Company registration number 04363275 (England and Wales)
INFOBRIC LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
INFOBRIC LIMITED
COMPANY INFORMATION
Directors
Mr S R Meyer
Mrs K Laurelii
Mr D A Friberg
Mr R C Brent
Secretary
Mr S R Meyer
Company number
04363275
Registered office
The Bunker
25 Innovation Boulevard
Liverpool
L7 9PW
Auditor
Cooper Parry Group Limited
St James Building
79 Oxford Street
Manchester
M1 6HT
INFOBRIC LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 24
INFOBRIC LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025

The directors present the strategic report of Infobric Limited for the year ended 31 December 2025.

Review of the business

Introduction

MSite (the trading name of Infobric Limited) is a provider of workforce management solutions to the construction industry. The Company’s technology enables real time oversight of workers to improve decision making and standards in construction safety, workforce visibility, productivity and environmental, social and governance (ESG) compliance.

The Company’s principal markets are the United Kingdom, the Republic of Ireland and the United States. The construction industry continues to adopt digital solutions to optimise operational performance and regulatory compliance, and the Company seeks to support this transition through its integrated software platform and customer-focused service model.

Performance

During the year, the Company continued to focus on strengthening relationships with Tier 1 contractors and supply chain partners. Investment in product development and customer service has supported the delivery of site-critical solutions and reinforced recurring revenue streams:

- Delivering high levels of customer service and retention;

- Expanding adoption of software modules across existing customers;

- Securing new enterprise and framework customers;

- Growing recurring revenue; and

- Maintaining operational efficiency.

Outlook

While macroeconomic conditions within the construction sector remain subject to uncertainty, demand for technology that improves safety, productivity and compliance, continues to present significant opportunities, particularly in light of the requirements of the Building Safety Act. The directors believe the Company is well positioned to support customers with a fully integrated hardware and software solution, enhanced by AI-enabled operational oversight and execution.

Principal risks and uncertainties

Liquidity Risk

The Company monitors cash flow and working capital requirements on an ongoing basis to ensure sufficient funds are available to meet operational needs and financial obligations as they fall due. Regular cash flow forecasting is performed and expenditure is managed prudently to maintain an appropriate level of liquidity.

Data Security and Cyber Risk

As a technology provider handling workforce and customer data, the Company faces risks relating to cyber security and data protection. A breach of systems, unauthorised access to data or failure to comply with applicable data protection legislation could result in reputational damage, operational disruption or financial penalties. The Company maintains appropriate IT security controls, undertakes system monitoring and provides staff training in data protection practices to reduce these risks.

People and Talent

Employee costs represent a significant proportion of operating expenditure, and the Company’s continued success depends on its ability to attract and retain skilled personnel. Competition for talent within the technology and construction sectors may increase recruitment costs or impact service delivery. The Company seeks to mitigate this risk by offering competitive remuneration, investing in training and development, and fostering a positive and supportive working culture.

Market Conditions

The construction sector is influenced by broader economic conditions, including inflation, interest rates and changes in investment levels. A slowdown in construction activity could reduce demand for the Company’s services. The Company manages this risk by maintaining a diversified customer base and focusing on solutions that deliver measurable operational and compliance benefits, which support ongoing customer demand.

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INFOBRIC LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Key Performance Indicators (KPIs) and Objectives & Key Results (OKRs)

To execute our strategy, the Company has clear and measurable KPIs and OKRs. Both instruments are used to ensure we meet our goals and deliver new initiatives to drive growth and business improvements for stronger returns.

Some of our KPIs and OKRs are:

- Putting the customer at the core of what we do;

- Delivering customer excellence;

- Increasing recurring revenue; and

- Being a great place to work.

On behalf of the board

Mr R C Brent
Director
7 May 2026
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INFOBRIC LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025

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

Principal activities

The principal activity of the Company continued to be that of the creation of biometric technology and cloud-based software products and services.

Results and dividends

The profit for the year, after taxation, amounted to £2,609,259 (2024 - £1,775,851).

No ordinary dividends were paid. The directors do not recommend payment of a final dividend (2024 - £Nil).

Directors

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

Mr S R Meyer
Mrs K Laurelii
Mr D A Friberg
Mr R C Brent
Auditor

The auditors, Cooper Parry Group Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Statement of directors' responsibilities

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;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- 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 of disclosure to auditor

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 C ompany’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.

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INFOBRIC LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
On behalf of the board
Mr R C Brent
Director
7 May 2026
- 4 -
INFOBRIC LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF INFOBRIC LIMITED
Opinion

We have audited the financial statements of Infobric Limited (the 'company') for the year ended 31 December 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity 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 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 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.

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 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' r eport 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.

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INFOBRIC LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF INFOBRIC LIMITED (CONTINUED)
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 identifie d material misstatements in the strategic report or the directors' r eport.

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.

Responsibilities of directors
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As explained more fully in the directors' r esponsibilities s tatement, 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.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 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.

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

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, we considered the following:

- the nature of the industry and sector, control environment and business performance;

- any matters we identified having obtained and reviewed the company’s documentation of their 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;

- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and

- the matters discussed among the audit engagement team and involving relevant internal specialists, including tax, and industry specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, pensions legislation and tax legislation in all relevant jurisdictions where the company operates.

INFOBRIC LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF INFOBRIC LIMITED (CONTINUED)

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

Audit response to risks identified

Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- enquiring of management and those charged with governance concerning actual and potential litigation claims;

- in assessing the risk of fraud through management override of controls, testing the appropriateness of journal entries and assessing whether judgements made in making accounting estimates are indicative of potential bias.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, 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 concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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.

Ryan Wear BSc ACA
Senior Statutory Auditor
Date:
08/05/2026
2026-05-08
For and on behalf of Cooper Parry Group Limited
Statutory Auditor
St James Building
79 Oxford Street
Manchester
M1 6HT
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INFOBRIC LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
2025
2024
Notes
£
£
Turnover
3
14,062,235
12,282,401
Cost of sales
(4,276,086)
(3,680,110)
Gross profit
9,786,149
8,602,291
Administrative expenses
(6,785,826)
(6,601,103)
Other operating income
200,000
206,787
Operating profit
4
3,200,323
2,207,975
Interest receivable and similar income
192,223
157,107
Profit before taxation
3,392,546
2,365,082
Tax on profit
8
(783,287)
(589,231)
Profit for the financial year
2,609,259
1,775,851

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

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INFOBRIC LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
9
3,507,721
3,334,017
Tangible assets
10
1,928,754
1,937,165
Investments
11
100
100
5,436,575
5,271,282
Current assets
Stocks
13
896,997
995,966
Debtors
14
6,477,736
6,008,753
Cash at bank and in hand
3,442,736
581,499
10,817,469
7,586,218
Creditors: amounts falling due within one year
15
(4,467,346)
(3,712,808)
Net current assets
6,350,123
3,873,410
Total assets less current liabilities
11,786,698
9,144,692
Provisions for liabilities
Deferred tax liability
16
1,312,755
1,280,008
(1,312,755)
(1,280,008)
Net assets
10,473,943
7,864,684
Capital and reserves
Called up share capital
18
178
178
Share premium account
19
1,375,575
1,375,575
Capital redemption reserve
19
7
7
Profit and loss reserves
19
9,098,183
6,488,924
Total equity
10,473,943
7,864,684
The financial statements were approved by the board of directors and authorised for issue on 7 May 2026 and are signed on its behalf by:
Mr R C Brent
Director
Company registration number 04363275 (England and Wales)
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INFOBRIC LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 January 2024
178
1,375,575
7
4,713,073
6,088,833
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
-
1,775,851
1,775,851
Balance at 31 December 2024
178
1,375,575
7
6,488,924
7,864,684
Year ended 31 December 2025:
Profit and total comprehensive income
-
-
-
2,609,259
2,609,259
Balance at 31 December 2025
178
1,375,575
7
9,098,183
10,473,943
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INFOBRIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
Company information

Infobric Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Bunker, 25 Innovation Boulevard, Liverpool, L7 9PW.

1.1
Basis of preparation

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 a mounts 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.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The company has taken advantage of the exemption under section 40 1 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

Infobric Limited is a subsidiary of Infobric Bidco AB, the ultimate parent is SSC Build HoldCo AB and the results of Infobric Limited are included in the consolidated financial statements of SSC Build HoldCo AB, which are available from the Companys' registered office Gjuterigatan 9, 553 18 Jönköping, Sweden.

1.2
Going concern

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

1.3
Turnover
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Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

INFOBRIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 12 -

For the sale of hardware the revenue is recognised when the goods have been delivered and the system has been installed.

For the sale of software the revenue is recognised when the system has been installed and the software goes live.

Rental turnover is recognised over the period to which the goods are rented on a monthly basis.

Support turnover is recognised as a percentage up front for initial set up costs and then an element deferred over the contract period to cover continuing support costs.

1.4
Research and development expenditure

In the r esearch phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

1.5
Intangible fixed assets other than goodwill

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:

Development costs
20% Straight line
1.6
Tangible fixed assets

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:

Leasehold improvements
5-25% Straight line
Plant and equipment
33% Straight line
Fixtures and equipment
33% Straight line
Rehire Equipment
10-33% Straight line

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.

INFOBRIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
1.7
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

1.8
Impairment of fixed assets
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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.

1.9
Stocks

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.

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.

1.10
Cash and cash equivalents

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.

INFOBRIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
1.11
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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

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.

Impairment of financial assets

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.

Derecognition of financial assets

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.

Classification of financial liabilities

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.

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INFOBRIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
Basic financial 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 paymen ts 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. A m ounts 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.

Derecognition of financial liabilities

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

1.12
Equity instruments

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.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

- 15 -
INFOBRIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
1.14
Employee benefits

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.

1.15
Retirement benefits

The company operate a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions to a defined contribution retirement benefit schemes are charged as an expense as they fall due. Amounts not paid are shown in other creditors. The assets of the plan are held separately from the company in independently administered funds.

1.16
Leases

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 lease d asset are consumed.

1.17
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See Tangible fixed assets note for the carrying amount of property, plant and equipment and the depreciation accounting policy note above for the useful economic lives for each class of asset.

- 16 -
INFOBRIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
Useful economic lives of intangible assets

The annual amortisation charge for intangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments and economic utilisation. See Intangible fixed assets note for the carrying amount of intangible assets accounting policy note above for the useful economic lives for each class of asset. Management regularly review future cashflows receivable from intangible assets in order to assess for impairment.

Capitalisation of intangible assets

The capitalisation of intangible fixed assets is assessed by management when products reach the development stage. The judgements made are in determining if the costs meet the criteria for capitalisation under FRS 102.

Revenue recognition and deferred income

Management split rental and software support contracts into 3 elements:

- Delivery of hardware - this is separately identifiable on the invoices and is recognised on delivery;

- Set-up of hardware and software - this is separately identifiable on the invoices and is recognised on completion of set-up of equipment and software, usually once the software 'goes live', and;

- Rental and support for the hardware and software, which is recognised over the rental period on a monthly basis. For most customers this is invoiced in full and deferred over the length of the contract.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Hardware and software sales
4,847,545
4,342,123
Hardware and software rental income
8,325,459
7,149,936
Support
889,231
790,342
14,062,235
12,282,401
2025
2024
£
£
Turnover analysed by geographical market
UK
13,423,537
11,684,059
Europe
531,007
539,589
US
107,691
58,753
14,062,235
12,282,401
- 17 -
INFOBRIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
4
Operating profit
2025
2024
Operating profit for the year is stated after charging:
£
£
Exchange losses
18,335
-
0
Research and development costs
7,155
-
Depreciation of tangible fixed assets
458,051
434,604
Amortisation of intangible assets
1,327,284
1,234,098
Operating lease charges
359,916
251,858
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor
£
£
For audit services
Audit of the financial statements of the company
34,015
32,265
6
Employees

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

2025
2024
Number
Number
Management
8
13
Operations
11
11
Development
24
25
Sales & Marketing
25
23
Administration
10
7
Total
78
79

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
2,580,915
2,529,842
Social security costs
305,224
271,520
Pension costs
135,638
124,173
3,021,777
2,925,535
- 18 -
INFOBRIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
270,945
278,650
Company pension contributions to defined contribution schemes
15,978
15,197
286,923
293,847

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2024 - 2).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
153,500
171,000
Company pension contributions to defined contribution schemes
8,603
8,449
8
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
750,540
202,410
Adjustments in respect of prior periods
-
0
(2,233)
Total current tax
750,540
200,177
Deferred tax
Origination and reversal of timing differences
32,747
389,054
Total tax charge
783,287
589,231
- 19 -
INFOBRIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
8
Taxation
(Continued)

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

2025
2024
£
£
Profit before taxation
3,392,546
2,365,082
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
848,137
591,271
Tax effect of expenses that are not deductible in determining taxable profit
2,327
1,706
Adjustments in respect of prior years
-
0
(2,233)
Permanent capital allowances in excess of depreciation
(67,177)
(1,513)
Taxation charge for the year
783,287
589,231
9
Intangible fixed assets
Development costs
£
Cost
At 1 January 2025
13,715,121
Additions
1,500,988
At 31 December 2025
15,216,109
Amortisation and impairment
At 1 January 2025
10,381,104
Amortisation charged for the year
1,327,284
At 31 December 2025
11,708,388
Carrying amount
At 31 December 2025
3,507,721
At 31 December 2024
3,334,017
- 20 -
INFOBRIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
10
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and equipment
Rehire Equipment
Total
£
£
£
£
£
Cost
At 1 January 2025
264,417
511,742
845,432
4,396,007
6,017,598
Additions
-
0
-
0
7,230
442,410
449,640
At 31 December 2025
264,417
511,742
852,662
4,838,417
6,467,238
Depreciation and impairment
At 1 January 2025
264,417
503,658
782,016
2,530,342
4,080,433
Depreciation charged in the year
-
0
8,084
18,493
431,474
458,051
At 31 December 2025
264,417
511,742
800,509
2,961,816
4,538,484
Carrying amount
At 31 December 2025
-
0
-
0
52,153
1,876,601
1,928,754
At 31 December 2024
-
0
8,084
63,416
1,865,665
1,937,165
11
Fixed asset investments
2025
2024
Notes
£
£
Investments in subsidiaries
12
100
100
12
Subsidiaries

Details of the company's subsidiaries at 31 December 2025 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Simplybiometrics Limited
The Bunker, 25 Wavertree Boulevard, Innovation Boulevard, Liverpool, L7 9PW
Dormant
Ordinary
100.00
13
Stocks
2025
2024
£
£
Raw materials and consumables
636,917
689,514
Finished goods and goods for resale
260,080
306,452
896,997
995,966
- 21 -
INFOBRIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
14
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
2,905,639
3,550,890
Corporation tax recoverable
-
0
513,612
Amounts owed by group undertakings
2,044,893
1,576,041
Prepayments and accrued income
1,527,204
368,210
6,477,736
6,008,753

A credit note provision of £72,187 (2024 - £91,244) was recognised against trade debtors during the year.

15
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
372,054
319,396
Amounts owed to group undertakings
843,214
-
0
Corporation tax
13,438
-
0
Other taxation and social security
372,000
402,942
Other creditors
-
0
253
Accruals and deferred income
2,866,640
2,990,217
4,467,346
3,712,808
16
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
1,330,911
1,280,412
Short term timing differences
(18,156)
(404)
1,312,755
1,280,008
2025
Movements in the year:
£
Liability at 1 January 2025
1,280,008
Charge to profit or loss
32,747
Liability at 31 December 2025
1,312,755
- 22 -
INFOBRIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
17
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
135,638
124,173

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.

18
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
17,858
17,858
178
178
19
Reserves
Share premium

Includes any premiums received on issues of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Capital redemption reserve

Represents a statutory, non-distributable reserve into which amounts are transferred following the redemption or purchase of a company's own shares.

Profit and loss reserves

Includes all current and prior period retained profits and losses.

20
Operating lease commitments
As lessee

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:

2025
2024
£
£
Within 1 year
267,059
274,900
Years 2-5
63,204
274,289
330,263
549,189
- 23 -
INFOBRIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
21
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2025
2024
£
£
Aggregate compensation
943,148
936,312

The company has taken advantage of the exemption contained in FRS 102 and has therefore not disclosed transactions with wholly owned entities which form part of the group.

22
Ultimate controlling party

The ultimate parent is SSC Build BidCo AB, a private equity company based in Sweden. The registered office is Gjuterigatan 9, 553 18 Jönköping, Sweden.

- 24 -
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