ACCOUNTS - Final Accounts preparation

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



	Coretech Security Holdings Limited













	Annual report and financial statements

	For the year ended 31 March 2026

	Registered number: 14542719


Coretech Security Holdings Limited

Company Information

Directors	A J Church
	T Court


Registered number	14542719


Registered office	Honeybourne Place
	Jessop Avenue
	Gloucestershire
	GL50 3SH


Independent auditor	EVMS Partners LLP
	4th Floor
	45 Ludgate Hill
	London
	EC4M 7JU


Coretech Security Holdings Limited

Contents

	Page
Group strategic report	1 - 2
Directors' report	3 - 4
Independent auditor's report	5 - 8
Consolidated statement of comprehensive income	9
Consolidated statement of financial position	10 - 11
Company statement of financial position	12
Consolidated statement of changes in equity	13 - 14
Company statement of changes in equity	15 - 16
Consolidated statement of cash flows	17
Notes to the financial statements	18 - 33


Coretech Security Holdings Limited

Group strategic report

For the year ended 31 March 2026

Introduction

The directors present their group strategic report for Coretech Security Holdings Limited ('the company') and its subsidiary undertakings together referred to as (‘the group’) for the year ended 31 March 2026. The growth of the group means it is no longer classified as small for UK statutory accounts purposes and hence the directors have prepared consolidated accounts for this year.

Business overview

The group is a specialist provider of cyber research and engineering services and solutions.

Financial key performance indicators

The group grew in line with Board and Shareholder expectations. Turnover grew by 22.36% to £12.5m, delivering profits of £2.1m. This reflects growth in headcount, strong resource utilisation and effective cost
control, coupled with strategic investment in talent development, facilities and technology.

The group's strong operating performance is reflected within its statement of financial position.

Review of the business

As the world becomes more connected through the explosion of networked devices, automated code generation
and emerging protocols, technology vulnerability to advanced cyber threat continues to evolve, despite AI’s
impact on commodity infrastructure security.

The group has evolved its offerings, broadening its research activities to understand technical vulnerabilities and their impact on the wider ecosystems, whilst developing services to counter the threat to client business operations.

The group continues to invest heavily in talent acquisition and development; from early careers professionals through to experienced specialists. FY26 was the company's fourth year of taking on a graduate cohort, who have benefitted from focused upskilling and close mentoring, whilst experienced staff regularly attend conferences focused on industry-leading cyber practices to ensure their experience remains cutting-edge.

The group has a robust, market-driven strategy and three-year plan and will continue to evolve its services within a growing and diversified sector, investing in talent, whilst staying focused on high quality delivery of core services.

Page 1


Coretech Security Holdings Limited

Group strategic report (continued)

For the year ended 31 March 2026

Principal risks and uncertainties

The management of the business and the execution of the group's strategy are subject to a number of risks and
uncertainties. These are managed through the implementation of the formal Company Operating Framework, which provides yearly, quarterly and monthly reviews of opportunities and risk. The key risks affecting the group relate the political environment for cyber-related research, the ability to recruit and retain quality staff and client budget spending reviews. These risks are managed through the Board, the Leadership Team and Technical Directors.

This report was approved by the board and signed on its behalf by:

................................................

A J Church

Director

Date: 26 August 2026

Page 2


Coretech Security Holdings Limited

Directors' report

For the year ended 31 March 2026

The directors present their annual report and the financial statements of Coretech Security Holdings Limited ('the
company') and its subsidiary (together 'the group'), for the year ended 31 March 2026.

Directors

The directors who served during the year were:

A J Church

T Court

N Biggs (resigned 30 April 2025)

Directors' responsibilities statement

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

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

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

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

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

∙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.

Results and dividends

The profit for the year, after taxation, amounted to £2,261,452 (2025 - £1,935,949).

The directors were paid dividends of £220,097 (2025 - £250,000).

Matters covered in the Group strategic report

The group has chosen, in accordance with s.414C(11) Companies Act 2006, to set out in the group's Strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the Directors' report. It has been done so in respect of future developments.

Page 3


Coretech Security Holdings Limited

Directors' report (continued)

For the year ended 31 March 2026

Disclosure of information to auditor

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

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

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

Auditor

The auditor, EVMS Partners LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf by:

................................................

A J Church

Director

Date: 26 August 2026

Page 4

Independent auditor's report to the members of Coretech Security Holdings Limited

For the year ended 31 March 2026

Opinion

We have audited the financial statements of Coretech Security Holdings Limited (the 'parent company') and its subsidiaries (the 'Group') for the year ended 31 March 2026, which comprise the Consolidated statement of comprehensive income, the Consolidated statement of financial position, the Company statement of financial position, 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 March 2026 and of the Group's profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Page 5

Independent auditor's report to the members of Coretech Security Holdings Limited (continued)

For the year ended 31 March 2026

Other information

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

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Page 6

Independent auditor's report to the members of Coretech Security Holdings Limited (continued)

For the year ended 31 March 2026

Auditor's responsibilities for the audit of the financial statements

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

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non compliance with laws and regulations, was as follows:

∙the Senior Statutory Auditor ensured that the engagement team collectively had the appropriate competence,

∙capabilities and skills to identify or recognise non-compliance with applicable laws and regulations, including
knowledge specific to auditing firms providing software as a service;

∙we made enquiries of management as to where they considered there was susceptibility to fraud, and their
knowledge of actual, suspected and alleged fraud;

∙we identified the laws and regulations that could reasonably be expected to have a material effect on the financial statements of the company through discussions with directors and other management at the planning stage, and from our knowledge and experience of auditing firms providing software as a service;

∙the audit team held a discussion to identify any particular areas that were considered to be susceptible to
misstatement, including with respect to fraud and non compliance with laws and regulations; and

∙we focused our planned audit work on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company including the Companies Act 2006, employment legislation, and taxation legislation.

We assessed the extent of compliance with the laws and regulations identified above through:

∙making enquiries of management;

∙reviewing legal expenditure and correspondence throughout the period for any potential litigation or claims; and

∙considering the internal controls in place that are designed to mitigate risks of fraud and non compliance with laws and regulations.

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

Page 7

Independent auditor's report to the members of Coretech Security Holdings Limited (continued)

For the year ended 31 March 2026

Use of our report

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

Philip Vipond (Senior statutory auditor)

for and on behalf of

EVMS Partners LLP

Statutory Auditor

4th Floor

45 Ludgate Hill

London

EC4M 7JU

27 August 2026

Page 8


Coretech Security Holdings Limited

Consolidated statement of comprehensive income

For the year ended 31 March 2026

	2026	2025
Note	£	£


Turnover	4	12,454,487	10,178,339
Cost of sales		(747,942)	(294,874)
Gross profit		11,706,545	9,883,465
Administrative expenses		(9,607,310)	(8,180,077)
Operating profit	5	2,099,235	1,703,388
Interest receivable and similar income	9	23,415	35,064
Interest payable and similar expenses	10	(24,980)	-
Profit before taxation		2,097,670	1,738,452
Tax on profit	11	163,782	197,497
Profit for the financial year		2,261,452	1,935,949


Total comprehensive income for the year		2,261,452	1,935,949

Profit for the year attributable to:
Owners of the parent company	2,261,452	1,935,949
	2,261,452	1,935,949

Total comprehensive income for the year attributable to:
Owners of the parent company	2,261,452	1,935,949
	2,261,452	1,935,949

The notes on pages 18 to 33 form part of these financial statements.

Page 9


Coretech Security Holdings Limited - Registered number:14542719

Consolidated statement of financial position

As at 31 March 2026

	2026	2026	2025	2025
Note	£	£	£	£

Fixed assets
Tangible assets	13		1,424,381		1,509,434
			1,424,381		1,509,434
Current assets
Debtors: amounts falling due after more than one year	15	117,627		-
Debtors: amounts falling due within one year	15	3,178,927		2,731,622
Cash at bank and in hand		3,298,138		4,205,261
		6,594,692		6,936,883
Creditors: amounts falling due within one year	16	(2,280,962)		(2,048,857)
Net current assets			4,313,730		4,888,026
Total assets less current liabilities			5,738,111		6,397,460
Creditors: amounts falling due after more than one year			(640,222)		-
Provisions for liabilities
Deferred taxation	18	(320,499)		(350,542)
			(320,499)		(350,542)
Net assets			4,777,390		6,046,918

Capital and reserves
Share capital	19	179	194
Share premium account	20	13,613	13,613
Capital redemption reserve	20	15	-
Other reserves	20	30,720	23,926
Merger reserve	20	2,815,608	2,815,608
Profit and loss account	20	1,917,255	3,193,577
Equity attributable to owners of the parent company		4,777,390	6,046,918

Page 10


Coretech Security Holdings Limited - Registered number:14542719

Consolidated statement of financial position (continued)

As at 31 March 2026

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

A J Church

Director

Date: 26 August 2026

The notes on pages 18 to 33 form part of these financial statements.

Page 11


Coretech Security Holdings Limited - Registered number:14542719

Company statement of financial position

As at 31 March 2026

	2026	2026	2025	2025
Note	£	£	£	£

Fixed assets
Investments	14		9,643		9,643
			9,643		9,643
Current assets
Debtors: amounts falling due within one year	15	270		270
Cash at bank and in hand		52,252		24,997
		52,522		25,267
Creditors: amounts falling due within one year	16	(15,390)		(13,970)
Net current assets			37,132		11,297
Total assets less current liabilities			46,775		20,940

Creditors: amounts falling due after more than one year	17		(640,222)		-

Net (liabilities)/assets			(593,447)		20,940

Capital and reserves
Share capital	19		179		194
Share premium account	20		13,613		13,613
Capital redemption reserve	20		15		-
Profit and loss account brought forward		7,133		78,114
Profit for the year		2,923,387		179,019
Other changes in the profit and loss account		(3,537,774)		(250,000)
Profit and loss account carried forward			(607,254)		7,133
			(593,447)		20,940

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

A J Church

Director

Date: 26 August 2026

The notes on pages 18 to 33 form part of these financial statements.

Page 12

		Coretech Security Holdings Limited

Consolidated statement of changes in equity

For the year ended 31 March 2026

	Share capital	Share premium account	Capital redemption reserve	Other reserves	Merger reserve	Profit and loss account	Equity attributable to owners of parent company	Total equity
	£	£	£	£	£	£	£	£
At 1 April 2025	194	13,613	-	23,926	2,815,608	3,193,577	6,046,918	6,046,918
Comprehensive income for the year
Profit for the year	-	-	-	-	-	2,261,452	2,261,452	2,261,452
Total comprehensive income for the year	-	-	-	-	-	2,261,452	2,261,452	2,261,452
Contributions by and distributions to owners
Dividends: Equity capital	-	-	-	-	-	(220,097)	(220,097)	(220,097)
Share buyback reserve	-	-	-	-	-	(640,222)	(640,222)	(640,222)
Purchase of own shares	-	-	15	-	-	(2,677,455)	(2,677,440)	(2,677,440)
Share redemption	(15)	-	-	-	-	-	(15)	(15)
Share option reserve	-	-	-	6,794	-	-	6,794	6,794
Total transactions with owners	(15)	-	15	6,794	-	(3,537,774)	(3,530,980)	(3,530,980)
At 31 March 2026	179	13,613	15	30,720	2,815,608	1,917,255	4,777,390	4,777,390

The notes on pages 18 to 33 form part of these financial statements.

Page 13

		Coretech Security Holdings Limited

Consolidated statement of changes in equity

For the year ended 31 March 2025

	Share capital	Share premium account	Other reserves	Merger reserve	Profit and loss account	Equity attributable to owners of parent company	Total equity
	£	£	£	£	£	£	£
At 1 April 2024	193	4,292	-	2,815,608	1,507,628	4,327,721	4,327,721
Comprehensive income for the year
Profit for the year	-	-	-	-	1,935,949	1,935,949	1,935,949
Total comprehensive income for the year	-	-	-	-	1,935,949	1,935,949	1,935,949
Contributions by and distributions to owners
Dividends: Equity capital	-	-	-	-	(250,000)	(250,000)	(250,000)
Shares issued during the year	1	9,321	-	-	-	9,322	9,322
Share option reserve	-	-	23,926	-	-	23,926	23,926
Total transactions with owners	1	9,321	23,926	-	(250,000)	(216,752)	(216,752)
At 31 March 2025	194	13,613	23,926	2,815,608	3,193,577	6,046,918	6,046,918

The notes on pages 18 to 33 form part of these financial statements.

Page 14


Coretech Security Holdings Limited

Company statement of changes in equity

For the year ended 31 March 2026

	Share capital	Share premium account	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 April 2025	194	13,613	-	7,133	20,940
Comprehensive income for the year
Profit for the year	-	-	-	2,923,387	2,923,387
Total comprehensive income for the year	-	-	-	2,923,387	2,923,387
Contributions by and distributions to owners
Dividends: Equity capital	-	-	-	(220,097)	(220,097)
Share buyback reserve	-	-	-	(640,222)	(640,222)
Purchase of own shares	-	-	15	(2,677,455)	(2,677,440)
Shares redemption	(15)	-	-	-	(15)
Total transactions with owners	(15)	-	15	(3,537,774)	(3,537,774)
At 31 March 2026	179	13,613	15	(607,254)	(593,447)

The notes on pages 18 to 33 form part of these financial statements.

Page 15


Coretech Security Holdings Limited

Company statement of changes in equity

For the year ended 31 March 2025

	Share capital	Share premium account	Profit and loss account	Total equity
	£	£	£	£
At 1 April 2024	193	4,292	78,114	82,599
Comprehensive income for the year
Profit for the year	-	-	179,019	179,019
Total comprehensive income for the year	-	-	179,019	179,019
Contributions by and distributions to owners
Dividends: Equity capital	-	-	(250,000)	(250,000)
Shares issued during the year	1	9,321	-	9,322
Total transactions with owners	1	9,321	(250,000)	(240,678)
At 31 March 2025	194	13,613	7,133	20,940

The notes on pages 18 to 33 form part of these financial statements.

Page 16


Coretech Security Holdings Limited

Consolidated statement of cash flows

For the year ended 31 March 2026

			2026	2025
			£	£

Cash flows from operating activities
Profit for the financial year	2,261,452	1,935,949
Adjustments for:
Depreciation of tangible assets	387,300	331,405
Interest paid	24,980	-
Interest received	(23,415)	(35,064)
Taxation charge	(163,782)	(197,497)
Increase in debtors	(549,285)	(100,051)
Increase in creditors	232,105	654,582
Corporation tax received	118,096	178,548
Net cash generated from operating activities	2,287,451	2,767,872

Cash flows from investing activities
Purchase of tangible fixed assets	(302,247)	(364,080)
Interest received	23,415	35,064
Net cash used in investing activities	(278,832)	(329,016)
Cash flows from financing activities
Issue of ordinary shares	-	9,322
Purchase of own shares	(2,677,455)	-
Dividends paid	(220,101)	(250,000)
Interest paid	(24,980)	-
Share option expenses	6,794	23,925
Net cash used in financing activities	(2,915,742)	(216,753)
Net (decrease)/increase in cash and cash equivalents	(907,123)	2,222,103
Cash and cash equivalents at beginning of year	4,205,261	1,983,158
Cash and cash equivalents at the end of year	3,298,138	4,205,261

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	3,298,138	4,205,261
	3,298,138	4,205,261

The notes on pages 18 to 33 form part of these financial statements.

Page 17


Coretech Security Holdings Limited

Notes to the financial statements

For the year ended 31 March 2026

1.	General information

Coretech Security Holdings is a private company limited by shares and incorporated in England and Wales. Its registered office and principal place of business is Honeybourne Place, Jessop Avenue, Cheltenham, Gloucestershire, United Kingdom, GL50 3SH. Its company registration number is 14542719.

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 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

Basis of consolidation

The consolidated financial statements present the results of the company and its own subsidiaries ('the group') as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

During the period ended 31 March 2023, the company took part in a group reconstruction, whereby company acquired CoreTech Security Services Ltd ('the subsidiary') from the previous holding entity of the subsidiary through share for share exchange. In line with FRS102, as the entities were under common control both before and after the merger, and the shareholders’ rights have remained unchanged, the merger method is applied rather than acquisition accounting. Assets and liabilities of the subsidiary have been combined at their existing carrying amounts with no fair-value adjustments. A merger reserve totalling £2,815,608 was arisen and presented within equity. Any merger-related costs have been expensed in the statement of comprehensive income in the period ended 31 March 2023, consistent with FRS102.

In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their existing carrying amounts 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.

2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

Page 18


Coretech Security Holdings Limited

Notes to the financial statements

For the year ended 31 March 2026

2.Accounting policies (continued)

2.3

Foreign currency translation (continued)

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Rendering of services

Turnover 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 turnover 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.

2.5

Interest income

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

2.6

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.

Page 19


Coretech Security Holdings Limited

Notes to the financial statements

For the year ended 31 March 2026

2.Accounting policies (continued)

2.7

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 Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

2.8

Share-based payments

Where the company has granted rights to its equity instruments to employees of its subsidiary company, CoreTech Security Services Limited, such arrangements are accounted for as equity-settled share based payment arrangements and are treated as a capital contribution. Equity-settled share based payments are measured at the fair value of the equity instruments at the grant date. The fair value excludes the effect of non-market based vesting conditions. The fair value determined at the grant date is expensed on a straight line basis over the vesting period, based on the company's estimate of equity instruments that will eventually vest. At each reporting date, the company revises its estimate of the number of equity instruments expected to vest as a result of the effect of non-market based vesting conditions.

2.9

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 reporting 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 reporting 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 reporting date.

Page 20


Coretech Security Holdings Limited

Notes to the financial statements

For the year ended 31 March 2026

2.Accounting policies (continued)

2.10

Tangible fixed assets

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

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

Depreciation is provided on the following basis:

Long-term leasehold property	-	10%
Fixtures and fittings	-	10%
Office equipment	-	25%
Computer equipment	-	25%

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.

2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

2.12

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.

2.13

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

2.14

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 21


Coretech Security Holdings Limited

Notes to the financial statements

For the year ended 31 March 2026

2.Accounting policies (continued)

2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.16

Financial instruments

The Group has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Statement of financial position when the Group becomes party to the contractual provisions of the instrument.

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

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Page 22


Coretech Security Holdings Limited

Notes to the financial statements

For the year ended 31 March 2026

2.Accounting policies (continued)

2.16

Financial instruments (continued)

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic financial liabilities

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

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

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

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Page 23


Coretech Security Holdings Limited

Notes to the financial statements

For the year ended 31 March 2026

2.Accounting policies (continued)

2.16

Financial instruments (continued)

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

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

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

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

Sales - Labour	11,793,107	10,072,584
Sales - Rechargeable expenses	661,254	105,636
Other income	126	119
	12,454,487	10,178,339

Analysis of turnover by country of destination:

					2026	2025
					£	£

United Kingdom	12,454,487	10,178,339
	12,454,487	10,178,339

Page 24


Coretech Security Holdings Limited

Notes to the financial statements

For the year ended 31 March 2026

Depreciation	387,300	331,405
Exchange differences	262	1,759
Other operating lease rentals	373,564	367,977
Share-based payment	6,794	23,925

6.	Auditor's remuneration
	During the year, the Group obtained the following services from the company's auditor:

7.	Employees
	Staff costs, including the directors' remuneration, were as follows:

		Group	Group
		2026	2025
		£	£


Wages and salaries	6,302,587	5,354,762
Social security costs	800,780	592,377
Cost of defined contribution scheme	440,429	376,258
	7,543,796	6,323,397

The average monthly number of employees, including the directors, during the year was as follows:

	2026	2025
	No.	No.

Admin	10	6
Sales	4	6
Technological	65	55

	79	67

The company has no employees other than the directors, who did not receive any remuneration (2025 - £nil)

Page 25


Coretech Security Holdings Limited

Notes to the financial statements

For the year ended 31 March 2026

8.	Directors' remuneration
		2026	2025
		£	£

Directors salaries of subsidary company	179,240	220,336
Group contributions to defined contribution pension schemes	12,641	18,081
	191,881	238,417

9.	Interest receivable
		2026	2025
		£	£

	Other interest receivable	23,415	35,064
		23,415	35,064

10.	Interest payable and similar expenses
		2026	2025
		£	£

	Other loan interest payable	24,980	-
		24,980	-

Corporation tax
Current tax on profits for the year	(133,739)	(202,864)

Total current tax	(133,739)	(202,864)

Deferred tax
Fixed asset timing differences	(30,043)	5,367
Total deferred tax	(30,043)	5,367

Page 26


Coretech Security Holdings Limited

Notes to the financial statements

For the year ended 31 March 2026

11.Taxation (continued)

Profit on ordinary activities before tax

2,097,670

1,754,443

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2025 - 25%)	524,417	438,608
Effects of:
Fixed asset differences	-	(3,600)
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	29,169	11,192
R&D expenditure credits	238,804	212,803
Non-taxable income	(958)	-
Adjustment in research and development tax credit leading to an decrease in the tax charge	(955,214)	(856,500)
Total tax charge for the year	(163,782)	(197,497)

Factors that may affect future tax charges

The deferred taxes at the reporting date reflected in these financial statements have been measured at the UK rates likely to be applied when the deferred taxes crystallise.

12.	Dividends
		2026	2025
		£	£

	Interim dividends paid	220,097	250,000
		220,097	250,000

Page 27


Coretech Security Holdings Limited

Notes to the financial statements

For the year ended 31 March 2026

13.	Tangible fixed assets
	Group

	Long-term leasehold property	Fixtures and fittings	Office equipment	Computer equipment	Total
	£	£	£	£	£
Cost
At 1 April 2025	777,569	479,832	137,717	878,454	2,273,572
Additions	63,264	12,408	10,921	215,654	302,247
At 31 March 2026	840,833	492,240	148,638	1,094,108	2,575,819
Depreciation
At 1 April 2025	208,727	98,216	92,902	364,293	764,138
Charge for the year	79,536	48,352	29,075	230,337	387,300
At 31 March 2026	288,263	146,568	121,977	594,630	1,151,438
Net book value
At 31 March 2026	552,570	345,672	26,661	499,478	1,424,381
At 31 March 2025	568,842	381,616	44,815	514,161	1,509,434

Page 28


Coretech Security Holdings Limited

Notes to the financial statements

For the year ended 31 March 2026

14.	Fixed asset investments

	Company

		Investments in subsidiary companies
		£
	Cost
	At 1 April 2025	9,643
	At 31 March 2026	9,643

Subsidiary undertaking
The following was a subsidiary undertaking of the company:
Name	Registered office	Class of shares	Holding

CoreTech Security Services Limited

Honeybourne Place
Jessop Avenue, Cheltenham
Gloucestershire
GL50 3SH

Ordinary

100%

The company applied merger accounting when the subsidiary was acquired through share-for-share exchange. Share premium was not recognised and the cost of the investment was recorded as the nominal value of the shares issued.

Page 29


Coretech Security Holdings Limited

Notes to the financial statements

For the year ended 31 March 2026

15.	Debtors
		Group	Group	Company	Company
		2026	2025	2026	2025
		£	£	£	£

Due after more than one year
Other debtors	117,627	-	-	-
	117,627	-	-	-

Group	Group	Company	Company
2026	2025	2026	2025
£	£	£	£

Due within one year
Trade debtors	484,758	1,575,422	-	-
Other debtors	487,274	561,837	-	-
Prepayments and accrued income	2,206,895	594,363	270	270
	3,178,927	2,731,622	270	270

16.	Creditors: amounts falling due within one year
		Group	Group	Company	Company
		2026	2025	2026	2025
		£	£	£	£

Trade creditors	215,297	139,983	-	-
Other taxation and social security	822,069	798,738	-	-
Other creditors	190,748	128,309	-	-
Accruals and deferred income	1,052,848	981,827	15,390	13,970
	2,280,962	2,048,857	15,390	13,970

17.	Creditors: Amounts falling due after more than one year
		Group	Group	Company	Company
		2026	2025	2026	2025
		£	£	£	£

Accruals and deferred income	640,222	-	640,222	-
	640,222	-	640,222	-

Page 30


Coretech Security Holdings Limited

Notes to the financial statements

For the year ended 31 March 2026

18.	Deferred taxation
	Group

		2026
		£

	At beginning of year	(350,542)
	Charged to profit or loss	30,043
	At end of year	(320,499)

Company



	At end of year	-

The provision for deferred taxation is made up as follows:
	Group	Group
	2026	2025
	£	£

Fixed asset timing differences	(335,160)	(369,740)
Short term timing differences	14,661	19,198
	(320,499)	(350,542)

19.	Share capital
		2026	2025
		£	£

Allotted, called up and fully paid

7,916 (2025 - 9,409) Ordinary B shares of £0.01 each	79	94
10,000 (2025 - 10,000) Ordinary E shares of £0.01 each	100	100

	179	194

Share capital decreased from £194 to £179 during the year, reflecting the buyback and subsequent cancellation of 1,493 Ordinary B shares (nominal value of £0.01 per share). Total cash consideration for the repurchase amounted to £2,677,451, with a corresponding £15 reduction in the nominal value of issued capital.

Page 31


Coretech Security Holdings Limited

Notes to the financial statements

For the year ended 31 March 2026

20.

Reserves

Share premium account

The share premium account consists of amounts paid above par in respect of share capital.

Share option

The share-based payment reserve represents the cumulative fair value of share options granted to employees and recognised as an expense

Capital redemption reserve

This non-distributable reserve represents the nominal value of own shares repurchased and cancelled by the company, transferred from retained earnings.

Other reserves

This reserve represents the cumulative fair value of equity-settled share options granted to employees, recognized as an expense over the vesting period.

Profit and loss account

Includes all current period profits and losses.

21.	Share-based payments
	The group operates an Enterprise Management Incentive ("EMI") share option scheme for certain employees. The options are settled by the issue of equity shares and vest subject to continued employment. In the event of cessation of employment, options normally lapse. All options have an exercise price of £118 per share. The options have a maximum contractual life of 10 years from the date of grant. During the year, a share-based payment charge of £6,794 (2025: £23,925) was recognised in the statement of comprehensive income, with a corresponding credit to equity. The cumulative amount recognised in equity at 31 March 2026 was £30,720 (2025: £23,925).
		Weighted average exercise price (pence) 2026	Number 2026	Weighted average exercise price (pence) 2025	Number 2025

Outstanding at the beginning of the year	11,800	1,036	11,800	1,209
Forfeited during the year	11,800	(53)	11,800	(94)
Exercised during the year		-	11,800	(79)
Outstanding at the end of the year	11,800	983	11,800	1,036

Page 32


Coretech Security Holdings Limited

Notes to the financial statements

For the year ended 31 March 2026

22.	Pension commitments

The group operates a defined contributions pension scheme. The pension cost charge represents contributions payable by the group to the fund and amounted to £440,429 (2025 - £368,714). Contributions totaling £83,796 (2025 - £76,792) were payable to the fund at the balance sheet date and are included in other creditors.

23.	Commitments under operating leases
	At 31 March 2026 the Group and the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group
		2026	2025
		£	£

Not later than 1 year	355,804	355,804
Later than 1 year and not later than 5 years	1,423,216	1,423,216
Later than 5 years	211,025	566,829
	1,990,045	2,345,849

24.

Related party transactions

The company has taken advantage of the exemption to disclose related party transactions with other group companies conferred by FRS 102 paragraph 33.1A 'Related party disclosure' on the basis that it is a wholly owned subsidiary.

The parent company issued share capital to an employee of the subsidiary company under an Enterprise Management Incentive (EMI) option and received £nil (2025 - £9,322) along with share premium.

During the year, the group received and fully repaid a loan of £750,000 from a company under
common control. Interest was charged at the Bank of England base rate plus 2%, resulting in interest
expense of £24,980 recognised in the statement of income and retained earnings.

During the year, the group paid total equity dividends of £220,097 (2025: £250,000). Of this total, dividends paid directly to the directors in respect of their beneficial shareholdings amounted to £203,242 (2025: £233,146).

During the period, the parent company repurchased and subsequently cancelled 1,493 Ordinary B shares from the director of the company for total consideration of £2,677,455. The transaction was executed on an arm's length basis under the terms of a shareholder-approved buyback agreement. At 31 March 2026, an amount of £640,222 remained payable in respect of the final tranche of the consideration and has been recognised as a liability in the financial statements.

25.	Controlling party

The ultimate controlling party during the year ended 31 March 2026 was A J Church, by virtue of his controlling interest in the issued share capital of the parent company.

Page 33