £2,168,358)

c) Operating profit: £1,975,989 (2024: £723,431)

The company has continued its track record of organic growth at pace this year, with an increase in turnover of £11,801,343 compared to the previous year. This is a year-on-year increase of 70%. A significant proportion of this turnover increase is linked to public sector contract work, for which a contract is in place to continue for another year.

It should be noted that in addition to the public sector work, there is a solid core of recurring business with a diverse array of customers who are committing to ongoing and repeating work with the company.

This growth has been achieved through the tireless efforts of the team, and through the outstanding reputation the company has built for adding value and providing excellence throughout production and delivery of solutions.

Whilst the increase in turnover is positive, the contribution to gross profit is the key measure of a contracts value. To that end, the company has reported an increase of 3.12% in its gross margin this year (15.92%) compared to last year (12.80%). Part of this is better negotiation on initial contract terms, and part of this is due to increased operational efficiency from the project managers within the teams.

Operating profits have increased by £1,252,558 (173%) this year compared to last year. When considered as a percentage of total turnover, the operating profit sits at 6.87% this year compared with 4.27% last year, which has been achieved through keeping overhead increases under strict control.

The Company continued to invest in key strategic areas, including expansion into new public sector accounts and the healthcare and life sciences sector.

The directors are satisfied with the performance of the business during the year and its financial position at the year end.

PRINCIPAL RISKS AND UNCERTAINTIES

The Company operates in a dynamic and competitive environment, with a significant proportion of its revenue derived from UK public sector. The directors continuously monitor the Company's risk profile and key risks and uncertainties that could affect the business's future performance and implement appropriate measures to manage them. The directors consider the following to be the principal risks and uncertainties facing the business:

Talent acquisition and retention: The Company is heavily reliant on skilled technical specialists. A failure to attract, retain and develop key personnel could constrain growth and service delivery. This is mitigated through competitive remuneration, share options, flexible working and career development opportunities.

Geo-political environment: The war in Ukraine does not directly affect the UK company operations, but there are strong ties to the parent company and sister entities in Poland. Whilst there is currently no indication that the war will escalate further than it already has, the risk is deemed to be minimal but not zero.

Economic environment: Changes in the wider economic environment may impact demand for the company's products and services.

Credit risk: The risk of financial loss due to customers failing to meet their contractual obligations. This is managed through credit control procedures and ongoing monitoring of receivables.

Key Customer Reliance: The risk of becoming over reliant on a small group of customers and suffering negative consequences if the relationship deteriorates is a concern. The directors are confident that although there is a risk associated key customer reliance, the business would be profitable and solvent even if key contracts were dropped. New customers and contracts are actively being fostered at all times.

Group Support: The risk of becoming over dependant on support from other group companies. Staffing for some UK contracts is filled though the group company network of staff specialists. This risk is being managed by diversification of contracts and by building a strong UK based network of independent IT specialists that can support contracts if needed.

Operational risk: Risks arising from internal processes, systems, and human error are mitigated through established procedures and controls.

FUTURE OUTLOOK

The directors expect the company to continue to grow responsibly, operate profitably and to build on its current position. The focus for the coming year will be to continue to grow our presence in the public sector whilst expanding our offerings in the private sector to include both legal and healthcare industries.

While economic conditions remain uncertain, the directors believe the company is well positioned to manage these challenges.

ON BEHALF OF THE BOARD:

A D Radcliffe - Director

14 August 2026

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

PRINCIPAL ACTIVITIES

Spyrosoft Limited provides multiple technology focused services including Business and Product Design, Technological Consulting, Enterprise Software Development, Embedded Software Development, Artificial Intelligence and Machine Learning Technologies, Cloud Solutions, Optimisation and Managed Services. These services are provided to a number of industry sectors including the Automotive Industry, Financial Services, Industry 4.0, Geospatial Services, HR and Education and Healthcare & Life Sciences.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2025.

FUTURE DEVELOPMENTS

In 2026 Spyrosoft Ltd will increase brand awareness throughout the UK market by continuing to support the Financial Services, Geospatial, Media and HR industries with comprehensive technology services including Digital Product Design, Software Development, Application Maintenance, IT Support and Managed IT Services. Services for eCommerce and Cyber Security will develop further in addition to expected growth in the Automotive and Industry 4.0 embedded software sectors. Employee headcount is expected to increase in support of this growth.

EVENTS SINCE THE END OF THE YEAR

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

DIRECTORS

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

Spyrosoft S.A.

A D Radcliffe

K Weiske

D Johnson

POLITICAL DONATIONS AND EXPENDITURE

There were no political donations made in either this year or the previous year. All donations listed in the accounts are for charitable causes.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, PKF Francis Clark, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

A D Radcliffe - Director

14 August 2026

Opinion

We have audited the financial statements of Spyrosoft Ltd (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

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

As part of our audit planning, we obtained an understanding of the legal and regulatory framework that is applicable to the company. We gained an understanding of the company and industry in which the company operates as part of this assessment t o identify key laws and regulations affecting the company. We enquired with management policies and procedures and made an appropriate team selection (ensuring competence and capability to recognise non-compliance). Key regulations we identified were employment law and also those laws and regulations that have a direct impact on the preparation of the financial statements, such as the Companies Act 2006 and tax legislation.

Based on this understanding we designed out audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:

- Enquiries of management regarding their knowledge of any non-compliance with laws or regulations that could affect the financial statements. As part of these enquiries, we also discussed with management whether there have been any known instances of fraud.

- Reviewed legal and professional costs to identify any possible non-compliance; and

- Reviewing board minutes to identify and instances of non-compliance raised.

We assessed the susceptibility of the financial statements to material misstatement through management override or fraud and obtained an understanding of the controls in place to mitigate the risk of fraud. We also evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements. The key risk we identified was in relation to the cut-off and existence of revenue. Based upon our understanding we designed and conducted audit procedures including:

- Audited the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness;

- Selecting a sample of revenue from the general ledger, agreeing to bank receipts and tracing it through to management's ERP system to signed customer contracts to ensure the existence of revenue;

- Selecting a sample of revenue recognised around the year-end and agreeing to timesheet information to confirm it relates to the correct period; and

- Reviewed estimates and judgements made in the accounts for any indication of bias and challenged assumptions used by management in making the estimates.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Dan Tout FCA (Senior Statutory Auditor)

for and on behalf of PKF Francis Clark

Chartered Accountants

Towngate House

2-8 Parkstone Road

Poole

Dorset

BH15 2PW

14 August 2026

TURNOVER

3

28,741,983

16,940,640

Cost of sales

(24,166,488

)

(14,772,282

)

GROSS PROFIT

4,575,495

2,168,358

Administrative expenses

(2,601,159

)

(1,445,927

)

1,974,336

722,431

Other operating income

1,653

1,000

OPERATING PROFIT

6

1,975,989

723,431

Interest receivable and similar income

10,103

18,816

1,986,092

742,247

Interest payable and similar expenses

7

(1,668

)

(207

)

PROFIT BEFORE TAXATION

1,984,424

742,040

Tax on profit

8

(481,379

)

(180,904

)

PROFIT FOR THE FINANCIAL YEAR

1,503,045

561,136

PROFIT FOR THE YEAR

1,503,045

561,136

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,503,045

561,136

FIXED ASSETS

Tangible assets

9

53,518

51,336

CURRENT ASSETS

Debtors

10

4,346,454

3,766,793

Prepayments and accrued income

49,942

39,670

Cash at bank

2,172,152

1,419,594

6,568,548

5,226,057

CREDITORS

Amounts falling due within one year

11

3,130,902

3,295,751

NET CURRENT ASSETS

3,437,646

1,930,306

TOTAL ASSETS LESS CURRENT LIABILITIES

3,491,164

1,981,642

PROVISIONS FOR LIABILITIES

13

-

269

NET ASSETS

3,491,164

1,981,373

CAPITAL AND RESERVES

Called up share capital

14

124

122

Share option reserve

15

34,817

61,252

Retained earnings

15

3,456,223

1,919,999

SHAREHOLDERS' FUNDS

3,491,164

1,981,373

The financial statements were approved by the Board of Directors and authorised for issue on 14 August 2026 and were signed on its behalf by:

A D Radcliffe - Director

Called up

Share

share

Retained

option

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2024

120

1,325,684

79,257

1,405,061

Changes in equity

Issue of share capital

2

-

-

2

Total comprehensive income

-

561,136

-

561,136

Movement - exercised options

-

33,179

(33,178

)

1

Share options issued in year

-

-

15,173

15,173

Balance at 31 December 2024

122

1,919,999

61,252

1,981,373

Changes in equity

Issue of share capital

2

-

-

2

Total comprehensive income

-

1,503,045

-

1,503,045

Movement - exercised options

-

33,179

(33,179

)

-

Share options issued in year

-

-

6,744

6,744

Balance at 31 December 2025

124

3,456,223

34,817

3,491,164

Cash flows from operating activities

Cash generated from operations

1

1,215,666

88,903

Interest paid

(1,668

)

(207

)

Tax paid

(454,839

)

(12,712

)

Net cash from operating activities

759,159

75,984

Cash flows from investing activities

Purchase of tangible fixed assets

(16,706

)

(22,109

)

Interest received

10,103

18,816

Net cash from investing activities

(6,603

)

(3,293

)

Cash flows from financing activities

Share issue

2

2

Net cash from financing activities

2

2

Increase in cash and cash equivalents

752,558

72,693

Cash and cash equivalents at beginning of year

2

1,419,594

1,346,901

Cash and cash equivalents at end of year

2

2,172,152

1,419,594

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

2025

2024

£

£

Profit before taxation

1,984,424

742,040

Depreciation charges

14,524

15,813

Equity settled share based payments

6,744

15,173

Finance costs

1,668

207

Finance income

(10,103

)

(18,816

)

1,997,257

754,417

Increase in trade and other debtors

(568,498

)

(864,771

)

(Decrease)/increase in trade and other creditors

(213,093

)

199,257

Cash generated from operations

1,215,666

88,903

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 December 2025

31/12/25

1/1/25

£

£

Cash and cash equivalents

2,172,152

1,419,594

Year ended 31 December 2024

31/12/24

1/1/24

£

£

Cash and cash equivalents

1,419,594

1,346,901

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/25

Cash flow

At 31/12/25

£

£

£

Net cash

Cash at bank

1,419,594

752,558

2,172,152

1,419,594

752,558

2,172,152

Total

1,419,594

752,558

2,172,152

1.	STATUTORY INFORMATION

Spyrosoft Ltd 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" 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.

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 reducing balance

Computer equipment

-

25% on reducing balance

Financial instruments

The company has chosen to apply the provisions of Section 11 of FRS 102 in respect of financial instruments.

Financial assets

Basic financial assets, including trade and other receivables, receivables from fellow group companies, and cash and bank balances, are initially recognised at transaction price.

Financial assets are derecognised when the contractual rights to the cash flows from the asset expire or are settled or substantially all the risks and rewards of the ownership of the asset are transferred to another party.

Financial liabilities

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

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 business 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 price.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Foreign currencies

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

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.

Share based payments

When share options are awarded to employees of the subsidiary company, the fair value of the options at the date of grant is charged to profit and loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest.

Fair value is calculated by reference to the market value of the parent company at the date of option exercise.

Leased assets

At inception the company assesses agreements that transfer the right to use assets.

The assessment considers whether the arrangement is, or contains, a lease based on the substance of the arrangement.

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.

Finance lease assets

Leases of assets that transfer substantially all the risks and rewards incidental to ownership are classified as finance leases. Finance leases are capitalised at commencement of the lease as assets at the fair value of the leased asset or, if lower, the present value of the minimum lease payments calculated using the interest rate implicit in the lease.

Assets are depreciated over the shorter of the lease term and the estimated useful life of the asset. Assets are assessed for impairment at each reporting date.

The capital element of lease obligations is recorded as a liability on inception of the arrangement. Lease payments are apportioned between capital repayment and finance charge, using the effective interest rate method, to produce a constant rate of charge on the balance of the capital repayments outstanding.

3.

TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the company.

An analysis of turnover by geographical market is given below:

2025

2024

£

£

United Kingdom

28,006,757

16,539,695

Europe

735,226

400,945

28,741,983

16,940,640

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

5,589,408

2,919,766

Social security costs

729,672

330,176

Other pension costs

343,703

153,105

6,662,783

3,403,047

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

2025

2024

Directors

2

1

Back office staff

16

14

Software developers

77

39

95

54

5.	DIRECTORS' EMOLUMENTS

2025

2024

£

£

Directors' remuneration

207,051

116,029

Directors' pension contributions to money purchase schemes

21,558

11,264

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

2

2

Two directors exercised share options during the year (2024 - two directors).

Two directors received shares under long term incentive schemes (2024 - two directors).

Information regarding the highest paid director for the year ended 31 December 2025 is as follows:

2025

£

Emoluments etc

106,581

Pension contributions to money purchase schemes

13,165

6.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

£

Depreciation - owned assets

14,524

15,813

Statutory Audit

21,900

17,250

Foreign exchange differences

496

11,365

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

HMRC interest payable

1,668

207