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

The principal activity of the Company continues to be that of specialist recruitment consultancy, serving clients within the Lloyd’s and London insurance market, providing permanent and contract services. The business focuses on niche verticals where deep sector expertise and high service standards are essential to client success.

The Company’s business model is centred on its people, each of whom brings specialist expertise within their respective industry verticals. This depth of knowledge underpins our ability to deliver tailored recruitment solutions to clients across the Lloyd’s and London insurance market. The Company operates from two UK locations—its London head office and a regional office in Manchester—providing national coverage and operational flexibility.

Executive Statement

The Company closed the financial year with headline revenue of £18.03m (2023: £14.22m) and Net Fee Income (“NFI”) of £7.43m (2023: £6.39m), representing a year-on-year increase of 16.18%. NFI comprises fees earned from permanent placements and the margin generated from contract staffing services.

Profit before tax for the year was £0.48m (2023: £0.24m), after accounting for a share option charge of £34.3k. This reflects continued growth in core markets and disciplined cost management across the business.

Looking ahead, the Board remains focused on strengthening the Company’s competitive position through targeted investment in talent, technology, and brand. While external conditions remain fluid, our diversified market presence, strong cash reserves, and sector expertise position the business well for continued progress and long-term value creation.

CEO Statement

Trading in the first half of 2025 was in line with the budget set by the Board, reflecting disciplined execution and stable demand across our core verticals. While the broader economic outlook remains influenced by political uncertainty and macroeconomic volatility, we remain cautiously optimistic that easing inflationary pressures may lead to interest rate reductions, potentially supporting improved client activity.

The Company maintains a strong cash position, enabling continued investment in organic growth opportunities across our specialist markets. At the same time, we remain committed to delivering value to shareholders through sustainable returns and prudent financial management.

Below, the Board reviews the key performance indicators most relevant to the business:

Revenue

The Company’s revenue was £18.03m, which represents 26.78% increase compared to 2023 (£14.22m).

Net Fee Income (“NFI”)

Company NFI was £7.43m which is an increase of 16.18% compared to prior year.

Administrative Costs

Administrative costs for the year totalled £6.94 million, representing an increase of 13.21% compared to 2023. This uplift reflects higher commission expenses driven by increased Net Fee Income, alongside strategic investment in business services—including brand development, marketing, technology infrastructure, and the recruitment of experienced talent—to support the Company’s continued growth trajectory.

Profit before Taxation

Profit before taxation was £0.48m (2023: £0.24m).

Balance Sheet

Net assets as at 31 December 2024 were £1.38m compared to the prior year net assets of £1.26m. Trade receivables net of provisions for doubtful debts at the year-end were £2.32m (2023: £2.23m). The average credit period taken by clients decreased to 46 days (2023: 52 days).

Cashflow and Cash Position

At the start of the year the Company had cash of £0.68m. Cash generated from operations was £1.22m (2023: (£81.7k)). At the end of the year, after dividend payments of £187.5k, and repayment of outstanding CBILS loan of £162.5k, the Company had cash of £1.36m.

The Directors have considered the principal risks and uncertainties facing the Company and its operations. These risks are monitored regularly and mitigated through appropriate controls, strategic planning, and investment in operational resilience.

Talent Retention and Key Personnel Risk

The Company’s success is closely tied to its ability to attract and retain experienced professionals. The loss of key individuals could adversely impact trading performance and client relationships. The continued loyalty and commitment of the senior management team provide stability and enable the business to navigate market uncertainty effectively.

Market and Economic Volatility

Business performance is influenced by macroeconomic conditions, including inflation and interest rate movements. These factors may affect client demand across the sectors we serve. The Company’s diversified presence across nine verticals and its ability to reposition geographically reduce reliance on any single market, enhancing resilience and strategic flexibility.

Competitive Landscape

While the Company maintains a strong position in its chosen markets, competitive pressures—both from existing and emerging players—may impact market share and profitability. The Directors remain focused on strengthening our value proposition and maintaining agility to respond to market dynamics.

Regulatory and Legal Compliance

The Company operates across multiple industry verticals, each subject to evolving legal and regulatory requirements. The Directors actively monitor these developments and ensure compliance through investment in governance, training, and operational controls.

Cyber Security and Data Protection

The risk of unauthorised access to sensitive information continues to grow across the business environment. The Company has invested in cyber security infrastructure, implemented robust data protection policies, and delivered staff training to ensure compliance with relevant standards. Ongoing monitoring and adaptation of our cyber strategy ensure resilience against emerging threats.

Approximately 96.42% of the Company’s revenue in 2024 (2023: 98.72%) was denominated in Sterling. Consequently, the Company has a limited currency exposure in accounting for overseas operations.

Currently, the Company policy is not to hedge against this exposure, but it does seek to minimise the effect by converting into Sterling all cash balances in foreign currency that are not required for local short-term working capital needs.

On behalf 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 10.

Ordinary dividends were paid during the period amounting to £187,500. On 19 December 2024, the Board approved a final interim dividend in respect of the period ended 31 December 2024. A dividend of £3.00 per share was paid to holders of A Ordinary Shares, and £4.55 per share to holders of B Ordinary Shares on 6 January 2025, equal to £62,500, included within creditors at the reporting date.

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

Saffery 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;

• 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.

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of a fair review of the business, principal activities, principals risk and uncertainties and financial risk management.

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.

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

We have audited the financial statements of Arthur Financial Limited (the 'company') for the year ended 31 December 2024 which comprise the income statement, the statement of financial position, the statement of changes in equity, the statement of cash flows 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 Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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.

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 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.

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the director, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with director and by updating our understanding of the sector in which the company operates.

Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation.

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's report 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.

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

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

Arthur Financial Limited is a private company limited by shares incorporated in England and Wales. The registered office is 80 Leadenhall Street, London, United Kingdom, EC3A 3DH.

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. The principal accounting policies adopted are set out below.

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, which is not less than 12 months from the date of signing the financial statements. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements. true

Turnover represents the amount derived from the provision of services which fall within the company's principal activity, stated net of value added tax. Turnover from rendering services is recognised when services are rendered, no matter when cash is received. Recruitment income is recognised on the candidate start date, or over the term of a temporary placement, if such a treatment is considered more appropriate to the terms of the contract.

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.

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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

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 statement of financial position 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, 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.

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.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

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 expenses represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable.

Current and deferred tax is charged or credited to profit or loss, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transaction or event it relates to and is also charged or credited to other comprehensive income, or equity.

Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on the net basis or to realise the net asset and settle the liability simultaneously.

Current tax is based on taxable profit for the year. Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.

Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis.

The costs of short-term employee benefits are recognised as a liability and an expense.

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

For defined contribution schemes the amount charged to profit or loss is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments.

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.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

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.

Invoice discounting

Trade debtors are subject to a factoring agreement whereby an advance is received based upon and secured against trade receivables. Where the company has retained significant benefits and risks relating to the factored debts, separate presentation is adopted whereby the gross debt and a corresponding liability in respect of the advance received are shown separately on the statement of financial position. The interest element of the factor's charges is recognised as it accrues and is included in the statement of comprehensive income with other interest charges.

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 following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Share-based payments are valued at the date of grant using a Black-Scholes pricing model. The key judgements relate to the inputs to the pricing model which include share price volatility, historical and expected dividends and expected future performance of the entity to which the award relates. See note 19.

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

Their aggregate remuneration comprised:

Included within employees' remuneration costs are temporary contractor wages and taxable employee benefits.

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).

On 1 April 2023 the corporation tax rate for the UK increased from 19% to 25%. As such, 2024 was the first full year at the increased rate.

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:

At the reporting date, the final interim dividend had been approved by the Board of Directors and, as such, included as a liability in these financial statements for payment after the reporting date.

Included in other creditors is a total of £109,886 (2023: £114,738 debtor) in respect of invoice financing, which is secured by a fixed charge on all non-vesting and other debts, present and future, and a fixed and floating charge against property, assets and rights of the company.

The bank loan was secured by a fixed and floating charge over the assets of the company dated 30 March 2021 in favour of Santander UK PLC. This facility was supported by the Coronavirus Business Interruption Scheme. The bank loan was subsequently repaid in full during the year.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

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.

The company has an approved Enterprise Management Incentive scheme (EMI). On 28 March 2024, 7,500 share options, at £20 per option, were granted by the company under the rules of the scheme.

Exercise of an option is subject to continued employment with the company and may be exercised on or after an exercise event to the extent it is a vested option and the exercise conditions are satisfied.

If the options remain unexercised after a period of 10 years from the date of grant, the options expire. Options are forfeited if the employee leaves the company before the options vest.

The options outstanding at 31 December 2024 had an exercise price ranging from £1 to £20 and a remaining contractual life ranging between 2 and 4 years.

During the year, the company recognised total share-based payment expenses of £34,261 (2023: £nil) which related to equity settled share based payment transactions.

Shareholders are entitled to receive dividends as and when declared at the discretion of the Board of Directors, in accordance with the provisions of the Company’s Articles of Association. The shares carry full voting rights at general meetings.

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:

During the year, a shareholder received dividends of £100,000 (2023: £87,662) and withdrew amounts totalling £nil (2023: £175,878). At the year end, £88,216 (2023: £88,216) was owed to the company (this is included in other debtors). This amount is interest free, unsecured and repayable on demand.

During the year, a shareholder was remunerated £16,163 for qualifying services (2023: 16,091).

During the prior year, loans were made to the shareholders of the company of £72,814 in relation to the issue of shares. These amounts are interest free, unsecured and only repayable on the sale of the shares. This balance is included in other debtors and remains outstanding at the year-end.

Dividends totalling £150,000 (2023: £215,326) were paid or declared in the year in respect of shares held by the company's directors.

The ultimate controlling party is Daniel Faulkner by virtue of his shareholdings.