ACCOUNTS - Final Accounts

An analysis of turnover by class of business is as follows:

Registered number: 13784945

REDGRAVE TOPCO LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

REDGRAVE TOPCO LIMITED

COMPANY INFORMATION

Directors	B A Hamill
	M W Keating


Company secretary	J A Fitzsimmons


Registered number	13784945


Registered office	4th Floor
	2 Savoy Court
	London
	WC2R 0EZ


Independent auditor	BKL Audit LLP
	Chartered Accountants & Statutory Auditor
	35 Ballards Lane
	London
	N3 1XW

REDGRAVE TOPCO LIMITED

CONTENTS

	Page
Group Strategic Report	1 - 2
Directors' Report	3 - 4
Independent Auditor's Report	5 - 8
Consolidated Statement of Comprehensive Income	9
Consolidated Statement of Financial Position	10
Company Statement of Financial Position	11
Consolidated Statement of Changes in Equity	12 - 13
Company Statement of Changes in Equity	14 - 15
Consolidated Statement of Cash Flows	16 - 17
Consolidated Analysis of Net Debt	18
Notes to the Financial Statements	19 - 37

REDGRAVE TOPCO LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction

The principal activity of the Company is that of a holding company which manages the affairs of the Group whose activity consists of executive search, executive assessment, and interim management.

Business review

2024 group turnover increased on prior year. This was driven by an increase in consultant headcount, the expansion of our consumer practice and the development of HR and technology functional practices. Revenue growth was tempered by relatively low levels of private equity activity, from which the Group has traditionally generated around half of its revenue.
Around 87% of the revenue in the year was generated from placements in the United Kingdom, with the biggest overseas marketing being the Netherlands, the Republic of Ireland, the USA, Germany and Belgium. Overseas revenue declined versus prior year due to a significant drop in the amount of work being conducted in Germany.
EBITDA of £4.6m was £0.5m up on prior year, although the EBITDA margin on the NFI fell by 1.8% margin points to 33.5%, reflecting additional headcount and higher staff costs, along with more spend on travel & subsistence, client entertainment and marketing.

Principal risks and uncertainties

The principal risk and uncertainties are as follows:
a) The principal risk to the group derives from the macro-economic environment in both the UK and continental Europe, which may impact client hiring budgets and hence demand for the group’s services. This risk is substantially mitigated though the group’s diverse customer base which is spread across several different sectors and functions.
b) The future success of the Group is dependent on the continued service of senior management and other key personnel, whilst sustained future revenue growth will be driven by strategic hiring of senior staff with strong franchises in specific practice areas. The loss of the services of such staff could have a material impact on the business. However, the business is not reliant on one key individual.
c) Credit risk – the company has policies in place to minimise credit risk. All new clients are subject to a review of their credit status, and the finance function is proactive in chasing down overdue debt. Additionally the diverse nature of the company’s client base means that payment default by any single client would not unduly impact the financial performance of the business.
d) Tax risk – all transactions undertaken by the company have a business purposes and a commercial rationale. The company does not engage in aggressive tax planning nor implement structures solely for tax planning purposes. The company ensures that is it is fully compliant with all applicable tax law and disclosure requirements.
e) Information security risk –the company’s IT systems are all cloud based, so the risk of data loss is very low. Access to the company’s systems requires multi-factor authentication and firewall software is in place to prevent inappropriate access. The company makes use of an external IT provider to ensure the a high quality and secure IT system at all times.

Page 1

REDGRAVE TOPCO LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Financial key performance indicators

The key performance indicators in 2024 were Gross Profit (also Termed Net Fee Income), Net Fee Income per Fee Earner and Operating Profit. The Group may develop non-financial key performance indicators as the business becomes more established. However, at present the Group does not use any such performance indicators.

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

B A Hamill

Director

Date: 29 September 2025

Page 2

REDGRAVE TOPCO LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

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

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Group's financial statements and then apply them consistently;

∙make judgments and accounting 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 statements;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to 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.

Results and dividends

The loss for the year, after taxation, amounted to £1,065,684 (2023 - loss £1,482,841).

Directors

The directors who served during the year were:

B A Hamill

M W Keating

Future developments

Since the end of the Covid-Crisis the Group has been actively hiring new consultants with a view to growing existing verticals and developing new practice areas. The specific focus has been on interim management, financial services, technology & digital and transport & infrastructure. The Group will continue to invest in these areas and others and would hope they result in a significant contribution to turnover during 2024 and 2025.

Page 3

REDGRAVE TOPCO LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Post balance sheet events

Subsequent to the year end the bank loan was repaid in full.

Auditor

Under section 487(2) of the Companies Act 2006, BKL Audit LLP will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

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

B A Hamill

Director

Date: 29 September 2025

Page 4

REDGRAVE TOPCO LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF REDGRAVE TOPCO LIMITED

Opinion

We have audited the financial statements of Redgrave Topco Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, 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's affairs as at 31 December 2024 and of the Group's loss for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 or 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.

Page 5

REDGRAVE TOPCO LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF REDGRAVE TOPCO LIMITED (CONTINUED)

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.

Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Group Strategic Report and the Directors' Report 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 Directors' Report.

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

∙adequate accounting records have not been kept 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 Directors' Responsibilities Statement set out on page 3, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the 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.

Page 6

REDGRAVE TOPCO LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF REDGRAVE TOPCO LIMITED (CONTINUED)

Auditor's 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 an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group 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:

∙enquiring of management and those charged with governance around actual and potential litigation and
claims;

∙enquiring of management and those charged with governance to identify any instances of noncompliance
with laws and regulations;

∙reviewing financial statement disclosures and testing to supporting documentation to assess compliance with
applicable laws and regulations;

∙reviewing the general ledger in detail for all transactions with related parties;

∙performing walk through testing to ensure systems and controls are operating as recorded where
appropriate;

∙performing audit work over the risk of management override of controls, including testing of journal entries
and other adjustments for appropriateness, evaluating the business rationale of significant transactions
outside the normal course of business and reviewing accounting estimates for bias.

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.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

∙Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

∙Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.

∙Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

∙Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor's Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our

Page 7

REDGRAVE TOPCO LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF REDGRAVE TOPCO LIMITED (CONTINUED)

conclusions are based on the audit evidence obtained up to the date of our Auditor's Report. However, future events or conditions may cause the Company to cease to continue as a going concern.

∙Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

∙Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

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

Myfanwy Neville FCA (Senior Statutory Auditor)

for and on behalf of

BKL Audit LLP

Chartered Accountants

Statutory Auditor

London

Date: 29 September 2025

Page 8

REDGRAVE TOPCO LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
Note	£	£


Turnover	4	15,141,653	12,842,498
Cost of sales		(1,426,789)	(1,152,455)
Gross profit		13,714,864	11,690,043
Administrative expenses		(12,518,758)	(10,957,605)
Operating profit	5	1,196,106	732,438
Interest receivable and similar income		71,385	33,033
Interest payable and similar expenses	9	(1,316,155)	(1,425,329)
Loss before tax		(48,664)	(659,858)
Tax on loss	10	(1,017,020)	(822,983)
Loss for the financial year		(1,065,684)	(1,482,841)

Total comprehensive income for the year

(1,065,684)

(1,482,841)

Loss for the year attributable to:
Owners of the parent company	1,065,684	1,482,841
	1,065,684	1,482,841

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

The notes on pages 19 to 37 form part of these financial statements.

Page 9

REDGRAVE TOPCO LIMITED

REGISTERED NUMBER: 13784945

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		As restated
	2024	2023
Note	£	£

Fixed assets
Intangible assets	11		23,417,265		26,782,345
Tangible assets	12		25,781		40,008
Investments	13		806		-
			23,443,852		26,822,353
Current assets
Debtors: amounts falling due within one year	14	3,321,444		2,523,779
Cash at bank and in hand		3,130,001		2,441,658
		6,451,445		4,965,437
Creditors: amounts falling due within one year	15	(4,578,918)		(3,788,283)
Net current assets			1,872,527		1,177,154
Total assets less current liabilities			25,316,379		27,999,507
Creditors: amounts falling due after more than one year	16		(15,505,221)		(17,122,665)
Provisions for liabilities
Net assets			9,811,158		10,876,842

Capital and reserves
Called up share capital	18	801,575	801,575
Share premium account	19	12,320,510	12,320,510
Capital redemption reserve	19	57,600	57,600
Profit and loss account	19	(3,368,527)	(2,302,843)
Equity attributable to owners of the parent Company		9,811,158	10,876,842

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 September 2025.

B A Hamill

Director

The notes on pages 19 to 37 form part of these financial statements.

Page 10

REDGRAVE TOPCO LIMITED

REGISTERED NUMBER: 13784945

COMPANY STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		As restated
	2024	2023
Note	£	£

Fixed assets
Investments	13		1		1
			1		1
Current assets
Debtors: amounts falling due within one year	14	31,150,116		30,928,835
		31,150,116		30,928,835
Creditors: amounts falling due within one year	15	(4,285,158)		(2,024,144)
Net current assets			26,864,958		28,904,691
Total assets less current liabilities			26,864,959		28,904,692

Creditors: amounts falling due after more than one year	16		(15,050,364)		(16,158,355)

Net assets			11,814,595		12,746,337

Capital and reserves
Called up share capital	18		801,575		801,575
Share premium account	19		12,320,510		12,320,510
Capital redemption reserve	19		57,600		57,600
Profit and loss account brought forward		(433,348)		592,102
Loss for the year		(931,742)		(1,025,450)
Profit and loss account carried forward			(1,365,090)		(433,348)
			11,814,595		12,746,337

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 September 2025.

B A Hamill

Director

The notes on pages 19 to 37 form part of these financial statements.

Page 11


		REDGRAVE TOPCO LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Share premium account	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 January 2024 (as previously stated)	801,575	12,320,510	57,600	(2,241,643)	10,938,042
Prior year adjustment - correction of error (Note 20)	-	-	-	(61,200)	(61,200)
At 1 January 2024 (as restated)	801,575	12,320,510	57,600	(2,302,843)	10,876,842
Comprehensive income for the year
Loss for the year	-	-	-	(1,065,684)	(1,065,684)
Total comprehensive income for the year	-	-	-	(1,065,684)	(1,065,684)
Total transactions with owners	-	-	-	-	-
At 31 December 2024	801,575	12,320,510	57,600	(3,368,527)	9,811,158

The notes on pages 19 to 37 form part of these financial statements.

Page 12


		REDGRAVE TOPCO LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2023

	Called up share capital	Share premium account	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 January 2023 (as previously stated)	845,975	12,320,510	-	(789,402)	12,377,083
Prior year adjustment - correction of error (Note 20)	-	-	-	(30,600)	(30,600)
At 1 January 2023 (as restated)	845,975	12,320,510	-	(820,002)	12,346,483
Comprehensive income for the year
Loss for the year	-	-	-	(1,482,841)	(1,482,841)
Total comprehensive income for the year	-	-	-	(1,482,841)	(1,482,841)
Contributions by and distributions to owners
Shares cancelled during the year	(44,400)	-	-	-	(44,400)
Transfer to/from profit and loss account	-	-	57,600	-	57,600
Total transactions with owners	(44,400)	-	57,600	-	13,200
At 31 December 2023	801,575	12,320,510	57,600	(2,302,843)	10,876,842

The notes on pages 19 to 37 form part of these financial statements.

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REDGRAVE TOPCO LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Share premium account	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 January 2024	801,575	12,320,510	57,600	(433,348)	12,746,337
Comprehensive income for the year
Loss for the year	-	-	-	(931,742)	(931,742)
Total comprehensive income for the year	-	-	-	(931,742)	(931,742)
Total transactions with owners	-	-	-	-	-
At 31 December 2024	801,575	12,320,510	57,600	(1,365,090)	11,814,595

The notes on pages 19 to 37 form part of these financial statements.

Page 14

REDGRAVE TOPCO LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2023

	Called up share capital	Share premium account	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 January 2023	845,975	12,320,510	-	592,102	13,758,587
Comprehensive income for the year
Loss for the year	-	-	-	(1,025,450)	(1,025,450)
Total comprehensive income for the year	-	-	-	(1,025,450)	(1,025,450)
Contributions by and distributions to owners
Shares cancelled during the year	(44,400)	-	-	-	(44,400)
Transfer to/from profit and loss account	-	-	57,600	-	57,600
Total transactions with owners	(44,400)	-	57,600	-	13,200
At 31 December 2023	801,575	12,320,510	57,600	(433,348)	12,746,337

The notes on pages 19 to 37 form part of these financial statements.

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REDGRAVE TOPCO LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

				As restated
			2024	2023
			£	£

Cash flows from operating activities
Loss for the financial year	(1,065,684)	(1,482,841)
Adjustments for:
Amortisation of intangible assets	3,365,080	3,365,080
Depreciation of tangible assets	31,484	34,422
Interest payable	1,316,155	1,425,329
Interest received	(71,385)	(33,033)
Taxation charge	1,017,020	822,983
(Increase)/decrease in debtors	(678,242)	195,223
(Increase)/decrease in amounts owed by groups	(124,197)	-
Increase in creditors	600,199	445,535
Corporation tax (paid)	(876,115)	(800,225)
Net cash generated from operating activities	3,514,315	3,972,473

Cash flows from investing activities
Purchase of tangible fixed assets	(17,257)	(14,433)
Purchase of fixed asset investments	(806)	-
Interest received	71,385	33,033
Net cash from investing activities	53,322	18,600
Cash flows from financing activities
Cancellation of ordinary shares	-	(498)
Repayment of bank loans	(622,095)	(5,145,405)
Repayment of other loans	(1,903,183)	-
Interest paid	(354,016)	(354,016)
Net cash used in financing activities	(2,879,294)	(5,499,919)
Net increase/(decrease) in cash and cash equivalents	688,343	(1,508,846)
Cash and cash equivalents at beginning of year	2,441,658	3,950,504
Cash and cash equivalents at the end of year	3,130,001	2,441,658

Cash and cash equivalents at the end of year comprise:

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REDGRAVE TOPCO LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

			As restated
		2024	2023
		£	£


Cash at bank and in hand	3,130,001	2,441,658
	3,130,001	2,441,658

The notes on pages 19 to 37 form part of these financial statements.

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REDGRAVE TOPCO LIMITED

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 DECEMBER 2024


At 1 January 2024 - as restated (Note 20)	Cash flows	At 31 December 2024
£	£	£

Cash at bank and in hand	2,441,658	688,343	3,130,001
Debt due after 1 year	(14,731,143)	2,379,855	(12,351,288)
Debt due within 1 year	(506,555)	11	(506,544)
	(12,796,040)	3,068,209	(9,727,831)

The notes on pages 19 to 37 form part of these financial statements.

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REDGRAVE TOPCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

The principal activity of Redgrave Topco "The Company" is that of a holding company. The principal activity of the Group is the provision of specialist recruitment consultancy services.
The Company is a private company limited by shares and is incorporated in England and Wales.
The principal place of activity is 4th Floor, 2 Savoy Court, London, WC2R 0EZ.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

2.2

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.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

2.3

Going concern

The financial statements have been prepared on the going concern basis, which assumes that the Group will continue to be able to meet its liabilities as they fall due for a period of at least twelve months from the date of approval of these financial statements.
The Group made a loss of £1,065,684 during the year, reporting net current assets of £1,872,527 and an overall net asset position of £9,811,158. The Group, as for any business, relies upon the generation of profits and cash to create working capital to meet its liabilities as they fall due. Based on the results to date and future projections, the directors are confident that the Group will continue to meet its liabilities as they fall due, looking forward at least twelve months from the date of signing these financial statements.

Page 19

REDGRAVE TOPCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.4

Foreign currency translation

Functional and presentation currency

The Group's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

2.5

Revenue

Revenue from the provision of specialist recruitment services is recognised, exclusive of Value Added Tax and discounts on the following bases:
a) Revenue from retained mandates.
   - the first tranche upon the earlier of:
   (i) the production of candidate shortlist or;
   (ii) one month after the initial engagement invoice is raised;
   - the second tranche upon production of a candidate shortlist;
   - the final tranche upon the acceptance of offer by the candidates.
b) Revenue from contingent placements is recognised upon the acceptance of offer by the candidate.
c) Revenue from interim placements is recognised when the placement services are provided.
d) Revenue from amounts billed to clients for expenses incurred on their behalf is recognised when the expense is incurred.

2.6

Operating leases: the Group as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term.

2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 20

REDGRAVE TOPCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

2.10

Share-based payments

The Group provides equity-settled share-based payment arrangements to certain employees. The fair value of the employee services received in exchange for the grant of the options in the Group, is charged to the Statement of Comprehensive Income on a straight line basis over the vesting period.
Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Group keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to the Statement of Comprehensive Income over the remaining vesting period.

2.11

Taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Page 21

REDGRAVE TOPCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.12

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life of 10 years.

2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property	-	20%
	-
Computer equipment	-	33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

Page 22

REDGRAVE TOPCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.16

Financial instruments

The Company and Group only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans to and from related parties and investments in non-puttable ordinary shares.
(i) Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
(iii) Offsetting
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 23

REDGRAVE TOPCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the Group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The following judgements which also include estimates have been made in applying the above accounting policies:
(a) Debtors
The Group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.
(b) Useful economic life of goodwill
The useful economic life of the goodwill arising on consolidation is subject to estimation. In line with FRS 102, the directors have determined that the goodwill should be amortised over a 10 year period, the maximum amount allowed, given that the business have strong financial performance. Should the performance of the businesses change in the future, the directors will amend their estimate of the useful economic life of the goodwill.
(c) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the
assets. See note 12 for the carrying amount of the property plant and equipment, and accounting policy
note 2.13 for the useful economic lives for each class of assets.
(d) Valuation of an investment
The Group makes an estimate of any potential impairment of the carrying value of investments. When
assessing the potential impairment, management considers factors the results of the subsidiaries and
future expected profits..

Page 24

REDGRAVE TOPCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Permanent revenue	13,456,145	11,092,752
Temporary & Temporary referral fees	1,685,508	1,749,746
	15,141,653	12,842,498

Analysis of turnover by country of destination:

					2024	2023
					£	£

United Kingdom	12,905,892	10,310,926
Rest of Europe	1,547,402	2,026,649
Rest of the world	688,359	504,923
	15,141,653	12,842,498

Exchange differences	763	29,947
Other operating lease rentals	185,750	185,550
Amortisation	3,365,080	3,365,080
Depreciation	34,422	34,422

Page 25

REDGRAVE TOPCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Fees payable to the Company's auditor for the audit of the consolidated and parent Company's financial statements	10,300	9,821
The auditing of subsidiary companies	20,606	17,856
Taxation compliance services	12,994	12,144
	43,900	39,821

7.	Employees
	Staff costs, including directors' remuneration, were as follows:

Group	Group	Company	Company
2024	2023	2024	2023
£	£	£	£

Directors salaries	537,321	229,233	-	-
Staff wages and salaries	6,964,011	6,060,807	-	-
Cost of defined contribution scheme	233,143	185,923	-	-
Staff national insurance	748,367	673,093	-	-
Directors national insurance	68,709	26,709	-	-
	8,551,551	7,175,765	-	-

The average monthly number of employees, including the directors, during the year was as follows:

	Group	Group	Company	Company
	2024	2023	2024	2023
	No.	No.	No.	No.

Directors	2	2	2	2
Employees	39	37	-	-

	41	39	2	2

Page 26

REDGRAVE TOPCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

8.	Directors' remuneration
		2024	2023
		£	£

	Directors' emoluments	537,321	229,233

The highest paid director received remuneration of £537,231 (2023 - £229,233).

Bank interest payable	145,412	211,117
Other loan interest payable	1,140,491	1,214,212
Other interest payable	30,252	-
	1,316,155	1,425,329

Corporation tax
Current tax on profits for the year	1,017,020	822,983
	1,017,020	822,983

	Deferred tax
	Total deferred tax	-	-


	Tax on loss	1,017,020	822,983

Page 27

REDGRAVE TOPCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

10.Taxation (continued)

Loss on ordinary activities before tax

(48,664)

(659,858)

Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%)	(12,166)	(155,067)
Effects of:
Non-tax deductible amortisation of goodwill and impairment	841,270	841,270
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	39,243	24,595
Capital allowances for year in excess of depreciation	-	(4,563)
Expenses not deductible for tax purposes	148,673	109,556
Changes in prior year tax charge	-	7,192
Total tax charge for the year	1,017,020	822,983

Factors that may affect future tax charges

There are no factors that may influence future tax charges.

Page 28

REDGRAVE TOPCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

11.	Intangible assets
	Group

		Goodwill
		£
	Cost
	At 1 January 2024	33,650,796
	At 31 December 2024	33,650,796
	Amortisation
	At 1 January 2024	6,868,451
	Charge for the year on owned assets	3,365,080
	At 31 December 2024	10,233,531
	Net book value
	At 31 December 2024	23,417,265

Page 29

REDGRAVE TOPCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

12.	Tangible fixed assets
	Group

	Short-term leasehold property	Computer equipment	Total
	£	£	£
Cost or valuation
At 1 January 2024	134,977	148,780	283,757
Additions	-	17,257	17,257
At 31 December 2024	134,977	166,037	301,014
Depreciation
At 1 January 2024	134,977	108,772	243,749
Charge for the year on owned assets	-	31,484	31,484
At 31 December 2024	134,977	140,256	275,233
Net book value
At 31 December 2024	-	25,781	25,781
At 31 December 2023	-	40,008	40,008

Page 30

REDGRAVE TOPCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

13.	Fixed asset investments
	Group

		Investments in subsidiary companies
		£
	Cost or valuation
	Additions	806
	At 31 December 2024	806

	Company

		Investments in subsidiary companies
		£
	Cost or valuation
	Additions	1
	At 31 December 2024	1

Page 31

REDGRAVE TOPCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Registered office	Class of shares	Holding

Redgrave Bidco Limited	4th Floor, 2 Savoy Court, London, WC2R 0EZ	Ordinary shares	100%
Redgrave Holdings Limited **	4th Floor, 2 Savoy Court, London, WC2R 0EZ	Ordinary shares	100%
Redgrave Search Limited **	4th Floor, 2 Savoy Court, London, WC2R 0EZ	Ordinary shares	100%
Redgrave Search LLC **	21st Floor, 825 3rd Avenue, New York, NY 10022	LLC	100%

**indirect subsidiary
The results of the subsidiary Redgrave Search LLC have not been included within the Group financial statements on the basis that they are immaterial to the Group.

14.

Debtors

Group	Group	Company	Company
2024	2023	2024	2023
£	£	£	£


Trade debtors	1,921,752	1,881,165	-	-
Amounts owed by group undertakings	125,942	1,745	31,087,131	30,865,851
Other debtors	76,876	72,321	62,985	62,984
Prepayments and accrued income	1,196,874	568,548	-	-
	3,321,444	2,523,779	31,150,116	30,928,835

Within amounts owed by group undertakings is a loan balance of £7,376,003 which is unsecured, accruing interest at 3% per annum, has no fixed date of repayment and is repayable on demand.
The remainder of the balance within amounts owed by group undertakings is unsecured, interest free with no fixed date of repayment and is repayable on demand.

Page 32

REDGRAVE TOPCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

15.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Bank loans	506,543	506,555	-	-
Trade creditors	469,182	300,782	-	-
Amounts owed to group undertakings	-	-	4,275,258	2,013,485
Corporation tax	1,013,290	846,271	-	-
Other taxation and social security	731,405	746,546	-	-
Other creditors (incl directors loans)	35,160	74,298	-	839
Accruals and deferred income	1,823,338	1,313,831	9,900	9,820
	4,578,918	3,788,283	4,285,158	2,024,144

Further details regarding the loans included within creditors are disclosed in note 17.
The balance within amounts owed to group undertakings is unsecured, interest free with no fixed date of
repayment and is repayable on demand.

16.	Creditors: Amounts falling due after more than one year
		Group	Group As restated	Company	Company As restated
		2024	2023	2024	2023
		£	£	£	£

Bank loans	445,366	922,039	-	-
Other loans	11,905,922	13,809,105	11,905,922	13,809,105
Accruals and deferred income	3,153,933	2,391,521	3,144,442	2,349,250
	15,505,221	17,122,665	15,050,364	16,158,355

Further details regarding the loans included within creditors are disclosed in note 18.

Page 33

REDGRAVE TOPCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

17.	Loans
	The bank loan has been secured against whole of the property, assets and rights of the subsidiary undertakings. Interest is currently accruing on the loan balance at the Bank of England base rate plus 3.5%. Other loans include unsecured loans due to investors and key management personnel, due for repayment in 2027 and accruing interest at 8%.
	Analysis of the maturity of loans is given below:
		Group	Group As restated	Company	Company As restated
		2024	2023	2024	2023
		£	£	£	£

Amounts falling due within one year
Bank loans	506,543	506,555	-	-
	506,543	506,555	-	-
Amounts falling due 1-2 years
Bank loans	445,366	922,038	-	-
	445,366	922,038	-	-
Amounts falling due 2-5 years
Other loans	11,905,922	13,809,105	11,905,922	13,809,105

	12,857,831	15,237,698	11,905,922	13,809,105

Page 34

REDGRAVE TOPCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

18.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

228,882 (2023 - 228,882) Class A Ordinary Shares shares of £1.00 each	228,882	228,882
212,402 (2023 - 212,402) Class B Ordinary Shares shares of £0.50 each	106,201	106,201
288,353 (2023 - 288,353) Class C Ordinary Shares shares of £1.00 each	288,353	288,353
11,523,900 (2023 - 11,523,900) Preference Shares shares of £0.01 each	115,239	115,239

	738,675	738,675

Allotted, called up and partly paid

62,900 (2023 - 62,900) Class D Ordinary Shares shares of £1.00 each	62,900	62,900

In 2023 10,574 Class C Ordinary £1 shares were cancelled.
In 2023 29,600 Class D Ordinary £1 shares were cancelled.
In 2023 4,226 Preference shares of £0.01 were cancelled.

19.

Reserves

Share premium account

The share premium account represents the amounts paid in excess of the nominal value for the preference shares issued.

Capital redemption reserve

The Capital redemption reserve represents the amounts paid below the nominal value of the ordinary shares repurchased in the period.

Profit and loss account

The profit and loss account represent the accumulated profits and losses.

Page 35

REDGRAVE TOPCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

20.	Prior year adjustment

The comparative information presented within these financial statements has been adjusted to correct previously understated bank loans due in more than one year and understated loan arrangement fees included within bank loan interest payable. Creditors due in more than one year have increased by £61,200 and interest payable has increased by £30,600.
This has decreased opening reserves and net assets previously stated at 31 December 2023 by £61,200.
The comparative information presented within these financial statements has also been adjusted to reclassify £2,349,250 of accruals from creditors due within one year to creditors due in more than one year. This has reduced opening net current liabilities by the same amount. This had no impact on net assets previously stated at 31 December 2023.

21.	Contingent liabilities

The Group forms part of a VAT group with other 100% controlled subsidiaries of Redgrave Topco Limited. The Group carries joint and several liability for all group VAT balances.

22.	Pension commitments

The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £233,143 (2023: £185,923). Contributions totalling £13,565 (2023: £45,725) were payable to the fund at the reporting date and are included in creditors.

23.	Commitments under operating leases
	At 31 December 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group
		2024	2023
		£	£

Not later than 1 year	218,530	218,530
Later than 1 year and not later than 5 years	5,462	273,162
	223,992	491,692

Page 36

REDGRAVE TOPCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

24.

Related party transactions

Where possible, the Company has taken advantage of the exemption conferred by FRS 102 section 33.1A from the requirement to disclose transactions with other wholly owned group undertakings.
Included within other debtors is an amount due from shareholders of £62,900 (2023: £62,900).
Included within creditors due in more than one year are amounts due to shareholders of £15,050,364 (2023: £16,158,355).
Included within interest payable is interest paid to shareholders of £1,140,491 (2023: £1,214,212).

25.	Post balance sheet events

Subsequent to the year end the bank loan was repaid in full.

26.	Controlling party

There is no ultimate controlling party of the Company or the Group.

Page 37