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Registered number: 02480354 INTEGRAL MEMORY PLC ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
INTEGRAL MEMORY PLC COMPANY INFORMATION
Directors | Sunil Kotecha
| Sanjiv Kotecha
Company secretaries | Jayantilal Kotecha
Registered number | 02480354
Registered office | Unit 6 Iron Bridge Close
| Iron Bridge Business Park
| London
| NW10 0UF
Independent auditor | Barnes Roffe Audit Limited
| Chartered Accountants Statutory Auditor
| Leytonstone House
| Leytonstone
| London
| E11 1GA
Bankers | Barclays Bank plc
| Level 27
| 1 Churchill Place
| London
| E14 5HP
INTEGRAL MEMORY PLC CONTENTS
| Page
Group strategic report | 1 - 2
Directors' report | 3 - 5
Independent auditor's report | 6 - 9
Consolidated statement of income and retained earnings | 10
Consolidated balance sheet | 11
Company balance sheet | 12
Consolidated statement of cash flows | 13
Consolidated analysis of net debt | 14
Notes to the financial statements | 15 - 32
INTEGRAL MEMORY PLC GROUP STRATEGIC REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025
Introduction
The directors present their strategic report for the year.
Business review
We continue to build our team's skills and capabilities, which has increased confidence, productivity, and customer service levels. Across the Memory and LED business, product development has resulted in better customer engagement, increased purchasing, and a continued trend toward higher sales. This development is ongoing and at pace. Our marketing team is expanding, and we continue to develop our skill set, with increased investment in both traditional and digital channels; we expect this to continue in the coming years. We continue our investment in new technology for our operations and see improvements in our ability to deliver better service with better control and lower costs. The investments in solar and battery technology across our two UK sites are delivering measurable benefits, including a continued reduction in our carbon footprint and a sustained period at net zero emissions, demonstrating our commitment to sustainability. The robotic automations for assembly and packaging in Neasden have been successfully implemented, resulting in significant output improvements, lower costs, and enhanced competitiveness; we are committed to further investments in this area to sustain these gains. Our CRM, PIM and ERP developments are well established and ongoing, with benefits including better sales management, informed decision-making, and improved productivity. Our Memory division is seeing increases in ASP due to AI-related demand in the industry and the tightening of supply as a result. Along with our product development and increased marketing, our Q4 showed significant growth, which we expect to continue. In our LED business, ASP reductions are levelling off, and the work in product development, sales, and marketing is seeing a return to growth from Q3, with better customer engagement and spend, as well as developing business in market niches. Our European subsidiaries are showing growth from Q4, with the team improving and increased customer engagement, particularly in the memory division.
Principal risks and uncertainties
The cost of living, persistent inflation, and higher interest rates remain a concern. Government spending and geopolitical uncertainties are being monitored, as well as a rise in unemployment. Page 1
INTEGRAL MEMORY PLC GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
Financial key performance indicators
The financial highlights for the year are as follows: Turnover £33,611,660 (2024 - £36,087,468) Gross profit £9,474,875 (2024 - £9,869,379) Profit before taxation £213,297 (2024 - £20,022)
Directors' statement of compliance with duty to promote the success of the group
The directors confirm that, as required under Section 172(1) Companies Act 2006, they have acted in the way that they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have had regard to the specific matters set out in the above Section. This report was approved by the board and signed on its behalf.
Sunil Kotecha Director
Date: 19 August 2026
Page 2
INTEGRAL MEMORY PLC DIRECTORS' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025 The directors present their report and the financial statements for the year ended 30 September 2025.
Directors' responsibilities statement
The directors are responsible for preparing the group strategic report, the directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the group's financial statements 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 group 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 the group and to 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.
Principal activities
The principal activities of the group are those of a manufacturer and distributor of computer memory, memory cards and USB drives, development of solid state encryption technology products, distributor and manufacturer of a wide range of LED products and design and development of new products and firmware for the Internet of Things.
Results and dividends
The profit for the year, after taxation and minority interests, amounted to £12,423 (2024 - loss £36,963). The directors do not recommend the payment of a final dividend.
Directors
The directors who served during the year were:
Sunil Kotecha
Sanjiv Kotecha
Page 3
INTEGRAL MEMORY PLC DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
Future developments
Future developments in respect of the expansion at the new site in Nottingham, as well as the plans to reduce the carbon footprint of the business, are detailed in the strategic report.
Financial instruments
The group enters into forward contracts to purchase and sell foreign currencies as part of its strategy to mitigate the financial risks associated with trading in foreign currencies.
Greenhouse gas emissions, energy consumption and energy efficiency action
The group is required to report the below information under the Streamlined Energy and Carbon Reporting guidance. The information relates to the energy use by the UK company only. The company's greenhouse gas emissions and energy consumption are as follows:
|  |  |  | 2025 | 2024
Emissions resulting from activities for which the company is responsible involving the combustion of gas or consumption of fuel for the purposes of transport (in tonnes of CO2 equivalent) | 34,930 | 37,267
Emissions resulting from the purchase of the electricity by the company for its own use, including the purposes of transport (in tonnes of CO2 equivalent) | 17,869 | 35,689
Energy consumed from activities for which the company is responsible involving the combustion of gas, or the consumption of fuel for the purposes of transport, and the annual quantity of energy consumed resulting from the purchase of electricity by the Group for its own use, including for the purposes of transport, in kWh | 355,677 | 359,491
Greenhouse Gas emissions have been calculated in accordance with the GHG Protocol Corporate Standard. This involved using data from invoices showing metered electricity and gas consumption, fuel purchase records and business mileage expense claims. The emissions calculations have been based on the UK government’s conversion factors for greenhouse gas reporting for 2025 and 2024. The change in energy usage and emissions is due to an increase in transport activity for business purposes following COVID restrictions. The company’s previous investment in solar panels at its Neasden warehouse has helped to moderate the amount of energy purchased from external suppliers. Some of the vehicle fleet has been replaced with PHEVs. In office and canteen areas, efforts to reduce paper usage and non-recyclable waste are ongoing. The measurement of total CO2 emissions per full time equivalent employee for the year ended 30 September 2025 was 0.52 tCO2e/employee (2024 - 0.75 tCO2e/employee). This does not include some optional items which would fall under Scope 3 reporting. Page 4
INTEGRAL MEMORY PLC DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
Disclosure of information to auditor
Each of the persons who are directors at the time when this directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the company and the group's auditor is unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company and the group's auditor is aware of that information.
Post balance sheet events
There have been no significant events affecting the group since the year end.
Auditor
The auditor, Barnes Roffe Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
Sunil Kotecha Director
Date: 19 August 2026
Page 5
INTEGRAL MEMORY PLC INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF INTEGRAL MEMORY PLC
Opinion
We have audited the financial statements of Integral Memory Plc (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2025, which comprise the consolidated statement of income and retained earnings, the consolidated analysis of net debt, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows and the related notes, 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's affairs as at 30 September 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 Auditor's 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 United Kingdom, including the Financial Reporting Council'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 or 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. Page 6
INTEGRAL MEMORY PLC INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF INTEGRAL MEMORY PLC (CONTINUED)
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.
Opinion 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the group strategic report and the directors' report 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 directors' report. 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 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 directors' responsibilities statement set out on page 3, 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 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. Page 7
INTEGRAL MEMORY PLC INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF INTEGRAL MEMORY PLC (CONTINUED)
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 Group financial statements. 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: - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the relevant sector; - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006 and ISO standards; - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and - identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. We also assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias, and investigated the rationale behind significant or unusual transactions. The areas that we identified as being susceptible to misstatement through fraud were: - Management bias in the estimates and judgements made; and - Management override of controls. Page 8
INTEGRAL MEMORY PLC INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF INTEGRAL MEMORY PLC (CONTINUED) 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 or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 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 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. Graham Wallace (senior statutory auditor) for and on behalf of Barnes Roffe Audit Limited Chartered Accountants Statutory Auditor Leytonstone House Leytonstone London E11 1GA 19 August 2026 Page 9
INTEGRAL MEMORY PLC CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED 30 SEPTEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 33,611,660 | 36,087,468
Cost of sales |  | (24,136,785) | (26,218,089)
Gross profit |  | 9,474,875 | 9,869,379
Distribution costs |  | (5,883) | -
Administrative expenses |  | (8,931,605) | (9,524,140)
Operating profit | 5 | 537,387 | 345,239
Interest receivable and similar income | 9 | 10,845 | 8,217
Interest payable and similar charges | 10 | (334,935) | (333,434)
Profit before tax |  | 213,297 | 20,022
Tax on profit | 11 | (200,530) | (56,286)
Profit/(loss) after tax |  | 12,767 | (36,264)
Retained earnings at the beginning of the year |  | 21,790,871 | 21,827,834
Profit/(loss) for the year attributable to the owners of the parent |  | 12,423 | (36,963)
Retained earnings at the end of the year |  | 21,803,294 | 21,790,871
Non-controlling interest at the beginning of the year |  | (508) | (1,207)
Profit for the year attributable to the non-controlling interest |  | 344 | 699
Non-controlling interest at the end of the year |  | (164) | (508)
The notes on pages 15 to 32 form part of these financial statements.
Page 10
INTEGRAL MEMORY PLC REGISTERED NUMBER: 02480354 CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 12 |  | 15,876 |  | 11,480
Tangible assets | 13 |  | 8,423,513 |  | 8,606,496
|  |  | 8,439,389 |  | 8,617,976
Current assets |  |  |  |  |
Stocks | 15 | 12,856,997 |  | 12,425,093 |
Debtors: amounts falling due within one year | 16 | 13,827,847 |  | 11,271,720 |
Cash at bank and in hand | 17 | 3,021,819 |  | 2,499,537 |
|  | 29,706,663 |  | 26,196,350 |
Creditors: amounts falling due within one year | 18 | (16,192,922) |  | (12,873,963) |
Net current assets |  |  | 13,513,741 |  | 13,322,387
Net assets |  |  | 21,953,130 |  | 21,940,363
Capital and reserves |  |  |  |  |
Called up share capital | 20 |  | 150,000 |  | 150,000
Profit and loss account | 21 |  | 21,803,294 |  | 21,790,871
Equity attributable to owners of the parent company |  |  | 21,953,294 |  | 21,940,871
Non-controlling interests |  |  | (164) |  | (508)
|  |  | 21,953,130 |  | 21,940,363
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Sunil Kotecha
Director
Date: 19 August 2026
The notes on pages 15 to 32 form part of these financial statements. Page 11
INTEGRAL MEMORY PLC REGISTERED NUMBER: 02480354 COMPANY BALANCE SHEET AS AT 30 SEPTEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 12 |  | 15,876 |  | 11,480
Tangible assets | 13 |  | 8,152,039 |  | 8,304,622
Investments | 14 |  | 136,688 |  | 136,688
|  |  | 8,304,603 |  | 8,452,790
Current assets |  |  |  |  |
Stocks | 15 | 12,856,997 |  | 12,425,093 |
Debtors: amounts falling due after more than one year | 16 | 85,066 |  | 108,071 |
Debtors: amounts falling due within one year | 16 | 12,534,504 |  | 10,258,430 |
Cash at bank and in hand | 17 | 1,984,010 |  | 1,170,593 |
|  | 27,460,577 |  | 23,962,187 |
Creditors: amounts falling due within one year | 18 | (15,433,408) |  | (12,479,132) |
Net current assets |  |  | 12,027,169 |  | 11,483,055
Net assets |  |  | 20,331,772 |  | 19,935,845
Capital and reserves |  |  |  |  |
Called up share capital | 20 |  | 150,000 |  | 150,000
Profit and loss account brought forward |  | 19,785,845 |  | 19,787,942 |
Profit/(loss) for the year |  | 395,927 |  | (2,097) |
Profit and loss account carried forward |  |  | 20,181,772 |  | 19,785,845
|  |  | 20,331,772 |  | 19,935,845
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Sunil Kotecha
Director
Date: 19 August 2026
The notes on pages 15 to 32 form part of these financial statements. Page 12
INTEGRAL MEMORY PLC CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 12,767 | (36,264)
Adjustments for: |  |
Depreciation of tangible assets | 651,774 | 646,231
Loss on disposal of tangible assets | (3,500) | (7,489)
Interest paid | 334,935 | 333,434
Interest received | (10,845) | (8,217)
Taxation charge | 200,530 | 56,286
(Increase)/decrease in stocks | (431,904) | 948,933
(Increase)/decrease in debtors | (2,568,769) | 1,045,552
Increase/(decrease) in creditors | 3,333,163 | (1,211,681)
Corporation tax (paid) | (202,092) | (347,655)
Net cash generated from operating activities | 1,316,059 | 1,419,130
Cash flows from investing activities |  |
Purchase of intangible fixed assets | (4,396) | (11,480)
Purchase of tangible fixed assets | (468,791) | (871,144)
Sale of tangible fixed assets | 3,500 | 49,000
Interest received | 10,845 | 8,217
Net cash from investing activities | (458,842) | (825,407)
Cash flows from financing activities |  |
Interest paid | (334,935) | (333,434)
Net cash used in financing activities | (334,935) | (333,434)
Net increase in cash and cash equivalents | 522,282 | 260,289
Cash and cash equivalents at beginning of year | 2,499,537 | 2,239,248
Cash and cash equivalents at the end of year | 3,021,819 | 2,499,537
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 3,021,819 | 2,499,537
The notes on pages 15 to 32 form part of these financial statements.
Page 13
INTEGRAL MEMORY PLC CONSOLIDATED ANALYSIS OF NET DEBT FOR THE YEAR ENDED 30 SEPTEMBER 2025
| At 1 October 2024 | Cash flows | At 30 September 2025
| £ | £ | £
Cash at bank and in hand | 2,499,537 | 522,282 | 3,021,819
Debt due within 1 year | - | - | -
The notes on pages 15 to 32 form part of these financial statements.
Page 14
INTEGRAL MEMORY PLC NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
1. | General information
Integral Memory Plc is a public company limited by shares, incorporated in England and Wales. Its registered office is Unit 6 Iron Bridge Close, Iron Bridge Business Park, London, NW10 0UF. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires group management to exercise judgement in applying the group's accounting policies (see note 3). The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of income and retained earnings in these financial statements. The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated statement of income and retained earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.
| 2.3 | Going concern
The financial statements have been prepared on a going concern basis. Page 15
INTEGRAL MEMORY PLC NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the group has transferred the significant risks and rewards of ownership to the buyer; ∙the group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the group will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
| 2.5 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
| 2.6 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following annual bases:
|  |  |  | Freehold property | - | Between twenty-five and fifty years
|  |  |  | Short leasehold improvements | - | Between five and ten years
|  |  |  | Motor vehicles | - | 25% straight line
|  |  |  | Fixtures, fittings and equipment | - | Between 10% and 33% straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. Page 16
INTEGRAL MEMORY PLC NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.7 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.8 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.9 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.10 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the group's cash management.
| 2.11 | Financial instruments
Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Basic 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 group after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for Page 17
INTEGRAL MEMORY PLC NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.11 | Financial instruments (continued)
transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Other financial instruments Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss. Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
| 2.12 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Page 18
INTEGRAL MEMORY PLC NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.13 | Foreign currency translation
Functional and presentation currency The group's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.
| 2.14 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.15 | Operating leases: the group as lessor
Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.
| 2.16 | Operating leases: the group as lessee
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset. Page 19
INTEGRAL MEMORY PLC NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.17 | Pensions
Defined contribution pension plan The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the group in independently administered funds.
| 2.18 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.19 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.20 | Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company and the group operate and generate income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.21 | Research and development
Research and development expenditure is written off in the year in which it is incurred. Page 20
INTEGRAL MEMORY PLC NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. a) Significant judgements in applying the company's accounting policies There are no significant judgements in applying the company's accounting policies. b) Critical accounting estimates and assumptions Tangible fixed assets are depreciated over their useful lives taking into account residual values where appropriate.
4. | Turnover
The whole of the turnover is attributable to the principal activities of the group. Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 25,363,825 | 27,100,573
| Rest of the world | 8,247,835 | 8,986,895
|  | 33,611,660 | 36,087,468
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Research and development charged as an expense | 22,529 | 19,711
| Depreciation of tangible fixed assets | 651,774 | 646,231
| Profit on sale of tangible fixed assets | (3,500) | (7,489)
| Exchange differences | (492,719) | (53,147)
| Other operating lease rentals | 93,250 | 86,383
| Defined contribution pension cost | 157,368 | 141,306
| Stock recognised in cost of sales during the year as an expense | 23,568,689 | 25,082,820
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INTEGRAL MEMORY PLC NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
6. | Auditor's remuneration
| During the year, the group obtained the following services from the company's auditor and its associates:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the company's auditor and its associates for the audit of the consolidated and parent company's financial statements | 28,350 | 22,000
| Fees payable to the company's auditor and its associates in respect of: |  |
| All non-audit services not included above | 60,795 | 82,460
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  | Group 2025 | Company 2025 | Group 2024 | Company 2024
|  | £ | £ | £ | £
| Wages and salaries | 5,136,728 | 4,714,348 | 5,392,766 | 5,036,998
| Social security costs | 641,131 | 578,714 | 582,804 | 543,719
| Other pension costs | 157,368 | 153,856 | 141,306 | 137,583
|  | 5,935,227 | 5,446,918 | 6,116,876 | 5,718,300
| The average monthly number of employees, including the directors, during the year was as follows:
|  | Group 2025 | Company 2025 | Group 2024 | Company 2024
|  | No. | No. | No. | No.
| Sales and warehouse | 79 | 74 | 78 | 73
| Administration | 42 | 41 | 38 | 37
|  | 121 | 115 | 116 | 110
8. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 198,319 | 376,980
| During the year retirement benefits were accruing to 2 directors (2024 - 2) in respect of defined contribution pension schemes.
Page 22
INTEGRAL MEMORY PLC NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
9. | Interest receivable and similar income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest | 10,845 | 8,217
10. | Interest payable and similar charges
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest | 334,935 | 333,434
11. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 193,294 | 34,016
| Foreign tax |  |
| Foreign tax on income for the year | 7,236 | 22,270
| Total current tax | 200,530 | 56,286
Page 23
INTEGRAL MEMORY PLC NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 11.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 213,297 | 20,022
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 53,238 | 5,006
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 8,225 | 9,668
| Capital allowances for year in excess of depreciation | 59,193 | 37,797
| Other differences leading to a decrease in the tax charge | 79,874 | 3,815
| Total tax charge for the year | 200,530 | 56,286
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 24
INTEGRAL MEMORY PLC NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
12. | Intangible assets
| Group and Company
|  | Patents
|  | £
| Cost |
| At 1 October 2024 | 11,480
| Additions | 4,396
| At 30 September 2025 | 15,876
| Net book value |
| At 30 September 2025 | 15,876
| At 30 September 2024 | 11,480
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INTEGRAL MEMORY PLC NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
13. | Tangible fixed assets
| Group
|  | Freehold land and buildings | Short leasehold improvements | Motor vehicles | Fixtures, fittings and equipment | Total
|  | £ | £ | £ | £ | £
| Cost |  |  |  |  |
| At 1 October 2024 | 10,211,124 | 523,832 | 757,905 | 1,800,817 | 13,293,678
| Additions | 310,426 | - | 47,960 | 110,405 | 468,791
| Disposals | - | - | (25,330) | - | (25,330)
| At 30 September 2025 | 10,521,550 | 523,832 | 780,535 | 1,911,222 | 13,737,139
| Depreciation |  |  |  |  |
| At 1 October 2024 | 2,326,586 | 447,284 | 476,405 | 1,436,907 | 4,687,182
| Charge for the year on owned assets | 320,680 | 1,425 | 163,828 | 165,841 | 651,774
| Disposals | - | - | (25,330) | - | (25,330)
| At 30 September 2025 | 2,647,266 | 448,709 | 614,903 | 1,602,748 | 5,313,626
| Net book value |  |  |  |  |
| At 30 September 2025 | 7,874,284 | 75,123 | 165,632 | 308,474 | 8,423,513
| At 30 September 2024 | 7,884,538 | 76,548 | 281,500 | 363,910 | 8,606,496
| Included in freehold land and buildings is £2,367,890 (2024 - £2,367,890) of land which is not depreciated.
Page 26
INTEGRAL MEMORY PLC NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 13.Tangible fixed assets (continued)
| Company
|  | Freehold land and buildings | Short leasehold improvements | Motor vehicles | Fixtures, fittings and equipment | Total
|  | £ | £ | £ | £ | £
| Cost |  |  |  |  |
| At 1 October 2024 | 9,620,697 | 456,394 | 757,905 | 1,666,153 | 12,501,149
| Additions | 310,426 | - | 47,960 | 110,286 | 468,672
| Disposals | - | - | (25,330) | - | (25,330)
| At 30 September 2025 | 9,931,123 | 456,394 | 780,535 | 1,776,439 | 12,944,491
| Depreciation |  |  |  |  |
| At 1 October 2024 | 2,003,453 | 380,249 | 476,397 | 1,336,428 | 4,196,527
| Charge for the year on owned assets | 302,332 | 1,105 | 163,828 | 153,990 | 621,255
| Disposals | - | - | (25,330) | - | (25,330)
| At 30 September 2025 | 2,305,785 | 381,354 | 614,895 | 1,490,418 | 4,792,452
| Net book value |  |  |  |  |
| At 30 September 2025 | 7,625,338 | 75,040 | 165,640 | 286,021 | 8,152,039
| At 30 September 2024 | 7,617,244 | 76,145 | 281,508 | 329,725 | 8,304,622
| Included in freehold land and buildings is £2,243,500 (2024 - £2,243,500) of land which is not depreciated.
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INTEGRAL MEMORY PLC NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
14. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £
| Cost |
| At 1 October 2024 | 136,688
| At 30 September 2025 | 136,688
| Subsidiary undertakings
| The following were subsidiary undertakings of the company:
| Name | Principal activity | Class of shares | Holding
| Just Rams Property SCI*^ | Investment in property | Ordinary | 95%
| Integral Europe SARL | Electrical components distributors | Ordinary | 100%
| Integral Memory Espana SAU^ | Electrical components distributors | Ordinary | 100%
| Just Rams Limited^ | Non-trading | Ordinary | 100%
| Integral Europe BV^ | Electrical components distributors | Ordinary | 100%
| Integral Europe SRL^ | Electrical components distributors | Ordinary | 100%
| Integral Germany GmbH^ | Electrical components distributors | Ordinary | 100%
| * The accounts of Just Rams Property SCI and of Integral Germany GmbH are prepared for the year to 31 December 2025. The amounts used in the consolidation for this company are for the year ended 30 September 2025. ^ The financial statements of Just Rams Property SCI, Integral Memory Espana SAU, Integral Europe BV, Integral Europe SRL, Integral Germany GmbH and Just Rams Limited are not audited. The registered offices of the subsidiaries are as follows: - Just Rams Property SCI - 38 Ter Rue de Verdun, 92150 Suresnes, France - Integral Europe SARL - 38 Ter Rue de Verdun, 92150 Suresnes, France - Integral Memory Espana SAU - Doctor Castelo, 44, 28009, Madrid, Spain - Just Rams Limited - Unit 6 Iron Bridge Close, Iron Bridge Business Park, London, NW10 0UFF - Integral Europe BV - Keerkring 33, 2801 DG Gouda, The Netherlands - Integral Europe SRL - Foro Buonaparte n. 68, 20121, Milan, Italy - Integral Germany GmbH - Gumbelstrasse 2, 80636, Munich, Germany
Page 28
INTEGRAL MEMORY PLC NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
15. | Stocks
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Finished goods and goods for resale | 12,856,997 | 12,425,093 | 12,856,997 | 12,425,093
| The difference between purchase price or production cost of stocks and their replacement cost is not material.
16. | Debtors
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Amounts owed by group undertakings | - | - | 85,066 | 108,071
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade debtors | 10,001,211 | 8,816,959 | 7,644,616 | 7,367,122
| Amounts owed by group undertakings | - | - | 1,444,435 | 846,191
| Other debtors | 2,434,331 | 1,415,059 | 2,076,720 | 1,026,469
| Prepayments and accrued income | 1,392,305 | 1,039,702 | 1,368,733 | 1,018,648
|  | 13,827,847 | 11,271,720 | 12,534,504 | 10,258,430
17. | Cash and cash equivalents
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Cash at bank and in hand | 3,021,819 | 2,499,537 | 1,984,010 | 1,170,593
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INTEGRAL MEMORY PLC NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
18. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade creditors | 5,042,499 | 1,909,497 | 4,786,273 | 1,788,009
| Amounts owed to group undertakings | - | - | 224,229 | 252,746
| Corporation tax | 3,433 | 17,637 | - | -
| Other taxation and social security | 905,187 | 625,055 | 819,588 | 576,864
| Other creditors | 7,245,722 | 7,079,869 | 7,188,391 | 7,022,707
| Accruals and deferred income | 2,996,081 | 3,241,905 | 2,414,927 | 2,838,806
|  | 16,192,922 | 12,873,963 | 15,433,408 | 12,479,132
19. | Financial instruments
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Financial assets |  |  |  |
| Financial assets measured at fair value through profit or loss | - | - | - | -
| Financial assets that are debt instruments measured at amortised cost | 12,435,542 | 10,232,018 | 11,250,837 | 9,347,853
| Financial liabilities |  |  |  |
| Financial liabilities measured at amortised cost | 11,622,029 | 8,571,772 | 10,737,326 | 7,994,971
| Financial assets measured at amortised cost comprise trade and other debtors and amounts owed by group companies.
| Financial liabilities measured at amortised cost comprise trade creditors, other creditors and accruals.
Page 30
INTEGRAL MEMORY PLC NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
20. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 150,000 (2024 - 150,000) Ordinary shares of £1 each | 150,000 | 150,000
| All shares have equal rights, and there are no restrictions on the distribution of dividends and the repayment of capital.
21. | Reserves
Profit and loss account The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.
22. | Pension commitments
The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £141,306 (2023 - £132,496).
23. | Commitments under operating leases
| At 30 September 2025 the group and the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Not later than 1 year | - | 8,472
| Later than 1 year and not later than 5 years | - | 1,764
|  | - | 10,236
| The company had no commitments under non-cancellable operating leases at the balance sheet date.
Page 31
INTEGRAL MEMORY PLC NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
24. | Related party transactions
| The group/company has taken advantage of the exemption, under FRS 102 paragraph 1.12 and paragraph 33.1A, from disclosing transactions and balances with its wholly owned group companies because group accounts consolidating all group entities are prepared by the ultimate parent undertaking and are publicly available from Companies House. During the year the group/company's related parties made the following transactions with, and the following balances were due from/to, those same related parties:
|  | 2025 | 2024
|  | £ | £
| Net balance owed to the directors | 3,652,265 | 3,654,551
| Interest payable in respect of the above balance | 182,917 | 186,059
| Rent payable by the group/company to pension and retirement benefit schemes in which the directors are the ultimate beneficiaries | 93,250 | 74,600
| Balance owed by the group/company to above pension schemes | 302,905 | 79,721
| Balance owed to the company by 95% owned group companies | 113,551 | 152,805
| Loan interest charged by the company to 95% owned group companies | 9,017 | 8,999
| Net balance owed by the group/company to companies under the control of the directors | 2,700,000 | 2,700,000
| Interest payable by the group/company in respect of the above balance | 148,500 | 147,375
| Balance owed to the group/company by companies under common control | 820,649 | 791,051
25. | Ultimate parent undertaking and controlling party
The ultimate parent undertaking is Linden Investments Limited, a company incorporated in Guernsey, Channel Islands. Its registered office is Avenue House, St Julian's Avenue, St Peter Port, GW1 1WA. The largest group for which consolidated accounts are available is headed by Integral Memory Plc. The group is under the control of Mr Sunil Kotecha by virtue of his beneficial interest in the shares held by the ultimate parent company, Linden Investments Limited. Linden Investments Limited holds 127,500 Ordinary shares of £1 each in the company.
Page 32