The director presents the strategic report for the year ended 31 December 2024.

Based in London, the company operates globally having clients in the UK, Europe, USA, Canada, China, South Korea and Japan.

Our mission is to make the future more human: inclusive, meaningful, beautiful and sustainable. We weave strategy, brand, and design to transform the companies who shape our world. Our ambition is to become the world's most influential creative studio.

The company (est. 2004) operates in many industry sectors, most notably:

• ­Health, Performance Apparel, Beauty

• ­Automotive, Rail, Aviation, Personal Mobility

• ­FMCG, Future Food, Financial Services, Material Technology, Sustainable Energy

• Consumer Electronics, Home Appliances, Furniture

• Retail, Hospitality, Placemaking

The main work types are strategic visioning, brand creation / development and the detailed design and specification of all aspects of the future physical and digital customer experience.

Fee-for-service remains the predominant revenue type and the USA remains our most significant market.

Trading

We had limited success in adding new clients. This was below expectations given the investment to date and is an urgent area to address in 2025.

That said, Hospitality sector work, for existing clients, more than doubled. We also had a significant increase in instructions from clients in the Finance and Banking sector.

Our FMCG sector clients were doing incredibly well and we increased sector revenue by 12% in 2024.

We enjoyed increased success in our ‘Body’ Mission to develop clients in the Personal Care, Apparel and Sports Performance sectors adding four new clients.

Towards the end of the year we noticed an increase in enquiries from the Automotive sector. This was encouraging as the sector has been a particularly strong one for the company over the last decade.

We continued work with Amble SA, an exciting Portuguese based EV start-up.

We also saw revenue from our joint venture projects with Furniture manufacturers in North America, Europe and Asia.

People

We rebooted our people initiatives in 2024, adding a senior hire to lead the team.

We maintained our high staff engagement score and established the areas staff wanted to see most action on. These were made key internal objectives and we expect to see the results in 2025

Headcount remained stable, 17 people joined and 15 people left.

Reputation

Reputation development efforts continued in 2024 and saw increased outreach and media coverage.

Two members of the senior team represented us at SXSW 2024 events in Austin, TX. We also secured two further opportunities for SXSW 2025 in Austin, TX as well as planned participation in SXSW 2025 in London.

For qualitative and tactical reasons we decided to change our PR partner from a US generalist to a UK specialist.

Forgood

The employee-led Forgood initiative has a broad and engaged leadership committee. They have conceived and managed many initiatives and report on these on a quarterly basis.

Our educational outreach and engagement continued to be outstanding (we were able to provide 19 meaningful student work experiences and 5 high-quality internships). Several of our staff have undertaken coaching and mentoring qualifications to support this.

We also put in place The Kay Knights Bursary to assist young people, entering the field of human resources, with professional development sponsorship.

Regular donations were made to several other charities.

Pro bono

It was our pleasure to undertake pro bono work for Amplify Goods, a social enterprise which enables those often excluded from work opportunities to produce cleaning and personal care products for retail and other institutions, including the NHS.

We also secured a strategic brand engagement with Tree Aid to be undertaken in 2025.

B-Corp

Work continued in 2024 to improve our B-Corp score. This substantially increased after October when the company started to implement carbon and air quality monitoring, SBTi carbon reduction targets as well as, at group-level, significantly enhanced inclusivity and transparency measures.

We also invested in developing further sustainability insight, understanding and capability, and we ensure this is shared, applied to our deliverables and makes a difference to our people, clients and their end users.

Re Org

In 2024, the shares of Forpeople Ltd were exchanged for shares in Forpeople Group (Holdings) Ltd, and the shares of Forpeople BV were transferred to Holdco. As a result, both Forpeople Ltd and Forpeople BV became direct subsidiaries of the new Holdco.

Following the reorganisation, the directors of Forpeople Ltd resigned from its board and joined the Holdco board. They were replaced on the Forpeople Ltd board by two local senior managers.

At the same time Forpeople Ltd sold its founding shareholding in Amble SA to Forpeople Ventures Ltd, a company not in the Group.

Company Milestone

Last year we noted that we would do some special things for our 20th Anniversary.

First, we held the For20 Event - for the entire team to celebrate the milestone; the Ecosystem Event - for our clients past and present to celebrate our mutually productive relationships and finally, the Forpeople Trust was created - to ensure all Forpeople employees will share in our future success. 90% of the equity in the Holdco was then sold to the Employee Ownership Trust in October 2024.

Conclusion

Revenue grew by 4% (8% growth prior year) and margins were 11% profit (17% profit prior year).

The volume of business was increased from the prior year and the sectors from which this came were significantly different, although the work type had not.

Profits were reduced by the significant costs of restructure, additional senior hires, staff bonuses, additional investments in reputation development, pitching costs and the transition to employee ownership.

The foundation of the future of the business has been secured but some initiatives put in place to move the commercial needle have taken too long. This will be corrected in 2025.

With structure and ownership changed significantly, 2025 will be the first year where the Founders play a supporting role and the Global Leadership Team have the opportunity to carry things forward with fresh energy. Towards the end of the year it was encouraging that significant business for Q1 2025 had already been secured.

Key performance indicators

We carefully monitor a variety of key performance indicators from rate of inbound enquiries to pitch success; from sales pipeline quality to conversion rate; from consultant utilisation to profit per head; from recovery rate to client profitability as well as other useful metrics such as staff cost to revenue ratio, monthly overheads covered.

­

• ­Pitch success rate needs improvement as we didn't meet our internal success rate of 33%, so this will be a key aim of 2025 ­

• ­Average conversion rate for current clients was good with a 10% increase, indicating strong relationships

• ­Improving consultant utilisation rate is still a key aim as we only saw a 2% increase - we make continuing efforts to develop an adaptable team and a future pipeline of diverse and productive business opportunities

• Profit per head decreased this year by almost 40% - principally due to the increase in leadership and operational headcount

• Recovery rate was healthy at 89% - achieved through accurate proposals and professional project management

• Staff cost to revenue ratio dropped by 7% but remained within an acceptable range

Principal risks and uncertainties

New ways of working, AI, raised social consciousness, new consumer habits and preferences have all driven enormous industry change.

Economic pressure, geopolitics, Donald Trump winning re-election and other global events have led to market uncertainty.

Remaining buoyant and adaptable in the face of this context is critical.

In addition, the following elements must be actively managed, by leadership, to reduce risk:

• Revenue growth

• Margin improvement

• Conversion rate consistency

• Pipeline expansion

Finally, several digital challenges remain:

• Software monopolies forming leading to increased cost

• Software companies now selling creative solutions not creative tools

• Clients carelessly adopting AI

Future developments

Our ambition is to become the world's most influential creative studio. It is therefore incumbent on us to:

• Redefine the role of creativity

• Elevate our levels of quality

• Establish our unique voice

• Grow trusted relationships

In 2024 we had limited success in adding new clients in London. This was disappointing and an urgent area to address in 2025 by:

• Continuing investment in PR

• Focusing on business development missions

• Improving our outreach & working with advocates

• Improving our messaging, website & credentials

Fortunately, the company continues to have an expert and flexible cohort as well as being diversified by work type, sector and client geography. In addition, and probably similar to many businesses in our sector, we will continue to prioritise:

• Revenue growth - optimised through continued investment in reputation building and improvements in conversion rate

• Margin improvement - optimised through further improvements in recovery rate and focus on productive work types

• Conversion rate consistency - optimised through initiatives to improve pitch outcomes and relationship building, although we can see geopolitical factors, beyond our control, dramatically affect this too

• Pipeline expansion - optimised through strategic reputation building, networking and client selection

2024 was the 20th Anniversary and 2025 will become a new era for the company. The Board has faith that making the company more inclusive and ensuring all employees will share in its future success will motivate continued growth.

By order of the board

The director presents his annual report and financial statements for the year ended 31 December 2024.

The results for the year are set out on page 12.

Ordinary dividends were paid amounting to £5,838,210 (2023: £544,752). A distribution in specie was made to the parent, in relation to the disposal of a subsidiary, amounting to £8,872 (2023: £nil). The directors do not recommend payment of a further dividend.

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Moore Kingston Smith LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting 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;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is 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. He is 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.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

We have audited the financial statements of Forpeople Limited (the 'company') for the year ended 31 December 2024 which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 Auditor's 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. 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.

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 course of 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 our audit:

• the information given in the Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.

Other matter

The corresponding figures in the financial statements of Forpeople Limited were not audited as the Company did not require a statutory audit under the Companies Act 2006 in the prior year.

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 Director's Report.

We have nothing to report in respect of the following matters in relation to which 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 director's remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

As explained more fully in the Director's Responsibilities Statement, the director is 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 director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

• Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

• We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.

• We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.

• We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

• We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.

• Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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 for no purpose other than to draw to the attention of the company’s members those matters which we are required to include in an auditor’s report addressed to them. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the company and company’s members as a body, for our work, for this report, or for the opinions we have formed.

The Profit and Loss Account has been prepared on the basis that all operations are continuing operations.

Forpeople Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Pickle Mews, London, SW9 0FJ.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

• Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

• Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Forpeople Group (Holdings) Limited. These consolidated financial statements are available from its registered office, 1 Pickle Mews, London, SW9 0FJ.

At the time of approving the financial statements, the directors have considered forecasts covering a period of at least 12 months from the date of approval, including profit and loss and cash flow projections. These forecasts reflect actual results totrue July 2025 and reasonable assumptions for the remainder of the forecast period. Based on this assessment, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Fee income represents revenue earned under a wide variety of contracts to provide professional services. Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax.

Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors.

Fee income that is contingent on events outside the control of the firm is recognised when the contingent event occurs.

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

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

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

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. 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 company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

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

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

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

Provisions have been made for dilapidations. This provision is an estimate and the actual cost and timing of future cash flows are dependent on future events. The difference between expectations and the actual future liability will be accounted for in the period when such determination is made.

The annual amortisation charge for intangible assets is sensitive to changes in the estimated lives and residual values of the assets.

The annual depreciation charge for property, plant and equipment is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 10 for the carrying amount of the property, plant and equipment.

Revenue from contracts is assessed on an individual basis with revenue earned being ascertained based on the stage of completion of the contract which is estimated using a combination of milestones in the contract and the time spent to date compared to the total time expected to be required to undertake the contract. Estimates of the total time required to undertake the contracts are made on a regular basis and subject to management review. These estimates may differ from the actual results due to a variety of factors such as efficiency of working, accuracy of assessment of progress to date and client decision making.

The average monthly number of persons (including directors) employed by the company during the year was:

Their aggregate remuneration comprised:

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

On the 4th June 2024, the company disposed of its entire shareholding in Forpeople B.V. by way of a distribution in specie to its parent company, Forpeople Group (Holdings) Limited. The distribution was made in accordance with the provisions of the Companies Act 2006 and FRS 102 Section 29 Income and Expenses and Section 9 Consolidated and Separate Financial Statements.

On the 3rd September 2024, the company disposed of its entire interest in Amble, S.A, an associate in which it held a 32% shareholding, to Forpeople Ventures Limited, a related party by common ownership.

At the reporting date, the company had a £500,000 overdraft facility with Coutts & Co, which was not utilised during the year.

This facility is secured by a fixed and floating charge over the company and its assets.

The provision relates to dilapidations of the leased property at 1 Pickle Mews, London, SW9 0FJ.

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

During the year, Forpeople Limited transferred its obligations under the existing Enterprise Management Incentive (EMI) share option scheme to its parent company, Forpeople Group (Holdings) Limited.

As a result of this transfer, Forpeople Limited no longer holds any obligation or liability in respect of the EMI scheme as at the reporting date. All outstanding options under the scheme are now settled by the parent company, and the parent is responsible for any future accounting and disclosures relating to the share-based payments.

Prior to the transfer, the company recognised a share-based payment expense in accordance with the requirements of Section 26 of FRS 102. Following the transfer, no further expense or liability is recognised by the company in relation to the scheme.

On 4th June 2024, the entire issued share capital of Forpeople Limited was acquired by Forpeople Group (Holdings) Limited through a share-for-share exchange.

Under the terms of the exchange, the shareholders of the Forpeople Limited transferred all their shares to Forpeople Group (Holdings) Limited in consideration for the issue of shares in the parent company. Following the completion of the transaction, the company became a wholly owned subsidiary.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

The company has taken the exemption available under FRS102 section 33.1A and not disclosed transactions with 100% group companies.                

During the year, the company paid £nil (2023: £544,752) to its directors in respect of dividends.

During the year, the company paid £254,468 (2023: £32,165) to Charles Russell Speechlys LLP, a related party. There were no outstanding creditors at the year end.

During the year, the company made sales of £313,047 (2023: £146,686) to Amble, S.A. an associate investment. There was £246,386 (2023: £140,037) of debtors owed at year end. Of the debtors owed at year end, £167,382 (2023: £nil) has been provided for in the form of bad debt.

During the year, the company its investment in associate, Amble S.A. for £80,759 to Forpeople Ventures Limited, a related party by virtue of common directorship.

The parent undertaking is Forpeople Group (Holdings) Limited, a company incorporated in England and Wales.

Forpeople Group (Holdings) Limited is the group for which consolidated financial statements including the company are prepared. The consolidated financial statements of Forpeople Group (Holdings) Limited are available from its registered office, 1 Pickle Mews, London, England, SW9 0FJ.

The entire share capital of Forpeople Group (Holdings) Limited is owned by the Forpeople Trustees Ownership Trust.

Therefore there is no single controlling party.