Company Registration No. 07176911 (England and Wales)
BIE Executive Limited
Annual report and financial statements
for the year ended 31 March 2025
BIE Executive Limited
Company information
Directors
Emma-Claire Moreton
Simon Cordrey
Simon Moore
Byron Tarboton
Claire Paramo
Gordon Whyte
James Wilson
Company number
07176911
Registered office
1 George Yard
London
EC3V 9DF
Independent auditor
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
BIE Executive Limited
Contents
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Notes to the financial statements
11 - 23
BIE Executive Limited
Strategic report
For the year ended 31 March 2025
1

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

Review of the business

BIE Executive Limited ('BIE') works with companies going through change, supporting evolving businesses through a unique blend of business consultancy, interim management and executive search. This integrated solution allows us to support businesses at every stage of their evolution. Our deep functional expertise covers Executive Leadership, Finance, Human Resources, Supply Chain and Procurement, Technology and Digital, and Programme Change Management.

BIE works with an impressive network of clients from FTSE100s and FTSE 250s to smaller, private equity-backed businesses across a wide range of sectors. BIE has a track record of delivering projects both in the UK and abroad, particularly across Europe but also as far afield as Asia, the Caribbean and Africa.

Due to market conditions, BIE experienced a 4.08% fall in turnover and a 2.97% fall in gross profit, however the gross profit margin increased from 26.57% in FY2024 to 26.88%. Operating profit this year decreased from £576K to £247K.

Trading for FY2026 continues to be challenging, but the directors expect to see a solid year.

The Executive team keeps on focusing on creating an agile business that continues to evolve with its clients, underpinned with a scalable platform for future growth; the vision, mission and values of the organisation remain integral to this, as is investment in people, marketing, CRM and brand development

Principal risks and uncertainties

The principal risks faced by the business lie in the current economic environment and global macroeconomic uncertainties. That said, from the start of the 2025 calendar year we have seen an increase in demand for our services. The outlook for the upcoming year remains cautious, with limited growth opportunities in the current market environment. Cashflow remained strong throughout FY2025 and has continued into FY2026. The directors will continue to manage the business closely over the coming months; they believe that BIE’s offering remains highly relevant to today’s businesses.

Other risk to the business surrounds maintaining customer relationships, particularly larger key clients. As such the company invests heavily in those relationships and is fully committed to providing exceptional client service. The risk is mitigated by performance related pay for sales staff, where long term relationships are rewarded. Further, BIE closely monitors performance of the business excluding key accounts. As a Small to Medium Enterprise (SME) we have a lean and adaptable cost base, which can be rapidly adjusted to changing circumstances. The directors believe that by continuing to invest in our extensive client and candidate marketplace, BIE maintains foundations for strong future performance.

On behalf of the board

Gordon Whyte
Director
15 October 2025
BIE Executive Limited
Directors' report
For the year ended 31 March 2025
2

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

Principal activities

The principal activity of the company continued to be that of recruitment services.

Results and dividends

The results for the year are set out on page 8

Directors

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

Emma-Claire Moreton
Simon Cordrey
Robert Knight
(Resigned 27 June 2025)
Simon Moore
Byron Tarboton
Claire Paramo
Gordon Whyte
James Wilson
Auditor

Saffery LLP have expressed their willingness to continue in office.

Statement of directors' responsibilities

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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

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 company’s auditor 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 company’s auditor is aware of that information.

BIE Executive Limited
Directors' report (continued)
For the year ended 31 March 2025
3
Going concern

The financial statements have been prepared on the going concern basis which the directors consider to be appropriate for the following reasons.

The company has prepared cash flow forecasts covering at least a 12 month period from the date of approval of these financial statements. In preparing these forecasts the company has considered areas of uncertainty and a number of underlying assumptions, in particular those relating to market and customer risks, cost management and working capital management. These forecasts show that the company continues to have sufficient levels of cash for the forecast period.

The company forecasts consider the sensitivity to severe but plausible downside scenarios. In assessing the sensitivity on revenues the company acknowledges forecasted revenues are contingent on the Company attracting new customers and retaining existing ones.

The company finances its working capital through its own cash resources and if necessary, through invoice discounting facilities.

The directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Gordon Whyte
Director
15 October 2025
BIE Executive Limited
Independent auditor's report
To the members of BIE Executive Limited
4
Opinion

We have audited the financial statements of BIE Executive Limited (the 'company') for the year ended 31 March 2025 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity 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 company's affairs as at 31 March 2025 and of its profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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 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.

BIE Executive Limited
Independent auditor's report
To the members of BIE Executive Limited (continued)
5

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' r eport 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.

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 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.

Responsibilities of directors

As explained more fully in the D irector s' R esponsibilities S tatement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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 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.

BIE Executive Limited
Independent auditor's report
To the members of BIE Executive Limited (continued)
6

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 are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and by updating our understanding of the sector in which the company operates.

Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation.

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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.

BIE Executive Limited
Independent auditor's report
To the members of BIE Executive Limited (continued)
7

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.

Roger Weston
Senior Statutory Auditor
For and on behalf of Saffery LLP
15 October 2025
Statutory Auditors
71 Queen Victoria Street
London
EC4V 4BE
BIE Executive Limited
Statement of comprehensive income
For the year ended 31 March 2025
8
2025
2024
Notes
£
£
Turnover
3
37,214,437
38,798,696
Cost of sales
(27,210,007)
(28,488,481)
Gross profit
10,004,430
10,310,215
Administrative expenses
(9,756,683)
(9,734,006)
Operating profit
4
247,747
576,209
Interest payable and similar expenses
7
(23,130)
(19,850)
Profit before taxation
224,617
556,359
Tax on profit
8
(103,256)
(175,607)
Profit for the financial year
121,361
380,752

The income statement has been prepared on the basis that all operations are continuing operations.

BIE Executive Limited
Statement of financial position
As at 31 March 2025
9
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
9
61,390
60,891
Tangible assets
11
110,808
180,651
172,198
241,542
Current assets
Debtors
12
7,072,221
8,386,802
Cash at bank and in hand
3,440,554
2,821,379
10,512,775
11,208,181
Creditors: amounts falling due within one year
13
(5,731,044)
(6,597,596)
Net current assets
4,781,731
4,610,585
Total assets less current liabilities
4,953,929
4,852,127
Provisions for liabilities
Deferred tax liability
14
13,788
33,701
(13,788)
(33,701)
Net assets
4,940,141
4,818,426
Capital and reserves
Called up share capital
16
-
0
-
0
Other reserves
12,543
12,189
Profit and loss reserves
4,927,598
4,806,237
Total equity
4,940,141
4,818,426
The financial statements were approved by the board of directors and authorised for issue on 15 October 2025 and are signed on its behalf by:
Gordon Whyte
Director
Company Registration No. 07176911
BIE Executive Limited
Statement of changes in equity
For the year ended 31 March 2025
10
Share capital
Share based payment reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2023
-
0
12,189
4,425,485
4,437,674
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
380,752
380,752
Balance at 31 March 2024
-
0
12,189
4,806,237
4,818,426
Year ended 31 March 2025:
Profit and total comprehensive income for the year
-
-
121,361
121,361
Share based payment charge
-
354
-
0
354
Balance at 31 March 2025
-
0
12,543
4,927,598
4,940,141
BIE Executive Limited
Notes to the financial statements
For the year ended 31 March 2025
11
1
Accounting policies
Company information

BIE Executive Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 George Yard, London, EC3V 9DF.

1.1
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, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.

This 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. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- 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 each category of financial instrument; 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 financial statements of the company are consolidated in the financial statements of BIE Bidco Limited. These consolidated financial statements are available from its registered office, 1 George Yard, London, England, EC3V 9DF.

BIE Executive Limited
Notes to the financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies (continued)
12
1.2
Going concern

The financial statements have been prepared on the going concern basis which the directors consider to be appropriate for the following reasons.true

The company has prepared cash flow forecasts covering at least a 12 month period from the date of approval of these financial statements. In preparing these forecasts the company has considered areas of uncertainty and a number of underlying assumptions, in particular those relating to market and customer risks, cost management and working capital management. These forecasts show that the company continues to have sufficient levels of cash for the forecast period.

The company forecasts consider the sensitivity to severe but plausible downside scenarios. In assessing the sensitivity on revenues the company acknowledges forecasted revenues are contingent on the Company attracting new customers and retaining existing ones.

The company finances its working capital through its own cash resources and if necessary, through invoice discounting facilities.

The directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of the Company's activities. Turnover is shown net of value added tax. Turnover from placement of interim candidates is recognised over the period that the services are provided to clients based on the time charged to the customer and matched to the cost incurred. Turnover from permanent placements is recognised on the candidate's start date or on completion of agreed milestones in the recruitment process.

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all the following conditions are satisfied:

- The amount of revenue can be measured reliably;

- It is probable that the company will receive the consideration due under the contract;

- The obligations of the contract at the end of the reporting period can be measured reliably; and

- The costs incurred and the costs to complete the contract can be measured reliably

1.4
Intangible fixed assets - goodwill

Goodwill arising on the acquisition of trade and assets represents the excess of the fair value of the consideration over the fair value of the identifiable assets and liabilities 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 on a straight line basis over its useful life of 7.5 years.

1.5
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.

BIE Executive Limited
Notes to the financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies (continued)
13

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:

Software
Straight line over 3 years
1.6
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
over life of lease
Fixtures and fittings
2-5 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 credited or charged to profit or loss.

1.7
Impairment of fixed assets

At each reporting period end date, the company 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.

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.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

BIE Executive Limited
Notes to the financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies (continued)
14
1.9
Financial instruments

The company 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 company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, 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.

Other financial assets

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

Impairment of financial assets

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

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

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

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company 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 company after deducting all of its liabilities.

BIE Executive Limited
Notes to the financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies (continued)
15
Basic financial 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 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. A m ounts 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.

Other financial liabilities

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

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

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the company 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 company.

1.11
Taxation

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

Current tax

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

BIE Executive Limited
Notes to the financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies (continued)
16
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. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has 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.

1.12
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.

1.13
Retirement benefits

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

1.14
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.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

1.15
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 s asset are consumed.

BIE Executive Limited
Notes to the financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies (continued)
17
1.16
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
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’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
2025
2024
£
£
Turnover analysed by class of business
Rendering of services
37,214,437
38,798,696
2025
2024
£
£
Turnover analysed by geographical market
UK
35,610,815
37,687,826
Rest of world
1,603,622
1,110,870
37,214,437
38,798,696
4
Operating profit
2025
2024
Operating profit for the year is stated after charging:
£
£
Exchange losses
8,023
7,528
Fees payable to the company's auditor for the audit of the company's financial statements
48,169
55,820
Depreciation of owned tangible fixed assets
84,694
65,320
Amortisation of intangible assets
13,466
9,873
Share-based payments
354
354
Operating lease charges
254,773
231,000
BIE Executive Limited
Notes to the financial statements (continued)
For the year ended 31 March 2025
18
5
Employees

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

2025
2024
Number
Number
Sales
37
34
Support
17
17
Total
54
51

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
6,709,773
6,824,842
Social security costs
854,043
864,811
Pension costs
286,268
256,842
7,850,084
7,946,495
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
2,688,464
2,683,413
Company pension contributions to defined contribution schemes
127,601
106,279
2,816,065
2,789,692

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 8 (2024 - 8).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
472,338
487,209
Company pension contributions to defined contribution schemes
15,000
15,000
BIE Executive Limited
Notes to the financial statements (continued)
For the year ended 31 March 2025
19
7
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
23,130
19,850
8
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
123,169
178,098
Deferred tax
Origination and reversal of timing differences
(19,913)
(2,491)
Total tax charge
103,256
175,607

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

2025
2024
£
£
Profit before taxation
224,617
556,359
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
56,154
139,090
Tax effect of expenses that are not deductible in determining taxable profit
74,711
32,599
Fixed asset differences
(7,696)
6,409
Movement in deferred tax
(19,913)
(2,491)
Taxation charge for the year
103,256
175,607
BIE Executive Limited
Notes to the financial statements (continued)
For the year ended 31 March 2025
20
9
Intangible fixed assets
Goodwill
Software
Total
£
£
£
Cost
At 1 April 2024
4,679,807
73,261
4,753,068
Additions
-
0
13,965
13,965
At 31 March 2025
4,679,807
87,226
4,767,033
Amortisation and impairment
At 1 April 2024
4,679,807
12,370
4,692,177
Amortisation charged for the year
-
0
13,466
13,466
At 31 March 2025
4,679,807
25,836
4,705,643
Carrying amount
At 31 March 2025
-
0
61,390
61,390
At 31 March 2024
-
0
60,891
60,891

Goodwill relates to the application of trade and assets of BIE Interim Executive Limited in 2010 and Archer Mathieson in 2012.

10
Fixed asset investments

Details of the investments in which the company holds 20% or more of the nominal value of any class

of share capital are as follows:

Subsidiary undertaking Holding Proportion of voting rights and shares held

BIE Search Limited^Ω* 100% 100%

BIE Interim Limited^Ω* 100% 100%

*Dormant company

^ Indicated direct investment of the company

Ω Registered office address is: Third Floor, 1 George Yard, London EC3V 9DF

BIE Executive Limited
Notes to the financial statements (continued)
For the year ended 31 March 2025
21
11
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2024
262,640
240,271
502,911
Additions
-
0
14,851
14,851
Disposals
-
0
(24,603)
(24,603)
At 31 March 2025
262,640
230,519
493,159
Depreciation and impairment
At 1 April 2024
130,750
191,510
322,260
Depreciation charged in the year
35,746
48,948
84,694
Eliminated in respect of disposals
-
0
(24,603)
(24,603)
At 31 March 2025
166,496
215,855
382,351
Carrying amount
At 31 March 2025
96,144
14,664
110,808
At 31 March 2024
131,890
48,761
180,651
12
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
4,466,360
5,889,794
Corporation tax recoverable
4,496
2,528
Amounts owed by group undertakings
1,895,312
1,864,610
Other debtors
3,946
3,741
Prepayments and accrued income
702,107
626,129
7,072,221
8,386,802
Amounts owed by group companies do not bear any interest, are unsecured and repayable on demand and accordingly are recognised as current.
BIE Executive Limited
Notes to the financial statements (continued)
For the year ended 31 March 2025
22
13
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
2,576,709
2,641,656
Amounts owed to group undertakings
792,107
792,107
Corporation tax
123,169
178,098
Other taxation and social security
896,899
688,732
Other creditors
153,627
103,405
Accruals and deferred income
1,188,533
2,193,598
5,731,044
6,597,596

Amounts owed to other group undertakings do not bear any interest, are unsecured and are repayable on demand.

14
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
13,788
33,701
2025
Movements in the year:
£
Liability at 1 April 2024
33,701
Credit to profit or loss
(19,913)
Liability at 31 March 2025
13,788

The deferred tax liability set out relates to accelerated capital allowances that are expected to mature within the same period.

15
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
286,268
256,842

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension liability at 31 March 2025 is £33,213.

BIE Executive Limited
Notes to the financial statements (continued)
For the year ended 31 March 2025
23
16
Share capital
2025
2024
2025
2024
Ordinary share of 1p each
1
1
-
-
17
Operating lease commitments
Lessee

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

2025
2024
£
£
Within one year
186,507
185,583
Between two and five years
239,063
407,813
425,570
593,396

During the year £254,773 (2024: £231,000) was recognised as an expense in the profit and loss account in respect of operating leases.

18
Ultimate controlling party

BIE Executive Limited is controlled by BIE Bidco Limited, registered company number 10730057, registered office address Third Floor, 1 George Yard, London EC3V 9DF, the ultimate parent company. The immediate parent company is BIE Topco Limited, registered company number 8528558, registered office address Third Floor, 1 George Yard, London EC3V 9DF. There is no ultimate controlling party.

19
Related party transactions

BIE Executive Limited ha s taken the exemption in accordance with FRS102 section 33 for group undertakings to not disclose related party transactions with each other whereby any subsidiary which is a party to the transactions is wholly owned.

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