The directors present the strategic report for the year ended 31 March 2025.

The principal activity of the company was that of a holding company. The principal activity of the group continued to be that of providing fulfilment software technology services to omnichannel retailers.

The directors are pleased with the excellent trading and operational performance in the year as execution of its strategy has resulted in revenue growth, improved margin performance and cash generation.

This has been delivered against the backdrop of tough macro-economic trading conditions for omnichannel customers across our trading territories as consumer confidence was negatively impacted by inflationary demands and associated cost-of-living pressures.

Despite these challenges, the business was able to execute its new customer acquisition strategy that is focused on a premium value proposition. Equally, technological and operational processes have been continually enhanced to ensure we were able to manage volume growth from our existing customer base without impacting service levels. This is delivered via a unique hybrid operating model of our own warehouse premises which alongside network partner locations provides a global warehouse footprint of over 1.5m sq ft with further capacity to grow into as required.

New warehouse locations have been secured in Dublin, Ireland and Sydney, Australia ahead of the new financial year to provide further growth opportunities for existing and new customers.

Transaction volumes grew by +27% year-on-year with growth seen across all territories and group revenue exceeding £20m for the first time. The UK remains the principal trading entity with order volumes increasing by 12% in the year and recorded revenue of £14.2m (2024: £13.7m).

There has been significant progress growing the European business within territory customer acquisition driving improved performance. Revenue in Europe increased to £5.4m (2024: £3.3m) on the back of new wins and it remains a key focus for the Group moving forward.

Performance in the USA has been promising as we target UK brands expanding into the territory rather than a full outbound reach in the market itself. Annualisation of new customer wins from 2024 alongside new brand wins in year has helped to deliver revenue performance in year of £1.3m (2024: £0.4m). Revenue derived from our non UK entities continues to grow and now exceeds 32% of group revenue.

A commercially focused approach with our key suppliers and resulting pricing decisions, alongside efficiencies realised through the development of new modules within our proprietary technology system has supported margin improvement performance in the year across the Group. Whilst we continue to invest in growth resources, particularly related to our technology platform, the impact of increased volume through our model alongside margin improvement has resulted in an EBITDA for the year of £3.1m (2024: £1.7m). Overall profitability of the group has improved year on year with the net loss before tax position as a result of goodwill amortisation and loan note interest.

Profitable operational growth has also delivered positive cash generation in year as the business closely monitors its working capital and cash investment decisions. The improved cash position and treasury management has enabled the business to take advantage of favourable interest rates to earn interest income on cash amounts held on deposit.

The business continues to maintain a strong balance sheet position and at 31 March 2025 had net assets of £12m (2024: £12.8m).

The company is committed to financially supporting research and development of its proprietary technology platform which controls a global network of fulfilment partner warehouses and enables customers to manage their products, stock levels, purchasing, sales orders and deliveries. The Software Development and Consulting teams lead on introduction of new products and features for key stakeholders.

During the year, best-in-class solutions have been further developed, including the Service application which ensures consistent standards across the network and Delivery Assured, a consumer experience platform supporting timely responses and resolutions for complex parcel delivery queries.

The board recognises the importance of ESG which is a key component of our growth strategy. The fulfilmentcrowd model not only supports customers’ expansion goals, it also enables them to do it in more sustainable ways. By adopting sharing economy principles, we harness existing, underutilised warehousing infrastructure and fuse this with our software technology to create a sustainable, profitable and high performance operating environment. We are benchmarking our carbon footprint to provide a baseline for future improvement and present contextualised data to customers, supporting plans to reduce the impact of their activities.

To further accelerate the growth plans of the business, the board undertook a process working alongside advisors to attract external investment. This successfully concluded on 28th May 2025 with UK mid-market private equity investor Palatine taking a majority stake in the business. Palatine's investment will support the business as we continue to scale organically in the UK, Europe, Australia and the US, as well as delivering on M&A opportunities.

The board are confident that the actions taken in the year and the recent investment received have set the business up to execute its growth plan for the forthcoming year. The board are pleased with trading in the early part of the new financial year outperforming budget.

Credit risk

Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. As of the balance sheet date, the company has no significant concentration of credit risk. It is the company's policy to enter financial instruments with a diversity of credit worthy third parties, and as such the company does not expect to incur material losses.

Liquidity risk

Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The liquidity risk is managed through regular monitoring and forecasting of cash generated from operations, rolling cash flow forecasts and review of actual and forecast overall cash levels.

Competition risk

Competition risk is the risk that the business may not perform as expected due to competitive pressures in the market in which it operates. There is a continued appetite for outsourced fulfilment which in turn has brought a number of competitors into the landscape offering their services. There is therefore a fragmented market with excess supply and price is therefore being driven down by competitors who are offering services at a loss to fill space. Whilst this is a challenge, the continued investment into the technology platform, creation of sufficient network capacity through the operating model, omnichannel functionality that we offer and ongoing focus on the level of customer support provided positions us well against our competitors to both retain existing customers and attract new.

Cyber security risk

Cyber security risk is the risk of exposure or loss resulting from a cyber-attack or data breach on the business. The business operates in a digital environment and recognises the importance that technology and cyber play in day-to-day operations. The company manages these risks by following best practice security procedures and reducing where possible the transmission of sensitive information. The company's IT security team continue to monitor ongoing compliance with data protection laws.

Foreign exchange risk

Foreign exchange risk is the risk of exposure or loss resulting from fluctuations in currency values. The business has grown its international presence where it now accounts for over 30% of group revenue. Natural hedging through the use of foreign currency accounts allows the business to match revenues and costs in local currencies, with available cash balances in these territories closely monitored to determine optimal timing for repatriation to the UK where applicable.

Geopolitical risk

The ongoing conflicts around the globe continue to impact on domestic affairs, in particular, on domestic fuel prices and inflation, although these have eased during the year. Whilst there is some impact on the business to an increased cost base for our owned warehouse space, the larger impact is perceived to be the level of consumer disposable income and the impact this may have on our customer base.

The board review a number of KPIs continually through the year which form part of the monthly management accounts including:

• Order volume growth

• Revenue versus budget and year-on-year (YoY)

• Gross margin (£ and %) to budget and YoY

• EBITDA to budget and YoY

• Cashflow to budget and YoY

• Customer retention rates – volume and revenue

• Retained customer growth rates

• Annualised contract value of new customer wins

A regular forecast process is in place with key assumptions updated to keep the board informed of expected full year out-turn. Variances to both budget, forecast and prior year are reviewed monthly.

In addition, there are a number of operational measures regularly reviewed such as inbound stock receipt and outbound dispatch timings to ensure we offer the very best service to our customers. Alongside this, measurement of our technology uptime is regularly reviewed given the critical importance of our proprietary platform in servicing the entire operation.

On behalf of the board

The directors present their annual report and financial statements for the year ended 31 March 2025.

The results for the year are set out on page 10.

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

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

MHA were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

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.

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.

We have audited the financial statements of Fulfilmentcrowd Topco Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group 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 March 2025 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 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 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:

• the information given in the 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 strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the 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.

As explained more fully in the directors' responsibilities statement, 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.

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.

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below:

• Enquiries with management, about any known or suspected instances of non-compliance with laws and regulations and fraud;

• Challenging assumptions and judgements made by management in their significant accounting estimates, in particular in relation to stock provisioning, debtor recoverability and future performance in light of the impact of the current economic uncertainty;

• Reviewing board minutes and legal and professional expenditure to identify any evidence of ongoing litigation or enquiries;

• Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business; and

• Auditing the risk of fraud in revenue, through the testing of a sample of sales to assess the occurrence of revenue in the financial statements and recognised in the correct accounting period.

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

A further description of our responsibilities 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.

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £502,000 (2024 - £477,305 loss).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

Fulfilmentcrowd Topco Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Fulfilmentcrowd Ltd, Western Avenue, Buckshaw Village, Chorley, PR7 7NB.

The group consists of Fulfilmentcrowd Topco Limited and all of its subsidiaries.

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 amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

• Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

• Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The consolidated group financial statements consist of the financial statements of the parent company Fulfilmentcrowd Topco Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 March 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

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

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

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.

Turnover is recognised at the fair value of the consideration received or receivable for 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.

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.

Intangible assets are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment loss.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual value over their useful lives on the following basis:

Tangible fixed assets 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:

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 profit and loss account.

In accordance with the provisions of FRS102, the individual long leasehold property is revalued as required on a regular basis by a qualified valuer and the company reviews the carrying value of the property at each period end to ensure that it is not materially different from its fair value. A provision is made for any impairment to the value of the long leasehold property during the year and accordingly it is not depreciated.

Equity investments 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.

In 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.

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.

Stocks are stated at the lower of cost and estimated selling price less costs to sell.

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.

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 balance sheet 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, which include debtors 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 method 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.

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.

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.

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.

Basic financial liabilities, including creditors, 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 payments 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 creditors 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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

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.

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.

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 profit and loss account, 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.

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

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.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Goodwill is being amortised over its estimated economic life of 10 years. The estimate is considered reasonable by the directors, but will be monitored annually to ensure it remains appropriate.

Software development costs are capitalised based on the time spent by staff on development projects. The costs are amortised over the useful economic lives of 3 years.

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

Their aggregate remuneration comprised:

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

Land and buildings with a carrying amount of £3,110,380 were revalued on an open market basis on 31 May 2022 by Avison Young Chartered Surveyors, independent valuers not connected with the company.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

Details of the company's subsidiaries at 31 March 2025 are as follows:

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

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.

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

In the opinion of the directors, Fulfilmentcrowd Topco Limited was controlled by LD Gregson during the year.

On 28 May 2025, following a group restructure, Project Cairo Topco Limited became the ultimate parent company with Palatine Gp V LLP holding a majority share in this company. There is no one individual controlling party.