Managed Technology Corporation Topco Limited Group accounts (Group and Company)

COMPANY REGISTRATION NUMBER: 15780797

Managed Technology Corporation Topco Limited

Financial Statements

31 March 2026

Managed Technology Corporation Topco Limited

Financial Statements

Year ended 31 March 2026

Contents	Page

Strategic report	1

Directors' report	4

Independent auditor's report to the members	6

Consolidated statement of comprehensive income	10

Consolidated statement of financial position	11

Company statement of financial position	12

Consolidated statement of changes in equity	13

Company statement of changes in equity	14

Consolidated statement of cash flows	15

Notes to the financial statements	16

Managed Technology Corporation Topco Limited

Strategic Report

Year ended 31 March 2026

Principal Activities The principal activity of the group during the year continued to be that of a national managed print provider. The group offers a comprehensive range of services including managed print, unified communications, IT solutions, and document management. The business is differentiated by its unique combination of personal service and corporate expertise, providing trusted, independent advice to clients across multiple sectors. Contracts are supported by partnerships with the world's most trusted manufacturers, ensuring service reliability, innovation, and value. Business Review The Group delivered another year of strong growth and improved profitability, continuing the positive momentum achieved in recent years. This performance reflects the continued success of the Group's organic growth strategy, high levels of new customer acquisition, strong client retention and the contribution from its established acquisition programme. The Group's sales division continued to perform strongly, delivering significant levels of new business and maintaining a healthy proportion of sales generated from newly acquired clients. This remains an important indicator of the underlying strength of the business and demonstrates the Group's continued ability to win market share organically. During the year, the Group continued to broaden its service offering across managed print, IT services, unified communications and digital document solutions. This diversification enables the Group to deepen existing client relationships while providing additional opportunities for recurring revenue growth. Customer retention remained strong, supported by the Group's service-led approach, investment in its people and technology, and long-standing relationships with leading global technology manufacturers. The Group also successfully completed its 12th acquisition, Eco MPS. The acquisition represents another step in the Group's established buy-and-build strategy and further strengthens its national coverage, customer base and service capabilities. Both the new dedicated UC and Document Management departments have made impressive organic starts. Existing MPS clients seem receptive to these services. The combination of strong organic performance, continued diversification and disciplined acquisition activity has further strengthened the Group's position as a leading independent provider of managed technology solutions in the UK. Strategy and Objectives The group's strategy is centred on: 1. Customer Excellence - maintaining high service levels and building long-term client relationships. 2. Growth and Diversification - increasing the share of revenue from IT and communications services while strengthening the managed print base. 3. Buy-and-Build Expansion - pursuing further acquisitions to extend the company's national presence and broaden its service offering, with the recent purchase of You First Partnership Limited representing the latest step in this strategy. 4. Innovation and Partnerships - working closely with leading manufacturers to deliver cutting-edge, sustainable solutions. 5. Operational Efficiency - enhancing internal systems and processes to support profitable growth. 6. Sustainability - helping clients meet environmental targets through reduced paper consumption, lower energy usage, and responsible recycling. Key Performance Indicators (KPIs) The directors monitor performance using a number of financial and non-financial KPIs, including: o Turnover growth across core service lines. o Recurring revenues and contract renewal rates. o Operating profit margin. o Customer satisfaction scores and client retention. o Service delivery metrics, including response and resolution times. o Employee retention and training investment. o Carbon reduction measures, supporting both company and client sustainability goals. Financial key performance indicators: The Directors believe that analysis using Turnover, Gross Profit, EBITDA, and Net Profit before tax KPI's is essential for measuring the position and performance of the business:

	2026	2025
	£	£
Turnover	18,207,011	9,819,123
Gross Profit	7,825,719	4,543,269
EBITDA	3,252,803	1,731,292
Net Profit After Tax	864,124	174,122

The above summary demonstrates a performance favourable to the budget set for 2026. The Directors consider these KPI's in conjunction with non-financial KPI's as set out in the Business Plan. Principal Risks and Uncertainties The business faces the following key risks and uncertainties: o Competitive pressure within the managed services and IT market. o Rapid technological change, requiring continued investment in knowledge and solutions. o Cybersecurity threats, as digital services expand. o Dependence on global suppliers, which could be impacted by economic or geopolitical factors. o Integration risks arising from acquisitions, including cultural alignment and realisation of synergies. o Macroeconomic conditions, including inflation, interest rate movements, and public sector spending constraints. The group mitigates these risks through close supplier relationships, investment in staff skills, proactive cybersecurity measures, and careful financial management. Acquisition risks are managed through thorough due diligence, structured integration plans, and retention of key staff within acquired businesses. Future Outlook The board are confident the group will enjoy the same upwards pattern of growth and performance for this new coming year. Plans to compete for new larger corporate customer contracts via a newly formed Corporate Accounts department will see an increased revenue and profit contribution. The sales performance will also be enhanced by expanding both the UC and Document Management departments. The company will continue to be acquisitive.

This report was approved by the board of directors on 4 September 2026 and signed on behalf of the board by:

Mr D J Chappell	Mr D J O'Connor
Director	Director

Registered office:

Unit 14 New Hythe Business Park

Bellingham Way

Maidstone

Kent

United Kingdom

ME20 7HP

Managed Technology Corporation Topco Limited

Directors' Report

Year ended 31 March 2026

The directors present their report and the financial statements of the group for the year ended 31 March 2026 .

Directors

The directors who served the company during the year were as follows:

Mr D J Chappell
Mr D J O'Connor

Dividends

Particulars of recommended dividends are detailed in note 12 to the financial statements.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, directors' report 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 group and the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments 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.

Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.

This report was approved by the board of directors on 4 September 2026 and signed on behalf of the board by:

Mr D J Chappell	Mr D J O'Connor
Director	Director

Registered office:

Unit 14 New Hythe Business Park

Bellingham Way

Maidstone

Kent

United Kingdom

ME20 7HP

Managed Technology Corporation Topco Limited

Independent Auditor's Report to the Members of Managed Technology Corporation Topco Limited

Year ended 31 March 2026

Opinion

We have audited the financial statements of Managed Technology Corporation Topco Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2026 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows 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 FRS 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; - 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 UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's 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.

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. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

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 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, 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.

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 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 identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have considered; the nature of the industry, control environment and business performance with particular reference to the Company's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets. Throughout the audit testing we are considering the incentives that may exist within the organisation for fraud. Key areas include timing of recognising income around the year end, posting of unusual journals and manipulating the Company's performance measures to meet targets. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We ensure we have an understanding of the relevant laws and regulations and remain alert to possible non-compliance throughout the audit. Despite proper planning and audit work in accordance with auditing standards there are inherent limitations and unavoidable risk that we may not detect some irregularities and material misstatements in the financial statements. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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.

Stuart Harris ACA

(Senior Statutory Auditor)

For and on behalf of

Burgess Hodgson Audit Limited

Chartered accountants & statutory auditor

Camburgh House

27 New Dover Road

Canterbury

Kent

CT1 3DN

4 September 2026

Managed Technology Corporation Topco Limited

Consolidated Statement of Comprehensive Income

Year ended 31 March 2026

			Period from
		Year to	15 Jun 24 to
		31 Mar 26	31 Mar 25
Note		£	£
Turnover	4	18,207,011	9,819,123

Cost of sales	10,381,292	5,275,854
	-------------	------------
Gross profit	7,825,719	4,543,269

Administrative expenses		6,063,936	3,843,225
		------------	------------
Operating profit	5	1,761,783	700,044

Other interest receivable and similar income	9	1	145
Interest payable and similar expenses	10	130,754	145,021
		------------	------------
Profit before taxation		1,631,030	555,168

Tax on profit	11	766,906	381,046
		------------	---------
Profit for the financial year and total comprehensive income		864,124	174,122
		------------	---------

Profit for the financial year attributable to:

The owners of the parent company	775,545	163,675
Non-controlling interests	88,579	10,447
	---------	---------
	864,124	174,122
	---------	---------

All the activities of the group are from continuing operations.

Managed Technology Corporation Topco Limited

Consolidated Statement of Financial Position

31 March 2026

	2026	2025
Note	£	£

Fixed assets

Intangible assets	13	4,709,974	5,896,150
Tangible assets	14	82,250	159,277
		------------	------------
		4,792,224	6,055,427

Current assets

Stocks	16	1,743,289	1,708,183
Debtors	17	3,005,264	2,795,644
Cash at bank and in hand		895,240	1,253,054
		------------	------------
		5,643,793	5,756,881

Creditors: amounts falling due within one year	18	4,219,479	4,806,458
		------------	------------
Net current assets		1,424,314	950,423
		------------	------------
Total assets less current liabilities		6,216,538	7,005,850

Creditors: amounts falling due after more than one year	19	680,056	1,476,987

Provisions	20	( 19,431)	( 3,326)
		------------	------------
Net assets		5,555,913	5,532,189
		------------	------------

Capital and reserves

Called up share capital	24	5,665,290	5,665,290
Profit and loss account		( 337,115)	( 272,260)
		------------	------------
Equity attributable to the owners of the parent company		5,328,175	5,393,030

Non-controlling interests	227,738	139,159
	------------	------------
	5,555,913	5,532,189
	------------	------------

These financial statements were approved by the board of directors and authorised for issue on 4 September 2026 , and are signed on behalf of the board by:

Mr D J Chappell	Mr D J O'Connor
Director	Director

Company registration number: 15780797

Managed Technology Corporation Topco Limited

Company Statement of Financial Position

31 March 2026

	2026	2025
		(restated)
Note	£	£

Fixed assets

Investments	15	5,689,630	5,689,630

Current assets

Cash at bank and in hand	100	100

Creditors: amounts falling due within one year	18	24,440	24,440
		--------	--------
Net current liabilities		24,340	24,340
		------------	------------
Total assets less current liabilities		5,665,290	5,665,290
		------------	------------

Capital and reserves

Called up share capital	24	5,665,290	5,665,290
		------------	------------
Shareholders funds		5,665,290	5,665,290
		------------	------------

The profit for the financial year of the parent company was £ 700,000 (2025: £ 315,935 ).

These financial statements were approved by the board of directors and authorised for issue on 4 September 2026 , and are signed on behalf of the board by:

Mr D J Chappell	Mr D J O'Connor
Director	Director

Company registration number: 15780797

Managed Technology Corporation Topco Limited

Consolidated Statement of Changes in Equity

Year ended 31 March 2026

		Called up share capital	Profit and loss account	Equity attributable to the owners of the parent company	Non-controlling interests	Total
		£	£	£	£	£
At 15 June 2024		–	–	–	–	–

Profit for the year			163,675	163,675	10,447	174,122
		----	---------	---------	--------	---------
Total comprehensive income for the year		–	163,675	163,675	10,447	174,122

Issue of shares		5,665,290	–	5,665,290	–	5,665,290
Dividends paid and payable	12	–	( 435,935)	( 435,935)	–	( 435,935)
Acquisition of subsidiary with minority interest		–	–	–	128,712	128,712
		------------	---------	------------	---------	------------
Total investments by and distributions to owners		5,665,290	( 435,935)	5,229,355	128,712	5,358,067

At 31 March 2025		5,665,290	( 272,260)	5,393,030	139,159	5,532,189

Profit for the year			775,545	775,545	88,579	864,124
		------------	---------	------------	---------	------------
Total comprehensive income for the year		–	775,545	775,545	88,579	864,124

Dividends paid and payable	12	–	( 840,400)	( 840,400)	–	( 840,400)
		----	---------	---------	----	---------
Total investments by and distributions to owners		–	( 840,400)	( 840,400)	–	( 840,400)

		------------	---------	------------	---------	------------
At 31 March 2026		5,665,290	( 337,115)	5,328,175	227,738	5,555,913
		------------	---------	------------	---------	------------

Managed Technology Corporation Topco Limited

Company Statement of Changes in Equity

Year ended 31 March 2026

		Called up share capital	Profit and loss account	Total
		£	£	£
At 15 June 2024		–	–	–

Profit for the year			315,935	315,935
		----	---------	---------
Total comprehensive income for the year		–	315,935	315,935

Issue of shares		5,665,290	–	5,665,290
Dividends paid and payable	12	–	( 315,935)	( 315,935)
		------------	---------	------------
Total investments by and distributions to owners		5,665,290	( 315,935)	5,349,355

At 31 March 2025		5,665,290	–	5,665,290

Profit for the year			700,000	700,000
		------------	---------	------------
Total comprehensive income for the year		–	700,000	700,000

Dividends paid and payable	12	–	( 700,000)	( 700,000)
		----	---------	---------
Total investments by and distributions to owners		–	( 700,000)	( 700,000)

		------------	---------	------------
At 31 March 2026		5,665,290	–	5,665,290
		------------	---------	------------

Managed Technology Corporation Topco Limited

Consolidated Statement of Cash Flows

Year ended 31 March 2026

	2026	2025
	£	£

Cash flows from operating activities

Profit for the financial year	864,124	174,122

Adjustments for:
Depreciation of tangible assets	77,896	60,599
Amortisation of intangible assets	1,413,124	970,649
Other interest receivable and similar income	( 1)	( 145)
Interest payable and similar expenses	130,754	72,511
(Gains)/loss on disposal of tangible assets	( 1,754)	7,625
Tax on profit	766,906	381,046
Accrued (income)/expenses	( 771,682)	498,568

Changes in:
Stocks	( 35,106)	( 372,950)
Trade and other debtors	( 155,432)	( 337,214)
Trade and other creditors	( 14,430)	502,186
	------------	------------
Cash generated from operations	2,274,399	1,956,997

Interest paid	( 130,754)	( 72,511)
Interest received	1	145
Tax paid	( 684,439)	( 238,900)
	------------	------------
Net cash from operating activities	1,459,207	1,645,731
	------------	------------

Cash flows from investing activities

Purchase of tangible assets	( 869)	( 75,913)
Proceeds from sale of tangible assets	1,754	1,512
Acquisition of subsidiaries	( 226,948)	578,628
	------------	------------
Net cash (used in)/from investing activities	( 226,063)	504,227
	------------	------------

Cash flows from financing activities

Proceeds from issue of ordinary shares	–	100
Proceeds from borrowings	( 750,558)	( 461,069)
Dividends paid	( 840,400)	( 435,935)
	------------	------------
Net cash used in financing activities	( 1,590,958)	( 896,904)
	------------	------------

Net (decrease)/increase in cash and cash equivalents	( 357,814)	1,253,054
Cash and cash equivalents at beginning of year	1,253,054	–
	------------	------------
Cash and cash equivalents at end of year	895,240	1,253,054
	------------	------------

Managed Technology Corporation Topco Limited

Notes to the Financial Statements

Year ended 31 March 2026

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 14 New Hythe Business Park, Bellingham Way, Maidstone, Kent, ME20 7HP, United Kingdom.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:

(a) Disclosures in respect of each class of share capital have not been presented.

(b) No cash flow statement has been presented for the company.

(c) Disclosures in respect of financial instruments have not been presented.

(d) No disclosure has been given for the aggregate remuneration of key management personnel.

Consolidation

The financial statements consolidate the financial statements of Managed Technology Corporation Topco Limited and all of its subsidiary undertakings.

The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.

The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.

Non-controlling interests

Minority interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity. Minority interests consist of the amount of those interests at the date of the original business combination and the minority’s share of changes in equity since the date of the combination.

The proportions of profit or loss and changes in equity allocated to the owners of the parent and to the minority interests are determined on the basis of existing ownership interests and do not reflect the possible exercise or conversion of options or convertible instruments.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Goodwill	-	10% straight line
Software	-	20 % straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Long leasehold property	-	25% straight line
Plant and machinery	-	25% straight line
Fixtures and fittings	-	25% straight line
Motor vehicles	-	25% straight line

	Equipment	-	25% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Stock in field represents inventory that has been delivered to customers on a sale or return basis or goods held at third-party locations, including field-based personnel, but for which legal title remains with the company. Stock in field is included within inventories at the lower of cost and estimated selling price less costs to complete and sell, in accordance with Section 13 of FRS 102 ("Inventories"). Cost is determined on a actual cost basis and includes all direct costs incurred in bringing the goods to their present location and condition. Provision is made for obsolete, slow-moving or defective items based on management’s regular review of inventory. Stock in field is physically verified on a periodic basis and reconciled to the accounting records to ensure accuracy and existence. For reporting purposes, the company recognises stock in field (SIF) for toner cartridges on the basis of a standard assumption of one cartridge per machine deployed. This policy is applied in light of the following considerations: Average usage: Each machine in the field is assumed to contain a toner cartridge that is, on average, 50% consumed. This represents the equivalent of approximately half a cartridge in use per machine at any given time. On-site spares: While certain client sites hold an additional spare cartridge and others hold none, these variations are considered to broadly offset across the fleet as a whole. Practicality and consistency: Monitoring actual toner levels and site-specific spare holdings on a machine-by-machine basis is not operationally feasible. The application of a standard assumption therefore provides a consistent, reasonable and supportable estimate of toner stock held in the field. Accordingly, the company records SIF for toner cartridges at one unit per machine. Management considers this approach to provide a fair and representative estimate of the stock position across the deployed fleet.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Turnover

Turnover arises from:

		Period from
	Year to	15 Jun 24 to
	31 Mar 26	31 Mar 25
	£	£
Rendering of services	18,207,011	9,819,123
	-------------	------------

The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.

5. Operating profit

Operating profit or loss is stated after charging/crediting:

		Period from
	Year to	15 Jun 24 to
	31 Mar 26	31 Mar 25
	£	£
Amortisation of intangible assets	1,413,124	970,649
Depreciation of tangible assets	77,896	60,599
(Gains)/loss on disposal of tangible assets	( 1,754)	7,625
Impairment of trade debtors	15,769	53,071
Foreign exchange differences	( 494)	( 283)
	------------	---------

6. Auditor's remuneration

		Period from
	Year to	15 Jun 24 to
	31 Mar 26	31 Mar 25
	£	£
Fees payable for the audit of the financial statements	14,000	8,000
	--------	-------

7. Staff costs

The average number of persons employed by the group during the year, including the directors, amounted to:

	2026	2025
	No.	No.
Production staff	53	47
Administrative staff	3	3
Management staff	16	15
	----	----
	72	65
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

		Period from
	Year to	15 Jun 24 to
	31 Mar 26	31 Mar 25
	£	£
Wages and salaries	2,982,554	1,776,481
Social security costs	397,220	190,045
Other pension costs	46,766	29,013
	------------	------------
	3,426,540	1,995,539
	------------	------------

8. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

		Period from
	Year to	15 Jun 24 to
	31 Mar 26	31 Mar 25
	£	£
Remuneration	25,001	24,676
Company contributions to defined contribution pension plans	115	77
	--------	--------
	25,116	24,753
	--------	--------

9. Other interest receivable and similar income

		Period from
	Year to	15 Jun 24 to
	31 Mar 26	31 Mar 25
	£	£
Interest on cash and cash equivalents	1	145
	----	----

10. Interest payable and similar expenses

		Period from
	Year to	15 Jun 24 to
	31 Mar 26	31 Mar 25
	£	£
Interest on banks loans and overdrafts	129,943	142,536
Other interest payable and similar charges	811	2,485
	---------	---------
	130,754	145,021
	---------	---------

11. Tax on profit

Major components of tax expense

		Period from
	Year to	15 Jun 24 to
	31 Mar 26	31 Mar 25
	£	£

Current tax:

UK current tax income	783,011	387,133

Deferred tax:

Origination and reversal of timing differences	( 16,105)	( 6,087)
	---------	---------
Tax on profit	766,906	381,046
	---------	---------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is higher than (2025: higher than) the standard rate of corporation tax in the UK of 25 % (2025: 25 %).

		Period from
	Year to	15 Jun 24 to
	31 Mar 26	31 Mar 25
	£	£
Profit on ordinary activities before taxation	1,631,030	555,168
	------------	---------
Profit on ordinary activities by rate of tax	407,579	77,572
Effect of expenses not deductible for tax purposes	149,644	8,161
Effect of capital allowances and depreciation	225,788	301,400
Deferred tax movements	( 16,105)	( 6,087)
	------------	---------
Tax on profit	766,906	381,046
	------------	---------

12. Dividends

	2026	2025
	£	£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )	840,400	435,935
	---------	---------

13. Intangible assets

Group	Goodwill	Software	Total
	£	£	£
Cost
At 1 April 2025	9,002,837	9,500	9,012,337
Acquisitions through business combinations	226,948	–	226,948
	------------	-------	------------
At 31 March 2026	9,229,785	9,500	9,239,285
	------------	-------	------------
Amortisation
At 1 April 2025	3,106,688	9,499	3,116,187
Charge for the year	1,413,123	1	1,413,124
	------------	-------	------------
At 31 March 2026	4,519,811	9,500	4,529,311
	------------	-------	------------
Carrying amount
At 31 March 2026	4,709,974	–	4,709,974
	------------	-------	------------
At 31 March 2025	5,896,149	1	5,896,150
	------------	-------	------------

The company has no intangible assets.

14. Tangible assets

Group	Long leasehold property	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£	£
Cost
At 1 Apr 2025	95,900	104,973	6,941	218,353	55,909	482,076
Additions	–	–	–	–	869	869
Disposals	–	–	( 6,941)	–	( 7,469)	( 14,410)
	--------	---------	-------	---------	--------	---------
At 31 Mar 2026	95,900	104,973	–	218,353	49,309	468,535
	--------	---------	-------	---------	--------	---------
Depreciation
At 1 Apr 2025	82,439	54,988	6,941	149,330	29,101	322,799
Charge for the year	13,461	26,247	–	25,841	12,347	77,896
Disposals	–	–	( 6,941)	–	( 7,469)	( 14,410)
	--------	---------	-------	---------	--------	---------
At 31 Mar 2026	95,900	81,235	–	175,171	33,979	386,285
	--------	---------	-------	---------	--------	---------
Carrying amount
At 31 Mar 2026	–	23,738	–	43,182	15,330	82,250
	--------	---------	-------	---------	--------	---------
At 31 Mar 2025	13,461	49,985	–	69,023	26,808	159,277
	--------	---------	-------	---------	--------	---------

The company has no tangible assets.

15. Investments

The group has no investments.

Company	Shares in group undertakings
	£
Cost
At 1 April 2025 and 31 March 2026	5,689,630
	------------
Impairment
At 1 April 2025 and 31 March 2026	–
	------------

Carrying amount
At 1 April 2025 and 31 March 2026	5,689,630
	------------
At 31 March 2025	5,689,630
	------------

Subsidiaries, associates and other investments

Details of the investments in which the parent company has an interest of 20% or more are as follows:

	Class of share	Percentage of shares held
Subsidiary undertakings
Managed Technology Corporation Limited - (Direct)	Ordinary	94
Infinity Document Solutions Limited - (Indirect)	Ordinary	94
You First Partnership Limited - (Indirect)	Ordinary	94
Eco MPS Limited - (Indirect)	Ordinary	94

All subsidiaries are incorporated in the United Kingdom.

16. Stocks

	Group		Company
	2026	2025	2026	2025
			(restated)
	£	£	£	£
Raw materials and consumables	1,743,289	1,708,183	–	–
	------------	------------	----	----

17. Debtors

	Group		Company
	2026	2025	2026	2025
			(restated)
	£	£	£	£
Trade debtors	2,530,385	2,546,400	–	–
Prepayments and accrued income	137,330	38,694	–	–
Other debtors	337,549	210,550	–	–
	------------	------------	----	----
	3,005,264	2,795,644	–	–
	------------	------------	----	----

18. Creditors: amounts falling due within one year

	Group		Company
	2026	2025	2026	2025
			(restated)
	£	£	£	£
Bank loans and overdrafts	602,545	410,339	–	–
Trade creditors	801,101	566,069	–	–
Accruals and deferred income	1,592,512	2,277,404	–	–
Corporation tax	557,381	458,809	–	–
Social security and other taxes	455,788	859,211	–	–
Other creditors	210,152	234,626	24,440	24,440
	------------	------------	--------	--------
	4,219,479	4,806,458	24,440	24,440
	------------	------------	--------	--------

19. Creditors: amounts falling due after more than one year

	Group		Company
	2026	2025	2026	2025
			(restated)
	£	£	£	£
Bank loans and overdrafts	534,223	1,476,987	–	–
Other creditors	145,833	–	–	–
	---------	------------	----	----
	680,056	1,476,987	–	–
	---------	------------	----	----

20. Provisions

Group	Deferred tax (note 21)
	£
At 1 April 2025	( 3,326)
Additions	( 16,105)
	--------
At 31 March 2026	( 19,431)
	--------

The company does not have any provisions.

21. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	Group		Company
	2026	2025	2026	2025
			(restated)
	£	£	£	£
Included in provisions (note 20)	( 19,431)	( 3,326)	–	–
	--------	-------	----	----

The deferred tax account consists of the tax effect of timing differences in respect of:

	Group		Company
	2026	2025	2026	2025
			(restated)
	£	£	£	£
Accelerated capital allowances	( 19,431)	( 3,326)	–	–
	--------	-------	----	----

22. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 46,766 (2025: £ 29,013 ).

23. Prior period errors

Comparative figures have been restated to reflect the correct presentation of dividend income and dividend distributions. Dividend income and dividends paid for the period ended 31 March 2025 have each been adjusted by £120,000. The restatement has no effect on retained earnings, shareholders' funds or net assets.

24. Called up share capital

Issued, called up and fully paid

	2026		2025
	No.	£	No.	£
A Ordinary shares of £ 1 each	2,266,116	2,266,116	2,266,116	2,266,116
B Ordinary shares of £ 1 each	2,266,116	2,266,116	2,266,116	2,266,116
C Ordinary shares of £ 1 each	566,529	566,529	566,529	566,529
D Ordinary shares of £ 1 each	566,529	566,529	566,529	566,529
	------------	------------	------------	------------
	5,665,290	5,665,290	5,665,290	5,665,290
	------------	------------	------------	------------

25. Analysis of changes in net debt

	At 1 Apr 2025	Cash flows	At 31 Mar 2026
	£	£	£
Cash at bank and in hand	1,253,054	(357,814)	895,240
Debt due within one year	(410,339)	(192,206)	(602,545)
Debt due after one year	(1,476,987)	942,764	(534,223)
	------------	---------	---------
	( 634,272)	392,744	( 241,528)
	------------	---------	---------

Managed Technology Corporation Topco Limited

Notes to the Financial Statements (continued)

Year ended 31 March 2026

26. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	Group		Company
	2026	2025	2026	2025
			(restated)
	£	£	£	£
Not later than 1 year	305,260	292,277	–	–
Later than 1 year and not later than 5 years	333,680	396,413	–	–
Later than 5 years	59,500	101,500	–	–
	---------	---------	----	----
	698,440	790,190	–	–
	---------	---------	----	----

27. Related party transactions

Company

At year end, the group was owed £337,549 (2025: £210,550) by a company related by common control. At year end, the group owed £24,440 (2025: £24,440) to a company related by common control.

28. Controlling party

The directors consider that the company is the ultimate controlling party of the Group. No individual or entity has ultimate control over the company.