REGISTERED NUMBER: 09683024 (England and Wales)

TALENTFUL LTD

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Consolidated Income Statement

7

Consolidated Other Comprehensive Income

8

Consolidated Balance Sheet

9

Company Balance Sheet

10

Consolidated Statement of Changes in Equity

11

Company Statement of Changes in Equity

12

Consolidated Cash Flow Statement

13

Notes to the Consolidated Cash Flow Statement

14

Notes to the Consolidated Financial Statements

15

DIRECTORS:

C Abbass

P Blaydes

REGISTERED OFFICE:

167-169 Great Portland Street

London

W1W 5PF

REGISTERED NUMBER:

09683024 (England and Wales)

AUDITORS:

Duncan & Toplis Audit Limited, Statutory Auditor

3rd Floor

Marlborough House

298 Regents Park Road

Finchley

London

N3 2SZ

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

Talentful is inventing the future of recruiting.

This strategic report presents an overview of our performance, achievements, and future strategy for the year ended 31st December 2024. Prepared in accordance with the Companies Act 2006, this report aims to provide stakeholders with a clear understanding of our business's position and our strategic direction moving forward.

BUSINESS OVERVIEW

Talentful provides a suite of premium subscription-based TA solutions to the world's most ambitious technology companies. We are building the next-gen RPO, and are deeply embedded with businesses at each stage of their life cycle, from seed to global enterprise. We exist to enable the growth of ideas that will change the world.

FINANCIAL PERFORMANCE

For the year ending 31st December 2024, adverse economic and market conditions continued throughout the recruiting & broader tech sector. However, through the execution of key strategic initiatives, we successfully navigated these headwinds. By creating cost efficiency via tech enablement, restructuring, and investing in growth, we are positioned to capitalise on future opportunities. Our resilient financial foundation and enhanced operational efficiency set us up for sustainable success in the years to come.

Key financial highlights include:

Revenue: Our total revenue for the year amounted to £19.4m, representing a 8.4% increase compared to the previous year. This increase is in spite of the challenging market conditions, felt globally and throughout the majority of 2024.

Gross Profit: Efficiency via tech enablement and restructuring has increased our gross profit margin to 41.5% in 2024, compared to 36.6% in the previous year. We have been able to maintain our cost of sale compared to the previous year, while sales experienced an increase, which shows that we are moving back towards our trading levels of 2022.

Operating Expenses: Driving greater efficiency via tech enablement has led to a lowering costs by 34.9% vs 2023.

Profit Before Tax: Our profit before tax for the year stood at £3.3m, representing strong and improving unit economics.

KEY ACHIEVEMENTS

During the year 31st December 2024, Talentful Limited was able to grow in an incredibly challenging market and continued our commitment to providing exceptional recruitment services to the tech sector:

Enterprise Growth: We were able to expand our enterprise client base, establishing partnerships with leading organisations internationally and further solidifying our market presence, despite the ongoing global hiring challenges across the market in 2024.

Global Reach: We were able to maintain our global presence, allowing us to support organisations across the world with one unified approach.

Customer Happiness: Our investment in dedicated customer success has paid dividends, allowing us to achieve market-leading NPS, continuing to maintain and increase overall customer retention for key accounts globally, despite reduced hiring demands. This reinforced both our reputation and the strength of our client relationships.

World Class Results: Our team continues to deliver exceptional results for customers in over 80 countries. Our focus on quality and consistent results means we continue to be trusted by the world's best companies to help scale their teams.

FUTURE STRATEGY

Looking ahead, Talentful is committed to pursuing the following strategic objectives:

Client-Centric Approach: We will continue to prioritise our clients, ensuring a deep understanding of their evolving needs and providing innovative, tailor-made solutions that exceed expectations.

US Market Expansion: We see the US market as a significant growth market for Talentful and will continue to invest in expansion in this region.

Proprietary Technology: In 2024 we continued to invest in our technology platform that will increase margins, drive revenue, grow market share and provide a powerful competitive advantage to our business.

ON BEHALF OF THE BOARD:

C Abbass - Director

30 September 2025

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

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of human resources provision and management.

DIVIDENDS

An interim dividend of 52.9p per share was paid on 6 April 2024. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2024 will be £ 587,000 .

DIRECTORS

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

C Abbass

P Blaydes

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, Duncan & Toplis Audit Limited, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

C Abbass - Director

30 September 2025

Opinion

We have audited the financial statements of Talentful Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 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 December 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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

- Enquiring of management concerning actual and potential litigation and claims.

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

- In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside theorems course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Hassan Behcet (Senior Statutory Auditor)

for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor

3rd Floor

Marlborough House

298 Regents Park Road

Finchley

London

N3 2SZ

30 September 2025

TURNOVER

19,371,252

17,904,857

Cost of sales

11,335,522

11,347,532

GROSS PROFIT

8,035,730

6,557,325

Administrative expenses

5,265,858

7,303,954

OPERATING PROFIT/(LOSS)

4

2,769,872

(746,629

)

Interest receivable and similar income

7,304

83,089

2,777,176

(663,540

)

Interest payable and similar expenses

5

6,965

49,575

PROFIT/(LOSS) BEFORE TAXATION

2,770,211

(713,115

)

Tax on profit/(loss)

6

1,011,239

(12,823

)

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

1,758,972

(700,292

)

Profit/(loss) attributable to:

Owners of the parent

1,758,972

(700,292

)

PROFIT/(LOSS) FOR THE YEAR

1,758,972

(700,292

)

OTHER COMPREHENSIVE INCOME

Foreign exchange movement

(40,893

)

(111,649

)

Other reserves movement

(274,664

)

-

Income tax relating to components of other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

(315,557

)

(111,649

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,443,415

(811,941

)

Total comprehensive income attributable to:

Owners of the parent

1,443,415

(811,941

)

FIXED ASSETS

Intangible assets

9

2,451,522

2,188,257

Tangible assets

10

62,887

79,089

Investments

11

-

-

2,514,409

2,267,346

CURRENT ASSETS

Debtors

12

2,565,000

2,350,129

Prepayments and accrued income

146,164

319,887

Cash at bank

2,523,312

1,367,645

5,234,476

4,037,661

CREDITORS

Amounts falling due within one year

13

2,611,634

1,995,562

NET CURRENT ASSETS

2,622,842

2,042,099

TOTAL ASSETS LESS CURRENT LIABILITIES

5,137,251

4,309,445

CREDITORS

Amounts falling due after more than one year

14

172,073

200,682

NET ASSETS

4,965,178

4,108,763

CAPITAL AND RESERVES

Called up share capital

16

111

111

Other reserves

17

(152,542

)

(111,649

)

Other reserves

17

(274,664

)

-

Retained earnings

17

5,392,273

4,220,301

SHAREHOLDERS' FUNDS

4,965,178

4,108,763

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

C Abbass - Director

FIXED ASSETS

Intangible assets

9

451,516

436,262

Tangible assets

10

44,768

26,793

Investments

11

172,368

172,368

668,652

635,423

CURRENT ASSETS

Debtors

12

1,839,067

2,221,104

Prepayments and accrued income

79,885

293,384

Cash at bank

1,929,586

648,100

3,848,538

3,162,588

CREDITORS

Amounts falling due within one year

13

3,241,213

2,776,978

NET CURRENT ASSETS

607,325

385,610

TOTAL ASSETS LESS CURRENT LIABILITIES

1,275,977

1,021,033

CREDITORS

Amounts falling due after more than one year

14

172,073

196,451

NET ASSETS

1,103,904

824,582

CAPITAL AND RESERVES

Called up share capital

16

111

111

Other reserves

17

(274,664

)

-

Retained earnings

17

1,378,457

824,471

SHAREHOLDERS' FUNDS

1,103,904

824,582

Company's profit/(loss) for the financial year

1,140,986

(586,152

)

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

C Abbass - Director

Called up

share

Retained

Other

Other

Total

capital

earnings

reserves

reserves

equity

£

£

£

£

£

Balance at 1 January 2023

111

5,826,593

-

-

5,826,704

Changes in equity

Dividends

-

(906,000

)

-

-

(906,000

)

Total comprehensive income

-

(700,292

)

(111,649

)

-

(811,941

)

Balance at 31 December 2023

111

4,220,301

(111,649

)

-

4,108,763

Changes in equity

Dividends

-

(587,000

)

-

-

(587,000

)

Total comprehensive income

-

1,758,972

(40,893

)

(274,664

)

1,443,415

Balance at 31 December 2024

111

5,392,273

(152,542

)

(274,664

)

4,965,178

Called up

share

Retained

Other

Total

capital

earnings

reserves

equity

£

£

£

£

Balance at 1 January 2023

111

2,316,623

-

2,316,734

Changes in equity

Dividends

-

(906,000

)

-

(906,000

)

Total comprehensive income

-

(586,152

)

-

(586,152

)

Balance at 31 December 2023

111

824,471

-

824,582

Changes in equity

Dividends

-

(587,000

)

-

(587,000

)

Total comprehensive income

-

1,140,986

(274,664

)

866,322

Balance at 31 December 2024

111

1,378,457

(274,664

)

1,103,904

Cash flows from operating activities

Cash generated from operations

1

2,810,928

(146,815

)

Interest paid

(6,965

)

(49,575

)

Tax paid

(603,865

)

(808,650

)

Net cash from operating activities

2,200,098

(1,005,040

)

Cash flows from investing activities

Purchase of intangible fixed assets

(1,169,279

)

(1,338,152

)

Purchase of tangible fixed assets

17,906

(16,042

)

Sale of intangible fixed assets

512,459

4,124

Sale of tangible fixed assets

5,490

214

Interest received

7,304

83,089

Net cash from investing activities

(626,120

)

(1,266,767

)

Cash flows from financing activities

Loan repayments in year

-

(262,500

)

Amount introduced by directors

1,009,365

5,991,504

Amount withdrawn by directors

(848,328

)

(6,431,829

)

Equity dividends paid

(587,000

)

(906,000

)

Net cash from financing activities

(425,963

)

(1,608,825

)

Increase/(decrease) in cash and cash equivalents

1,148,015

(3,880,632

)

Cash and cash equivalents at beginning of year

2

1,367,292

5,247,924

Cash and cash equivalents at end of year

2

2,515,307

1,367,292

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

2024

2023

£

£

Profit/(loss) before taxation

2,770,211

(713,115

)

Depreciation charges

388,103

111,495

(Profit)/loss on disposal of fixed assets

(2,019

)

18,315

Foreign exchange movement

(40,893

)

(111,649

)

EBT capital contributions

(274,664

)

-

Finance costs

6,965

49,575

Finance income

(7,304

)

(83,089

)

2,840,399

(728,468

)

(Increase)/decrease in trade and other debtors

(230,721

)

197,960

Increase in trade and other creditors

201,250

383,693

Cash generated from operations

2,810,928

(146,815

)

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

£

£

Cash and cash equivalents

2,523,312

1,367,645

Bank overdrafts

(8,005

)

(353

)

2,515,307

1,367,292

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

1,367,645

5,248,099

Bank overdrafts

(353

)

(175

)

1,367,292

5,247,924

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank

1,367,645

1,155,667

2,523,312

Bank overdrafts

(353

)

(7,652

)

(8,005

)

1,367,292

1,148,015

2,515,307

Total

1,367,292

1,148,015

2,515,307

1.	STATUTORY INFORMATION

Talentful Ltd 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.

Significant judgements and estimates

The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is as accurate as possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed of.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable.

Turnover

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

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of 10 years.

Tangible fixed assets

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

Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of thecontractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

Pension costs and other post-retirement benefits

The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Basis of consolidation

The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost. The criteria for merger relief as set out in 612 of the Companies Act have been met. The option available under section 612 of the Companies Act 2006 and FRS 102 paragraph A3.244 has been undertaken to record the cost of the investments in the subsidiaries at the nominal value.

3.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

13,438,439

14,985,189

Other pension costs

14,977

15,009

13,453,416

15,000,198

The average number of employees during the year was as follows:

2024

2023

Number of UK staff

99

36

Number of other staff

64

18

163

54

The average number of employees by undertakings that were proportionately consolidated during the year was 163 (2023 - 54 ) .

2024

2023

£

£

Directors' remuneration

22,230

24,000