REGISTERED NUMBER: 14163587

EXOTEC LOGISTICS UK LTD

Strategic Report, Director's Report and

Financial Statements for the Year Ended 31 December 2025

Page

Company Information

1

Strategic Report

2

to

3

Director's Report

4

to

5

Statement of Director's Responsibilities

6

Independent Auditors' Report

7

to

10

Statement of Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Notes to the Financial Statements

14

to

24

DIRECTOR:

R Heitz

SECRETARY:

Pramex International Ltd

REGISTERED OFFICE:

11 Old Jewry

London

EC2R 8DU

REGISTERED NUMBER:

14163587

INDEPENDENT AUDITORS:

PKF Littlejohn LLP

Statutory Auditor

30 Churchill Place

Canary Wharf

London

E14 5RE

The directors of Exotec Logistics UK Ltd present their strategic report and the audited financial statements for the year ended 31 December 2025.

BUSINESS REVIEW AND FUTURE DEVELOPMENTS

The Company’s revenue for the year ended 31 December 2025 decreased to £3,279,738 (2024: £24,461,653). Project sales remained the principal source of income, contributing to £823,557 (2024: £23,278,895) of total revenue.Net result for the year is a loss of £3,801,154 (2024 profit : £761,045), impacted by the recognition of a £2,595,020 (2024: £nil) provision in the balance sheet, in respect of customer compensation claims arising from system underperformance.

Efforts in 2026 will focus on continuing to implement initiatives aimed at enhancing the Company's capacity to, accommodate and sustain future growth.

PRINCIPAL RISKS AND UNCERTAINTIES

Reliance on key individuals and personnel

The success of the group depends on its ability to recruit and to retain high quality and experienced staff. The loss of the services of key personnel or inability to attract additional qualified personnel as the group grows could have an adverse effect on the group's business, however, given the current size of the company the organization is not dependent on any individual.

Risks associated with regulation

The market in which the Group operates is subject to regulation both at the level of the European Union and on an individual country basis. Regulatory changes could impact on the Group's business. The regulatory regime applicable to companies within the Group's economic model or impose a greater burden upon the Group and the industry in terms of additional compliance costs.

Foreign Exchange Risk

The company operates internationally and is exposed to foreign exchange risk arising from various currency exposure, primarily Euro. The company mitigates its risk to currency exposure predominantly by maintaining foreign currency bank accounts. Any profits or losses resulting from currency fluctuations are recognised as and when they arise.

Interest rate risk

The company is exposed to interest rate risk as it has finance from a related party on which interest is charged at the 1-month Euribor rate plus 2% per annum.

Credit risk

Financial instruments that potentially subject the company to concentrations of credit risk consist of cash and cash equivalents, due to the large balances held. The company places its cash and cash equivalents primarily with domestic financial institutions.

Liquidity risk

Exotec Logistics UK Ltd has a bank balance of £220,307 (2024: £352,025). On 22 May 2026, Exotec SAS entered into a credit facility agreement with Exotec Logistics UK Ltd for a total amount of €10 million. This facility, which has a duration of three years, is committed, unsecured and without covenant, has been granted to support Exotec Logistics UK's liquidity and operational requirements.There are no foreseeable future events that are likely to result in extensive cash outflows that will detriment the Company's cash position.

WORKING CAPITAL REQUIREMENTS

As at the date of the report, there is no requirement for further capital fundings as the funding from operations is currently sufficient to oversee the operating activities.

FINANCIAL RISK MANAGEMENT

The ultimate parent undertaking is Exotec SAS, which has in place a risk management program that seeks to limit the adverse effects on the financial performance of all subsidiaries withing the group. The policies set by the board of the directors of the ultimate parent undertaking are implemented by the company's finance function.

KEY PERFORMANCE INDICATORS

The main key performance indicators ("KPIs") of the Company are similar to those of the Group, which are outlined below.

• Revenue £3,279,738 (2024: £24,461,653)

• Cash £220,307 (2024: £352,025).

APPROVED BY THE BOARD AND SIGNED ON ITS BEHALF BY:

R Heitz - Director

5 September 2026

The director presents his report with the audited financial statements of the company for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the design and manufacture of robotic solutions used for logistical purposes, within the warehouses.

DIVIDENDS

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

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTOR

R Heitz held office during the whole of the period from 1 January 2025 to the date of this report.

GOING CONCERN

The director has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and as such, consider it appropriate to prepare financial statements on the going concern basis.

CHARITABLE DONATIONS

The company made no charitable donations during the year.

POLITICAL CONTRIBUTIONS

The company made no political donations or incurred any political expenditure during the year.

ENVIRONMENT

The Company recognises the importance of its environmental responsibilities. Our business is subject to regulation by various local and foreign governmental agencies, including agencies responsible for monitoring and enforcing environmental laws. We monitor and implement policies to comply with these regulation.

EMPLOYEE INVOLVEMENT

The Company is committed to involve employees in the performance and development of the group. Our culture is based on building a deep understanding of our customers, partners and employees that we believe makes us an attractive company to work with and for. We also foster extensive collaboration and open communication, crowdsourcing of ideas and frequent collection of input that we believe leads to rapid and improved decision making.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is 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 he 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, PKF Littlejohn LLP, will be proposed for re-appointment in accordance with the Companies Act 2006.

APPROVED BY THE BOARD AND SIGNED ON ITS BEHALF BY:

R Heitz - Director

5 September 2026

The director is responsible for preparing the Strategic Report, the Director's 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 Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102).

Under company law the director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 EXOTEC LOGISTICS UK LTD (the 'company') for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 December 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 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 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

Matters on which we are required to report by exception

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

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 directors' report.

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

• adequate accounting records have not been kept, 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; or

• the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page six, 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 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 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 company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

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

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 company and the sector in which it operates to identify laws and regulations that could reasonably be expected to have a direct effect on the financial statements. We obtained our understanding in this regard through discussions with management, industry research, application of cumulative audit knowledge and experience of the sector.

• We determined the principal laws and regulations relevant to the company in this regard to be those arising from Companies Act 2006, Employment law, Tax legislation, Anti-Money Laundering legislation, Anti-bribery laws, Local health and safety regulations, Local statutory regulations for overseas payroll, GDPR Legislation and United Kingdom Generally Accepted Accounting Practice.

• We designed our audit procedures to ensure the audit team considered whether there were any indications of non-compliance by the company with those laws and regulations. These procedures included, but were not limited to:

o Enquiries of management

o Review of minutes

o Review of legal account

o Review of the Company's related party transactions and disclosures

• We also identified the risks of material misstatement of the financial statements due to fraud. We considered, in addition to the non-rebuttable presumption of a risk of fraud arising from management override of controls, that the potential for management bias was identified in relation to revenue and deferred revenue. We addressed this by challenging the assumptions and judgements made by management when auditing that significant accounting estimate.

• As in all of our audits, we addressed the risk of fraud arising from management override of controls by performing audit procedures which included, but were not limited to: the testing of journals; reviewing accounting estimates for evidence of bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

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

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

Use of our report

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

Zahir Khaki (Senior Statutory Auditor)

for and on behalf of PKF Littlejohn LLP

Statutory Auditor

30 Churchill Place

Canary Wharf

London

E14 5RE

5 September 2026

TURNOVER

3

3,279,738

24,461,653

Cost of sales

(2,171,261

)

(20,928,186

)

GROSS PROFIT

1,108,477

3,533,467

Administrative expenses

(5,237,490

)

(2,951,025

)

(4,129,013

)

582,442

Other operating income

4

98,684

563

OPERATING (LOSS)/PROFIT

6

(4,030,329

)

583,005

Interest receivable and similar income

8

-

432,342

(4,030,329

)

1,015,347

Interest payable and similar expenses

9

(25,127

)

-

(LOSS)/PROFIT BEFORE TAXATION

(4,055,456

)

1,015,347

Tax on (loss)/profit

10

254,302

(254,302

)

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(3,801,154

)

761,045

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(3,801,154

)

761,045

FIXED ASSETS

Tangible assets

11

1,664

1,130

CURRENT ASSETS

Debtors

12

2,588,051

5,880,901

Cash at bank

220,307

352,025

2,808,358

6,232,926

CREDITORS

Amounts falling due within one year

13

2,939,683

5,157,583

NET CURRENT (LIABILITIES)/ASSETS

(131,325

)

1,075,343

TOTAL ASSETS LESS CURRENT LIABILITIES

(129,661

)

1,076,473

CREDITORS

Amounts falling due after more than one year

14

2,595,020

-

NET (LIABILITIES)/ASSETS

(2,724,681

)

1,076,473

CAPITAL AND RESERVES

Share capital

16

25,000

25,000

Profit and loss account

17

(2,749,681

)

1,051,473

SHAREHOLDERS' FUNDS

(2,724,681

)

1,076,473

The financial statements were approved by the board of the director and authorised for issue on 5 September 2026 and were signed by:

R Heitz - Director

Profit and

Share

loss

Total

capital

account

equity

£

£

£

Balance at 1 January 2024

25,000

290,428

315,428

Profit for the year

-

761,045

761,045

Total comprehensive income

-

761,045

761,045

Balance at 31 December 2024

25,000

1,051,473

1,076,473

Deficit for the year

-

(3,801,154

)

(3,801,154

)

Total comprehensive income

-

(3,801,154

)

(3,801,154

)

Balance at 31 December 2025

25,000

(2,749,681

)

(2,724,681

)

1.	GENERAL INFORMATION

Exotec Logistics UK Ltd is a private company, limited by shares, registered in England and

Wales. The company's registered number can be found on the Company Information page. The registered office address is 11 Old Jewry, London, EC2R 8DU.

2.	ACCOUNTING POLICIES

2.1 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.

All amounts are rounded to the nearest £.

The following principal accounting policies have been applied:

This information is included in the consolidated financial statements of Exotec SAS as at

31 December 2025 and these financial statements may be obtained from 1 Avenue du Molinel 59290 Wasquehal.

2.2 Going concern

The financial statements have been prepared on a going concern basis. In assessing the appropriateness of this basis, the directors considered the company's financial position, projected cash flows, and the availability of the rolling facility disclosed in note 19. Based on this assessment, the directors concluded that there are no material uncertainties that may cast significant doubt on the company's ability to continue operating as a going concern for a period of at least 12 months from the date on which the financial statements are approved.

2.3 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 the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"

- The requirement of section 7 Statement of Cash Flows under FRS 102 qualifying entity (1.12(b)): The company is a qualifying entity whose results are included in the publicly available consolidated financial statements of Exotec SAS and these are available at the registered office of the company which is 8th Floor South, 11 Old Jewry, London, United Kingdom, EC2R 8DU.

2.4 Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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

The key estimates used in preparing the financial statements relate mainly to:

In line with the revenue recognition accounting policy, management exercise judgement when recognising revenue according to the stage of completion of a contract:

- Regarding the sale, and the installation of the Solution at the customer warehouse by Exotec, the revenue is recognized overtime according to the completion method with costs as inputs;

- For the maintenance service linked with the deployment of the Solution by Exotec at the customer warehouse, the revenue should be recognized over time on a straight-line basis on the duration of the contract that is generally one year.

-Provision for customer compensation claims

A provision of £2,595,020 (2024: £nil) has been recognised in the balance sheet, in respect of customer compensation claims arising from system underperformance. During the year, £1,023,699 (2024: £nil) was charged against turnover and £1,571,321 (2024: £nil) was charged to administrative expenses .

The claim relates to additional costs allegedly incurred by the customer as a result of operational disruptions and delays in achieving contractual performance levels.

The provision represents management's best estimate of the obligation arising from these claims at the reporting date. The ultimate outcome remains subject to ongoing negotiation and resolution with the customer and, accordingly, the final settlement amount may differ from the provision recognised.

2.5 Turnover

Revenue is measured at the fair value of the consideration received or receivable and is recognised when it is probable that economic benefits will flow to the company and the amount of revenue can be measured reliably.

Sale and Installation of Solutions

Revenue from the sale and installation of warehouse automation solutions is recognised over time using the percentage of completion method, based on the proportion of costs incurred to date relative to the total estimated costs of the contract. This method reflects the transfer of risks and rewards and the continuous delivery of services to the customer.

Revenue is recognised when:

- The outcome of the contract can be estimated reliably;

- It is probable that the economic benefits will flow to the company;

- The stage of completion can be measured reliably;

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

Maintenance Services

Revenue from maintenance services associated with deployed solutions is recognised on a straight-line basis over the term of the contract, which is typically one year. This reflects the consistent delivery of services throughout the contract period.

Deferred and Accrued Income

At the reporting date:

- Deferred income represents amounts invoiced in advance of service delivery or goods transfer, including maintenance contracts and uncompleted installation work.

- Accrued income represents revenue earned from installation contracts where performance has occurred but invoicing has not yet taken place.

As at the reporting date, the company had a deferred income balance of £89,863 (2024: £507,495) and an accrued income balance of £1,157,209 (2024:£180,820) both primarily related to installation contracts accounted for using the percentage of completion method, and maintenance contracts recognised over time.

2.6 Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet 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

Financial assets consist of debtors (trade and other current assets) and other financial assets like cash at bank. These basic financial assets are initially measured at transaction price and subsequently at amortised cost.

Financial assets (£)

31 Dec 2025

31 Dec 2024

Debtors

2,588,051

5,880,901

Cash at bank

220,307

352,025

Total Financial assets

2,808,358

6,232,926

Basic financial liabilities

Financial liabilities consist of creditors (trade payables, other current liabilities and long term creditors). Creditors are initially measured at fair value. At each reporting date, the Group remeasures its financial instruments at fair value.

Financial liabilities (£)

31 Dec 2025

31 Dec 2024

Creditors -Within 1 Year

2,939,683

5,157,583

Creditors - More than 1 Year

2,595,020

-

Total financial liabilities

5,534,703

5,157,583

2.7 Creditors

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.

2.8 Cash and cash equivalent

Cash and cash equivalents are basic financial instruments and include cash in hand, and deposit held at all in bank.

2.9 Debtors

Trade debtors are receivable at various dates over the coming months in accordance with the customary credit terms.

2.10 Finance cost

This relates to the interest payable by the company during the year end.

2.11 Finance income

This relates to the interest receivable by the company on amounts lent to group undertakings.

2.12 Pension costs

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.

2.13 Tangible fixed assets

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

Computer equipment: 33.33% straight line

Fixtures and Fittings: 20% straight line

2.14 Foreign currencies translation

• Functional and presentational currency.

The Company's functional and presentational currency is GBP.

• Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate Nonmonetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income within 'administrative expenses'.

2.15 Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

3.

TURNOVER

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

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

31.12.25

31.12.24

£

£

Deploy

892,057

23,477,255

Maintain

2,182,115

984,398

Commission

205,566

-

3,279,738

24,461,653

An analysis of turnover by geographical market is given below:

31.12.25

31.12.24

£

£

United Kingdom

3,279,738

24,461,653

3,279,738

24,461,653

4.	OTHER OPERATING INCOME

The other operating income of £98,684 (2024: 563) relates to minor adjustments.

5.	EMPLOYEES AND DIRECTORS

31.12.25

31.12.24

£

£

Wages and salaries

1,358,121

1,110,822

Social security costs

187,829

125,503

Other pension costs

37,858

33,244

1,583,808

1,269,569

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

31.12.25

31.12.24

Operations

3

2

Technical

11

8

Engineering

2

3

Maintenance

1

1

Sales

2

2

19

16

The remuneration for the director R Heitz for the current year is Nil (2024: Nil).

The key management personnel of the company are R Heitz.

The directors of the company are not paid by the company but are remunerated by the ultimate controlling party for their services to the wider group.

31.12.25

31.12.24

£

£

Director's remuneration

-

-

6.	OPERATING (LOSS)/PROFIT

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

31.12.25

31.12.24

£

£

Other operating leases

75,384

26,516

Depreciation - owned assets

429

46

Foreign exchange differences

78,028

27,833

Wages

1,358,121

1,110,822

Travelling

94,541

100,039

Recruitment Fees

12,900

-

Social Security

187,829

125,503

Provision for customer compensation claims (included in Turnover £1,023,699 and Administrative expenses £1,571,321)

2,595,020

-

Travelling is made up of the following:

31.12.25

31.12.24

£

£

Travel expenses - transportation

35,391

53,144

Travel expenses - lodging and meals

58,412

46,888

Other travel expenses

738

7

Total

94,541

100,039

7.	AUDITORS' REMUNERATION

31.12.25

31.12.24

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

26,250

25,000

8.

INTEREST RECEIVABLE AND SIMILAR INCOME

31.12.25

31.12.24

£

£

Other interest received

-

432,342

Interest income of £Nil (2024: £402,635) was earned on cash pooling arrangements with group entities. The interest is recognised on an accruals basis in accordance with Section 11 of FRS 102. The arrangement is considered a related party transaction and is disclosed in Note 19.

9.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.25

31.12.24

£

£

Interest payable

25,127

-

10.

TAXATION

Analysis of the tax (credit)/charge

The tax (credit)/charge on the loss for the year was as follows:

31.12.25

31.12.24

£

£

Current tax:

UK corporation tax

(254,302

)

254,302

Tax on (loss)/profit

(254,302

)

254,302

Reconciliation of total tax (credit)/charge included in profit and loss

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

31.12.25

31.12.24

£

£

(Loss)/profit before tax

(4,055,456

)

1,015,347

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

(1,013,864

)

253,837

Effects of:

Expenses not deductible for tax purposes

6,506

759

Capital allowances in excess of depreciation

(133

)

(294

)

Tax losses carried forward

753,189

-

Total tax (credit)/charge

(254,302

)

254,302

The Company has £3,012,757 of available trading losses. No deferred tax has been recognised in respect of these losses due to the uncertainty over when it will be realised.

11.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2025

-

1,176

1,176

Additions

963

-

963

At 31 December 2025

963

1,176

2,139

DEPRECIATION

At 1 January 2025

-

46

46

Charge for year

37

392

429

At 31 December 2025

37

438

475

NET BOOK VALUE

At 31 December 2025

926

738

1,664

At 31 December 2024

-

1,130

1,130

12.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Trade debtors

775,526

4,872,057

Amounts owed by group undertakings

302,119

45,226

Other debtors

16,680

725,230

Tax

254,302

-

Accrued income and prepayments

1,239,424

238,388

2,588,051

5,880,901

The net amounts being the amounts owed by group undertakings pertains to intercompany loan with Exotec SAS subject to interest at the rate of the Euro short-term rate plus 2% per annum. The amounts due are unsecured and repayable on demand. The interest is charged based on the balance of the cash pool account.

The accrued income and prepayment balance of £1,239,424 (2024: £238,388) mainly related to the AAG UK project which in 2024 was almost fully deployed.

As at 31 December 2025, there were no debtors falling due after more than one year and there was no provisions for impairment.

The directors consider that the carrying value of trade debtors approximates to fair value. The company’s exposure to credit risk is limited as the majority of customers are long-standing and credit worthiness is reviewed regularly. No significant concentrations of credit risk were identified.