REGISTERED NUMBER: 07652159 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements For The Year Ended 31 December 2024

for

Cumming Management Group UK Ltd

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Statement of Comprehensive Income

9

Statement of Financial Position

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12

DIRECTORS:

D Hutchison

A Al Jajeh

REGISTERED OFFICE:

1 Fellmongers Path

Tower Bridge Road

London

SE1 3LY

REGISTERED NUMBER:

07652159 (England and Wales)

INDEPENDENT AUDITORS:

Robb Ferguson

Chartered Accountants & Statutory Auditors

Regent Court

70 West Regent Street

Glasgow

G2 2QZ

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

REVIEW OF BUSINESS

The Directors are satisfied with the Company's performance and the results reported for the year. Revenues increased year on year but an increase in costs as we gear up for growth saw an erosion in the percentage rate of net profit margin. The Company is a wholly owned subsidiary of Cumming Europe Limited which in turn is a wholly owned subsidiary of the Cumming Management Group - an international project and cost management firm operating out of the US.

The Cumming Group has clients of all sizes in a wide range of diverse sectors that the Company is able to tap into and a wealth of expertise and resource. Together with the other UK subsidiaries, Cumming Management Group UK Limited continues to see the benefits of being part of the Cumming Group and is able to continue to provide a solutions-oriented suite of services to new and existing clients.

PRINCIPAL RISKS AND UNCERTAINTIES

The process of risk acceptance and risk management is addressed through internal controls and policies discussed and adopted through Board approval and ongoing review by management. The Board is responsible for satisfying itself that adequate internal controls are in place to manage financial risks and that controls operate effectively. The Board identify the risks that each business activity, and the Company as a whole, is exposed to and their impact on business performance. This Board decision making process takes places through formal meetings and is risk based, focusing on ensuring we have the financial strength and capital adequacy to support the growth of the business. Primarily the business is exposed to the following risks and uncertainties:

Economic Conditions

Revenue is highly sensitive to the economic conditions of the property sector and due to the wide nature of sectors in which our clients operate, our financial success is directly relatable to the general economic climate.

People

One of the principal risks to our business arises from people management. We operate in a sector that has a highly competitive and financially motivated workforce. We look to incentivise the team through competitive financial packages and motivational structures, offering experience opportunities as well as financial reward on apar if not better than competition. There is a constant and continued effort to manage employment costs and issues in order to reduce the impact of an adverse effect on business performance.

Brand and reputation

Our brand and reputation in the market presents opportunity for the business. Erosion of the brand, through either a single event, or series of events, may adversely impact our relationship and influence with clients and ultimately affect our future revenue and profitability. The management team regularly monitors client satisfaction by engaging with clients on project progress in order to mitigate the risk.

Market and competition

The market in which we operate is highly competitive. We face direct competition from businesses of a similar size as well as larger players in the market. Some competitors have differing cost structures which offers a variant pricing strategy that we need to be mindful of. We continue to address this risk by reviewing fee structures on an ongoing basis.

FINANCIAL KEY PERFORMANCE INDICATORS

The Board monitors the activities and performance of the Company on a regular basis. The Board uses both financial and non-financial indicators based on a rolling forecast, budget versus actual and prior years to assess the performance of the Company. The financial indicators set out below were used during the period ended 31 December 2024 and will continue to be used by the Board to assess performance over the year to 31 December 2025.

Despite the strained economic conditions revenue increased, on an annualised basis, however profitability was impacted due to pressure on costs. This impact on profit resulted in a decrease in operating margins (9.3% for the year down from 13.4% in the prior year). The Company's cash position continues to be strong. Cashflow and the components of working capital are continuously monitored by the Company. Debtors are monitored continually and debtor days, annualised at the balance sheet date stand at 73 days, up 1 day on the prior year position. The company manages its cash flow effectively with weekly forecasts.

.

ON BEHALF OF THE BOARD:

A A Jajeh - Director

26 August 2025

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

DIVIDENDS

Interim dividends per share were paid as follows:

Ordinary shares £0.01 shares

£11.18054

-

A Ordinary shares £0.01 shares

£2.82498

-

The directors recommend that no final dividends be paid.

The total distribution of dividends for the year ended 31 December 2024 will be £ 1,083,888 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

D Hutchison

A Al Jajeh

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the 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 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 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 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.

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 company'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 company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

A A Jajeh - Director

26 August 2025

Opinion

We have audited the financial statements of Cumming Management Group UK Ltd (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 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 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 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 Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- We identified the laws and regulations applicable to the company through discussions with directors and other

management, and from our wider knowledge and experience;

- We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006 and FRS 102.

- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of

management and inspecting legal correspondence; and

- Identified laws and regulations were communicated within the audit team regularly and the team remained alert to

instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations

Audit response to risks identified

To address the risk of fraud through management bias and override of controls, we:

- Performed analytical procedures to identify any unusual or unexpected relationships;

- Tested journal entries to identify unusual transactions;

- Assessed whether judgements and assumptions made in determining the accounting estimates set out were indicative of potential bias; and

- Investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- Agreeing financial statement disclosures to underlying supporting documentation;

- Reading the minutes of meetings of those charged with governance;

- Enquiring of management as to actual and potential litigation and claims; and

- Requesting correspondence with HMRC, Companies House and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

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.

Janice Alexander (Senior Statutory Auditor)

for and on behalf of Robb Ferguson

Chartered Accountants & Statutory Auditors

Regent Court

70 West Regent Street

Glasgow

G2 2QZ

27 August 2025

TURNOVER

3

18,239,324

16,570,267

Cost of sales

9,189,852

7,347,219

GROSS PROFIT

9,049,472

9,223,048

Administrative expenses

7,348,447

7,003,701

OPERATING PROFIT and

PROFIT BEFORE TAXATION

1,701,025

2,219,347

Tax on profit

6

574,738

572,075

PROFIT FOR THE FINANCIAL YEAR

1,126,287

1,647,272

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,126,287

1,647,272

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

164,363

289,725

164,363

289,725

CURRENT ASSETS

Debtors

11

5,474,963

4,549,724

Cash at bank

1,069,647

328,724

6,544,610

4,878,448

CREDITORS

Amounts falling due within one year

12

3,379,247

1,922,281

NET CURRENT ASSETS

3,165,363

2,956,167

TOTAL ASSETS LESS CURRENT LIABILITIES

3,329,726

3,245,892

CREDITORS

Amounts falling due after more than one year

13

(41,435

)

-

PROVISIONS FOR LIABILITIES

16

(76,342

)

(76,342

)

NET ASSETS

3,211,949

3,169,550

CAPITAL AND RESERVES

Called up share capital

17

1,005

1,005

Share premium

18

146,467

146,467

Retained earnings

18

3,064,477

3,022,078

SHAREHOLDERS' FUNDS

3,211,949

3,169,550

The financial statements were approved by the Board of Directors and authorised for issue on 26 August 2025 and were signed on its behalf by:

A A Jajeh - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 January 2023

1,005

3,022,079

146,467

3,169,551

Changes in equity

Dividends

-

(1,647,273

)

-

(1,647,273

)

Total comprehensive income

-

1,647,272

-

1,647,272

Balance at 31 December 2023

1,005

3,022,078

146,467

3,169,550

Changes in equity

Dividends

-

(1,083,888

)

-

(1,083,888

)

Total comprehensive income

-

1,126,287

-

1,126,287

Balance at 31 December 2024

1,005

3,064,477

146,467

3,211,949

1.	STATUTORY INFORMATION

Cumming Management Group UK Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Related party exemption

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.

Revenue

Revenue is recognised to the extent that is probable that the economic benefits will flow to the Company and the revenue can 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.

Rendering Services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the Company will received the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and

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

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of three years.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Tangible fixed assets

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

Leasehold improvements

-

20% on cost

Office equipment

-

20% on cost

Fixtures and fittings

-

20% on cost

Computer equipment

-

33.33% on cost and 20% on cost

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.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

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 profit or loss.

Financial instruments

The Company has chosen to adopt Section 11 of FRS 102 in respect of financial instruments. The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other accounts receivable and payable and amounts owed to related parties.

i) Financial assets

Basic financial assets, represented by trade debtors, cash and bank balances and other debtors, are initially recognised at transaction price and unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

ii) Financial liabilities

Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price, unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position.The assets of the plan are held separately from the Company in independently administered funds.

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty or notice.

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non- monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

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

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

Dividends

Dividends to the Company's shareholders are recognised as a liability in the financial statements in the period in which the dividends are approved by the Company's shareholders. These amounts are recognised in the statement of changes in equity.

Share based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each Statement of Financial Position date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.

The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).

Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.

Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Government grants

Grants are accounted under the accruals model as permitted by FRS 102.

Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

Employee benefits

The Company provides a range of benefits to employees, including annual bonus arrangements and paid holiday arrangements.

Short term benefits including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Provision for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Statement of comprehensive income in the year that the Company becomes aware of the obligation, and are measured al the best estimate at the date Statement of Financial Position of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Statement of Financial Position date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the Statement of Financial Position date.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business for the year ended 31 December 2023 is given below:

£

Consulting income

16,415,967

Rechargeable expenses

154,300

16,570,267

This analysis is not considered to be applicable to the year ended 31 December 2024.

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

8,609,882

6,845,349

Social security costs

1,021,211

947,467

Other pension costs

283,299

258,996

9,914,392

8,051,812

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

2024

2023

Directors

-

3

Professional

98

90

Support

9

9

107

102

2024

2023

£

£

Directors' remuneration

-

-

The highest paid director in the period to 31 December 2024 received remuneration of £nil (2023: £nil)

The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director in the period to 31 December 2024 amounted to £nil (2023: £nil)

Key management personnel compensation in the period to 31 December 2024 totalled £68,333 (2023: £575,000).

In the current year 396 (2023: 1,310) share options were issued to 7 (2023: 22 employees). The related remuneration cost of £118,305 (2023: £133,537) is included in the accounts.

5.	OPERATING PROFIT

The operating profit is stated after charging:

2024

2023

£

£

Depreciation - owned assets

164,592

168,130

Auditors' remuneration

60,000

30,000

Foreign exchange differences

198

598

Other operating lease rentals

476,398

448,427

Defined contribution pension cost

283,299

258,996

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2024

2023

£

£

Current tax:

UK corporation tax

574,738

572,075

Tax on profit

574,738

572,075

UK corporation tax has been charged at 25% (2023 - 23.50%).

Reconciliation of total tax 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

£

£

Profit before tax

1,701,025

2,219,347

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.500%)

425,256

521,547

Effects of:

Adjustments to tax charge in respect of previous periods

43,403

-

Permanent differences

70,744

40,712

Timing differences

35,335

9,816

Total tax charge

574,738

572,075

7.

DIVIDENDS

2024

2023

£

£

Ordinary shares shares of £0.01 each

Interim

1,070,475

800,000

A Ordinary shares shares of £0.01 each

Interim

13,413

847,273

1,083,888

1,647,273

8.	PRIOR PERIOD RESTATEMENT

During the year, several costs were reallocated to cost of sales. The prior year has been restated to reflect these changes and results in the below impact upon the Statement of Comprehensive Income:

Cost of sales

£6,736,732

Administrative expenses

(£6,736,732

)

9.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 1 January 2024

and 31 December 2024

107,685

AMORTISATION

At 1 January 2024

and 31 December 2024

107,685

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-

10.	TANGIBLE FIXED ASSETS

Fixtures

Leasehold

Office

and

Computer

improvements

equipment

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 January 2024

1,138,359

23,401

192,079

625,115

1,978,954

Additions

16,843

7,072

14,216

1,099

39,230

At 31 December 2024

1,155,202

30,473

206,295

626,214

2,018,184

DEPRECIATION

At 1 January 2024

1,030,556

20,360

131,068

507,245

1,689,229

Charge for year

70,934

2,463

18,267

72,928

164,592

At 31 December 2024

1,101,490

22,823

149,335

580,173

1,853,821

NET BOOK VALUE

At 31 December 2024

53,712

7,650

56,960

46,041

164,363

At 31 December 2023

107,803

3,041

61,011

117,870

289,725

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

4,359,956

3,920,483

Tax

-

38,554

Prepayments and accrued income

1,115,007

590,687

5,474,963

4,549,724