Company registration number 15332097 (England and Wales)
HARBOR BIDCO ACQUISITIONS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
HARBOR BIDCO ACQUISITIONS LIMITED
COMPANY INFORMATION
Directors
Mr M Bailey
Mr L E Minkoff
Mr M Sunderman
Mr J Serventi
Mr R F Corrao
Secretary
Ms S L D Neill
Company number
15332097
Registered office
6th Floor
9 Appold Street
London
EC2A 2AP
Auditor
Ensors
Connexions
159 Princes Street
Ipswich
IP1 1QJ
HARBOR BIDCO ACQUISITIONS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Income statement
8
Group statement of comprehensive income
9
Group statement of financial position
10
Company statement of financial position
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Company statement of cash flows
15
Notes to the financial statements
16 - 32
HARBOR BIDCO ACQUISITIONS LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024

The directors present the strategic report for the period ended 31 December 2024.

Review of the business

Harbor Bidco Acquisitions Limited was incorporated on 6 December 2023 and became the UK holding company for Pinnacle OA Holdings Limited and its subsidiaries following the acquisition on 1 February 2024. The Company was established to facilitate the acquisition and to act as the UK parent entity within the wider Harbor Group.

A fair review of the business has taken place under the Development and Performance heading below.

Principal risks and uncertainties

The company has limited direct trading activities and acts as a holding entity for operating subsidiaries. As such, its risks are primarily associated with its subsidiaries which include:

- Clients – Companies in the Group acknowledge the importance of maintaining close relationships with its key customers in order to be able to identify any signs of potential business downturns that could impact Group revenues. Law firm revenues and profits per partner trends in the Groups main markets are constantly reviewed to enable early action to be taken in the event of any deterioration. In such circumstances clients will tend to focus on cost reduction through operational efficiency and automation. These are areas where the Group is ideally positioned to assist through its consulting and managed services offerings and so would mitigate against any decrease in new implementation work. The Group has continued its focus on recurring revenue income through multiyear managed services engagements and this has allowed the Group higher visibility on income going forward. The Directors continued to take a realistic approach to growth but were still able to pursue opportunities as they have arisen.

- Competitor pressure - The market in which the Group operates is considered to be relatively competitive, and therefore competitor pressure could result in losing people and business to competitors. The companies in the group manage this risk through ensuring that it employs and retain the best talent to deliver consistently strong consulting services. It maintains high retention ratios of its employees by remunerating fairly and providing a good working environment.

- Partner Relationships & Cloud Strategy – Relationships with key suppliers have continued to strengthen during the year. As our partners focus their strategy on the cloud, we have continued to invest in the skill sets required to support this strategy, and as a result have been actively involved in many of the key cloud migration projects in our chosen markets. The Group enjoys strong relationships with its key partners to ensure that its hiring policy is in line with anticipated demand and the Directors maintain open communications with the leadership teams of its main partners.

Acquisitions

On 1 February 2024, Harbor Bidco Acquisitions Limited completed the acquisition of Pinnacle OA Holdings Limited and its trading subsidiaries. The acquisition formed part of a wider strategic expansion by Harbor Global, LLC, and positions the group for continued growth in legal technology and services markets. The directors will continue to explore acquisition opportunities where these are complimentary to the principal activities of the Group.

Development and performance

As a newly formed holding company, Harbor Bidco Acquisitions Limited did not engage in direct trading during the period. Its financial performance reflects the costs associated with the acquisition, group structuring, and professional fees.

Key performance indicators

Management use a range of performance measures to monitor and manage the business. The performance measures are split into financial and non-financial key performance indicators as set out below:

· Profit ratios – Gross profit margin, net profit margin

· Activity ratios - Debtor days, creditor days

· Capital ratios – Total assets/total liabilities, gearing.

· Consultant performance – Utilisation, realisation

· Staff retention

- 1 -
HARBOR BIDCO ACQUISITIONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024

On behalf of the board

Mr M Bailey
Director
30 September 2025
- 2 -
HARBOR BIDCO ACQUISITIONS LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024

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

Principal activities

The principal activity of the company and group is the delivery of IT consultancy projects and services allowing their customers to implement and optimise the software they depend on.

Results and dividends

The results for the period are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

Mr M Bailey
Mr L E Minkoff
Mr M Sunderman
Mr J Serventi
Mr R F Corrao
Auditor

On 1 September 2025 our auditors, Ensors Accountants LLP, merged with Azets Audit Services Limited. Accordingly Ensors Accountants LLP formally resigned as the company’s auditors with the directors duly appointing Azets Audit Services Limited, trading as Ensors to fill the vacancy arising.

The auditor, Azets Audit Services Limited, trading as Ensors will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Energy and carbon report

As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr M Bailey
Director
30 September 2025
- 3 -
HARBOR BIDCO ACQUISITIONS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 DECEMBER 2024

The directors are responsible for preparing the Annual Report 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 group and company, 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;

- 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 and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

- 4 -
HARBOR BIDCO ACQUISITIONS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HARBOR BIDCO ACQUISITIONS LIMITED
Opinion

We have audited the financial statements of Harbor Bidco Acquisitions Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 December 2024 which comprise the group income statement, the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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 the parent company's affairs as at 31 December 2024 and of the group's loss for the period 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 and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of 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 parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- T he information given in the strategic report and the directors' r eport for the financial period for which the financial statements are prepared is consistent with the financial statements; and

- The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

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HARBOR BIDCO ACQUISITIONS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HARBOR BIDCO ACQUISITIONS LIMITED
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 their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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
- 6 -

As explained more fully in the directors' r esponsibilities s tatement, 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

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 financial statements.

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

Our audit was designed to include tests of detail together with an assessment of the control environment to enable us to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement due to fraud. This included work on areas where we consider there is a higher risk of fraud including revenue recognition, management override of systems and control, transactions with related parties and accounting estimates.

We also obtained an understanding of the legal and regulatory framework that the company operates in, through discussions with the directors and other management, and from our own knowledge and experience of the sector.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

- obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company are complying with the legal and regulatory framework both at the planning stage and throughout the audit;

- inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;

- audited the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness;

- discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud;

- reviewed and challenged accounting estimates to ensure no indication of management bias.

HARBOR BIDCO ACQUISITIONS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HARBOR BIDCO ACQUISITIONS LIMITED

All audit team members were made aware of the applicable laws and regulations, as well as potential fraud risks during the planning stage of the audit and this was discussed at the audit team planning meeting. It was therefore determined that team members all had the relevant awareness and competence to identify any instances of noncompliance or fraud.

There are, however, inherent limitations to our above audit procedures. Auditing standards only require us to enquire of the directors and management regarding non-compliance with laws and regulations, as well as review regulatory and legal correspondence (if there is any). It is therefore possible that instances of non-compliance could be missed, particularly where the law in itself is far removed from any financial transactions.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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.

Zoe Plowman (Senior Statutory Auditor)
For and on behalf of Ensors, Statutory Auditor
Chartered Accountants
Connexions
159 Princes Street
Ipswich
IP1 1QJ
30 September 2025
- 7 -
HARBOR BIDCO ACQUISITIONS LIMITED
GROUP INCOME STATEMENT
FOR THE PERIOD ENDED 31 DECEMBER 2024
Period
ended
31 December
2024
Notes
£
Revenue
3
17,088,088
Cost of sales
(7,910,131)
Gross profit
9,177,957
Administrative expenses
(9,578,925)
Other operating expenses
(61,146)
Operating loss
5
(462,114)
Finance costs
9
(4,656,744)
Loss before taxation
(5,118,858)
Tax on loss
10
(527,467)
Loss for the financial period
20
(5,646,325)
(Loss)/profit for the financial period is all attributable to the owners of the parent company.
- 8 -
HARBOR BIDCO ACQUISITIONS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2024
Period
ended
31 December
2024
£
Loss for the period
(5,646,325)
Other comprehensive income
Currency translation gain taken to retained earnings
29,727
Cash flow hedges gain arising in the period
-
0
Total comprehensive income for the period
(5,616,598)
Total comprehensive income for the period is all attributable to the owners of the parent company.
- 9 -
HARBOR BIDCO ACQUISITIONS LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
31 December 2024
2024
Notes
£
£
Non-current assets
Goodwill
11
52,740,471
Property, plant and equipment
12
302,751
53,043,222
Current assets
Trade and other receivables
15
11,266,099
Cash and cash equivalents
2,022,439
13,288,538
Current liabilities
16
(71,874,415)
Net current liabilities
(58,585,877)
Total assets less current liabilities
(5,542,655)
Provisions for liabilities
Deferred tax liability
17
73,942
(73,942)
Net liabilities
(5,616,597)
Equity
Called up share capital
19
1
Retained earnings
20
(5,616,598)
Total equity
(5,616,597)
The financial statements were approved by the board of directors and authorised for issue on 30 September 2025 and are signed on its behalf by:
30 September 2025
Mr M Bailey
Director
Company registration number 15332097 (England and Wales)
- 10 -
HARBOR BIDCO ACQUISITIONS LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
31 December 2024
2024
Notes
£
£
Non-current assets
Investments
13
52,978,139
Current assets
Trade and other receivables
15
130,422
Current liabilities
16
(57,753,844)
Net current liabilities
(57,623,422)
Net liabilities
(4,645,283)
Equity
Called up share capital
19
1
Retained earnings
20
(4,645,284)
Total equity
(4,645,283)

As permitted by s408 Companies Act 2006, the c ompany has not presented its own income statement and related notes. The c ompany’s loss for the year was £4,657,296.

The financial statements were approved by the board of directors and authorised for issue on 30 September 2025 and are signed on its behalf by:
30 September 2025
Mr M Bailey
Director
Company registration number 15332097 (England and Wales)
- 11 -
HARBOR BIDCO ACQUISITIONS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2024
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 6 December 2023
-
0
-
0
-
0
Period ended 31 December 2024:
Loss for the period
-
(5,646,325)
(5,646,325)
Other comprehensive income:
Currency translation differences
-
29,727
29,727
Total comprehensive income
-
(5,616,598)
(5,616,598)
Issue of share capital
19
1
-
1
Balance at 31 December 2024
1
(5,616,598)
(5,616,597)
- 12 -
HARBOR BIDCO ACQUISITIONS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2024
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 6 December 2023
-
0
-
0
-
0
Period ended 31 December 2024:
Profit for the period
-
(4,657,295)
(4,657,295)
Other comprehensive income:
Currency translation differences
-
12,011
12,011
Total comprehensive income
-
(4,645,284)
(4,645,284)
Issue of share capital
19
1
-
1
Balance at 31 December 2024
1
(4,645,284)
(4,645,283)
- 13 -
HARBOR BIDCO ACQUISITIONS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2024
2024
Notes
£
£
Cash flows from operating activities
Cash generated from operations
24
64,673,418
Interest paid
(4,656,744)
Income taxes paid
(1,221,250)
Net cash inflow from operating activities
58,795,424
Investing activities
Purchase of business
(56,585,902)
Purchase of property, plant and equipment
(216,586)
Proceeds from disposal of property, plant and equipment
(229)
Net cash used in investing activities
(56,802,717)
Financing activities
Proceeds from issue of shares
1
Net cash generated from financing activities
1
Net increase in cash and cash equivalents
1,992,708
Cash and cash equivalents at beginning of period
-
0
Effect of foreign exchange rates
29,731
Cash and cash equivalents at end of period
2,022,439
- 14 -
HARBOR BIDCO ACQUISITIONS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2024
2024
Notes
£
£
Cash flows from operating activities
Cash generated from operations
25
57,623,422
Interest paid
(4,657,295)
Net cash inflow from operating activities
52,966,127
Investing activities
Proceeds from disposal of subsidiaries
(52,978,139)
Net cash used in investing activities
(52,978,139)
Financing activities
Proceeds from issue of shares
1
Net cash generated from financing activities
1
Net decrease in cash and cash equivalents
(12,011)
Cash and cash equivalents at beginning of period
-
0
Effect of foreign exchange rates
12,011
Cash and cash equivalents at end of period
-
0
- 15 -
HARBOR BIDCO ACQUISITIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
Company information

Harbor Bidco Acquisitions Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.

The group consists of Harbor Bidco Acquisitions Limited and all of its subsidiaries.

1.1
Reporting period

The reporting period has been extended to form a period of account from 6th December 2023 to 31st December 2024 to align with the wider group.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Business combinations

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

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

1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Harbor Bidco Acquisitions Limited together with all entities controlled by the parent company (its subsidiaries).

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

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

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

- 16 -
HARBOR BIDCO ACQUISITIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
1.5
Going concern

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

1.6
Revenue

Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.7
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.8
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
33% straight line
Computers
33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

- 17 -
HARBOR BIDCO ACQUISITIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
1.9
Non-current investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.10
Impairment of non-current assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

- 18 -
HARBOR BIDCO ACQUISITIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

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.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

- 19 -
HARBOR BIDCO ACQUISITIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

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

Current tax

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

- 20 -
HARBOR BIDCO ACQUISITIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

2
Judgements 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 amount 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.

- 21 -
HARBOR BIDCO ACQUISITIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Goodwill valuation

Determining the valuation of goodwill at the period end required elements of estimation in arriving at net assets at acquisition of the entities acquired. The carrying amount of goodwill at the reporting end date has not been subject to any impairment loss.

Goodwill valuation at the period end is also impacted by the subjectivity of the goodwill amortisation policy. The goodwill amortisation policy of 10 years has been reviewed and considered to be in line with accounting and industry standards.

Impairment of investment

In determining the carrying value of the investment in subsidiaries, the company must assess whether there are any indicators of impairment which may be an indicator that the value of the investment would require writing down.

In assessing whether the investment is displaying indicators of impairment is, in itself a key estimation. At the reporting date, the directors do not consider that the investment has displayed any indicators of impairment.

3
Revenue
2024
£
Revenue analysed by class of business
Principal activity
17,088,088
2024
£
Revenue analysed by geographical market
United Kingdom
9,135,860
United States of America
5,610,966
Europe
1,698,800
Rest of the world
642,462
17,088,088
4
Exceptional item
2024
£
Income
Exceptional item - Other operating income
(61,146)
Expenditure
Exceptional item - Admin costs (incl in Admin range)
(23,776)
(23,776)
- 22 -
HARBOR BIDCO ACQUISITIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
5
Operating loss
2024
£
Operating loss for the period is stated after charging/(crediting):
Exchange gains
(16,255)
Depreciation of owned property, plant and equipment
121,826
Loss on disposal of property, plant and equipment
229
Amortisation of intangible assets
4,775,629
Operating lease charges
309,024
6
Auditor's remuneration
2024
Fees payable to the company's auditor and associates:
£
For audit services
Audit of the financial statements of the group and company
63,100
7
Employees

The average monthly number of persons (including directors) employed by the group and company during the period was:

Group
Company
2024
2024
Number
Number
148
-
8
-
Total
156
0

Their aggregate remuneration comprised:

Group
Company
2024
2024
£
£
Wages and salaries
8,040,639
-
0
Social security costs
685,735
-
Pension costs
382,765
-
0
9,109,139
-
0
- 23 -
HARBOR BIDCO ACQUISITIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
8
Directors' remuneration
2024
£
Remuneration for qualifying services
50,000
Company pension contributions to defined contribution schemes
4,167
54,167
9
Finance costs
2024
£
Interest on financial liabilities measured at amortised cost:
Interest payable to group undertakings
4,657,295
Other finance costs:
Other interest
(551)
Total finance costs
4,656,744
10
Taxation
2024
£
Current tax
UK corporation tax on profits for the current period
305,912
Deferred tax
Origination and reversal of timing differences
221,555
Total tax charge
527,467
- 24 -
HARBOR BIDCO ACQUISITIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
10
Taxation
(Continued)

The actual charge for the period can be reconciled to the expected credit for the period based on the profit or loss and the standard rate of tax as follows:

2024
£
Loss before taxation
(5,118,858)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00%
(1,279,715)
Tax effect of expenses that are not deductible in determining taxable profit
448,494
Change in unrecognised deferred tax assets
149,430
Group relief
89,678
Amortisation on assets not qualifying for tax allowances
1,193,907
Other permanent differences
(476)
Under/(over) provided in prior years
43,858
Deferred tax adjustments in respect of prior years
(2,854)
Foreign tax credits
2,347
Foreign tax difference
(122,202)
Amounts (charged)/credited directly to the STRGL
5,000
Taxation charge
527,467
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 6 December 2023
-
0
Additions - business combinations
57,516,100
At 31 December 2024
57,516,100
Amortisation and impairment
At 6 December 2023
-
0
Amortisation charged for the period
4,775,629
At 31 December 2024
4,775,629
Carrying amount
At 31 December 2024
52,740,471
The company had no intangible fixed assets at 31 December 2024.

More information on impairment movements in the period is given in note .

- 25 -
HARBOR BIDCO ACQUISITIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
12
Property, plant and equipment
Group
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 6 December 2023
-
0
-
0
-
0
Additions
3,036
213,523
216,559
Business combinations
63,193
144,825
208,018
At 31 December 2024
66,229
358,348
424,577
Depreciation and impairment
At 6 December 2023
-
0
-
0
-
0
Depreciation charged in the period
61,853
59,973
121,826
At 31 December 2024
61,853
59,973
121,826
Carrying amount
At 31 December 2024
4,376
298,375
302,751
The company had no property, plant and equipment at 31 December 2024.
13
Fixed asset investments
Group
Company
2024
2024
Notes
£
£
Investments in subsidiaries
14
-
0
52,978,139
Movements in non-current investments
Company
Shares in subsidiaries
£
Cost or valuation
At 6 December 2023
-
Additions
52,978,139
At 31 December 2024
52,978,139
Carrying amount
At 31 December 2024
52,978,139
14
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

- 26 -
HARBOR BIDCO ACQUISITIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
14
Subsidiaries
(Continued)
Name of undertaking
Address
Class of
% Held
shares held
Direct
Indirect
Pinnacle OA Holdings Limited
1
Ordinary shares
100.00
-
Pinnacle Europe BV
2
Issued shares P
0
100.00
Pinnacle OA Inc
3
Common shares
0
100.00
Harbor Global UK Professional Services Limited
1
Ordinary shares
0
100.00
Ascertus Limited
4
Ordinary shares
0
100.00
Enable Business Solutions Limited
1
Ordinary shares
0
100.00
Enable Systems Limited
1
Ordinary shares
0
100.00

Registered office addresses (all UK unless otherwise indicated):

1
Clere House West Street, Burghclere, Newbury, England, RG20 9LB
2
7156 West 127th Street, Suite 69, Palos Heights, Illinois, IL 60463, United States of America
3
Chamber of Commerce 83221816, Boulevard de Paris 209, 3541 CS Utrecht, Netherlands
4
Unit B12 Pine Grove Enterprise Centre, Pine Grove, Crowborough, East Sussex, England, TN6 1DH

Of the above subsidiaries, A scertus L imited (company number 08893788), Pinnacle OA Holdings Limited

(company number 13145274), which are included in these consolidated

financial statements, are entitled to, and have opted to take, the exemption from the requirement for their

individual accounts to be audited, under S479A of the Companies Act 2006 relating to these subsidiary

companies.

15
Trade and other receivables
Group
Company
2024
2024
Amounts falling due within one year:
£
£
Trade receivables
5,080,285
-
0
Amounts owed by group undertakings
3,396,705
-
Other receivables
367,104
130,422
Prepayments and accrued income
2,195,494
-
0
11,039,588
130,422
Deferred tax asset (note 17)
226,511
-
0
11,266,099
130,422
- 27 -
HARBOR BIDCO ACQUISITIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
16
Current liabilities
Group
Company
2024
2024
£
£
Trade payables
2,108,239
-
0
Amounts owed to group undertakings
60,883,885
56,225,466
Corporation tax payable
(871,422)
-
0
Other taxation and social security
771,433
-
Other payables
1,834,428
-
0
Accruals and deferred income
7,147,852
1,528,378
71,874,415
57,753,844
17
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Assets
2024
2024
Group
£
£
Accelerated capital allowances
73,942
29,679
Tax losses
-
196,832
73,942
226,511
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the period:
£
£
Asset at 6 December 2023
-
-
Credit to profit or loss
(152,569)
-
Asset at 31 December 2024
(152,569)
-

The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period.

18
Retirement benefit schemes
2024
Defined contribution schemes
£
Charge to profit or loss in respect of defined contribution schemes
382,765
- 28 -
HARBOR BIDCO ACQUISITIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
18
Retirement benefit schemes
(Continued)

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

19
Share capital
Group and company
2024
2024
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of 1p each
100
1
20
Retained earnings
Group
Company
2024
2024
£
£
At the beginning of the period
-
-
Loss for the period
(5,646,325)
(4,657,295)
Currency translation differences
29,727
12,011
At the end of the period
(5,616,598)
(4,645,284)
21
Acquisition of a business

On 31 January 2024 the group acquired 100 percent of the issued capital of Pinnacle OA Holdings Limited.

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Property, plant and equipment
180,066
-
180,066
Trade and other receivables
4,882,823
-
4,882,823
Cash and cash equivalents
1,978,998
-
1,978,998
Trade and other payables
(5,056,120)
-
(5,056,120)
Deferred tax
330,208
-
330,208
Total identifiable net assets
2,315,975
-
2,315,975
Goodwill
50,662,164
Total consideration
52,978,139
The consideration was satisfied by:
£
Cash
52,978,139
- 29 -
HARBOR BIDCO ACQUISITIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
21
Acquisition of a business
(Continued)
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Revenue
16,052,083
Profit after tax
2,810,314

On 25 October 2024 the group acquired 100 percent of the issued capital of Ascertus Limited.

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Property, plant and equipment
27,925
-
27,925
Trade and other receivables
4,786,800
-
4,786,800
Cash and cash equivalents
984,207
-
984,207
Trade and other payables
(6,081,904)
-
(6,081,904)
Total identifiable net assets
(282,972)
-
(282,972)
Goodwill
6,853,940
Total consideration
6,570,968
The consideration was satisfied by:
£
Cash
6,570,968
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Revenue
1,035,851
Loss after tax
(45,497)
22
Financial commitments, guarantees and contingent liabilities

On 1 February 2024, a fixed and floating charge was registered over the Company’s assets by its parent, RCP Legal Holdings, LLC, in favour of Freeport Financial Partners LLC. The charge was created to secure borrowings under the parent’s Amended and Restated Credit Facility, which includes term and revolving loan components maturing on 28 February 2027.

The floating charge covers all property and the undertaking of the Company. The Company is not a party to the facility and has not provided a guarantee.

The charge remains outstanding at the reporting date. Management has assessed the impact of the arrangement and determined that no impairment of the affected assets is required.

- 30 -
HARBOR BIDCO ACQUISITIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
23
Events after the reporting date

Following the year end, the group was acquired by Monarch Group Holding, which is now the ultimate parent undertaking.

In addition, subsequent to the year-end, the fixed and floating charge registered on 1 February 2024 over the Company’s assets in favour of Freeport Financial Partners LLC was satisfied.

24
Cash generated from group operations
2024
£
Loss after taxation
(5,646,325)
Adjustments for:
Taxation charged
527,467
Finance costs
4,656,744
Loss on disposal of property, plant and equipment
229
Amortisation and impairment of intangible assets
4,775,629
Depreciation and impairment of property, plant and equipment
121,826
Movements in working capital:
Increase in trade and other receivables
(1,369,965)
Increase in trade and other payables
61,607,813
Cash generated from operations
64,673,418
25
Cash generated from operations - company
2024
£
Loss after taxation
(4,657,295)
Adjustments for:
Finance costs
4,657,295
Movements in working capital:
Increase in trade and other receivables
(130,422)
Increase in trade and other payables
57,753,844
Cash generated from operations
57,623,422
26
Analysis of changes in net funds - group
6 December 2023
Cash flows
Exchange rate movements
31 December 2024
£
£
£
£
Cash at bank and in hand
-
0
1,992,708
29,731
2,022,439
- 31 -
HARBOR BIDCO ACQUISITIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
27
Analysis of changes in net funds - company
6 December 2023
Cash flows
Exchange rate movements
31 December 2024
£
£
£
£
Cash at bank and in hand
-
0
(12,011)
12,011
-
0
- 32 -
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