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REGISTERED NUMBER: 09849863 (England and Wales)

| SPENCER STUART LIMITED |

| UNAUDITED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 28 FEBRUARY 2025 |

| SPENCER STUART LIMITED (REGISTERED NUMBER: 09849863) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2025

Page |

| Company Information | 1 |

| Statement of Financial Position | 2 |

| Notes to the Financial Statements | 4 |

| SPENCER STUART LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 28 FEBRUARY 2025

| DIRECTORS: | J S Gilbrook

| J J Gilbrook

| REGISTERED OFFICE: | 12 Fratton Road

| Portsmouth

| Hampshire

| PO1 5BX

| REGISTERED NUMBER: | 09849863 (England and Wales)

| ACCOUNTANTS: | Morris Crocker

| Chartered Accountants

| Station House

| North Street

| Havant

| Hampshire

| PO9 1QU

| SPENCER STUART LIMITED (REGISTERED NUMBER: 09849863) |

STATEMENT OF FINANCIAL POSITION

28 FEBRUARY 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Investments | 4 | 50 |  | 50 |  |

CURRENT ASSETS

Debtors | 5 | 1,081,203 |  | 909,603 |  |

Cash at bank | 17,007 |  | 61,484 |  |

1,098,210 |  | 971,087 |  |

CREDITORS

Amounts falling due within one year | 6 | 158,572 |  | 155,572 |  |

NET CURRENT ASSETS | 939,638 |  | 815,515 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 939,688 |  | 815,565 |  |

CREDITORS

Amounts falling due after more than one year | 7 | 837,330 |  | 711,330 |  |

NET ASSETS | 102,358 |  | 104,235 |  |

CAPITAL AND RESERVES

Called up share capital | 8 | 100 |  | 100 |  |

Retained earnings | 9 | 102,258 |  | 104,135 |  |

SHAREHOLDERS' FUNDS | 102,358 |  | 104,235 |  |

| SPENCER STUART LIMITED (REGISTERED NUMBER: 09849863) |

STATEMENT OF FINANCIAL POSITION - continued

28 FEBRUARY 2025

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 October 2025 and were signed on its behalf by:

J S Gilbrook - Director

| SPENCER STUART LIMITED (REGISTERED NUMBER: 09849863) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2025

1. | STATUTORY INFORMATION

| Spencer Stuart Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Investments in subsidiaries

| Investments in subsidiary undertakings are recognised at cost.

| Financial instruments

| The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties and investments in non-puttable ordinary shares.

| Trade and other debtors

| Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment

| Cash and cash equivalents

| Cash and cash equivalents comprise cash at bank and on hand, deposits with banks and other short-term highly liquid investments and bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowings or current liabilities.

| Trade and other creditors

| Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| SPENCER STUART LIMITED (REGISTERED NUMBER: 09849863) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 28 FEBRUARY 2025

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was NIL (2024 - NIL).

4. | FIXED ASSET INVESTMENTS

| Shares in

| group

| undertaking

£ |

| COST

| At 1 March 2024

| and 28 February 2025 | 50 |  |

| NET BOOK VALUE

| At 28 February 2025 | 50 |  |

| At 29 February 2024 | 50 |  |

| The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

| Associated company

| Innosonian Europe Limited

| Registered office:

| Nature of business:

| %

| Class of shares: | holding |

| Ordinary £1 | 50.00 |

| 30.4.24 |  | 30.4.23

£ | £ |

| Aggregate capital and reserves | 6,644 |  | 199,778 |  |

| (Loss)/profit for the year | (193,134 | ) | 30,930 |  |

5. | DEBTORS

2025 | 2024 |

£ | £ |

| Amounts falling due within one year:

| Corporation tax recoverable | 62,700 |  | - |  |

| Amounts falling due after more than one year:

| Amounts owed by group undertakings | 1,018,503 |  | 909,603 |  |

| Aggregate amounts | 1,081,203 |  | 909,603 |  |

6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade creditors | 3,120 |  | - |  |

| Other creditors | 49,050 |  | 49,050 |  |

| Directors' current accounts | 103,403 |  | 103,403 |  |

| Accrued expenses | 2,999 |  | 3,119 |  |

158,572 |  | 155,572 |  |

| SPENCER STUART LIMITED (REGISTERED NUMBER: 09849863) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 28 FEBRUARY 2025

7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2025 | 2024 |

£ | £ |

| Amounts owed to group undertakings | 837,330 |  | 711,330 |  |

8. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 10,000 | ORDINARY | 1p | 100 |  | 100 |  |

9. | RESERVES

| Retained

| earnings

£ |

| At 1 March 2024 | 104,135 |  |

| Deficit for the year | (1,877 | ) |

| At 28 February 2025 | 102,258 |  |

10. | RELATED PARTY DISCLOSURES

| As at 28 February 2025 the company was owed £117,053 from Innosonian Europe Limited in which it owns 50% of the issued share capital and in which Mr J Gilbrook is a director. (2024 - £117,053)

| As at 28 February 2025 the company owed £837,330 to Wel Medical Limited in which it owned 100% of the share capital until 10 March 2020. (2024 - £711,330)

| As at 28 February 2025 the company was owed £901,450 from Torrington Town Mill Limited which is owned jointly by the directors. (2024 - £792,550)

11. | ULTIMATE CONTROLLING PARTY

| The company is owned by Canabeb Limited, which is under the joint control of Mr & Mrs J Gilbrook.