ACCOUNTS - Final Accounts

Operating profit

The operating profit is stated after charging:

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.

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

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

Page 21

INTEGRAL MEMORY PLC

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

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

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)

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

Page 25

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.

Page 27

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

Page 29

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