Company registration number 12497341 (England and Wales)
THE COULTER PARTNERSHIP HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
THE COULTER PARTNERSHIP HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mrs B Coulter
Mr J Coulter
Mr N Green
Company number
12497341
Registered office
83 Clerkenwell Road
London
EC1R 5AR
Auditor
Mercer & Hole LLP
The Pinnacle
170 Midsummer Boulevard
Milton Keynes
Buckinghamshire
MK9 1BP
Business address
83 Clerkenwell Road
London
EC1R 5AR
THE COULTER PARTNERSHIP HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group profit and loss
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 31
THE COULTER PARTNERSHIP HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 1 -

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

Introduction

We build leadership teams that enable the future success of the world’s most innovative organisations.

The principal activity of the Company is that of a holding company managing the affairs of its group, whose activities include Executive Search, Board Advisory Services, and Leadership Consulting.

Historically, the Group has focused on the Life Sciences sector, but it now serves a broader spectrum of clients deploying innovative technologies to address global challenges. Our clients range from privately held, venture capital–backed companies to leading global public corporations.

Technological change and digital innovation continue to have a transformational impact on the business models of our clients.

Review of the business

Our core sector, Life Sciences, continued to experience a challenging investment environment during the period, leading to a slower growth trajectory and reduced hiring activity.

The wider economic and geopolitical context—together with the uncertain impact of rapid technological advances such as artificial intelligence—has also influenced our opportunities for expansion.

Nonetheless, our strategies of international diversification and sectoral and service extension have helped to offset the inconsistencies within our core market. We have made significant progress in developing our Digital and HealthTech practices and in expanding our services to private equity clients across a wider range of portfolio investments.

We are firmly committed to ensuring that equality of opportunity for all remains at the heart of our culture.

Change in Financial year

The Board has concluded that a change in the Company’s financial year-end from 31 March to 31 December will simplify reporting and operational processes. Consequently, these accounts have been prepared for a nine-month period.

Principal risks and uncertainties

The global geopolitical situation and broader economic outlook continue to affect the Group’s activities and growth strategy.

The free movement of highly skilled talent remains a critical success factor for both the Group and the sectors in which we operate. Historically, cross-border investment flows have been a key driver of demand for our services.

Future growth also depends on our continued ability to attract and retain highly skilled professionals.

The Company relies on the secure storage and transmission of data within its proprietary knowledge management system. Our bespoke technology platform enables us to deploy artificial intelligence tools effectively, driving efficiency and continual improvement across our systems and processes. We are optimistic about the opportunities AI presents to enhance both our internal operations and our client offering.

Key performance indicators

UK Accounts

The Group's UK office, The Coulter Partnership Limited, generated turnover of £6,299,770, representing a 4% decrease compared with the previous nine-month period. Average headcount decreased from 48 to 42.

Group Accounts

Group turnover was £14,202,813 also a 4% decrease compared with the previous nine-month period. Average headcount decreased from 112 to 99.

The Group monitors a wide range of key performance indicators in addition to turnover and headcount, with a strong emphasis on quality, collaboration, and productivity. Consultants’ performance is continually assessed through our bespoke, integrated knowledge management and management accounting systems.

THE COULTER PARTNERSHIP HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 2 -

On behalf of the board

Mr J Coulter
Director
9 October 2025
THE COULTER PARTNERSHIP HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 3 -

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

Principal activities

The principal activity of the company is that of a holding company for the Coulter Partnership group of which the principal activity is Executive Search consulting.

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:

Mrs B Coulter
Mr J Coulter
Mr N Green
Auditor

The auditor, Mercer & Hole LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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 J Coulter
Director
9 October 2025
THE COULTER PARTNERSHIP HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 4 -

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.

THE COULTER PARTNERSHIP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE COULTER PARTNERSHIP HOLDINGS LIMITED
- 5 -
Opinion

We have audited the financial statements of The Coulter Partnership Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 December 2024 which comprise the group profit and loss account, 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 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.

THE COULTER PARTNERSHIP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE COULTER PARTNERSHIP HOLDINGS LIMITED
- 6 -
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

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.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. These included, but were not limited to, the Companies Act 2006 and tax legislation.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and the financial report (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate entries including journals to overstate revenue or understate expenditure and management bias in accounting estimates.

Audit procedures performed by the engagement team included:

- discussions with management, including considerations of known or suspected instances of non- compliance with laws and regulations and fraud;

- gaining an understanding of management's controls designed to prevent and detect irregularities; and

- identifying and testing journal entries.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non- compliance and cannot be expected to detect non-compliance with all laws and regulations.

THE COULTER PARTNERSHIP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE COULTER PARTNERSHIP HOLDINGS LIMITED
- 7 -

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.

Paul Maberly FCA (Senior Statutory Auditor)
For and on behalf of Mercer & Hole LLP
9 October 2025
Chartered Accountants
Statutory Auditor
The Pinnacle
170 Midsummer Boulevard
Milton Keynes
Buckinghamshire
MK9 1BP
THE COULTER PARTNERSHIP HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 8 -
Period
Year
ended
ended
31 December
31 March
2024
2024
Notes
£
£
Turnover
3
14,202,813
19,741,331
Cost of sales
(62,817)
(33,523)
Gross profit
14,139,996
19,707,808
Administrative expenses
(16,090,898)
(21,292,918)
Operating loss
4
(1,950,902)
(1,585,110)
Interest receivable and similar income
8
7,343
8,776
Interest payable and similar expenses
9
(8,863)
(48,588)
Loss before taxation
(1,952,422)
(1,624,922)
Tax on loss
10
14,873
(119,596)
Loss for the financial period
(1,937,549)
(1,744,518)
Loss for the financial period is all attributable to the owners of the parent company.
THE COULTER PARTNERSHIP HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 9 -
Period
Year
ended
ended
31 December
31 March
2024
2024
£
£
Loss for the period
(1,937,549)
(1,744,518)
Other comprehensive income
Currency translation loss taken to retained earnings
(32,567)
(29,427)
Cash flow hedges gain arising in the period
-
0
-
0
Total comprehensive income for the period
(1,970,116)
(1,773,945)
Total comprehensive income for the period is all attributable to the owners of the parent company.
THE COULTER PARTNERSHIP HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 10 -
31 December 2024
31 March 2024
Notes
£
£
£
£
Fixed assets
Goodwill
11
6,412,375
7,328,429
Other intangible assets
11
1,346
1,392
Total intangible assets
6,413,721
7,329,821
Tangible assets
12
339,854
427,614
6,753,575
7,757,435
Current assets
Debtors
15
3,954,300
4,333,499
Cash at bank and in hand
626,722
1,100,194
4,581,022
5,433,693
Creditors: amounts falling due within one year
16
(4,468,996)
(4,336,415)
Net current assets
112,026
1,097,278
Total assets less current liabilities
6,865,601
8,854,713
Provisions for liabilities
Deferred tax liability
18
30,254
49,250
(30,254)
(49,250)
Net assets
6,835,347
8,805,463
Capital and reserves
Called up share capital
21
75,000
75,000
Profit and loss reserves
6,760,347
8,730,463
Total equity
6,835,347
8,805,463

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

The financial statements were approved by the board of directors and authorised for issue on 9 October 2025 and are signed on its behalf by:
09 October 2025
Mr J Coulter
Director
Company registration number 12497341 (England and Wales)
THE COULTER PARTNERSHIP HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 11 -
31 December 2024
31 March 2024
Notes
£
£
£
£
Fixed assets
Investments
13
14,185,318
14,185,318
Current assets
Debtors
15
-
0
498,356
Cash at bank and in hand
46
15,531
46
513,887
Creditors: amounts falling due within one year
16
(596,396)
(940,870)
Net current liabilities
(596,350)
(426,983)
Net assets
13,588,968
13,758,335
Capital and reserves
Called up share capital
21
75,000
75,000
Profit and loss reserves
13,513,968
13,683,335
Total equity
13,588,968
13,758,335

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The company's loss for the period was £169,3 67 (March 202 4 - £58,754).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 9 October 2025 and are signed on its behalf by:
09 October 2025
Mr J Coulter
Director
Company registration number 12497341 (England and Wales)
THE COULTER PARTNERSHIP HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2023
75,000
10,504,408
10,579,408
Year ended 31 March 2024:
Loss for the year
-
(1,744,518)
(1,744,518)
Other comprehensive income:
Currency translation differences
-
(29,427)
(29,427)
Total comprehensive income
-
(1,773,945)
(1,773,945)
Balance at 31 March 2024
75,000
8,730,463
8,805,463
Period ended 31 December 2024:
Loss for the period
-
(1,937,549)
(1,937,549)
Other comprehensive income:
Currency translation differences
-
(32,567)
(32,567)
Total comprehensive income
-
(1,970,116)
(1,970,116)
Balance at 31 December 2024
75,000
6,760,347
6,835,347
THE COULTER PARTNERSHIP HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 13 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2023
75,000
13,742,089
13,817,089
Year ended 31 March 2024:
Loss and total comprehensive income for the year
-
(58,754)
(58,754)
Balance at 31 March 2024
75,000
13,683,335
13,758,335
Period ended 31 December 2024:
Profit and total comprehensive income
-
(169,367)
(169,367)
Balance at 31 December 2024
75,000
13,513,968
13,588,968
THE COULTER PARTNERSHIP HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 14 -
31 December 2024
31 March 2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
26
677,893
(599,261)
Interest paid
(8,863)
(48,588)
Income taxes paid
(215,116)
(344,738)
Net cash inflow/(outflow) from operating activities
453,914
(992,587)
Investing activities
Purchase of tangible fixed assets
(2,479)
(2,336)
Proceeds from disposal of tangible fixed assets
-
13,228
Interest received
7,343
8,776
Net cash generated from investing activities
4,864
19,668
Financing activities
Repayment of borrowings
(900,000)
-
Net cash used in financing activities
(900,000)
-
Net decrease in cash and cash equivalents
(441,222)
(972,919)
Cash and cash equivalents at beginning of period
1,100,194
2,103,790
Effect of foreign exchange rates
(32,250)
(30,677)
Cash and cash equivalents at end of period
626,722
1,100,194
THE COULTER PARTNERSHIP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 15 -
1
Accounting policies
Company information

The Coulter Partnership Holdings Limited ("the company" is a private limited company domiciled and incorporated in England and Wales. The registered office is 89 Clerkenwell Road, London, EC1R 5AR.

The group consists of The Coulter Partnership Holdings Limited and all of its subsidiaries.

1.1
Reporting period

The company changed its accounting reference date from 31 March 2024 to 31 December 2024 to align the company's annual reporting date with connected entities. As a result, the current financial statements cover a period of 9 months, compared to 12 months in the prior year.

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.

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 COULTER PARTNERSHIP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
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 The Coulter Partnership Holdings 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 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.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

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.

THE COULTER PARTNERSHIP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.6
Turnover

Turnover 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.

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
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Other intangible assets
3 years straight line
1.9
Tangible fixed assets

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:

Leasehold improvements
20% straight line
Fixtures and fittings
25% straight line
Computers
3-5 years 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 profit and loss account.

THE COULTER PARTNERSHIP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.10
Fixed asset 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.

1.11
Impairment of fixed 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.

1.12
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.

1.13
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 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.

THE COULTER PARTNERSHIP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
Basic financial assets

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 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.

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies 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 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.

Derecognition of financial liabilities

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

1.14
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.

THE COULTER PARTNERSHIP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
1.15
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 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

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.

1.16
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 fixed 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.

1.17
Retirement benefits

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

1.18
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

The expense in relation to options over the parent company’s shares granted to employees of a subsidiary is recognised by the c ompany as a capital contribution, and presented as an increase in the company’s investment in that subsidiary.

1.19
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.

THE COULTER PARTNERSHIP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 21 -
1.20
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

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.

3
Turnover and other revenue
Period
Year
ended
ended
31 December
31 March
2024
2024
£
£
Turnover analysed by class of business
Recruitment
14,202,813
19,741,331
Period
Year
ended
ended
31 December
31 March
2024
2024
£
£
Turnover analysed by geographical market
UK
4,015,009
4,466,044
Non-UK
10,187,804
15,275,287
14,202,813
19,741,331
Period
Year
ended
ended
31 December
31 March
2024
2024
£
£
Other revenue
Interest income
7,343
8,776
THE COULTER PARTNERSHIP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 22 -
4
Operating loss
Period
Year
ended
ended
31 December
31 March
2024
2024
£
£
Operating loss for the period is stated after charging:
Exchange losses
48,438
50,660
Depreciation of owned tangible fixed assets
89,968
123,211
Amortisation of intangible assets
916,054
1,222,107
Operating lease charges
489,085
683,321
5
Auditor's remuneration
Period
Year
ended
ended
31 December
31 March
2024
2024
Fees payable to the company's auditor:
£
£
For audit services
Audit of the financial statements of the group and company
20,880
15,125
Audit of the financial statements of the company's subsidiaries
17,720
16,875
38,600
32,000
6
Employees

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

Group
Company
Period
Year
Period
Year
ended
ended
ended
ended
31 December
31 March
31 December
31 March
2024
2024
2024
2024
Number
Number
Number
Number
99
112
3
3
THE COULTER PARTNERSHIP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
6
Employees
(Continued)
- 23 -

Their aggregate remuneration comprised:

Group
Company
Period
Year
Period
Year
ended
ended
ended
ended
31 December
31 March
31 December
31 March
2024
2024
2024
2024
£
£
£
£
Wages and salaries
10,735,086
13,764,668
-
0
-
0
Social security costs
1,329,804
1,656,136
-
-
Pension costs
649,241
921,136
-
0
-
0
12,714,131
16,341,940
-
0
-
0
7
Directors' remuneration
Period
Year
ended
ended
31 December
31 March
2024
2024
£
£
Remuneration for qualifying services
2,879,255
3,227,466
Company pension contributions to defined contribution schemes
15,000
20,000
2,894,255
3,247,466
Remuneration disclosed above includes the following amounts paid to the highest paid director:
Period
Year
ended
ended
31 December
31 March
2024
2024
£
£
Remuneration for qualifying services
1,174,071
1,116,227
Company pension contributions to defined contribution schemes
-
10,000
THE COULTER PARTNERSHIP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 24 -
8
Interest receivable and similar income
Period
Year
ended
ended
31 December
31 March
2024
2024
£
£
Interest income
Interest on bank deposits
58
2,576
Other interest income
7,285
6,200
Total income
7,343
8,776
9
Interest payable and similar expenses
Period
Year
ended
ended
31 December
31 March
2024
2024
£
£
Interest on bank overdrafts and loans
-
2,063
Other interest on financial liabilities
425
10,856
Other interest
8,438
35,669
Total finance costs
8,863
48,588
10
Taxation
Period
Year
ended
ended
31 December
31 March
2024
2024
£
£
Current tax
UK corporation tax on profits for the current period
4,798
62,024
Adjustments in respect of prior periods
(721)
-
0
Total current tax
4,077
62,024
Deferred tax
Origination and reversal of timing differences
12,545
54,605
Changes in tax rates
-
0
2,967
Adjustment in respect of prior periods
(31,495)
-
0
Total deferred tax
(18,950)
57,572
Total tax (credit)/charge
(14,873)
119,596
THE COULTER PARTNERSHIP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
10
Taxation
(Continued)
- 25 -

The actual (credit)/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:

Period
Year
ended
ended
31 December
31 March
2024
2024
£
£
Loss before taxation
(1,952,422)
(1,624,922)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (March 2024: 25.00%)
(488,106)
(406,231)
Tax effect of expenses that are not deductible in determining taxable profit
360,598
411,047
Change in unrecognised deferred tax assets
5,034
87,891
Adjustments in respect of prior years
(721)
2,967
Other permanent differences
113,444
(859)
Deferred tax adjustments in respect of prior years
(31,495)
-
0
Differences in foreign tax rates
26,373
24,781
Taxation (credit)/charge
(14,873)
119,596
11
Intangible fixed assets
Group
Goodwill
Other intangible assets
Total
£
£
£
Cost
At 1 April 2024
12,214,049
3,480
12,217,529
Exchange adjustments
-
0
(116)
(116)
At 31 December 2024
12,214,049
3,364
12,217,413
Amortisation and impairment
At 1 April 2024
4,885,620
2,088
4,887,708
Amortisation charged for the period
916,054
-
0
916,054
Exchange adjustments
-
0
(70)
(70)
At 31 December 2024
5,801,674
2,018
5,803,692
Carrying amount
At 31 December 2024
6,412,375
1,346
6,413,721
At 31 March 2024
7,328,429
1,392
7,329,821
The company had no intangible fixed assets at 31 December 2024 or 31 March 2024.
THE COULTER PARTNERSHIP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 26 -
12
Tangible fixed assets
Group
Leasehold improvements
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 April 2024
383,888
118,084
56,224
558,196
Additions
-
0
-
0
2,479
2,479
Exchange adjustments
-
0
312
(619)
(307)
At 31 December 2024
383,888
118,396
58,084
560,368
Depreciation and impairment
At 1 April 2024
81,116
34,782
14,684
130,582
Depreciation charged in the period
57,584
22,964
9,420
89,968
Exchange adjustments
-
0
(1,105)
1,069
(36)
At 31 December 2024
138,700
56,641
25,173
220,514
Carrying amount
At 31 December 2024
245,188
61,755
32,911
339,854
At 31 March 2024
302,772
83,302
41,540
427,614
The company had no tangible fixed assets at 31 December 2024 or 31 March 2024.
13
Fixed asset investments
Group
Company
Period
Year
Period
Year
ended
ended
ended
ended
31 December
31 March
31 December
31 March
2024
2024
2024
2024
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
14,185,318
14,185,318
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2024 and 31 December 2024
14,185,318
Carrying amount
At 31 December 2024
14,185,318
At 31 March 2024
14,185,318
THE COULTER PARTNERSHIP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 27 -
14
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
The Coulter Partnership Limited
England & Wales
Ordinary
100.00
The Coulter Partnership Services Limited
England & Wales
Ordinary
100.00
Coulter GmbH
Germany
Ordinary
100.00
The Coulter Partnership A/S
Denmark
Ordinary
100.00
The Coulter Partnership Inc
USA
Ordinary
100.00
The Coulter Partnership Sarl
Switzerland
Ordinary
100.00
The Coulter Partnership SAS
France
Ordinary
100.00
The Coulter Partnership Pte Limited
Singapore
Ordinary
100.00
The Coulter Partnership Pty Limited
Australia
Ordinary
100.00
The Coulter Partnership BV
Belgium
Ordinary
100.00
The Coulter Partnership SRL
Italy
Ordinary
100.00
15
Debtors
Group
Company
Period
Year
Period
Year
ended
ended
ended
ended
31 December
31 March
31 December
31 March
2024
2024
2024
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,837,915
3,326,250
-
0
-
0
Corporation tax recoverable
169,912
124,982
-
0
-
0
Other debtors
290,358
298,499
-
0
498,356
Prepayments and accrued income
302,158
246,833
-
0
-
0
3,600,343
3,996,564
-
498,356
Deferred tax asset (note 18)
6,405
-
0
-
0
-
0
3,606,748
3,996,564
-
498,356
Amounts falling due after more than one year:
Other debtors
98,573
98,573
-
0
-
0
Deferred tax asset (note 18)
248,979
238,362
-
0
-
0
347,552
336,935
-
-
Total debtors
3,954,300
4,333,499
-
498,356
THE COULTER PARTNERSHIP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 28 -
16
Creditors: amounts falling due within one year
Group
Company
Period
Year
Period
Year
ended
ended
ended
ended
31 December
31 March
31 December
31 March
2024
2024
2024
2024
Notes
£
£
£
£
Other borrowings
17
-
0
900,000
-
0
900,000
Trade creditors
204,946
74,633
-
0
-
0
Corporation tax payable
25,993
175,034
-
0
7,631
Other taxation and social security
689,404
794,335
-
-
Other creditors
542,912
641,633
596,396
-
0
Accruals and deferred income
3,005,741
1,750,780
-
0
33,239
4,468,996
4,336,415
596,396
940,870
17
Loans and overdrafts
Group
Company
Period
Year
Period
Year
ended
ended
ended
ended
31 December
31 March
31 December
31 March
2024
2024
2024
2024
£
£
£
£
Other loans
-
0
900,000
-
0
900,000
Payable within one year
-
0
900,000
-
0
900,000
18
Deferred taxation

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

Liabilities
Liabilities
Assets
Assets
Period
Year
Period
Year
ended
ended
ended
ended
31 December
31 March
31 December
31 March
2024
2024
2024
2024
Group
£
£
£
£
Accelerated capital allowances
37,218
57,472
(182)
-
Tax losses
-
(1,640)
253,470
236,220
Revaluations
(6,964)
(6,582)
-
-
Short term timing differences
-
-
2,096
2,142
30,254
49,250
255,384
238,362
The company has no deferred tax assets or liabilities.
THE COULTER PARTNERSHIP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
18
Deferred taxation
(Continued)
- 29 -
Group
Company
2024
2024
Movements in the period:
£
£
Asset at 1 April 2024
(189,112)
-
Credit to profit or loss
(36,018)
-
Asset at 31 December 2024
(225,130)
-

The deferred tax asset set out above is expected to reverse and relates to the utilisation of tax losses against future expected profits and short term timing differences. T he deferred tax liability set out above is expected to reverse within and relates to accelerated capital allowances and short term timing differences that are expected to mature within the same period.

19
Retirement benefit schemes
Period
Year
ended
ended
31 December
31 March
2024
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
649,241
921,136

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.

20
Share-based payment transactions
Company

On 3 June 2020 share options were granted over 25,000 Ordinary shares.

Options over 25,000 Ordinary shares can only be exercised on the sale of the company and no material charge in respect of these options arises under FRS 102.

21
Share capital
Group and company
Period
Year
Period
Year
ended
ended
ended
ended
31 December
31 March
31 December
31 March
2024
2024
2024
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
46,378
46,378
46,378
46,378
Hurdle shares of £1 each
28,622
28,622
28,622
28,622
75,000
75,000
75,000
75,000
THE COULTER PARTNERSHIP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 30 -
22
Financial commitments, guarantees and contingent liabilities

The group's banking facilities are secured by a debenture which includes fixed and floating charges over the assets of certain group companies. In addition, the parent company and certain subsidiaries have entered into an unlimited cross-guarantee in respect of these facilities.

23
Operating lease commitments
Lessee

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:

Group
Company
Period
Year
Period
Year
ended
ended
ended
ended
31 December
31 March
31 December
31 March
2024
2024
2024
2024
£
£
£
£
Within one year
520,435
267,793
-
-
Between two and five years
920,275
1,324,356
-
-
In over five years
990,676
1,301,326
-
-
2,431,386
2,893,475
-
-
24
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

Period
Year
ended
ended
31 December
31 March
2024
2024
£
£
Aggregate compensation
3,917,150
3,235,466
25
Controlling party
The ultimate controlling party is the director Mrs B Coulter by virtue of her shareholding.
THE COULTER PARTNERSHIP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 31 -
26
Cash generated from/(absorbed by) group operations
Period
Year
ended
ended
31 December
31 March
2024
2024
£
£
Loss after taxation
(1,937,549)
(1,744,518)
Adjustments for:
Taxation (credited)/charged
(14,873)
119,596
Finance costs
8,863
48,588
Investment income
(7,343)
(8,776)
Amortisation and impairment of intangible assets
916,054
1,222,107
Depreciation and impairment of tangible fixed assets
89,968
123,211
Movements in working capital:
Decrease in debtors
441,151
227,669
Increase/(decrease) in creditors
1,181,622
(587,138)
Cash generated from/(absorbed by) operations
677,893
(599,261)
27
Analysis of changes in net funds - group
1 April 2024
Cash flows
Exchange rate movements
31 December 2024
£
£
£
£
Cash at bank and in hand
1,100,194
(441,222)
(32,250)
626,722
Borrowings excluding overdrafts
(900,000)
900,000
-
-
200,194
458,778
(32,250)
626,722
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