Company No:
Contents
| DIRECTOR | Mark Rowan |
| SECRETARY | Sasha Sherlock |
| REGISTERED OFFICE | 13 Christopher Street |
| London | |
| EC2A 2BS | |
| United Kingdom |
| COMPANY NUMBER | 10768914 (England and Wales) |
| AUDITOR | Praxis |
| Statutory Auditor | |
| 1 Fore Street Avenue | |
| London | |
| EC2Y 9DT | |
| United Kingdom |
The Directors present the Strategic Report for QCIC Holdings Limited and its subsidiaries (the “Group”) for the financial year ended 30 September 2025. This report provides an overview of the Group’s business activities, financial performance, principal risks, and future prospects, in accordance with Section 414C of the Companies Act 2006.
BUSINESS OVERVIEW
QCIC is a leading global security engineering firm specialising in designing, building and running security systems. We have 8 strategically placed hubs worldwide, employing over 150 people. QCIC was established in 2007 and has delivered over 4,500 projects across more than 75% of the world’s countries.
We collaborate with clients to provide end-to-end tailor-made physical security solutions through our Design, Build and Run model. Our methodology has been developed to align closely with our clients’ operational requirements and allows us to support the full lifecycle of security systems globally.
Our clients are global businesses operating across sectors including finance and banking, aerospace, engineering, mining, pharmaceuticals, manufacturing, retail, logistics, transportation, data centres, telecommunications, real estate, research and education.
REVIEW OF THE BUSINESS
During the year ending 30 September 2025, the Group continued to execute its long-term growth strategy, prioritising investment in international expansion, operational capability and internal systems development.
Revenue increased significantly from £13.6 million in 2024 to approximately £24.4 million in 2025, representing growth of approximately 80%. This growth was driven primarily by continued expansion of the Group’s Build services globally, increased engagement with multinational clients, and the continued maturation of the Group’s international operating model.
While revenue growth remained strong, short-term profitability continued to be impacted by strategic investment across the business. The Group has continued to invest heavily in establishing and consolidating its international framework, including operational infrastructure, people, systems, governance and regional support capabilities required to sustain long-term global growth.
The balance sheet remains strong and provides a stable platform for continued expansion. The Directors remain confident that the Group’s investment-led strategy will support scalable and sustainable long-term growth whilst strengthening operational resilience and global delivery capability.
Key business developments during the year included the continued expansion of the Group’s Build services internationally, the establishment of partnerships with several new global clients, and the consolidation of people and services within the regional hubs established in the prior year. These developments have strengthened the Group’s ability to support global programmes consistently across multiple regions.
Looking ahead, the Group’s focus will remain on balancing continued growth with operational efficiency, whilst leveraging recent investments in systems, people and international infrastructure to improve profitability over the medium to long term.
PRINCIPAL RISKS AND UNCERTAINTIES
As the Group continues to expand its business model and geographic presence, it faces a number of key risks and uncertainties that could impact operational performance and financial results.
The Directors continuously monitor these risks and implement appropriate mitigation strategies, including financial oversight, investment in technology and systems, staff development, and strengthening operational governance across the Group’s international hubs.
Below are the principal risks and uncertainties that could impact the Group’s performance:
**Market and Economic risks**
Risk: Competition, client concentration, inflationary pressures, interest rates and geopolitical instability may impact demand, profitability and operational delivery.
Mitigation:
• Diversification across sectors, regions and service lines.
• Continued investment in technology and innovation to maintain competitive advantage.
• Ongoing review of operational efficiencies and cost controls.
**Regulatory and Compliance risks**
Risk: Operating internationally exposes the Group to differing legal, tax, employment, data protection and regulatory requirements across jurisdictions.
Mitigation:
• Engagement with local legal, tax and compliance advisors.
• Continuous monitoring of regulatory developments.
• Ongoing enhancement of internal governance, compliance frameworks and staff training.
**Financial risks**
Risk: The Group’s international operations expose it to foreign exchange, liquidity and working capital risks.
Mitigation:
• Active management of cash flow forecasting and working capital requirements.
• Robust credit control procedures.
• Monitoring of foreign exchange exposure and appropriate mitigation strategies where required.
**Cybersecurity and IT risks**
Risk: As a global security engineering business, the Group handles sensitive information and relies heavily on technology platforms and digital infrastructure. Cybersecurity threats or system failures could disrupt operations or damage reputation.
Mitigation:
• Continued investment in cybersecurity controls and IT infrastructure.
• Regular staff awareness training and penetration testing.
• Business continuity and incident response procedures.
• Maintenance of an Information Security Management System aligned to ISO 27001 standards.
**Supply Chain and Operational risks**
Risk: Expansion of the Group’s Build and integration services increases reliance on third-party suppliers, subcontractors and logistics providers. Supply chain disruption could impact delivery capability and project timelines.
Mitigation:
• Diversification of suppliers and service partners.
• Ongoing supplier due diligence and performance monitoring through the Group’s Q-Net framework.
• Operational contingency planning and project oversight processes.
**Climate Change and Environmental risks**
Risk: Increasing environmental and sustainability expectations from clients, regulators and supply chains may impact operations and stakeholder relationships.
Mitigation:
• Commitment to sustainability initiatives and responsible operational practices.
• Ongoing environmental monitoring and reporting.
• Maintenance of an Environmental Management System aligned to ISO 14001 standards.
**Talent Retention and Workforce risks**
Risk: The Group operates in a highly specialised sector where skilled resources remain in high demand globally. Failure to attract, retain and develop talent could impact service delivery and growth.
Mitigation:
• Competitive remuneration and benefits structures.
• Focus on employee engagement, training and career development.
• Investment in regional leadership and succession planning.
**Risk Management and Oversight**
The Directors continuously review the Group’s risk management framework to ensure appropriate controls and mitigation strategies remain in place across the business. The Group’s management team regularly assesses operational, financial and compliance risks to ensure alignment with the Group’s strategic objectives and long-term growth plans.
FUTURE DEVELOPMENTS
The Directors expect the general level of activity to continue increasing during the forthcoming financial year, driven by further client diversification and growth in global programmes.
The Group will continue investing in technology and operational systems to support its expanding international footprint. Particular focus will remain on the development of internal software platforms, operational reporting capabilities, automation tools and data security enhancements to improve efficiency, governance and scalability across the business.
The Group will also continue strengthening and consolidating its international hub structure to ensure the business is appropriately positioned to support clients globally through a consistent and scalable operating model. This includes continued investment in regional capability, operational oversight, delivery coordination and support functions across the Group’s established hubs.
The Directors believe that the Group’s continued investment in operational infrastructure, technology and international capability will position the business strongly for sustainable long-term growth whilst maintaining high levels of client service and operational resilience.
Approved by the Board of Directors and signed on its behalf by:
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Mark Rowan
Director |
The director presents this annual report on the affairs of the Company and the Group, together with the financial statements and auditors’ report, for the financial year ended 30 September 2025.
PRINCIPAL ACTIVITIES
GOING CONCERN
REVIEW OF THE BUSINESS
Turnover for the financial year amounted to £24,362,172 (2024: £13,597,792). The Group earned a profit after taxation totalling £22,396 (2024: £148,590).
The net current asset position of the Group as at the financial year end amounted to £2,520,804 (2024: net current asset £3,246,482).
The net asset position of the Group as at the financial year end amounted to £3,442,504 (2024: net asset £4,187,821).
DIVIDENDS
The director paid a dividend of £791,421 in the current financial year (2024: £725,698).
DIRECTOR
The director, who served during the financial year and to the date of this report except as noted, was as follows:
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AUDITOR
Each of the persons who is a director at the date of approval of this report confirms that:
* So far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware; and
* The director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.
Praxis have expressed their willingness to continue in office as auditor and appropriate arrangements have been put in place for them to be deemed reappointed as auditors in the absence of an Annual General Meeting.
Approved by and signed by the director:
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Mark Rowan
Director |
The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”. Under company law the director must not approve the financial statements unless the director is satisfied that they give a true and fair view of the state of affairs of the Company and Group and of the profit or loss of the Group for that financial period.
In preparing these financial statements, the director is required to:
* Select suitable accounting policies and then apply them consistently;
* Make judgements and accounting estimates that are reasonable and prudent;
* State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
* Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company and Group's transactions and disclose with reasonable accuracy at any time the financial position of the Company and Group and enable them to ensure that the financial statements comply with the Companies Act 2006. The director is also responsible for safeguarding the assets of the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
We have audited the financial statements of QCIC Holdings Limited (the ‘Parent Company’) and its subsidiaries (the ‘Group’) for the financial year ended 30 September 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity, the Consolidated Statement of Cash Flows, the accounting policies, and the related notes 1 to 22, including 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 of QCIC Holdings Limited (the ‘Company’):
* Give a true and fair view of the state of the Company and Group's affairs as at 30 September 2025 and of the Group's profit for the financial year then ended;
* Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"; and
* Have been prepared in accordance with the requirements of the Companies Act 2006.
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 director's 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 and 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 director 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 director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
* The Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Director's 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 director's remuneration specified by law are not made; or
* We have not received all the information and explanations we require for our audit.
Responsibilities of director
As explained more fully in the Director's Responsibilities Statement, the director is 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 director determines 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 director is responsible for assessing the Group and 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 director either intends to liquidate the Group and Parent Company or to cease operations, or have no realistic alternative but to do so.
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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
We obtained an understanding of the legal and regulatory frameworks within which the company and Group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context was the Companies Act 2006 together with UK GAAP. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.
We have also considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the company’s and the Group’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the company and the Group for fraud. The laws and regulations we considered in this context for the UK operations were, General Data Protection Regulation (GDPR), and employment legislation.
In addition to the above, our procedures to respond to the risks identified included the following:
• reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
• performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
• enquiring of management and in-house legal counsel concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations.
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.
For and on behalf of
Statutory Auditor
London
EC2Y 9DT
United Kingdom
| Note | 2025 | 2024 | ||
| £ | £ | |||
| Turnover | 3 |
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| Cost of sales | (
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| Gross profit |
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| Administrative expenses | (
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| Operating profit |
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| Other non-operating loss | (
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| Profit before interest and taxation | 216,596 | 261,460 | ||
| Interest receivable and similar income | 4 |
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| Interest payable and similar expenses | 4 | (
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| Profit before taxation | 5 |
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| Tax on profit | 9 | (
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| Profit for the financial year |
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| Other items of other comprehensive income |
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| Other comprehensive income/(loss) | 10,507 | (56,661) | ||
| Total comprehensive income |
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| Note | 2025 | 2024 | ||
| £ | £ | |||
| Fixed assets | ||||
| Intangible assets | 11 |
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| Tangible assets | 12 |
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| Investments | 13 |
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| 947,408 | 986,899 | |||
| Current assets | ||||
| Debtors | 14 |
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| Cash at bank and in hand |
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| 10,209,163 | 5,926,831 | |||
| Creditors: amounts falling due within one year | 15 | (
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| Net current assets | 2,520,804 | 3,246,482 | ||
| Total assets less current liabilities | 3,468,212 | 4,233,381 | ||
| Provision for liabilities | 16 | (
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(
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| Net assets | 3,442,504 | 4,187,821 | ||
| Capital and reserves | 18 | |||
| Called-up share capital |
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| Translation reserve | (
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| Profit and loss account |
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| Total shareholder's funds | 3,442,504 | 4,187,821 |
The financial statements of QCIC Holdings Limited (registered number:
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Mark Rowan
Director |
| Note | 2025 | 2024 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 12 |
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| Investments | 13 |
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| 117,544 | 117,544 | |||
| Current assets | ||||
| Debtors | 14 |
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| Cash at bank and in hand |
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| 29,010 | 29,179 | |||
| Creditors: amounts falling due within one year | 15 | (
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(
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| Net current assets/(liabilities) | 23,126 | (14,366) | ||
| Total assets less current liabilities | 140,670 | 103,178 | ||
| Net assets | 140,670 | 103,178 | ||
| Capital and reserves | 18 | |||
| Called-up share capital |
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| Profit and loss account |
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| Total shareholder's funds | 140,670 | 103,178 |
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit of the parent company was £828,913 (2024: profit of £672,273).
The financial statements of QCIC Holdings Limited (registered number:
|
Mark Rowan
Director |
| Called-up share capital | Translation reserve | Profit and loss account | Total | ||||
| £ | £ | £ | £ | ||||
| At 01 October 2023 (as previously stated) | 200 | ( 57,920) | 4,902,311 | 4,844,591 | |||
| Prior year adjustment (note 3) | 0 | 0 | ( 23,000) | ( 23,000) | |||
| At 01 October 2023 (as restated) |
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| Total comprehensive income |
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| Movement in reserves for foreign currency gain/(loss) |
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| Other foreign exchange differences |
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| At 30 September 2025 |
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| Called-up share capital | Profit and loss account | Total | |||
| £ | £ | £ | |||
| At 01 October 2023 (as previously stated) | 200 | 156,403 | 156,603 | ||
| Prior year adjustment (note 3) | 0 | 0 | 0 | ||
| At 01 October 2023 (as restated) |
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| Profit for the financial year |
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| Total comprehensive income |
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| Dividends paid on equity shares (note 10) |
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| At 01 October 2024 |
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| Profit for the financial year |
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| Total comprehensive income |
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| Dividends paid on equity shares (note 10) |
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| At 30 September 2025 |
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| 2025 | 2024 | ||
| £ | £ | ||
| Operating profit |
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| Adjustment for: | |||
| Depreciation and amortisation |
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| Operating cash flows before movement in working capital |
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| Increase in debtors | (
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| Cash generated by operations |
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| Income taxes paid | (
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| Interest paid | (
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| Net cash flows from operating activities |
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| Cash flows from investing activities | |||
| Purchase of plant and machinery | (
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| Interest received |
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| Repayment of loans advanced | 0 | 111,187 | |
| Net cash flows from investing activities | (
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| Cash flows from financing activities | |||
| Dividends paid | (791,421) | (725,698) | |
| Directors loan repayments | (10,054) | (20,000) | |
| Net cash flows from financing activities | (
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| Net increase/(decrease) in cash and cash equivalents |
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| Cash and cash equivalents at beginning of year |
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| Effect of foreign exchange rate changes |
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| Reconciliation to cash at bank and in hand: | |||
| Cash at bank and in hand at end of year |
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| Cash and cash equivalents at end of year |
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The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
QCIC Holdings Limited (the Group) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Group's registered office is 13 Christopher Street, London, EC2A 2BS, United Kingdom. These financial statements comprise the consolidated financial statements of the Company and its subsidiary undertakings (together referred to as "the Group").
The principal activities are set out in the Strategic Report.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Financial Reporting Standard 102 (FRS 102) applicable in the UK and Republic of Ireland issued by the Financial Reporting Council and the requirements of the Companies Act 2006.
The financial statements are presented in pounds sterling which is the functional currency of the Group and rounded to the nearest £.
The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Group has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
The consolidated financial statements present the results of the company and its own subsidiaries (“the Group”) as if they form a single entity. Intercompany transactions and balances between Group entities are therefore eliminated in full.
QCIC MENA FZ-LLC has a year end of December 2025. Therefore, interim financial statements for the year ending September 2025 have been prepared for this subsidiary for the purpose of consolidation.
Q-Works India Private Limited has a year end of March 2026. Therefore, as the entity was incorporated in 2025, interim financial statements from April 2025 to September 2025 have been prepared for this subsidiary for the purpose of consolidation.
The Company has issued a guarantee under section 479C of the Companies Act 2006 in respect of the year ended 30 September 2025, which exempts the following UK subsidiary from the requirement to have their financial statements audited under section 479A of that Act:
• Q-Works (London) Limited (Company number: 13219627)
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated profit and loss account from the date on which control is obtained. They are deconsolidated from the date control ceases.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.
For the sale of goods where the Group does not control the goods or services before they are transferred to the customer and does not bear the significant risks and rewards associated with the transaction. Revenue is recognised only to the extent of the commission or fee earned from facilitating the transaction.
Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.
Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the Group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Defined contribution schemes
For defined contribution schemes the amounts charged to the Statement of Comprehensive Income in respect of pension costs and other post-retirement benefits are the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are shown as either accruals or prepayments in the Balance Sheet.
Other long-term employee benefits are measured at the present value of the benefit obligation at the reporting date.
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.
| Other intangible assets |
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An impairment review is performed whenever there is an indication that the recoverable value is below the carrying value of the intangible asset. If the impairment review indicates that the asset is impaired, an allowance is made for impairment.
| Land and buildings | not depreciated |
| Plant and machinery |
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| Vehicles |
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| Fixtures and fittings |
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| Office equipment |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
The Group as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below.
Financial assets
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Group intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors 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 transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Group transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Group, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value with changes in fair value recognised through the Statement of Comprehensive Income. Where fair value cannot be measured reliably, investments are measured at cost less impairment.
Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for relief from the recognition of share premium, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.
Equity instruments
Equity instruments issued by the Group are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Group.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Critical judgements in applying the Group’s accounting policies
The following are the critical judgements, apart from those involving estimations (which are dealt with separately below), that the director has made in the process of applying the Group’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.
The assessment of the stage of completion of projects and therefore the amount of revenue recognised is affected by the assessment of future time costs that each project will incur through to completion. The costing of this time assessment is systematically driven but the estimation is made by project teams under supervision of Directors and carries an inherent risk of being misjudged. Where a project is forecast to be loss making, provision is made for the estimated future costs to complete.
The Directors makes an assessment at the end of each financial year of whether there is objective evidence that a debtor is impaired. When assessing impairment of debtors and other amounts receivable, the Directors considers factors including the nature of the debtor, the age profile of outstanding amounts receivable, recent correspondence and historical experience in cash collected from debtors.
Turnover represents the fair value of goods/services provided to customers during the financial year excluding value added tax.
Breakdown by geographical market:
An analysis of the Group's turnover by geographical market is set out below.
| 2025 | 2024 | ||
| £ | £ | ||
| United Kingdom | 7,459,866 | 5,165,032 | |
| Asia Pacific | 802,980 | 479,649 | |
| Europe | 8,457,291 | 1,800,659 | |
| North & South America | 5,109,761 | 4,495,369 | |
| Middle East | 852,953 | 285,558 | |
| Rest of World | 1,679,320 | 1,371,525 | |
| 24,362,172 | 13,597,792 |
| 2025 | 2024 | ||
| £ | £ | ||
| Interest receivable and similar income |
|
|
|
| Interest payable and similar expenses | (
|
(
|
|
| 554 | (1,856) |
Profit before taxation is stated after charging/(crediting):
| 2025 | 2024 | ||
| £ | £ | ||
| Depreciation of tangible fixed assets (note 12) |
|
|
|
| Amortisation of intangible assets (note 11) |
|
|
|
| Operating lease rentals |
|
|
|
| Foreign exchange losses |
|
|
An analysis of the auditor's remuneration is as follows:
| 2025 | 2024 | ||
| £ | £ | ||
| Fees payable to the Group’s auditor and its associates for the audit of the Group's annual financial statements: | 57,000 | 40,000 | |
| Fees payable to the Group’s auditor and its associates for other services: | |||
| Audit of the accounts of subsidiaries | 0 | 0 | |
| Total audit fees |
|
|
|
| Other services |
|
|
|
| Total non-audit fees |
|
|
|
| Group | Group | ||
| 2025 | 2024 | ||
| Number | Number | ||
| The average monthly number of employees (including directors) was: | |||
| Management |
|
|
|
| Administration |
|
|
|
| Consultants |
|
|
|
|
|
|
Their aggregate remuneration comprised:
| Group | Group | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Wages and salaries |
|
|
|
| Social security costs |
|
|
|
| Other retirement benefit costs |
|
|
|
| 9,645,775 | 8,410,085 |
The Parent Company had no employees during the year (prior year 2024: 0).
| 2025 | 2024 | ||
| £ | £ | ||
| Director's emoluments |
|
|
|
| Company contributions to money purchase pension schemes |
|
|
|
| 627,850 | 27,700 |
Remuneration of the highest paid director
| 2025 | 2024 | ||
| £ | £ | ||
| Director's emoluments | 627,850 | 7,700 | |
| Company contributions to money purchase schemes | 0 | 20,000 | |
| 627,850 | 27,700 |
Remuneration for directors of subsidiary undertakings totalled £362,514 (2024: £252,378). Company contributions to money purchase pension schemes in respect of those directors totalled £649 (2024: £83,321).
| 2025 | 2024 | ||
| £ | £ | ||
| Current tax on profit | |||
| UK corporation tax |
|
(
|
|
| Foreign tax |
|
|
|
| Total current tax |
|
|
|
| Deferred tax | |||
| Origination and reversal of timing differences | (
|
|
|
| Total deferred tax | (
|
|
|
| Total tax on profit |
|
|
The tax assessed for the year is higher than (2024: higher than) the standard rate of corporation tax in the UK:
| 2025 | 2024 | ||
| £ | £ | ||
| Profit before taxation | 217,150 | 259,604 | |
| Tax on profit at standard UK corporation tax rate of 25% (2024: 25%) |
|
|
|
| Effects of: | |||
| Expenses not deductible for tax purposes |
|
|
|
| Income not taxable in determining taxable profit | (
|
|
|
| Utilisation of tax losses not previously recognised | (
|
(
|
|
| Adjustments in respect of prior years | (
|
(
|
|
| Capital allowances in excess of depreciation | 16,923 | 11,066 | |
| R&D expenditure | 0 | (27,212) | |
| Foreign tax net of credits given | 188,261 | (20,672) | |
| Deferred tax movements | (50,943) | 12,759 | |
| Difference in tax rates | (60,083) | 77,272 | |
| Other tax movements | 8,365 | (4,517) | |
| Tax losses carried forward | 0 | 8,738 | |
| Group relief | 0 | 0 | |
| Total tax charge for year | 194,754 | 111,014 |
| 2025 | 2024 | ||
| £ | £ | ||
| Amounts recognised as distributions to equity holders in the financial year: | |||
| Interim dividend for the financial year ended 30 September 2025 of £3,957 (2024: £3,628) per ordinary share | 791,421 | 725,698 | |
Group
| Other intangible assets | Total | ||
| £ | £ | ||
| Cost | |||
| At 01 October 2024 |
|
|
|
| Revaluations | (
|
(
|
|
| At 30 September 2025 |
|
|
|
| Accumulated amortisation | |||
| At 01 October 2024 |
|
|
|
| Charge for the financial year |
|
|
|
| Revaluations | (
|
(
|
|
| At 30 September 2025 |
|
|
|
| Net book value | |||
| At 30 September 2025 |
|
|
|
| At 30 September 2024 |
|
|
Group
| Land and buildings |
Plant and machinery | Vehicles | Fixtures and fittings | Office equipment | Total | ||||||
| £ | £ | £ | £ | £ | £ | ||||||
| Cost | |||||||||||
| At 01 October 2024 |
|
|
|
|
|
|
|||||
| Additions |
|
|
|
|
|
|
|||||
| Disposals |
|
|
|
|
(
|
(
|
|||||
| Exchange adjustments | (
|
(
|
|
(
|
(
|
(
|
|||||
| At 30 September 2025 |
|
|
|
|
|
|
|||||
| Accumulated depreciation | |||||||||||
| At 01 October 2024 |
|
|
|
|
|
|
|||||
| Charge for the financial year |
|
|
|
|
|
|
|||||
| Disposals |
|
|
|
|
(
|
(
|
|||||
| Exchange adjustments |
|
|
|
|
(
|
|
|||||
| At 30 September 2025 |
|
|
|
|
|
|
|||||
| Net book value | |||||||||||
| At 30 September 2025 | 696,055 | 204 | 20,411 | 23,579 | 148,485 | 888,734 | |||||
| At 30 September 2024 | 698,480 | 290 | 37,906 | 30,544 | 147,129 | 914,349 |
Company
| Land and buildings |
Total | ||
| £ | £ | ||
| Cost | |||
| At 01 October 2024 |
|
|
|
| At 30 September 2025 |
|
|
|
| Accumulated depreciation | |||
| At 01 October 2024 |
|
|
|
| At 30 September 2025 |
|
|
|
| Net book value | |||
| At 30 September 2025 | 58,561 | 58,561 | |
| At 30 September 2024 | 58,561 | 58,561 |
Group
| Other investments | Total | ||
| £ | £ | ||
| Cost or valuation before impairment | |||
| At 01 October 2024 |
|
|
|
| At 30 September 2025 |
|
|
|
| Carrying value at 30 September 2025 |
|
|
|
| Carrying value at 30 September 2024 |
|
|
Company
| Investments in subsidiaries | Other investments | Total | |||
| £ | £ | £ | |||
| Cost or valuation before impairment | |||||
| At 01 October 2024 |
|
|
|
||
| At 30 September 2025 |
|
|
|
||
| Carrying value at 30 September 2025 |
|
|
|
||
| Carrying value at 30 September 2024 |
|
|
|
Investments in subsidiaries
The following were subsidiary undertakings of the Company:
| Name of entity | Registered office | Principal activity | Class of shares |
Ownership 30.09.2025 |
Ownership 30.09.2024 |
Held |
|
|
13 Christopher Street, London, EC2A 2BS, UK | Dormant entity |
|
|
|
Direct |
|
|
3141 Anas Ibn Malik, 8292 Al Malqa Dist., Riyadh, 13521, KSA | Security design and engineering |
|
|
|
Indirect |
|
|
33 Wai Yip Street, Kwun Tong, Hong Kong | Security design and engineering |
|
|
|
Indirect |
|
|
Unit 3D, North Point House, North Point Business Park, New Mallow Road, Cork, T23 AT2P, Ireland | Security design and engineering |
|
|
|
Indirect |
|
|
106 W 32nd Street, New York, NY, 10001, US | Security design and engineering |
|
|
|
Indirect |
|
|
13 Christopher Street, London, EC2A 2BS, UK | Security design and engineering |
|
|
|
Direct |
|
|
Office 84, Building 07, Dubai Internet City, Dubai, UAE | Security design and engineering |
|
|
|
Indirect |
|
|
2 Heerengracht, Cnr Hertzog Boulevard, 18th Floor, Foreshore, Cape Town, 8001, South Africa | Security design and engineering |
|
|
|
Indirect |
|
|
Innov8 Mantri Commercio, Tower A, 5th Floor, MIS, Bellandur, Bangalore South, Bangalore- 560103, Karnataka | Security design and engineering |
|
|
|
Indirect |
|
|
13 Christopher Street, London, EC2A 2BS, UK | Software developer |
|
|
|
Direct |
|
|
2 Heerengracht, Cnr Hertzog Boulevard, 18th Floor, Foreshore, Cape Town, 8001, South Africa | Security design and engineering |
|
|
|
Direct |
|
|
2 Heerengracht, Cnr Hertzog Boulevard, 18th Floor, Foreshore, Cape Town, 8001, South Africa | Property investment company |
|
|
|
Direct |
The subsidiary undertakings classified as indirectly held are owned through the Company's investment in QCIC Ltd.
| Group | Group | Company | Company | ||||
| 2025 | 2024 | 2025 | 2024 | ||||
| £ | £ | £ | £ | ||||
| Trade debtors |
|
|
|
|
|||
| Amounts owed by own subsidiaries (note 20) |
|
|
|
|
|||
| Amounts owed by related parties (note 20) |
|
|
|
|
|||
| VAT recoverable |
|
|
|
|
|||
| Corporation tax |
|
|
|
|
|||
| Other taxation and social security |
|
|
|
|
|||
| Other debtors |
|
|
|
|
|||
| Prepayments and accrued income |
|
|
|
|
|||
| Deferred tax asset |
|
|
|
|
|||
|
|
|
|
|
| Group | Group | Company | Company | ||||
| 2025 | 2024 | 2025 | 2024 | ||||
| £ | £ | £ | £ | ||||
| Director loans (note 20) |
|
|
|
|
|||
| Trade creditors |
|
|
|
|
|||
| Amounts owed to Group undertakings (note 20) |
|
|
|
|
|||
| Amounts owed to own subsidiaries (note 20) |
|
|
|
|
|||
| Payroll taxes payable |
|
|
|
|
|||
| Taxation and social security |
|
|
|
|
|||
| VAT |
|
|
|
|
|||
| Accruals |
|
|
|
|
|||
| Other creditors |
|
|
|
|
|||
|
|
|
|
|
Group
| Deferred taxation | Total | ||
| £ | £ | ||
| At 01 October 2024 |
|
45,560 | |
| Credited to the Profit and Loss Account | (
|
( 50,943) | |
| Foreign exchange difference | (
|
( 580) | |
| Deferred tax asset reclassification |
|
31,671 | |
| At 30 September 2025 |
|
25,708 | |
Deferred tax
| 2025 | 2024 | ||
| £ | £ | ||
| Accelerated capital allowances |
|
|
|
| Provision for deferred tax |
|
|
| Group | Group | ||
| 2025 | 2024 | ||
| £ | £ | ||
| At the beginning of financial year | (
|
(
|
|
| Credited/(charged) to the Profit and Loss Account |
|
(
|
|
| Foreign exchange differences |
|
(
|
|
| At the end of financial year |
|
(
|
| 2025 | 2024 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
|
|
|
|
|
| Presented as follows: | |||
| Called-up share capital presented as equity | 200 | 200 |
The profit and loss reserve represents cumulative profits or losses, net of dividends paid and other adjustments.
The translation reserve represents foreign currency translation differences arising from the translation of the financial statements of the Group’s overseas subsidiaries. Exchange differences arising on the translation of the net assets of these foreign operations are recognised directly in other comprehensive income and accumulated in the translation reserve.
Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
| Group | Group | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Within one year |
|
|
|
| Between one and five years |
|
|
|
|
|
|
Pensions
The Group operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the Group in an independently administered fund.
| Group | Group | Company | Company | ||||
| 2025 | 2024 | 2025 | 2024 | ||||
| £ | £ | £ | £ | ||||
| Unpaid contributions due to the fund (inc. in other creditors) |
|
|
|
|
The Group has availed of the exemption provided in FRS 102 Section 33 Related Party Disclosures not to disclose transactions entered into with fellow group companies that are wholly owned within the group of companies of which the Group is a wholly owned member.
Transactions with related parties or connected persons
Amounts owed by related parties
| 2025 | 2024 | ||
| £ | £ | ||
| Alpe d'Huez Trust Loan |
|
|
Trustees of the Project Alpe D'Heuz Trust
In 2024 the company paid in to the pension scheme in respect of rent. The amount owed was repayable by instalment under a loan agreement and interest was charged at 3.5%.
Other related party transactions
| 2025 | 2024 | ||
| £ | £ | ||
| Transactions with other related parties | 80,600 | 106,500 |
Transactions with the entity’s director (or members of its governing body)
Amounts owed to director
| 2025 | 2024 | ||
| £ | £ | ||
| Amounts owed to the directors |
|
|
Mark Rowan is the immediate and ultimate controlling party by virtue of the ownership of more than 75% of the company’s issued ordinary shares.