REGISTERED NUMBER: 09154619 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

TRACELINK EUROPE LTD.

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

14

DIRECTORS:

M E Mozzer

N Camelio

REGISTERED OFFICE:

10 John Street

London

WC1N 2EB

REGISTERED NUMBER:

09154619 (England and Wales)

AUDITORS:

Oury Clark Chartered Accountants

Statutory Auditors

Herschel House

58 Herschel Street

Slough

Berkshire

SL1 1PG

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

The principal activity of Tracelink Inc. in the year under review was that of providing a broad range of solutions that enable companies and their supply network partners to master the supply chain challenges of today and the future. Tracelink Europe Ltd. continued to support Tracelink Inc. by providing support services in accordance with their intercompany agreement.

REVIEW OF BUSINESS

TraceLink Europe Ltd. ("the Company") continues to provide support services in the United Kingdom, France, Germany and Italy. Support services in Spain ceased during the year following the incorporation of a Spanish group entity. Turnover for the year ended 31 December 2025 was £10,792,436 (2024: £17,557,950). Profit before tax £577,204 (2024: £735,577). Net assets were £5,186,570 (2024: £4,584,156).

PRINCIPAL RISKS AND UNCERTAINTIES

Market and Competition risk - The Company is exposed to normal market and economic risks and manages competition by concentrating on its strengths.

Regulatory risk - The Company minimises regulatory risk by training key personnel and appointing external experts where appropriate, to assess any potential non-compliance. Accounting is an example of an externally audited area.

KEY PERFORMANCE INDICATORS

The main key performance indicator is cost, therefore turnover, which is monitored quarterly by the directors at a group level.

FUTURE DEVELOPMENTS

The directors' strategy remains to continue investment in all employee functions in order to provide a high level of customer satisfaction resulting in continued annual turnover growth.

ON BEHALF OF THE BOARD:

M E Mozzer - Director

20 August 2026

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of provision of support services to the parent company. The company incurs costs and recharges these to the parent company in accordance with the intercompany agreement.

DIVIDENDS

No dividends have been or will be declared for the year ended 31 December 2025.

FUTURE DEVELOPMENTS

The directors' strategy remains to continue investment in all employee functions in order to provide a high level of customer satisfaction resulting in continued annual turnover growth.

DIRECTORS

The directors during the year under review were:

M E Mozzer

N Camelio

The directors holding office at 31 December 2025 did not hold any beneficial interest in the issued share capital of the company at 1 January 2025 or 31 December 2025.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Oury Clark Chartered Accountants, are deemed to be re-appointed under Section 487 (2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:

M E Mozzer - Director

20 August 2026

Opinion

We have audited the financial statements of Tracelink Europe Ltd. (the 'company') for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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 company's ability to continue as a going concern for a period of at least twelve months and one day from when the financial statements are authorised for issue.

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be misstated. If we identify such inconsistencies or apparent 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 misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on Other Matters prescribed by the Companies Act 2006

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

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any matters in the Strategic Report and the Report of the Directors that are inconsistent with our overall view of the financial statements.

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

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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 company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential irregularities, including fraud

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

- Considering the nature of the industry, sector, control environment and current business activities, including possible performance targets and subsequent remuneration.

- Enquiring of management concerning policies and procedures relating to:

1. Complying with laws and regulations and whether there were any instances of non-compliance;

2. Mitigating, detecting and responding to fraud risk and whether there has been any actual or possible instances of fraud.

- Discussing within the engagement team regarding how and where fraud may occur in the financial statements along with the possible indicators of fraud. We identified management override as the most likely area susceptible to fraud.

- Discussing within the engagement team the legal and regulatory framework in which the company operates and in particular those which would have an impact on the financial statements. The key laws and regulations considered were the Companies Act 2006, UK tax legislation and employment law.

Audit response to the risks identified

As noted above, we identified management override as the matter that would most likely be susceptible to fraud. Our procedures to respond to this risk included the following:

- Review of nominal ledger and all journals posted in the year to ensure there was no evidence of management override.

Further, we also identified compliance with the Companies Act 2006, UK tax legislation and employment law as being key areas where there may be possible non-compliance. Our procedures to respond to these risks included the following:

- Review the disclosures in the financial statements through completion of a disclosure checklist and testing disclosures to supporting documentation to assess compliance with the Companies Act 2006;

- A safeguard review of the financial statements by a qualified accountant independent of the audit team;

- Review the corporation tax return to ensure it complies with UK tax legislation and completion of our detailed corporation tax checklist;

- A safeguard review of the corporation tax by a Chartered Tax Advisor independent of the audit team;

- Checked a sample of compliance with right to work checks and reviewed legal fees for indications of material issues arising out of non-compliance with employment law.

The above matters and identified laws and regulations and potential fraud risks were communicated to all engagement team members in order to enable the team to have the ability to identify such risks. The whole team remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in the audit procedures described above and the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Rachel Lockwood (Senior Statutory Auditor)

for and on behalf of Oury Clark Chartered Accountants

Herschel House

58 Herschel Street

Slough

Berkshire

SL1 1PG

25 August 2026

TURNOVER

3

10,792,436

17,557,950

Administrative expenses

10,227,558

16,824,703

OPERATING PROFIT

5

564,878

733,247

Interest receivable and similar income

12,326

6,087

577,204

739,334

Interest payable and similar expenses

6

-

3,757

PROFIT BEFORE TAXATION

577,204

735,577

Tax on profit

7

211,353

308,012

PROFIT FOR THE FINANCIAL YEAR

365,851

427,565

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

365,851

427,565

FIXED ASSETS

Tangible assets

8

27,661

357,012

CURRENT ASSETS

Debtors

9

4,413,954

4,169,087

Cash at bank

2,024,196

2,222,833

6,438,150

6,391,920

CREDITORS

Amounts falling due within one year

10

1,279,241

2,164,776

NET CURRENT ASSETS

5,158,909

4,227,144

TOTAL ASSETS LESS CURRENT LIABILITIES

5,186,570

4,584,156

CAPITAL AND RESERVES

Called up share capital

14

1,000

1,000

Other reserves

1,651,653

1,415,090

Retained earnings

3,533,917

3,168,066

SHAREHOLDERS' FUNDS

5,186,570

4,584,156

The financial statements were approved by the Board of Directors and authorised for issue on 20 August 2026 and were signed on its behalf by:

M E Mozzer - Director

Called up

share

Retained

Other

Total

capital

earnings

reserves

equity

£

£

£

£

Balance at 1 January 2024

1,000

2,740,501

948,301

3,689,802

Changes in equity

Equity-settled share based payment

-

-

466,789

466,789

Total comprehensive income

-

427,565

-

427,565

Balance at 31 December 2024

1,000

3,168,066

1,415,090

4,584,156

Changes in equity

Equity-settled share based payment

-

-

236,563

236,563

Total comprehensive income

-

365,851

-

365,851

Balance at 31 December 2025

1,000

3,533,917

1,651,653

5,186,570

Cash flows from operating activities

Cash generated from operations

1

576,846

1,684,511

Interest paid

-

(3,757

)

Tax paid

(243,246

)

(305,439

)

Net cash from operating activities

333,600

1,375,315

Cash flows from investing activities

Purchase of tangible fixed assets

(39,502

)

(341,897

)

Sale of tangible fixed assets

293,938

-

Interest received

12,326

6,087

Net cash from investing activities

266,762

(335,810

)

Cash flows from financing activities

(Increase)/decrease in group balances

(798,999

)

969,937

Net cash from financing activities

(798,999

)

969,937

(Decrease)/increase in cash and cash equivalents

(198,637

)

2,009,442

Cash and cash equivalents at beginning of year

2

2,222,833

213,391

Cash and cash equivalents at end of year

2

2,024,196

2,222,833

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.12.25

31.12.24

£

£

Profit before taxation

577,204

735,577

Depreciation charges

68,836

286,355

Loss on disposal of fixed assets

6,080

-

Share option charge

236,563

466,789

Finance costs

-

3,757

Finance income

(12,326

)

(6,087

)

876,357

1,486,391

Decrease in trade and other debtors

554,131

176,933

(Decrease)/increase in trade and other creditors

(853,642

)

21,187

Cash generated from operations

576,846

1,684,511

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2025

31.12.25

1.1.25

£

£

Cash and cash equivalents

2,024,196

2,222,833

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

2,222,833

213,391

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank

2,222,833

(198,637

)

2,024,196

2,222,833

(198,637

)

2,024,196

Total

2,222,833

(198,637

)

2,024,196

1.	STATUTORY INFORMATION

Tracelink Europe Ltd. is a private company limited by shares, and is incorporated and domiciled in the UK and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on the basis that the Company is a going concern. The directors consider this to be reasonable given the expected future performance of the business and the company has confirmed financial support and continuation of the cost plus agreement from their immediate parent company Tracelink Inc. for a period of at least twelve months and one day from the date of the audit report attached to these financial statements is approved.

Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover

Turnover is measured at fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Tracelink Europe Ltd provides support services in a number of European countries and turnover is a cost recharged to Tracelink Inc. in accordance with their agreement. All revenue is billed in GBP to Tracelink Inc. Turnover is wholly attributable to the principal activity of the company. Turnover is recognised when chargeable costs are incurred.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property - Straight line over 5 to 10 years

Computer equipment - Straight line over 3 years

All items of property, plant and equipment are stated at historical cost less accumulated depreciation and impairment. Historical cost includes expenditure that is directly attributable to the acquisition of items.

Tax on profit

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Operating leasing commitments

Amounts paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments

Basic Financial Instruments as covered by Section 11 of FRS 102 are measured at amortised cost. The company does not have any Other Financial Instruments as covered by Section 12 of FRS 102.

Share-based payments

Equity-settled transactions are awards of shares, or options over shares, that are provided to employees in exchange for the rendering of services.

The cost of equity-settled transactions is measured at fair value on grant date. Fair value is independently determined using the Black-Scholes option pricing model that takes into account the exercise price, the term of the options, the impact of dilution, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield and the risk free interest rate for the term of the option, together with non-vesting conditions that do not determine whether the Company receives the services that entitle the employees to receive payment. No account is taken of any other vesting conditions.

The cost of equity-settled transactions is recognised as an expense with a corresponding increase in equity over the vesting period. The cumulative charge to profit or loss is calculated based on the grant date fair value of the award, the best estimate of the number of awards that are likely to vest and the expired portion of the vesting period. The amount recognised in profit or loss for the period is the cumulative amount calculated at each reporting date less amounts already recognised in previous periods.

The share-based payment expense is recognised on the basis of a reasonable allocation of the group expense.

Critical accounting estimates

The process of preparing financial statements in conformity with accounting principles generally accepted in the United Kingdom ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results could differ from those estimates.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

31.12.25

31.12.24

£

£

United States of America

10,792,436

17,557,950

10,792,436

17,557,950

4.	EMPLOYEES AND DIRECTORS

31.12.25

31.12.24

£

£

Wages and salaries

6,542,577

10,497,931

Social security costs

1,080,301

1,595,571

Other pension costs

165,160

203,228

7,788,038

12,296,730

The average number of employees during the year was as follows:

31.12.25

31.12.24

Support services

50

80

Administration

5

10

55

90

Within the wage expense is a share option charge for the year of £236,563 (2024: £466,789).

During the year, employees working in Spain were transferred to a separate Spanish group entity. The 2025 figure includes an average of 46 Spanish employees up to the date of transfer, compared to the average of 39 employees for the full year in 2024.

No directors have been remunerated by this company. The services of the directors to the company do not occupy a significant amount of their time. As such the directors do not consider that they have received remuneration for their incidental services to the company for either 2025 or 2024.

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.12.25

31.12.24

£

£

Other operating leases

311,085

660,519

Depreciation - owned assets

68,836

286,355

Loss on disposal of fixed assets

6,080

-

Auditors' remuneration

36,000

28,000

Foreign exchange differences

(78,644

)

83,013

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.25

31.12.24

£

£

Interest payable

-

3,757

7.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

31.12.25

31.12.24

£

£

Current tax:

UK corporation tax

211,353

302,498

Deferred tax

-

5,514

Tax on profit

211,353

308,012

UK corporation tax has been charged at 25% (2024 - 25%).

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.25

31.12.24

£

£

Profit before tax

577,204

735,577

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

144,301

183,894

Effects of:

Expenses not deductible for tax purposes

57,500

117,870

Depreciation in excess of capital allowances

9,552

734

Deferred tax adjustment

-

5,514

Total tax charge

211,353

308,012

8.	TANGIBLE FIXED ASSETS

Improvements

to

Computer

property

equipment

Totals

£

£

£

COST

At 1 January 2025

155,256

455,814

611,070

Additions

-

39,502

39,502

Disposals

(155,256

)

(435,455

)

(590,711

)

At 31 December 2025

-

59,861

59,861

DEPRECIATION

At 1 January 2025

21,785

232,273

254,058

Charge for year

13,505

55,331

68,836

Eliminated on disposal

(35,290

)

(255,404

)

(290,694

)

At 31 December 2025

-

32,200

32,200

NET BOOK VALUE

At 31 December 2025

-

27,661

27,661

At 31 December 2024

133,471

223,541

357,012

9.

DEBTORS

31.12.25

31.12.24

£

£

Amounts falling due within one year:

Amounts owed by group undertakings

4,307,256

3,508,258

Other debtors

30,000

270,394

VAT

5,103

21,869

Deferred tax asset

6,977

6,977

Prepayments and accrued income

29,254

244,514

4,378,590

4,052,012

Amounts falling due after more than one year:

Other debtors

35,364

117,075

Aggregate amounts

4,413,954

4,169,087

Deferred tax asset

31.12.25

31.12.24

£

£

Accelerated capital allowances

-

1,047

Deferred tax

6,977

5,930

6,977

6,977

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Trade creditors

103,417

52,064

Corporation tax

126,286

158,179

Other taxation and social security

464,988

454,227

Accruals and deferred income

584,550

1,500,306

1,279,241

2,164,776

11.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.25

31.12.24

£

£

Within one year

-

571,113

Between one and five years

-

1,018,725

-

1,589,838

The prior year balances include a lease for office space in Spain. During the year, this lease was transferred to the group entity in Spain and the UK company has no further obligations in respect of the lease.

12.

SECURITY

The company's assets are subject to a charge in favour of the company's bankers relating to the credit card facilities provided.

13.	DEFERRED TAX

£

Balance at 1 January 2025

(6,977

)

Balance at 31 December 2025

(6,977

)

14.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.25

31.12.24

value:

£

£

1,000

Ordinary

£1

1,000

1,000

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.

15.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.