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

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:

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.

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

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

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.

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.

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

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.

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.

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 United Kingdom 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.

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.

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:

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

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 identified material misstatements in the 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.

As explained more fully in the directors' responsibilities statement, 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.

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.

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.

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.

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

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

As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’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.

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.

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 amounts 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.

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 group.

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.

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.

Turnover is recognised at the fair value of the consideration received or receivable for goods and support 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.

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.

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:

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:

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.

Equity investments 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.

In 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.

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.

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.

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.

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.

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

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.

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.

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, 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 payments 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.

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.

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

The 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, the cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

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

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 leased asset are consumed.

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.

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.

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 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.

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

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

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

Their aggregate remuneration comprised:

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

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:

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

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.

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

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:

The 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.

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.

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.

The remuneration of key management personnel is as follows.

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.

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.

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.