REGISTERED NUMBER: 12116222 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2025

for

Geekplus UK Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Statement of Directors' Responsibilities

5

Report of the Independent Auditors

6

Income Statement

9

Statement of Financial Position

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12

DIRECTORS:

Yong Zheng

Hong Yu

REGISTERED OFFICE:

V3, Sci-Tech Daresbury Keckwick Lane

Daresbury

Warrington

United Kingdom

WA4 4AB

REGISTERED NUMBER:

12116222 (England and Wales)

AUDITORS:

Shinewing Wilson Accountancy Limited

Chartered Certified Accountants

and Statutory Auditors

9 St Clare Street

London

EC3N 1LQ

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

REVIEW OF BUSINESS

Geekplus UK Limited ("the Company") is the Geekplus Group's operating entity in the United Kingdom. The Company sells, implements and provides after-sales support for autonomous mobile robot ("AMR") solutions and associated warehouse management software to customers operating warehouses and distribution centres in the UK.

The Company's principal activities comprise: (1) the sale and delivery of robotic hardware together with on-site implementation services, which represents the substantial majority of turnover; and (2) after-sales maintenance and support services provided under warranty and service agreements following project go-live.

The Company's customer base is concentrated in the retail, manufacturing and logistics sectors. Turnover is substantially generated from customers in the UK.

In 2025, the UK economy achieved a moderate recovery, although growth momentum remained limited. Ongoing geopolitical tensions, global trade frictions and uncertainty over the pace of monetary policy adjustments by major central banks continued to shape a complex external operating environment for the Company's UK business.

FUTURE DEVELOPMENTS

Against this backdrop, the Company maintains confidence in the medium- to long-term outlook for the UK market. The Company expects order demand from multiple related business sectors in the UK to remain strong, with profit potential expected to be further realised as the Company continues to develop its UK customer base and delivery capability.

In 2026, the Company will continue to pursue collaboration opportunities in the UK market and secure stable contracts from existing customers.

The Company expects its UK business to remain on a positive trajectory. While the impact of the wider UK and European economic environment cannot be ignored, the Company will continue to strengthen its local presence in the UK in order to maintain and expand its market position.

KEY PERFORMANCE INDICATORS

The key performance indicators of the company were as follows:

31 December 2025

31 December 2024

Change

$'000

$'000

Turnover

31,208

20,034

55.77%

Gross profit

9,771

3,465

181.98%

Profit before Tax

515

-1,943

126.55%

Average headcount

28

21

33.33%

As at 31 December 2025, the Company had net current liabilities of $4.77 million (2024: $5.65 million) and net liabilities of $5.32 million (2024: $5.83 million).

PRINCIPAL RISKS AND UNCERTAINTIES

This section sets out the principal risks relevant to the Company's UK operations, based on the Company's own operating and financial position.

Receivables Risk

When sales teams are incentivised largely by revenue growth and tend to offer extended payment terms without close coordination with finance team, it may cause receivable days to exceed financial plans and make collections more difficult. Clients' financial position is also key to indicate potential repayment weakness. Any negative credit events such as litigation may significantly increase default risk. If the Company heavily relies on few projects or clients, payment difficulties may occur more often due to project delays or client defaults.

Currency Risk

The Company mainly purchases goods from related parties out of UK in foreign currencies (e.g., USD, EUR) while its implementation service costs as well as most of sales revenue are largely denominated in GBP. Requirement of multiple currency transactions may expose the Company to movements in the GBP/USD/EUR exchange rates. As purchasing activities are recurring, exchange rate fluctuations directly affect the stability of operating cash flow and profit margins each period.

Liquidity Risk

The Company's day-to-day operating funds are supported by the parent company, Geekplus International, and other Group entities. The Company's working capital position depends significantly on balances owed to and from other Group entities, which are free from mortgage and interest. Any change in the willingness or ability of Group entities to continue providing this funding could affect the Company's ability to meet its short-term obligations.

Supply Chain and Macroeconomic Risk

The ongoing conflict between Russia and Ukraine continues to contribute to energy price volatility and supply chain disruption risk across Europe and the UK, which may affect the cost and timing of the Company's product deliveries to its UK customers. The Company is actively addressing these challenges through supply chain diversification (a multi-source supplier base) and enhanced regional safety stock management.

Overall Statement on Opportunities and Risks

The Company's overall risk profile is composed of the individual risks described above. Based on the information available at the date of this report, there are no risks that pose a threat to the Company's going concern.

ON BEHALF OF THE BOARD:

Hong Yu - Director

22 September 2026

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

DIVIDENDS

No dividend was distributed for the year ended 31 December 2025 (2024: $Nil).

DIRECTORS

Yong Zheng 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:

Hong Yu - appointed 8 October 2025

DISCLOSURE IN THE STRATEGIC REPORT

The company has chosen to disclose information relating to future developments, financial risk assessment and principal activities of the business in the Strategic Report in accordance with Section 414C (11) of the Companies Act 2006.

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, Shinewing Wilson Accountancy Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Hong Yu - Director

22 September 2026

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.

Opinion

We have audited the financial statements of Geekplus UK Limited (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report, the Report of the Directors and the Statement of Directors' Responsibilities, but does not include the financial statements and our Report of the Auditors 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 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 five, 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.

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

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:

- Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law and Tax legislation.

- Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include environmental regulations, health and safety legislation.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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/auditors responsibilities. 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.

Nijendra Dhungana FCCA (Senior Statutory Auditor)

for and on behalf of Shinewing Wilson Accountancy Limited

Chartered Certified Accountants

and Statutory Auditors

9 St Clare Street

London

EC3N 1LQ

23 September 2026

TURNOVER

4

31,207,890

20,034,448

Cost of sales

21,436,620

16,569,194

GROSS PROFIT

9,771,270

3,465,254

Distribution costs

4,492,136

3,143,446

Administrative expenses

4,830,989

2,334,671

9,323,125

5,478,117

448,145

(2,012,863

)

Other operating income

1,135

-

OPERATING PROFIT/(LOSS)

6

449,280

(2,012,863

)

Interest receivable and similar income

66,472

69,987

PROFIT/(LOSS) BEFORE TAXATION

515,752

(1,942,876

)

Tax on profit/(loss)

7

-

-

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

515,752

(1,942,876

)

FIXED ASSETS

Tangible assets

8

21,846

21,768

CURRENT ASSETS

Stocks

9

6,781,778

14,482,320

Debtors

10

9,932,273

5,693,831

Cash at bank

14,125,904

7,996,998

30,839,955

28,173,149

CREDITORS

Amounts falling due within one year

11

35,614,879

33,820,703

NET CURRENT LIABILITIES

(4,774,924

)

(5,647,554

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(4,753,078

)

(5,625,786

)

PROVISIONS FOR LIABILITIES

13

563,383

206,427

NET LIABILITIES

(5,316,461

)

(5,832,213

)

CAPITAL AND RESERVES

Called up share capital

14

1

1

Retained earnings

(5,316,462

)

(5,832,214

)

SHAREHOLDERS' FUNDS

(5,316,461

)

(5,832,213

)

The financial statements were approved by the Board of Directors and authorised for issue on 22 September 2026 and were signed on its behalf by:

Hong Yu - Director

Called up

share

Retained

Total

capital

earnings

equity

$

$

$

Balance at 1 January 2024

1

(3,889,338

)

(3,889,337

)

Changes in equity

Total comprehensive income

-

(1,942,876

)

(1,942,876

)

Balance at 31 December 2024

1

(5,832,214

)

(5,832,213

)

Changes in equity

Total comprehensive income

-

515,752

515,752

Balance at 31 December 2025

1

(5,316,462

)

(5,316,461

)

1.	STATUTORY INFORMATION

Geekplus UK 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.

The presentation currency of the financial statements is the US Dollar ($).

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.

Going concern

The Company had net current liabilities of $4.8 million at the balance sheet mainly due to the deferred income of $9.4 million relating to performance obligations that are anticipated to be satisfied, with the associated revenue recognised, in subsequent financial years. In addition, the Company has other signed contracts for projects to be delivered in future periods, which are expected to generate further revenue and cash inflows. The amounts owed to the group companies, no short-term demand on the repayment of the funds is expected to be instructed. Based on these, the directors considered that the company has adequate resources to continue its operational existence at least 12 months from the date of signing these financial statements, hence the company continues to adopt the going concern basis in preparing its financial statements.

Turnover

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

Sale of goods

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

- the company has transferred the significant risks and rewards of ownership to the buyer;

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

- the amount of turnover can be measured reliably;

- it is probable that the company will receive the consideration due under the transaction; and

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

Rendering of Services

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

- the amount of turnover can be measured reliably;

- it is probable that the company will receive the consideration due under the contract;

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

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

The delivery of the service and performance obligation is determined to be complete when the Acceptance/go-live report has been signed. Deferred revenue is recognised as an income and the associated costs as expense, when the services are delivered to the customer and the company has fulfilled its performance obligation.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions 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;

•

the requirement of paragraph 33.7.

The company has taken advantage of the exemption, under paragraph 1.12(b) of FRS 102, from preparing a statement of cash flows, on the basis that it is a qualifying entity and its ultimate parent company, Beijing Geekplus Technology Co., Ltd., includes the company’s cash flows in its consolidated financial statements

Tangible fixed assets

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

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

Depreciation is provided on the following basis:

Plant and machinery etc - 20% - 33% on cost

Stocks

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

Cost is determined on the weighted average method. Cost includes the purchase price, including taxes and duties and transport and handling directly attributable to bringing the stock to its present location and condition.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

Financial instruments

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

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

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

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including trade and other payables, and loans from group undertakings, are initially

recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

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

Share capital

Financial instruments issued by the company are classified as equity only to the extent that they do not meet the definition of a financial liability or financial asset.

The company's ordinary shares are classified as equity instruments.

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

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.

Finance costs

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

Provision for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

Leasing commitments-company as lessee

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

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In applying the company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amount of the assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence at the time when the decisions are made, and based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.

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

The critical accounting judgements that the directors have made in the process of applying the company's accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below.

Critical judgements in applying the company's accounting policies

Revenue recognition involves significant judgment, particularly in identifying performance obligations. When multiple promises in a contract with customers are not distinct and cannot be separately identified from other goods or services, these are treated as a combined output. In such cases, revenue is recognised when the single performance obligation associated with the combined output is fulfilled.

The directors do not believe that there are other any significant judgments.

Key sources of estimation uncertainty in applying the company's accounting policies

Stock provision

It is essential that the company makes a consideration of recoverable value of stock held and the associated provision that is required. In assessing stock recoverability, management considers whether the stock is covered by existing customer contracts or expected to be utilised in future contracted projects and sales. Management also considers the expected project requirements, the condition and usability of the stock, potential technological obsolescence, and whether any stock is project-specific and can be redeployed to other projects. Where relevant, the estimated recoverable or scrap value of slow-moving, obsolete or surplus stock is also taken into account in determining the appropriate stock provision. The net carry value of the finished goods arrived at $6.8m (2024: $14.5m) after provision of $1.5m (2024:$1.1m), see Note 9.

Recoverability of trade debtors and accrued income

The recoverability of trade debtors and accrued income are regularly reviewed generally and specifically in the light of available economic information. The impairment charge of $910k (2024:$2.3m) was recognised during the year for balances considered to be irrecoverable, which involves management's judgements, see Note 10.

Warranty Provision

The warranty based on an assessment of future claims with reference to past experience and recognised at the earlier of when the underlying Autonomous mobile robot solution are completed and when the likelihood of a future cost is identified, see Note 13.

The directors do not believe that there are any significant uncertainties in the estimates made.

4.

TURNOVER

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

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

31.12.25

31.12.24

$

$

Sell and implementation

29,190,040

19,772,600

Service

2,017,850

261,848

31,207,890

20,034,448

An analysis of turnover by geographical market is given below:

31.12.25

31.12.24

$

$

United Kingdom

30,812,776

19,669,352

Europe

395,114

365,096

31,207,890

20,034,448

5.	EMPLOYEES AND DIRECTORS

31.12.25

31.12.24

$

$

Wages and salaries

2,759,002

1,905,394

Social security costs

334,862

245,796

Other pension costs

77,617

79,329

3,171,481

2,230,519

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

31.12.25

31.12.24

EMEA Leader

-

1

Project

20

11

Sales

8

4

Administration

-

2

Solution

-

3

28

21

31.12.25

31.12.24

$

$

Directors' remuneration

-

-

The directors received no remuneration for their service during the year ended 31 December 2025 (2024: Nil).

6.	OPERATING PROFIT/(LOSS)

The operating profit (2024 - operating loss) is stated after charging/(crediting):

31.12.25

31.12.24

$

$

Depreciation - owned assets

11,847

29,644

Auditors' remuneration

32,232

19,440

Auditors' remuneration for non audit work

3,289

2,945

Foreign exchange differences

(128,929

)

(107,237

)

7.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose for the year ended 31 December 2025 nor for the year ended 31 December 2024.

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:

31.12.25

31.12.24

$

$

Profit/(loss) before tax

515,752

(1,942,876

)

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

128,938

(485,719

)

Effects of:

Expenses not deductible for tax purposes

337,397

31,096

Capital allowances in excess of depreciation

(20

)

-

Utilisation of tax losses

(466,315

)

-

Depreciation in excess of capital allowances

-

7,174

Deferred tax not recognised

-

447,449

Total tax charge

-

-

8.	TANGIBLE FIXED ASSETS

Plant and

Computer

machinery

equipment

Totals

$

$

$

COST

At 1 January 2025

53,681

76,165

129,846

Additions

-

11,925

11,925

At 31 December 2025

53,681

88,090

141,771

DEPRECIATION

At 1 January 2025

41,452

66,626

108,078

Charge for year

4,323

7,524

11,847

At 31 December 2025

45,775

74,150

119,925

NET BOOK VALUE

At 31 December 2025

7,906

13,940

21,846

At 31 December 2024

12,229

9,539

21,768

9.

STOCKS

31.12.25

31.12.24

$

$

Stocks

2,450,968

2,674,844

Stock at project sites

4,330,810

11,807,476

6,781,778

14,482,320

Stock and Stock at projects sites are stated after provisions for impairment of $1,276,183 and $198,073 (2024: $855,687 and $198,073) respectively.

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

$

$

Trade debtors

4,844,799

3,803,957

Amounts owed by group undertakings

465,270

944,128

Other debtors - Rent deposit

160,831

151,291

VAT

-

222,633

Prepayments and accrued income

4,461,373

571,822

9,932,273

5,693,831

The amounts owed by group undertakings are unsecured, interest free and repayable on demand.

Trade debtor and accrued income are stated after provisions for impairment of $1,770,564 and $1,437,862 (2024: $1,363,881 and $934,966) respectively.

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

$

$

Deferred income

9,438,110

14,367,780

Trade creditors

808,355

1,802,298

Amounts owed to group undertakings

22,080,512

16,608,626

Social security and other taxes

84,727

32,860

VAT

1,804,344

-

Other creditors

581,808

432,411

Accrued expenses

817,023

576,728

35,614,879

33,820,703

The amounts owed to group undertakings are unsecured, interest free and repayable on demand.

12.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.25

31.12.24

$

$

Within one year

184,160

175,055

Between one and five years

30,693

204,231

214,853

379,286

13.	PROVISIONS FOR LIABILITIES

31.12.25

31.12.24

$

$

Other provisions

Warranty provision

563,383

206,427

Sales

provision

$

Balance at 1 January 2025

206,427

Provided during year

825,664

Utilised during year

(468,708

)

Balance at 31 December 2025

563,383

The Company generally provides customers with one or two years warranty period following the Go-Live date, in accordance with the terms of the relevant sales agreements.

14.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.25

31.12.24

value:

$

$

1

Ordinary

GBP 1

1

1

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.