REGISTERED NUMBER: 06426660 (England and Wales)

for

Page

Company Information  

1

Group Strategic Report  

2

Report of the Directors  

5

Report of the Independent Auditors  

9

Consolidated Income Statement  

13

Consolidated Other Comprehensive Income  

14

Consolidated Balance Sheet  

15

Company Balance Sheet  

16

Consolidated Statement of Changes in Equity  

17

Company Statement of Changes in Equity  

18

Consolidated Cash Flow Statement  

19

Notes to the Consolidated Cash Flow Statement

20

Notes to the Consolidated Financial Statements

21

DIRECTORS:

B J Thew

A S Armitage

SECRETARY:

A S Armitage

REGISTERED OFFICE:

Estate House

Evesham Street

Redditch

Worcestershire

B97 4HP

REGISTERED NUMBER:

06426660 (England and Wales)

AUDITORS:

Derek Young & Co Accountants LLP

Statutory Auditors

Chartered Accountants

Estate House

Evesham Street

Redditch

Worcestershire

B97 4HP

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

REVIEW OF BUSINESS

The Group operates primarily within the NHS, generating cost savings and cash recovery for healthcare organisations through our Workforce, Financial, and Care businesses.

Business Performance

The Group had some challenges in 2024, as a result of the changing health landscape and pressures on the NHS. Despite this, revenue grew by 9.7% from the prior year, with a significant contribution from our Financial business area.

At a Group level, the financial key performance indicators are revenue from services, EBITA, and operating cash flow. EBITA remained in profit and was 43% of  capital employed, and the cash position remained strong.

Liaison Workforce continued to provide solutions to drive workforce efficiency, including task management, workforce planning, and people analytics.

This financial year saw a restructure with a focus on customer success, commercial and product strategy, and a review of the technical roadmap for each of the service offerings in this business area. The development of the existing rostering platform continued, with the specialist area of mental health expected to be added in 2025. A joint project with NHS England to support the easing of the elective outpatient backlog was launched this year. The NHSE pilot on this programme finished in March 2025 but we have exercised the option to continue as sole provider.

The pressures on NHS budgets, especially in the area of agency spend, impacted some of our revenue streams in 2024. These pressures are expected to continue in 2025 so we are looking into alternative offerings for 2025 and beyond to mitigate the revenue impact of the current climate.

In early 2024, the Group acquired the remaining shares in Infinity Health Ltd, making it a wholly owned subsidiary. The product, clinical task management technology, forms part of our Workforce suite and during the year, consideration was given to branding, developing use cases, and pricing models.

Activ8 Intelligence provides an award-winning People Analytics platform, illumin8HR, used by over 1,000 organisations to make better people decisions. As well as forming part of the Liaison Workforce product suite for the NHS, the platform is sold direct as a SaaS solution to organisations across all industry sectors and through a network of reseller partnerships in Europe and the US. The HR and payroll analytics market is competitive, and renewals through one of the resellers has impacted 2024 revenue with a follow-on effect in future years.

Our breadth of services to manage workforce and productivity challenges in the NHS is enabling us to deliver a comprehensive package of solutions. Alternative pricing models, predicated on positive outcomes, allows for effective delivery of our solutions.

Liaison Financial saw increased revenue in 2024, predominantly from a one-off VAT recovery for our clients that we had been taking through the courts against HMRC over a number of years, and our annual VATplus offering showing strong results. The business continues to explore non-pay expenditure to identify new service offerings to generate savings for clients, with focus on developing these alongside the core services of VAT recovery and financial reviews. NHS structural changes have increased development time as we ensure services align to the deliverables of Fit for the Future: 10-Year Health Plan for England.

Liaison Care provides reviews, specialist support, and consultancy across health and social care and continues to evolve, in both its product offerings and structure - with 2024 seeing the business build on the foundations of previous years. The product offering is gaining credibility in the marketplace and, as a result, is being recognised at a national level. There remain some challenges due to the complex and political nature of the work, and recruitment of appropriately skilled staff to meet demand.

System developments in the area of AI/technology and an internal tool to manage caseload are in the early build stages.

Overall, the pressure on costs savings driven by government provides an opportunity for the Group to position itself as a transformation partner that delivers results across all our business areas, with Liaison Care providing the greatest opportunity.

PRINCIPAL RISKS AND UNCERTAINTIES

NHS Structure and Changes

The NHS underwent a change in structure in 2022 that the Group responded to in the way they sold, delivered to, and supported clients at both a local and regional level. The change in government could mean further changes, or governance and directives that could affect our business. Any impact would be fully assessed and appropriate measures taken where possible.

Government and Legislation

The Group has a risk with respect to government legislation in relation to the services we provide, and we monitor HMRC for the latest guidelines to ensure we can support clients accurately. There are government proposals to consider a restructure to the NHS VAT regulations, which may have an impact on this area of our business, and they are currently in consultation. This is ongoing, but is unlikely to have an impact in the next 2 -3 years.

Staff

Our staff are fundamental to the success of the organisation and retaining them is key to maintaining high standards in our service delivery, productivity, and innovation. Staff development, wellbeing, and engagement are important elements of the HR strategy and regular communication is seen as a key part of this.

The Group uses many platforms to engage, communicate, and participate in feedback with its staff, including an employee forum, communications portal, regular surveys, and weekly newsletters. We endeavour to ensure staff are well equipped to provide the quality service we deliver to our clients with investment in training and development.

As the Care business develops, recruitment of trained staff to deliver the service is a challenge with the Group exploring alternative routes such as an academy to train nurses in CHC.

We have been recognised as an 'Outstanding Company to Work for' in the "Best Companies" survey for the past 4 years and this, together with an eNPS score of 54, demonstrates our commitment to delivering on our HR strategy, creating the right employee experience, supporting our communities, and living our company values across the organisation.

Clients

Retention and satisfaction among our clients remains high, with competition a risk in our marketplace. Price pressures remain in the market and as such, our product strategy and models are continually adapting to meet market direction and needs.

Developing the scope and depth of our services and working together with our clients is key to future investment decisions.

Information Technology

The Group's systems and our technology platforms support the business and our clients, and as such, unauthorised access or security breaches could result in serious consequences, including reputational damage. We have security measures in place to protect both company and client information, which are continually reviewed.

We rely on data centres operated by third parties, and any disruption to these centres could impact our business. However, we have strong controls in place to minimise any possible impact.

The Group has ISO 27001, Cyber Essentials Plus, and a Business Continuity Plan as part of our IT and Information Governance strategy. Ensuring staff are continually trained and assessed on these standards is a core part of our onboarding and L&D programme.

SECTION 172(1) STATEMENT

As a privately owned group of companies, the Directors are an integral part of its management, and the extent to which the Directors duties exist will be consistent with the complexity and size of the business. The Directors, in line with their duties under s172 of the Companies Act 2006, act individually and collectively in the way they consider, in good faith, what would be most likely to promote the long-term success of the Company for the benefit of its members. There is a management board at Group level and for each of its operational business areas. They are conscious of the impact that the business and its decisions have on direct stakeholders, as well as the wider societal impact. The Group relies on regular meetings, appropriate policies, governance, data and information, and the support of its various stakeholders in the decisions and success of the business.

The Group considers its stakeholders to be our employees, our clients and suppliers, the shareholders, and our community and environment. The Directors will consider the impact on stakeholders when making strategic decisions for the success of the business. The relevance of each stakeholder group may vary, and consideration of the needs of each group and potential conflicts will be part of the decision-making process.

Employees

The Directors are committed to a positive working culture and healthy working environment. The group has been named a 'World Class' place to work, having been awarded a 3-Star Accreditation from Best Companies in January 2024. The company values and behaviours are integral to the organisation and its relationship with stakeholders. The employee engagement note in the Directors' report demonstrates the company's commitment to the interests of employees.

Clients and Suppliers

Our values are central in our business relationships with both clients and suppliers, and support our vision of improving the healthcare economy through intelligence, specialists, and technology. Working with clients and our established relationships has given us a 'market leader' reputation, founded on the quality of our service delivery. The senior leadership team are committed to seeking out efficiencies, driving excellence, challenging current practices, and positively contributing to the health economy.

Shareholders

Quarterly updates are provided on the Group, and dividends are declared considering cashflow and retention of capital. The Directors' strategy is to develop the business, both organically and through acquisition and partnerships in businesses that are aligned to the company vision.

Community and Environment

The Directors recognise the role of the Group in relation to its impact in the community and environment. In 2024 it has obtained ISO14001 accreditation to support environmental, social and governance (ESG) principles and practice, and have issued a Carbon Reduction plan. Volunteering and charity work by staff is encouraged.

ON BEHALF OF THE BOARD:

A S Armitage - Director

29 September 2025

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

PRINCIPAL ACTIVITIES

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2024 will be £ 2,959,880 .

FUTURE DEVELOPMENTS

Across our 3 core business areas - Care, Financial and Workforce - Liaison Group has delivered almost £1bn for the NHS in 3 years. We pride ourselves on constantly looking for opportunities that drive sustainable financial recovery, workforce productivity and transformation, and CHC optimisation.

With the wholly-owned acquisition of Infinity Health in 2024, we have also expanded our portfolio into clinical transformation, using task management technology to automate and manage clinical pathways to create clinical capacity. Now operational in several trusts, this has been successfully deployed to support a number of use cases, including; helping to reduce waiting lists and optimise clinical time by digitising Patient Initiated Follow Up; tasking clinical activity to support Virtual Ward models; and managing the flow of work for portering staff.

We are actively exploring a wide range of opportunities to digitise clinical pathways that deliver benefit to trusts in tackling their biggest issues and aligning with national priorities - releasing cash, reducing waste and increasing productivity. Investing in this technology to ensure it is scalable and configurable to respond to growth and emerging use cases is key. Alongside this, we are expanding the skills and expertise of the team to provide consultancy services in this area.

In the Financial division, there are a number of new initiatives in flight looking at non-pay spend and working with clients to support a better grip and control of medicines, clinical activity, and cost, using data analysis to identify sustainable savings.

In Liaison Care, as we scale the business to respond to client demand, we continue to invest in expanding our high-quality delivery team and the infrastructure that supports them. The investment in AI and the technology underpinning service delivery is also a key focus for investment to ensure we can provide scalable services at a system, national, and regional level.

Finally, in our Workforce business, we continue to invest in our TempRE and NHS at Work solutions, with a focus on maintaining quality applications and using AI and automation in how we develop, test and deploy our solutions. Following the success of NHS Emeritus in 2024, the Liaison National Bank will take over this programme, introducing the enabling of Mental Health trusts to source retired and peri-retired Mental Health professionals using the TempRE platform, giving them increased workforce capacity and improving patient care.

To support our future development strategy at a Group level, we have launched Liaison Launchpad, an innovation hub for new ideas that come through from our staff, clients and the broader NHS network.

We are also continuing to grow our network of Strategic Advisors, helping to shape and expand our offerings in health and social care, and ensure we are responding to the needs of the NHS and the changing landscape in which they operate in terms of structures, political priorities, and cost pressures.

DIRECTORS

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

B J Thew

A S Armitage

EMPLOYEES

At Liaison Group, we are committed to fairness, transparency, and equal opportunity throughout every stage of the employee lifecycle.

As new employees begin their journey with us, we proudly uphold the principles of the Good Recruitment Campaign and are official signatories of the Good Recruitment Charter, which outlines best practices in recruitment. We are also recognised as a Disability Confident Committed employer.

Our job advertisements and Recruitment Policy clearly state our commitment to fair treatment for all candidates. We guarantee an interview to any applicant with a disability who meets the essential criteria for the role. Additionally, we use an independently assessed pre-placement questionnaire to identify and implement any necessary workplace adjustments.

We are proud to be an equal opportunities employer, fostering a diverse and inclusive environment where everyone can thrive. All qualified applicants are considered for employment regardless of race, colour, religion, gender, gender identity or expression, sexual orientation, national origin, genetics, disability, age, or veteran status. We believe in a workplace where everyone can be themselves and succeed based on merit.

Selection decisions, whether for employment, promotion, training, or other benefits are based solely on aptitude and ability. We provide all employees with opportunities for development and offer additional support to disabled colleagues where needed. All managers receive training to eliminate bias and ensure fair, inclusive decision-making.

Inclusion is a core part of our culture. Through our comprehensive People Programme, we promote dignity, respect, and recognition of individual differences and contributions.

As a diverse and remote-based organisation, effective communication is key to employee engagement. We use a variety of channels, including:

• An employee forum (Liaison Voice) chaired by our CEO and supported by HR, with representatives from across the business.

• Temperature check staff feedback surveys, both internal and external. The external survey - through Best Companies - provides a public opportunity for us to share our achievements and this in turn is reflected back through positive employee engagement at recruitment stages.

• Team meetings, collective 'Connect' co-working days, and one-to-ones.

• An interactive online engagement system acting as a central hub for information, accessible to all.

• Our twice-yearly Company Day, which brings the entire business together for operational and financial updates, as well as social connection and team building.

SUSTAINABILITY AND SOCIAL VALUE

Liaison has always provided its customers with solutions that add value, and is committed to supporting NHS organisations to progress in their sustainability and social value journey. Our key commitments in this area are climate change, supporting the communities we serve, and investing in our people.

As part of our commitment to environmental, social and governance (ESG) principles and practice, the Group has obtained ISO14001 certification in 2024.

In supporting our action on climate change, the Group has published a Carbon Reduction Plan, which details an aim target to be net zero by 2040 or sooner. We are currently ahead of target at the end of 2024.

We have an ambition to achieve positive social value in all new contracts by recruiting locally, especially among underrepresented groups, and by providing both apprenticeships and training. In addition, our volunteering policy provides hours for our employees to assist causes close to them, which further supports the communities we serve.

As a Group, we have been recognised as an "Outstanding Place to Work for" by Best Companies for the past 4 years. Our employee note demonstrates the importance of investing in our people, and the comprehensive People Programme that exists at Liaison.

ENERGY AND EMISSIONS REPORTING

We report the GHG emissions and energy use data for the year to 31st December 2024. Associated greenhouse gases have been calculated using the GHG reporting protocol - corporate standard methodology. UK energy use covers all group companies and no emissions were produced outside of the UK. Comparatives are not available as 2024 is the first year of reporting.

UK energy usage                                                               41,165kWh

                                                                                           tCO2e

Scope 1 - Emissions from fuel for transport purposes       0.03

Scope 3 - Emissions from business travel by grey fleet    9.77

Total tonnes CO2 emissions based on above                    9.80

Intensity ratio: tCO2e per employee 0.026

Intensity ratio: tCO2e per £100k revenue 0.024

Energy efficiency action taken

The group's main emissions are from transport. Recommendations being considered include expanding the electric fleet scheme, review of home EV point support, and encouraging vehicle share and other modes of transport.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year.  Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period.  In preparing these financial statements, the directors are required to:

-

select suitable accounting policies and then apply them consistently;

-

make judgements and accounting estimates that are reasonable and prudent;

-

state whether applicable 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 directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors,  Derek Young & Co Accountants LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

A S Armitage - Director

29 September 2025

Opinion

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

-

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

-

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

Matters on which we are required to report by exception

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

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

-

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

-

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

-

certain disclosures of directors' remuneration specified by law are not made; or

-

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page seven, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

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. As required by International Standard on Quality Management 1, the engagement partner is responsible for overseeing that the audit is conducted in accordance with the firm's quality management policies and procedures. The engagement partner's responsibilities include taking appropriate actions where necessary to address any identified deficiencies or deviations from the firm's policies and procedures.

The firm's policies and procedures are designed to ensure that the audit is conducted in accordance with ISAs UK and applicable legal and regulatory requirements, and that reports issued are appropriate in the circumstances.

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:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance including the design of the group’s and the parent company's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets;

- the results of our enquiries of management about their own identification and assessment of the risks of irregularities

- any matters we identified having obtained and reviewed the group’s and the parent company's documentation of their policies and procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and

- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

- the matters discussed among the audit engagement team regarding how and where fraud might occur in the

financial statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the group and parent company operate in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the group’s and the parent company's ability to operate or to avoid a material penalty.

As a result of performing the above, we identified management override of controls as a key audit matter related to the potential risk of fraud. Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements ;

- enquiring of management concerning actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC; and

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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.

Stephen Young BSc FCA (Senior Statutory Auditor)

for and on behalf of Derek Young & Co Accountants LLP

Statutory Auditors

Chartered Accountants

Estate House

Evesham Street

Redditch

Worcestershire

B97 4HP

29 September 2025

TURNOVER

Group and share of joint venture and associates

41,307,877

37,910,521

Less:

Share of joint venture's turnover

(359,413

)

(450,471

)

Share of associates' turnover

(713,837

)

(785,095

)

GROUP TURNOVER

3

40,234,627

36,674,955

Administrative expenses

33,194,370

31,219,745

GROUP OPERATING PROFIT

5

7,040,257

5,455,210

Amortisation of goodwill

Associates

(102,070

)

(127,296

)

Interest receivable and similar income

6

1,127,270

1,311,566

8,065,457

6,639,480

Fair value adjustments

7

6,541

425,870

8,058,916

6,213,610

Interest payable and similar expenses

8

56,687

1,808

PROFIT BEFORE TAXATION

8,002,229

6,211,802

Tax on profit

9

2,611,437

1,036,192

PROFIT FOR THE FINANCIAL YEAR

5,390,792

5,175,610

Profit attributable to:

Owners of the parent

5,390,792

5,175,610

PROFIT FOR THE YEAR

5,390,792

5,175,610

OTHER COMPREHENSIVE INCOME  

Joint venture share of profit

152

110

Associated undertaking share of loss

(18,699

)

(118,019

)

Purchase of own share

-

(664,255

)

Remove capital contribution reserve

500,000

-

Income tax relating to components of other

comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR

THE YEAR, NET OF INCOME TAX

481,453

(782,164

)

TOTAL COMPREHENSIVE INCOME FOR

THE YEAR

5,872,245

4,393,446

Total comprehensive income attributable to:

Owners of the parent

5,872,245

4,393,446

FIXED ASSETS

Intangible assets

12

841,935

780,336

Tangible assets

13

480,924

523,205

Investments

14

Interest in joint venture

Share of gross assets

163,739

254,580

Share of gross liabilities

(155,846

)

(246,839

)

7,893

7,741

Interest in associate undertakings

192,121

607,528

Other investments

1,543,761

1,134,415

3,066,634

3,053,225

CURRENT ASSETS

Debtors

15

7,694,282

15,822,529

Cash at bank

14,951,643

3,886,079

22,645,925

19,708,608

CREDITORS

Amounts falling due within one year

16

7,523,830

6,232,036

NET CURRENT ASSETS

15,122,095

13,476,572

TOTAL ASSETS LESS CURRENT

LIABILITIES

18,188,729

16,529,797

CREDITORS

Amounts falling due after more than one year

17

-