REGISTERED NUMBER: 08155893 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025

FOR

ALCHEMMY CONSULTING LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

7

Income Statement

11

Other Comprehensive Income

12

Balance Sheet

13

Statement of Changes in Equity

14

Cash Flow Statement

15

Notes to the Cash Flow Statement

16

Notes to the Financial Statements

17

DIRECTORS:

N Kyriacou

D Patel

REGISTERED OFFICE:

Building 18, Gateway 1000 Whittle Way

Arlington Business Park

Stevenage

Hertfordshire

SG1 2FP

REGISTERED NUMBER:

08155893 (England and Wales)

AUDITORS:

AGK Partnership Ltd

Chartered Accountants & Statutory Auditors

1 Kings Avenue

London

N21 3NA

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

REVIEW OF BUSINESS

The principal activity of the company in the year under review was that of consultancy services.

The turnover for the year decreased by approximately 2% to £15,363,858 (2024: £15,642,545),

The gross profit margin has decreased to 46% (2024: 61%). The loss before tax for the year is £1,158,797 (2024: £779,189 profit). Reduction in gross profit is due to substantial increase in cost of sales which is driven by change in revenue mix which in turn has resulted in loss before tax during this year. Post year end, this is mitigated by reduction in staff numbers and winning new contracts with improved margins which has bought company back in profit for the post year end period up to the date of these financial statements.

PRINCIPAL RISKS AND UNCERTAINTIES

Financial risk management objectives

The company's risk management policy has been to identify the principal business risks in achieving the company's strategic objectives, establishing appropriate internal controls to manage those risks and ensuring that appropriate monitoring and reporting systems are in place. These controls are continually reviewed and where necessary improved.

The company's principal financial instruments comprise cash and cash equivalent balances, trade payables and trade receivables. The main purpose of these instruments is to fund the company's operations. The company does not enter into or trade financial instruments, including derivative financial instruments of a speculative nature.

The company's approach to managing risks applicable to the financial instruments concerned is shown below:

Price risk

As a consultancy services provider the company does not take positions which exposes it to price risk.

Foreign currency risk

The company's income and expenditure are predominantly in sterling. The company is not therefore materially exposed to foreign currency risk. The company does not currently hold any material assets denominated in currencies other than sterling, therefore it is not exposed to currency risk on fluctuations due to the changes in exchange rates

The directors are responsible for managing the company's exposure to foreign currency risk should it arise, by monitoring the exposure on all foreign currency denominated assets and liabilities.

Interest rate risk

The company's borrowings are at a fixed rate of interest above the Bank of England base rate, therefore limiting interest rate risk to movement in the base rate.

Should interest rates change with all other variables remaining constant, any change in the net assets attributable to the company would have no material impact on the financial statements, given the low levels of borrowings held on the balance sheet.

Credit risk

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the company. The company has not suffered any material credit losses during the period under review and had no significant exposure to trade receivables at the end of the reporting period.

The company has adopted a policy of only dealing with creditworthy counterparties.The company manages counterparty risk as far as possible given the current global economic conditions and by undertaking credit risk checks.

Credit risk exposure also arises on cash balances held on deposit. The credit risk on these liquid funds is mitigated as far as possible as the financial assets are held at major international banking companies with reported substantial financial strength and high-grade credit ratings assigned by international credit-rating agencies.

Trade and other receivables are managed in respect of cash flow risk by regularly monitoring the amounts outstanding and calling on funds to enable to the company to meet payments as they fall due.

Other than the above the company does not have significant credit risk exposure to any single counterparty.

Liquidity risk

Liquidity risk refers to the risk of not having sufficient resources to enable the company to meet its obligations as they fall due.

Responsibility for liquidity risk management rests with the directors, who manage the company's short, medium and long-term funding and liquidity management requirements. The company manages liquidity risk by continuously monitoring forecast and actual cash flows and matching the maturity profile of financial assets and liabilities.

The directors consider trade payables' liquidity risk to be the most significant risk and this is managed by ensuring sufficient funds are available to meet amounts due as they fall payable. All of the company's trade and other payables are on demand.

The company aims to maintain a level of liquidity that is prudent to meet the company's needs at all times and the directors regularly monitor cash flow and management accounts to ensure that the company maintains adequate working capital.

.

Reputational risk

Reputational risk relates to how an event or action can negatively affect the perception of the company by relevant stakeholders including customers, business partners, shareholders, and employees. A reputational risk assessment was undertaken, and a strategy implemented, including a monitoring system, staff training and an online presence to promote the positive culture within the business. Reputational risks can vary, and it is important to the business to maintain ongoing regular assessments of the potential risks and strategy.

KEY PERFORMANCE INDICATORS

The directors consider the following as key performance indicators:

2025

2024

£

£

Turnover

15,363,858

15,642,545

Gross Profit

7,134,134

9,495,985

Gross Margin

46%

61%

Profit/(Loss) Before Taxation

(1,158,797

)

779,189

Net Assets

865,782

2,449,712

The company also monitors its performance by tracking other non-financial indicators that we believe are important to our long term success.

Compliance with relevant laws and regulations to its operations are closely followed. The company has also created a positive and challenging work environment by encouraging feedback from employees and use it as a tool to drive business performance.

KEY STRATEGY AND FUTURE DEVELOPMENTS

Looking forward into 2025 and the first half of 2026, we expect some of the challenges experienced during 2024 to be less impactful on our business performance. Specifically, these can be summarised as follows:

- Political Uncertainty in the UK - this uncertainty has diminished with the result of the 2024 General Election. There is now a greater clarity on governmental short, medium and longer terms polices and plans which means that our business planning can be carried our more clearly.

- We expect our clients to be more confident in their investment decisions and plans during 2025 and 2026 although we do not expect this to return to 2022 levels. This increased confidence is a result of the increased political stability and will translate into a wider set of project opportunities for our business

- We have successfully competed for and won places on key procurement frameworks across our existing and new client base which we expect to result in new business opportunities for us over the coming 5 year timeframe. These frameworks have significant projects being tendered through them and we have already some won new business as a result of them.

- Access to, and availability to consulting talent is sometimes a limiting factor but our analysis and assessment shows that 2025 will still be a market which favours employers given the lower volume of vacancies we have seen. This has been re-enforced through our planning discussions with our recruitment consulting partners.

- We are also mitigating our risk across the business by prospecting for new business outside the UK through our partnerships and collaborations with other complementary advisory firms.

- We also expect to see our clients moving ahead with long delayed transformation programmes as a result of them being critical to their business success.

FINANCIAL POSITION

The directors are confident that the company will be able to strengthen its financial position by building on its current portfolio of contracts and grow the business with both existing and new clients in the future.

ON BEHALF OF THE BOARD:

N Kyriacou - Director

28 October 2025

The directors present their report with the financial statements of the company for the year ended 31 January 2025.

DIVIDENDS

No interim dividend was paid during the year. The directors recommend a final dividend of £700.098 per share (2024: £950 per share).

The total distribution of dividends for the year ended 31 January 2025 will be £700,098 (2024: 950,000).

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 February 2024 to the date of this report.

N Kyriacou

D Patel

POLITICAL DONATIONS AND EXPENDITURE

Company made number of smaller donations to various local charities to support their causes totalling £350 (2024: £Nil). No political donations were made by the company during the year.

DISCLOSURE IN THE STRATEGIC REPORT

Future developments, financial position and key performance indicators have been disclosed in the strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, AGK Partnership Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

N Kyriacou - Director

28 October 2025

Opinion

We have audited the financial statements of Alchemmy Consulting Limited (the 'company') for the year ended 31 January 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of 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 January 2025 and of its loss for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the 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 Statement of Directors' Responsibilities set out on page five, 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 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.

Auditors' 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 a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the computer component manufacturing and supply sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental (including Waste Electrical and Electronic Equipment recycling (WEEE) Regulations 2013) and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

Alekos Christofi (FCCA) (Senior Statutory Auditor)

for and on behalf of AGK Partnership Ltd

Chartered Accountants & Statutory Auditors

1 Kings Avenue

London

N21 3NA

28 October 2025

REVENUE

3

15,363,858

15,642,545

Cost of sales

8,229,724

6,146,560

GROSS PROFIT

7,134,134

9,495,985

Administrative expenses

8,233,715

7,934,156

OPERATING (LOSS)/PROFIT

5

(1,099,581

)

1,561,829

Loan written off

6

(102,006

)

(200,000

)

Loss on sale of investments

6

-

(58,572

)

(1,201,587

)

1,303,257

Interest receivable and similar income

93,858

40,669

(1,107,729

)

1,343,926

Amounts written off investments

7

-

601,681

(1,107,729

)

742,245

Interest payable and similar expenses

8

51,068

(36,944

)

(LOSS)/PROFIT BEFORE TAXATION

(1,158,797

)

779,189

Tax on (loss)/profit

9

(274,965

)

406,745

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(883,832

)

372,444

(LOSS)/PROFIT FOR THE YEAR

(883,832

)

372,444

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(883,832

)

372,444

FIXED ASSETS

Property, plant and equipment

11

201,051

313,617

CURRENT ASSETS

Debtors

12

3,353,912

3,690,501

Cash at bank

1,345,244

1,994,205

4,699,156

5,684,706

CREDITORS

Amounts falling due within one year

13

3,122,255

3,477,314

NET CURRENT ASSETS

1,576,901

2,207,392

TOTAL ASSETS LESS CURRENT LIABILITIES

1,777,952

2,521,009

CREDITORS

Amounts falling due after more than one year

14

(869,213

)

(18,150

)

PROVISIONS FOR LIABILITIES

18

(42,957

)

(53,147

)

NET ASSETS

865,782

2,449,712

CAPITAL AND RESERVES

Called up share capital

19

1,000

1,000

Retained earnings

20

864,782

2,448,712

SHAREHOLDERS' FUNDS

865,782

2,449,712

The financial statements were approved by the Board of Directors and authorised for issue on 28 October 2025 and were signed on its behalf by:

N Kyriacou - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 February 2023

1,000

3,026,268

3,027,268

Changes in equity

Dividends

-

(950,000

)

(950,000

)

Total comprehensive income

-

372,444

372,444

Balance at 31 January 2024

1,000

2,448,712

2,449,712

Changes in equity

Dividends

-

(700,098

)

(700,098

)

Total comprehensive income

-

(883,832

)

(883,832

)

Balance at 31 January 2025

1,000

864,782

865,782

Cash flows from operating activities

Cash generated from operations

1

(928,927

)

1,308,059

Interest paid

(51,068

)

36,944

Tax paid

(216,683

)

(646,929

)

Net cash from operating activities

(1,196,678

)

698,074

Cash flows from investing activities

Purchase of tangible fixed assets

(788

)

(40,078

)

Sale of fixed asset investments

-

61,682

Interest received

93,858

40,669

Net cash from investing activities

93,070

62,273

Cash flows from financing activities

New loans in year

1,021,099

-

Connected companies loan

(43,000

)

-

Amount withdrawn by directors

180,269

466,888

Equity dividends paid

(700,098

)

(950,000

)

Net cash from financing activities

458,270

(483,112

)

(Decrease)/increase in cash and cash equivalents

(645,338

)

277,235

Cash and cash equivalents at beginning of year

2

1,990,582

1,713,347

Cash and cash equivalents at end of year

2

1,345,244

1,990,582

1.	RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

(Loss)/profit before taxation

(1,158,797

)

779,189

Depreciation charges

113,092

103,639

Loss on disposal of fixed assets

262

1,939

Amounts written off investments

-

601,681

Finance costs

51,068

(36,944

)

Finance income

(93,858

)

(40,669

)

(1,088,233

)

1,408,835

Decrease/(increase) in trade and other debtors

379,589

(1,554,364

)

(Decrease)/increase in trade and other creditors

(220,283

)

1,453,588

Cash generated from operations

(928,927

)

1,308,059

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 January 2025

31.1.25

1.2.24

£

£

Cash and cash equivalents

1,345,244

1,994,205

Bank overdrafts

-

(3,623

)

1,345,244

1,990,582

Year ended 31 January 2024

31.1.24

1.2.23

£

£

Cash and cash equivalents

1,994,205

1,713,347

Bank overdrafts

(3,623

)

-

1,990,582

1,713,347

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.2.24

Cash flow

At 31.1.25

£

£

£

Net cash

Cash at bank

1,994,205

(648,961

)

1,345,244

Bank overdrafts

(3,623

)

3,623

-

1,990,582

(645,338

)

1,345,244

Debt

Debts falling due within 1 year

-

(168,386

)

(168,386

)

Debts falling due after 1 year

-

(852,713

)

(852,713

)

-

(1,021,099

)

(1,021,099

)

Total

1,990,582

(1,666,437

)

324,145

1.	STATUTORY INFORMATION

Alchemmy Consulting 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern

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

The director regards the foreseeable future as no less than twelve months from the date of signing the financial statements. The director has considered the company's balance sheet position as at the year end, its working capital forecasts, taking account of possible changes in trading performance and the current state of its operating market, and is satisfied that for the foreseeable future, the company's financial position is improving and will enable the company to remain in operational existence. In addition, the director and the shareholders have agreed to provide continuing financial support as and when required to enable the company to continue in

operational existence. Consequently, the director considers it to be appropriate to prepare the financial statements on the going concern basis.

Significant judgements and estimates

In the application of the company's accounting policies, the director is 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 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.

There are no significant judgements or estimates involved in the preparation of the financial statements.

Revenue

Revenue is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.

Revenue includes revenue earned from the sale of goods and from the rendering of services. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.

Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Property, plant and equipment

Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended.

The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Land and building

Over the lease term (10 years)

Office equipment

33.33% on straight line

Fixtures and fittings

20% on straight line

Motor vehicles

33.33% on straight line

Basic financial assets and liabilities

Cash and cash equivalents

Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits and other short-term liquid investments with original maturities of three months or less that is readily convertible to a known amount of cash and are subject to insignificant risk of changes in values.

Short term debtors and creditors

Short term debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in profit and loss under other operating expenses.

The carrying value of all financial assets and liabilities are measured at amortised cost.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Provisions

Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

3.

REVENUE

The revenue and loss (2024 - profit) before taxation are attributable to the one principal activity of the company.

An analysis of revenue by class of business is given below:

2025

2024

£

£

Consultancy services

15,363,858

15,642,545

15,363,858

15,642,545

An analysis of revenue by geographical market is given below:

2025

2024

£

£

United Kingdom

15,363,858

15,642,545

15,363,858

15,642,545

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

5,442,215

5,095,325

Social security costs

600,428

594,594

Other pension costs

307,110

272,565

6,349,753

5,962,484

The average number of employees during the year was as follows:

2025

2024

Average number of employees

79

93

2025

2024

£

£

Directors' remuneration

25,140

25,040

5.	OPERATING (LOSS)/PROFIT

The operating loss (2024 - operating profit) is stated after charging:

2025

2024

£

£

Depreciation - owned assets

113,092

103,639

Loss on disposal of fixed assets

262

1,939

Auditors' remuneration

23,000

-

Foreign exchange differences

2,566

19,345

6.	EXCEPTIONAL ITEMS

2025

2024

£

£

Loan written off

(102,006

)

(200,000

)

Loss on sale of investments

-

(58,572

)

(102,006

)

(258,572

)