REGISTERED NUMBER: 04018457 (England and Wales)

Group Strategic Report, Report of the Director and

Consolidated Financial Statements for the Year Ended 31 December 2024

for

Guardian Selection Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Director

4

Report of the Independent Auditors

6

Consolidated Income Statement

9

Consolidated Other Comprehensive Income

10

Consolidated Statement of Financial Position

11

Company Statement of Financial Position

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Statement of Cash Flows

15

Notes to the Consolidated Statement of Cash Flows

16

Notes to the Consolidated Financial Statements

17

DIRECTOR:

K Ahmed

REGISTERED OFFICE:

1 Beauchamp Court

10 Victors Way

Barnet

Hertfordshire

EN5 5TZ

REGISTERED NUMBER:

04018457 (England and Wales)

SENIOR STATUTORY AUDITOR:

Suraj Shah BFP ACA FCCA

AUDITORS:

BBK Partnership

Chartered Accountants

& Statutory Auditors

1 Beauchamp Court

10 Victors Way

Barnet

Hertfordshire

EN5 5TZ

The director presents his strategic report of the company and the group for the year ended 31 December 2024.

REVIEW OF BUSINESS

Guardian Selection Limited is the parent company of a group comprising of a subsidiary registered in the United Kingdom, as detailed in the notes to the consolidated financial statements. The financial results include the consolidated performance of these subsidiaries, whose accounts are publicly available. The group operates principally in the education recruitment sector, specialising in the placement of teachers and support staff to schools and educational institutions nationwide.

During the year under review, the group continued to build on its strong reputation for compliance, service quality, and responsiveness to schools' evolving needs. Trading conditions in the education recruitment market remained competitive, particularly in the context of sector-wide teacher shortages and ongoing changes in education funding and regulation. Nevertheless, the group achieved robust growth in both turnover and profitability, reflecting increased demand for recruitment services and the successful development of its digital and regional service offerings.

For the year ended 31 December 2024, group turnover rose to £24,212,963 (2023: £19,441,419), with operating profit reaching £1,799,593 (2023: £1,319,817). The consolidated profit for the year after tax was £1,325,936 (2023: £1,013,204), and the group retained a positive cash and cash equivalents balance of £760,796 at the year end (2023: £225,072).

The directors are satisfied with the performance of the group for the period. The results reflect the group's ongoing investment in staff development, technology, and compliance, as well as its ability to adapt to sector challenges and opportunities. The group remains well positioned for continued growth and to respond to future changes in the education recruitment landscape.

PRINCIPAL RISKS AND UNCERTAINTIES

The group's principal financial instruments comprise cash, short-term deposits and various items such as trade debtors and trade creditors that arise directly from its operations. The primary purpose of these financial instruments is to fund the group's operation, manage working capital and liquidity, and invest surplus funds. The Directors continue to identify key risks that could impact the company and have taken appropriate measures to mitigate them. Climatic and environmental changes also pose several interconnected risks to supply chains, significantly increasing the frequency of extreme weather events and climate-related social disruptions. Mitigation of these environmental and social risks is essential to building sustainable supply chains and ensuring the Group's resilience to future climate change scenarios.

Operational risk arises from a weakness or failure in a business's systems and controls. The Group continues to enhance its controls and processes, particularly with respect to its IT system and security. The potential impact and likelihood of processes failing is assessed on a regular basis and aspects have been subject to external assessment.

Another ongoing challenge is overhead cost control, which the directors regularly review. The company directors meet regularly to evaluate risk exposure and risk appetite. The critical risks broadly fall into the following categories:

MARKET

The group actively monitors developments in the UK education sector, including changes in school funding, teacher supply, and employment regulations. The directors regularly review sector trends and client needs to ensure that the group's services remain aligned with market demand and to maintain a high level of income and profitability. This proactive approach enables the group to respond effectively to fluctuations in demand for teaching and support staff and to ensure ongoing business resilience.

COMPETITIVE

The main competitive risks to the group arise from changing customer requirements based on market demand. The group continues to monitor changes and has developed effective procedures to satisfy their current and future needs.

LEGISLATIVE RISK

On a regular basis the directors review the group legislative risk exposure to ensure that all applicable directions are observed.

FINANCIAL INSTRUMENT RISK

The group has established a risk and financial management framework whose primary objectives are to protect the group from events that hinder the achievement of its performance objectives. The objectives aim to limit undue counterparty exposure, ensure efficient working capital exists and monitor the management of risk.

KEY FINANCIAL PERFORMANCE INDICATORS

The directors have considered the use of the key performance indicators. The continuous measurement and monitoring of the business performance is a critical element of the management process. In order to provide consistent and comprehensive information the Group uses a number of key performance indicators (KPI's) to provide a timely and well-balanced review of the financial performance against predefined targets.

Turnover and operating profit are the key measure of financial performance in the group, and are as follows:

Units

2024

2023

Turnover

£

24,212,963

19,441,419

Operating profit/(loss)

£

1,799,593

1,319,817

Other key KPIs that demonstrate the level of performance in different parts of the business include:

Average salary levels

Performance against budget and prior year.

The directors are satisfied with the KPI's delivered in the year and are confident that expected performance levels can be maintained for the foreseeable future.

ON BEHALF OF THE BOARD:

K Ahmed - Director

26 September 2025

The director presents his report with the financial statements of the company and the group for the year ended 31 December 2024.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

FUTURE DEVELOPMENTS

The group will continue to focus on increasing its presence and market share within the education recruitment sector. Planned initiatives include expanding into new geographical regions, further developing digital recruitment platforms, and enhancing partnerships with schools and educational institutions. The directors expect ongoing demand for high-quality teaching and support staff, driven by staffing shortages and regulatory requirements, and are confident that continued investment in technology and compliance will support sustainable growth. Regular review of sector developments will ensure the group remains well positioned to adapt to changes in education policy and client expectations.

Liquidity Risk

The group has sufficient working capital to ensure it always has the liquidity required to meet liabilities as they fall due, together with the general operational needs of the group. Detailed cash flow forecasts and utilising the invoice financing facility and term loan ensures strong management over the group's cash resources, whilst providing the flexibility required for the seasonal nature of the business.

Credit risk

Credit risk is primarily attributable to trade receivables. Trade receivables are managed in respect of credit and cash flow risk by stringent credit control and the use of an invoice financing facility provided by the group's bankers where it is appropriate and available. The invoice financing facility provides the group with credit insurance over its trade debtors, ensuring that credit risk is minimised.

Going concern

The directors have a reasonable expectation that the Company and the group have adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis in preparing the annual financial statements.

DIRECTOR

K Ahmed held office during the whole of the period from 1 January 2024 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Group Strategic Report, the Report of the Director 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the group and of the profit or loss of the group 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;

-	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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, BBK Partnership, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

K Ahmed - Director

26 September 2025

Opinion

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

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2024 and of the group's profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

Other Matters

We draw attention to the fact that this is the first period BBK Partnership has been appointed as the auditors of Guardian Selection Limited. Audit procedures included obtaining sufficient and appropriate audit evidence regarding the opening balances as at 01 January 2024, as required by ISA 510: Initial Audit Engagements-Opening Balances. Based on our procedures, we are satisfied that the opening balances are free from

material misstatement.

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 group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

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

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of director's remuneration specified by law are not made; or

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

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on pages four and five, 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 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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

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

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.

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

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

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company's operating sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

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

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

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

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

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

- tested journal entries to identify unusual transactions;

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

- investigated the rationale behind significant or unusual transactions.

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

- agreeing financial statement disclosures to underlying supporting documentation;

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

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

- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Suraj Shah BFP ACA FCCA (Senior Statutory Auditor)

for and on behalf of BBK Partnership

Chartered Accountants

& Statutory Auditors

1 Beauchamp Court

10 Victors Way

Barnet

Hertfordshire

EN5 5TZ

26 September 2025

TURNOVER

3

24,212,963

19,441,419

Cost of sales

(16,902,730

)

(13,330,062

)

GROSS PROFIT

7,310,233

6,111,357

Administrative expenses

(5,510,640

)

(4,791,540

)

OPERATING PROFIT

5

1,799,593

1,319,817

Interest payable and similar expenses

6

47

(7,529

)

PROFIT BEFORE TAXATION

1,799,640

1,312,288

Tax on profit

7

(473,704

)

(299,084

)

PROFIT FOR THE FINANCIAL YEAR

1,325,936

1,013,204

Profit attributable to:

Owners of the parent

1,170,614

796,687

Non-controlling interests

155,322

216,517

1,325,936

1,013,204

PROFIT FOR THE YEAR

1,325,936

1,013,204

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,325,936

1,013,204

Note

Prior year adjustment

9

(23,705

)

TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT

1,302,231

Total comprehensive income attributable to:

Owners of the parent

1,363,909

1,106,787

Non-controlling interests

(61,678

)

(93,583

)

1,302,231

1,013,204

FIXED ASSETS

Tangible assets

10

88,907

76,707

Investments

11

-

-

88,907

76,707

CURRENT ASSETS

Debtors

12

3,650,767

2,617,310

Cash at bank and in hand

760,796

225,072

4,411,563

2,842,382

CREDITORS

Amounts falling due within one year

13

(2,218,973

)

(1,768,351

)

NET CURRENT ASSETS

2,192,590

1,074,031

TOTAL ASSETS LESS CURRENT LIABILITIES

2,281,497

1,150,738

PROVISIONS FOR LIABILITIES

14

(21,823

)

-

NET ASSETS

2,259,674

1,150,738

CAPITAL AND RESERVES

Called up share capital

15

100

100

Retained earnings

16

2,410,311

1,239,697

SHAREHOLDERS' FUNDS

2,410,411

1,239,797

NON-CONTROLLING INTERESTS

17

(150,737

)

(89,059

)

TOTAL EQUITY

2,259,674

1,150,738

The financial statements were approved by the director and authorised for issue on 26 September 2025 and were signed by:

K Ahmed - Director

FIXED ASSETS

Tangible assets

10

87,752

73,891

Investments

11

10

10

87,762

73,901

CURRENT ASSETS

Debtors

12

3,606,739

2,593,305

Cash at bank and in hand

650,954

78

4,257,693

2,593,383

CREDITORS

Amounts falling due within one year

13

(2,079,036

)

(1,524,639

)

NET CURRENT ASSETS

2,178,657

1,068,744

TOTAL ASSETS LESS CURRENT LIABILITIES

2,266,419

1,142,645

PROVISIONS FOR LIABILITIES

14

(21,823

)

-

NET ASSETS

2,244,596

1,142,645

CAPITAL AND RESERVES

Called up share capital

15

100

100

Retained earnings

16

2,244,496

1,142,545

SHAREHOLDERS' FUNDS

2,244,596

1,142,645

Company's profit for the financial year

1,101,951

704,233

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 26 September 2025 and were signed by:

K Ahmed - Director

Called up

share

Retained

Non-controlling

Total

capital

earnings

Total

interests

equity

£

£

£

£

£

Balance at 1 January 2023

120

443,010

443,130

4,524

447,654

Changes in equity

Issue of share capital

(20

)

-

(20

)

-

(20

)

Total comprehensive income

-

820,392

820,392

(93,583

)

726,809

Balance at 31 December 2023

100

1,263,402

1,263,502

(89,059

)

1,174,443

Prior year adjustment

-

(23,705

)

(23,705

)

-

(23,705

)

As restated

100

1,239,697

1,239,797

(89,059

)

1,150,738

Changes in equity

Total comprehensive income

-

1,170,614

1,170,614

(61,678

)

1,108,936

Balance at 31 December 2024

100

2,410,311

2,410,411

(150,737

)

2,259,674

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

100

438,312

438,412

Changes in equity

Total comprehensive income

-

727,938

727,938

Balance at 31 December 2023

100

1,166,250

1,166,350

Prior year adjustment

-

(23,705

)

(23,705

)

As restated

100

1,142,545

1,142,645

Changes in equity

Total comprehensive income

-

1,101,951

1,101,951

Balance at 31 December 2024

100

2,244,496

2,244,596

Cash flows from operating activities

Cash generated from operations

1

1,022,682

884,251

Interest paid

47

(7,529

)

Tax paid

(226,143

)

(222,923

)

Net cash from operating activities

796,586

653,799

Cash flows from investing activities

Purchase of tangible fixed assets

(43,862

)

(34,774

)

Net cash from investing activities

(43,862

)

(34,774

)

Cash flows from financing activities

Loan repayments in year

-

(342,781

)

Dividends paid to NCI

(217,000

)

(310,100

)

Net cash from financing activities

(217,000

)

(652,881

)

Increase/(decrease) in cash and cash equivalents

535,724

(33,856

)

Cash and cash equivalents at beginning of year

2

225,072

258,928

Cash and cash equivalents at end of year

2

760,796

225,072

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.12.24

31.12.23

as restated

£

£

Profit before taxation

1,799,640

1,312,288

Depreciation charges

30,319

26,292

Loss on disposal of fixed assets

1,344

-

Finance costs

(47

)

7,529

1,831,256

1,346,109

Increase in trade and other debtors

(1,033,458

)

(494,626

)

Increase in trade and other creditors

224,884

32,768

Cash generated from operations

1,022,682

884,251

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2024

31/12/24

1/1/24

£

£

Cash and cash equivalents

760,796

225,072

Year ended 31 December 2023

31/12/23

1/1/23

as restated

£

£

Cash and cash equivalents

225,072

258,928

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/24

Cash flow

At 31/12/24

£

£

£

Net cash

Cash at bank and in hand

225,072

535,724

760,796

225,072

535,724

760,796

Total

225,072

535,724

760,796

1.	STATUTORY INFORMATION

Guardian Selection Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

Basis of consolidation

The consolidated financial statements include the financial statements of the Company and its subsidiary undertakings made up to 31 December 2024. A subsidiary is an entity that is controlled by its parent. The results of the subsidiary undertakings are included in the consolidated income statement from the date that control commences until the date that control ceases. Control is established when the company has the power to govern the operating and the financial policies of an entity so as to obtain benefits from its activities. In assessing control, the Group takes into consideration potential voting rights that are currently exercisable. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound.

Turnover

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

When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. This is determined by the completion of a proportion of the service contract. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Tangible fixed assets

Property, plant and equipment 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:

Plant and machinery - 25% on reducing balance

Fixtures and fittings - 25% on reducing balance

Computer equipment - 33% on cost

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 recognised in the statement of comprehensive income.

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended