Company registration number SC225313 (Scotland)
VITEC LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
VITEC LTD
COMPANY INFORMATION
Directors
Mr Colin Farquhar
Mrs Dominique Pinet
Mr Philippe Wetzel
Ms Marine Wetzel
Mr Eric Wetzel
Ms Caroline Wetzel
Mr Nicolas Quesne
Secretary
Mrs Sarah McColgan
Company number
SC225313
Registered office
St David's House
Dalgety Bay
Fife
KY11 9NB
Auditor
Thomson Cooper
3 Castle Court
Carnegie Campus
Dunfermline
Fife
KY11 8PB
Business address
St. Davids House
St. David's Drive
Dalgety Bay
Fife
KY11 9NB
Bankers
HSBC Bank plc
76 Hanover Street
Edinburgh
EH2 1HQ
VITEC LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11 - 12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Company statement of cash flows
16
Notes to the financial statements
17 - 32
VITEC LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

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

Review of the business

The financial year ended 31 December 2025 was a strong period for VITEC LTD, marked by continued commercial momentum, disciplined operational management, and sustained demand across our core markets. Sales performance remained robust throughout the year, reflecting both the resilience of our customer base and the effectiveness of our commercial strategy.

VITEC LTD remains a key R&D centre for the VITEC Group, growing our R&D resource this year after the close of other R&D offices within the wider group. Our team have been engaged in developing our next generation IPTV products, working on a specific project, Fusion, that is due to launch in 2026.

Business Review and Future Developments

VITEC LTD delivered a good year for sales, with revenue levels broadly comparable to those achieved in the year ended 31 December 2024. Market conditions remained favourable, and the business benefited from a combination of repeat customer activity, new business wins, and improved conversion rates across several product lines.

VITEC continued to invest in key strategic areas, including product development and customer support, ensuring that the business remains well positioned for future growth.

Recruitment and retention especially in the engineering sector remains an issue with a tight employment market.

Operational highlights include:

- Continued strong customer engagement and retention across key sectors.

- Investment in internal systems and processes to support scalable growth.

- Strengthened supplier relationships and improved contract management discipline.

- Ongoing focus on staff development and organisational capability.

Our accounts profitability at 31 December 2025 is lower than in 2024, firstly due to the increased R&D spend we have in ensuring that we can support our project launching in 2026. Secondly, we have incurred an exceptional invoice from Dolby after an internal audit resulted in a reassessment of historical licensing positions. This fee has been accrued at $1m but with the support of our legal counsel we hope to challenge this to bring this fee down.

The key performance indicators of the company are as follows:

| 31/12/25 | 31/12/24
Turnover | £20,913,865 | £20,482,554
EBITDA | £964,614 | £3,175,701

Financial Risk Management

The group is exposed to a number of financial risks similar to other groups of its size with an international presence. The group is constantly monitoring these risks and looks to reduce these as appropriate where they may have an adverse effect on the financial results.

Liquidity and cash flow risk

VITEC continually monitors cash position to ensure it has sufficient cash to meet operational needs. VITEC has no borrowing at present. All cash reserves are held in Sterling, Australian Dollars, Euros or US Dollars and while some are on short term deposits they are still instantly available. Profits quickly convert to cash as they arise as VITEC is not a capital-intensive business.

Foreign exchange risk

VITEC invoices in Sterling, US Dollars, Australian Dollars and Euros. It has costs in these currencies and also in AED, AED, HKD, SGD and ZAR. While there is some offsetting, VITEC is generating a surplus of Australian Dollars, Euros and US$. VITEC monitors this monthly, in conjunction with the whole group, and looks to minimise the risk of exchange rate exposure by selling appropriate currencies either intercompany at current spot rate (saving spread costs) or at the prevailing rate.

VITEC LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

All of above risks are further mitigated by becoming part of a larger and financially stronger group during the year.

Debtor risk

VITEC looks to find and build long term relationships with Audio Visual and IT reseller partners worldwide and while it uses credit reference agencies, regular orders and internal monitoring are the best way to recognise early when a partner is in financial difficulty. New partners are usually required to pay some, or all, of their invoices in advance of shipment or use irrevocable Letters of Credit.

Principal Risks and Uncertainties

The key risks affecting the business as a whole, which have not been mentioned above, are noted below:

Cybersecurity threats: Cybersecurity is one of the most material risks for a tech‑driven company because the core assets—its data, intellectual property, and digital infrastructure—are inherently exposed. A single breach can undermine customer trust, jeopardize contracts, and stall growth—especially for companies selling software or handling sensitive data. We alleviate this risk by training our global team regularly on IT security so that they are aware of new ways that cybersecurity breaches could occur.

Recruitment: The intellectual property and prosperity of VITEC has been built on its ability to recruit and retain high quality staff. To ensure it can retain the highest calibre of staff the group regularly reviews the suitability of its overall offering, particularly with respect to salary and benefits package, working environment and career progression.

Product development delays: Resource constraints amplify delays, small teams mean that illness, turnover, or competing priorities can stall progress quickly. Falling behind schedule can mean missing market windows or losing competitive advantage. The consequence of this being lost revenue due to postponed launches and reduced customer satisfaction. Our Product Management, R&D and Sales teams work together to ensure that this risk is minimalised. During 2025 we also introduced a project management position to manage the projects across these teams ensuring smooth delivery.

Geopolitical instability: Geopolitical risk has become increasingly relevant for tech companies, due to globalised supply chains, distributed teams, and cross‑border data flow. VITEC is a global organisation, we are working to ensure that we minimise this risk by expanding into new countries.

On behalf of the board

Mr Colin Farquhar
Director
30 March 2026
VITEC LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

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

Principal activities

VITEC is a market leading developer of IP video, digital signage and guest experience technologies that enable organisations to harness the power of video to inform, educate and entertain. VITEC's end-to-end solutions enable customers to capture TV/video content directly from any source and manage its delivery, as channels or within digital signage screens, to any connected device via existing networks. From corporate, finance and education, to hospitality, remote facilities, stadiums and healthcare, VITEC has global expertise in delivering complex professional audio-visual solutions.

VITEC's technology is deployed globally by some of the most recognized brands in the world, enabling the distribution of broadcast quality digital TV and video over IP networks to an unlimited number of end points. With centralized management, configuration and control, VITEC solutions support large volumes of content and devices without compromising system performance or availability.

Headquartered in Scotland UK, and with international sales offices, VITEC extends its global reach through its channel of technically innovative reseller partners.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £3,965,177. The directors do not recommend payment of a further dividend.

Directors

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

Mr Colin Farquhar
Mrs Dominique Pinet
Mr Philippe Wetzel
Ms Marine Wetzel
Mr Eric Wetzel
Ms Caroline Wetzel
Mr Nicolas Quesne
Auditor

In accordance with the company's articles, a resolution proposing that Thomson Cooper be reappointed as auditor of the group will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

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

VITEC LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

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

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

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

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

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr Colin Farquhar
Director
30 March 2026
VITEC LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF VITEC LTD
- 5 -
Opinion

We have audited the financial statements of VITEC LTD (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2025 and of the group's profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- T he information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

VITEC LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF VITEC LTD
- 6 -
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 their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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

- adequate accounting records have not been kept 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' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group's and 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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

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

We considered the opportunities and incentives that may exist within the group for fraud and identified the greatest potential for fraud in the following areas: existence and timing of recognition of commercial income, posting of unusual journals along with complex transactions and manipulating the Group’s key performance indicators to meet targets. We discussed these risks with management, designed audit procedures to test the timing and existence of commercial revenue, including circularisation of debtors, tested a sample of journals to confirm they were appropriate, attended the year end stock count and reviewed areas of judgement for indicators of management bias to address these risks.

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the officers and other management (as required by the auditing standards).

We reviewed the laws and regulations in areas that directly affect the financial statements including financial and taxation legislation and considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statement items.

With the exception of any known or possible non-compliance with relevant and significant laws and regulations, and as required by the auditing standards, our work in respect of these was limited to enquiry of the officers and management of the group.

We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

VITEC LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF VITEC LTD
- 7 -

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

This report is made solely to the parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Alan Mitchell (Senior Statutory Auditor)
for and on behalf of Thomson Cooper, Statutory Auditor
Dunfermline
30 March 2026
VITEC LTD
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
20,913,865
20,482,554
Cost of sales
(7,612,497)
(6,135,095)
Gross profit
13,301,368
14,347,459
Administrative expenses
(12,955,611)
(11,815,588)
Other operating income
390,511
494,105
Operating profit
4
736,268
3,025,976
Interest receivable and similar income
7
33,578
45,034
Profit before taxation
769,846
3,071,010
Tax on profit
8
(218,278)
(712,527)
Profit for the financial year
23
551,568
2,358,483
Profit for the financial year is all attributable to the owners of the parent company.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

VITEC LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
2025
2024
£
£
Profit for the year
551,568
2,358,483
Other comprehensive income
-
-
Cash flow hedges gain arising in the year
-
0
-
0
Total comprehensive income for the year
551,568
2,358,483
Total comprehensive income for the year is all attributable to the owners of the parent company.
VITEC LTD
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
10
188
7,518
Tangible assets
11
511,495
579,592
511,683
587,110
Current assets
Stocks
15
4,306,171
3,823,444
Debtors
16
6,754,369
5,618,003
Cash at bank and in hand
2,032,088
3,827,837
13,092,628
13,269,284
Creditors: amounts falling due within one year
17
(7,928,257)
(3,778,397)
Net current assets
5,164,371
9,490,887
Total assets less current liabilities
5,676,054
10,077,997
Creditors: amounts falling due after more than one year
18
(1,245,956)
(2,237,161)
Provisions for liabilities
Deferred tax liability
19
34,993
32,122
(34,993)
(32,122)
Net assets
4,395,105
7,808,714
Capital and reserves
Called up share capital
21
60,227
60,227
Share premium account
22
2,988,301
2,988,301
Profit and loss reserves
23
1,346,577
4,760,186
Total equity
4,395,105
7,808,714

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 30 April 2026 and are signed on its behalf by:
30 April 2026
Mr Colin Farquhar
Director
Company registration number SC225313 (Scotland)
VITEC LTD
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2025
31 December 2025
- 11 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
10
188
378
Tangible assets
11
191,561
215,131
Investments
12
149
149
191,898
215,658
Current assets
Stocks
15
4,306,171
3,823,444
Debtors
16
7,121,256
5,822,463
Cash at bank and in hand
1,907,277
3,660,681
13,334,704
13,306,588
Creditors: amounts falling due within one year
17
(7,765,681)
(3,388,187)
Net current assets
5,569,023
9,918,401
Total assets less current liabilities
5,760,921
10,134,059
Creditors: amounts falling due after more than one year
18
(1,245,956)
(2,237,161)
Provisions for liabilities
Deferred tax liability
19
34,993
32,122
(34,993)
(32,122)
Net assets
4,479,972
7,864,776
Capital and reserves
Called up share capital
21
60,227
60,227
Share premium account
22
2,988,301
2,988,301
Profit and loss reserves
23
1,431,444
4,816,248
Total equity
4,479,972
7,864,776
VITEC LTD
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2025
31 December 2025
- 12 -

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £580,373 (2024 - £2,290,184 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 30 April 2026 and are signed on its behalf by:
30 April 2026
Mr Colin Farquhar
Director
Company registration number SC225313 (Scotland)
VITEC LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 13 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2024
60,227
2,988,301
2,401,703
5,450,231
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
2,358,483
2,358,483
Balance at 31 December 2024
60,227
2,988,301
4,760,186
7,808,714
Year ended 31 December 2025:
Profit and total comprehensive income
-
-
551,568
551,568
Dividends
9
-
-
(3,965,177)
(3,965,177)
Balance at 31 December 2025
60,227
2,988,301
1,346,577
4,395,105
VITEC LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 14 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2024
60,227
2,988,301
2,526,064
5,574,592
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
2,290,184
2,290,184
Balance at 31 December 2024
60,227
2,988,301
4,816,248
7,864,776
Year ended 31 December 2025:
Profit and total comprehensive income
-
-
580,373
580,373
Dividends
9
-
-
(3,965,177)
(3,965,177)
Balance at 31 December 2025
60,227
2,988,301
1,431,444
4,479,972
VITEC LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 15 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
2,678,531
3,058,248
Income taxes paid
(389,761)
(345,933)
Net cash inflow from operating activities
2,288,770
2,712,315
Investing activities
Purchase of intangible assets
-
(7,709)
Proceeds from disposal of intangibles
7,140
-
Purchase of tangible fixed assets
(160,060)
(520,754)
Interest received
33,578
45,034
Net cash used in investing activities
(119,342)
(483,429)
Financing activities
Dividends paid to equity shareholders
(3,965,177)
-
0
Net cash used in financing activities
(3,965,177)
-
Net (decrease)/increase in cash and cash equivalents
(1,795,749)
2,228,886
Cash and cash equivalents at beginning of year
3,827,837
1,598,951
Cash and cash equivalents at end of year
2,032,088
3,827,837
VITEC LTD
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 16 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
2,708,290
2,527,249
Income taxes paid
(408,948)
(316,607)
Net cash inflow from operating activities
2,299,342
2,210,642
Investing activities
Purchase of intangible assets
-
0
(569)
Purchase of tangible fixed assets
(121,147)
(146,264)
Interest received
33,578
45,188
Net cash used in investing activities
(87,569)
(101,645)
Financing activities
Dividends paid to equity shareholders
(3,965,177)
-
Net cash used in financing activities
(3,965,177)
-
Net (decrease)/increase in cash and cash equivalents
(1,753,404)
2,108,997
Cash and cash equivalents at beginning of year
3,660,681
1,551,684
Cash and cash equivalents at end of year
1,907,277
3,660,681
VITEC LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 17 -
1
Accounting policies
Company information

VITEC LTD (“the company”) is a private limited company domiciled and incorporated in Scotland. The registered office is St. Davids House, St. David's Drive, Dalgety Bay, Fife, KY11 9NB.

The group consists of VITEC LTD and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company VITEC LTD together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 December 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.3
Going concern

The financial statements have been prepared on the going concern basis, which assumes that the group and parent company will continue in operational existence for the foreseeable future, being at least twelve months from the date of approval of the financial statements.

In assessing the appropriateness of the going concern basis, the directors have considered the group and parent company’s current and projected trading performance, cash flow forecasts, committed customer orders and the level of cash reserves held. The group and parent company operates within the Middle East region and the directors acknowledge that the current geopolitical conflict in the region has created increased uncertainty, including potential impacts on economic conditions, supply chains and customer activity.

Notwithstanding these uncertainties, the group and parent company continue to trade profitably, have a strong order book extending beyond the assessment period, and maintain good cash reserves with no reliance on external borrowing. The directors have prepared forecasts and sensitivity analyses which indicate that the group and parent company have sufficient financial resources to meet their liabilities as they fall due, even under reasonably plausible downside scenarios.

Accordingly, the directors consider that the group and parent company are well placed to manage the business risks and believe that the going concern basis of accounting remains appropriate.

VITEC LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 18 -
1.4
Turnover

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

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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

1.5
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Patents and licences
equal instalments over a period of 3 - 5 years
1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Tenant's improvements
33 1/3% straight line
Fixtures, fittings & equipment
33 1/3% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

VITEC LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 19 -
1.8
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

VITEC LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 20 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

VITEC LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 21 -
1.14
Taxation

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

Current tax

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

Deferred tax

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

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

Where material, t he cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

1.18
Foreign exchange

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

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

VITEC LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
- 22 -
Key sources of estimation uncertainty

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

Deferred Maintenance

Deferred maintenance reflects the unexpired portion of the warranty on each product sold. A review of this provision has taken place to ensure the basis of calculation is deemed appropriate.

3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2025
2024
£
£
Turnover analysed by class of business
Goods and services
20,913,865
20,482,554
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
4,542,670
2,974,022
Rest of the World
16,371,195
17,508,532
20,913,865
20,482,554
2025
2024
£
£
Other revenue
Interest income
33,578
45,034

The directors have chosen not to disclose turnover between different classes of activity on the basis this is considered prejudicial to the business.

4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging:
Exchange losses
56,470
121,498
Research and development costs
117,324
124,153
Fees payable to the group's auditor for the audit of the group's financial statements
23,700
22,575
Depreciation of tangible fixed assets
228,157
148,508
Amortisation of intangible assets
190
1,523
Operating lease charges
540,100
471,661
VITEC LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 23 -
5
Employees

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

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Engineering
51
49
38
35
Sales, Marketing & Support
35
47
24
19
Finance & Operations
23
22
23
22
Total
109
118
85
76

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
8,855,485
8,853,305
9,738,491
9,568,082
Social security costs
663,211
491,685
502,606
396,180
Pension costs
224,315
186,576
224,315
186,576
9,743,011
9,531,566
10,465,412
10,150,838
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
190,871
184,511
Company pension contributions to defined contribution schemes
24,028
13,212
214,899
197,723

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2024 - 1).

7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
33,578
44,369
Other interest income
-
665
Total income
33,578
45,034
VITEC LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 24 -
8
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
224,002
500,175
Adjustments in respect of prior periods
(8,595)
(4,714)
Total current tax
215,407
495,461
Deferred tax
Origination and reversal of timing differences
2,871
217,066
Total tax charge
218,278
712,527

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

2025
2024
£
£
Profit before taxation
769,846
3,071,010
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
192,462
767,753
Tax effect of expenses that are not deductible in determining taxable profit
4,319
11,104
Depreciation on assets not qualifying for tax allowances
13,904
9,797
Effect of overseas tax rates
-
0
535
Under/(over) provided in prior years
7,593
(17,772)
Deferred tax adjustments in respect of prior years
-
0
5,711
Losses
-
0
(64,601)
Taxation charge
218,278
712,527

Other operating income represents the value of the Research and Development Expenditure Credit (RDEC) claimed in the year.

9
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Final paid
3,965,177
-
VITEC LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 25 -
10
Intangible fixed assets
Group
Patents and licences
£
Cost
At 1 January 2025
381,629
Disposals
(7,140)
At 31 December 2025
374,489
Amortisation and impairment
At 1 January 2025
374,111
Amortisation charged for the year
190
At 31 December 2025
374,301
Carrying amount
At 31 December 2025
188
At 31 December 2024
7,518
Company
Patents and licences
£
Cost
At 1 January 2025 and 31 December 2025
374,489
Amortisation and impairment
At 1 January 2025
374,111
Amortisation charged for the year
190
At 31 December 2025
374,301
Carrying amount
At 31 December 2025
188
At 31 December 2024
378
VITEC LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 26 -
11
Tangible fixed assets
Group
Tenant's improvements
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 January 2025
812,782
915,651
1,728,433
Additions
29,037
131,023
160,060
At 31 December 2025
841,819
1,046,674
1,888,493
Depreciation and impairment
At 1 January 2025
401,607
747,234
1,148,841
Depreciation charged in the year
113,136
115,021
228,157
At 31 December 2025
514,743
862,255
1,376,998
Carrying amount
At 31 December 2025
327,076
184,419
511,495
At 31 December 2024
411,175
168,417
579,592
Company
Tenant's improvements
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 January 2025
476,899
851,327
1,328,226
Additions
17,171
103,976
121,147
At 31 December 2025
494,070
955,303
1,449,373
Depreciation and impairment
At 1 January 2025
390,254
722,841
1,113,095
Depreciation charged in the year
55,616
89,101
144,717
At 31 December 2025
445,870
811,942
1,257,812
Carrying amount
At 31 December 2025
48,200
143,361
191,561
At 31 December 2024
86,645
128,486
215,131
12
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
149
149
VITEC LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
12
Fixed asset investments
(Continued)
- 27 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2025 and 31 December 2025
149
Carrying amount
At 31 December 2025
149
At 31 December 2024
149
13
Subsidiaries
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Accommtec Ltd
England
Ordinary shares
100.00
VITEC PTY Ltd
Australia
Ordinary shares
100.00
VITEC Portugal LDA
Portugal
Ordinary shares
100.00
14
Financial instruments

The definition of financial instruments is in accordance with the accounting policy stated in note 1.12. It should be noted that the financial assets do not include the cash reserves of the business.

15
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Raw materials and consumables
1,582,181
1,779,041
1,582,181
1,779,041
Finished goods and goods for resale
2,723,990
2,044,403
2,723,990
2,044,403
4,306,171
3,823,444
4,306,171
3,823,444
16
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
5,841,109
4,979,737
5,841,109
4,979,735
Corporation tax recoverable
159,807
-
0
204,955
-
0
Amounts owed by group undertakings
141,004
25,730
676,159
454,594
Other debtors
397,922
426,438
215,079
216,341
Prepayments and accrued income
214,527
186,098
183,954
171,793
6,754,369
5,618,003
7,121,256
5,822,463
VITEC LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 28 -
17
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
£
£
£
£
Trade creditors
612,578
1,015,321
626,249
616,121
Amounts owed to group undertakings
2,507,262
420,452
2,507,263
620,556
Corporation tax payable
-
0
14,547
-
0
-
0
Other taxation and social security
52,312
108,203
66,385
90,410
Other creditors
129,731
129,130
-
0
-
0
Accruals and deferred income
4,626,374
2,090,744
4,565,784
2,061,100
7,928,257
3,778,397
7,765,681
3,388,187
18
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
£
£
£
£
Other creditors
1,245,956
2,237,161
1,245,956
2,237,161

Other creditors represents deferred annual maintenance. The directors consider that the carrying amount approximates to its fair value.

19
Deferred taxation

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
34,993
32,122
Liabilities
Liabilities
2025
2024
Company
£
£
Accelerated capital allowances
34,993
32,122
VITEC LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
19
Deferred taxation
(Continued)
- 29 -
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 January 2025
32,122
32,122
Charge to profit or loss
2,871
2,871
Liability at 31 December 2025
34,993
34,993

T he deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

20
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
224,315
186,576

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

21
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
29,548
29,548
29,548
29,548
Ordinary A shares of £1 each
19,129
19,129
19,129
19,129
Ordinary B shares of £1 each
11,550
11,550
11,550
11,550
60,227
60,227
60,227
60,227

The company has three classes of shares - Ordinary Shares, A Ordinary Shares and B Ordinary Shares which carry no rights to fixed income. Each share, regardless of its class, carries one voting right.

22
Share premium account
Group
Company
2025
2024
2025
2024
£
£
£
£
At the beginning and end of the year
2,988,301
2,988,301
2,988,301
2,988,301
VITEC LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 30 -
23
Profit and loss reserves
Group
Company
2025
2024
2025
2024
£
£
£
£
At the beginning of the year
4,760,186
2,401,703
4,816,248
2,526,064
Profit for the year
551,568
2,358,483
580,373
2,290,184
Dividends
(3,965,177)
-
(3,965,177)
-
At the end of the year
1,346,577
4,760,186
1,431,444
4,816,248
24
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2025
2024
£
£
Aggregate compensation
675,682
765,544

The key management personnel of the company are deemed to be the VP of Sales, Chief Technology Office, the Director of Operations, the VP of HR, the Financial Controller and the Head of Production Management.

25
Directors' transactions

The director's loan of £43,101 (2024 - £43,101) arose as a result of overseas tax suffered whilst on secondment and is expected to be recovered post year end. This is included within other debtors.

26
Controlling party

The directors consider VITEC SA to be the ultimate controlling party. VITEC SA is incorporated in France. The headquarters are 99 Rue Pierre Semard, Chatillon, France, 92320.

The largest group in which the results of VITEC LTD are consolidated is that headed by VITEC SA.

VITEC LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 31 -
27
Cash generated from group operations
2025
2024
£
£
Profit after taxation
551,568
2,358,483
Adjustments for:
Taxation charged
218,278
712,527
Investment income
(33,578)
(45,034)
Amortisation and impairment of intangible assets
190
1,523
Depreciation and impairment of tangible fixed assets
228,157
148,508
Movements in working capital:
Increase in stocks
(482,727)
(1,624,181)
(Increase)/decrease in debtors
(976,559)
311,289
Increase in creditors
3,173,202
1,195,133
Cash generated from operations
2,678,531
3,058,248
28
Cash generated from operations - company
2025
2024
£
£
Profit after taxation
580,373
2,290,184
Adjustments for:
Taxation charged
206,864
706,457
Investment income
(33,578)
(45,188)
Amortisation and impairment of intangible assets
190
1,523
Depreciation and impairment of tangible fixed assets
144,717
129,143
Movements in working capital:
Increase in stocks
(482,727)
(1,624,181)
(Increase)/decrease in debtors
(1,093,838)
245,484
Increase in creditors
3,386,289
823,827
Cash generated from operations
2,708,290
2,527,249
29
Analysis of changes in net funds - group
1 January 2025
Cash flows
31 December 2025
£
£
£
Cash at bank and in hand
3,827,837
(1,795,749)
2,032,088
VITEC LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 32 -
30
Analysis of changes in net funds - company
1 January 2025
Cash flows
31 December 2025
£
£
£
Cash at bank and in hand
3,660,681
(1,753,404)
1,907,277
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