REGISTERED NUMBER: 03660868 (England and Wales)

Strategic Report, Directors' Report and

Financial Statements for the Year Ended 31 December 2025

for

Managed Information Technologies Limited

Page

Company Information

1

Strategic Report

2

Directors' Report

4

Independent Auditors' Report

6

Statement of Comprehensive Income

10

Statement of Financial Position

11

Statement of Changes in Equity

12

Statement of Cash Flows

13

Notes to the Statement of Cash Flows

14

Notes to the Financial Statements

16

DIRECTORS:

P Critchley

A D Caceres

REGISTERED OFFICE:

147a High Street

Waltham Cross

Hertfordshire

EN8 7AP

REGISTERED NUMBER:

03660868 (England and Wales)

AUDITORS:

Thickbroom Coventry

Chartered Accountants

and Statutory Auditors

147a High Street

Waltham Cross

Hertfordshire

EN8 7AP

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

REVIEW OF BUSINESS

The principal activity of the company is that of the installation of digital signage and provision of digital experiences.

The company continues to set itself the goal to provide a high standard of product and service through the continued investment in the best technology and people.

The directors are satisfied with the results and performance of the company during the year ended 31 December 2025.

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and sectors served are subject to a number of risks but the directors are confident that the current operational and management systems that the company adopts is adequate to identify and manage any arising issues.

Financial Risk Management

The company is exposed to a number of financial risks including the effect of credit risk and exchange rate movements.

The company's credit risk is primarily attributable to its trade debtors. Credit risk is managed by way of assessing and continuously monitoring customers credit ratings and managing credit terms provided to customers accordingly.

The company is exposed to currency exchange movement when purchasing equipment for projects. This is managed by the way of fixing pricing with suppliers when providing quotes to customers.

Liquidity Risk

The company regularly forecast cash flow to ensure that sufficient funds are available for operational requirements.

KEY PERFORMANCE INDICATORS

The company tracks its performance using a series of financial and non-financial key performance indicators (KPIs). Non-financial KPIs monitor health and safety, people and happiness scores, and client satisfaction. Our financial KPIs include, but are not limited to, those listed below:

2025

2024

Turnover

£8.49m

£10.92m

Gross margin %

47%

48%

Turnover growth

(£2.43m

)

£0.5m

Turnover growth %

-22%

5%

ON BEHALF OF THE BOARD:

P Critchley - Director

17 September 2026

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

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

P Critchley

A D Caceres

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the 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 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;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Thickbroom Coventry, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

P Critchley - Director

17 September 2026

Opinion

We have audited the financial statements of Managed Information Technologies Limited (the 'company') for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 loss 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Directors' Report, but does not include the financial statements and our Auditors' Report thereon.

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

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

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Procedures to identify risks:

- enquiring of management concerning the company's procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

- discussing among the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion, we identified potential for fraud in the following areas: timing of recognition of sales and purchases and their related stock movements, posting of unusual journals; and

- obtaining an understanding of the legal and regulatory frameworks that the company operates in, focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the company. The key laws and regulations we considered in this context included UK Companies Act, employment law, health and safety, pensions legislation and tax legislation.

The procedures to respond to risks identified included:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations discussed above;

- enquiring of management, concerning actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; reviewing correspondence with HMRC;

- testing the timing and matching of income and expense transactions relating to stock movements either side of the year end; and

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulation that are not closely related to events and transactions reflected in the financial statements. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detection one resulting from an error, as fraud may involve deliberate concealment, by for example, forgery or intentional misrepresentation, or through collusion.

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

Use of our report

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

Joseph Illes FCA (Senior Statutory Auditor)

for and on behalf of Thickbroom Coventry

Chartered Accountants

and Statutory Auditors

147a High Street

Waltham Cross

Hertfordshire

EN8 7AP

17 September 2026

TURNOVER

3

8,494,774

10,920,758

Cost of sales

(4,534,876

)

(5,663,669

)

GROSS PROFIT

3,959,898

5,257,089

Administrative expenses

(6,988,521

)

(3,809,732

)

(3,028,623

)

1,447,357

Other operating income

43,323

45,022

OPERATING (LOSS)/PROFIT

5

(2,985,300

)

1,492,379

Income from shares in group undertakings

1,758,211

-

Interest receivable and similar income

409

39,261

(1,226,680

)

1,531,640

Interest payable and similar expenses

7

(96,354

)

(59,617

)

(LOSS)/PROFIT BEFORE TAXATION

(1,323,034

)

1,472,023

Tax on (loss)/profit

8

142,702

(400,569

)

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(1,180,332

)

1,071,454

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(1,180,332

)

1,071,454

FIXED ASSETS

Intangible assets

9

2,403,428

-

Tangible assets

10

404,601

326,622

Investments

11

9,305,187

-

12,113,216

326,622

CURRENT ASSETS

Stocks

12

651,507

315,138

Debtors

13

4,281,209

5,559,971

Cash at bank

1,928,109

818,768

6,860,825

6,693,877

CREDITORS

Amounts falling due within one year

14

(8,468,994

)

(1,823,661

)

NET CURRENT (LIABILITIES)/ASSETS

(1,608,169

)

4,870,216

TOTAL ASSETS LESS CURRENT LIABILITIES

10,505,047

5,196,838

CREDITORS

Amounts falling due after more than one year

15

(7,568,036

)

(1,079,495

)

PROVISIONS FOR LIABILITIES

19

(42,204

)

(42,204

)

NET ASSETS

2,894,807

4,075,139

CAPITAL AND RESERVES

Called up share capital

20

100

100

Retained earnings

21

2,894,707

4,075,039

SHAREHOLDERS' FUNDS

2,894,807

4,075,139

The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2026 and were signed on its behalf by:

P Critchley - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2024

100

3,003,585

3,003,685

Changes in equity

Total comprehensive income

-

1,071,454

1,071,454

Balance at 31 December 2024

100

4,075,039

4,075,139

Changes in equity

Total comprehensive income

-

(1,180,332

)

(1,180,332

)

Balance at 31 December 2025

100

2,894,707

2,894,807

Cash flows from operating activities

Cash generated from operations

1

5,585,636

(322,841

)

Interest paid

(96,354

)

(56,969

)

Interest element of hire purchase payments paid

-

(2,648

)

Tax paid

(239,028

)

(507,164

)

Net cash from operating activities

5,250,254

(889,622

)

Cash flows from investing activities

Purchase of tangible fixed assets

(186,724

)

(247,032

)

Purchase of fixed asset investments

(14,207,394

)

-

Sale of tangible fixed assets

3,619

-

Interest received

409

39,261

Dividends received

1,758,211

-

Net cash from investing activities

(12,631,879

)

(207,771

)

Cash flows from financing activities

Capital repayments in year

52,750

60,925

Amount withdrawn by directors

(17,766

)

-

Due to subsidiaries

(15,034

)

952,247

Due from subsidiaries

8,471,016

(19,194

)

Net cash from financing activities

8,490,966

993,978

Increase/(decrease) in cash and cash equivalents

1,109,341

(103,415

)

Cash and cash equivalents at beginning of year

2

818,768

922,183

Cash and cash equivalents at end of year

2

1,928,109

818,768

1.	RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

(Loss)/profit before taxation

(1,323,034

)

1,472,023

Depreciation charges

909,888

94,731

Profit on disposal of fixed assets

(3,619

)

-

Intangible asset impairment losses

1,697,636

-

Finance costs

96,354

59,617

Finance income

(1,758,620

)

(39,261

)

(381,395

)

1,587,110

(Increase)/decrease in stocks

(336,369

)

23,935

Decrease/(increase) in trade and other debtors

1,463,295

(1,707,397

)

Increase/(decrease) in trade and other creditors

4,840,105

(226,489

)

Cash generated from operations

5,585,636

(322,841

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2025

31/12/25

1/1/25

£

£

Cash and cash equivalents

1,928,109

818,768

Year ended 31 December 2024

31/12/24

1/1/24

£

£

Cash and cash equivalents

818,768

922,183

3.	ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1/1/25

Cash flow

At 31/12/25

£

£

£

Net cash

Cash at bank and in hand

818,768

1,109,341

1,928,109

818,768

1,109,341

1,928,109

Debt

Finance leases

(176,146

)

(52,750

)

(228,896

)

Debts falling due after 1 year

-

(1,500,000

)

(1,500,000

)

(176,146

)

(1,552,750

)

(1,728,896

)

Total

642,622

(443,409

)

199,213

1.	STATUTORY INFORMATION

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Preparation of consolidated financial statements

The financial statements contain information about Managed Information Technologies Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 401 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Jusede Investments Group S.L., C/ Espíritu Santo 72B 15168 Espíritu Santo (Sada).

Related party exemption

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

Critical accounting judgements and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements and estimates. These are estimates and therefore are likely to differ from the actual results. The items in the financial statements where these judgements and estimates have been made include:

Intangible and tangible assets

The company amortises and depreciates its intangible and tangible assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic experience as well as expectations about future use and therefore requires estimates and assumptions to be applied by the directors. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes.

Debtors

The directors assess the recoverability of the amounts outstanding at the balance sheet date, undertaking a review of the age profile of the debt, historic collection rates and the nature and class of the debt.

Revenue recognition and work in progress

The directors assess the time and expenses as incurred in respect of ongoing projects. Where time spent has not been billed at the balance sheet date, and is recoverable in line with underlying projects, accrued work in progress is included in revenue based on underlying costs incurred and stage of completion. Revenue from projects is recognised by reference to the time and costs as incurred where this is recoverable in line with underlying contracts.

Turnover

Turnover comprises revenue from the provision of digital, electrical and data solutions, including the supply of related products and associated services, in the ordinary course of business. Revenue is measured at the fair value of the consideration received or receivable, net of trade discounts, rebates, value added tax and other sales taxes.

Revenue from the sale of goods is recognised on dispatch, when control and the significant risks and rewards of ownership pass to the customer. Revenue from services is recognised as the services are provided in accordance with the terms of the contract.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2025, is being amortised evenly over its estimated useful life of four years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Short leasehold

-

5 - 15 years straight line

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Tangible fixed assets are initially measured at cost. After initial recognition, tangible fixed assets are measured at cost less any accumulated depreciation and any accumulated impairment losses.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less any accumulated impairment losses.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The company's principal financial instruments comprise bank balances, trade creditors, trade debtors and finance lease agreements. The main purpose of these instruments is to raise funds for the company's operations and to finance the company's operations.

Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is shown below.

In respect of bank balances the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts.

The company is a lessee in respect of finance-leased assets. The liquidity risk in respect of these is managed in the same way as the loan above.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Foreign currencies

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

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

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

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have reached this conclusion giving due consideration to the projected future performance of the company and any potential risk that might impact the company's ability to meet its required solvency levels. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

Cash and cash equivalents

Cash and cash equivalents consist of cash in hand and at bank, short term bank deposits with original maturity of three months or less and bank overdrafts which are an integral part of the company's cash management.

3.

TURNOVER

The turnover and loss (2024 - profit) before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2025

2024

£

£

United Kingdom

7,419,557

8,504,655

Europe

951,463

2,187,703

Rest of World

123,754

228,400

8,494,774

10,920,758

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

2,626,030

2,365,805

Social security costs

328,651

246,657

Other pension costs

98,934

39,531

3,053,615

2,651,993

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

2025

2024

Administration

10

9

Technical

51

50

61

59

2025

2024

£

£

Directors' remuneration

136,398

105,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

1

1

During the year directors received benefits in kind amounting to £1,355 (2024: £1,163).