SPARK Technology Services Limited

Contents

Company Information	1
Strategic Report	2
Directors' Report	3
Statement of Directors' Responsibilities	4
Independent Auditor's Report	5 to 8
Profit and Loss Account	9
Statement of Comprehensive Income	10
Balance Sheet	11
Statement of Changes in Equity	12
Notes to the Financial Statements	13 to 28

SPARK Technology Services Limited

Company Information

Directors

R J Turner C R Finch

Registered office

5 Cranmere Court Lustleigh Close Matford Business Park Exeter Devon EX2 8PW

Auditors

PKF Francis Clark Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE

SPARK Technology Services Limited

Strategic Report for the Year Ended 31 December 2024

The directors present their report for the year ended 31 December 2024.

Principal activity

The principal activities of the company during the year continued to be the provision of transformative patient experience and hospital entertainment applications; full branded, safe and secure, high-speed internet connectivity and customer and marketing focused analytics software. The Company also develops bed management and patient flow management solutions for hospitals. In addition, the Company's operating software is licensed to hospitals outside of the UK.

Fair review of the business

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs		2024	2023
Turnover	£'000	8,630	8,907
EBITDA	£'000	2,721	2,039
EBITDA Margin	%	32	23
Profit before tax	£'000	2,249	1,484
Average number of employees		80	88

Principal risks and uncertainties

The Company is subject to a number of risks and the Company has procedures and systems to manage these. The Directors review and agree policies for managing these risks, which are summarised below:

Liquidity risk
The Company is financed by share capital and amounts owed to fellow group undertakings. As of 31 December 2024, the amounts owed to fellow group undertakings amounted to £nil (2023 - £241,000) and are repayable on demand. Therefore, the Company communicates closely with those undertakings to seek assurances there are no plans to recall these amounts and establish when the amounts might be claimed. Cash flow forecasting is regularly performed to monitor the Company's liquidity requirements to ensure it has sufficient cash to meet operational needs.

Credit risk
Credit risk is assessed as low for the Company given its revenue flows are largely generated from credit card or cash sales from multiple consumers. Software sales are made to NHS Trusts who are considered creditworthy and due to the nature of the Company's activities a significant proportion of services provided are paid for in advance. At 31 December 2024 management deemed that the level of receivables classified as past due (above 30 days) was of low risk and recoverable.

Cyber security risk
It is recognised that there is a low risk to the company due to an increased threat of cyber attacks. A successful cyber-attack could disrupt operations and compromise data security. The business continues to invest in product security, robust IT controls and staff training to mitigate this risk.

Approved by the Board on 25 November 2025 and signed on its behalf by:

......................................... C R Finch Director

SPARK Technology Services Limited

Directors' Report for the Year Ended 31 December 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors' of the company

The directors, who held office during the year, were as follows:

R J Turner

C R Finch (appointed 2 May 2024)

M G J O'Donovan (ceased 1 January 2025)

B Beattie (ceased 2 May 2024)

M R Miller (ceased 2 May 2024)

Directors' indemnity

As permitted by the Articles of Association, the Directors have the benefit of an indemnity which is a qualifying third-party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the last financial year and to the date of this report. The Company also purchased and maintained throughout the financial year Directors' and Officers' liability insurance in respect of itself and its directors.

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.

Approved by the Board on 25 November 2025 and signed on its behalf by:

......................................... C R Finch Director

SPARK Technology Services 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 and 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.

SPARK Technology Services Limited

Independent Auditor's Report to the Members of SPARK Technology Services Limited

Opinion

We have audited the financial statements of SPARK Technology Services Limited (the 'company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 101 'Reduced Disclosure Framework'.

In our opinion the financial statements:

•	give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
•	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
•	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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.

SPARK Technology Services Limited

Independent Auditor's Report to the Members of SPARK Technology Services Limited

Opinion on other matter 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 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.

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

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

•	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
•	the financial statements are not in agreement with the accounting records and returns; or
•	certain disclosures of directors’ remuneration specified by law are not made; or
•	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the [set out on page 4], 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 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.

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

SPARK Technology Services Limited

Independent Auditor's Report to the Members of SPARK Technology Services Limited

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations as relating to breaches around health and safety regulations and breaches of The General Data Protection Regulation (“GDPR”). We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as The Companies Act 2006, and relevant tax legislation (Corporation Tax, VAT etc.). We considered the extent to which non-compliance with these laws and regulations may have a material effect on the financial statements.

We also evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements and determined that the principal risks were related to the overstatement of profit, either through overstating revenue, understating expenditure or management bias in accounting estimates.

Based on this understanding we designed our audit procedures to identify irregularities. Our procedures involved the following:

• Enquiries to members of Senior Management, regarding their knowledge of any non-compliance or potential non-compliance with laws and regulations that could affect the financial statements;

• Review of any health and safety incidents which have been reported under The Reporting of Injuries, Diseases and Dangerous Occurrences Regulations 2013 (“RIDDOR”) during the period;

• Review of controls in relation to GDPR and enquiries to Senior Management as to the occurrence and outcome of any reportable breaches;

• Challenging assumptions and judgements made by management in its significant accounting estimates;

• Testing the recognition of revenue and costs, in particular around the year end date;

• Reviewing draft tax computations and involving the use of our specialists as required (e.g. VAT);

• Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business; and

• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. 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 omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

SPARK Technology Services Limited

Independent Auditor's Report to the Members of SPARK Technology Services Limited

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.

......................................
Neil Hitchings (Senior Statutory Auditor)
For and on behalf of PKF Francis Clark, Statutory Auditor
 Centenary House
Peninsula Park
Rydon Lane
Exeter
EX2 7XE

25 November 2025

SPARK Technology Services Limited

Profit and Loss Account

Year Ended 31 December 2024

	Note	2024 £ 000	2023 £ 000
Turnover	4	8,630	8,907
Cost of sales		(1,721)	(1,711)
Gross profit		6,909	7,196
Administrative expenses		(4,638)	(5,696)
Operating profit	5	2,271	1,500
Interest payable and similar expenses	6	(22)	(16)
Profit before tax		2,249	1,484
Tax on profit	10	-	-
Profit for the year		2,249	1,484

The above results were derived from continuing operations.

SPARK Technology Services Limited

Statement of Comprehensive Income

Year Ended 31 December 2024

	2024 £ 000	2023 £ 000
Profit for the year	2,249	1,484
Total comprehensive income for the year	2,249	1,484

SPARK Technology Services Limited

Balance Sheet

31 December 2024

	Note	2024 £ 000	2023 £ 000
Fixed assets
Tangible assets	12	613	894
Right of use assets	13	707	602
		1,320	1,496
Current assets
Stocks	14	310	391
Trade and other debtors	15	10,027	6,877
Cash at bank and in hand	16	10	28
		10,347	7,296
Creditors: Amounts falling due within one year	17	(2,779)	(2,220)
Net current assets		7,568	5,076
Total assets less current liabilities		8,888	6,572
Creditors: Amounts falling due after more than one year	18	(564)	(480)
Provisions for liabilities	20	(20)	(37)
Net assets		8,304	6,055
Capital and reserves
Called up share capital	21	2,400	2,400
Share premium reserve		93	93
Retained earnings		5,811	3,562
Shareholders' funds		8,304	6,055

Approved by the Board on 25 November 2025 and signed on its behalf by:

......................................... C R Finch Director

SPARK Technology Services Limited

Statement of Changes in Equity

Year Ended 31 December 2024

	Share capital £ 000	Share premium £ 000	Retained earnings £ 000	Total £ 000
At 1 January 2024	2,400	93	3,562	6,055
Profit for the year	-	-	2,249	2,249
Total comprehensive income	-	-	2,249	2,249
At 31 December 2024	2,400	93	5,811	8,304