Registration number:
for the
Year Ended 31 December 2025
EXEO Europe Limited (formerly Procurri Europe Maintenance Limited)
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Income Statement |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
EXEO Europe Limited (formerly Procurri Europe Maintenance Limited)
Company Information
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Directors |
D Kobayashi Y Kow T B Lwi |
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Registered office |
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Solicitors |
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Bankers |
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Auditors |
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EXEO Europe Limited (formerly Procurri Europe Maintenance Limited)
Strategic Report for the Year Ended 31 December 2025
The directors present their report for the year ended 31 December 2025.
Principal activity and review of the business
The company provides maintenance contracts and services. The company has built up a large international client base over recent years and has adopted a revenue model based upon retaining and developing clients, by continuously offering new products and associated technology, with an unrivalled level of product expertise, breadth of inventory and commercial flexibility.
Principal Decisions
We continued to refocus the business on fewer, higher quality customers. This strategic shift is showing promise, with increased deal retention rates and high-value contracts being secured.
We continue to see the benefits of delivering front line support from Kosovo, supported by client feedback and improved time-to-fix metrics.
Performance measures
The company runs an integrated operational IT system and modern accounting system across its business. This system provides a wide range of business information and analysis. The Board and management utilise the information in the decision making process and as a means to monitor and measure the operational and financial performance of the business.
At the highest level management focuses on six key financial performance targets:
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Unit |
2025 |
2024 |
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Revenue |
£000 |
5,222 |
6,821 |
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Gross profit |
£000 |
780 |
1,827 |
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EBITDA (loss) / profit* |
£000 |
(678) |
146 |
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Net (loss) / profit after tax |
£000 |
(1,650) |
46 |
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Shareholders' equity |
£000 |
12,162 |
13,812 |
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Total assets |
£000 |
16,823 |
18,367 |
* EBITDA is defined as earnings before interest, tax, depreciation and amortisation.
Trading results
The income statement for the company for the year shows revenue of £5,222,000 (2024 - £6,821,000). The decrease in revenue was a direct result of the hive-up of the business which transferred the hardware and rental side of the business to Procurri Europe Lifecycle Services Limited including the HCL contract, which had revenues of £118,000 (2024 - £1,300,000). The company earned a gross profit margin of £780,000 (2024 - £1,827,000) on these revenues, a 15% (2024 - 27%) return. With operating costs of £2,432,000 (2024 - £1,685,000) the loss before interest, tax, depreciation and amortisation ("EBITDA") was £678,000 (2024 profit of £146,000).
After charging £26,000 of depreciation and amortisation, £900,000 impairment charge to goodwill, incurring net interest payments of £5,000 and allowing for taxation of £41,000 the net loss for the year was £1,650,000 (2024 - net profit of £46,000).
Principal risks and uncertainties
Financial instruments
The company uses various financial instruments, including cash, together with various items such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these is finance for the company's operations.
The existence of these financial instruments exposes the company to a number of financial risks which are described in more detail below.
EXEO Europe Limited (formerly Procurri Europe Maintenance Limited)
Strategic Report for the Year Ended 31 December 2025 (continued)
Currency risk
The company is exposed to translation and transaction foreign exchange risk. In relation to translation risk the assets held in foreign currency are matched to an appropriate level of liabilities in the same currency. Transactions exposures, including those associated with forecast transactions are not hedged. Whilst the aim is to achieve a minimum cost from currency exposures the company does not adopt an accounting policy of hedge accounting for these financial statements.
During the year the company sold to over 167 customers in 23 countries. 83% of the company's revenues were from the UK, 12% from the EU, 3% from North America and 3% from the rest of the world. 18% of the company's purchases are from outside the UK. The company policy is to minimise the currency exposure by balancing these debts and liabilities against our net holding of that currency at our bank.
Liquidity risk
The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitability.
We had year end cash balances of £696,000 (2024 - £1,065,000).
Credit risk
The company's principal financial assets are cash and trade debtors. The credit risk associated with the cash is limited as the counterparties have high credit ratings assigned by international credit rating agencies. The principal credit risk arises therefore from its debtors.
In order to manage credit risk, the directors set limits for customers based on a combination of payment history and third party credit references. Credit limits are reviewed by the Finance Manager on a regular basis and in conjunction with debt ageing and collection history.
The directors regard the spread of customers as being a strong safeguard against the risk of default and carefully manage the levels of credit allowed. During the year no external client accounted for more than 7% of turnover. At the year end there was no material concentration of credit risk relating to trade debt being due from any one individual company.
Strategy
The company strategy for growth and development of the business can be summarised as follows:
The Third-Party Maintenance offering has been separated from the Lifecycle Services and Hardware Trading business. Sub-dividing further the Lifecycle Services business units into Professional Services, Modern Workplace and Contract Manufacturers & Hyperscalers, Hardware and Distribution to create greater reporting clarity. We continue to see strong growth opportunities in the Maintenance business line. This new offering supports the group’s broader aim of delivering complete infrastructure lifecycle services, driving both client retention and long-term value.
Procurri remains committed to our core strategy. Despite economic and operational challenges, we retain confidence in the strength of our market position. Our sustainability-centric approach-focusing on reuse, lifecycle extension, and carbon-neutral global operations-resonates strongly with our clients and we continue to position ourselves as a balanced and resilient provider of enterprise IT solutions.
EXEO Europe Limited (formerly Procurri Europe Maintenance Limited)
Strategic Report for the Year Ended 31 December 2025 (continued)
Section 172(1) statement
Stakeholder Engagement
The company identifies a priority order of stakeholders to engage with. The companies most important asset is the people who work with us, so employees and customers and suppliers are priority groups for our engagement efforts. Throughout 2024, we have developed and improved our stakeholder engagement. For our people supporting working from home and introducing shift pattern working to maximise social distancing has fortunately resulted in very few of the team developing symptoms all of whom recovered quickly. Moving forward we are working with teams and individuals to implement the most efficient and practical working environment. We will remain an office based organisation, but we have proven over the last year that a more flexible approach to occasional home working can be taken. Customers and suppliers historically are engaged through site visits, trade conferences and expositions as well as through electronic methods. Engagement with current contacts has progressed well during 2023 expanding opportunities with these contacts. Throughout 2024 we have continued to adopt this flexible approach and the office based employees have the option to work from home on occasion throughout the week.
The company continues to engage with our regulators and our social responsibility being granted 5 star Support the Goals status and awarded the CRN Sustainable Project of the Year emphasising our commitment to carbon reporting and emission reduction as we increase turnover in reconditioned pre-owned laptop computers. Regulators and the maintenance of our ISO, ADISA and Investors in People certifications are vital for substantiating engagement with customers and we continue to engage with awarding bodies to maintain the highest standards. We take our social responsibility very seriously donating to food banks, engaging with local schools offering opportunities for young people to gain workplace experience and assisting local organisations when able to do so. For further details of our Environmental Report, this is disclosed in the Director's Report.
Landlords continue to be flexible and supportive with our activity, agreeing sensible works programmes and adaptations of real estate to enable some efficiencies in processing to be achieved.
Engagement with employees listening and acting on their ideas adapting how home working was introduced and how those who could not work at home were supported has delivered continued low staff turnover and good morale/productivity.
Approved by the Board on 30 September 2026 and signed on its behalf by:
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EXEO Europe Limited (formerly Procurri Europe Maintenance Limited)
Directors' Report for the Year Ended 31 December 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
Directors' of the company
The directors, who held office during the year, were as follows:
The following directors were appointed after the year end:
Results and dividends
The loss for the year, after taxation, amounted to £1,650,000 (2024 - profit of £46,000).
The directors recommend the payment of a final dividend for the year of £nil (2024 - £nil).
Going concern
As part of the EXEO Group, EXEO Europe Limited is engaged in identifying and exploiting efficiencies that can be realised by operating in a Global context. These have been forecasted to 30 September 2027 and cash flows indicate that even in the worst-case scenario, the company has sufficient liquid assets to cover all scenarios. In addition, the company has an overdraft facility.
The directors believe that the company has minimal exposure to risk from the current crisis in Ukraine and they are monitoring events closely to react to any future developments. Accordingly, the directors believe that it is appropriate to prepare the financial statements on the going concern basis. The financial statements do not reflect any adjustments that would be required to be made if they were prepared on basis other than going concern.
On the basis of the company's financial position and relevant enquiries, the directors have reasonable expectation that the company will be able to continue in operational existence until 30 September 2027. Thus, the company continues to adopt the going concern basis of accounting in preparing the annual financial statements.
Future developments
Looking ahead to 2030, where numerous countries have committed to carbon reduction targets. Procurri is dedicated to maintaining a strong position to benefit.
Our commitment involves ongoing efforts to promote sustainable thinking, reporting and innovative solutions to our clients. We actively uphold our commitment to excellence by continually investing in best practices, ensuring the maintenance of our global ISO 9001, 14001 and 27001 accreditations, along with in-country certification like Investors in People, ADISA and Cyber Essentials.
We actively showcase our sustainability initiatives on our website. Visitors can explore Procurri’s path to certified carbon neutrality, detailed insights into our Scope 1, 2 and 3 reports and an in-depth understanding of our working methodologies. This open access empowers existing and potential customers to develop compelling business cases, acquire valuable education and explore collaborative opportunities with Procurri.
Directors' Indemnity
The company has indemnified, by means of directors' and officers’ liability insurance, one or more Directors of the company against liability in respect of proceedings brought by third parties, subject to the conditions set out in section 234 of the Companies Act. Such qualifying third-party indemnity provision was in force during the year and is in force at the date of approving the Directors' Report.
EXEO Europe Limited (formerly Procurri Europe Maintenance Limited)
Directors' Report for the Year Ended 31 December 2025 (continued)
Engagement with Employees
A series of line manager orchestrated video team meetings have taken place and these along with the monthly newsletter and other targeted staff meetings encourage staff feedback whilst also passing on pertinent employer/employee information.
Both monthly meetings and the newsletter keep staff up to date on the financial performance of the company with a performance bonus scheme, commission-based sales regime and regular employee appraisals keep staff motivated and focussed on the company’s performance.
Environmental report
Energy and Emissions Report
The Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 introduced the requirement for annual energy and carbon reporting. The regulations come into force on 1 April 2019 and this is the third year of the company reporting. Below provides a summary of the data relating to energy use, associated greenhouse emissions and intensity ratios for the year ended 31 December 2025:
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2025 |
2024 |
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Tonnes of CO2 |
Tonnes of CO2 |
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Scope 1 emissions |
30.00 |
48.34 |
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Scope 2 emissions |
1.10 |
29.45 |
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Scope 3 emissions |
398.00 |
71.88 |
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Total greenhouse gas emission |
429.10 |
148.67 |
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Greenhouse gas emissions per £1m of turnover |
8.22 |
2.18 |
Methodology
Data is provided as tonnes of carbon dioxide equivalent (CO2e) for all operations. Scope 1, 2 and 3 emissions are the total from all our sites. The company’s intensity measure is per £1m of turnover.
The report data has been collated internally and CO2e have been calculated using average prices per Kwh of energy and price per litre of fuel taken from supplier invoices. CO2e has been calculated using the National Energy Foundation Carbon Calculator. We do not consider refrigeration losses in our air conditioners to be material and as such these are not reported in our emission data.
We have reported on the emissions sources required under the Companies Act 2006 (Strategic Report and Directors Reports) Regulations 2013 apart from the exclusions noted. The reported sources fall within our Financial Statements and are for emissions over which we have financial control. We do not have responsibility for any emissions sources that are not included in our Financial Statements.
The business has opted into additional reporting for 2024 relating to Scope 3 emissions regarding freight.
Energy efficient action
The company considers the environmental impact of its operations and has continued to take the following actions in the current year:
• Working from home to reduce commuting carbon emissions.
• Increase waste sent for recycling.
• Championing re-use over recycling.
• Target ourselves to reduce waste sent to landfill.
• Target ourselves on reducing electricity consumed as a percentage of revenue.
• Target ourselves on sourcing renewable energy.
Future developments
The directors have chosen to disclose information on the company's principal activity, review of business and principal risks and uncertainties, required by the Companies Act 2006 to be included in the Directors' Report, within the Strategic Report.
EXEO Europe Limited (formerly Procurri Europe Maintenance Limited)
Directors' Report for the Year Ended 31 December 2025 (continued)
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Reappointment of auditors
A resolution to reappoint Ernst & Young LLP as auditors will be put to the members at the Annual General Meeting.
Approved by the
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EXEO Europe Limited (formerly Procurri Europe Maintenance Limited)
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 101 'Reduced Disclosure Framework' ('FRS 101'). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
• | select suitable accounting policies in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Error and then apply them consistently; |
• | make judgements and accounting estimates that are reasonable and prudent; |
• | state whether FRS 101 has 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 company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
EXEO Europe Limited (formerly Procurri Europe Maintenance Limited)
Independent Auditor's Report to the Members of EXEO Europe Limited (formerly Procurri Europe Maintenance Limited)
We have audited the financial statements of EXEO Europe Limited (formerly Procurri Europe Maintenance Limited) for the year ended 31 December 2025 which comprise the Income Statement, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes 1 to 27, including material accounting policy information. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards including FRS 101 Reduced Disclosure (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
• give a true and fair view of the company’s affairs as at 31 December 2025 and of its loss for the year then ended;
• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
• have been prepared in accordance with the requirements of the Companies Act 2006
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company’s ability to continue as a going concern for a period to 30 September 2027.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company’s ability to continue as a going concern.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information 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 this 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 the 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 directors’ report have been prepared in accordance with applicable legal requirements.
EXEO Europe Limited (formerly Procurri Europe Maintenance Limited)
Independent Auditor's Report to the Members of EXEO Europe Limited (formerly Procurri Europe Maintenance Limited) (continued)
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 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.
Responsibilities of directors
As explained more fully in the directors’ responsibilities statement set out on page 8, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Explanation as to what extent 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 irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.
• We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those that relate to the reporting framework (FRS 101 and the Companies Act 2006) and compliance with the relevant direct and indirect tax regulation in the United Kingdom. In addition, the company has to comply with laws and regulations relating to its operations, including health and safety and GDPR.
• We understood how the company is complying with those frameworks by making inquiries of management and those charged with governance to understand how the company maintains and communicates its policies and procedures in these areas. We understood any controls put in place by management to reduce the opportunities for fraudulent transactions.
• We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur through internal team conversations and inquiry of management and those charged with governance. Based on this understanding we designed our audit procedures to identify non compliance with such laws and regulations. Through these procedures we determined there to be fraud risks relating to management override of controls and improper revenue recognition in respect of the associated manipulation of revenue amounts via posting of revenue in wrong period.
EXEO Europe Limited (formerly Procurri Europe Maintenance Limited)
Independent Auditor's Report to the Members of EXEO Europe Limited (formerly Procurri Europe Maintenance Limited) (continued)
• Based on this understanding, we designed our audit procedure to identify non compliance with such laws and regulations. We have concentrated our audit procedures to address these risks using data analytics to perform a correlation analysis between revenue, debtors and cash. We audited the recognition and measurement of revenue by tracing a sample of transactions, selected at random throughout the year, and specifically in and around the year-end, to cash banked to verify the accuracy of reported revenue. We utilised data analytics to complete our testing of manual journals to identify manual adjustments that are made to revenue and other adjustments made to record transactions outside the normal course of business; we obtained corroborating evidence for such entries.
• Additionally, our procedures involved enquiries of management and legal counsel, and journal entry testing, with a focus on manual journals indicating large, unusual transactions based on our understanding of the business and ensuring that such transactions complied with the relevant accounting and legal requirements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s 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 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.
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For and on behalf of
The Paragon
Counterslip
United Kingdom
BS1 6BX
EXEO Europe Limited (formerly Procurri Europe Maintenance Limited)
Income Statement for the Year Ended 31 December 2025
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Note |
2025 |
2024 |
|
|
Turnover |
|
|
|
|
Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Other operating income |
|
- |
|
|
Operating (loss)/profit |
( |
|
|
|
Interest payable and similar expenses |
( |
( |
|
|
(Loss)/profit before tax |
( |
|
|
|
Tax on (loss)/profit |
( |
( |
|
|
(Loss)/profit for the year |
( |
|
The above results were derived from continuing operations.
The notes on pages 16 to 31 form part of these financial statements.
EXEO Europe Limited (formerly Procurri Europe Maintenance Limited)
Statement of Comprehensive Income for the Year Ended 31 December 2025
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2025 |
2024 |
|
|
(Loss)/profit for the year |
( |
|
|
Total comprehensive income for the year |
( |
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EXEO Europe Limited (formerly Procurri Europe Maintenance Limited)
(Registration number: 07644383)
Balance Sheet as at 31 December 2025
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Note |
31 December |
31 December |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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||
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Current assets |
|||
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Debtors |
|
|
|
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Cash at bank and in hand |
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|
|
|
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||
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Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
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Creditors: Amounts falling due after more than one year |
( |
( |
|
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Net assets |
|
|
|
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Capital and reserves |
|||
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Called up share capital |
251 |
251 |
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|
Share premium reserve |
6,755 |
6,755 |
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Merger reserve |
467 |
467 |
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Retained earnings |
4,689 |
6,339 |
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Shareholders' funds |
12,162 |
13,812 |
Approved by the
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EXEO Europe Limited (formerly Procurri Europe Maintenance Limited)
Statement of Changes in Equity for the Year Ended 31 December 2025
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Share capital |
Share premium |
Merger reserve |
Retained earnings |
Total |
|
|
At 1 January 2025 |
|
|
|
|
|
|
Loss for the year |
- |
- |
- |
( |
( |
|
Total comprehensive income |
- |
- |
- |
( |
( |
|
At 31 December 2025 |
|
|
|
|
|
|
Note |
Share capital |
Share premium |
Merger reserve |
Retained earnings |
Total |
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At 1 January 2024 |
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|
|
|
|
|
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Profit for the year |
- |
- |
- |
|
|
|
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Total comprehensive income |
- |
- |
- |
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|
|
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At 31 December 2024 |
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EXEO Europe Limited (formerly Procurri Europe Maintenance Limited)
Notes to the Financial Statements for the Year Ended 31 December 2025
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Authorisation of financial statements are statement of compliance with FRS 101 |
EXEO Europe Limited (formerly Procurri Europe Maintenance Limited) (the "company") is a company limited by shares and incorporated and domiciled in England and Wales. The address of the registered office is Bankside Park, 15 Love Lane, Cirencester, Gloucestershire, GL7 1YG. The nature of the company's operations and its principal activities are outlined in the Strategic Report on pages 2 to 4.
The financial statements of the company for the year ended 31 December 2025 were authorised for issue by the board of directors on 30th September 2026 and the balance sheet was signed on the board's behalf by Daisuke Kobayashi.
These financial statements were prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.
The company's financial statements are presented in Pound Sterling, which is also the company's functional currency and all values are rounded to the nearest thousand pounds (£'000), except when otherwise indicated.
The company has used a true and fair override in respect of the non-amortisation of goodwill.
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Basis of preparation
These financial statements are prepared under the historical cost convention as modified by the valuation at fair value of certain financial assets and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework' (FRS 101, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland) and the Companies Act 2006.
The company is itself a subsidiary company and is exempt from the requirement to prepare group accounts by virtue of section 400 of the Companies Act 2006. Procurri Europe Maintenance Limited is included in the consolidated group accounts of Procurri Corporation Limited, a company incorporated in Singapore. These financial statements therefore present information about the company as an individual undertaking and do not represent group financial statements.
The accounting policies which follow set out those policies which apply in preparing the financial statements for the year ended 31 December 2025.
EXEO Europe Limited (formerly Procurri Europe Maintenance Limited)
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
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2 |
Accounting policies (continued) |
Basis of preparation (continued)
The company has taken advantage of the following disclosure exemptions available under FRS101:
• the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations;
• the requirements of IFRS 7 Financial Instruments: Disclosures;
• the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement;
• the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
- paragraph 79(a)(iv) of IAS 1;
- paragraph 73(e) of IAS 16 Property, Plant and Equipment; and
- paragraph 118(e) of IAS 38, 'Intangible assets' (reconciliations between the carrying amount at the beginning and end of the period).
• the requirements of paragraphs 10(d), 16, 38A, 38B-D, 111 and 134-136 of IAS 1 Presentation of Financial Statements;
• the requirements of IAS 7 Statement of Cash Flows;
• the requirements of paragraph 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors;
• the requirements of 18A of IAS 24 Related Party Disclosures;
• the requirements of paragraphs 88C and 88D of IAS 12 Income Taxes;
• the requirements of IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member; the requirement to disclose information about key management personnel compensation; and the requirement to disclose amounts incurred for the provision of key management personnel services that are provided by a separate management entity (paragraph 18A);
• the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets; and
• the requirements of paragraphs 45(b) and 46 to 52 of IFRS2 Share based payments.
Revenue
Revenue is measured based on the consideration to which the company expects to be entitled in exchange for transferring promised goods or services to a customer, excluding discounts, rebates, value added tax and other sales taxes.
Revenue is recognised when the company satisfies a performance obligation by transferring a promised good or service to the customer, which is when the customer obtains control of the good or service. A performance obligation may be satisfied at a point in time or over time. The amount of revenue recognised is the amount allocated to the satisfied performance obligation.
EXEO Europe Limited (formerly Procurri Europe Maintenance Limited)
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
|
2 |
Accounting policies (continued) |
Rendering of services
The company renders IT maintenance services for a variety of IT systems and networks as well as equipment refurbishment, data destruction and asset disposal services.
Revenue derived from rendering of IT maintenance services is recognised over time on a straight-line basis, over the period of the contract when maintenance services are rendered.
For IT maintenance services, advance billings to customers are based on a payment schedule in the contract. A deferred income is recognised when the company has yet to perform under the contracts but has received advanced payments from the customers.
Revenue derived from equipment refurbishment, data destruction and asset disposal services are recognised at the point in time upon completion of the service.
Going concern
As part of the EXEO Group, EXEO Europe Limited is engaged in identifying and exploiting efficiencies that can be realised by operating in a Global context. These have been forecasted to 30 September 2027 and cash flows indicate that even in the worst-case scenario, the company has sufficient liquid assets to cover all scenarios. In addition, the company has an overdraft facility.
The directors believe that the company has minimal exposure to risk from the current crisis in Ukraine and they are monitoring events closely to react to any future developments. Accordingly, the directors believe that it is appropriate to prepare the financial statements on the going concern basis. The financial statements do not reflect any adjustments that would be required to be made if they were prepared on basis other than going concern.
On the basis of their assessment of the company's financial position and relevant enquiries, the directors have reasonable expectation that the company will be able to continue in operational existence until 30 September 2027. Thus, the company continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in income statement, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred income tax is recognised on all temporary differences arising between the tax bases of the assets and liabilities and their carrying amounts in the financial statements, with the following exception:
When the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss.
However, for taxable temporary differences associated with investment in subsidiaries, branches and associates, and interests in joint ventures, a deferred tax liability shall be recognised in accordance with IAS 12.39.
Deferred income tax assets and liabilities are measured on an undiscounted basis at the tax rates that are expected to apply when the related asset is realised or liability is settled, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
The carrying amount of deferred income tax assets is reviewed at each balance sheet date. Deferred income tax assets and liabilities are offset, only if a legally enforcement right exists to set off current tax assets against current tax liabilities, the deferred income taxes relate to the same taxation authority and that authority permits the company to make a single net payment.
EXEO Europe Limited (formerly Procurri Europe Maintenance Limited)
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
|
2 |
Accounting policies (continued) |
Foreign currency transactions
Functional and presentational currency
The company's functional and presentational currency is Pound Sterling.
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. Non-monetary 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 of period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement except when deferred in other comprehensive income as qualifying cash flow hedges.
Tangible assets
Tangible fixed assets are stated at cost less accumulated depreciation and any accumulated impairment losses. Cost comprises the aggregate amount paid and the fair value of any other consideration given to acquire the asset and includes costs directly attributable to making the asset capable of operating as intended. Repairs and maintenance are charged to the income statement during the period in which they are incurred.
At each reporting date the company assesses whether there is an indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Right of use asset: Leasehold land & buildings |
Over the term of the lease |
|
Computer equipment |
33% per annum straight line |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on derecognition of the asset is included in the income statement in the period of derecognition.
Goodwill
Purchased goodwill (representing the excess of the fair value of the consideration given over the fair value of the separable net assets acquired) arising in respect of acquisitions is capitalised. The UK Companies Act requires goodwill to be reduced by provisions for depreciation on a systematic basis over a period chosen by the directors, its useful economic life. However, under IFRS 3 Business Combinations goodwill is not amortised. Consequently, the company does not amortise goodwill, but reviews it for impairment on an annual basis or whenever there are indicators of impairment. The company is therefore invoking a ‘true and fair view override’ to overcome the prohibition on the non-amortisation of goodwill in the Companies Act. Had the company amortised goodwill a period of 10 years would have been chosen as the useful life for goodwill. The profit before tax for the year would have been £513,000 higher had goodwill been amortised in the year, as the goodwill was impaired for £900,000 (2024 - £nil). The accumulated impact on retained earnings would have been £2,196,000 (2024 - £2,709,000).
EXEO Europe Limited (formerly Procurri Europe Maintenance Limited)
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
|
2 |
Accounting policies (continued) |
Other intangible assets
The carrying value of intangible fixed assets is reviewed annually for impairment. The amortisation period and the amortisation method are reviewed at least at each financial year end. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset is accounted for by changing the amortisation period or method, as appropriate, and are treated as changes in accounting estimates.
Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in the income statement when the asset is derecognised.
The useful economic lives of intangible assets range from 3 to 7 years.
Trade debtors
Trade receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current assets.
Trade receivables are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade receivables is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables. Trade receivables generally have credit terms of between 30 and 90 days.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
All borrowings are initially recorded at the amount of proceeds received, net of transaction costs. Borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in finance costs.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date.
EXEO Europe Limited (formerly Procurri Europe Maintenance Limited)
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
|
2 |
Accounting policies (continued) |
Leases
At inception of the contract, the company assesses whether a contract is, or contains, a lease. It recognises a right-of use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee. The right-of-use assets and the lease liabilities are presented as separate line items in tangible asset and creditors balance. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the company uses its incremental borrowing rate.
It is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The right-of-use assets comprise the initial measurement of the corresponding lease liability, plus lease payments made on or before the commencement day, less any lease incentives received and plus any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses (cost model as described in tangible assets above).
The company has elected not to recognise right-of-use assets and lease liabilities for short term leases and leases of low-value assets. The company recognises the lease payments associated with these leases as an expense on a straight line basis over the lease term.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Provision for impairment
In determining impairment of financial assets, judgement is required in the estimation of the amount and timing of future cash flows as well as an assessment of whether the credit risk on the financial asset has increased significantly since initial recognition and incorporation of forward-looking information in the measurement of expected credit loss (ECL).
Fair value of financial assets and liabilities
Where the fair value of financial assets and liabilities cannot be derived from active markets, they are determined using a variety of valuation techniques that include the use of mathematical models. The input to these models is derived from observable markets where available, but where this is not feasible, a degree of judgment is required in determining assumptions used in the models. Changes in assumptions used in the models could affect the reported fair value of financial assets and liabilities.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Share based payments
Benefits to employees are provided in the form of share-based payment transactions, whereby employees render services in exchange for shares or rights over shares ("equity settled transactions"). The fair value of the employee services rendered is measured by reference to the fair value of the shares awarded or rights granted, which takes into account market conditions and non-vesting conditions. This cost is charged to the Statement of Comprehensive Income over the vesting period, with a corresponding increase in the capital reserve.
The cumulative expense recognised at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the company's best estimate of the number of shares that will ultimately vest. The charge or credit to the income statement for a period represents the movement in the cumulative expense recognised at the beginning and end of that period and is recognised in employee benefits expense.
EXEO Europe Limited (formerly Procurri Europe Maintenance Limited)
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
|
2 |
Accounting policies (continued) |
Financial instruments
Financial assets other than derivatives
Initial recognition and measurement
All financial assets are recognised initially at fair value plus directly attributable transaction costs. The company's financial assets include cash and short term deposits and trade and other receivables.
Financial assets within the scope of IFRS 9 are classified as financial assets at fair value through profit or loss, loans and receivables, held to maturity investments, available for sale financial assets, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial assets at initial recognition.
Subsequent measurement
Trade receivables are generally accounted for at amortised cost. The company reviews indicators of impairment on an ongoing basis and where such indicators exist, the company makes an estimate of the asset's recoverable amount.
Loans and receivables are non-derivative financial assets with fixed assets with fixed or determinable payments that are not quoted in an active market. On initial recognition, loans and receivables are measured at fair value plus directly attributable transaction costs. Subsequently, such assets are measured at amortised cost, using the effective interest rate ("EIR") method, less any allowance for impairment. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included in interest receivable in the income statement.
Losses arising from impairment are recognised in the income statement in other operating expenses.
Financial liabilities other than derivatives
Financial liabilities within the scope of IFRS 9 are classified as financial liabilities at fair value through profit or loss, loans and borrowings or as derivatives designated as hedging instruments in an effective hedge as appropriate. The company determines the classification of financial liabilities at initial recognition.
Initial recognition and measurement
All financial liabilities are recognised initially at fair value and in the case of loans and borrowings, plus directly attributable transactions costs.
Subsequent measurement
After initial recognition, interest bearing loans and borrowings are subsequently measured at amortised cost using the effective interest rate method. Gains and losses arising on repurchase, settlement or otherwise cancellation of liabilities are recognised respectively in interest receivable and interest payable.
Offsetting of financial instruments
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet if, and only if, there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the assets and settle the liabilities simultaneously.
|
Critical accounting judgements and key sources of estimation uncertainty |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements:
EXEO Europe Limited (formerly Procurri Europe Maintenance Limited)
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
|
3 |
Critical accounting judgements and key sources of estimation uncertainty (continued) |
Taxation
Management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and level of future taxable profits together with an assessment of the effect of future tax planning strategies. Further details are disclosed in note 10.
Provision for expected credit losses of trade receivables
The company uses a provision matrix to calculate ECLs for trade receivables. The provision rates are based on days past due for groupings of various customer segments that have similar loss patterns.
The provision matrix is initially based on the company's historical observed default rates. The company will calibrate the matrix to adjust historical credit loss experience with forward-looking information. At every reporting date, historical rates are updated and changes in forward-looking estimates are analysed.
The assessment of the correlation between historical observed default rates, forecast economic conditions and ECLs is a significant estimate. The amount of ECLs is sensitive to changes in circumstances and of forecast economic conditions. The company's historical credit loss experience and forecast of economic conditions may also not be representative of customers' actual default in the future.
Inventories write-down
Inventory is stated at the lower of cost and net realisable value ("NRV"). The company's inventories mainly consist of computer hardware and peripheral equipment, which are subject to risk of obsolescence due to technological advancements or changes in consumers' preferences.
The determination of inventories write-down to NRV requires management to exercise judgement in identifying slow-moving and obsolete inventories and make estimates of write-downs required. The carrying amount of inventories stated at net realisable value as at 31 December 2025 was £nil (2024 - £nil).
Goodwill impairment
Goodwill impairment exists when the carrying value of an asset exceeds its recoverable amount. The recoverable amount is the higher of its fair value less costs of disposal and its value in use. The value in use calculation is based on a discounted cash flow (DCF) model. The projected cash flows are derived from management-approved budgets for the next five years. These forecasts exclude restructuring activities to which the company is not yet committed and exclude significant future investments that would enhance the performance of the underlying operations. The DCF model used for the goodwill impairment review is sensitive to several key assumptions, particularly the discount rate, projected future revenue and margins, and the long-term growth rate used for extrapolation beyond the forecast period. The following key assumptions were used in the FY2025 impairment assessment:
• Terminal growth rate: 1.0%
• Discount rate (WACC): 9.5%
Based on the above assumptions, the recoverable amount of goodwill does not exceed its carrying value and therefore an impairment of £900,000 has been recognised. The impairment charge recognised during the year was determined using management-approved forecasts incorporating an average growth rate of 13.02% over the five-year forecast period. The recoverable amount remains sensitive to changes in this and other key assumptions.
EXEO Europe Limited (formerly Procurri Europe Maintenance Limited)
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
|
Turnover |
The analysis of the company's turnover for the year from continuing operations is as follows:
|
2025 |
2024 |
|
|
Maintenance revenue |
5,222 |
6,821 |
Analysis of turnover for 2025 and 2024 for the business lines is:
|
2025 |
2024 |
|
|
Third Party Maintenance (TPM) |
5,222 |
6,821 |
The analysis of the company's turnover for the year by market is as follows:
|
2025 |
2024 |
|
|
United Kingdom |
4,320 |
5,560 |
|
Overseas sales |
902 |
1,261 |
|
|
|
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
|
2025 |
2024 |
|
|
Miscellaneous other operating income |
|
- |
|
Operating (loss)/profit |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
|
Depreciation expense - owned assets |
|
- |
|
Depreciation expense - right-of-use assets |
24 |
14 |
|
Amortisation expense |
|
- |
|
Impairment loss |
|
- |
|
Management fees |
|
|
|
Foreign exchange losses / (gains) |
|
( |
|
Operating lease expense |
|
|
|
Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Interest on right of use assets |
|
|
|
Bank loans and overdraft |
- |
2 |
|
Interest on invoice discounting facility |
- |
3 |
|
Other interest |
2 |
69 |
|
|
|
EXEO Europe Limited (formerly Procurri Europe Maintenance Limited)
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Technical |
|
|
|
Administration |
|
|
|
Sales |
|
|
|
|
|
|
Auditors' remuneration |
|
2025 |
2024 |
|
|
Audit of the financial statements |
|
|
|
Income tax |
Tax charged/(credited) in the income statement
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
- |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of temporary differences |
|
- |
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2024 - lower than the standard rate of corporation tax in the UK) of 25% (2024 - 25%).
The differences are reconciled below:
EXEO Europe Limited (formerly Procurri Europe Maintenance Limited)
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
|
10 |
Income tax (continued) |
|
2025 |
2024 |
|
|
(Loss)/profit before tax |
( |
|
|
Corporation tax at standard rate |
( |
|
|
Increase from effect of capital allowances depreciation |
- |
|
|
Increase from effect of expenses not deductible in determining taxable profit (tax loss) |
|
|
|
Decrease from tax losses for which no deferred tax asset was recognised |
|
- |
|
Decrease arising from group relief tax reconciliation |
- |
( |
|
Increase in current tax from unrecognised temporary difference from a prior period |
- |
|
|
Total tax charge |
|
|
|
Deferred tax |
Deferred tax assets and liabilities
Deferred tax movement during the year:
|
At 1 January 2025 |
Recognised in income |
At |
|
|
Accelerated tax depreciation |
|
( |
- |
|
Tax losses carry-forwards |
|
( |
- |
|
|
( |
- |
Deferred tax movement during the prior year:
|
At 1 January 2024 |
Recognised in income |
At |
|
|
Accelerated tax depreciation |
|
- |
|
|
Tax losses carry-forwards |
|
- |
|
|
|
- |
|
A rate of 25% has been used to calculate deferred tax for both the current and prior year.
EXEO Europe Limited (formerly Procurri Europe Maintenance Limited)
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
|
Intangible assets |
|
Goodwill |
Computer software |
Total |
|
|
Cost or valuation |
|||
|
At 1 January 2025 |
|
|
|
|
At 31 December 2025 |
|
|
|
|
Amortisation and impairment |
|||
|
Amortisation charge |
- |
|
|
|
Impairment charge |
900 |
- |
900 |
|
At 31 December 2025 |
|
|
|
|
Carrying amount |
|||
|
At 31 December 2025 |
|
|
|
|
At 31 December 2024 |
|
|
|
|
Tangible assets |
|
Right of use asset: Leasehold land & buildings |
Computer equipment |
Total |
|
|
Cost or valuation |
|||
|
At 1 January 2025 |
|
|
|
|
Additions |
|
|
|
|
Disposals |
( |
( |
( |
|
At 31 December 2025 |
|
|
|
|
Depreciation |
|||
|
At 1 January 2025 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
( |
( |
( |
|
At 31 December 2025 |
|
|
|
|
Carrying amount |
|||
|
At 31 December 2025 |
|
|
|
|
At 31 December 2024 |
5 |
1 |
6 |
EXEO Europe Limited (formerly Procurri Europe Maintenance Limited)
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
|
12 |
Tangible assets (continued) |
Assets held under finance leases and hire purchase contracts
The net carrying amount of property, plant and equipment includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
|
31 December |
31 December |
|
|
Right of use asset: Leasehold land & buildings |
54 |
6 |
Right of use assets represent three leases relating to properties. Depreciation amounting to £24,000 (2024 - £14,000) has been charged to the profit and loss account. Details regarding right of use liability is noted in note 15.
The company's bankers hold a fixed and floating charge over the company's assets.
|
Trade and other debtors |
|
31 December |
31 December |
|
|
Trade debtors |
|
|
|
Amounts owed by associated undertakings |
|
|
|
Deferred tax asset |
- |
|
|
Prepayments |
|
|
|
Other debtors |
|
- |
|
Total current and non-current trade and other debtors |
|
|
|
Less non-current portion |
( |
( |
|
Total current trade and other debtors |
|
|
Trade debtors are normally due within 30 to 60 days and do not bear any effective interest rate. All trade debtors are subject to credit risk exposure. However, there is no specific concentration of credit risk as the amounts recognised represent a large number of receivables from various customers.
£11,089,000 (2024 - £11,089,000) of Amounts owed by associated undertakings is classified as non current.
The company's exposure to credit and market risks, including maturity analysis, relating to trade and other receivables is disclosed in the financial risk review note in strategic report.
|
Trade and other creditors |
|
31 December |
31 December |
|
|
Trade creditors |
|
|
|
Accruals and deferred income |
|
|
|
Amounts due to related parties |
|
|
|
Social security and other taxes |
|
|
|
Other creditors |
|
|
|
Loans and borrowings |
|
|
|
|
|
EXEO Europe Limited (formerly Procurri Europe Maintenance Limited)
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
|
14 |
Trade and other creditors (continued) |
|
Amounts falling due after more than one year |
31 December |
31 December |
|
Loans and borrowings |
|
- |
|
Accruals and deferred income |
|
|
|
|
|
|
Loans and borrowings |
|
31 December |
31 December |
|
|
Non-current loans and borrowings |
||
|
Right of use assets liabilities |
|
- |
|
31 December |
31 December |
|
|
Current loans and borrowings |
||
|
Right of use assets liabilities |
|
|
Finance lease liabilities
Obligations under finance lease and hire purchase contracts are secured over the assets to which they relate.
Right of use liability
The movement in the right of use liability over the year was as follows:
|
31 December 2025 |
31 December 2024 |
|
|
£000 |
£ 000 |
|
|
As at 1 January |
7 |
20 |
|
New leases |
56 |
- |
|
Interest payable |
3 |
1 |
|
Repayment of lease liabilities |
(10) |
(14) |
|
As at 31 December |
56 |
7 |
|
Lease liability less than one year |
30 |
7 |
|
Lease liabilities greater than one year and less than five years |
26 |
- |
EXEO Europe Limited (formerly Procurri Europe Maintenance Limited)
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
|
Related party transactions |
During the year the company has entered into transactions, in the ordinary course of business, with other related parties. The company has taken advantage of the exemption under paragraph 8(k) of FRS 101 not to disclose transactions with wholly owned subsidiaries in the group.
|
Capital commitments |
The company had no capital commitments at 31 December 2025 or at 31 December 2024.
|
Contingent liabilities |
The company had no contingent liabilities at 31 December 2025 or at 31 December 2024.
|
Pension and other schemes |
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £29,000 (2024 - £24,000).
|
Share capital |
Allotted, called up and fully paid shares
|
31 December |
31 December |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
47,333 |
|
47,333 |
|
|
|
204,082 |
|
204,082 |
|
|
|
|
|
|
The Ordinary shares and the B Ordinary shares rank pari passu in all respects except as follows:
• Holders of the Ordinary shares have a right to one vote per share, whilst holders of the B Ordinary shares do not have a right to vote or to participate in a dividend or other distribution.
• On return of capital, whether on liquidation or capital reduction or otherwise, the surplus assets of the company remaining after the payment of its liabilities, settlement of shares and accrued dividends shall be made to the Ordinary shareholders before the B Ordinary shareholders and any surplus remaining shall be distributed pro rata firstly to the holders of the Ordinary shares (up to the sum of £10m per share), and secondly to the holders of the B Ordinary shares (up to the sum of £0.01 per share).
EXEO Europe Limited (formerly Procurri Europe Maintenance Limited)
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
|
Reserves |
Called up share capital
This represents the nominal value of the issued equity share capital of the company.
Retained earnings
Represents cumulative profit or losses, net of dividends paid and other adjustments.
Share premium
The share premium account records the amount above nominal value received for shares sold, less transaction costs.
Merger reserve
The merger reserve arises from the application of merger relief, which is more restricted in its use than share premium within the meaning of the Companies Act 2006.
|
Parent and ultimate parent undertaking |
The company's immediate parent undertaking at the balance sheet date was Procurri Europe Lifecycle Services Limited, a company registered in England and Wales. After the balance sheet date but before the approval of these financial statements, Procurri Lifecycle Services Limited sold its holding of 100% of the shares in the company to a fellow group undertaking, EXEO Global PTE. LTD., a company registered in Singapore. The ultimate parent undertaking and the smallest and largest group to consolidate these financial statements is EXEO Group, Inc., a company registered in Japan and listed on Prime Market of the Tokyo Stock Exchange. Copies of its annual report and financial statements are available from 3-29-20 Shibuya, Shibuya-ku, Tokyo 150-0002, Japan.