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REGISTERED NUMBER: 09026290 (England and Wales)















GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

HAMILTON BARNES ASSOCIATES LIMITED

HAMILTON BARNES ASSOCIATES LIMITED (REGISTERED NUMBER: 09026290)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024










Page

Group Strategic Report 1

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Income Statement 10

Consolidated Other Comprehensive Income 12

Consolidated Balance Sheet 13

Company Balance Sheet 14

Consolidated Statement of Changes in Equity 15

Company Statement of Changes in Equity 16

Consolidated Cash Flow Statement 17

Notes to the Consolidated Cash Flow Statement 18

Notes to the Consolidated Financial Statements 20


HAMILTON BARNES ASSOCIATES LIMITED (REGISTERED NUMBER: 09026290)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024


The directors present their strategic report of the company and the group for the year ended 31 May 2024.

PRINCIPAL ACTIVITY

During the year under review, the principal activities of Hamilton Barnes Associates Limiited (the "Company") together with its wholly owned subsidiaries (the "Group") consisted of the provision of recruitment services for the network engineering and telecommunication industry.

REVIEW OF BUSINESS
The Company is currently undergoing a strategic restructuring of its corporate structure to better align with its international expansion plans. As a result, the financial statements for this period reflect only the UK, US, and Malaysian entities, and do not yet capture the full global scope of operations across all of the Company's entities. While this transitional phase has impacted the headline figures, it represents a deliberate step toward future proofing the business. We anticipate a marked improvement in performance in the next financial year, as the new holding company structure is fully implemented and the benefits of a more integrated international model begin to materialise.


HAMILTON BARNES ASSOCIATES LIMITED (REGISTERED NUMBER: 09026290)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The directors consider the principal risks that the Group faces are:

UK Economic Factors - Shrinking Demand and Market Saturation

The UK tech job market experienced a notable contraction. There was a 50% decline in tech job adverts between 2019/20 and 2024/25, leading to an oversupply of candidates, particularly at junior and mid-levels. Employers increasingly favoured senior hires who could deliver immediate value without extensive training. This shift left many early-career professionals struggling to find opportunities.

The lack of clarity in the UK's immigration plans is expected to persist, potentially deterring high-skilled talent and complicating workforce planning for tech companies.

To combat this, the Company has made moves to expand in the German tech market due to its emergence as a major growth market; this is expected to play a pivotal role in driving our business forward in the next financial year. As the UK market continues to contract, with fewer vacancies and tightening immigration policies, Germany presents a sharp contrast: its economy remains strong, its digital transformation agenda is accelerating, and its chronic shortage of skilled tech professionals is prompting both government and industry to actively seek international talent. The German government has introduced reforms to simplify the hiring of foreign tech workers, including a streamlined Skilled Immigration Act, making it easier for companies to recruit internationally. Berlin, Munich, and Frankfurt are rapidly becoming innovation hubs, particularly in areas like AI, fintech, and green tech. By establishing a strong presence in Germany now-through local partnerships, bilingual consultants, and targeted recruitment campaigns-we can tap into this rising demand and position ourselves as a trusted cross-border talent partner. With our expertise and access to international talent pools, we are well-placed to fill Germany's tech gaps and capture a share of what will be one of Europe's most dynamic markets in 2025-26.

Balancing AI Integration with Ethical Considerations

As AI becomes more prevalent in recruitment, companies will need to balance efficiency gains with ethical considerations, ensuring that AI tools do not perpetuate biases and that they promote diversity and inclusion. To address AI-related challenges in recruitment, particularly around ethics and control, tech recruiters must ensure that human judgment remains central. While AI improves efficiency in tasks like CV screening and communication, it also introduces risks such as bias and lack of transparency. These can be mitigated by using explainable, auditable tools and maintaining a clear "human-in-the-loop" process where final decisions rest with experienced consultants. By setting internal ethical standards, training staff on responsible AI use, and being transparent with clients and candidates, recruiters can harness the benefits of AI without compromising fairness or trust.

Foreign Exchange - Translation Risk

The volatility of sterling against the functional currencies of our overseas group companies continues to present a risk to the Group's reported profits. This challenge, identified in last year's strategic report, remains relevant as we expand internationally-particularly into the eurozone. However, we have taken steps to manage this exposure through regular currency monitoring and natural hedging strategies that align with our operational cash flows. These measures help to minimise the financial reporting impact of foreign exchange fluctuations while supporting our cross-border growth objectives.

Credit Risk

Credit risk remains a key area of focus, especially as we expand our client base in new markets. Our established credit control procedures, first outlined in our previous report, continue to serve us well. We perform rigorous credit checks on all new customers and maintain ongoing assessments of existing accounts. This disciplined approach has allowed us to manage exposure effectively and maintain a strong receivables profile, even amid economic uncertainty and tighter market conditions in the UK and Europe.

Liquidity Risk


HAMILTON BARNES ASSOCIATES LIMITED (REGISTERED NUMBER: 09026290)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024

Liquidity risk continues to be carefully managed in line with the Group's growth strategy. To support the expansion of our contractor Runner Book and ensure operational flexibility, we have established an invoice financing facility. This funding line allows us to access working capital as needed, enabling us to meet the demands of a growing contractor base without disrupting cash flow. The facility provides a scalable solution that aligns with our business model, ensuring we can respond quickly to increased activity while maintaining financial stability.

ON BEHALF OF THE BOARD:





N S Ellis-Barker - Director


24 May 2025

HAMILTON BARNES ASSOCIATES LIMITED (REGISTERED NUMBER: 09026290)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MAY 2024


The directors present their report with the financial statements of the company and the group for the year ended 31 May 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of recruitment consultancy.

DIVIDENDS
The total distribution of dividends for the year ended 31 May 2024 will be £ 384,000 .

A final dividend of £85,000 has been declared on 27th June 2023 for the year ended 31 May 2023.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 June 2023 to the date of this report.

N S Ellis-Barker
G Barnes

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

HAMILTON BARNES ASSOCIATES LIMITED (REGISTERED NUMBER: 09026290)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MAY 2024


AUDITORS
The auditors, Harold Sharp Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





N S Ellis-Barker - Director


24 May 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HAMILTON BARNES ASSOCIATES LIMITED


Opinion
We have audited the financial statements of Hamilton Barnes Associates Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 May 2024 and of the group's 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the 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 group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the 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 in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HAMILTON BARNES ASSOCIATES LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of 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 Statement of Directors' Responsibilities set out on page four, 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 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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HAMILTON BARNES ASSOCIATES LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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:

As part of our planning process:
- We enquired of management the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud.
- We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102, Companies Act 2006, health and safety, employment law and direct and indirect tax compliance.
- We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.
- Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:
- Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.
- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.
- Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to accruals and deferred income..
- Assessing the extent of compliance, or lack of, with the relevant laws and regulations in particular those that are central to the entities ability to continue in operation.
- Testing key revenue lines, in particular cut-off, for evidence of management bias.
- Documenting and verifying all significant related party balances and transactions.
- Reviewing documentation such as the company board minutes for discussions of irregularities including fraud.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors and management.

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HAMILTON BARNES ASSOCIATES 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 a Report of the Auditors 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.




Frederick Norman (Senior Statutory Auditor)
for and on behalf of Harold Sharp Limited
Statutory Auditors and Chartered Accountants
5 Brooklands Place
Brooklands Road
Sale
Cheshire
M33 3SD

24 May 2025

HAMILTON BARNES ASSOCIATES LIMITED (REGISTERED NUMBER: 09026290)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 MAY 2024

2024 2024 2024
Continuing Discontinued Total
Notes £    £    £   

TURNOVER 4 20,929,179 91 20,929,270
Cost of sales (10,950,779 ) - (10,950,779 )
GROSS PROFIT 9,978,400 91 9,978,491

Administrative expenses (10,885,432 ) (113,242 ) (10,998,674 )
(907,032 ) (113,151 ) (1,020,183 )

Other operating income 55,995 - 55,995


OPERATING LOSS 6 (851,037 ) (113,151 ) (964,188 )

Profit/loss on sale of operatn 7 310,603 - 310,603
(540,434 ) (113,151 ) (653,585 )

Interest receivable and similar income 481 - 481
Interest payable and similar expenses 8 (8,926 ) - (8,926 )
LOSS BEFORE TAXATION (548,879 ) (113,151 ) (662,030 )
Tax on loss 9 32,308 - 32,308
LOSS FOR THE FINANCIAL YEAR (516,571 ) (113,151 ) (629,722 )
Loss attributable to:
Owners of the parent (629,722 )

HAMILTON BARNES ASSOCIATES LIMITED (REGISTERED NUMBER: 09026290)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 MAY 2024

2023 2023 2023
Continuing Discontinued Total
Notes £    £    £   

TURNOVER 4 20,572,558 - 20,572,558
Cost of sales (9,667,243 ) - (9,667,243 )
GROSS PROFIT 10,905,315 - 10,905,315

Administrative expenses (10,432,037 ) (28,801 ) (10,460,838 )

OPERATING PROFIT/(LOSS) 6 473,278 (28,801 ) 444,477

Interest receivable and similar income 1 - 1
PROFIT/(LOSS) BEFORE TAXATION 473,279 (28,801 ) 444,478
Tax on profit/(loss) 9 (38,347 ) - (38,347 )
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

434,932

(28,801

)

406,131
Profit/(loss) attributable to:
Owners of the parent 406,131

HAMILTON BARNES ASSOCIATES LIMITED (REGISTERED NUMBER: 09026290)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2024

2024 2023
Notes £    £   

(LOSS)/PROFIT FOR THE YEAR (629,722 ) 406,131


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(629,722

)

406,131

Total comprehensive income attributable to:
Owners of the parent (629,722 ) 406,131

HAMILTON BARNES ASSOCIATES LIMITED (REGISTERED NUMBER: 09026290)

CONSOLIDATED BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 12 300,322 471,240
Investments 13 - -
300,322 471,240

CURRENT ASSETS
Debtors 14 3,975,026 3,498,618
Cash at bank 753,804 1,837,290
4,728,830 5,335,908
CREDITORS
Amounts falling due within one year 15 (2,554,295 ) (2,285,061 )
NET CURRENT ASSETS 2,174,535 3,050,847
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,474,857

3,522,087

CREDITORS
Amounts falling due after more than one
year

16

(32,500

)

(62,500

)

PROVISIONS FOR LIABILITIES 19 (70,744 ) (103,053 )
NET ASSETS 2,371,613 3,356,534

CAPITAL AND RESERVES
Called up share capital 20 10 10
Retained earnings 21 2,371,603 3,356,524
SHAREHOLDERS' FUNDS 2,371,613 3,356,534

The financial statements were approved by the Board of Directors and authorised for issue on 24 May 2025 and were signed on its behalf by:





N S Ellis-Barker - Director


HAMILTON BARNES ASSOCIATES LIMITED (REGISTERED NUMBER: 09026290)

COMPANY BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 12 293,502 416,038
Investments 13 22,577 895
316,079 416,933

CURRENT ASSETS
Debtors 14 3,503,702 3,447,523
Cash at bank 320,672 1,002,093
3,824,374 4,449,616
CREDITORS
Amounts falling due within one year 15 (2,489,846 ) (2,146,540 )
NET CURRENT ASSETS 1,334,528 2,303,076
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,650,607

2,720,009

CREDITORS
Amounts falling due after more than one
year

16

(32,500

)

(62,500

)

PROVISIONS FOR LIABILITIES 19 (70,744 ) (103,053 )
NET ASSETS 1,547,363 2,554,456

CAPITAL AND RESERVES
Called up share capital 20 10 10
Retained earnings 21 1,547,353 2,554,446
SHAREHOLDERS' FUNDS 1,547,363 2,554,456

Company's loss for the financial year (623,093 ) (52,949 )

The financial statements were approved by the Board of Directors and authorised for issue on 24 May 2025 and were signed on its behalf by:





N S Ellis-Barker - Director


HAMILTON BARNES ASSOCIATES LIMITED (REGISTERED NUMBER: 09026290)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 June 2022 10 3,290,393 3,290,403

Changes in equity
Dividends - (340,000 ) (340,000 )
Total comprehensive income - 406,131 406,131
Balance at 31 May 2023 10 3,356,524 3,356,534

Changes in equity
Dividends - (384,000 ) (384,000 )
Total comprehensive income - (600,921 ) (600,921 )
Balance at 31 May 2024 10 2,371,603 2,371,613

HAMILTON BARNES ASSOCIATES LIMITED (REGISTERED NUMBER: 09026290)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 June 2022 10 2,947,395 2,947,405

Changes in equity
Dividends - (340,000 ) (340,000 )
Total comprehensive income - (52,949 ) (52,949 )
Balance at 31 May 2023 10 2,554,446 2,554,456

Changes in equity
Dividends - (384,000 ) (384,000 )
Total comprehensive income - (623,093 ) (623,093 )
Balance at 31 May 2024 10 1,547,353 1,547,363

HAMILTON BARNES ASSOCIATES LIMITED (REGISTERED NUMBER: 09026290)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MAY 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (406,946 ) 693,273
Interest paid (8,926 ) (26,952 )
Tax paid (215,059 ) (289,783 )
Net cash from operating activities (630,931 ) 376,538

Cash flows from investing activities
Purchase of tangible fixed assets (47,486 ) (349,289 )
Disposal of subsidiary 44,092 -
Interest received 481 1
Net cash from investing activities (2,913 ) (349,288 )

Cash flows from financing activities
Loan repayments in year (103,008 ) (101,498 )
Equity dividends paid (384,000 ) (340,000 )
Net cash from financing activities (487,008 ) (441,498 )

Decrease in cash and cash equivalents (1,120,852 ) (414,248 )
Cash and cash equivalents at beginning of
year

2

1,837,290

2,251,538

Cash and cash equivalents at end of year 2 716,438 1,837,290

HAMILTON BARNES ASSOCIATES LIMITED (REGISTERED NUMBER: 09026290)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MAY 2024


1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
(Loss)/profit before taxation (662,030 ) 444,478
Depreciation charges 203,112 135,708
interest paid - 26,952
Finance costs 8,926 -
Finance income (481 ) (1 )
(450,473 ) 607,137
Increase in trade and other debtors (476,408 ) (768,811 )
Increase in trade and other creditors 519,935 854,947
Cash generated from operations (406,946 ) 693,273

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 May 2024
31/5/24 1/6/23
£    £   
Cash and cash equivalents 753,804 1,837,290
Bank overdrafts (37,366 ) -
716,438 1,837,290
Year ended 31 May 2023
31/5/23 1/6/22
£    £   
Cash and cash equivalents 1,837,290 2,251,538


HAMILTON BARNES ASSOCIATES LIMITED (REGISTERED NUMBER: 09026290)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MAY 2024


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/6/23 Cash flow At 31/5/24
£    £    £   
Net cash
Cash at bank 1,837,290 (1,083,486 ) 753,804
Bank overdrafts - (37,366 ) (37,366 )
1,837,290 (1,120,852 ) 716,438
Debt
Debts falling due within 1 year (108,503 ) 73,008 (35,495 )
Debts falling due after 1 year (62,500 ) 30,000 (32,500 )
(171,003 ) 103,008 (67,995 )
Total 1,666,287 (1,017,844 ) 648,443

HAMILTON BARNES ASSOCIATES LIMITED (REGISTERED NUMBER: 09026290)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024


1. STATUTORY INFORMATION

Hamilton Barnes Associates Limited is a private company, limited by shares, registered in England and Wales. The registered number is 09026290 and the registered office is 60 New Broad Street, London, EC2M 1JJ.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The presentation currency is the same as the functional currency which is £ sterling.

Basis of consolidation
The group financial statements consolidate the financial statements of the company and all of its subsidiaries for the year ended 31 May 2023. Any internal sales and profits are eliminated on consolidation.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance
Computer equipment - Straight line over 3 years

Financial instruments
The group has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include trade debtors, other debtors, amounts owed by group undertakings, amounts owed by related parties and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including trade creditors, other creditors, amounts owed to group undertakings, and amounts owed to related parties, that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Financial liabilities are derecognised when, and only when, the group's contractual obligations are discharged, cancelled, or they expire.


HAMILTON BARNES ASSOCIATES LIMITED (REGISTERED NUMBER: 09026290)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Non monetary assets, liabilities and transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

For the purpose of presenting consolidated financial statements, the assets and liabilities of the group's foreign operations are translated from their functional currency to Sterling (£) using the closing exchange rate. Income and expenses are translated using the average rate for the period, unless exchange rates fluctuated significantly during that period, in which case the exchange rates at the dates of the transactions are used.

Exchange differences arising on the translation of the group companies are recognised in other comprehensive income.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions payable for the year are charged in the profit and loss account.

Going concern
Based on the current trading and future expectations the directors consider that the Group has sufficient working capital to enable it to continue to trade and meet its liabilities as they fall due for a period of at least twelve months from the date of approval of the financial statements.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

HAMILTON BARNES ASSOCIATES LIMITED (REGISTERED NUMBER: 09026290)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Accrued expenses and deferred income

The company receives income in advance for service contracts and the income is apportioned over the period the company is liable to provide the service. As a result at the year end income is accrued for jobs which are part way through completion.

4. TURNOVER

The turnover and loss (2023 - profit) before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 17,324,380 17,853,506
United States of America 3,604,890 2,719,052
20,929,270 20,572,558

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 6,296,003 5,407,663
Social security costs 446,840 584,430
Other pension costs 95,814 155,526
6,838,657 6,147,619

The average number of employees during the year was as follows:
2024 2023

Employees 117 98
Directors 2 2
119 100

HAMILTON BARNES ASSOCIATES LIMITED (REGISTERED NUMBER: 09026290)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


5. EMPLOYEES AND DIRECTORS - continued

2024 2023
£    £   
Directors' remuneration 217,127 313,065
Directors' pension contributions to money purchase schemes 26,642 89,642

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 110,458 158,709
Pension contributions to money purchase schemes 13,321 44,821

6. OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 203,111 135,708
Foreign exchange differences 7,507 (14,934 )
Auditors' remuneration 13,000 18,000
Auditors' remuneration for non audit work 17,674 12,380

7. EXCEPTIONAL ITEMS
2024 2023
£    £   
Profit/loss on sale of operatn 310,603 -

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Corporation tax interest 8,926 -

9. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the loss for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax - (15,711 )

Deferred tax (32,308 ) 54,058
Tax on (loss)/profit (32,308 ) 38,347

HAMILTON BARNES ASSOCIATES LIMITED (REGISTERED NUMBER: 09026290)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


9. TAXATION - continued

Reconciliation of total tax (credit)/charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
(Loss)/profit before tax (662,030 ) 444,478
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
25 % (2023 - 19 %)

(165,508

)

84,451

Effects of:
Expenses not deductible for tax purposes 212,525 29,055
Income not taxable for tax purposes (77,651 ) (87,225 )
Capital allowances in excess of depreciation - (41,992 )
Depreciation in excess of capital allowances 30,634 -
Deferred tax (32,308 ) 54,058
Total tax (credit)/charge (32,308 ) 38,347

10. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


11. DIVIDENDS
2024 2023
£    £   
Interim 384,000 340,000

HAMILTON BARNES ASSOCIATES LIMITED (REGISTERED NUMBER: 09026290)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


12. TANGIBLE FIXED ASSETS

Group
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 June 2023 320,731 379,304 700,035
Additions - 47,486 47,486
Disposals (533 ) (16,482 ) (17,015 )
At 31 May 2024 320,198 410,308 730,506
DEPRECIATION
At 1 June 2023 54,617 174,178 228,795
Charge for year 51,876 151,235 203,111
Eliminated on disposal - (1,722 ) (1,722 )
At 31 May 2024 106,493 323,691 430,184
NET BOOK VALUE
At 31 May 2024 213,705 86,617 300,322
At 31 May 2023 266,114 205,126 471,240

Company
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 June 2023 306,494 312,241 618,735
Additions - 27,101 27,101
At 31 May 2024 306,494 339,342 645,836
DEPRECIATION
At 1 June 2023 54,233 148,464 202,697
Charge for year 38,557 111,080 149,637
At 31 May 2024 92,790 259,544 352,334
NET BOOK VALUE
At 31 May 2024 213,704 79,798 293,502
At 31 May 2023 252,261 163,777 416,038

HAMILTON BARNES ASSOCIATES LIMITED (REGISTERED NUMBER: 09026290)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


13. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 June 2023 895
Additions 21,699
Disposals (17 )
At 31 May 2024 22,577
NET BOOK VALUE
At 31 May 2024 22,577
At 31 May 2023 895

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Hamilton Barnes Inc
Registered office: 515 Congress Avenue, Austin, Texas, USA
Nature of business: Recruitment consultant
%
Class of shares: holding
Ordinary 100.00

On 8th March 2024, Hamilton Barnes Associates Limited disposed of 100% of its shareholding in Hamilton Barnes Associates SDN, BHD.

Hamilton Barnes Europe Limited
Registered office: Ormond Building, 31-36 Ormond Quay Upper, Dublin 7, DUBLIN, Ireland
Nature of business: Recruitment consultant
%
Class of shares: holding
Ordinary 100.00

On 19th October 2022, Hamilton Barnes Europe Limited was incorporated in Ireland, with Hamilton Barnes Associates Limited owning 100% of the issued share capital.


HAMILTON BARNES ASSOCIATES LIMITED (REGISTERED NUMBER: 09026290)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 2,160,870 2,192,580 1,871,148 1,908,536
Other debtors 212,449 425,027 202,016 413,145
Amounts owed by related parties 242,848 14,641 177,656 259,472
Directors' current accounts 81,571 - 81,571 -
Prepayments 1,277,288 866,370 1,171,311 866,370
3,975,026 3,498,618 3,503,702 3,447,523

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 17) 72,861 108,503 66,535 108,503
Trade creditors 1,007,132 253,809 904,046 198,144
Tax 8,478 223,537 27,530 223,537
Social security and other taxes 136,694 138,274 136,694 144,620
VAT 38,891 246,897 110,510 156,101
Other creditors 14,420 19,176 14,420 20,770
Accrued expenses 1,275,819 1,294,865 1,230,111 1,294,865
2,554,295 2,285,061 2,489,846 2,146,540

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 17) 32,500 62,500 32,500 62,500

HAMILTON BARNES ASSOCIATES LIMITED (REGISTERED NUMBER: 09026290)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


17. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts 37,366 - 36,535 -
Bank loans 35,495 108,503 30,000 108,503
72,861 108,503 66,535 108,503
Amounts falling due between one and two years:
Bank loans - 1-2 years 30,000 30,000 30,000 30,000
Amounts falling due between two and five years:
Bank loans - 2-5 years 2,500 32,500 2,500 32,500

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 557,379 557,379
Between one and five years 1,446,315 2,003,694
2,003,694 2,561,073

19. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax 70,744 103,053 70,744 103,053

Group
Deferred
tax
£   
Balance at 1 June 2023 103,053
Credit to Income Statement during year (32,309 )
Balance at 31 May 2024 70,744

HAMILTON BARNES ASSOCIATES LIMITED (REGISTERED NUMBER: 09026290)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


19. PROVISIONS FOR LIABILITIES - continued

Company
Deferred
tax
£   
Balance at 1 June 2023 103,053
Credit to Income Statement during year (32,309 )
Balance at 31 May 2024 70,744

The deferred tax for has been calculated at 25% (2023: 25%) as this the rate that is expected to apply to the reversal of the timing difference.

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
10 Ordinary shares £1 10 10

21. RESERVES

Group
Retained
earnings
£   

At 1 June 2023 3,356,524
Deficit for the year (629,722 )
Dividends (384,000 )
Gain on disposal of subsidiary 28,801
At 31 May 2024 2,371,603

Company
Retained
earnings
£   

At 1 June 2023 2,554,446
Deficit for the year (623,093 )
Dividends (384,000 )
At 31 May 2024 1,547,353


HAMILTON BARNES ASSOCIATES LIMITED (REGISTERED NUMBER: 09026290)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 May 2024 and 31 May 2023:

2024 2023
£    £   
N S Ellis-Barker
Balance outstanding at start of year - -
Amounts advanced 38,048 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 38,048 -

G Barnes
Balance outstanding at start of year - -
Amounts advanced 43,048 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 43,048 -

23. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

In addition, during the year Group companies entered into transactions with the following companies in which one or more of the directors had a material interest.

Hamilton Barnes Associates AB

Included as debtors falling due within one year is an amount of £7,763 (2023: £nil) in respect of the net amount outstanding. During the year the company recharged expenses to the value of £nil (2023: £7,763).

Hamilton Barnes Australia Pty Ltd

Included as debtors falling due within one year is an amount of £99,832 (2023: £6,878) in respect of the net amount outstanding. During the year the company recharged expenses to the value of £92,954 (2023: £6,878).

Hamilton Barnes Associates SDN. BHD.

Included as debtors falling due within one year is an amount of £130,715 in respect of the net amount outstanding.

Hamilton Barnes Associates Canada Inc.

Included as debtors falling due within one year is an amount of £4,538 in respect of the net amount outstanding. During the year the group recharged expenses to the value of £4,538 (2023: £nil).

HAMILTON BARNES ASSOCIATES LIMITED (REGISTERED NUMBER: 09026290)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


24. POST BALANCE SHEET EVENTS

Following the year end, the share capital of the group, was transferred to Hamilton Barnes Associates Holdings Limited