Financial Statements
For the year ended 31 December 2025
Registered number: 03538529
Company Information
Contents
Strategic report
For the year ended 31 December 2025
The Board of Directors (the "Directors") are pleased to present their Strategic Report for Integrity360 Limited (the "Company") for the year ended 31 December 2025.
The Company is a trading subsidiary of Integrity360 Group (the “Group”), a leading EMEA & Atlantic Cybersecurity Services Leader. The Group provides a complete range of professional, support, and managed cybersecurity services and solutions to identify and assess, protect and prevent, detect and analyse and respond, remediate and recover cyber risks and threats for business organisations across the globe.
The Company continues to develop its service offerings and promote a “Security First” approach to enable clients to protect and secure their business. Working either independently or as an extension of an organisation’s own team the Company strengthens security postures for SME mid-market and enterprise organisations across a wide range of sectors including financial and legal, insurance, healthcare, pharmaceutical, retail, technology, telecoms, utilities, manufacturing and the public sector.
The Company continues to develop its service offerings and promote a “Security First” approach to enable clients to protect and secure their business. Working either independently or as an extension of an organisation’s own team the Company strengthens security postures for SME mid-market and enterprise organisations across a wide range of sectors including financial and legal, insurance, healthcare, pharmaceutical, retail, technology, telecoms, utilities, manufacturing and the public sector.
During 2025 the Group significantly expanded its global footprint with the acquisition of four businesses enabling both (i) further geographic expansion and (ii) additional complimentary cyber skills and services as part of the Group’s end to end services strategy.
In Q1 the Group acquired Holiseum, a Paris headquartered consultancy company focused on providing Operational Technology (“OT”) services for critical, national and industrial infrastructure organisations. Since the acquisition, the Group has expanded those services across several of its regional markets.
In Q4 the Group acquired:
1.Cresco – a Brussels based cybersecurity consultancy company providing extensive offensive security, consultancy and governance services including gap assessments and implementation plans for leading cyber frameworks such as NIS2 and DORA.
2.Redshift – a Johannesburg based cybersecurity services organization providing extensive offensive security services, and also specialist services such as cyber crime investigations, anti-fraud advisory, scammer group takedowns and cyber intelligence.
3.Advantus360 – the Group’s first acquisition in North America, A360 is a leading Canadian cybersecurity services and solutions provider operating out of Calgary in Canada servicing a wide range of enterprise organisations across Canada and the USA.
As with all prior acquisitions, all of the above will be fully integrated into the Group by 31 December 2026.
As a result of the Group’s strategic acquisitions programme combined with continued organic growth statutory gross revenue increased significantly by 25% to €157m, and on a proforma basis to €183m. On a net revenue basis statutory revenue increased 13.2% to €73.5m and 6% on a proforma to €85m.
Revenue growth was driven significantly by a circa 13% increase in its Managed Security Services (“MSS) portfolio, most notably driven by the Group’s Gartner recognized Managed Detection and Response (“MDR”) solutions “CyberFire” and “Aegis” which are delivered from the 6 Security Operations Centres (“SOC”) across Europe and Africa. Proforma professional services revenue also increased 6.5% with the strongest demand coming from its Operational Security and the Governance and Risk Consultancy practices.
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Strategic report (continued)
For the year ended 31 December 2025
Business review (continued)
Proforma EBITDA increased significantly by 22% to €20.1m driven in major part by a 20% increase in Gross Profit from MSS and a 11% increase in Professional Services margins in both cases driven by continuous improvement in operating efficiencies as a result of the Group’s shared services model. The Group expects these improvements to continue due to both its considerable investment in automation and AI programmes across all service practices. On a proforma basis Managed Security Services and Professional Services accounted for 70% of net revenue in 2025.
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*Trading EBITDA represents EBITDA adjusted for non-trading items, including M&A transaction costs and exceptional costs.
**Proforma amounts include a full 12-month financial year of Holiseum, Redshift, Cresco and Advantus360 and have been prepared using audited financial information of the Group together with pre- acquisition financial information of the acquired entities. The entities were acquired on 20 March 2025, 26 November 2025, 18 December 2025 and 23 December 2025, respectively. As a result, the consolidated financial statements include less than one month of post-acquisition trading performance for three of the acquired entities. The prior year proforma information has also been adjusted on a consistent basis. The proforma information includes management adjustments and certain reclassifications between cost of sales and administrative expenses to align the acquired businesses with the Group's management reporting basis and present the performance of the enlarged Group on a consistent basis. Accordingly, proforma gross margin percentages may not be directly comparable to the statutory gross margin percentages presented above.
In addition to statutory revenue, management reports Gross Contract Value ("GCV"), being the total value of contracts arranged through the Group. GCV is a non-GAAP operational metric used by management to assess the scale of business activity and customer demand and should not be considered a substitute for revenue reported in accordance with the applicable financial reporting framework.
**Proforma amounts include a full 12-month financial year of Holiseum, Redshift, Cresco and Advantus360 and have been prepared using audited financial information of the Group together with pre- acquisition financial information of the acquired entities. The entities were acquired on 20 March 2025, 26 November 2025, 18 December 2025 and 23 December 2025, respectively. As a result, the consolidated financial statements include less than one month of post-acquisition trading performance for three of the acquired entities. The prior year proforma information has also been adjusted on a consistent basis. The proforma information includes management adjustments and certain reclassifications between cost of sales and administrative expenses to align the acquired businesses with the Group's management reporting basis and present the performance of the enlarged Group on a consistent basis. Accordingly, proforma gross margin percentages may not be directly comparable to the statutory gross margin percentages presented above.
In addition to statutory revenue, management reports Gross Contract Value ("GCV"), being the total value of contracts arranged through the Group. GCV is a non-GAAP operational metric used by management to assess the scale of business activity and customer demand and should not be considered a substitute for revenue reported in accordance with the applicable financial reporting framework.
Further in August 2026, the Group acquired CyberIAM, a UK headquartered specialist provider of identity and access management (“IAM”) and privileged access management services, with operations across EMEA. CyberIAM provides advisory, implementation and managed services to mid market and enterprise customers, including organisations operating in complex and regulated environments. The acquisition significantly expands the Group’s identity security capabilities and managed services portfolio. CyberIAM forms a new dedicated Identity Services practice within the Group at a time where the need for IAM services and solutions has never been more acute as identity is now the primary control plane for cybersecurity.
As a result the Group now has 2025 proforma gross revenues of over €200m, offices in 16 countries and headcount of approx. 900 employees providing a significant global footprint from which the Group intends to continue its strategic expansion.
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Strategic report (continued)
For the year ended 31 December 2025
Business review (continued)
Other milestones and initiatives in the year included (a) achieving SOC 2 status across its global network of 6 Security Operations Centres, (b) achieving recognition as a representative vendor in the Gartner Digital Forensics and Incident Response guide, resulting in the Group now having appeared in 6 Gartner market guides, (c) an endorsement for incident response services from Adda (part of the Swedish Association of Local Authorities and Regions), (d) expanded relationships with many of the globe’s leading cybersecurity vendors including forming a new partnership with HackerOne to improve real time vulnerability notification and remediation for customers, (e) launched a new Pen Testing as a Service (PTaaS) solution allowing customers to easily increase the cadence of pen testing across their IT estate and (f) the Incident Response Practice achieving both CREST (Council of Registered Ethical Security Testers) and NCSC (UK National Cyber Security Centre) assurance accreditations.
Further the Group continued to win industry awards recognizing the constant expansion of the Group’s skills and services including CyberArk Partner of the Year and Netskope Professional Services Partner of the Year. The Group also won Multinational Company of the Year at the Tech Awards 2025, and Cybersecurity Firm of the Year at the 2025 InBusiness awards recognising its continuing commercial success across multiple markets.
Whilst these financial statements relate solely to Integrity360 Limited, the Directors believe it is appropriate to refer to the wider Integrity360 Group's performance and strategic developments as these significantly influence the Company's trading activities and future prospects.
Other notable Group trading entities in 2025 consisted of Integrity360 Limited (Ireland), Integrity360 AB (Sweden), Integrity360 International (South Africa), Integrity360 International (UK), Integrity360 PTY (South Africa), Integrity360 Europe Limited (Ireland), Integrity360 SRL (Italy), Integrity360 Ciberseguridad SL (Spain) Integrity360 Europe EOOD (Bulgaria), Integrity360 Inc (Canada), Integrity360 AG (Germany), Integrity360 Schweiz AG (Switzerland) Holiseum SAS (France), in addition to entities in Ukraine, Lithuania, Denmark and Kenya.
Alongside the Group’s continued international expansion, it remained highly active in supporting customers and the wider business community through cybersecurity education, thought leadership, research, webinars, technical updates, and industry engagement. The Group’s flagship Security First conference series continued to grow, bringing together cybersecurity leaders and practitioners to share insights on emerging threats, vulnerabilities, resilience, and best practice. Following the success of the 2025 theme, Balancing the Human Cyber Equation, the 2026 programme evolved this further, exploring the increasingly interconnected role of human expertise, artificial intelligence, and emerging technologies in helping organisations strengthen their cybersecurity posture. The conference series has continued to expand into new international locations during 2026, including Paris, Brussels, Calgary, Mauritius, Jamaica, and Trinidad, further strengthening the Group’s global presence and reputation as a leading voice within the cybersecurity industry.
The Group also continued to invest significantly in the development and upskilling of its operational and technical teams through targeted academy programmes and professional training initiatives. This ongoing commitment to technical excellence, innovation, and customer service supports the delivery of high-quality cybersecurity services to a growing international customer base.
This combination of sustained investment in people, continued innovation, international expansion, and industry recognition further strengthened the Group’s position as one of Europe’s leading pure-play cybersecurity specialists.
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Strategic report (continued)
For the year ended 31 December 2025
Business review (continued)
The Company monitors its performance through the use of key performance indicators. Turnover for the financial year for the Company was £44,930,202 (2024 - £48,291,573) with a gross margin of £15,871,159 (2024 - £15,103,822), operating profit of £3,098,536 (2024 - £3,024,482) and underlying EBITDA of £3,534,341 (2024 - £3,452,120). The Company’s net assets as at 31 December 2025 are £9,605,112 (2024 - £6,625,594), current assets of £29,747,929 (2024 - £29,455,714) and current liabilities of £22,794,559 (2024 - £25,504,493). The profit for the year, after taxation increased and amounted to £2,979,518 (2024 - £2,952,535).
Future developments
The Group remains focused on delivering sustainable organic growth, expanding its managed and professional security services portfolio and pursuing selectively targeted acquisitions that enhance geographic reach, technical capability and recurring revenue.
The Directors consider that the principal risks facing the Company are faced by all companies operating across EMEA in this sector with increasing operating costs and increased levels of competition. The Directors are of the opinion that the Company is well-positioned to manage these challenges. The Company operates in an extremely competitive market and may be affected by factors beyond the control of the Company.
The General Economy
The Company is vulnerable to declines in the general economy and the wider macro environment. Any adverse effects arising are mitigated by the steady expansion of the Company’s products and services, particularly Cyber Security which has shown significant growth and the Company has taken advantage of this expanding market. The Directors are of the opinion that the Company is well placed to expand further into this market.
Competition
Strong competition, particularly in the more mature markets such as the UK can have an adverse effect on the performance of the business, particularly in the re-sale sector. In view of this, the Directors will aim to mitigate the effects by growing its range of professional and managed services to both existing and potential new markets.
Loss of key personnel
The Company is reliant on key senior staff for its success and the loss of senior management staff can have a detrimental impact on performance. The Company benefits from low staff turnover at senior and management level and any impact arising from loss of staff at management level will be compensated from existing staff at senior levels.
Financial risk management
Other lower-exposure risks and uncertainties include the following:
Credit risk is the risk that one party to a financial instrument will cause a financial loss for that other party by failing to discharge an obligation. Company policies are aimed at minimising such losses, and require that deferred terms are only granted to customers who demonstrate an appropriate payment history and satisfy creditworthiness procedures. Details of the Company's receivables are shown in note 15.
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The Company aims to mitigate liquidity risk by managing cash generation by its operations. The Company also manages liquidity risk via revolving credit facilities and long-term debt.
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Strategic report (continued)
For the year ended 31 December 2025
Principal risks and uncertainties (continued)
Financial risk management (continued)
Foreign currency risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Company’s foreign currency exposures are on transactions that are denominated in currencies other than euros, the Company’s functional currency. The Company does hedge this foreign exchange exposure.
The Board of Directors of Integrity360 Limited consider that they have acted in good faith and in a way they consider would be most likely to promote the success of the Company for the benefit of its stakeholders as a whole (having regard to the stakeholders and matters set out in s172(1)(a-f) of the Act) in the decisions taken during the year ended 31 December 2025. The Company’s key stakeholders have an important role to play in the successful operation of the business. The Board are fully aware of, and take seriously, their responsibilities to those stakeholders under the Act.
The Directors believe it is appropriate to consider the potential impact on the Group’s stakeholders when considering the Company’s strategy and in making key decisions. Indeed, these responsibilities are rooted in the Company’s culture, values and purpose. The Board considers that, in its decisions and actions to date, it has acted in a way that would promote the success of the Company for the benefit of its members as a whole, while having regard to stakeholders and matters set out in section 172(a) – (f) of the Act. It has identified the Company’s key stakeholders as being employees, customers, vendors, the environment and communities in which it operates, and investors. It receives updates on each of these and takes steps to ensure that it remains well informed.
Set out below are examples of how the Board has engaged with, and been influenced by, the interests of the Company’s stakeholders.
Employee engagement
The Directors recognise that Integrity360 employees are fundamental and pivotal to our continued growth and successful delivery of our business model. The business regularly run events for staff to foster wellbeing and team spirit and the senior leadership team routinely engage with all levels of staff across the business.
Customers
We have an extensive customer base of long established and new customers. Engagement with customers is key, every department operates with a customer focus. The Company utilises Net Promoter Score surveys to measure and report on customer satisfaction.
Vendors and Suppliers
Focusing on long-term relationships and effective collaboration to bring a quality service to our customer, the business very much values and invests in its vendor relationships.
Environment and Communities
Awareness of the environment and the communities in which we operate is key, after adopting ESG reporting processes it is now better able to consider these when making decisions, operating as a good neighbour to those communities we operate in.
Investors
As key stakeholders supporting growth and expansion, the business focuses on clear and timely reporting to investors and maintains an open dialogue building relationships to foster a good understanding of current and future business direction and requirements.
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Strategic report (continued)
For the year ended 31 December 2025
The Group’s gas emissions, energy consumption and energy efficiency action are noted in the Directors' Report.
On behalf of the Board of Directors:.
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Directors' report
For the year ended 31 December 2025
The Board of Directors (or the “Directors”) present their annual report and audited financial statements of
Integrity360 Limited (or the “Company”) for the year ended 31 December 2025.
The profit for the year, after taxation, amounted to £2,979,518 (2024 - £2,952,535 ).
Turnover for the year was £44,930,202 (2024 - £48,291,573) with a gross margin of £15,871,159 (2024 - £15,103,822), and underlying EBITDA of £3,534,341 (2024 - £3,452,120).
There were no dividends declared or paid by the Board during the year (2024 - £NIL).
There were no dividends declared or paid by the Board during the year (2024 - £NIL).
The Directors who served during the year were:
The Company monitors its performance through the use of key performance indicators. These key performance indicators include the following:
The Directors have reviewed the performance of the Company by reference to the above key financial performance indicators and are satisfied with the Company’s performance.
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Directors' report (continued)
For the year ended 31 December 2025
The Company reported a profit after taxation in the year amounting to £2,979,518 (2024 - £2,952,535) and a net current asset position of £6,953,370 (2024 - £3,951,221). The Group has ambitious growth plans and aims to become one of the largest cyber security practices operating throughout Europe by focusing on strong organic growth and additional acquisition activity. The Group will continue to bring new, innovative products and services to market. Further investment in employees, products, processes, systems, and marketing activity will be at the forefront of the Company’s priorities to ensure both growth, and continual improvement in customer satisfaction.
After making enquiries, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Directors have undertaken a review of the future financing requirements for the ongoing operation of the Company and are satisfied that sufficient cash facilities are secured to meet its working capital requirement for at least 12 months from the date of signing these financial statements. On this basis, the Directors are satisfied that it is appropriate to prepare the financial statements on a going concern basis. The Directors have considered the appropriateness of the going concern basis for the preparation of these financial statements.
After making enquiries, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Directors have undertaken a review of the future financing requirements for the ongoing operation of the Company and are satisfied that sufficient cash facilities are secured to meet its working capital requirement for at least 12 months from the date of signing these financial statements. On this basis, the Directors are satisfied that it is appropriate to prepare the financial statements on a going concern basis. The Directors have considered the appropriateness of the going concern basis for the preparation of these financial statements.
The Company will seek to minimise adverse impacts on the environment from its activities, whilst continuing to address health, safety and economic issues. The Company has complied with all applicable legislation and regulations.
This information is included in the consolidated financial statements of Milo Topco Limited as at 31 December 2025 and these financial statements may be obtained from Companies House.
The well-being of the Company’s employees is safeguarded through the strict adherence to health and safety standards. The Health and Safety at Work etc. Act, 1974, imposes certain requirements on Directors, managers and employees. The Company has taken the necessary action to ensure compliance with the Act, including the adoption of a safety statement.
The Company communicates regularly with all employees on matters relating to its performance. Employees are encouraged to contribute to the decision-making process through regular meetings.
It is the policy of the Company to give full and fair consideration to applications for employment made by persons with disabilities, to continue where possible the employment of those who become disabled and to provide equal opportunities for the training and career development of disabled employees.
A number of the Company's development team worked on internal software development projects for future use in the business during the year. The cost of £355,554 (2024 - £251,719) associated with the development work has been capitalised and will be amortised over a 5 year period.
Details on how the Company has fostered relationships with suppliers, customers and others can be found within the Company’s Strategic Report in accordance with s414C(11) of the Companies Act 2006, as the Directors believe these to be of strategic importance to the Company.
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Directors' report (continued)
For the year ended 31 December 2025
There have been no other significant events which would result in a significant adjustment to these financial statements.
The auditor, Grant Thornton, has expressed their willingness to continue in office in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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Directors’ Responsibilities Statement
For the year ended 31 December 2025
On behalf of the board:
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Independent auditor's report to the members of Integrity360 Limited
In auditing the financial statements, we have concluded that the Directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue.
Our responsibilities, and the responsibilities of the Directors, with respect to going concern are described in the relevant sections of this report.
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Independent auditor's report to the members of Integrity360 Limited (continued)
Other information comprises information included in the Annual Report, other than the financial statements and our Auditor’s Report thereon, including the Directors' report and the Strategic Report. The Directors are responsible for the other information. Our opinion on the financial statements does not cover the information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 Directors' report and the Strategic Report for the year for which the financial statements are prepared is consistent with the financial statements, and
∙the Directors' report and the Strategic Report have been prepared in accordance with applicable legal requirements.
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Independent auditor's report to the members of Integrity360 Limited (continued)
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Independent auditor's report to the members of Integrity360 Limited (continued)
This report is made solely to the Company’s members, as a body, in accordance with chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants &
Statutory Auditors
13-18 City Quay
13-18 City Quay
Dublin 2
Date:27 October 2026
Date:
Page 14
Statement of comprehensive income
For the year ended 31 December 2025
Page 15
Statement of financial position
As at 31 December 2025
The financial statements were approved and authorised for issue by the Board of Directors and were signed on its behalf by:
The notes on pages 18 to 38 form part of these financial statements.
*Restated - refer to note 24.
*Restated - refer to note 24.
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Statement of changes in equity
For the year ended 31 December 2025
Page 17
Notes to the financial statements
For the year ended 31 December 2025
Integrity360 Limited (the “Company”) is a private limited liability company incorporated in England. The registered office is 11 Ironmonger Lane, London, EC2V 8EY, United Kingdom.
2.Accounting policies
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The financial statements are presented in Sterling (£), which is also the functional currency of the Company.
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 requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
The Company reported a profit after taxation in the year amounting to £2,979,518 (2024 - £2,952,535) and a net current asset position of £6,953,370 (2024 - £3,951,221). The Group has ambitious growth plans and aims to become one of the largest cyber security practices operating throughout Europe by focusing on strong organic growth and additional acquisition activity. The Group will continue to bring new, innovative products and services to market. Further investment in employees, products, processes, systems, and marketing activity will be at the forefront of the Company’s priorities to ensure both growth, and continual improvement in customer satisfaction.
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Notes to the financial statements
For the year ended 31 December 2025
2.Accounting policies (continued)
The following principal accounting policies have been applied:
Functional and presentation currency
The Company’s functional and presentational currency is GBP (£).
Transactions and balances
Page 19
Notes to the financial statements
For the year ended 31 December 2025
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
The following criteria must also be met before revenue is recognised:
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Notes to the financial statements
For the year ended 31 December 2025
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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Notes to the financial statements
For the year ended 31 December 2025
2.Accounting policies (continued)
2.13 Current and deferred taxation (continued)
Current tax
Deferred tax
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Goodwill
Goodwill represents the difference between price consideration on the cost of a business and the acquirer’s interest in the fair value of the identifiable assets and liabilities of the acquiree at the date of acquistion. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of Comprehensive Income over its useful economic life.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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Notes to the financial statements
For the year ended 31 December 2025
2.Accounting policies (continued)
Depreciation is charged on all tangible fixed assets, other than freehold land, so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
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.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
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Notes to the financial statements
For the year ended 31 December 2025
2.Accounting policies (continued)
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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.
At each reporting date, non-financial assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying value is reduced to its estimated recoverable amount and an impairment loss is recognised immediately in Statement of comprehensive income.
If the circumstances that gave rise to the impairment loss subsequently reverse, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in Statement of comprehensive income.
If the circumstances that gave rise to the impairment loss subsequently reverse, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in Statement of comprehensive income.
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Notes to the financial statements
For the year ended 31 December 2025
2.Accounting policies (continued)
2.20 Impairment of non-financial assets (continued)
Goodwill does not generate independent cash inflows and it must therefore be tested for impairment as part of a cash-generating unit (CGU). If impairment is identified in the period, the impairment loss is first allocated to the goodwill within the CGU, then to the other assets of the unit pro rata on the basis of the carrying amount of each of those assets. In doing so, the carrying amount of any asset in a CGU is not reduced below the higher of fair value less costs to sell (where determinable), value in use (where determinable), and zero. Any excess amount of the impairment loss which cannot be allocated to an asset because of the mentioned restriction is allocated to the other assets of the unit pro rata on the basis of the carrying amount of those other assets.
Any impairment losses recognised in respect of goodwill cannot be subsequently reversed, even if the original circumstances giving rise to the impairment cease to apply.
The Company made judgements, estimates and assumptions about the carrying amounts of assets and liabilities that were not readily apparent from other sources in the application of the Company’s accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors that are considered to be reasonable under the circumstances. Actual results may differ from the estimates.
Judgements
In the process of applying the Company’s accounting policies, management has made the following judgements, which have the most significant effect on the amounts recognised in the financial statements:
Impairment of intangible assets including Goodwill
Deferred tax assets
Estimates and assumptions
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below:
Useful economic lives of tangible and intangible assets
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Notes to the financial statements
For the year ended 31 December 2025
3.Judgements in applying accounting policies (continued)
Impairment and recoverability of trade and other debtors
Analysis of turnover by country of destination:
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Notes to the financial statements
For the year ended 31 December 2025
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Notes to the financial statements
For the year ended 31 December 2025
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Notes to the financial statements
For the year ended 31 December 2025
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Notes to the financial statements
For the year ended 31 December 2025
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Page 30
Notes to the financial statements
For the year ended 31 December 2025
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Page 31
Notes to the financial statements
For the year ended 31 December 2025
Page 32
Notes to the financial statements
For the year ended 31 December 2025
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Page 33
Notes to the financial statements
For the year ended 31 December 2025
19.Share capital (continued)
Profit and loss account
Called up share capital
Page 34
Notes to the financial statements
For the year ended 31 December 2025
Page 35
Notes to the financial statements
For the year ended 31 December 2025
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Page 36
Notes to the financial statements
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Page 37
Notes to the financial statements
For the year ended 31 December 2025
Page 38