The Iasme Consortium Limited Accounts






The Iasme Consortium Limited
	Company No. 07897132
		Unaudited Annual Report and Financial Statements
		31 December 2024




							Pages

Company Information							2
Strategic Report							3
Directors' Report							5
Accountant's Report							7
Profit and Loss Account							8
Balance Sheet							9
Statement of Changes in Equity							10

Notes to the Financial Statements							11 to 18

Directors

M.I. Andrews


E.M. Philpott
L.J. Rhodes




































Secretary

T. Gray

Registered Office

Wyche Innovation Centre
Walwyn Road
Upper Colwall
Malvern
WR13 6PL

Accountants

Elizabeth Eyre Limited
Bank Street Business Centre
6 Bank Street
Malvern
Worcestershire
WR14 2JN

The Directors present their strategic report for the year ended 31 December 2024.

Business review

IASME has delivered another year of strong performance in 2024, marked by continued growth and strategic progress across the company.

Cyber security is still well reported in the public domain due to high profile breaches, and the continual evolution of Cyber Essentials ensures it is still one of the best tools available to protect the majority of organisations from the majority of cyber attacks. This pull combined with promotional efforts by IASME and industry partners has resulted in sustained organic growth.

Significant investments in people and infrastructure have further strengthened the organisation’s foundation. Key projects included expanding the range of certificates on offer, enhancements and automation made to internal processes.

IASME also delivered projects for UK government in the year, primarily associated with funding some small organisations in important sectors to receive cyber security support towards Cyber Essentials certification.
Principal risks and uncertainties
The business operates in a dynamic environment and must maintain compliance with the rules of government suppliers as well as demonstrating compliance with its own certification schemes. At the same time, it must remain agile and responsive to changes in government policy and industry conditions.
Key risks are as follows:
Reliance on Single Customer
A large proportion of the business stems from one large contract which is due to be re-tendered in a couple of years. IASME is working to ensure we are in a good position for the re-tender process. Other certification schemes are also being developed and the customer base increasing rapidly to reduce the reliance on a single contract.
Credit Risk
The business’s debtor base is spread across many small balances. The debtor profile is regularly reviewed to ensure adherence to agreed payment terms. Where necessary IASME has the ability to restrict service usage to late payers.
Liquidity and Cash Flow Risk
Financial forecasts are closely monitored to ensure adequate liquidity and working capital are maintained.
Inflation Risk
Inflationary pressures and employment taxes present an ongoing challenge. The business is investing in tools and internal automation to ensure it can improve efficiency and productivity despite these external pressures.
Employment and Talent Risk
Retaining and attracting key personnel is vital to the success of IASME in the cyber industry. IASME has a key strength in deliberately attracting staff from all backgrounds and from all routes into the sector. Diversity at every level in the company enables us to innovate in a comprehensive and relevant way.

Financial and other key performance indicators:

The company considers the following financial KPIs: • Continued growth in income year on year • Improved gross margin year on year

Other key performance indicators
The company considers the following non-financial KPIs:
• Continued growth in number and mix of certifications
• Social impact































This report was approved by the board and signed on its behalf.

E.M. Philpott
Director
17 September 2025

The Directors present their report and the financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company during the year under review was Cyber Security Consultancy.

Directors

The Directors who served at any time during the year were as follows:

M.I. Andrews
P. Barry		(Resigned 31 December 2024)
S.J. Lowe		(Resigned 9 June 2025)
E.M. Philpott

R.L. Rostas		(Resigned 31 December 2024)



































Future developments
There have been no significant events affecting the Company since the year end.
































Statement of directors' responsibilities
The Directors are responsible for preparing the Directors' report and the accounts in accordance with applicable law and regulations.

Company law requires the directors to prepare accounts for each financial year. Under that law the directors have elected to prepare the accounts 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 accounts 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 accounts, the directors are required to:
*	select suitable accounting policies and then apply them consistently;
*	make judgements and estimates that are reasonable and prudent;
*	state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statments; and
*	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 of disclosure of information
So far as the directors are aware, there is no relevant information of which the company's accountants are unaware and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant information and to establish that the company's accountants are aware of that information.











Signed on behalf of the board

E.M. Philpott
Director
17 September 2025

Chartered Accountants' Report to the Board of Directors on the preparation of the unaudited Statutory Financial Statements of The Iasme Consortium Limited for the year ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Iasme Consortium Limited for the year ended 31 December 2024 which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the Board of Directors of The Iasme Consortium Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of The Iasme Consortium Limited and state those matters that we have agreed to state to the Board of Directors of The Iasme Consortium Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Iasme Consortium Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that The Iasme Consortium Limited has kept adequate accounting records and to prepare the financial statements that give a true and fair view of the assets, liabilities, financial position and profit of The Iasme Consortium Limited. You consider that The Iasme Consortium Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of the Iasme Consortium Limited. For this reason, we have not verified the accuracy of completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Elizabeth Eyre Limited
Bank Street Business Centre
6 Bank Street
Malvern
Worcestershire
WR14 2JN
17 September 2025

for the year ended 31 December 2024

	Notes	2024	2023
		£	£
Turnover		14,862,433	13,482,944

Cost of sales		(5,154,222)	(5,259,568)

Gross profit		9,708,211	8,223,376

Distribution costs and selling expenses		(101,998)	(69,776)

Administrative expenses		(4,593,947)	(4,231,694)

Other operating income		68,410	-

Operating profit	3	5,080,676	3,921,906



Other interest receivable	5	2,036	2,222







Profit on ordinary activities before taxation		5,082,712	3,924,128

Taxation	6	769,109	(820,000)

Profit for the financial year after taxation		5,851,821	3,104,128

Other comprehensive income		-	-





Total comprehensive income/(loss)		5,851,821	3,104,128

at	31 December 2024

Company No.		07897132	Notes	2024	2023
				£	£
Fixed assets

	Tangible assets		7	54,513	45,417

	Investments		8	16,000	16,000
				70,513	61,417
Current assets

	Debtors		9	3,179,176	2,309,533

	Cash at bank and in hand			2,233,313	1,607,769
				5,412,489	3,917,302
Creditors: Amount falling due within one year			10	(2,528,848)	(1,735,988)
Net current assets				2,883,641	2,181,314
Total assets less current liabilities				2,954,154	2,242,731

Provisions for liabilities
	Deferred taxation		11	(10,433)	(10,433)

Net assets				2,943,721	2,232,298

Capital and reserves
	Called up share capital		12	15	15
	Share premium account		13	18,713	18,713


	Profit and loss account		13	2,924,993	2,213,570

Total equity				2,943,721	2,232,298


The directors consider that the Company is entitled to exemption from the requirement to have an audit under the provisions of section 479A of the Companies Act 2006.
The members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of the financial statements

The financial statements were approved by the board on 17 September 2025 and signed on its behalf by:

E.M. Philpott
Director
17 September 2025

for the year ended 31 December 2024

		Share Capital	Share Premium	Retained earnings	Total equity
		£	£	£	£
	At 1 January 2023	15	18,713	1,709,442	1,728,170




	Profit for the period			3,104,128	3,104,128

	Dividends			(2,600,000)	(2,600,000)





	At 31 December 2023 and 1 January 2024	15	18,713	2,213,570	2,232,298




	Profit for the period			5,851,821	5,851,821

	Dividends			(5,140,398)	(5,140,398)
	At 31 December 2024	15	18,713	2,924,993	2,943,721

for the year ended 31 December 2024

General information

The Iasme Consortium Limited is a private company limited by shares and incorporated in England and Wales.

Its registered number is: 07897132

Its registered office is:

Wyche Innovation Centre

Walwyn Road

Upper Colwall

Malvern

WR13 6PL

The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with the accounting policies set out below.

The financial statements have been prepared in accordance with FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

Accounting policies

Turnover

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

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Tangible fixed assets and depreciation

Plant and equipment are stated at cost less accumulated depreciation and accumulated impairment
losses. Depreciation on plant and equipment is charged to profit or loss so as to write off their value, over their estimated useful lives, using the straight-line method.

At each balance sheet date, the Company reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication that any items of property, plant and equipment have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Furniture, fittings and equipment

33.3% Straight Line

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the debtors are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Related parties

For the purposes of these financial statements, a party is considered to be related to the Company if:

• the party has the ability, directly or indirectly, through one or more intermediaries, to control the
Company or exercise significant influence over the company in making financial and operating policy
decisions, or has joint control over the Company;
• the Company and the party are subject to common control;
• the party is an associate of the Company or a joint venture in which the Company is a venturer;
• the party is a member of key management personnel of the Company or the Company’s parent, or a
close family member of such an individual, or is an entity under the control, joint control or
significant influence of such individuals;
• the party is a close family member of a party referred to in (i) or is an entity under the control, joint
control or significant influence of such individuals; or
• the party is a post-employment benefit plan which is for the benefit of employees of the
Company or of any entity that is a related party of the Company.

Foreign currencies

Transactions in currencies, other than the functional currency of the Company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.

Defined contribution pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.
The contributions are recognised as an expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Provisions

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Income Statement in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and
uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial position.

3	Operating Profit
			2024	2023
		This is stated after charging:	£	£

		Depreciation of owned fixed assets	50,739	43,703

4	Employees
			2024	2023



		The average monthly number of employees (including directors) during the year was:	Number	Number

		Administration	104	89




		Total in company	104	89

5	Interest receivable
			2024	2023
			£	£
		Bank interest receivable	2,036	2,222

			2,036	2,222

6	Taxation
		(a) Tax on profit on ordinary activities	2024	2023
		The tax charge is made up as follows:	£	£
		UK corporation tax
		Credit for the period	(769,109)	820,000

		Total corporation tax	(769,109)	820,000





		Tax on profit on ordinary activities	(769,109)	820,000

		(b) Factors affecting the total tax charge for the period
		The tax assessed for the year is lower than the standard rate of corporation tax in the UK of 25% (2023: 25%). The differences are reconciled below:
		Lower	2024	2023
		-2039787	£	£
		Profit on ordinary activities before tax	5,082,712	3,924,128

		Standard rate of corporation tax in the United Kingdom	25%	25%

		Profit on ordinary activities multiplied by standard rate of corporation tax in the United Kingdom	1,270,678	981,032
		Group Relief	(2,039,787)	(161,032)





		Total tax charge for the year	(769,109)	820,000

7	Tangible fixed assets
			Fixtures, fittings and equipment	Total
			£	£
		Cost or revaluation
		At 1 January 2024	236,009	236,009
		Additions	59,835	59,835



		At 31 December 2024	295,844	295,844
		Depreciation and impairment
		At 1 January 2024	190,592	190,592
		Charge for the year	50,739	50,739




		At 31 December 2024	241,331	241,331
		Net book values
		At 31 December 2024	54,513	54,513
		At 31 December 2023	45,417	45,417

8	Investments
						Subsidiaries	Total
						£	£
		Cost or valuation
		At 1 January 2024				16,000	16,000



		At 31 December 2024				16,000	16,000
		Accumulated impairment





		Net book values
		At 31 December 2024				16,000	16,000
		At 31 December 2023				16,000	16,000

		Investment in Subsidiaries
		The company has the following subsidiary undertakings:
		Name of company and nature of business	Country of incorpor- ation (if not UK)	Class of shares held	% age of shares held	Capital and reserves at end of the relevant year	Profit/(loss) for the relevant year
					%	£	£
		IASME Community CIC		Ordinary	100	6,592	(140)

9	Debtors
			2024	2023
			£	£
		Trade debtors	1,238,615	1,697,307
		Amounts owed by group undertakings	366,070	10,000
		Corporation tax recoverable	815,528	-



		Other debtors	2,170	2,170
		Prepayments and accrued income	756,793	600,056
			3,179,176	2,309,533

10	Creditors:
	amounts falling due within one year
			2024	2023
			£	£




		Trade creditors	316,414	280,219

		Corporation tax	-	65,996
		Other taxes and social security	663,652	496,997

		Other creditors	14,042	11,186
		Accruals and deferred income	1,534,740	881,590
			2,528,848	1,735,988

11	Provisions for liabilities
		Deferred taxation

			Accelerated capital allowances, losses and other timing differences	Total
			£	£
		At 1 January 2024	10,433	10,433


		At 31 December 2024	10,433	10,433

			2024	2023
			£	£
		Accelerated capital allowances	10,433	10,433


			10,433	10,433

12	Share Capital
		Called-up share capital represents the nominal value of shares that have been issued.	Nominal value	2024	2024	2023
			£	Number	£	£
		Allotted, called up and fully paid:
		Ordinary	0.0001	145,504	15	15







					15	15

Reserves

Share premium account - includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Profit and loss account - includes all current and prior period retained profits and losses.

14	Reconciliation of net debt
			At 1 January 2024	Cash flows	New HP/Finance leases	At 31 December 2024

			£	£	£	£
		Cash and cash equivalents	1,607,769	625,544		2,233,313

			1,607,769	625,544	-	2,233,313







		Net debt	1,607,769	625,544	-	2,233,313

15	Dividends
			2024	2023
			£	£
		Dividends for the period:




		Dividends by type:

		Equity dividends	5,140,398	2,600,000
			5,140,398	2,600,000

Related party disclosures

Controlling party

Ultimate controlling party:

The Iasme Consortium Limited is part of the Phenna Group, the ultimate controlling party is Tic Holdco Limited, incorporated in England.

Name of parent company which draws up consolidated financial statements:

Puma Topco Limited

Registered office of parent company:

3 Cadogan Gate

London

SW1X 0AS