REGISTERED NUMBER: 08874662 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

SLALOM CONSULTING LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

11

Income Statement

15

Other Comprehensive Income

16

Balance Sheet

17

Statement of Changes in Equity

18

Cash Flow Statement

19

Notes to the Cash Flow Statement

20

Notes to the Financial Statements

21

DIRECTORS:

M D Heffernan

J D Mitchell

D Williams

REGISTERED OFFICE:

2 London Bridge

2nd Floor East

London

SE1 9RA

REGISTERED NUMBER:

08874662 (England and Wales)

AUDITORS:

Oury Clark Chartered Accountants

Statutory Auditors

Herschel House

58 Herschel Street

Slough

Berkshire

SL1 1PG

The directors present their strategic report together with the audited financial statements for the year ended 31 December 2024.

REVIEW OF BUSINESS

Slalom Consulting Limited (Slalom Consulting, or the Company) is a modern consulting firm that focuses on strategy, technology, and business transformation. Backed by local and global delivery teams, regional Slalom Build centers, and through partnerships with the world's top technology providers, Slalom Consulting helps clients tackle and solve their business challenges.

PRINCIPAL RISKS AND UNCERTAINTIES

The consulting industry is intensely competitive and the Company expects competition to intensify in the future due to the rapid evolution of technology and the continued globalization of the industry. It is critical that our services have the ability to scale as the business grows both in size and complexity.

The skills of our consultants represent our most important intellectual property; thus employee retention is of extreme importance.

Additionally, given the nature of our business, the threat of unauthorized or malicious attacks on our IT systems is an ongoing risk.

BALANCED AND COMPREHENSIVE ANALYSIS OF DEVELOPMENT AND PERFORMANCE

The income statement is set out on page 15 and shows revenue of £76.8 million, a 8.52% improvement over the prior year (£70.7 million). Net income for the year is £3.0 million. The Company implemented a new transfer pricing policy in 2024, which led to a significant improvement in operating income. See page 5 of the directors' report for more information.

The balance sheet is set out on page 17 and shows an increase of 34% in net current assets at 31 December 2024 (£24 million) compared to 31 December 2023 (£18 million). Long-term creditors increased 34% compared to the prior year due to debt funding from Slalom International Holdings GmbH.

The statement of changes in equity is set out on page 18. The directors do not recommend the payment of a final dividend (2023 - Nil).

The cash flow statement is set out on page 19 and shows decrease in cash of £2.8 million compared to the prior year. The decrease is primarily driven by an increase in amounts owed by group undertakings.

The Directors are satisfied with the Company's performance. There are no concerns about the ability of the entity to continue to operate into future years.

ANALYSIS USING FINANCIAL KEY PERFORMANCE INDICATORS

Management and the Directors monitor the Company's overall performance, from its implementation of Slalom's core values and strategic plan through the performance of the Company against operating plans and financial budgets. Management has identified key performance indicators (KPIs) that are used to monitor performance, which are reviewed on a regular basis. This measurement is not solely done in isolation at the Company level, but also within context of the wider Slalom, Inc. group. Some of the wider group's KPIs are revenue run rate, utilisation rate, gross margin, and operating margin. The Directors are satisfied with the Company's performance.

ANALYSIS USING OTHER KEY PERFORMANCE INDICATORS WHERE APPROPRIATE

In addition to the financial key performance indicators, Management and the Directors also monitor certain non-financial key performance indicators at the Company level as well as within the context of the wider Slalom, Inc. group. Examples of the wider group's non-financial KPI's are customer love score, employee satisfaction, and employee retention. The Directors are satisfied with the Company's performance.

DISCLOSURES CONSIDERED TO BE OF STRATEGIC IMPORTANCE

Slalom Consulting is supported by its ultimate parent company Slalom, Inc. There is a signed confirmation from Slalom, Inc., demonstrating its continued support of Slalom Consulting Limited for a period of at least 12 months and 1 day from the date of the audit report. Further, Slalom, Inc. is in a position to and will continue to provide further support as required for the current year's plans and will wait for repayment of existing inter-company indebtedness.

SECTION 172(1) STATEMENT

This section describes how the Directors have had regard to the matters set out in the Companies Act S172(1) (a) to (f) in exercising their duty to promote the success of the Company for the benefit of its members as a whole.

Having regard to the likely consequences of any decision in the long term

The Company has always sought to make a meaningful impact on the planet, its communities, and its people. The approach to achieving this continues to evolve as the Company grows and deepens its expertise in the areas of sustainability and impact. Management and Directors remain mindful that their decisions have long term implications for the planet, its communities, and its people, and these implications are carefully assessed.

Having regard to the interests of the company's employees

Management and Directors recognize its people are highly important to the Company's operations. The Company leads with transparency and accessibility in its business updates to team members via Slalom Town Halls. It's also why holistic health within the Company is defined by four interconnected pillars: mental health, social wellbeing, physical health, and financial health. This approach led to the creation of the THRIVE program, which allows greater flexibility for employees needing to access physical and mental health resources. Slalom's Guide to Life is also an essential resource in how team members care for themselves and each other, through Slalom policies and values. It provides easy access to both global and local policies, including resources, so that team members feel supported at work. Slalom's core values are integral to everything team members do. The core values guide how Slalom works with clients, teams, and within local communities. Each value is a reminder to stay true to the person, while enabling team members to drive meaningful outcomes.

Slalom has several employee communities such as Aspire, Horizons, Prism, Reach, Salaam and Women, which were developed to enhance the team member experience and to enable team members to love their life and work. Slalom also provides support and resources to enable the employee communities to build awareness, broaden impact and drive outcomes.

The Company reports on Gender Pay annually, in line with the current legislation and continues to focus on pay equity, ensuring that team members who are performing similar roles, in the same location with similar experience and impact, are fairly compensated.

Having regard to the need to foster the company's business relationships with suppliers, customers and others

As a company working toward better tomorrows for all, Management and Directors fully support the UN Sustainable Development Goals (UN SDGs), which were presented in 2015 as a shared global blueprint for prosperity. The Company's sustainability and impact goals in the areas of planet, communities, and people align to the UN SDGs. The Company rigorously measures its progress and is transparent with its stakeholders, sharing both successes and challenges. The Company is committed to shifting to 100% renewable energy by 2030 and implementing waste reduction programs across all Slalom offices. Through Slalom's Supplier Diversity Program, relationships with and the development of diverse suppliers is encouraged to ensure the support of equal business opportunity. Through its community volunteer efforts, pro bono client engagements, and local global donations, the Company supports organizations around the world. Management and Directors believe in collaborating with its suppliers, customers and partners to create a more equitable, inclusive, and sustainable world.

SECTION 172(1) STATEMENT CONT.

Having regard to the impact of the company's operations on the community and the environment

Globally and in each of the Company's individual markets, the purpose is to dream bigger, move faster, and build better tomorrows for all. This purpose is woven into the fabric of the Company creating a wholehearted desire to invest in the idea of effecting positive change and making an impact on lives near and far. In 2024, the Company continued to transform internally to improve the world around it. This included furthering its environmental, social, and governance (ESG) strategy within its operations and the services the Company provides and ramping up efforts to measure the Company's environmental impact to transparently show its progress. The Company joined The Climate Pledge and worked to build a unified strategy across all markets to achieve its goal of net-zero carbon emissions by 2040. The Company's efforts to improve its carbon footprint are included within the directors' report beginning on page 5.

In addition to these climate actions, the Company continued to make a tangible impact on people's lives and in the greater community through valued customer relationships. In both a paid and pro bono capacity, the Company helped organizations address racial injustice, provide food, clothing and essential hygiene items for local communities where 33% of children are living in poverty, and build sustainable supply chain processes to reduce environmental impact. Management and Directors acknowledge this is only the beginning and are committed to making the continued investments needed to support these initiatives.

Having regard to the desirability of the company maintaining a reputation for high standards of business contact

The Directors and Management of the Company are driven by one of Slalom's core values: Do what is right always. This value is taken seriously and incorporated into every aspect of the business including the need to act fairly as between members of the company to ensure responsible and secure operations. Directors continue to work diligently to prepare for the future by investing in needed expertise, developing strategic frameworks and enabling proper oversight. This was accomplished through the company's redesigned and enhanced anti-bribery and corruption training, anti-harassment and discrimination training, and achievement of the ISO 27001 certificate award. This award provides assurance to our customers, partners, and potential clients that the company can be trusted with highly sensitive data, intellectual property, and other information assets. In 2024, the Company had no substantiated complaints concerning breaches of customer privacy or losses of customer data. These are a few of the examples the Company as part of the wider Slalom, Inc. group has put into place to ensure that all employees and directors adhere to high standards of ethics in the business conduct.

ON BEHALF OF THE BOARD:

M D Heffernan - Director

24 September 2025

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

DIVIDENDS

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

DIRECTORS

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

M D Heffernan

J D Mitchell

D Williams

CHARITABLE DONATIONS AND EXPENDITURE

During the year, charitable donations and team members' volunteer time totalled £150,845 (2023: £185,189).

FUTURE DEVELOPMENTS AND RESEARCH AND DEVELOPMENT

As a fiercely human company, change is embraced fearlessly and navigating change with agility is essential to moving forward and preparing for the future. In 2020, the Company established 2020-2030 sustainability and impact goals to address essential needs in its changing environment. Directors know a tremendous amount of work remains ahead related to the Company's impact goals, but will continue to build on the momentum gained from the initiation of these goals. The process for tracking and reducing the Company's Scope 3 emissions (value chain emissions), are a consequence of the upstream and downstream activities necessary for Slalom to operate. The Company must decarbonize its supply chain and reduce its transportation emissions in business travel and team member commuting. Steps will be taken to further reduce energy consumption and transition to renewable energy in company offices. Sustainability efforts related to travel will continue to be improved by creating a framework grounded in data and traveller education. The Company's ESG Steering Committee will continue this impact-focused work to achieve sustainability goals in coordination with the Company's customers. The number of volunteer and community impact initiatives will expand as Slalom's footprint grows globally. Slalom will continue to focus on providing inclusive career development, mentoring, and sponsorship programs for Team Members. The Company will continue to partner with additional advocacy agencies that support the growth, development, and certification of diverse companies.

Research and development entails exploring expansion into new markets and is included in the accounts of Slalom, Inc.

During 2024, directors and management launched a companywide framework to provide a guide for re-focusing and aligning the goals and leadership of the parent company, Slalom, Inc. and all subsidiaries including Slalom Consulting Limited. The strategic framework was designed to enhance operational efficiency, global integration and service delivery. It emphasizes a matrix organizational model to reduce silos and foster collaboration across teams as well as to drive efficiency and innovation by enabling cohesive work across regions and service lines. The Company's transfer pricing policy implemented in 2024 reflects the changes we made to our operating model in 2024. This operating model continues to be enhanced in 2025.

Slalom Consulting Limited is a registered company only in the United Kingdom.

ENGAGEMENT WITH EMPLOYEES

As the Company grows protecting its people is one of its top priorities. Utilising the employee engagement survey, wellbeing pulse checks are performed at least annually to gauge the Company's progress of achieving the best working environment for its people. Furthermore, the Company leads with transparency and accessibility in its business updates to team members via quarterly Slalom Town Halls and monthly financial updates. Further information regarding the directors engagement with employees is discussed in the strategic report.

The Company grants cash and equity settled share incentive interests, to recognise key employees for their services and for achieving certain performance goals. This allows those employees to share in the growth of the business.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

As a company working toward better tomorrows for all, the Directors fully support the UN Sustainable Development Goals (UN SDGs), which were presented in 2015 as a shared global blueprint for prosperity. The Company's sustainability and 2020-2030 impact goals were set to address critical needs on the planet, within the Company's communities, and for its people. In collaboration with its customers, suppliers, and partners the Company is committed to shifting to 100% renewable energy by 2030 and implementing waste reduction programs across all Slalom offices. This included furthering its ESG strategy within its operations and the services the Company provides. Through its community volunteer efforts, pro bono client engagements, and local global donations, the Company supports organizations around the world.

DISABLED EMPLOYEES

Slalom provides equal employment opportunities to qualified individuals with disabilities and is committed to ensuring such individuals are not subjected to discrimination or retaliation in the workplace. Slalom prohibits discrimination against qualified individuals with disabilities and provides reasonable accommodations, consistent with applicable law, to allow an applicant to participate in the application process and to enable or assist a current team member to perform the essential functions of their job.

Slalom has implemented a unique and flexible wellbeing spending account referred to as the THRIVE fund, to be used by team members to improve their physical health, mental health, financial health, and social wellbeing in a way that has the greatest impact to them. Through the creation of the employee community group Horizons, a commitment to intersectional allyship has been formed to advocate for change within Slalom, related to accessibility initiatives, policy reform, and recruiting of disabled and neurodiverse individuals.

STREAMLINED ENERGY AND CARBON REPORTING

In accordance with environmental reporting guidelines including streamlined energy and carbon reporting requirements (SECR), the Company's methodology for its energy and carbon reporting requirements are as follows:

Methodologies

Boundary

Slalom follows an operational control approach. In 2024, we did not own any of our facilities, and as an office-based organization, all our facilities are leased in office buildings. Our permanent leases are where we can introduce and implement our operating policies and are considered within our operational control. Emissions from our permanent leases are included in our Scope 1 and 2 measurements.

Scope 1

Fugitive emissions from Slalom owned or operated refrigerators are included in Slalom's Scope 1 emissions.

Slalom leverages the EPA's Greenhouse Gas Guidance for Direct Fugitive Emissions from Refrigeration, Air Conditioning, Fire Suppression, and Industrial Gases, in alignment with the Greenhouse Gas Protocol. Emission factors come from the UK Government GHG conversion factors for company reporting, and the GWP's come from IPCC AR6. Annually, our complete greenhouse gas inventory, including scope 1 emissions, is verified by a third party, KERAMIDA.

Scope 2

Emissions from all energy use by Slalom are included in Slalom's Scope 2 emissions, including electricity, district heating/steam, district cooling, onsite fuel consumption, and A/C fugitive emissions from refrigerant use. In alignment with GHG Protocol, Slalom's Scope 2 emissions include emissions from onsite combustion and onsite refrigerant equipment because on-site heat generation and cooling equipment fall under the operational control of the landlord or building management company. Therefore, as a tenant, we report consumption of heat and cooling generated on-site as Scope 2.

Slalom calculates Scope 2 emissions using location-based and market-based methods in alignment with the Greenhouse Gas Protocol. Emission factors for fuel consumption are sourced from either utility-provided power content labels, Green-E emissions factor libraries, known renewable energy contracts (where emissions factor is 0) UK Government GHG conversion factors for company reporting, or the EPA for stationary fuel conversion factors. Global warming potentials (GWPs) are based on values from the IPCC Sixth Assessment Report (AR6). Annually, our complete greenhouse gas inventory, including scope 2 emissions, is verified by a third party, KERAMIDA.

Data Notes and Limitations

Our Scope 1 emissions are estimated based on refrigerators present in each office.

For Scope 2, we assume all offices use electricity and refrigerants for HVAC units. In most cases, our utilities are managed by our property managers. We collect space data and fuel consumption data for electricity, natural gas, and other fuels from our property managers on an annual basis and use this data to calculate Scope 2 emissions. When data is not provided, we make estimates based on average kWh per square foot. When data is missing for specific time periods, we extrapolate using the data provided.

London Office: 2024

Scope 1 Detail: Annual estimate based on number of refrigerators present in office.

Scope 2 Detail: Our London office is sub-metered, but the property manager was only able to provide us with usage data from July 1- December 31. The rest of the year data gap was filled via kWh/Sq Ft daily rate estimates. Annual estimate was made for refrigerants in heating and cooling HVAC units.

Manchester Office: 2024

Scope 1 Detail: Annual estimate based on number of refrigerators present in office.

Scope 2 Detail: In our annual property manager survey, the Manchester property manager indicated that the building uses electricity and natural gas but did not provide us with usage data. Therefore, fuel consumption for natural gas, electricity and refrigerants were estimated for the year.

London Office: 2023

Scope 1 Detail: Annual estimate based on number of refrigerators present in office.

Scope 2 Detail: No property manager data was provided in 2023, and so annual estimates were made for electricity, natural gas and refrigerants using average kWh per day per Sq ft. It was assumed that the London office used natural gas.

Manchester Office: 2023

Scope 1 Detail: Annual estimate based on number of refrigerators present in office.

Scope 2 Detail: Electricity data was provided by the property manager for the entire year. Annual estimates were made for Natural gas and refrigerants in heating and cooling HVAC units.

The Company's energy usage, greenhouse gas emissions, Scope 1 and Scope 2 emissions, and intensity ratio for the 2024 and 2023 reporting years are outlined below.

Energy Usage

Office Name

London - 2 London Bridge

Manchester - 17 Marble Street

United Kingdom (Total)

Reporting Year

2023

2024

2023

2024

2023

2024

Electricity Consumption (kWh)

346,790.95

143,564.97

59,758.50

85,520.57

406,549.45

229,085.55

Other Fuel Consumption (kWh)

119,270.53

0.00

50,511.33

114,523.20

169,781.86

114,523.20

Sum of Fuel Consumption (kWh)

466,061.48

143,564.97

110,269.83

200,043.77

576,331.32

343,608.75

Associated Greenhouse Gas Emissions

Office Name

London - 2 London Bridge

Manchester - 17 Marble Street

United Kingdom (Total)

Reporting Year

2023

2024

2023

2024

2023

2024

Sum of Scope 1 Emissions (tCO2e)

0.00

0.00

0.00

0.00

0.00

0.00

Sum of Scope 2 Location-Based Emissions (tCO2e)

104.62

41.43

25.90

32.68

130.52

74.12

Sum of Scope 2 Market-Based Emissions (tCO2e)

159.44

11.71

35.35

48.19

194.79

59.91

Intensity Ratio

Office Name

London - 2 London Bridge

Manchester - 17 Marble Street

United Kingdom (Total)

Reporting Year

2024

2024

2024

2024 Scope 1 and Scope 2 Location-Based Emissions per Full Time Employee (tCO2e/FTE)

0.11

0.34

0.16

2024 Scope 1 and Scope 2 Market-Based Emissions per Full Time Employee (tCO2e/FTE)

0.03

0.50

0.13

The Company has taken the following actions during the 2024 reporting year:

Office Sustainability Practices Leveraged

London

- Signage for recycling and composting instructions near bins to promote energy conservation and efficiency in our community's waste systems.

- Earth Month local campaign to educate team members on the importance of energy efficiency at home and in the office.

- Bicycle storage to promote sustainable forms of transportation to and from the office.

- Hand driers in bathrooms to limit waste and promote energy conservation and efficiency in our community's waste systems.

- Sustainable furniture recycling/ removal to repurpose or responsibly dispose of office furniture.

Manchester

- Signage for recycling and composting instructions near bins to promote energy conservation and efficiency in our community's waste systems.

- Bicycle storage to promote sustainable forms of transportation to and from the office.

- Office energy conservation signage, awareness initiatives, and/or incentives (e.g., lights off reminders, unplugging devices when unused, taking the stairs between floors challenge) to limit our energy consumption.

- Hand driers in bathrooms to limit waste and promote energy conservation and efficiency in our community's waste systems.

Renewable Energy

London

- The office purchases and then retires renewable energy certificates for the building.

Manchester

- Slalom works closely with our property managers to procure 100% renewable electricity with certificates for all electricity usage within our operations.

Energy Efficiency and Low-carbon Features Offered by Building

London

- No survey response from 2024 Property Manager Survey.

Manchester

- LED Lighting in the office to reduce energy consumption.

- Efficient HVAC systems to reduce energy consumption.

- Smart energy monitoring and reporting systems to enhance energy efficiency throughout the day.

- Building has electrification plans (no fossil fuels) within the next 10 years to limit greenhouse gas production.

Slalom Wide Energy Efficiency Actions

London and Manchester

- Avoid zombie servers, turn off items that are no longer in use, and engage in other cost-saving and energy-saving practices, such as working with cloud computing partners to ensure sustainable cloud computing practices are followed.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the 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). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

To the best of the Director's knowledge, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the Company's auditors are unaware of. Each director has taken all necessary steps to ensure they are informed about any relevant audit information and to confirm the Company's auditors are aware of that information.

AUDITORS

The auditors, Oury Clark Chartered Accountants, are deemed to be re-appointed under Section 487 (2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:

M D Heffernan - Director

24 September 2025

Opinion

We have audited the financial statements of Slalom Consulting Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 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 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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of 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 and one day 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 Report of the Directors and Strategic Report, 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 to read the other information and, in doing so, consider whether the other information is inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be misstated. If we identify such inconsistencies or apparent 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 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 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, 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 directors' remuneration specified by law are not made; or

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

- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page nine, 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 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 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.

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.

Identifying and assessing potential irregularities, including fraud

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

- Considering the nature of the industry, sector, control environment and current business activities, including possible performance targets and subsequent remuneration.

- Enquiring of management concerning policies and procedures relating to:

1. Complying with laws and regulations and whether there were any instances of non-compliance;

2. Mitigating, detecting and responding to fraud risk and whether there has been any actual or possible instances of fraud.

- Discussing within the engagement team, how and where fraud may occur in the financial statements along with the possible indicators of fraud. We identified the following areas most likely to be susceptible to fraud:

1. Management override;

2. Revenue recognition.

- Discussing within the engagement team, the legal and regulatory framework in which the company operates and in particular those which would have an impact on the financial statements. The key laws and regulations considered were the Companies Act 2006, UK tax legislation and UK employment law.

Audit response to the risks identified

As noted above, we identified management override and revenue recognition as the matters that would most likely be susceptible to fraud. Our procedures to respond to this risk included the following.

- Review of nominal ledger and journals posted in the year to ensure there was no evidence of management override;

- Review a sample of sales transactions to ensure sales are legitimate, recognised in the correct accounting period and are in line with the applicable accounting standards.

Further, we also identified compliance with the Companies Act 2006, UK tax legislation and UK employment law as being key areas where there may be possible non-compliance. Our procedures to respond to these risks included the following:

1. Review the disclosures in the financial statements and testing supporting documentation to assess compliance with the Companies Act 2006;

2. Safeguard review of the financial statements by a qualified accountant not associated with the audit team;

3. Safeguard review of the corporation tax computation by someone independent of the audit team and CTA qualified;

4. A review of expenses for any items not allowable for UK corporation tax, and to ensure the tax computation complies with UK tax legislation;

5. We have checked a sample of compliance with right to work checks and reviewed legal fees for indications of material issues arising out of non-compliance with UK employment law.

The above matters and identified laws and regulations and potential fraud risks were communicated to all engagement team members, in order to enable the team to have the ability to identify such risks. The whole team remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in the audit procedures described above and 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.

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.

Amy Enslin (Senior Statutory Auditor)

for and on behalf of Oury Clark Chartered Accountants

Statutory Auditors

Herschel House

58 Herschel Street

Slough

Berkshire

SL1 1PG

25 September 2025

TURNOVER

3

76,775

70,745

Cost of sales

56,227

56,768

GROSS PROFIT

20,548

13,977

Administrative expenses

17,007

23,950

OPERATING PROFIT/(LOSS)

6

3,541

(9,973

)

Interest receivable and similar income

62

-

3,603

(9,973

)

Interest payable and similar expenses

8

570

755

PROFIT/(LOSS) BEFORE TAXATION

3,033

(10,728

)

Tax on profit/(loss)

9

-

-

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

3,033

(10,728

)

PROFIT/(LOSS) FOR THE YEAR

3,033

(10,728

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

3,033

(10,728

)

FIXED ASSETS

Tangible assets

10

2,310

2,911

CURRENT ASSETS

Debtors: amounts falling due within one year

11

27,530

18,041

Debtors: amounts falling due after more than one year

11

162

162

Cash at bank

4,877

7,721

32,569

25,924

CREDITORS

Amounts falling due within one year

12

8,201

7,711

NET CURRENT ASSETS

24,368

18,213

TOTAL ASSETS LESS CURRENT LIABILITIES

26,678

21,124

CREDITORS

Amounts falling due after more than one year

13

10,033

7,512

NET ASSETS

16,645

13,612

CAPITAL AND RESERVES

Called up share capital

15

63,993

63,993

Retained earnings

16

(47,348

)

(50,381

)

SHAREHOLDERS' FUNDS

16,645

13,612

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2025 and were signed on its behalf by:

M D Heffernan - Director

Called up

share

Retained

Total

capital

earnings

equity

£'000

£'000

£'000

Balance at 1 January 2023

47,000

(39,653

)

7,347

Changes in equity

Deficit for the year

-

(10,728

)

(10,728

)

Total comprehensive income

-

(10,728

)

(10,728

)

Issue of share capital

16,993

-

16,993

Balance at 31 December 2023

63,993

(50,381

)

13,612

Changes in equity

Profit for the year

-

3,033

3,033

Total comprehensive income

-

3,033

3,033

Balance at 31 December 2024

63,993

(47,348

)

16,645

Cash flows from operating activities

Cash generated from operations

1

(4,603

)

(12,572

)

Interest paid

(570

)

(755

)

Net cash from operating activities

(5,173

)

(13,327

)

Cash flows from investing activities

Purchase of tangible fixed assets

(233

)

(460

)

Interest received

62

-

Net cash from investing activities

(171

)

(460

)

Cash flows from financing activities

Intercompany balance movement

2,500

-

Share issue

-

16,993

Net cash from financing activities

2,500

16,993

(Decrease)/increase in cash and cash equivalents

(2,844

)

3,206

Cash and cash equivalents at beginning of year

2

7,721

4,515

Cash and cash equivalents at end of year

2

4,877

7,721

1.	RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.12.24

31.12.23

£'000

£'000

Profit/(loss) before taxation

3,033

(10,728

)

Depreciation charges

830

883

Loss on disposal of fixed assets

2

58

Share option charge

247

62

Finance costs

570

755

Finance income

(62

)

-

4,620

(8,970

)

Increase in trade and other debtors

(9,734

)

(333

)

Increase/(decrease) in trade and other creditors

511

(3,269

)

Cash generated from operations

(4,603

)

(12,572

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024

31.12.24

1.1.24

£'000

£'000

Cash and cash equivalents

4,877

7,721

Year ended 31 December 2023

31.12.23

1.1.23

£'000

£'000

Cash and cash equivalents

7,721

4,515

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£'000

£'000

£'000

Net cash

Cash at bank

7,721

(2,844

)

4,877

7,721

(2,844

)

4,877

Total

7,721

(2,844

)

4,877

1.	STATUTORY INFORMATION

Slalom Consulting Limited is a private company, limited by shares, registered in England and Wales. The Company's registered number can be found on the Company Information page.

The company's registered office and principal place of business is located at 2 London Bridge, London, SE1 9RA. In addition to its London headquarters, the company also operates from an office in Manchester at 17 Marble Street, Manchester, M2 3AW.

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 pound sterling and rounded to thousands.

The company has obtained a letter of support from its parent company, Slalom, Inc.. The directors of Slalom, Inc. have provided a commitment to provide any financial support which may be necessary in order that the company can meet its liabilities, as they fall due, for the foreseeable future being for a period of at least 12 months and 1 day following the signing of the audit report attached to these accounts. As a result of this commitment the directors have continued to adopt the going concern basis in preparing these financial statements.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

In the current year, management have made judgements in relation to the items listed below.

Share based payments - management have made judgements with regards to the fair value of the share incentives and in concluding that all employees with incentives will receive those options.

Depreciation - management uses judgement to estimate the useful lives and residual value of depreciating tangible fixed assets.

Deferred tax - management uses judgements concluding whether any possible deferred tax asset should be recognised.

Revenue on fixed term contracts - management is required to exercise judgement in determining the appropriate timing and pattern of revenue recognition for fixed-term contracts.

Turnover

Turnover is measured at the fair value of the consideration received or receivable less deferred amounts. Discounts, rebates, value added tax and other sales taxes are excluded.

Sales contracts with customers are based on either a time and materials spent basis or on a fixed fee arrangement.

For sales contracts on a time and materials basis, revenue is recognised when the time and materials are spent performing the engagement.

For sales contracts with a fixed fee arrangement, revenue is recognised in accordance to the proportion of services rendered in comparison to the complete services to be performed per the sales contract.

Sales invoices are raised to customers in accordance with the terms of the sales contract. This therefore results in instances of deferred and accrued revenue.

Tangible fixed assets

Tangible fixed assets are initially recognised at cost. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

- over remaining term of lease

Workstations

- over 3 - 5 years on cost

Fixtures & Fittings

- over 3 - 5 years on cost

Network and communications equipment

- over 3 - 5 years on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.