REGISTERED NUMBER: 08306196 (England and Wales)

IPULSE LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2025

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

7

Consolidated Income Statement

10

Consolidated Other Comprehensive Income

11

Consolidated Balance Sheet

12

Company Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Cash Flow Statement

16

Notes to the Consolidated Cash Flow Statement

17

Notes to the Consolidated Financial Statements

18

DIRECTORS:

Sir N R Rudd

R M Clement

T E Beckett

A M C Avis

J M Reeve

R Van Rozen

REGISTERED OFFICE:

Office Block A

Bay Studios Business Park

Fabian Way

Swansea

SA1 8QB

REGISTERED NUMBER:

08306196 (England and Wales)

AUDITORS:

Bevan Buckland Audit Ltd (Statutory Auditors)

Ground Floor Cardigan House

Castle Court

Swansea Enterprise Park

Swansea

SA7 9LA

The directors present their strategic report of the company and the group for the year ended 31 December 2025.

PRINCIPAL ACTIVITIES

The Group applies innovative expertise in skin and hair to energy-based products underpinned by research and clinical evidence. Its principal activity is the design, development, manufacture, and sale of intense pulsed light (IPL) devices for home-use hair removal. The Group sells its IPL products both as an Outsourced Design Manufacturer (ODM) to a single large customer, and internationally under its own brand SmoothSkin.

REVIEW OF BUSINESS

2025

2024

Turnover £'000

85,004

83,919

Gross Profit Margin

25%

20%

Average Number of Employees

321

286

Both turnover and gross profit margin increased year-on-year, driven by higher sales volumes and cost optimisation respectively. The uplift contributed to significant increases in operating and net profit year on year, supported by greater profit efficiency. There was continued investment in key internal capabilities - particularly research, development, and clinical - supporting innovation across the entire skin wellness spectrum. The balance sheet shows an improved net assets position and an enhanced ratio of current assets to current liabilities. The Directors believe the Group is well positioned to pursue diverse opportunities and further optimise operations in line with customer demand.

PRINCIPAL RISKS AND UNCERTAINTIES

The Directors maintain robust risk management processes to minimise exposure to both identified and unforeseen risks, allowing focus on delivering strategic objectives. Principal risks that could impact performance or solvency are regularly reviewed and action taken to ensure effective risk-management.

Monitoring is continuous, via weekly and monthly scorecards and Key Performance Indicators. The Directors review developments in the economic, regulatory, and market landscape to identify potential risks and opportunities and adjust the business model as needed. The Group utilises financial instruments such as cash, trade debtors, and creditors to support operational financing. The following are the principal risks and uncertainties that could materially affect the Group's ability to achieve its strategy:

Liquidity Risk

The Group maintains a prudent approach to liquidity management, ensuring sufficient cash resources are available to meet operational needs and support growth opportunities. Interest and finance charges are minimised, and surplus cash is invested securely to preserve value and ensure ready access when required.

Credit Risk

The Group's principal financial assets are cash and trade receivables. Credit risk arises primarily from trade receivables and is managed through the use of customer credit limits based on payment history and external credit assessments. The Financial Controllers review debtor exposure regularly, including ageing profiles and collection performance, to mitigate concentration and default risk.

Trading Risks

(i) Customer Concentration

A significant portion of the Group's revenue is derived from a single customer under an ODM arrangement. Whilst a potential concentration risk, mitigation is via the Group's own-brand international IPL business and ongoing development of diverse revenue streams.

(ii) Regulatory Framework:

IPL hair removal devices are typically regulated as medical devices across major markets. The Group holds global regulatory certifications, reflecting its strong track record in compliance. While any future changes in regulatory frameworks could affect market access, the Group's in-house regulatory expertise ensures timely adaptation and continued compliance.

(iii) Economic climate:

A significant portion of the Group's trading activity is undertaken by a UK-based company and the Group reports in GBP. Although interest rates have begun to ease in 2025, they remain relatively high and lingering inflationary pressures continue to impact the UK economy. Exchange rate movements, particularly GBP/USD can significantly affect margin translation given that the majority of the Group's trading is denominated in USD. The Directors actively monitor economic conditions and regularly review pricing, procurement, investment plans, and hedge strategically to mitigate ongoing macroeconomic risk.

(iv) Disruption of Production / Supply Chain

Global supply chain disruptions remain a risk factor. The Group actively manages supplier relationships, lead times, and inventory levels, with contingency planning in place to minimise the impact of delays in raw materials or component availability.

Information Technology

The Group is highly dependent on secure and resilient IT systems. Risks include data loss, cyber threats, systems downtime, and the unauthorised access or use of confidential data. The Group has invested in its IT infrastructure, including robust backup protocols, system security measures, and business continuity planning. Ongoing enhancements are made to protect customer data and maintain compliance with data privacy regulations across all relevant jurisdictions.

Data Protection

While GDPR is now well-established, the Group recognises that data protection remains a dynamic area of regulatory focus. Processes are in place to ensure that data handling remains compliant with current laws and evolving regulatory expectations, supported by ongoing staff training and internal governance.

Health, Safety, and Environmental (HSE) Compliance

The Group maintains a comprehensive HSE policy aligned with applicable legislation and best practice. Health and safety obligations are monitored and reviewed regularly. Environmental considerations are embedded into operations, with attention to sustainable practices.

Product Quality and Accreditation

The Group holds internationally recognised quality and regulatory certifications relevant to the development and manufacture of IPL devices, including ISO 13485 (covering US FDA and Health Canada), MDSAP, and Korean MFDS K-GMP. These accreditations underpin product quality, regulatory compliance, and customer assurance across global markets.

SECTION 172(1) STATEMENT

The directors are well aware of their duty under s172 of the Companies Act 2006 to act in the way which they consider, in good faith, would most likely promote the success of the group for the benefit of its members as a whole and, in doing so, to have regards to the following: -

-

The likely long-term consequences of any decision;

-

The interest of the group's employees;

-

The need to foster the group's business relationships with suppliers, customers and other stakeholders;

-

The impact of the group's operations on the community and the environment; and

-

Desirability of the group maintaining a reputation for high standards of business conduct.

The Directors embed these considerations in decision-making through the Company's business strategy, culture, governance framework, and stakeholder engagement practices. Major stakeholders include employees, customers, suppliers, and shareholders. Their interests are regularly considered as part of discussions and strategic decisions.

The Directors promote a culture of high ethical and regulatory standards and recognise that building strong and enduring relationships with stakeholders supports long-term sustainable success.

ON BEHALF OF THE BOARD:

R Van Rozen - Director

13 August 2026

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

DIVIDENDS

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

RESEARCH AND DEVELOPMENT

The Company continues to invest in research and development to enhance its product offering. The Directors view this as integral to the Company's long-term competitiveness.

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.

Sir N R Rudd

R M Clement

T E Beckett

A M C Avis

J M Reeve

R Van Rozen

POLITICAL DONATIONS AND EXPENDITURE

The group made no political donations and incurred no political expenditure during the year.

STATEMENT OF GOING CONCERN

The Directors have considered the financial position of the Company and its forecast performance and are satisfied that it is appropriate to adopt the going concern basis in preparing the financial statements. In forming this view, the Directors have taken into account all relevant information available to the date of approval of the financial statements, including current trading, cash flow forecasts, and available financing facilities.

ENGAGEMENT WITH EMPLOYEES

The Company recognises that employee engagement is fundamental to its culture and long-term success. The Directors place high importance on workforce wellbeing and are committed to supporting employees' development, motivation, and inclusion.

Employees are kept informed of matters affecting them and the Company's performance through a combination of formal updates and informal communication. The Company maintains an open approach to feedback and engagement at all levels.

The Company is committed to fair pay and benefits and operates as an equal opportunities employer, upholding the principle of equality in recruitment, development, and reward.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

Customers

Customer relationships are central to the Company's commercial success. The Company maintains regular engagement with its customers to ensure service expectations are met and to support long-term partnership.

Suppliers

The Company works with a network of suppliers who are essential to delivering continuity and quality of service. It aims to act fairly and transparently in its dealings and seeks to build collaborative relationships that reflect the Company's values.

Shareholders

The Company is privately owned and the Directors are committed to acting in the best interests of its shareholders. The Directors ensure that relevant information is communicated to shareholders in a timely, transparent, and responsible manner.

STREAMLINED ENERGY AND CARBON REPORTING

In accordance with the Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018, disclosure of UK energy and Greenhouse Gas emissions is as follows:

2025

2024

Total Energy Consumption

KWh

kWh

1,373,637

1,277,147

GHG Emissions CO2 equivalent

2025

2024

metric tonnes

metric tonnes

Natural gas (Scope 1)

84.1

79.6

Purchased Electricity (Scope 2)

156.4

165.1

Transport (Scope 1 & 3 combined)

11.5

10.8

Total gross CO2e emissions

252

255.5

Intensity Ratio

metric tonnes CO2e per £100,000 of Turnover

0.33

0.33

Methodology

The adopted methodology used is based on the Greenhouse Gas Protocol Corporate Reporting Standard reporting on equivalent CO2 emissions from organisational boundary. Information has been gathered in the same format as for compliance with the ESOS Regulations, for Scope 1 & 2 emissions, collated into kWh for all directly owned or operated corresponding UK based operations (i.e. the organisational boundary).

These have been converted to equivalent tonnes of carbon dioxide (tCO2e) using the published UK Government GHG Conversion Factors for Company Reporting for 2025.

Energy efficiency

No energy efficiency measures were implemented during the reporting period. HVAC, lighting, and insulation considerations were explored for implementation in future period

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:

R Van Rozen - Director

13 August 2026

Opinion

We have audited the financial statements of IPulse Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 December 2025 and of the group's 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 group 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 group's and the parent 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 Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company 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 page six, 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 group's and the parent 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 group or the parent 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:

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, and then, design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

We discussed our audit independence complying with the Revised Ethical Standard 2024 with the engagement team members whilst planning the audit and continually monitored our independence throughout the process.

Identifying and assessing potential risks related to irregularities.

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

-

enquiring of management, including obtaining and reviewing supporting documentation, concerning the Group's policies and procedures relating to:

-

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

-

detecting and responding to the risks of fraud and whether they have knowledge of any actual. suspected or alleged fraud;

-

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

-

discussing among the engagement team how and where fraud might occur in the Financial Statements and any potential indicators of fraud. As part of this discussion, we identified potential for fraud in the following areas;

-

Assumptions used for valuing work in progress at the year end, and;

-

Potential for deferring income already earned at the year end.

-

obtaining an understanding of the legal and regulatory frameworks that the Group operates in, focusing on those laws and regulations that had a direct effect on the Financial Statements or that had a fundamental effect on the operations of the Group, The key laws and regulations we considered in this context included the UK Companies Act and relevant tax legislation.

Audit response to risks identified

In addition to the above, our procedures to respond to risks identified included the following:

-

reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations;

-

enquiring of management concerning actual and potential litigation and claims; performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

-

reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC; and

-

in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments;

-

assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and

-

evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

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

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.

Michael Williams (Senior Statutory Auditor)

for and on behalf of Bevan Buckland Audit Ltd (Statutory Auditors)

Ground Floor Cardigan House

Castle Court

Swansea Enterprise Park

Swansea

SA7 9LA

13 August 2026

TURNOVER

4

85,004,120

83,918,958

Cost of sales

63,646,645

67,280,076

GROSS PROFIT

21,357,475

16,638,882

Administrative expenses

17,090,498

16,294,469

4,266,977

344,413

Other operating income

2,363,096

1,289,493

OPERATING PROFIT

6

6,630,073

1,633,906

Interest receivable and similar income

108

145

6,630,181

1,634,051

Interest payable and similar expenses

7

580,104

555,138

PROFIT BEFORE TAXATION

6,050,077

1,078,913

Tax on profit

8

559,031

522,833

PROFIT FOR THE FINANCIAL YEAR

5,491,046

556,080

Profit attributable to:

Owners of the parent

5,491,046

556,080

PROFIT FOR THE YEAR

5,491,046

556,080

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

5,491,046

556,080

Total comprehensive income attributable to:

Owners of the parent

5,491,046

556,080

FIXED ASSETS

Intangible assets

10

1,753,837

1,828,598

Tangible assets

11

4,208,674

4,961,156

Investments

12

-

-

5,962,511

6,789,754

CURRENT ASSETS

Stocks

13

20,968,731

17,678,392

Debtors

14

19,944,534

13,930,315

Cash at bank and in hand

1,605,138

920,209

42,518,403

32,528,916

CREDITORS

Amounts falling due within one year

15

19,236,895

16,004,992

NET CURRENT ASSETS

23,281,508

16,523,924

TOTAL ASSETS LESS CURRENT LIABILITIES

29,244,019

23,313,678

CREDITORS

Amounts falling due after more than one year

16

(743,714

)

(492,859

)

PROVISIONS FOR LIABILITIES

18

(619,224

)

(315,370

)

NET ASSETS

27,881,081

22,505,449

CAPITAL AND RESERVES

Called up share capital

19

52,361

52,211

Share premium

20

1,398,966

1,398,966

Capital redemption reserve

20

1,719

1,719

Share option reserve

20

501,845

617,409

EBT reserve

20

(1,075,000

)

(1,075,000

)

Retained earnings

20

27,001,190

21,510,144

SHAREHOLDERS' FUNDS

27,881,081

22,505,449

The financial statements were approved by the Board of Directors and authorised for issue on 13 August 2026 and were signed on its behalf by:

R Van Rozen - Director

FIXED ASSETS

Intangible assets

10

117,544

34,551

Tangible assets

11

-

-

Investments

12

3,970,805

3,970,805

4,088,349

4,005,356

CURRENT ASSETS

Debtors

14

663,524

559,606

Cash at bank

6,865

8,367

670,389

567,973

CREDITORS

Amounts falling due within one year

15

308,040

97,989

NET CURRENT ASSETS

362,349

469,984

TOTAL ASSETS LESS CURRENT LIABILITIES

4,450,698

4,475,340

CAPITAL AND RESERVES

Called up share capital

19

52,361

52,211

Share premium

20

1,398,966

1,398,966

Capital redemption reserve

20

1,719

1,719

Share option reserve

20

501,845

617,409

EBT reserve

20

(1,075,000

)

(1,075,000

)

Retained earnings

20

3,570,807

3,480,035

SHAREHOLDERS' FUNDS

4,450,698

4,475,340

Company's profit for the financial year

90,772

4,092,239

The financial statements were approved by the Board of Directors and authorised for issue on 13 August 2026 and were signed on its behalf by:

R Van Rozen - Director

Called up

share

Retained

Share

capital

earnings

premium

£

£

£

Balance at 1 January 2024

49,333

20,954,064

1,398,966

Changes in equity

Issue of share capital

2,878

-

-

Total comprehensive income

-

556,080

-

Balance at 31 December 2024

52,211

21,510,144

1,398,966

Changes in equity

Increase in share capital

150

-

-

Total comprehensive income

-

5,491,046

-

Balance at 31 December 2025

52,361

27,001,190

1,398,966

Capital

Share

redemption

option

EBT

Total

reserve

reserve

reserve

equity

£

£

£

£

Balance at 1 January 2024

1,719

617,409

(1,075,000

)

21,946,491

Changes in equity

Issue of share capital

-

-

-

2,878

Total comprehensive income

-

-

-

556,080

Balance at 31 December 2024

1,719

617,409

(1,075,000

)

22,505,449

Changes in equity

Increase in share capital

-

-

-

150

Share option fair value

-

(115,564

)

-

(115,564

)

Total comprehensive income

-

-

-

5,491,046

Balance at 31 December 2025

1,719

501,845

(1,075,000

)

27,881,081

Called up

share

Retained

Share

capital

earnings

premium

£

£

£

Balance at 1 January 2024

49,333

(612,204

)

1,398,966

Changes in equity

Issue of share capital

2,878

-

-

Total comprehensive income

-

4,092,239

-

Balance at 31 December 2024

52,211

3,480,035

1,398,966

Changes in equity

Increase in share capital

150

-

-

Total comprehensive income

-

90,772

-

Balance at 31 December 2025

52,361

3,570,807

1,398,966

Capital

Share

redemption

option

EBT

Total

reserve

reserve

reserve

equity

£

£

£

£

Balance at 1 January 2024

1,719

617,409

(1,075,000

)

380,223

Changes in equity

Issue of share capital

-

-

-

2,878

Total comprehensive income

-

-

-

4,092,239

Balance at 31 December 2024

1,719

617,409

(1,075,000

)

4,475,340

Changes in equity

Increase in share capital

-

-

-

150

Share option fair value

-

(115,564

)

-

(115,564

)

Total comprehensive income

-

-

-

90,772

Balance at 31 December 2025

1,719

501,845

(1,075,000

)

4,450,698