REGISTERED NUMBER: 03920994 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 March 2024

for

Africa Practice Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Consolidated Income Statement

9

Consolidated Other Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

Notes to the Consolidated Financial Statements

17

DIRECTORS:

M V Courage

M M Gulamhusein

D H C Hampshire

R Kiplagat

REGISTERED OFFICE:

4th Floor, Metroline House

118-122 College Road

Harrow

Middlesex

HA1 1BQ

REGISTERED NUMBER:

03920994 (England and Wales)

AUDITORS:

TC Group

Statutory Auditor

First Floor

Spitalfields House

Stirling Way

Borehamwood

Hertfordshire

WD6 2FX

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

OVERVIEW FROM THE BOARD OF DIRECTORS

As the Board of Directors, we are pleased to present the strategic report for the year ended 31 March 2024.

Africa Practice is a mission-driven strategic consulting firm that provides critical insights and advocacy solutions to investors and development partners. Our core purpose is to create the conditions for a prosperous Africa by helping organisations overcome barriers to growth and development.

The company's directors are supported by a dedicated and experienced management team that has deep knowledge of our business and the markets we serve.

Our B-Corp certification underscores our company's commitment to sustainable business practices, and our long-standing membership in the UN Global Compact reflects our commitment to ethical operations.

The company is in good health and has adequate financial headroom to expand the business from its own resources.

PRINCIPAL RISKS AND UNCERTAINTIES

The company's directors closely monitor business risks and changes to our operating environment. Policies formulated by the Board and implemented by the Executive Committee, including robust internal control systems and governance procedures to mitigate risks to the organisation and its personnel.

Financial Risks

Our operations expose the company to various financial risks, including credit and foreign currency fluctuations.

- Credit Risk: We carry out a risk assessment before taking on new clients to ensure their financial stability and continuously monitor any credit facilities extended.

-Currency Risk: As the company transacts in multiple currencies, we regularly review all contracts and, where applicable, utilise financial instruments to mitigate any exchange rate exposures.

Non- Financial Risks

We also face a number of non-financial risks. We have policies and governance procedures in place to mitigate these risks.

-Key Personnel Risk: Our business relies mainly on the talent of our people. We continue to invest in our employees, ensure a good working environment, and provide competitive industry-level compensation.

- Client Satisfaction Risk: Our focus on client satisfaction is a key contributor to our success. We assign project managers responsible for the timely and accurate completion of client assignments and for ensuring client satisfaction.

-Technological Risk: The company continues to invest in technology not only to deepen and expand our capabilities and meet the evolving needs of our clients, but also to ensure robust data security to safeguard data from unauthorized access, breaches, and other cyber threats.

-Revenue Portfolio: We maintain a diversified client base, serving multiple industries across multiple geographies, protecting the company from over-reliance on a single client, industry, or geography.

FUTURE OUTLOOK

The company's future outlook is strong as we offer an unrivaled capability to serve leaders and organisations who want to innovate, drive change and create sustainable markets that maximise value for everyone. The company will continue to invest in talent and technology to deepen and expand our capabilities and meet the evolving needs of our clients.

KEY PERFORMANCE INDICATORS

The company sells various products and solutions and the directors consider that the key performance indicators are:

2024

2023

£

£

Turnover

7,847,481

8,183,457

Profit before tax

1,565,693

1,615,885

Net Assets

3,887,329

3,017,138

ON BEHALF OF THE BOARD:

M M Gulamhusein - Director

29 September 2025

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

DIVIDENDS

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

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

M V Courage

M M Gulamhusein

D H C Hampshire

R Kiplagat

Other changes in directors holding office are as follows:

A J Colman - resigned 1 January 2024

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). 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;

-	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, TC Group, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

M M Gulamhusein - Director

29 September 2025

Opinion

We have audited the financial statements of Africa Practice Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 March 2024 and of the group's profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are 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 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 four, 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

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

Our approach was as follows:

- We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations;

- We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK;

- We considered the nature of the industry, the control environment and business performance, including the key drivers for management's remuneration;

- We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;

- We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

Sadikali Gulamabas Premji (FCCA) (Senior Statutory Auditor)

for and on behalf of TC Group

Statutory Auditor

First Floor

Spitalfields House

Stirling Way

Borehamwood

Hertfordshire

WD6 2FX

29 September 2025

TURNOVER

7,847,481

8,183,457

Cost of sales

3,168,894

3,457,450

GROSS PROFIT

4,678,587

4,726,007

Administrative expenses

3,190,939

3,160,585

1,487,648

1,565,422

Other operating income

15,335

1,644

OPERATING PROFIT

4

1,502,983

1,567,066

Interest receivable and similar income

62,710

48,519

PROFIT BEFORE TAXATION

1,565,693

1,615,585

Tax on profit

5

529,677

346,649

PROFIT FOR THE FINANCIAL YEAR

1,036,016

1,268,936

Profit attributable to:

Owners of the parent

1,034,422

1,258,035

Non-controlling interests

1,594

10,901

1,036,016

1,268,936

PROFIT FOR THE YEAR

1,036,016

1,268,936

OTHER COMPREHENSIVE INCOME

Foreign exchange translation reserve

(165,825

)

(192,213

)

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

(165,825

)

(192,213

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

870,191

1,076,723

Total comprehensive income attributable to:

Owners of the parent

868,597

1,065,822

Non-controlling interests

1,594

10,901

870,191

1,076,723

FIXED ASSETS

Tangible assets

8

58,000

74,454

Investments

9

-

-

58,000

74,454

CURRENT ASSETS

Debtors

10

1,921,806

1,698,147

Cash at bank and in hand

3,921,600

4,774,530

5,843,406

6,472,677

CREDITORS

Amounts falling due within one year

11

2,014,077

3,529,993

NET CURRENT ASSETS

3,829,329

2,942,684

TOTAL ASSETS LESS CURRENT LIABILITIES

3,887,329

3,017,138

CAPITAL AND RESERVES

Called up share capital

12

1,266

1,266

Share premium

13

292,688

292,688

Capital redemption reserve

13

116

116

Other reserves

13

(331,898

)

(166,073

)

Retained earnings

13

3,824,791

2,790,369

SHAREHOLDERS' FUNDS

3,786,963

2,918,366

NON-CONTROLLING INTERESTS

14

100,366

98,772

TOTAL EQUITY

3,887,329

3,017,138

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

M M Gulamhusein - Director

FIXED ASSETS

Tangible assets

8

20,662

16,096

Investments

9

550,954

275,600

571,616

291,696

CURRENT ASSETS

Debtors

10

1,506,034

1,523,697

Cash at bank and in hand

3,405,548

4,043,471

4,911,582

5,567,168

CREDITORS

Amounts falling due within one year

11

2,581,825

3,983,051

NET CURRENT ASSETS

2,329,757

1,584,117

TOTAL ASSETS LESS CURRENT LIABILITIES

2,901,373

1,875,813

CAPITAL AND RESERVES

Called up share capital

12

1,266

1,266

Share premium

292,688

292,688

Capital redemption reserve

116

116

Retained earnings

2,607,303

1,581,743

SHAREHOLDERS' FUNDS

2,901,373

1,875,813

Company's profit for the financial year

1,025,560

993,493

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

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

M M Gulamhusein - Director

Called up

Capital

share

Retained

Share

redemption

capital

earnings

premium

reserve

£

£

£

£

Balance at 1 April 2022

1,212

1,932,797

292,688

116

Changes in equity

Issue of share capital

54

-

-

-

Dividends

-

(400,463

)

-

-

Total comprehensive income

-

1,258,035

-

-

Balance at 31 March 2023

1,266

2,790,369

292,688

116

Changes in equity

Total comprehensive income

-

1,034,422

-

-

Balance at 31 March 2024

1,266

3,824,791

292,688

116

Other

Non-controlling

Total

reserves

Total

interests

equity

£

£

£

£

Balance at 1 April 2022

26,140

2,252,953

87,871

2,340,824

Changes in equity

Issue of share capital

-

54

-

54

Dividends

-

(400,463

)

-

(400,463

)

Total comprehensive income

(192,213

)

1,065,822

10,901

1,076,723

Balance at 31 March 2023

(166,073

)

2,918,366

98,772

3,017,138

Changes in equity

Total comprehensive income

(165,825

)

868,597

1,594

870,191

Balance at 31 March 2024

(331,898

)

3,786,963

100,366

3,887,329

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 April 2022

1,212

980,292

292,688

116

1,274,308

Changes in equity

Issue of share capital

54

-

-

-

54

Dividends

-

(392,042

)

-

-

(392,042

)

Total comprehensive income

-

993,493

-

-

993,493

Balance at 31 March 2023

1,266

1,581,743

292,688

116

1,875,813

Changes in equity

Total comprehensive income

-

1,025,560

-

-

1,025,560

Balance at 31 March 2024

1,266

2,607,303

292,688

116

2,901,373

Cash flows from operating activities

Cash generated from operations

1

(535,615

)

2,011,152

Tax paid

(360,462

)

(349,145

)

Net cash from operating activities

(896,077

)

1,662,007

Cash flows from investing activities

Purchase of tangible fixed assets

(19,563

)

(15,175

)

Sale of tangible fixed assets

-

(1,224

)

Interest received

62,710

48,519

Net cash from investing activities

43,147

32,120

Cash flows from financing activities

Share issue

-

54

Equity dividends paid

-

(634,487

)

Net cash from financing activities

-

(634,433

)

(Decrease)/increase in cash and cash equivalents

(852,930

)

1,059,694

Cash and cash equivalents at beginning of year

2

4,774,530

3,714,836

Cash and cash equivalents at end of year

2

3,921,600

4,774,530

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

31.3.24

31.3.23

£

£

Profit before taxation

1,565,693

1,615,585

Depreciation charges

23,092

26,294

Loss on disposal of fixed assets

-

1,224

Finance income

(62,710

)

(48,519

)

1,526,075

1,594,584

Increase in trade and other debtors

(384,339

)

(699,165

)

(Decrease)/increase in trade and other creditors

(1,677,351

)

1,115,733

Cash generated from operations

(535,615

)

2,011,152

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 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

3,921,600

4,774,530

Year ended 31 March 2023

31.3.23

1.4.22

£

£

Cash and cash equivalents

4,774,530

3,714,836

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.23

Cash flow

At 31.3.24

£

£

£

Net cash

Cash at bank and in hand

4,774,530

(852,930

)

3,921,600

4,774,530

(852,930

)

3,921,600

Total

4,774,530

(852,930

)

3,921,600

1.	STATUTORY INFORMATION

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

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company (Africa Practice Limited) together with all entities controlled by the parent company i.e subsidiaries and the group's share of its interests in joint ventures and associates.

All financial statements are made up to 31st March, 2023 Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group's financial statements from the date that control commences until the date that control ceases.

Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

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