Company registration number 02057887 (England and Wales)
TASCOR SERVICES LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
TASCOR SERVICES LIMITED
COMPANY INFORMATION
Directors
T A Leahy
Capita Corporate Director Limited
M Moxen
(Appointed 7 August 2025)
Secretary
Capita Group Secretary Limited
Company number
02057887
Registered office
First Floor
2 Kingdom Street
Paddington
London
England
W2 6BD
Banker
Barclays Bank PLC
1 Churchill Place
London
United Kingdom
E14 5HP
TASCOR SERVICES LIMITED
CONTENTS
Page
Strategic report
1 - 7
Directors' report
8 - 9
Income statement
10
Balance sheet
11 - 12
Statement of changes in equity
13
Notes to the financial statements
14 - 30
TASCOR SERVICES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

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

Tascor Services Limited ('the Company') is a wholly owned subsidiary (indirectly held) of Capita plc. Capita plc, along with all its subsidiaries' is hereafter referred to as 'the Group'. The Company operates within the Public Services division of the Group.

Principal activities

The principal activity of the Company continued to be that of the provision of business process outsourcing services to the criminal justice sector. There have not been any significant changes in the Company's principal activities in the year under review. The Directors are not aware, at the date of this report, of any likely major changes in the Company's activities in the next year.

Review of the business

As shown in Company's income statement on page 10, revenue has marginally decreased from £12,281,499 in 2023 to £12,121,266 in 2024. On the contrary, Company's operating profit has increased from £107,267 in 2023 to £1,461,400 in 2024. The operating profit was lower in 2023 mainly on account of higher allowance for doubtful debts.

The balance sheet on pages 11 to 12 of the financial statements shows the financial position at the year end. Net liabilities have decreased from £1,115,516 in 2023 to £59,164 in 2024 on account of profit generated during the year.

Details of the amounts owed by/to its parent company and fellow subsidiary companies are shown in notes 8 and 10 to the financial statements.

Key financial performance indicators used by the Group are adjusted revenue, adjusted operating profit, adjusted operating margin, adjusted basic/diluted earnings per share, free cash flow excluding business exits, and gearing ratios. Capita plc and its subsidiaries manage their operations on an operating segment or divisional basis or at Group level and as a consequence, some of these indicators are monitored only at an operating segment, division or Group level. The performance of the Capita Public Service division of the Group is discussed in the Group's annual report which does not form part of this report.

TASCOR SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Principal risks and uncertainties

The Company is exposed to a wide range of risks that, should they materialise, could have a detrimental impact on financial performance, reputation or operational resilience. The Company’s risk management framework provides a consistent approach to the identification, assessment, monitoring and reporting of risks and opportunities. The risk management process is based on risk registers and risk reporting at the established risk governance committees. Key risks are documented in the risk registers and have assigned risk owners who review them regularly, and report on them on at least a half-yearly basis at divisional and functional risk governance committees, Executive risk and Ethics Committee and Audit and Risk Committee. The effectiveness of existing controls is evaluated to determine whether any further mitigating actions are needed to manage the risk level to within the risk appetite set by the Board.

The principal risks for the Company are:

Profitable growth

Attract new clients and retain existing clients on appropriate commercial terms.

Contract performance

Deliver services to clients in line with contractual and legal obligations.

Innovation

Innovate and develop new customer value propositions with speed and agility.

People attraction and retention

Attract, develop, engage and retain the right talent.

Financial stability and resilience

Our ability to maintain financial resilience and achieve financial targets.

Cyber security

Protect our systems, networks and programs from unauthorised use and access.

Environment, Social and Governance

Comply with regulatory and contractual requirements to drive a purpose driven organisation with the right focus on governance.

Safety and Health

Protect the safety, health and duty of care of all Capita’s employees, the people we work with and those affected by our acts and omissions.

Data governance and data privacy

Manage our data effectively (both clients and Capita) as a strategic asset across the organisation.

As a subsidiary of Capita plc, the Company is subject to controls and risk governance techniques applied across all the Group's businesses. Details of the specific risk assessments and mitigating actions are outlined on pages 70-74 of the Group's 2024 Annual Report.

TASCOR SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Section 172 statement

Capita plc’s section 172 statement applies to its Divisions and the Company to the extent it relates to the Company’s activities. Common policies and practices are applied across the Group through divisional management teams and a common governance framework. The following disclosure describes how the Directors have regard to the matters set out in section 172(1)(a) to (f) and forms the Directors’ statement as required under section 414CZA of the Companies Act 2006.

Further details of the Group’s approach to each stakeholder are provided in Capita plc’s section 172 statement on pages 48-52 of Capita plc’s 2024 Annual Report.

Our People

Why they are important

They deliver our business strategy; they support the organisation to build a values-based culture; and they deliver our products and services ensuring client satisfaction.

What matters to them

Flexible working; learning and development opportunities leading to career progression; fair pay and benefits as a reward for performance; and two-way communication and feedback.

How we engaged

- People surveys

- Regular all-employee communications

- Via Nneka Abulokwe, our designated non-executive director for colleague engagement who has visited businesses in the UK and South Africa

- Employee focus groups and network groups

- Workforce engagement on remuneration

Topics of engagement

- Creating an inclusive workplace

- Health and wellbeing

- Speak Up policy

- Directors’ remuneration and pay at Capita

- Acting on survey feedback

- The career path framework

- Our cultural programme

- Annual salary review

Outcomes and actions

The 2024 Capita group employee survey showed a decrease in the eNPS compared with 2023. Although disappointing, we recognise that this reflected the difficult decisions that the Group had to make during the year to ensure the long-terms sustainability and success of the Group, including the decision not to remain as a real living wage employer. The Capita Group Survey feedback was positive in relation to manager support and belonging with 80% of respondents stating that their manager helps them to succeed while 60% of respondents feel a sense of belonging at Capita.

We are developing and delivering a range of action plans, including ensuring our leaders feel confidence in, and ownership of Capita’s strategy, plans and successes, developing inclusive opportunities for internal career mobility.

We have mobilised a multi-year programme to rally, reset and embed our culture engaging over 250 Culture Accelerators globally to drive the change. Focused on bringing together our senior leadership team through the launch of our Leadership Playbook, mandating Management & Leadership development, refreshing our values to launch in Q2 2025 and creation of an employee playbook.

In October 2024, Capita was recognised by Forbes, as being one of the top companies for women for the second consecutive year, ranking at number 36 out of 400 global companies on the prestigious list.

TASCOR SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
Section 172 statement (continued)

Our 2024 gender pay gap figures showed improvement compared to 2023, resulting in a median of 14.91% (0.49% down from 15.40%) and a mean of 18.40% (0.39% down from 18.79%). Since we started reporting in 2017, we have reduced our gender pay gap by 10.39%, from 25.30% to 14.91%.

Moving Ahead, Capita’s mentoring programme, offers cross-company mentoring which aims to build a pipeline for talented individuals from under-represented backgrounds within the workplace. Capita was awarded ‘Most Dynamic Mentoring Organisation’ in 2023 and 2024 at the Inspired by Mentoring Awards in recognition of our commitment to mentoring.

We continued to promote our Speak Up policy throughout the organisation.

Risks to stakeholder relationship

- Our ability to retain and develop people, impacting our quality of service and our financial performance

- Our ability to evolve our culture and practices in line with our responsible business agenda

Key metrics

Voluntary attrition, employee NPS, employee engagement Index and people survey completion level.

Clients and customers

Why they are important

They are recipients of Capita’s services; and Capita’s reputation depends on consistent and timely delivery of the services they need from us.

What matters to them

High-quality service delivery; delivery of transformation projects within agreed timeframes; and responsible and sustainable business credentials.

How we engaged

- Client meetings and surveys

- Regular meetings with government stakeholders and annual review with the Cabinet Office

- Through our customer advisory boards

- Through our senior client partner programme giving an experienced single point of contact for key clients and customers

- Introductory meetings and correspondence with the new CEO, and ongoing meetings with Divisional CEO, Public Service and Experience

Topics of engagement

- Current service delivery, continuous improvement initiatives and operational excellence

- Transition and mobilisation of services

- Capita’s digital and Gen AI transformation capabilities, such as agent suite and Capita contact

- Possible future services, market and client needs

- Co-creation of client value propositions in collaboration with our hyperscaler partners, AWS, Salesforce, Microsoft and Service Now

- Ongoing benefits of hybrid working, near and off-shore capabilities on client services

Outcomes and actions

Feedback provided to business units to address any issues raised; client value proposition teams supporting divisions with co-creation ideas; direct customer and sector feedback; and senior client partner programme undertaking client-focused growth sprints and account plans to build understanding of client issues and ideas to help address them.

Risks to stakeholder relationship

- Loss of business by not providing the services that our clients and customers want

- Damage to reputation by not delivering to the requirements of our clients and customers

- Loss of customers for our clients.

TASCOR SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
Section 172 statement (continued)

Key metrics

Customer NPS; specific feedback on client engagements.

Suppliers and Partners

Why they are important

At Capita, our suppliers and partners including leading hyperscalers, play a pivotal role in delivering our purpose. By collaborating with organisations that share our values, we maintain high standards, ensure operational excellence, and achieve outcomes aligned with our social, economic, and environmental commitments. Our partnerships, particularly with hyperscalers including AWS, Microsoft, and ServiceNow, enhance our ability to innovate and deliver cutting-edge digital solutions. We will continually review our supply base to ensure it delivers better outcomes for customers while addressing the need to reduce supply chain complexity and improve service quality.

What matters to them

- Transparent and fair procurement processes

- Collaboration on joint initiatives that drive innovation and foster long-term partnerships

- Reliable and timely payment terms

- Shared commitment to sustainability, resilience, and compliance with Science-Based Targets (SBTs) backed approach to net zero

- Provision of a safe working environment for anyone affected by Capita businesses while upholding the highest standards of ethical conduct in all endeavours

- Partnering with diverse suppliers that bring innovation, disruptive technologies and positively impact local communities

- Maintaining availability, integrity and confidentiality of our business relationships and the systems that support them, remaining resilient through periods of disruption

How we engaged

- Strategic collaboration with hyperscalers: including regular engagement with AWS, Microsoft and ServiceNow focused on co-creating solutions for Capita’s clients, integrating advanced AI and cloud capabilities into our offerings

- Innovation forums: by conducting joint workshops with hyperscalers to align on product roadmaps and explore new technologies that enhance the customer experience

- Performance reviews: by ongoing performance assessments to ensure value delivery and alignment with Capita’s strategic goals

- Sustainability partnerships: collaborating with hyperscalers to assess and mitigate the environmental impact of cloud-based operations, contributing to the reduction of Capita’s Scope 3 carbon footprint

- Engagement reviews: regular supplier meetings, ensuring openness throughout the source to procure process complete with in-life feedback questionnaires and risk assessments

Topics of engagement

- New technology and GenAI offerings suitable for both Capita and Capita-customer use

- Supplier payments

- Sourcing requirements and bid opportunities

- Supplier performance monitoring

- Supplier charter commitments

- Partnering opportunities

- Joint development of AI powered customer service tools

- Deployment of cloud-native platforms to modernise public and private sector operations

- Commitment to sustainability, including carbon footprint transparency and initiatives to meet net zero goals

- Enhancing cybersecurity standards across partner ecosystems to safeguard stakeholders

Outcomes and actions

Our supplier charter, which is available on our website, remains at the core of strengthening our commitments and

sets out how we conduct business in an open, honest and transparent manner, and what we expect of our suppliers. We want to work with suppliers and supply chain partners that share our values and help us deliver our purpose, to create better outcomes. This includes the provision of safe working conditions, treating workers with dignity and respect, acting ethically and being environmentally responsible.

TASCOR SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
Section 172 statement (continued)

As part of our commitments as a responsible business, Capita manages and monitors a variety of supply chain related metrics including sustainability, spend with SMEs, VCSE’s and diverse-owned businesses and modern slavery risk.

To understand Capita’s Scope 3 carbon footprint, a supplier engagement programme was also undertaken with suppliers accounting for £1bn annual spend (over 50% of the supply chain by spend) to ask them to disclose their carbon emissions to CDP.

Risks to stakeholder relationship

- Evolving regulatory and environmental requirements

- Maintaining shared commitments to transparency and sustainability

- Maintaining resilience in the supply chain and partner ecosystems

Key metrics

90% of supplier payments within agreed terms; SME spend allocation; and supplier diversity profile.

Society

Why they are important

Capita is a provider of key services to government impacting a large proportion of the population.

What matters to them

Social mobility; youth skills and jobs; digital inclusion; diversity and inclusion; climate change; business ethics; accreditations and benchmarking; and cost of living crisis.

How we engaged

- Membership of non-governmental organisations

- Charitable and community partnerships

- External accreditations and benchmarking

- Working with clients, suppliers and the Cabinet Office

Topics of engagement

- Youth employment

- Workplace inequalities

- Diversity & inclusion

- Climate change

- Community engagement

Outcomes and actions

Youth and employability programme such as Social Shifters; ranked 36 on the Forbes Global list of top employers for women; our pay gap has improved by 10.39% since we began reporting, awarded Employer’s Network for Equality and Inclusion, achieved a silver Tidemark, Armed Forces Covenant Gold Employer Recognition Award and an A CDP (Carbon Disclosure Project) score as a bronze medal by EcoVadis for Capita plc.

TASCOR SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -

Section 172 Statement (Continued)

Risks to stakeholder relationship

- Lack of understanding of the issues important to them

- Insufficient communication or involvement in shaping and influencing strategies and plans

Key metrics

Community investment, workforce diversity and ethnicity data, including pay gaps, external indices performance such as EcoVadis.

On behalf of the board

M Moxen
Director
12 September 2025
TASCOR SERVICES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -

The Directors present their Directors' Report and Financial statements for the year ended 31 December 2024.

Results and dividends

The results for the year are set out on page 10.

No dividends were paid or proposed during the year (2023: £nil).

Directors

The Directors, who held office during the year and up to the date of signature of the financial statements were as follows:

M Coles
(Resigned 30 April 2024)
T A Leahy
Capita Corporate Director Limited
H D Lodhia
(Appointed 12 June 2024 and resigned 25 July 2025)
M Moxen
(Appointed 7 August 2025)
Political donations

The Company made no political donations and incurred no political expenditure during the year (2023: £nil).

Employees

Details of number of employees and related costs can be found in note 15 to the financial statements.

Environment

The Company recognises the importance of its environmental responsibilities, monitors its impact on the environment, and designs and implements policies to reduce any damage that might be caused by the it’s activities. The Company operates in accordance with Group policies, which are described in the Group’s 2024 annual report that does not form part of this report. Initiatives designed to minimise the Company’s impact on the environment include safe disposal of waste, recycling and reducing energy consumption.

TASCOR SERVICES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
Statement of Directors' responsibilities

The Directors are responsible for preparing the Strategic report, the Directors’ 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 they have elected to prepare the financial statements in accordance with United Kingdom ('UK') accounting standards and applicable law (UK Generally Accepted Accounting Practice), including FRS 101 Reduced Disclosure Framework.

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 its profit or loss 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 estimates that are reasonable and prudent;

- state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- assess the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and use the going concern basis of accounting unless they either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

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 responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Company and to prevent and detect fraud and other irregularities.

The Directors of the Company are not aware of any circumstance in which the principal activity of the Company would cease or change.

Qualifying third party indemnity provisions

The Company has granted an indemnity to the directors of the Company against liability in respect of proceedings brought by third parties, subject to the conditions set out in the Companies Act 2006. Such qualifying third-party indemnity provisions remains in force as at the date of approving the directors' report.

Strategic report

In accordance with S414C(11) of the Companies Act, the Company has set out certain information in its Strategic report that is otherwise required to be disclosed in the Directors' report. This includes information regarding results and activities and a description of the principle risks and uncertainties facing the Company.

On behalf of the board
M Moxen
Director
12 September 2025
TASCOR SERVICES LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
2024
2023
Notes
£
£
Revenue
3
12,121,266
12,281,499
Cost of sales
(9,199,378)
(10,112,908)
Gross profit
2,921,888
2,168,591
Administrative expenses
(1,460,488)
(1,122,250)
Impairment losses
5
-
(939,074)
Operating profit
4
1,461,400
107,267
Net finance cost
6
(52,753)
(102,732)
Profit before tax
1,408,647
4,535
Income tax (charge)/credit
7
(352,295)
35,396
Profit and total comprehensive income for the year
1,056,352
39,931

The income statement has been prepared on the basis that all operations are continuing operations.

The notes and information on pages 14 to 30 form an integral part of these financial statements.

TASCOR SERVICES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 11 -
2024
2023
Notes
£
£
Non-current assets
Deferred tax assets
7
939,251
939,185
939,251
939,185
Current assets
Trade and other receivables
8
2,043,361
1,933,512
Cash and cash equivalents
-
0
531,044
Income tax receivable
-
0
333,889
2,043,361
2,798,445
Total assets
2,982,612
3,737,630
Current liabilities
Trade and other payables
10
2,256,418
4,070,235
Deferred income
12
610,976
529,034
Financial liabilities
9
9,195
-
0
Provisions
11
146,716
253,877
Income tax payable
18,471
-
0
Total liabilities
3,041,776
4,853,146
Net liabilities
(59,164)
(1,115,516)
TASCOR SERVICES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
2024
2023
Notes
£
£
- 12 -
Capital and reserves
Issued share capital
13
1
1
Retained deficit
(59,165)
(1,115,517)
Total deficit
(59,164)
(1,115,516)

The notes and information on pages 14 to 30 form an integral part of these financial statements.

For the financial year ended 31 December 2024, the company was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements were approved by the board of directors and authorised for issue on
12 September 2025
12 September 2025
and are signed on its behalf by:
M Moxen
Director
Company registration number 02057887 (England and Wales)
TASCOR SERVICES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
Share capital
Retained deficit
Total deficit
£
£
£
At 1 January 2023
1
(1,155,448)
(1,155,447)
Profit for the year
-
39,931
39,931
At 31 December 2023
1
(1,115,517)
(1,115,516)
Profit for the year
-
1,056,352
1,056,352
At 31 December 2024
1
(59,165)
(59,164)
Share capital

The balance classified as share capital is the nominal proceeds on issue of the Company's equity share capital, comprising 1 ordinary share of £1.

Retained deficit

Represents the accumulated losses of the company.

The notes and information on pages 14 to 30 form an integral part of these financial statements.

TASCOR SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
1
Accounting policies
1.1
Basis of preparation

Tascor Services Limited is a private company limited by shares incorporated in England and Wales.

The financial statements have been prepared under the historical cost basis except where stated otherwise and in accordance with applicable accounting standards.

In determining the appropriate basis of preparation for the annual report and financial statements for the year ended 31 December 2024, the Company’s Directors ('the Directors') are required to consider whether the Company can continue in operational existence for the foreseeable future. The Directors have concluded that it is appropriate to adopt the going concern basis, having undertaken a rigorous assessment as set out below.

Accounting standards require that ‘the foreseeable future’ for going concern assessment covers a period of at least twelve months from the date of approval of these financial statements, although those standards do not specify how far beyond twelve months the Directors should consider. In their going concern assessment, the Directors have considered the period from the date of approval of these financial statements to 31 December 2026 (‘the going concern period’) and which aligns to the period considered by the Directors of the ultimate parent company, Capita plc.

Directors' assessment

The financial forecasts used for the going concern assessment are derived from financial projections for 2025-2026 for the Company which have been subject to review and challenge by management and the Directors. The Directors have approved the projections.

Inter-dependency with other entities in the group headed by Capita plc (‘the Group’)

The Directors' assessment of going concern has considered the extent to which the Company’s ability to remain a going concern is inter-dependent with that of the Group. The Company has dependency with the Group in respect of the following:

- provision of certain services, such as administrative support and should the Group be unable to deliver these services, the Company would have difficulty in continuing to trade;

- participation in the Group’s notional cash pooling arrangements, of which £6,73,549 was held at 31 August, 2025. In the event of the cash being required elsewhere in the Group, the Company may not be able to draw down further amounts under the cash pooling arrangement;

- additional funding that may be required if the Company suffers potential future losses; and

- revenue from other Group entities and key contracts that may be terminated in the event of a default by the Group.

Despite the Company being in a net liability and net current liability position, the ultimate parent company, Capita plc, has stated that it will provide continuing financial support as necessary and to the extent it is able to do so during the going concern assessment period.

The Company’s financial projections are dependent on the Group providing additional financial support over the period the going concern period. Capita plc has indicated its intention to provide financial support to the Company in order to meet its liabilities as and when they fall due in the going concern assessment period.

TASCOR SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -

Basis of preparation (continued)

As with any Company placing reliance on other group entities for financial support, the Directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so.

Given the reliance the Company has on the Group, the Directors have considered the financial position of the ultimate parent company as disclosed in its most recent condensed consolidated financial statements, being for the six months ended 30 June 2025.

Ultimate parent company – Capita plc

The Capita plc Board (‘the Board’) concluded that it was appropriate to adopt the going concern basis, having undertaken a rigorous assessment of the financial forecasts, key uncertainties, sensitivities, and mitigations when preparing the Group’s condensed consolidated financial statements at 30 June 2025. These condensed consolidated financial statements were approved by the Board on 4 August 2025 and are available on the Group’s website (www.capita.com/investors). Below is a summary of the position at 4 August 2025:

Accounting standards require that ‘the foreseeable future’ for going concern assessment covers a period of at least twelve months from the date of approval of the condensed consolidated financial statements, although those standards do not specify how far beyond twelve months a Board should consider. In its going concern assessment, the Board has considered the period from the date of approval of the condensed consolidated financial statements to 30 June 2026, which aligns with a period end and covenant test date for the Group.

The base case financial forecasts used in the Group going concern assessment are derived from the 2025-2026 business plan as approved by the Board in June 2025.

Under the base case scenario, the Group forecasts growth in revenue, profit and cash flow over the medium term. When combined with available committed facilities, this allows the Group to manage scheduled debt repayments. The most material sensitivities to the base case are the risk of not delivering the planned revenue growth and further efficiency savings being delayed or not delivered in accordance with the Group's previously announced cost reduction programme.

The base case projections used for going concern assessment purposes reflect business disposals completed up to the date of approval of the condensed consolidated financial statements. The liquidity headroom assessment in the base case projections reflects the Group’s existing committed financing facilities and debt redemptions and does not reflect any potential future refinancing. The base case financial forecasts demonstrate liquidity headroom and compliance with all debt covenant measures throughout the going concern period to 31 December 2026.

In considering severe but plausible downside scenarios, the Board has taken account of the potential adverse financial impacts resulting from the following risks:

- revenue growth falling materially short of plan;

- operating profit margin expansion not being achieved;

- targeted cost savings delayed or not delivered;

- unforeseen operational issues leading to contract losses and cash outflows;

- sustained interest rates at current level;

- non-availability of the Group’s non-recourse trade receivables financing facility; and

- unexpected financial costs linked to incidents such as data breaches and/or cyber attacks.

TASCOR SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -

Basis of preparation (continued)

The likelihood of simultaneous crystallisation of the above risks is considered by the Board to be low. Nevertheless, in the event that simultaneous crystallisation were to occur, the Group would need to take action to ensure there is sufficient liquidity. In its assessment of going concern, the Board has considered the mitigations, under the direct control of the Group, that could be implemented including, but not limited to, reductions or delays in capital investment, and substantially reducing (or removing in full) bonus and incentive payments. Taking these considerations into account, the Group’s financial forecasts, in a severe but plausible downside scenario, demonstrate sufficient liquidity headroom and compliance with all debt covenant measures throughout the going concern period to 31 December 2026.

Adoption of going concern basis in the Group financial statements:

Reflecting the forecasts, coupled with the Board’s ability to implement appropriate mitigations should the severe but plausible downside materialise, the Group continued to adopt the going concern basis in preparing the condensed consolidated financial statements. The Board has concluded that the Group will be able to continue in operation and meet its liabilities as they fall due over the period to 31 December 2026.

Conclusion

Although the Company has a reliance on the Group as detailed above, based on their enquiries with the Group's Directors and the Company's forecasts, even in a severe but plausible downside, the Directors are confident the Company will continue to have adequate financial resources to continue in operation and discharge its liabilities as they fall due over the period to 31 December 2026. Consequently, the financial statements have been prepared on the going concern basis.

TASCOR SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.2
Compliance with accounting standards

The Company has applied FRS101 – Reduced Disclosure Framework in the preparation of its financial statements.

The Company has prepared and presented these financial statements by applying the recognition, measurement and disclosure requirements of international accounting standards in conformity with the requirements of the Companies Act 2006 .

The Company's ultimate parent company, Capita plc, includes the Company in its consolidated statements. The consolidated financial statements are prepared in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006 and with UK-adopted International Financial Reporting Standards ('UK-IFRSs') and the Disclosure and the Transparency Rules of the UK's Financial Conduct Authority. They are available to the public and may be obtained from Capita plc’s website on https://www.capita.com/investors .

In these financial statements, the Company has applied the disclosure exemptions available under FRS 101 in respect of the following disclosures:

- A cash flow statement and related notes;

- Comparative period reconciliations for share capital;

- Disclosures in respect of transactions with wholly owned subsidiaries;

- Disclosures in respect of capital management;

- The effects of new but not yet effective IFRSs;

- Certain disclosures as required by IFRS 15 Revenue from Contracts with Customers; and

- Disclosures in respect of the compensation of key management personnel.

Since the consolidated financial statements of Capita plc include equivalent disclosures, the Company has also taken the disclosure exemptions under FRS 101 available in respect of the following disclosure:

- Certain disclosures required by IAS 36 Impairment of Assets in respect of the impairment of goodwill, indefinite life intangible assets and investment in subsidiaries;

- Certain disclosures required by IFRS 7 Financial Instrument Disclosures and certain disclosure exemptions as permitted by IFRS 13 Fair value measurement.

1.3
Change in accounting policies

The Company has adopted the new amendments to standards detailed below but they do not have a material effect on the Company's financial statements.

New amendments or interpretations | Effective date
Classification of liabilities as current or non-current and non-current liabilities with Covenants - Amendments to IAS 1 | 1 January 2024
Lease Liability in a Sale and Leaseback - Amendments to IFRS 16 | 1 January 2024
Supplier Finance Arrangements - Amendments to IAS 7 and IFRS 7 | 1 January 2024

TASCOR SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.4
Revenue

The Company operates a small number of long-term customer contracts and recognises revenue based on the principles set out in IFRS 15. The contracts entered are long term and complex in nature.

The revenue and profits recognised in any period are based on the delivery of performance obligations and an assessment of when control is transferred to the customer.

In determining the amount of revenue and profits to record, and related balance sheet items (such as trade receivables, accrued income and deferred income) to recognise in the period, management is required to form a number of key judgements and assumptions. These judgements are inherently subjective and may cover future events such as the achievement of contractual milestones, performance KPIs and timing of additional project work.

Revenue is recognised either when the performance obligation in the contract has been performed (so 'point in time' recognition) or 'over time' as control of the performance obligation is transferred to the customer.

For all contracts, the Company determines if the arrangement with a customer creates enforceable rights and obligations.

For contracts with multiple components to be delivered such as transformation, transitions and the delivery of outsourced services, management applies judgement to consider whether those promised goods and services are (i) distinct - to be accounted for as two separate performance obligations; (ii) not distinct - to be combined with other promised goods or services until a bundle is identified that is distinct or (iii) part of a series of distinct goods and services that are substantially the same and have the same pattern of transfer to the customer.

At contract inception the total transaction price is estimated, being the amount to which the Company expects to be entitled and has rights to under the present contract. This includes an assessment of any variable consideration where the Company's performance may result in additional revenues based on the achievement of agreed KPIs. Such amounts are only included based on the expected value or the most likely outcome method, and only to the extent that it is highly probable that no revenue reversal will occur.

The transaction price does not include estimates of consideration resulting from change orders for additional goods and services unless these are agreed.

Once the total transaction price is determined, the Company allocates this to the identified performance obligations in proportion to their relative stand-alone selling prices and recognises revenue when (or as) those performance obligations are satisfied. The Company infrequently sells standard products with observable standalone prices due to the specialised services required by customers and therefore the Company applies judgement to determine an appropriate standalone selling price. More frequently, the Company sells a customer bespoke solution, and in these cases the Company typically uses the expected cost-plus margin or a contractually stated price approach to estimate the standalone selling price of each performance obligation.

For each performance obligation, the Company determines if revenue will be recognised over time or at a point in time. Where the Company recognises revenue over time for long term contracts, this is in general due to the Company performing and the customer simultaneously receiving and consuming the benefits provided over the life of the contract.

For each performance obligation to be recognised over time, the Company applies a revenue recognition method that faithfully depicts the Company’s performance in transferring control of the goods or services to the customer. This decision requires assessment of the real nature of the goods or services that the Company has promised to transfer to the customer. The Company applies the relevant output or input method consistently to similar performance obligations in other contracts.

TASCOR SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
Revenue (continued)

When using the output method, the Company recognises revenue on the basis of direct measurements of the value to the customer of the goods and services transferred to date relative to the remaining goods and services under the contract. Where the output method is used, for long term service contracts where the series guidance is applied (see below for further details), the Company often uses a method of time elapsed which requires minimal estimation. Certain long- term contracts use output methods based upon estimation of number of users, level of service activity or fees collected.

If performance obligations in a contract do not meet the overtime criteria, the Company recognises revenue at a point in time (see below for further details).

The Company disaggregates revenue from contracts with customers by contract type, as management believe this best depicts how the nature, amount, timing and uncertainty of the Company’s revenue and cash flows are affected by economic factors.

Long term contractual - greater than two years

The Company provides its services under customer contracts with a duration of more than two years. The nature of contracts or performance obligations categorised within this revenue type relates to long term outsourced service arrangements in the public sector.

The Company considers that the services provided meet the definition of a series of distinct goods and services as they are (i) substantially the same and (ii) have the same pattern of transfer (as the series constitutes services provided in distinct time increments (e.g., daily, monthly, quarterly or annual services)) and therefore treats the series as one performance obligation. Even if the underlying activities performed by the Company to satisfy a promise vary significantly throughout the day and from day to day, that fact, by itself, does not mean the distinct goods or services are not substantially the same.

For the majority of long service contracts with customers in this category, the Company recognises revenue using the output method as it best reflects the nature in which the Company is transferring control of the goods or services to the customer.

Contract modifications

The Company’s contracts are often amended for changes in contract specifications and requirements. Contract modifications exist when the amendment either creates new or changes the existing enforceable rights and obligations. The effect of a contract modification on the transaction price and the Company’s measure of progress for the performance obligation to which it relates, is recognised as an adjustment to revenue in one of the following ways:

1. prospectively as an additional separate contract;

2. prospectively as a termination of the existing contract and creation of a new contract;

3. as part of the original contract using a cumulative catch up; or

4. as a combination of (b) and (c).

For contracts for which the Company has decided there is a series of distinct goods and services that are substantially the same and have the same pattern of transfer where revenue is recognised over time, the modification will always be treated under either (a) or (b); (d) may arise when a contract has a part termination and a modification of the remaining performance obligations.

The facts and circumstances of any contract modification are considered individually as the types of modifications will vary contract by contract and may result in different accounting outcomes.

TASCOR SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
Revenue (continued)

Judgement is applied in relation to the accounting for such modifications where the final terms or legal contracts have not been agreed prior to the period end as management need to determine if a modification has been approved and if it either creates new or changes existing enforceable rights and obligations of the parties. Depending upon the outcome of such negotiations, the timing and amount of revenue recognised may be different in the relevant accounting periods. Modification and amendments to contracts are undertaken via an agreed formal process. For example, if a change in scope has been approved but the corresponding change in price is still being negotiated, management use their judgement to estimate the change to the total transaction price. Importantly any variable consideration is only recognised to the extent that it is highly probably that no revenue reversal will occur.

Deferred and accrued income

The Company’s customer contracts include a diverse range of payment schedules dependent upon the nature and type of goods and services being provided. The Company often agrees payment schedules at the inception of long term contracts under which it receives payments throughout the term of the contracts. These payment schedules may include performance-based payments or progress payments as well as regular monthly or quarterly payments for ongoing service delivery. Payments for transactional goods and services may be at delivery date, in arrears or part payment in advance. Where payments made are greater than the revenue recognised at the period end date, the Company recognises a deferred income contract liability for this difference. Where payments made are less than the revenue recognised at the period end date, the Company recognises an accrued income contract asset for this difference.

1.5
Financial instruments

Investments and other financial instruments

Classification

The Company classifies its financial instruments in the following measurement categories:

- those to be measured subsequently at fair value either through other comprehensive income ('FVOCI') or through profit or loss('FVPL'); and

- those to be measured at amortised cost.

The classification depends on the Company’s business model for managing the financial assets and the contractual terms of the cash flows.

Recognition and derecognition

At initial recognition, the Company measures a financial instrument at its fair value plus, in the case of a financial instrument not at FVPL, transaction costs that are directly attributable to the acquisition of the financial instrument. Transaction costs of financial instruments carried at FVPL are expensed in the income statement.

Financial instruments with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest.

Purchases and sales of financial instruments are recognised on their trade date (i.e., the date the Company commits to purchase or sell the instrument). Financial instruments are derecognised when the rights to receive/pay cash flows from the financial instrument have expired or have been transferred such that the Company has transferred substantially all risks and rewards of ownership.

Impairment

The Company assesses, on a forward-looking basis, the expected credit losses associated with its financial instruments carried at amortised cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk.

TASCOR SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 21 -

Financial instruments (continued)

Trade and other receivables

Trade receivables are initially recognised at cost (being the same as fair value) and subsequently at amortised cost less any provision for impairment, to ensure the amounts recognised represent their recoverable amount.

For trade receivables, the Company applies the simplified approach permitted by IFRS 9 Financial instruments, resulting in trade receivables recognised and carried at original invoice amount less an allowance for any uncollectible amounts based on expected credit losses. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.

The Company monitors the level of trade receivables on a monthly basis, continually assessing the risk of default by any counterparty. Each customer has an external credit score which determines the level of credit provided.

Derecognition: A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is derecognised (i.e., removed from the Company’s balance sheet) when (i) the rights to receive the cash flows from the asset have expired; or, (ii) the Company has transferred its right to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a ‘pass-through’ arrangement; and either (a) the Company has transferred substantially all the risk and rewards of the asset; or, (b) the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.

Trade and other payables

Trade and other payables are recognised initially at cost (being same as fair value). Subsequent to initial recognition they are measured at amortised cost using the effective interest method.

Cash and cash equivalents

Cash and short-term deposits in the balance sheet comprise cash at bank and in hand and short-term deposits with original maturities of three months or less that are readily convertible in to known amounts of cash and which are subject to an insignificant risk of change in value. Bank overdrafts are shown within current financial liabilities.

Interest-bearing loans and borrowings

All loans and borrowings are initially recognised at their fair value less any directly attributable transaction costs. After initial recognition, loans and borrowings are subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in the income statement over the period of the borrowings using the effective interest method.

Gains and losses are recognised in the income statement when the liabilities are derecognised, as well as through the amortisation process.

TASCOR SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 22 -
1.6
Taxation

Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity or other comprehensive income.

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.

Deferred tax is provided, using the liability method, on all temporary differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.

Deferred tax assets are recognised for all deductible temporary differences, carry-forward of unused tax assets and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carry-forward of unused tax assets and unused tax losses can be utilised, except where the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss.

The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date.

1.7
Provisions

Provisions are recognised when the Company has a present legal or constructive obligation arising from past events, it is probable that cash will be paid to settle it, and the amount can be estimated reliably.

If the effect of the time value of money is material, provisions are discounted using the yield on government bonds which have a similar timing and currency of cash flows to the provision being discounted. Where required adjustments are made to the yields to reflect the risks specific to the cash flows being discounted. The unwinding of the discount is recognised as a financing cost in the income statement.

The value of the provision is determined based on assumptions and estimates in relation to the amount, timing and likelihood of actual cash flows, which are dependent on future events. Where no reliable basis of estimation can be made, no provision is recorded. However, contingent liabilities disclosures are given when there is a greater than remote probability of outflow of economic benefits.

On an ongoing basis, management monitor provisions and their accurate estimation when compared to final outcomes.

TASCOR SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 23 -
1.8
Pensions

The Company participates in a defined contribution pension scheme where contributions are charged to the profit and loss account in the year in which they are due. This scheme is funded and contributions are paid to separately administered funds. The assets of this scheme are held separately from the Company. The Company remits monthly pension contributions to Capita Business Services Ltd (“CBSL”), a fellow subsidiary undertaking, which pays the Group liability centrally. Any unpaid contributions at the year-end have been accrued in the accounts of CBSL.

In addition, the Company participates in public sector defined benefit pension schemes which require contributions to be made to separate trustee-administered funds.

Where the Company participates in public sector defined benefit pension schemes, this is for a finite period and there are contractual protections in place to limit the financial risks to the Company of the membership of these schemes by its employees and as such the pension costs are reported on a defined contribution basis recognising a cost equal to its contribution payable during the period. (See note 14.)

1.9
Foreign exchange

Monetary assets and liabilities denominated in foreign currencies are translated into British pounds sterling at the rates of exchange ruling at the balance sheet date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Transactions in foreign currencies are recorded at the rate of exchange ruling at the date of the transaction. All foreign exchanges gains/losses are recognised in the income statement.

1.10
Current versus non-current classification

The Company presents assets and liabilities in the balance sheet based on whether they are current or non-current.

An asset is current when it is:

- Expected to be realised or intended to be sold or consumed in the normal operating cycle;

- Held primarily for the purpose of trading;

- Expected to be realised within twelve months after the balance sheet date; or

- Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the balance sheet date.

All other assets are classified as non-current.

A liability is current when:

- It is expected to be settled in the normal operating cycle;

- It is held primarily for the purpose of trading;

- It is due to be settled within twelve months after the balance sheet date; or

- There is no unconditional right to defer the settlement of the liability for at least twelve months after the balance sheet date.

The Company classifies all other liabilities as non-current.

2
Significant accounting judgements, estimates and assumptions

The preparation of financial statements in accordance with generally accepted accounting principles requires the directors to make judgements and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingencies at the date of the financial statements and the reported income and expense during the presented periods. Although these judgements and assumptions are based on the directors’ best knowledge of the amount, events or actions, actual results may differ. No significant judgements, estimates and assumptions were used in preparation of financial statements in current reporting period.

TASCOR SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
3
Revenue

The total revenue of the C ompany for the year has been derived from its principal activity largely undertaken in the United Kingdom.

4
Operating profit
2024
2023
Operating profit for the year is stated after charging
£
£
Short term lease rentals
43,949
47,954
5
Impairment losses
2024
2023
£
£
Impairment losses on trade receivables
-
939,074

6
Net finance cost
2024
2023
£
£
Interest income
Interest receivable from Group companies
-
0
4,259
-
0
4,259
Interest expense
Interest expense on bank overdrafts and loans
(52,753)
(106,991)
(52,753)
(106,991)
Total net finance cost
(52,753)
(102,732)
TASCOR SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
7
Income tax
The major components of income tax charge/(credit) are:
2024
2023
£
£
Current tax
UK corporation tax
352,363
1,224
Adjustments in respect of prior periods
(2)
(36,590)
352,361
(35,366)
Deferred tax
Origination and reversal of temporary differences
(193)
(28)
Adjustment in respect of prior periods
127
(2)
(66)
(30)
Total tax charge/(credit)
352,295
(35,396)
TASCOR SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
7
Income tax
(Continued)
- 26 -

The reconciliation between tax charge/credit and the accounting profit multiplied by the UK corporation tax rate for the years ended 31 December 2024 and 2023 is as follows:

2024
2023
£
£
Profit before taxation
1,408,647
4,535
Expected tax charge based on the weighted average Corporation Tax rate of 25.00% (2023: 23.52%)
352,162
1,067
Expenses not deductible for tax purpose
8
131
Adjustment in respect of current income tax of prior periods
125
-
Impact of changes in statutory rates
-
(4)
Adjustments in respect of current income tax of prior years
-
(36,590)
Total adjustments
133
(36,463)
Total tax charge/(credit) reported in the income statement
352,295
(35,396)
Balance sheet
Income statement
2024
2023
2024
2023
£
£
£
£
Deferred tax assets
Decelerated capital allowances
939,251
939,185
(66)
(1,938)
Other short term timing difference
-
0
-
0
-
0
1,908
Deferred tax assets
939,251
939,185
Deferred tax credit to income statement
(66)
(30)
8
Trade and other receivables
Current
2024
2023
£
£
Trade receivables
1,274,093
1,324,845
Amounts due from Group companies
4,579
-
0
Accrued income
762,806
575,398
Prepayments
1,883
33,269
2,043,361
1,933,512
TASCOR SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
9
Financial liabilities
Current
2024
2023
£
£
Bank overdrafts
9,195
-
0
9,195
-
0
10
Trade and other payables
Current
2024
2023
£
£
Trade payables
674,402
1,420,396
Amount due to Group companies
1,219,288
2,288,271
Accruals
21,112
17,079
Other taxes and social security
341,614
344,240
Other payables
2
249
2,256,418
4,070,235

Amounts due to Group companies are repayable on demand and are not chargeable to interest.

11
Provisions
2024
2023
£
£
Current
146,716
253,877
146,716
253,877
Contract provision
Other provision
Total
£
£
£
At 1 January 2024
5,000
248,877
253,877
Releases in the year
-
0
(107,161)
(107,161)
At 31 December 2024
5,000
141,716
146,716

Contract provisions are provision for expenses incurred on contracts which have already ended.

Other provisions of £141,716 are mainly made up of provisions for expenses incurred on contracts which have already ended, including dilapidations on leased vehicles.

TASCOR SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
12
Deferred income
2024
2023
£
£
Current
Deferred income
610,976
529,034
610,976
529,034

The deferred income balances solely relates to revenue from contracts with customers. Movements in the deferred income balances were driven by transactions entered into by the Company within the normal course of business in the year.

13
Share capital
2024
2023
2024
2023
Number
Number
£
£
Allotted, called up and fully paid
Ordinary shares of £1 each
At 1 January and 31 December
1
1
1
1
14
Employee benefits

The Company participates in both defined benefit and defined contribution pension schemes.

Contributions in respect of defined contribution pension schemes payable by the Company during the year amounted to £75,639 (2023: £94,438). The pension charge excludes pension contributions paid by the Company on behalf of employees via a salary sacrifice arrangement.

The Company has current and former employees who are members of public sector defined benefit pension schemes.

Where the Company participates in public sector defined benefit pension schemes, this is for a finite period and there are contractual protections in place allowing actuarial and investment risk to be passed on to the end customer via recoveries for contributions paid. The nature of these arrangements vary from contract to contract but typically allows for the majority of contributions payable to the schemes in excess of an initial rate agreed at the inception to be recovered from the end customer, as well as exit payments payable to the schemes at the cessation of the contract (where applicable), such that the Company’s net exposure to actuarial and investment risk is immaterial. Therefore the costs in relation to these schemes are reported on a defined contribution basis recognising a cost equal to its contribution payable during the period. No amounts are recognised on the Company’s balance sheet.

It is estimated that around £2k of employer contributions were paid to these pension schemes during 2024.

The pension charge for these public sector defined benefit pension schemes is included in the above defined contribution amount.

TASCOR SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
15
Employees

The average monthly number of employees (including directors) year w ere:

2024
2023
Number
Number
Operations
88
102
Admin
10
19
Total
98
121

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
2,967,833
3,581,010
Social security costs
299,862
356,883
Pension costs
75,639
94,438
3,343,334
4,032,331

The above includes payroll costs for temporary staff as well as recharges from other Group entities in respect of various services received by the Company throughout the year.

16
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
352,315
295,062
Company pension contributions to defined contribution schemes
12,965
13,937
365,280
308,999

Two Directors are paid by the Company (202 3 - Two). For qualifying services provided by these Directors on the Company's affairs, Directors’ remuneration has been allocated to the Company during the period of their directorship. The Directors of the Company were also reimbursed for the expenses incurred by them whilst performing business responsibilities.

One Director, who provided qualifying services on the Company's affairs, was paid by another entity within Capita group and no remuneration has been allocated to the company but is disclosed above.

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 2).

The number of directors who exercised share options during the year was nil (2023 - nil).

TASCOR SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
16
Directors' remuneration
(Continued)
- 30 -
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
150,993
171,519
Company pension contributions to defined contribution schemes
6,117
6,079
157,110
177,598

In addition to the above, the directors of the Company were reimbursed for the expenses incurred by them whilst performing business responsibilities.

17
Controlling party

The company's immediate parent undertaking is Capita Business Services Ltd, a company incorporated in England and Wales.

The company's ultimate parent undertaking is Capita plc, a company incorporated in England and Wales. The accounts of Capita plc are available from the registered office at First Floor, 2 Kingdom Street, Paddington, London, England, W2 6BD.

18
Post balance sheet date events

There are no significant events which have occurred after the reporting period.

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