ACCOUNTS - Final Accounts preparation

An analysis of turnover by class of business is as follows:

Registered number: 02878118

VICTORIA HOLDINGS LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

VICTORIA HOLDINGS LIMITED

COMPANY INFORMATION

Directors	T N Sjoeberg
	M B Knutsson


Registered number	02878118


Registered office	Festival Trade Park Unit 6
	Crown Road
	Stoke on Trent
	ST1 5NJ


Independent auditors	Ecovis Wingrave Yeats LLP
	Chartered Accountants & Statutory Auditor
	3rd Floor, Waverley House
	7-12 Noel Street
	London
	W1F 8GQ

VICTORIA HOLDINGS LIMITED

CONTENTS

	Page
Group Strategic Report	1 - 3
Directors' Report	4 - 6
Independent Auditors' Report	7 - 10
Consolidated Statement of Comprehensive Income	11
Consolidated Balance Sheet	12 - 13
Company Balance Sheet	14
Consolidated Statement of Changes in Equity	15
Company Statement of Changes in Equity	16
Consolidated Statement of Cash Flows	17 - 18
Consolidated Analysis of Net Debt	19
Notes to the Financial Statements	20 - 49

VICTORIA HOLDINGS LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

Business review

The Group made a profit before tax for the year of £20,738,356 (2024 - £788,647). The profit before tax includes the amortisation of intangible assets of £2,571,683 in 2025 (2024 - £2,557,459).
During the year, the Group negotiated a settlement to its outstanding litigation claim with Light & Wonder. As a result, Exceptional Income of £20,776,969 has been recognised in the accounts.

Principal risks and uncertainties

The Group is exposed to a variety of risks. These could range from the wider effects of the general economy and external competition to those more specific to the Group, such as its own financial strength, size and exposure to foreign exchange risk as a result of borrowing in foreign currencies. The Board regularly review these risks and their potential impact on the Group.
The Board monitors the Group's performance through the use of regular financial information and management reports. The Board focuses on the Group's levels of profitability, liquidity and the management of foreign exchange risk, together with Balance Sheet strength.

Competitive risks

While there is no clear competitor for the range of products that the Group offers to its clients, as a result of more consolidation in the industry, this may result in a more a formidable competitor. While extensive corporate and product regulatory requirements in some markets can result in products taking a reasonable time period to market, this is also seen as an effective barrier to entry for new companies entering the market.

Liquidity risk

Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The Group aims to mitigate liquidity risk by managing cash generation of its operations. The Group also manages liquidity risk via overdraft, revolving credit facilities and both longer term and shorter term debt from related parties.

Currency risk

Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates.

Financial key performance indicators

Turnover has increased 6.6% to £42,591,041 (2024 - £39,937,987). The increase in turnover was largely down to the improvement in the markets in sale of goods. Sale of goods improved by 7.5% over 2024, with Service and Rental income showing a 3.6% increase.
Distribution costs have increased by 4.7% to £5,112,677 (2024 - £4,973,518), with administration expenses increasing by 1.7% to £13,349,024 (2024 - £13,121,903). Both increases are driven by the increase in turnover in the year, as well as the impact of inflation within the regions that we operate. The average headcount has increased by 6.85% to 437 (2024 - 409).

Page 1

VICTORIA HOLDINGS LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Going concern

The directors are comfortable that the Group has the resources to continue for a period of greater than twelve months while growing and continuing to invest in product development. The continued investment in the product development projects remains at similar levels to previous years and the pipeline of new products and projects remain encouraging.

Section 172 statement

In this section 172 statement, pursuant to Section 172(1) (a) to (f) of the Companies Act 2006, and which forms a part of the Strategic Report, the Directors of Victoria Holdings Limited report on the decisions taken, in good faith, to promote the success of the Group (for the benefit of its members as a whole) whilst at the same time taking into account the long term impacts of those decisions and their impact on the myriad stakeholders of the Group.

Long-term Consequences

The Directors continue to make decisions that benefit the long-term sustainability and growth of the Group. This includes strategic investments in our core business and exploring new market opportunities.

Stakeholder Interests

We have engaged with our key stakeholders including employees, customers, suppliers, and local communities. Their feedback has been invaluable in shaping our business strategy and operations.

Impact on Community and Environment

The Group is committed to minimizing its environmental impact and making a positive contribution to the community. We have implemented various initiatives to reduce our carbon footprint and support local community projects.

Fairness and Reputation

We strive to uphold the highest standards of conduct to maintain our reputation. We have robust policies in place to ensure compliance with legal requirements and ethical standards. We are committed to acting fairly between members of the company. We have ensured equitable treatment of all our shareholders.

Employee Interests

Our employees are our most valuable asset. We have invested in their development and welfare, and we maintain an open dialogue with them through regular communication and feedback channels. We continue to invest in training, education and development of our people throughout the organisation.

Equal opportunities, diversity & inclusion

The Group gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a handicapped or disabled person. Where existing employees become disabled, it is the Group policy wherever applicable to provide training, career development and promotion wherever applicable.

Page 2

VICTORIA HOLDINGS LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Anti-corruption and fraud

The Group has policies in place to set and maintain high standards of conduct, including a code of conduct, anti corruption, anti-money laundering and to promote health and safety. We use this as part of our reasonable steps for prevention and detection of fraud as referenced in the Directors’ report.
The directors confirm that they have complied with the duty to act in accordance with Section 172 to the best of their knowledge and belief.

Greenhouse gas emissions, energy consumption and energy efficiency action

During the year, the Group used 509,948 kWh (2024 – 421,996 kWh) of gas and 492,210 kWh (2024 – 511,825 kWh) of electricity at their premises in the UK. The Group does not use metrics to monitor the energy usage and no specific energy saving measures were taken during the year, but the directors are assessing the impact of employees working from home and whether this may reduce the long-term energy usage of the Group. Although the Group does not use metrics, an intensity ratio could be calculated based on tonnes of CO2e per total £m sales revenue.

This report was approved by the board on 8 May 2026 and signed on its behalf.

T N Sjoeberg

Director

Page 3

VICTORIA HOLDINGS LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

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

Principal activity

The principal activity of the Company is that of an investment holding company.
The principal activities of the Group are that of manufacturing and marketing of casino and leisure equipment, the sale and rental of casino related equipment and the provision of servicing facilities.

Results and dividends

The profit for the year, after taxation, amounted to £14,586,175 (2024 - £3,058,791).

No dividend is recommended for the current year (2024 - £Nil).

Directors

The directors who served during the year were:

T N Sjoeberg

M B Knutsson

Directors' responsibilities statement

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

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

∙select suitable accounting policies for the Group's financial statements and then apply them consistently;

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

∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

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

Charitable contributions

During the year the Group made charitable donations of £50,145 (2024 - £53,886). Of this amount, £6,250 (2024 - £7,650) was donated to the CHIPS Charity.

Page 4

VICTORIA HOLDINGS LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Future developments

The directors believe that the Company remains in a strong position to capitalise from future opportunities at a global level. The Company is launching new products and these products have been submitted for approval in a number of regulated markets globally. The products are expected to have a positive impact on the future performance of the Company.

Financial instruments

The Group’s principal financial instruments comprise bank balances, loans from connected companies, trade debtors and trade creditors. The main purposes of these instruments is to raise funds for and to finance the Group’s operations.

Research and development activities

The Group continues to invest in research and development of existing and new products.

Engagement with employees

Our employees continue to be essential to our future success and we continue to invest in training, education and development of our people throughout the organisation.

Disabled employees

Matters covered in the Group Strategic Report

The Business Review is covered in the Strategic Report.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Page 5

VICTORIA HOLDINGS LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Auditors

The auditors, Ecovis Wingrave Yeats LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 8 May 2026 and signed on its behalf.

T N Sjoeberg

Director

Page 6

VICTORIA HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VICTORIA HOLDINGS LIMITED

Opinion

We have audited the financial statements of Victoria Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Group's and of the parent Company's affairs as at 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Page 7

VICTORIA HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VICTORIA HOLDINGS LIMITED (CONTINUED)

Other information

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

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

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

∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.

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

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

∙the parent Company financial statements are not in agreement with the accounting records and returns; or

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

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

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.

Page 8

VICTORIA HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VICTORIA HOLDINGS LIMITED (CONTINUED)

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

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

∙We considered our general commercial and sector experience and held a discussion with the Directors and other management personnel to identify laws and regulations that could reasonably be expected to have a material effect on the financial statements.

∙We determined that the laws and regulations which are directly relevant to the financial statements are those that relate to the reporting framework Financial Reporting Standard 102 and the relevant tax compliance regulations in the jurisdictions in which the Company and Group operates. We evaluated the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

∙In addition, there are other significant laws and regulations which may have an effect on the determination of the amounts and disclosures in the financial statements being those laws and regulations relating to gambling authorities in the markets in which the Company and Group operates, environmental, occupational health and safety, employment law, data protection regulation, fraud, bribery and corruption. For these laws and regulations, the consequences of non compliance could have a material effect on amounts or disclosures in the financial statements, for instance through withdrawal of trading licences or regulatory approval of products, fines or litigation being imposed. As required by the auditing standards, auditing procedures in respect of non compliance with these identified laws and regulations are limited to enquiry of the Directors and other management and inspection of regulatory and legal correspondence, if any. Potential non compliance with gambling authority regulations was identified as a key audit risk given its significance to our audit.

∙We assessed the susceptibility of the Company and Group's financial statements to material misstatement, including how fraud might occur, by meeting with a number of individuals, including with individuals outside of the finance function, and conducted interviews to understand where they considered there was susceptibility to fraud. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to areas of estimate and judgement in the financial statements specifically the assessment of stock provisioning and assessment of impairment of intangible assets.

∙Based on this understanding we designed our audit procedures to identify non compliance with such laws and regulations and fraud risks identified in the paragraphs above. In addition to the audit procedures, we remained alert to any indications of non compliance throughout the audit. The specific audit procedures performed included:

°Review of Board minutes;

°Review of correspondence with regulatory bodies;

°Review of large and unusual bank transactions;

°Challenging assumptions and judgements made by management in its significant accounting estimates, in particular in relation to the stock provisioning and assessment of impairment of intangible assets;

°Walkthrough tests on the key accounting systems and identification and testing of the key controls;

°Enquiries of staff as to examples of management override of controls;

Page 9

VICTORIA HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VICTORIA HOLDINGS LIMITED (CONTINUED)

°Conversations with management and key staff responsible for compliance and review of legal fees incurred by the Company and Group;

°Identification of related parties including close family members and analytics on the Company and Group's data to ensure that all related party transactions have been identified and are bona fide;

°Identifying and testing journal entries.

There are inherent limitations of an audit. There is a higher risk that irregularities, including fraud, will not be detected during the audit as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. The primary responsibility for the prevention and detection of non compliance with all laws and regulations and fraud lies with both those charged with governance of the entity and management.

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 Auditors' Report.

Use of our report

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

Michael Storey (Senior Statutory Auditor)

for and on behalf of

Ecovis Wingrave Yeats LLP

Chartered Accountants & Statutory Auditor

3rd Floor, Waverley House

7-12 Noel Street

London

W1F 8GQ

8 May 2026

Page 10

VICTORIA HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025

	2025	2024
Note	£	£


Turnover	4	42,591,041	39,937,987
Cost of sales		(23,362,939)	(21,795,246)
Gross profit		19,228,102	18,142,741
Distribution costs		(5,112,677)	(4,884,113)
Administrative expenses		(13,349,024)	(13,121,903)
Foreign exchange difference		(569,581)	(147,881)
Other operating income	6	132,670	1,904,930
Exceptional income	7	20,776,969	-
Operating profit	8	21,106,459	1,893,774
Interest receivable and similar income	12	36,253	35,865
Interest payable and expenses	13	(404,356)	(1,140,992)
Profit before taxation		20,738,356	788,647
Tax on profit	14	(6,152,181)	2,270,144
Profit for the financial year		14,586,175	3,058,791


Movement in other reserves	(1,235)	24,851
Other comprehensive income for the year	(1,235)	24,851
Total comprehensive income for the year	14,584,940	3,083,642

The notes on pages 20 to 49 form part of these financial statements.

Page 11

VICTORIA HOLDINGS LIMITED

REGISTERED NUMBER: 02878118

CONSOLIDATED BALANCE SHEET

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Intangible assets	15		11,735,501		8,425,472
Tangible assets	16		2,618,353		2,822,580
			14,353,854		11,248,052
Current assets
Stocks	18	8,457,230		7,445,333
Debtors: amounts falling due after more than one year	19	337,840		336,108
Debtors: amounts falling due within one year	19	10,904,274		13,907,072
Cash at bank and in hand	20	3,683,575		1,357,909
		23,382,919		23,046,422
Creditors: amounts falling due within one year	21	(13,299,699)		(17,687,643)
Net current assets			10,083,220		5,358,779
Total assets less current liabilities			24,437,074		16,606,831
Creditors: amounts falling due after more than one year	22		(434,424)		(7,809,516)
Deferred taxation	24	(620,395)		-
			(620,395)		-
Net assets			23,382,255		8,797,315

Capital and reserves
Called up share capital	25	510,000	510,000
Other reserves	27	33,686	34,921
Profit and loss account	27	22,838,569	8,252,394
		23,382,255	8,797,315

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 May 2026.

T N Sjoeberg

Director

The notes on pages 20 to 49 form part of these financial statements.

Page 12

VICTORIA HOLDINGS LIMITED

REGISTERED NUMBER: 02878118

CONSOLIDATED BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2025

Page 13

VICTORIA HOLDINGS LIMITED

REGISTERED NUMBER: 02878118

COMPANY BALANCE SHEET

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Fixed asset investments	17		4,000,371		4,000,371
			4,000,371		4,000,371
Current assets
Debtors: amounts falling due after more than one year	19	5,363,681		5,864,859
Debtors: amounts falling due within one year	19	994,697		157,867
		6,358,378		6,022,726
Creditors: amounts falling due within one year	21	(8,417,617)		(3,319,748)
Net current (liabilities)/assets			(2,059,239)		2,702,978
Total assets less current liabilities			1,941,132		6,703,349

Creditors: amounts falling due after more than one year	22		-		(4,786,598)

Net assets			1,941,132		1,916,751

Capital and reserves
Called up share capital	25	510,000	510,000
Profit and loss account	27	1,431,132	1,406,751
		1,941,132	1,916,751

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 May 2026.

T N Sjoeberg

Director

The notes on pages 20 to 49 form part of these financial statements.

Page 14

VICTORIA HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Called up share capital	Other reserves	Profit and loss account	Total equity
	£	£	£	£
At 1 January 2024	510,000	10,070	5,193,603	5,713,673
Comprehensive income for the year
Profit for the year	-	-	3,058,791	3,058,791
Movement in other reserves	-	24,851	-	24,851
Total comprehensive income for the year	-	24,851	3,058,791	3,083,642

At 1 January 2025	510,000	34,921	8,252,394	8,797,315
Comprehensive income for the year
Profit for the year	-	-	14,586,175	14,586,175
Movement in other reserves	-	(1,235)	-	(1,235)
Total comprehensive income for the year	-	(1,235)	14,586,175	14,584,940
At 31 December 2025	510,000	33,686	22,838,569	23,382,255

The notes on pages 20 to 49 form part of these financial statements.

Page 15

VICTORIA HOLDINGS LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2024	510,000	1,660,532	2,170,532
Comprehensive income for the year
Loss for the year	-	(253,781)	(253,781)

At 1 January 2025 (as previously stated)	510,000	1,706,530	2,216,530
Prior year restatement	-	(299,779)	(299,779)
At 1 January 2025 (as restated)	510,000	1,406,751	1,916,751
Comprehensive income for the year
Profit for the year	-	24,381	24,381
At 31 December 2025	510,000	1,431,132	1,941,132

The notes on pages 20 to 49 form part of these financial statements.

Page 16

VICTORIA HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2025

			2025	2024
			£	£

Cash flows from operating activities
Profit for the financial year	14,586,175	3,058,791
Adjustments for:
Amortisation of intangible assets	2,571,683	2,557,459
Depreciation of tangible assets	624,982	484,466
Loss/(profit) on sale of tangible assets	(707,039)	(1,674,470)
Interest paid	404,356	1,140,992
Interest received	(36,253)	(35,865)
Taxation charge including movement in deferred tax assets	6,184,439	(2,511,905)
(Increase) in stocks	(1,011,897)	(130,291)
(Increase)/decrease in debtors	(1,230,500)	139,461
Increase/(decrease) in creditors	1,497,971	(507,109)
Net fair value losses recognised in P&L	98,452	406,989
Corporation tax received	154,021	114,323
Net cash generated from operating activities	23,136,390	3,042,841

Cash flows from investing activities
Purchase of intangible fixed assets	(5,136,204)	(1,854,144)
Purchase of tangible fixed assets	(1,131,553)	(1,101,643)
Sale of tangible fixed assets	613,186	3,880,690
Interest received	36,253	35,865
Net cash from investing activities	(5,618,318)	960,768
Cash flows from financing activities
Repayment of loans	(12,008,599)	(2,295,278)
Other new loans	-	443,671
Repayment of/new finance leases	(2,767,463)	(246,276)
Movement in other reserves	(1,235)	24,851
Interest paid	(404,356)	(1,140,992)
Net cash used in financing activities	(15,181,653)	(3,214,024)
Net increase in cash and cash equivalents	2,336,419	789,585
Cash and cash equivalents at beginning of year	1,144,662	355,077
Cash and cash equivalents at the end of year	3,481,081	1,144,662

Cash and cash equivalents at the end of year comprise:

Page 17

VICTORIA HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

		2025	2024
		£	£

Cash at bank and in hand	3,683,575	1,357,909
Bank overdrafts	(202,494)	(213,247)
	3,481,081	1,144,662

The notes on pages 20 to 49 form part of these financial statements.

Page 18

VICTORIA HOLDINGS LIMITED

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 DECEMBER 2025


At 1 January 2025	Cash flows	At 31 December 2025
£	£	£

Cash at bank and in hand	1,357,909	2,325,666	3,683,575
Bank overdrafts	(213,247)	10,753	(202,494)
Debt due after 1 year	(5,573,518)	5,573,518	-
Debt due within 1 year	(6,490,428)	6,435,081	(55,347)
Finance leases	(3,235,287)	2,767,463	(467,824)
	(14,154,571)	17,112,481	2,957,910

The notes on pages 20 to 49 form part of these financial statements.

Page 19

VICTORIA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	General information

Victoria Holdings Limited is a private company, limited by shares, domiciled in England and Wales, registration number 02878118. The registered office is Festival Trade Park, Unit 6, Crown Road, Stoke on Trent, Staffordshire, ST1 5NJ.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

2.2

Going concern

The Group's business activities, together with the factors likely to affect its future development, performance and position are set out in the Business Review on page 1 of the financial statements.
As a result, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

2.3

Basis of consolidation

The consolidated financial statements present the results of the Group and its own subsidiaries ("the Group") as if they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 20

VICTORIA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Group has transferred the significant risks and rewards of ownership to the buyer;

∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Group will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Group will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

Revenue in respect to the sale of casino equipment is recognised and accounted for at the point of sale.

Rental and service revenue is recognised initially as deferred income and released over the life of the rental contract in line with the terms of the contract.

Revenue in respect to bespoke contracts is recognised on a straight line basis over the deemed contract period. If the contract is loss making then the full loss will be recognised immediately.

Page 21

VICTORIA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.5

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

Intangible fixed assets and amortisation

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Other intangible fixed assets

Capitalised development costs are being amortised over a period of five years based on the period over which the development costs are expected to generate revenue.

Patents and licenses are amortised over a period of five years.

2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 22

VICTORIA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.6

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property	-	5 years
Plant and machinery	-	4 years
Other fixed assets	-	over 3 to 5 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.7

Investments

Investments held as fixed assets are shown at cost less provision for impairment.

2.8

Leasing and hire purchase

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Group. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Profit and Loss Account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

2.9

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.10

Operating leases: the Group as lessor

Rental income from operating leases is credited to the Statement of Comprehensive Income on a straight-line basis over the lease term.
Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

Page 23

VICTORIA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.11

Sale and leaseback

Where a sale and leaseback transaction results in a finance lease, no gain is immediately recognised for any excess of sales proceeds over the carrying amount of the asset. Instead, the proceeds are presented as a liability and subsequently measured at amortised cost using the effective interest method.
When a sale and leaseback transaction results in an operating lease, and it is clear that the transition is established at fair value any profit or loss is recognised immediately. If the sale price is below fair value, any profit or loss is recognised immediately unless the loss is compensated for by the future lease payments at below market price. In that case any such loss is amortised in proportion to the lease payments over the period for which the asset is expected to be used. If the sale price is above fair value, the excess over fair value is amortised over the period for which the asset is expected to be used.

2.12

Stocks and work in progress

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 24

VICTORIA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.16

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date.

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.

Exchange gains and losses are recognised in the Profit and Loss Account.

The results and financial position of all group entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows:

∙Assets and liabilities for each balance sheet presented are translated at the closing rate of the Balance Sheet;

∙Income and expenses for each Profit and Loss Account are translated at average exchange rates for the year; and

∙All resulting exchange differences are recognised in the Statement of Comprehensive income.

2.17

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

2.18

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Page 25

VICTORIA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.18

Financial instruments (continued)

Investments in non-derivative instruments that are equity to the issuer are measured:

∙at fair value with changes recognised in the Consolidated statement of comprehensive income if the shares are publicly traded or their fair value can otherwise be measured reliably;

∙at cost less impairment for all other investments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the balance sheet date.
The Group utilises an invoice financing facility as part of its working capital management. Under this arrangement, eligible trade receivables are used as security for funds advanced by the finance provider. The Group retains substantially all of the risks and rewards of ownership of the underlying receivables. Accordingly, amounts drawn under the facility are recognised as borrowings within creditors, while the related trade receivables continue to be recognised at their gross carrying amount.

2.19

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.20

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 26

VICTORIA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.21

Finance leases: the Group as lessor

Where assets leased to a third party give rights approximating to ownership (finance lease), the lessor recognises as a receivable an amount equal to the net investment in the lease i.e. the minimum lease payments receivable under the lease discounted at the interest rate implicit in the lease. This receivable is reduced as the lessee make capital payments over the term of the lease.
A finance lease gives rise to two types of income: profit or loss equivalent to the profit or loss resulting from the outright sale of the asset being leased, at a normal selling price, reflecting any applicable discounts, and finance income over the lease term.

2.22

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.23

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.24

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 27

VICTORIA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.25

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

2.26

Business combinations

Acquisitions of subsidiaries and businesses are accounted for using the purchase method. The cost
of the business combination is measured at the aggregate of the fair values (at the date of the
exchange) of assets given, liabilities incurred or assumed, and equity instruments issued by the
group in exchange for control of the acquire plus costs directly attributable to the business
combination.
Any excess of the cost of the business combination over the acquirer's interest in the net fair value of
the identifiable assets and liabilities is recognised as goodwill.If the net fair value of the identifiable
assets and liabilities exceeds the cost of the business combination the excess is recognised
separately on the face of the consolidated statement of financial position immediately below goodwill.

Page 28

VICTORIA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, the directors have had to make the following judgements:
Capitalisation of intangible fixed assets
The recognition of costs as an intangible fixed asset involves the use of judgement with respect to whether the costs meet the required criteria to allow capitalisation. This involves assessing whether projects are technically feasible and viable. It also requires an assessment to be made as to the recoverability of the net book value of the asset at the balance sheet date.
Depreciation and amortisation
Fixed assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
Impairment of tangible and intangible fixed assets
Determine whether there are indicators of impairment of the Group's tangible and intangible fixed assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.
Stock provision
It is necessary to consider the recoverability of the cost of inventory and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of stock, as well as applying assumptions around anticipated saleability of finished goods and future usage of raw materials.
Leases
Determine whether leases entered into by the Group either as a lessor or lessee are operating leases or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.
Impairment of investments
The Company holds an investment of £4,000,371 in its subsidiaries. The directors do not consider this
investment to be impaired, despite some of the subsidiaries currently being loss making. The directors believe that the subsidiaries will generate profits in the future.
Deferred tax
Management is required to assess whether it is appropriate to recognise a deferred tax asset relating to taxable losses available to the Group. The recognition of deferred tax assets are based on whether it is more likely than not that sufficient and suitable taxable profits will be available in the future against which the reversal of losses and other deductions can be utilised.
To determine the future taxable profits, reference is made to the latest available forecasts. Therefore, this involves judgement regarding the future financial performance of the Group to justify where a deferred tax asset has been recognised.
During the year, management reassessed the recoverability of deferred tax assets recognised in prior periods. As a result, an allowance has been recognised against the deferred tax asset to reflect the level of future taxable profits that are now considered probable. This has resulted in the reversal of the deferred tax asset recognised in earlier periods, with a corresponding charge recognised in the tax expense for the year.

Page 29

VICTORIA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

3.Judgements in applying accounting policies (continued)

Tax credits
The Group receives annual tax credits in relation to their R&D expenditure. Management use judgement to determine what the qualifying spend on research and development has been during the year.

Sales or product	33,658,597	31,315,958
Services income	2,661,808	2,830,049
Rental income	6,270,636	5,791,980
	42,591,041	39,937,987

Analysis of turnover by country of destination:

					2025	2024
					£	£

United Kingdom	6,296,068	5,974,347
Rest of the world	36,294,973	33,963,640
	42,591,041	39,937,987

5.	Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent Company for the year was £24,381 (2024 restated - Loss of £253,781).

6.	Other operating income
		2025	2024
		£	£


	Other income	132,670	1,904,930

On 19 July 2024, a Group company sold a freehold property for a profit of £1,642,280.

Page 30

VICTORIA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

7.	Exceptional income
		2025	2024
		£	£


	Exceptional income	20,776,969	-

Exceptional income of £20,776,969 arises from the settlement of a legal case, which was concluded during the year. This amount has been recognised as an exceptional item due to its size and nature.

Depreciation of tangible fixed assets	624,982	800,901
Amortisation - internal development	1,663,371	1,606,965
Amortisation - patents and license costs	161,964	265,069
Amortisation - goodwill	746,347	722,153
Other operating lease rentals	834,083	728,498
Defined contribution pension cost	512,243	511,103

	Fees payable to the Group's auditors and their associates in respect of the:
	Group's annual financial statements	23,600	22,500

Fees payable to the Group's auditor and its associates in respect of:
Auditing of the accounts of associates of the Group	55,000	54,000
Taxation compliance services	14,750	14,700
All other services	16,600	16,150
	109,950	107,350

Page 31

VICTORIA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025


Wages and salaries	15,396,744	14,523,143
Social security costs	1,118,788	982,552
Cost of defined contribution scheme	512,243	511,103
	17,027,775	16,016,798

The average monthly number of employees during the year was as follows:
	2025	2024
	£	£


Cost of sales	309	289
Distribution	45	42
Administration	83	78
	437	409

Page 32

VICTORIA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025


11.	Directors and key management personnel remuneration
		2025	2024
		£	£

Directors' emoluments	261,025	233,718
Company contributions to defined contribution pension schemes	8,757	7,400
	269,782	241,118

During the year retirement benefits were accruing to 1 director (2024 - 1) in respect of defined contribution pension schemes
The highest paid director received remuneration of £261,025 (2024 - £233,718).
The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £8,757 (2024 - £7,400).
The total accrued pension provision of the highest paid director at 31 December 2025 amounted to £NIL (2024 - £NIL).

Key management includes the directors. The compensation paid or payable to key management for employee services is shown below:
	2025	2024
	£	£


Salaries and other short term benefits	522,048	433,389
Post employment benefits	8,757	7,400
	530,805	440,789

12.	Interest receivable
		2025	2024
		£	£

Other interest receivable

36,253

35,865

Page 33

VICTORIA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

13.	Interest payable and similar expenses
		2025	2024
		£	£

Bank interest payable	142,836	460,008
Other loans	261,520	680,984
	404,356	1,140,992

Corporation tax
Current tax on profits for the year	(197,180)	31,182
Adjustments in respect of previous periods	(34,872)	137,091
	(232,052)	168,273
Foreign tax
Foreign tax on income for the year	1,801,232	73,488
Total current tax	1,569,180	241,761

Deferred tax
Origination and reversal of timing differences	4,291,150	(2,511,905)
Adjustments in respect of previous periods	291,851	-
Total deferred tax	4,583,001	(2,511,905)


	Tax on profit/(loss) on ordinary activities	6,152,181	(2,270,144)

Page 34

VICTORIA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

14.Taxation (continued)

Profit on ordinary activities before tax

20,738,356

788,647

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	5,184,589	197,162
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	23,559	128,158
Fixed asset differences	23,057	(288,505)
Capital allowances	-	(217,861)
Non-taxable income	-	(10,971)
Adjustments to tax charge in respect of prior periods	(34,872)	135,541
Allowance for bad debts	(9,333)	(8,062)
Tax loss (utilised) not recognised	-	(47,039)
Fair value adjustment	(3,414)	(4,147)
Research and development enhancement	(197,180)	(300,000)
Other differences leading to a decrease/increase in the tax charge	117,138	274,210
Deferred tax adjustments	2,501,444	(2,128,630)
Foreign tax credit received	102,310	-
Adjustments to tax charge in respect of prior periods - deferred tax	291,851	-
Differences in tax rates of overseas jurisdictions	(1,846,968)	-
Total tax charge for the year	6,152,181	(2,270,144)

Factors that may affect future tax charges

At 31 December 2025 the Group had unrelieved losses of £6,127,237 (2024 - £12,683,347) which are available for relief against future trading profits. In the opinion of the directors the Company is likely to utilise these losses in the immediate future, and therefore deferred tax assets have been recognised at the year end.

Page 35

VICTORIA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

15.	Intangible assets
	Group and Company

	Patents	Internal development	Licences	Goodwill	Total
	£	£	£	£	£
Cost
At 1 January 2025	2,262,945	22,103,386	454,019	7,138,805	31,959,155
Additions	195,921	1,602,278	68,371	4,283,581	6,150,151
Foreign exchange movement	-	(12,059)	(31,075)	(488,619)	(531,753)
At 31 December 2025	2,458,866	23,693,605	491,315	10,933,767	37,577,553
Amortisation
At 1 January 2025	1,949,085	17,906,558	448,878	3,229,162	23,533,683
Charge for the year on owned assets	157,174	1,663,371	4,790	746,347	2,571,682
Foreign exchange movement	-	(11,570)	(30,724)	(221,019)	(263,313)
At 31 December 2025	2,106,259	19,558,359	422,944	3,754,490	25,842,052
Net book value
At 31 December 2025	352,607	4,135,246	68,371	7,179,277	11,735,501
At 31 December 2024	313,860	4,196,828	5,141	3,909,643	8,425,472

Page 36

VICTORIA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

15.Intangible assets (continued)

The aggregate amount of research and development expenditure recognised as an expense in the Statement of Comprehensive Income was £893,234 (2024 - £860,795). Amortisation charged in the year is recognised in the Statement of Comprehensive Income within administrative expenses.
Included in Intangible Fixed Assets is the Gaming Floor Live Platform which has a net book value as at 31 December 2025 of £277,560 (2024 - £593,259) and Electronic Products which has a net book value as at 31 December 2025 of £1,367,189 (2024 - £1,447,953).
On the 4 February 2020, TCS John Huxley America Inc acquired Mobiliaro De Azar, S.A. DE C.V. pursuant to an Asset and Share Purchase Agreement. The agreement called for the seller to receive cash of £4,817,260 ($6,300,000) in exchange for certain assets and for shares in the newly formed company. In addition to the cash payment, the Agreement required Mobiliaro De Azar, S.A. DE C.V. to enter into a capital lease obligation under which it was obligated to pay £38,232 ($50,000) per month for ten years. The total consideration transferred, being the cash payments and the present value of the capital lease obligation, totalled £8,924,780 ($11,671,799). On the 6 June 2025, TCS John Huxley America Inc acquired the land and buildings in exchange for cash payment resulting in the termination of the lease, see note 16 for more details.
On the 1 April 2022, TCS John Huxley America Inc acquired Midwest Game Supply Inc pursuant to a Stock Purchase Agreement. The agreement called for the seller to receive cash of £1,654,260 ($2,000,000) in exchange for 100% of the outstanding stock.
On the 27 October 2025, TCS John Huxley America Inc acquired the dice manufacturing business from Gaming Partners International USA Inc and GPI Mexicana S.A. De D.V. pursuant to an Asset Purchase Agreement. The agreement called for the seller to receive cash of £4,536,176 ($6,000,000) in installments, see note 28 for more details.

Page 37

VICTORIA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

16.	Tangible fixed assets
	Group

	Long-term leasehold property	Plant and machinery	Rental assets	Total
	£	£	£	£
Cost or valuation
At 1 January 2025	3,135,239	5,030,347	4,647,376	12,812,962
Additions	121,707	461,514	548,332	1,131,553
Disposals	(487,723)	(325,608)	(430,438)	(1,243,769)
Transfers between classes	(55,736)	55,736	-	-
Exchange adjustments	(152,967)	(103,634)	(17,333)	(273,934)
At 31 December 2025	2,560,520	5,118,355	4,747,937	12,426,812
Depreciation
At 1 January 2025	1,600,267	4,680,182	3,709,933	9,990,382
Charge for the year	110,100	174,897	339,985	624,982
Disposals	-	(318,384)	(312,199)	(630,583)
Transfers between classes	(55,675)	55,675	-	-
Exchange adjustments	(71,805)	(90,134)	(14,383)	(176,322)
At 31 December 2025	1,582,887	4,502,236	3,723,336	9,808,459
Net book value
At 31 December 2025	977,633	616,119	1,024,601	2,618,353
At 31 December 2024	1,534,972	350,165	937,443	2,822,580

During the year, a group company terminated a finance lease arrangement for office and warehouse space, within which it operates. The lease consideration was previously recognised as deferred consideration. Subsequently, this company purchased the underlying land and building, this reduced the basis in the associated land and building by £487,723, which represents the amount of the deferred consideration that was in excess of the purchase price at the acquisition date. This has been recorded as a disposal during the year.

Page 38

VICTORIA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

17.	Fixed asset investments

	Company

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 January 2025	4,000,371
	At 31 December 2025	4,000,371

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Class of shares	Holding

TCS John Huxley Europe Limited	Ordinary	100%
TCS John Huxley Limited	Ordinary	100%
TCS John Huxley Africa (Pty) Ltd	Ordinary	100%
TCS John Huxley America, Inc.*	Ordinary	100%
TCS John Huxley Asia Limited **	Ordinary	100%
TCS John Huxley Australia Pty Limited *	Ordinary	100%
TCS John Huxley Singapore Pte. Ltd.*	Ordinary	100%
TCS John Huxley Singapore Pte Ltd Representative Office *	Ordinary	100%
TCS John Huxley Spain S.A.*	Ordinary	100%
Ukugembula Invest (Pty) Ltd	Ordinary	100%
Mobiliaro De Azar, S.A. DE C.V.***	Ordinary	100%
Midwest Game Supply Inc.*	Ordinary	100%

Page 39

VICTORIA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Subsidiary undertakings (continued)

* Indirectly owned 100%.
** Indirectly owned 99.9% and directly owned 0.1%
*** Indirectly owned 99.99% and directly owned 0.01%
The principal activity of these subsidiaries are that of manufacturing and marketing of casino and leisure equipment, the sale and rental of casino related equipment and the provision of servicing facilities.
TCS John Huxley Europe Limited and TCS John Huxley Limited have a registered office; Festival Trade Park Unit 6, Crown Road, Stoke On Trent, Staffordshire, United Kingdom, ST1 5NJ.
TCS John Huxley Africa (Pty) Ltd has a registered office; 918 Morkels Close, Halfway House, Midrand, 1685
TCS John Huxley America, Inc. has a registered office; 6171 McLeod Dr, Las Vegas, Nevada 89120, USA.
TCS John Huxley Asia Limited has a registered office; Alameda Dr. Carlos d'Assumpção, Nos. 181 - 187, Jardim Brilhantismo Commercial Centre, 19th Floor Unit H, I, Macau, China.
TCS John Huxley Australia Pty Limited has a registered office; 91/44 Woodbine Street, North Balgowlah, NSW 2093, Australia.
TCS John Huxley Singapore Pte. Ltd. has a registered office; 138 Cecil Street, #14-01B Cecil Court, Singapore 069538.
TCS John Huxley Singapore Pte. Ltd. Representative office has a registered office; Unit LG 11 Globe Telecom Plaza, Tower 1 Pioneer Street Corner Madison Street, Barangka Ilaya 1550, City of Mandaluyong, NCR, Second District, Philippines.
TCS John Huxley Spain S.A. has a registered office; Calle San Antonio 47, 29600 Marbella, Málaga, España.
Ukugembula Invest (Pty) Ltd has a registered office; 4 Eagle Owl Forum, Glen Eagles Office Park, 41 Koorsboom Avenue, Glen Marais, 1619.
Mobiliaro De Azar, S.A. DE C.V.; Lotes 15 y 16 de la Manzana II def Parque Industrial San Luis Rio Colorado, Sonora, Mexico.
Midwest Game Supply Inc has registered office; 1119 North Jefferson Street, Kearney, Missouri 64060,
USA.

Page 40

VICTORIA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

18.	Stocks
		Group	Group
		2025	2024
		£	£

Raw materials and consumables	3,279,486	2,827,668
Work in progress (goods to be sold)	134,770	179,561
Finished goods and goods for resale	5,042,974	4,438,104
	8,457,230	7,445,333

Stock recognised in cost of sales during the year as an expense was £13,056,543 (2024 - £12,231,629).

19.	Debtors
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Due after more than one year
Trade debtors	166,252	150,716	-	-
Amounts owed by group undertakings	-	-	5,363,681	5,864,859
Other debtors	171,588	185,392	-	-
	337,840	336,108	5,363,681	5,864,859

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£

Due within one year
Trade debtors	8,595,627	7,710,821	-	-
Amounts owed by group undertakings	3,367	-	994,697	157,867
Other debtors	418,025	500,706	-	-
Prepayments and accrued income	1,628,374	1,272,908	-	-
Net investments in finance leases	31,949	46,820	-	-
R&D tax credit receivable	226,932	380,953	-	-
Deferred taxation	-	3,994,864	-	-
	10,904,274	13,907,072	994,697	157,867

Company amounts owed by group undertakings are unsecured, accrue interest on amounts owed over 3 months at 3.75% (2024 - 4.75%) and are repayable on demand.

Page 41

VICTORIA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

20.	Cash and cash equivalents
		Group	Group
		2025	2024
		£	£

	Bank and cash balances	3,683,575	1,357,909

21.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Bank overdrafts	202,494	213,247	-	-
Trade creditors	5,473,943	5,354,917	-	-
Amounts owed to group undertakings	-	-	8,417,617	2,459,969
Taxation and social security	561,489	594,732	-	-
Amounts owed to connected parties (see note 30)	55,347	6,597,695	-	560,000
Loans from directors (see note 29)	-	144,691	-	-
Corporation tax	1,708,432	182,624	-	-
Other creditors	2,085,739	434,423	-	-
Accruals and deferred income	3,170,829	3,393,833	-	299,779
Bank loans	-	232,733	-	-
Obligations under finance lease and hire purchase contracts	41,426	538,748	-	-
	13,299,699	17,687,643	8,417,617	3,319,748

Company amounts owed to group undertakings are unsecured, interest free and repayable on demand.
Loans from directors of £Nil (2024 - £220,000) were unsecured and accrued interest at SONIA +1.5%. The loans were fully repaid during the year, with no capital amounts outstanding at the year end.
Included within obligations under finance leases are amounts that are secured against the receivables of one of the Group companies.

Bank overdrafts are secured against the trade and other debtors of one of the Group companies.

Bank loans, which were secured and guaranteed by one of the directors, have also been fully repaid during the year.

Page 42

VICTORIA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

22.	Creditors: Amounts falling due after more than one year
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Loans from directors (see note 29)	-	75,309	-	-
Amounts owed to connected parties (see note 30)	-	4,786,598	-	4,786,598
Accruals and deferred income	8,026	24,150	-	-
Bank loans	-	226,920	-	-
Net obligations under finance leases and hire purchase contracts	426,398	2,696,539	-	-
	434,424	7,809,516	-	4,786,598

Included within net obligations under finance leases is a loan that is secured against the receivables of one of the Group companies. A group company obtained an invoicing financing facility, which accrues interest at the Wall Street Journal Prime Rate plus 6.5%. The balance of £425,574 (2024 - £941,450) was outstanding at year end.

Bank loans, which were secured and guaranteed by one of the directors, have been fully repaid during the year.

Page 43

VICTORIA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

23.	Loans
	Analysis of the maturity of loans is given below:
		Group	Group
		2025	2024
		£	£

Amounts falling due within one year
Bank loans	-	232,733
	-	232,733
Amounts falling due 1-2 years
Bank loans	-	226,920
	-	226,920


	-	459,653

A group company held a long term bank loan, which accrued interest at the prime rate set by the South African reserve bank and was repayable in monthly installments. The loan has been fully repaid during the year; therefore, £Nil (2024 - £46,740) is due within one year and £Nil (2024 - £Nil) is due in more than one year.
A group company held a long term bank loan, which accrued interest at 2.5% per annum and was repayable in installments over a period of 60 months. The loan has been fully repaid during the year; therefore, £Nil (2024 - £72,139) is due within one year and £Nil (2024 - £Nil) is due in more than one year.

A group company held a long term bank loan, which accrued interest at 4.5% per annum and was repayable in installments over a period of 60 months. The loan has been fully repaid during the year; therefore, £Nil (2024 - £33,252) is due within one year and £Nil (2024 - £28,874) is due in more than one year.
A group company held a long term bank loan, which accrued interest at 4.75% per annum and was repayable in installments over a period of 60 months. The loan has been fully repaid during the year; therefore, £Nil (2024 - £17,853) is due within one year and £Nil (2024 - £33,354) is due in more than one year.
A group company held a long term bank loan, which accrued interest at 7.75% per annum and was repayable in installments over a period of 60 months. The loan has been fully repaid during the year; therefore, £Nil (2024 - £62,749) is due within one year and £Nil (2024 - £164,692) is due in more than one year.

Page 44

VICTORIA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

24.	Deferred taxation
	Group

	2025	2024
	£	£
At beginning of year	3,994,864	1,482,959
Charged to profit or loss	(4,615,259)	2,511,905
At end of year	(620,395)	3,994,864

		Group	Group
		2025	2024
		£	£

Accelerated capital allowances	(778,950)	(271,478)
Tax losses carried forward	99,477	4,224,664
Short term timing differences	59,078	41,678
	(620,395)	3,994,864

25.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

510,000 (2024 - 510,000) Ordinary shares of £1.00 each	510,000	510,000

26.	Contingent liabilities

During the prior year the Group went through a sale and leaseback transaction, the Company has become the guarantor under the new lease. The commitment and costs have been recognised in the financial statements of the tenant, a subsidiary TCS John Huxley Europe Limited and included in the Group figures.

Page 45

VICTORIA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

27.

Reserves

Other reserves

Other reserves relate to legal reserves maintained by certain overseas subsidiaries in accordance with local legal requirements.

Profit and loss account

The profit and loss account comprises of accumulated profits.

Page 46

VICTORIA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

28.	Business combinations

On 14 November 2025, a subsidiary company acquired through an asset purchase, a dice business from Gaming Partners International USA and GPI Mexicana SA, this was purchased in order to expand their production facility in Mexico as well as drive the growth of dice sales.
The total purchase price of £4,782,833, is inclusive of the estimated fair value of contingent consideration, which was financed through a note payable by another group company. The contingent consideration consists of a production target arrangement whereby the seller will be paid £ 1,511,984 upon hitting certain production targets from 10,000 pairs of dice up to 600,000 pairs of dice.

	Acquisition of GPI Mexicana S.A. DE C.V
	Recognised amounts of identifiable assets acquired and liabilities assumed
					Fair value
					£

	Fixed Assets
	Tangible	108,879
	Intangible	69,555
		178,434
	Current Assets
	Stocks	246,657
	Total Assets	425,091
	Total Identifiable net assets	425,091


	Goodwill	4,357,742
	Total purchase consideration	4,782,833

	Consideration
					£


	Cash	3,270,849
	Contingent consideration	1,511,984
	Total purchase consideration	4,782,833

Page 47

VICTORIA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

28.Business combinations (continued)

	Cash outflow on acquisition
					£


	Purchase consideration settled in cash, as above	3,024,117
	Directly attributable costs	16,744
		3,040,861
	Net cash outflow on acquisition	3,040,861

Goodwill represents other intangible assets that do not qualify for separate recognition.

The acquired operations were integrated into the Group’s existing manufacturing activities in Mexico immediately following acquisition. As a result, the income and expenses of the acquired business have been combined with those of other manufacturing activities and are not separately identifiable within the accounting records.
Accordingly, it is impracticable to reliably determine the revenue and profit attributable to the acquired business for the period from acquisition to the reporting date, and such amounts have therefore not been disclosed.

29.	Pension commitments

The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £512,243 (2024 - £511,103). Contributions totalling £156,705 (2024 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.

30.	Commitments under operating leases
	At 31 December 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group
		2025	2024
		£	£

Not later than 1 year	554,906	540,536
Later than 1 year and not later than 5 years	1,135,976	1,442,942
Later than 5 years	64,971	-
	1,755,853	1,983,478

Page 48

VICTORIA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

31.	Transactions with directors

The amounts owed to directors at the year end were £Nil (2024 - £220,000) with accrued interest of £Nil (2024 - £236,351). These balances are included within notes 21 and 22.

32.	Related party transactions

Victoria Holdings Limited has taken the exemption under FRS102, Section 33 Related Party Disclosures paragraph 33.1A, whereby the Company is not required to disclose transactions with other wholly owned subsidiaries. Where subsidiaries were not wholly owned or were entities of the same group, transactions are detailed below:
At the Balance Sheet date, the total amount owing to a related party due to common control of the directors was £Nil (2024 - £10,593,624). Interest incurred on the total loan balance during the year is £252,767 (2024 - £676,929), of which £55,347 (2024 - £676,929) remained outstanding. The whole amount is unsecured and repayable on demand.
At the Balance Sheet date, a trading balance of £Nil (2024 - £113,740) was owed to a related party due to common control of the directors.

33.	Ultimate parent undertaking and controlling party

The ultimate parent company is Belgravia Invest AB, a Company registered in Sweden and controlled by T N Sjoeberg and M B Knutsson. Belgravia Invest AB is the largest group in which the results of the Company and Group are consolidated. Its registered address is Kungsportsavenyen 33, 411 36, Göteborg, Sweden from which the consolidated results can be obtained.

34.	Prior year restatement

In the prior year, a bonus cost was recognised through a consolidation adjustment only and was not reflected in the parent company’s profit and loss account.
The comparative Company results have therefore been restated with £299,779 being recognised as a cost, there is no impact on the Group comparatives.

Page 49