Company registration number 03211544 (England and Wales)
BASIS RESEARCH LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
BASIS RESEARCH LIMITED
COMPANY INFORMATION
Directors
Mr R Mortensen
Mrs C A Smith
Company number
03211544
Registered office
264 Banbury Road
Oxford
OX2 7DY
Auditor
Shaw Gibbs (Audit) Limited
264 Banbury Road
Oxford
OX2 7DY
BASIS RESEARCH LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 24
BASIS RESEARCH LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

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

Introduction

This strategic report is prepared in accordance with the Companies Act 2006, section 414C. It provides a fair, balanced, and comprehensive analysis of the development, performance, and position of Basis Research Limited (hereafter “the Company”) and the wider Basis Group (hereafter "the Group"). The report outlines the Company’s strategy, operational performance, risks, and future outlook for the year ended 31 March 2025.

Review of the business

Basis Research Limited is a full-service market research group specializing in delivering data driven insights that empower businesses to make informed, strategic decisions. By integrating traditional qualitative and quantitative research methodologies with the latest advancements in Big Data analytics and Artificial Intelligence (AI), the Company provides a comprehensive understanding of market trends, consumer behaviour and competitive dynamics.

The Basis Group operates through two primary hubs globally in UK and US, serving clients across multiple sectors including retail, healthcare, financial services, and technology. Revenue is generated through a mixture of bespoke, ad-hoc research projects and tracking studies. The Company operates with a hybrid delivery model, combining human expertise with advanced technology, deliver ing actionable and accurate insights at speed and scale.

Company t urnover has increased by 18% during the financial year ended March 202 5 to £15.7 m (202 4: £13.4 m), this is primarily due to continued focus on delivering excellent customer service, resulting in strong account growth from our long-standing, existing client base in addition to growth in new client acquisition.

During the year, the Company continued to effectively monitor and manage costs which has resulted in strong translation to operating profits of £2.8m realised (202 4: £2.6 m).

Strategy

The Basis Group continues to explore expansion of its global presence and market share with continued investment in its US entities. This continues to facilitate organic growth and new business acquisition for the Group in addition to creating opportunities of cross-sell for the Company. A specific area of focus for investment continues to be in building and using AI solutions in a bid to disrupt the insights industry in addition to streamlining our mainstream operations. The Group continues to strive to be at the forefront of the technological advancement for our industry in this exciting space.

The Company has exciting plans to accelerate future growth with further investment in marketing activities committed to continue to cement the Basis brand as a leading choice for market research services globally.

The Basis Group is multi award winning – in addition to being named Quirk’s 2024 Marketing Research Supplier of the Year, Basis Global’s success was recognised with a record 8 nominations at the 2025 MRS Awards — more than any other insight consultancy — and 5 wins, including:

- Business Impact of the Year – Global (with EuroMillions)

- Healthcare Research (with UKHSA)

- New Consumer Insight (with Which?)

- B2B Research (with Sage)

- Social Impact (Liz Nelson Award with UKHSA)

These awards reflect the ambition of our clients, the strength of our team, and the impact we’re able to deliver. These ongoing, regular achievements are expected to continue to generate interest from prospective clients and talent alike.

BASIS RESEARCH LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Training and development

As a culture first business, the Company is heavily committed to investment in ongoing talent acquisition, training and retention as a firm method of ensuring consistent and optimal client delivery, this allows the business to maintain its excellent insight standards. Remuneration packages are regularly benchmarked to enable the business to continue to attract the very best calibre of talent.

Principal Risks & Uncertainties

The market research sector is predominantly ad-hoc and is always expected to remain uncertain however, the Company is very well established with a long standing, repeat client base. The commitment to delivering excellent customer experience along with the strategy of the Company detailed above is key to ongoing future proofing of the business and ensuring the Company can continue to withstand any arising economic challenges that are faced by the industry.

The Company has a highly diversified client base with the majority of business relating to short-term projects as opposed to long-term retained contracts and so there is minimal reliance on individual clients.

The Company operates in a complex global environment that presents a range of strategic, operational and financial risks. A proactive risk management framework is in place to identify, monitor and mitigate key threats to business continuity and performance:

Risk | Impact | Mitigation Strategy
Data Breaches | High | Ongoing review of all cyber-security protocols, conduct regular penetration testing, maintaining GDPR and other regulatory compliance.
Data Privacy & Compliance | High | Regular audits, employee training, and ongoing oversight from the Global Risk & Compliance team.
Liquidity Risk | High | Maintain healthy cash reserves; diversify revenue streams; conduct regular liquidity stress tests.
Talent Retention | High | Enhanced employee value proposition, remote work policies, and training schemes.
Credit Risk | Medium | Conduct credit assessments for new clients, set credit limits, diversify client base to reduce concentration exposure
Economic Uncertainty | Medium | Scenario planning and conservative cash flow management.
Currency Fluctuations | Medium | Natural hedging via localised cost bases and financial instruments.
Client Concentration | Low | Diversified client acquisition and contract review protocols.

Development and performance

Based on the excellent growth the Company has realised during the last financial year along with the near-term uncertainties, we believe the Company is in a strong position at the year-end.

Key performance indicators

The d irectors monitor the performance of the Company through a range of financial KPI’s. The two most critical metrics continue to be Gross Profit and Operating Profit which are set out as below along with prior year comparatives:

2025 2024

Gross Profit (000’s) 10,053 8,933

Operating Profit (000’s) 2,81 5 2,563

Operating Profit % 28% 29%

BASIS RESEARCH LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
Future Outlook

Despite ongoing macroeconomic uncertainty, the Company remains well-positioned to continue its growth trajectory, supported by:

- Increased demand for real-time data insights.

- Strategic investments in AI and automation.

- A robust pipeline of existing and new business in both the UK and US markets.

The Company continues to uphold its excellent reputation by achieving outstanding levels of client satisfaction, cementing Basis Research Limited as a leading choice for the provision of market research services.

The Board remains confident in the Company’s ability to deliver sustainable, long-term value for shareholders and stakeholders alike.

On behalf of the board

Mr R Mortensen
Director
30 October 2025
BASIS RESEARCH LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -

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

Principal activities

The principal activity of the company during the year was that of market research.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £Nil (202 4: £955,835). The directors do not recommend payment o f a final dividend.

Directors

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

Mr R Mortensen
Mrs C A Smith
Ms L Swimer
(Resigned 30 April 2025)
Auditor

The auditor, Shaw Gibbs (Audit) Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- 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.

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.

BASIS RESEARCH LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -

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; and

- 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.

Matters covered in the strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of fair review of the business, developments and performance, and principal risks and uncertainties.

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.

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
Mr R Mortensen
Director
30 October 2025
BASIS RESEARCH LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF BASIS RESEARCH LIMITED
- 6 -
Opinion

We have audited the financial statements of Basis Research Limited (the 'company') for the year ended 31 March 2025 which comprise the statement of comprehensive income, the balance sheet, 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.

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.

BASIS RESEARCH LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF BASIS RESEARCH LIMITED (CONTINUED)
- 7 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

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

- adequate accounting records have not been kept, 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 directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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.

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

1. At the planning stage of the audit, we gain an understanding of the laws and regulations which apply to the company and how the management seek to comply with those laws regulations. This helps us to plan appropriate risk assessments.

2. During the audit, we focus on relevant risk areas and review the compliance with the laws and regulations by making relevant enquiries and undertaking corroboration, for example by reviewing b oard m inutes and other documentation.

3. We assess the risk of material misstatement in the financial statements including as a result of fraud and undertook procedures including:

   1. Reviewing the controls set in place by management;

   2. Making enquiries of management as to whether they consider fraud or other irregularity may have taken place, or where such opportunity might exist;

   3. Challenging management assumptions with regard to accounting estimates such as stage of completion of the projects; and

   4. Identifying and testing journal entries, particularly those which appear to be unusual by size or nature.

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

BASIS RESEARCH LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF BASIS RESEARCH LIMITED (CONTINUED)
- 8 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

Malik Nayyer Salim (Senior Statutory Auditor)
For and on behalf of Shaw Gibbs (Audit) Limited
264 Banbury Road
Oxford
OX2 7DY
30 October 2025
BASIS RESEARCH LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
2025
2024
Notes
£
£
Turnover
3
15,733,910
13,388,275
Cost of sales
(5,681,372)
(4,455,504)
Gross profit
10,052,538
8,932,771
Administrative expenses
(7,237,520)
(6,369,452)
Operating profit
4
2,815,018
2,563,319
Interest receivable and similar income
8
82,368
6,056
Interest payable and similar expenses
9
(11,821)
-
0
Amounts written off investments
10
(696)
-
Profit before taxation
2,884,869
2,569,375
Tax on profit
11
(751,893)
(823,636)
Profit for the financial year
2,132,976
1,745,739

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

There are no recognised gains or losses other than those passing through the statement of comprehensive income.

BASIS RESEARCH LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
13
125,832
328,690
Investments
14
-
0
20,911
125,832
349,601
Current assets
Debtors falling due after more than one year
15
792,898
1,402,527
Debtors falling due within one year
15
6,410,673
6,499,665
Cash at bank and in hand
5,169,848
2,052,448
12,373,419
9,954,640
Creditors: amounts falling due within one year
16
(4,178,742)
(4,055,488)
Net current assets
8,194,677
5,899,152
Total assets less current liabilities
8,320,509
6,248,753
Creditors: amounts falling due after more than one year
17
-
(20,215)
Provisions for liabilities
Deferred tax liability
19
26,507
67,512
(26,507)
(67,512)
Net assets
8,294,002
6,161,026
Capital and reserves
Called up share capital
21
611
611
Share premium account
30,785
30,785
Capital redemption reserve
108
108
Profit and loss reserves
8,262,498
6,129,522
Total equity
8,294,002
6,161,026

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

The financial statements were approved by the board of directors and authorised for issue on 30 October 2025 and are signed on its behalf by:
Mr R Mortensen
Director
Company registration number 03211544 (England and Wales)
BASIS RESEARCH LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 April 2023
611
30,785
108
5,339,618
5,371,122
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
-
1,745,739
1,745,739
Dividends
12
-
-
-
(955,835)
(955,835)
Balance at 31 March 2024
611
30,785
108
6,129,522
6,161,026
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
-
2,132,976
2,132,976
Balance at 31 March 2025
611
30,785
108
8,262,498
8,294,002
BASIS RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
1
Accounting policies
Company information

Basis Research Limited is a private company limited by shares incorporated in England and Wales. The registered office is 264 Banbury Road, Oxford, OX2 7DY.

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

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents the value of the work undertaken during the year, net of VAT or local taxes on sales. Where amounts have been invoiced but work not yet undertaken, these amounts are carried forward to future accounting periods. Where work has been undertaken but not invoiced, the value of this work has been accrued.

Other income

Interest income is recognised using the effective interest rate method.

1.4
Long term contracts

Amounts recoverable on long term contracts, which are included in accrued income, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in current liabilities as deferred income.

1.5
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.

BASIS RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 13 -

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:

Land and buildings Leasehold
15% Reducing balance
Plant and machinery
25% Straight line
Fixtures, fittings & equipment
15% Reducing balance, 5 years straight line
Computer equipment
15% Reducing balance, 3 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.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
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 balance sheet 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 and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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.

BASIS RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 14 -
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.

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.

BASIS RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 15 -
Derecognition of financial liabilities

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

1.9
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.

1.10
Taxation

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

Current tax

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

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset 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.

1.11
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.

1.12
Retirement benefits

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

1.13
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.

BASIS RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 16 -
1.14
Foreign exchange

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

2
Judgements and key sources of estimation uncertainty

In the application of the 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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Long term contracts and work in progress

The company has a number of customer contracts that span over two or more accounting periods.

Amounts recoverable on long term contracts, which are included in prepayments and accrued income, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in current liabilities as deferred income.

The key estimate in this area is the percentage that each project is complete at the year end date. This is determined by reference to the progress achieved against the milestones stipulated in the underlying contracts.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2025
2024
£
£
Turnover analysed by class of business
Market Research
15,733,910
13,388,275
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
9,666,990
8,607,955
Europe
3,343,959
2,183,985
Rest of the World
2,722,961
2,596,335
15,733,910
13,388,275
BASIS RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
3
Turnover and other revenue
(Continued)
- 17 -
2025
2024
£
£
Other revenue
Interest income
82,368
6,056
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses
28,203
36,493
Depreciation of owned tangible fixed assets
242,214
52,066
(Profit)/loss on disposal of tangible fixed assets
(521)
14,889
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
39,000
36,000
For other services
All other non-audit services
17,238
27,889
6
Employees

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

2025
2024
Number
Number
Directors / Partners
3
3
Quantitative Team
40
35
Qualitative Team
14
16
Admin / Support
17
15
Total
74
69
BASIS RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
6
Employees
(Continued)
- 18 -

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
4,556,235
3,981,847
Social security costs
492,926
424,109
Pension costs
232,805
225,074
5,281,966
4,631,030
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
540,387
518,186
Company pension contributions to defined contribution schemes
26,250
25,664
566,637
543,850
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
240,382
203,702
Company pension contributions to defined contribution schemes
6,600
6,600
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
82,368
6,056
9
Interest payable and similar expenses
2025
2024
£
£
Other interest
11,821
-
0
10
Amounts written off investments
2025
2024
£
£
Loss on disposal of investments held at fair value
(696)
-
BASIS RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 19 -
11
Taxation
2025
2024
£
£
Current tax
Adjustments in respect of prior periods
-
0
212,957
Deferred tax
Origination and reversal of timing differences
751,893
610,679
Total tax charge
751,893
823,636

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
2,884,869
2,569,375
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
721,217
642,344
Tax effect of expenses that are not deductible in determining taxable profit
562
4,010
Unutilised tax losses carried forward
-
0
(3,585)
Adjustments in respect of prior years
-
0
212,957
Group relief
-
0
(30,954)
Permanent capital allowances in excess of depreciation
9,840
(1,136)
Under/(over) provided in prior years
20,274
-
0
Taxation charge for the year
751,893
823,636
12
Dividends
2025
2024
£
£
Interim paid
-
0
955,835
BASIS RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 20 -
13
Tangible fixed assets
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
£
Cost
At 1 April 2024
94,307
12,061
151,862
274,339
532,569
Additions
-
0
-
0
-
0
39,356
39,356
Disposals
-
0
(12,061)
(39,402)
(184,084)
(235,547)
At 31 March 2025
94,307
-
0
112,460
129,611
336,378
Depreciation and impairment
At 1 April 2024
35,662
6,417
68,284
93,516
203,879
Depreciation charged in the year
38,840
5,644
49,965
147,765
242,214
Eliminated in respect of disposals
-
0
(12,061)
(39,402)
(184,084)
(235,547)
At 31 March 2025
74,502
-
0
78,847
57,197
210,546
Carrying amount
At 31 March 2025
19,805
-
0
33,613
72,414
125,832
At 31 March 2024
58,645
5,644
83,578
180,823
328,690
14
Fixed asset investments
2025
2024
£
£
Unlisted investments
-
0
20,911
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2024 & 31 March 2025
20,911
Impairment
At 1 April 2024
-
Disposals
20,911
At 31 March 2025
20,911
Carrying amount
At 31 March 2025
-
At 31 March 2024
20,911
BASIS RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 21 -
15
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
2,502,937
2,737,459
Amounts owed by group undertakings
2,223,855
1,941,362
Other debtors
63,248
5,816
Prepayments and accrued income
1,044,869
1,055,995
5,834,909
5,740,632
Deferred tax asset (note 19)
575,764
759,033
6,410,673
6,499,665
2025
2024
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 19)
792,898
1,402,527
Total debtors
7,203,571
7,902,192
16
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Trade creditors
312,872
614,149
Amounts owed to group undertakings
733,628
729,796
Corporation tax
16,228
16,228
Other taxation and social security
445,573
421,567
Deferred income
1,347,156
1,362,450
Other creditors
29,509
54,257
Accruals
1,293,776
857,041
4,178,742
4,055,488
17
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Other borrowings
18
-
0
20,215
BASIS RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 22 -
18
Loans and overdrafts
2025
2024
£
£
Other loans
-
0
20,215
Payable after one year
-
0
20,215

19
Deferred taxation

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

Liabilities
Liabilities
Assets
Assets
2025
2024
2025
2024
Balances:
£
£
£
£
Accelerated capital allowances
26,507
67,512
-
-
Tax losses
-
-
1,363,984
2,154,685
Retirement benefit obligations
-
-
4,678
6,875
26,507
67,512
1,368,662
2,161,560
2025
Movements in the year:
£
Asset at 1 April 2024
(2,094,048)
Charge to profit or loss
751,893
Asset at 31 March 2025
(1,342,155)
20
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
232,805
225,074

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.

BASIS RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 23 -
21
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary Shares of £1 each
500
500
500
500
B Ordinary Shares of £1 each
107
107
107
107
C, D, F and G Ordinary Shares of £1 each
4
4
4
4
611
611
611
611

The A, B and C ordinary shares carry full voting rights, the remaining ordinary shares carry no voting rights. All ordinary shares carry full dividend and capital distribution rights, including on winding up. They confer no right to redemption.

22
Operating lease commitments

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 1 year
206,750
248,100
Years 2-5
-
0
206,750
206,750
454,850
23
Ultimate controlling party

The immediate parent undertaking of the company is Basis Research Group Limited, whose registered address is 264 Banbury Road, Oxford, United Kingdom, OX2 7DY. The immediate parent undertaking is controlled by Basis Research Group Holdings Limited (the ultimate parent company) which owns 100% of the allotted share capital and is registered in England and Wales. The ultimate controlling party is Rune Mortensen, by virtue of his majority shareholding in Basis Research Group Holdings Ltd.

The smallest and largest group of companies within which the company belongs and for which consolidated financial statements are prepared is that headed by Basis Research Group Holdings Limited. Group financial statements can be obtained from its registered office, 264 Banbury Road, Oxford, United Kingdom, OX2 7DY.

BASIS RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 24 -
24
Related party transactions

During the year ended 31 March 2025, the company sold services totalling £10,124 (20 2 4: £259,604) to Basis Research LA LLC. The company purchased services totalling £n il (2024: £24,614) from Basis Research LA LLC. At the year end, the company was owed £260,711 (20 2 4: £942,282) by Basis Research LA LLC.

During the year ended 31 March 2025, the company sold services totalling £71,392 (20 2 4: £37,082) to Basis New York LLC. The company also made purchases of £nil (2024: £26,908). At the year end, the company was owed £793 (20 2 4: £660,634) by Basis New York LLC.

During the year ended 31 March 2025, the company sold services totalling £3,757 (20 2 4: £9,545) to Basis Social Limited. The company invoiced clients £nil (2024: £215,191) on behalf of Basis Social Limited and collected receipts on behalf of that company. The company also recharged costs totalling £nil (2024: £165,537) to Basis Social Limited. The company purchased services totalling £48,528 (2024: £8,920) from Basis Social Limited. At the year end, the company owed £n il (20 2 4: £14,856) to Basis Social Limited. On 31 March 2025, Basis Social Limited halted being a related party.

During the year ended 31 March 2025, the company sold services totalling £359,062 (20 2 4: £89,059) to Basis Chicago. The company purchased services totalling £8 48,363 (2024: £230,417) from Basis Chicago. At the year end, the company owed Basis Chicago £218,346 (20 2 4: £274,637 owed by Basis Chicago).

During the year ended 31 March 2025, the company purchased services totalling £4 7 4,324 (2024: £211,079) from Basis Ideas LLC. At the year end, the company owed Basis Ideas LLC £104,682 (2024: £164,416 owed by Basis Ideas LLC).

During the year ended 31 March 2025, the company sold services totalling £66,912 (2024: £n il) to Basis Health London Limited. The company recharged costs totalling £nil (2024: £111,382) to Basis Health London. The company purchased services totaling £16,755 (2024: £52,683) from Basis Health London. At the year end, the company was owed £13,284 (2024: £30,235) by Basis Health London.

All related parties mentioned above are companies under common control.

As a wholly owned subsidiary undertaking of Basis Research Group Holdings Limited, the company has taken advantage of the exemption in FRS 102 Section 33.1A and has not disclosed transactions and outstanding balances with entities which form part of the group, where they are 100% owned (directly or indirectly) by Basis Research Group Holdings Limited.

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