REGISTERED NUMBER: SC362013 (Scotland)

Strategic Report,

Report of the Directors and

Financial Statements

for the Year Ended 31 December 2025

for

GEOACTIVE LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12

Directors:

A Salah

T W Carr

Secretary:

Addleshaw Goddard (Scotland) Secretarial Limited

Registered office:

1st Floor North, Kingshill View Prime

Four Business Park,

Kingswells

Aberdeen

AB15 8PU

Registered number:

SC362013 (Scotland)

Auditors:

S&W Audit

Pall Mall

1 Pollen Square

59 King Street

Manchester

M2 4PD

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

Review of business

Geoactive Limited provides software products, training and consultancy services to the global energy industry.

Turnover for the year ending 31 December 2025 decreased by 2.1% to £13m (31 December 2024: £13.3m) from the previous year.The operating profit margin remained the same as the prior year at 35% (31 December 2024: 34%).

Profit for the year after taxation, amounted to £3.5m (31 December 2024: £3.5m).

Net assets for the Company as at 31 December 2025 were £2.5m (31 December 2024: £2.4m).

Significant movements are :

- A decrease of £1m in cash at bank due to payment of dividends.

Principal risks and uncertainties

During the year ended 31 December 2025, the principal risks and uncertainties were the integrated risks of the immediate and ultimate holding companies of, Total Specific Solutions (TSS) B.V. & Constellation Netherlands Holdings 2 Cooperatief U.A.and Constellation Software Inc.

The principal strategic risks of the Company during the year ended 31 December 2025, managed on a group basis by Constellation Software Inc., were:

- Global economic slowdown affecting the key markets in which the Company operates.

- Emerging and disruptive technologies, or other changes in the competitive landscape adversely impacting the business model.

- Loss of customer trust or decline in customer experience leading to a loss of market share.

- Inability to attract and retain the best people and talent with the necessary skills, including technical and commercial, to support the delivery of the Company's strategy.

- Geopolitical changes, such as changing sanction regimes that impacts the markets.

The principal operation and compliance risks of the Company are:

- Cyber and data related security incidents.

- Legal and regulatory compliance, including adherence to legal and regulatory standards and litigation risk in various jurisdictions. Key laws and regulations that impact the company include those relating to anti-bribery and corruption, data protection and competition.

In the opinion of the directors, the additional principal risks and uncertainties specifically facing the Company relate to:

- Uncertainty associated with a sustained period of low oil prices which may limit the software investment of customers. The risk is managed through systematic and thorough analysis of the market and opportunities, tracking of pipeline and business development activity, and active management of the cost base.

- Ensuring the software product offerings remain up to date and continue to meet the requirements of customers.

- The company is dependent upon its intellectual property. Its right to intellectual property may be challenged or infringed or otherwise prove insufficient to protect its business.

- Loss of customer trust or decline in customer experience.

- Attracting and retaining the best people and talent with the necessary skills.

Analysis using financial key performance indicators

The Company reviews its financial performance using a set of Key Performance Indicators ("KPIs") that are standard across the Constellation Software Inc. Group.

One of the key KPIs monitored is:

- EBITA - This stands for Earnings Before Interest, Taxes and Amortisation. It is a proxy measure of operating cash flow in the business and items in the profit and loss account that the Management can control. The EBITA for the year 31 December 2025 for continuing operations was 35% (31 December 2024: 35%).

Financial risk management

Geoactive Limited is exposed to certain financial risks as a result of its operations and the activities that it carries out including but not limited to:

- Credit Risk - The company provides credit to all of its customers and is therefore exposed to the usual credit risk and cash flow risk associate with this form of trading. These risks are managed through stringent credit control procedures.

- Liquidity risk - As at 31 December 2025 the Company has a cash balance which the Directors believe is sufficient to maintain liquidity and support the growth of the business. The liquidity risk is managed by cash flow forecasting.

As the business develops it faces inherent risk in terms of developer recruitment, retention and in the contractual terms and conditions it negotiates with customers. The risk is managed through appropriate corporate governance, Quality, Health, Safety and Environment (QHSE) control assessment procedures and staff development.

The internal audit department of Total Specific Solutions (TSS) B.V. have reviewed and assessed the application and effectiveness of the policies and processes of Geoactive Limited on matters of internal financial policy, control and risk.This is carried out on an annual basis.

On behalf of the board:

T W Carr - Director

1 September 2026

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

Principal activity

Geoactive Limited provides software products and training and consultancy services to the global energy industry.

Dividends

The total distribution of dividends for the period ended 31 December 2025 was £3,037,600.

Directors

A Salah has held office during the whole of the period from 1 January 2025 to the date of this report.

Other changes in directors holding office are as follows:

T W Carr was appointed as a director after 31 December 2025 but prior to the date of this report.

D Crombie ceased to be a director after 31 December 2025 but prior to the date of this report.

Statement of directors' responsibilities

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

Statement as to disclosure of information to auditors

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

On behalf of the board:

T W Carr - Director

1 September 2026

Opinion

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

In our opinion the financial statements:

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

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

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

We obtained a general understanding of the company's legal and regulatory framework through enquiry of management concerning their understanding of relevant laws and regulations, the entity's policies and procedures regarding compliance, and how they identify, evaluate and account for litigation claims. We also drew on our existing understanding of the company's industry and regulation.

We understand that the company complies with the framework through outsourcing payroll, accounts preparation and tax compliance to external experts.

In the context of the audit, we considered those laws and regulations which determine the form and content of the financial statements, which are central to the company's ability to conduct its business, and where there is a risk that failure to comply could result in material penalties. We identified the following laws and regulations as being of significance in the context of the company:

- The Companies Act 2006 and FRS 102 in respect of the preparation and presentation of the financial statements

- UK Taxation law

The senior statutory auditor led a discussion with senior members of the engagement team regarding the susceptibility of the entity's financial statements to material misstatement including how fraud might occur. The areas identified in this discussion were:

- Manipulation of financial statements, especially revenue, via fraudulent journal entries,

These areas were communicated to the other members of the engagement team not present at the discussion.

The procedures we carried out to gain evidence in the above areas included:

- Revenue recognition, we have tested a sample of trade debtors to ensure occurance of sales by agreeing post year end receipts to remittances and bank statemenst. We also reviewed post year end credit notes and vouched a sample of contracts through to related sales invoices, assessing the accuracy of deferred revenue recognised.

- Testing journal entries, focusing particularly on postings to unexpected or unusual accounts and agreeing back to supporting documentation.

Overall, the senior statutory auditor was satisfied that the engagement team collectively had the appropriate competence and capabilities to identify or recognise irregularities.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

Use of our report

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

Antony Sassen FCA (Senior Statutory Auditor)

for and on behalf of S&W Audit

Pall Mall

1 Pollen Square

59 King Street

Manchester

M2 4PD

1 September 2026

Turnover

4

12,995

13,279

Cost of sales

(124

)

(139

)

Gross profit

12,871

13,140

Administrative expenses

(8,241

)

(8,612

)

Operating profit

6

4,630

4,528

Interest receivable and similar income

-

131

4,630

4,659

Interest payable and similar expenses

7

(24

)

-

Profit before taxation

4,606

4,659

Tax on profit

8

(1,079

)

(1,195

)

Profit for the financial year

3,527

3,464

Profit for the year

3,527

3,464

Other comprehensive income

Foreign currency translation difference

(183

)

97

Income tax relating to other comprehensive income

-

-

Other comprehensive income for the year, net of income tax

(183

)

97

Total comprehensive income for the year

3,344

3,561

Fixed assets

Intangible assets

10

-

5

Tangible assets

11

238

347

238

352

Current assets

Debtors

12

6,335

5,888

Cash at bank

3,844

4,855

10,179

10,743

Creditors

Amounts falling due within one year

13

7,707

8,691

Net current assets

2,472

2,052

Total assets less current liabilities

2,710

2,404

Capital and reserves

Called up share capital

15

-

-

Retained earnings

16

2,710

2,404

Shareholders' funds

2,710

2,404

The financial statements were approved by the Board of Directors and authorised for issue on 1 September 2026 and were signed on its behalf by:

T W Carr - Director

Called up

share

Retained

Total

capital

earnings

equity

£'000

£'000

£'000

Balance at 1 January 2024

-

6,668

6,668

Changes in equity

Dividends

-

(7,825

)

(7,825

)

Total comprehensive income

-

3,561

3,561

Balance at 31 December 2024

-

2,404

2,404

Changes in equity

Dividends

-

(3,038

)

(3,038

)

Total comprehensive income

-

3,344

3,344

Balance at 31 December 2025

-

2,710

2,710

1.	Statutory information

Geoactive Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	Statement of compliance

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

3.	Accounting policies

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The functional currency of the reporting entity is considered to be US Dollars because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pounds sterling.

Going concern

The directors have made due and careful enquiry and after preparing forecasts, are of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue its operational existence for the foreseeable future. As a result, the directors have continue to adopt a going concern basis of accounting in preparing the financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgement, 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 considers to be relevant, actual results may differ from these estimates

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

The following are critical judgments that have had the most significant impact on amounts recognised in the financial statements.

Revenue recognition

Contracts may involve multiple elements (for example, software licence fees, maintenance and support, and professional services). The company allocates revenue to each component of the arrangement using fair values as set out in the accounting policy.

The company defers revenue from the contractual fee equal to the estimated fair value of the undelivered elements. The residual contractual fee is then allocated to the delivered element or elements, which is generally software licence fees. The company establishes fair value of ongoing maintenance and support obligations based upon the price charges to customers when maintenance and support is sold separately, or in absence of separate sales, upon substantive renewal rates stated in the contracts.

Recoverability of debtors

The assessment of the recoverability of debtors involves estimation and judgement. Actual outcomes may differ from expectations and could result in adjustments to the carrying value of receivables in future periods.

Turnover

Turnover is attributable to the sale of software licences and related implementation fees and training services to the oil and gas industry and associated maintenance of the software.

Contracts involve multiple elements, for example software licence fees, maintenance and support and professional services. The company allocates revenue to each component of the arrangement in line with the contract with the customer. If the contract includes a new licence, the 20% carve out is recognised immediately. The residual contractual fee is then allocated to the delivered element or elements.

Tangible fixed assets

Tangible assets are stated at cost, net of depreciation and any provisions for impairment. Depreciation of tangible fixed assets is provided by the straight line method, commencing with the year in which they are ready for use, at rates estimated to write off their costs during their respective useful life as follows:

Computer equipment at varying rates on cost

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Research and development

Research expenditure is written off as incurred. Development expenditure, including all costs developing internally generated intangible assets, is also written off.

Foreign currencies

The entity has presented its financial statements in sterling, functional currency of the entity is dollars. On this basis the entity has translated its items of income and expenses using average rate between the two currencies in the year, and assets and liabilities using the spot rate between the two currencies at the year end. Exchange differences are recorded in the other comprehensive income.

Foreign currencies are dealt with as follows:

i) Foreign currency denominated assets and liabilities of Geoactive Limited are translated at the rate of exchange ruling at the balance sheet date.

ii) Income and expenditure for the period are translated at the appropriate rates prevailing during the period, updated on a average rate for the year.

iii) Exchange differences are recorded in the other comprehensive income.

Pension costs and other post-retirement benefits

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

Financial instruments

Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument. All financial assets and liabilities are initially measured at transaction price (including transaction costs). Financial assets and liabilities are subsequently carried at amortised costs, using the effective interest rate method. Financial assets and liabilities that are equity insurances are measured as cost less impairment.

Bank and cash

Bank and cash are basic financial instruments.

Operating lease

The costs of operating lease rentals are charged to the profit and loss account in the period in which they relate.

Interest recieved

Interest receivable from bank and short-term deposits includes interest accrued.

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

4.

Turnover

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

An analysis of turnover by class of business is given below:

2025

2024

£'000

£'000

Software services

12,995

13,279

12,995

13,279

An analysis of turnover by geographical market is given below:

2025

2024

£'000

£'000

United Kingdom

219

997

Europe

3,405

1,434

Rest of The World

9,371

10,848

12,995

13,279

5.	Employees and directors

2025

2024

£'000

£'000

Wages and salaries

5,453

6,064

Other pension costs

454

458

5,907

6,522

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

2025

2024

Technical

60

57

2025

2024

£

£

Directors' remuneration

150,277

150,277

Directors' pension contributions to money purchase schemes

24,309

24,162

6.	Operating profit

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

2025

2024

£'000

£'000

Other operating leases

53

67

Depreciation - owned assets

85

86

Intellectual property amortisation

5

9

Foreign exchange differences

(107

)

148

Auditor Remuneration

36

28

Auditor Remuneration for non audit work

3

2

Included in auditor remuneration are fees relating to the audit of a subsidiary.

7.

Interest payable and similar expenses

2025

2024

£'000

£'000

Bank interest

24

-

8.

Taxation

Analysis of the tax charge

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

2025

2024

£'000

£'000

Current tax:

UK corporation tax

1,111

1,175

Foreign tax

192

20

Double taxation relief

(224

)

-

Tax on profit

1,079

1,195

Reconciliation of total tax charge included in profit and loss

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

2025

2024

£'000

£'000

Profit before tax

4,606

4,659

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

1,151

1,165

Effects of:

Expenses not deductible for tax purposes

1

2

Depreciation in excess of capital allowances

13

7

Group Relief surrendered for nil consideration

(38

)

(50

)

Pension provision timing differences

(16

)

(1

)

Double taxation relief

(224

)

-

Foreign taxation

192

20

Withholding tax

-

52

Total tax charge

1,079

1,195

Tax effects relating to effects of other comprehensive income

2025

Gross

Tax

Net

£'000

£'000

£'000

Foreign currency translation difference

(183

)

-

(183

)

2024

Gross

Tax

Net

£'000

£'000

£'000

Foreign currency translation difference

97

-

97

9.

Dividends

2025

2024

£'000

£'000

Ordinary shares of £1 each

Final

3,038

7,825

10.	Intangible fixed assets

Intellectual

property

£'000

Cost

At 1 January 2025

9,823

Exchange differences

(671

)

At 31 December 2025

9,152

Amortisation

At 1 January 2025

9,818

Amortisation for year

5

Exchange differences

(671

)

At 31 December 2025

9,152

Net book value

At 31 December 2025

-

At 31 December 2024

5

11.	Tangible fixed assets

Computer

equipment

£'000

Cost

At 1 January 2025

740

Exchange differences

(51

)

At 31 December 2025

689

Depreciation

At 1 January 2025

393

Charge for year

85

Exchange differences

(27

)

At 31 December 2025

451

Net book value

At 31 December 2025

238

At 31 December 2024

347

12.

Debtors: amounts falling due within one year

2025

2024

£'000

£'000

Trade debtors

4,234

3,141

Other debtors

58

50

Tax

452

534

Prepayments and accrued income

1,591

2,163

6,335

5,888

Included within trade debtors are amounts due from group undertakings of £717,852 (2024 : £326,003). Of this balance, £331,664 is due from a subsidiary undertaking, Whilst this balance is repayable on demand, the directors do not expect the majority of the balance to be recovered within one year of the balance sheet date.