REGISTERED NUMBER: 14360759 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

KEYSTREAM HOLDINGS LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Director

4

Report of the Independent Auditors

6

Consolidated Statement of Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

Notes to the Consolidated Financial Statements

17

DIRECTOR:

Mr J A H Stein

REGISTERED OFFICE:

3rd Floor 4-14 Tabernacle Street

London

EC2A 4LU

REGISTERED NUMBER:

14360759 (England and Wales)

AUDITORS:

Kings CAP Ltd

Statutory Auditor

4 Grovelands

Boundary Way

Hemel Hempstead

Hertfordshire

HP2 7TE

The director presents his strategic report of the company and the group for the year ended 31 December 2024.

REVIEW OF BUSINESS

The group's principal activity is that of recruitment and consultancy services, providing professionals into the healthcare sector in the UK. Keystream mainly operates from its office in London. Keystream provides high quality professionals to its clients in Digital, Data and Technology teams across the Public Sector. The Group's vision is to be a trusted delivery partner to its clients and positively contribute towards digitisation of the public sector.

Revenue for the year was £49,258,999 (2023: £52,204,002), with operating profit of £968,333 (2023: £1,085,324) inline with expectations. As the pent up demand for Covid eased in 2022 & 2023, the group focused on growing its existing services and client base. The Group also invested in systems and processes with a view to drive efficiencies and enable growth.

Our emphasis remains on delivering outstanding quality and service to our customers and suppliers; to meet our values and missions. As we look forward, despite political & economic uncertainties, outlook remains positive due to skill shortages, requirement of transformation and digitisation.

PRINCIPAL RISKS AND UNCERTAINTIES

External Environment

Whilst the public sector is resilient to economic uncertainties, government policy and public sector funding may be reduced to recover the overspend that occurred during the COVID-19 pandemic. Investment in digitalisation and technology may be reduced with government policy to support the recovery of the overspend and to focus on pure healthcare rather than digitisation.

Operational Risk

Due to the nature of the company, the directors have implemented numerous self-audits to reduce risk of process risk and system risk. There are risk reviews and governance meetings held on regular basis to assess and mitigate potential operational risks.

Cashflow Risk

Cashflow is fundamental to the company, which could affect the brands reputation. Cashflow is monitored daily to ensure that the Group's activities are funded.

Credit Risk

To manage credit risk, the credit controller reviews overdue balances on a daily, weekly and monthly basis with the directors, account managers and customers.

DEVELOPMENT AND PERFORMANCE

The directors continue to build on existing teams and review new opportunities to broaden the customer base. Additional skilled management have been introduced to solely focus on the new industries as well as supporting the tendering process.

The company is promoting employees and implementing a senior team of associate directors. As the company continues to grow, we are promoting our quality, diversity and inclusion initiative as well as our sustainability policy. The company has planted trees for every placement made.

The training and development of employees is being reviewed to ensure they have ongoing training and are providing a high-level service in line with the company's values. In order to attract & retain employees, hybrid working policy, competitive remuneration & benefits packages have introduced in the organisation. The directors are continuously investing time into operational efficiencies by reviewing systems & processes.

KEY PERFORMANCE INDICATORS

The gross profit margin achieved by the group for the 31 December 2024 year end was 13% and operating profit of 2%. The current ratio is 1.77.

The directors monitor the gross margin weekly to ensure it does not exceed framework agreements and requirements.

Debtor days are reviewed to monitor working capital requirements.

Staff turnover is monitored on a quantitative and qualitive basis by the directors.

ON BEHALF OF THE BOARD:

Mr J A H Stein - Director

26 November 2025

The director presents his report with the financial statements of the company and the group for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of providing contract and permanent Health Informatics and IT Professionals into the NHS and private healthcare organisations.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2024 will be £ 780,000 .

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

Mr J A H Stein has held office during the whole of the period from 1 January 2024 to the date of this report.

Other changes in directors holding office are as follows:

Mr A G Jukes ceased to be a director after 31 December 2024 but prior to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group 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 director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he 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 group's auditors are aware of that information.

AUDITORS

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

ON BEHALF OF THE BOARD:

Mr J A H Stein - Director

26 November 2025

Opinion

We have audited the financial statements of Keystream Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 December 2024 and of the group's 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of director's remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has 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 to ensure the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity by way of

discussions with the directors and from our commercial knowledge and experience in the recruitment 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, ISO Standards, employment 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;

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

- reviewing correspondence with HMRC, relevant regulators, 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 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.

Sara Brown (Senior Statutory Auditor)

for and on behalf of Kings CAP Ltd

Statutory Auditor

4 Grovelands

Boundary Way

Hemel Hempstead

Hertfordshire

HP2 7TE

1 December 2025

TURNOVER

3

49,258,999

52,204,002

Cost of sales

42,831,596

45,972,565

GROSS PROFIT

6,427,403

6,231,437

Administrative expenses

5,459,070

5,146,113

OPERATING PROFIT

5

968,333

1,085,324

Interest receivable and similar income

104,392

81,764

1,072,725

1,167,088

Interest payable and similar expenses

6

13,656

2,079

PROFIT BEFORE TAXATION

1,059,069

1,165,009

Tax on profit

7

271,295

284,689

PROFIT FOR THE FINANCIAL YEAR

787,774

880,320

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

787,774

880,320

Profit attributable to:

Owners of the parent

787,774

880,320

Total comprehensive income attributable to:

Owners of the parent

807,176

880,320

Non-controlling interests

(19,402

)

-

787,774

880,320

FIXED ASSETS

Tangible assets

10

35,000

41,878

Investments

11

-

-

35,000

41,878

CURRENT ASSETS

Debtors

12

7,853,671

10,038,162

Cash at bank and in hand

1,810,285

57,964

9,663,956

10,096,126

CREDITORS

Amounts falling due within one year

13

5,473,554

5,919,295

NET CURRENT ASSETS

4,190,402

4,176,831

TOTAL ASSETS LESS CURRENT LIABILITIES

4,225,402

4,218,709

PROVISIONS FOR LIABILITIES

15

8,750

9,841

NET ASSETS

4,216,652

4,208,868

CAPITAL AND RESERVES

Called up share capital

16

10,990

10,990

Retained earnings

4,225,054

4,197,878

SHAREHOLDERS' FUNDS

4,236,044

4,208,868

NON-CONTROLLING INTERESTS

(19,392

)

-

TOTAL EQUITY

4,216,652

4,208,868

The financial statements were approved by the director and authorised for issue on 26 November 2025 and were signed by:

Mr J A H Stein - Director

FIXED ASSETS

Tangible assets

10

-

-

Investments

11

300

211

300

211

CURRENT ASSETS

Cash in hand

10,690

10,779

CREDITORS

Amounts falling due within one year

13

780

780

NET CURRENT ASSETS

9,910

9,999

TOTAL ASSETS LESS CURRENT LIABILITIES

10,210

10,210

CAPITAL AND RESERVES

Called up share capital

16

10,990

10,990

Retained earnings

(780

)

(780

)

SHAREHOLDERS' FUNDS

10,210

10,210

Company's profit for the financial year

780,000

1,045,424

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

The financial statements were approved by the director and authorised for issue on 26 November 2025 and were signed by:

Mr J A H Stein - Director

Called up

share

Retained

Other

capital

earnings

reserves

£

£

£

Changes in equity

Issue of share capital

10,990

-

-

Dividends

-

(1,046,204

)

-

Total comprehensive income

-

880,320

-

Merger reserve

-

-

4,363,762

Transfer of Merger Reserve

-

4,363,762

(4,363,762

)

Balance at 31 December 2023

10,990

4,197,878

-

Changes in equity

Dividends

-

(780,000

)

-

Total comprehensive income

-

807,176

-

Balance at 31 December 2024

10,990

4,225,054

-

Non-controlling

Total

Total

interests

equity

£

£

£

Changes in equity

Issue of share capital

10,990

-

10,990

Dividends

(1,046,204

)

-

(1,046,204

)

Total comprehensive income

880,320

-

880,320

Merger reserve

4,363,762

-

4,363,762

Balance at 31 December 2023

4,208,868

-

4,208,868

Changes in equity

Dividends

(780,000

)

-

(780,000

)

Total comprehensive income

807,176

(19,402

)

787,774

Balance at 31 December 2024

4,236,044

(19,402

)

4,216,642

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Changes in equity

Issue of share capital

10,990

-

10,990

Dividends

-

(1,046,204

)

(1,046,204

)

Total comprehensive income

-

1,045,424

1,045,424

Balance at 31 December 2023

10,990

(780

)

10,210

Changes in equity

Dividends

-

(780,000

)

(780,000

)

Total comprehensive income

-

780,000

780,000

Balance at 31 December 2024

10,990

(780

)

10,210

Cash flows from operating activities

Cash generated from operations

1

2,723,351

1,263,920

Interest paid

(13,656

)

(2,079

)

Tax paid

(275,377

)

(242,953

)

Net cash from operating activities

2,434,318

1,018,888

Cash flows from investing activities

Purchase of tangible fixed assets

(7,071

)

(7,474

)

Sale of tangible fixed assets

11

-

Interest received

104,392

81,764

Net cash from investing activities

97,332

74,290

Cash flows from financing activities

Amount introduced by directors

671

-

Share issue

-

10,990

Equity dividends paid

(780,000

)

(1,046,204

)

Net cash from financing activities

(779,329

)

(1,035,214

)

Increase in cash and cash equivalents

1,752,321

57,964

Cash and cash equivalents at beginning of year

2

57,964

-

Cash and cash equivalents at end of year

2

1,810,285

57,964

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period

17.9.22

Year Ended

to

31.12.24

31.12.23

£

£

Profit before taxation

1,059,069

1,165,009

Depreciation charges

11,434

25,561

Loss on disposal of fixed assets

2,514

1,502

Debtors on group reconstruction

-

10,117,586

Creditors on group reconstruction

-

(5,565,634

)

Finance costs

13,656

2,079

Finance income

(104,392

)

(81,764

)

982,281

5,664,339

Decrease/(increase) in trade and other debtors

2,184,491

(10,038,162

)

(Decrease)/increase in trade and other creditors

(443,421

)

5,637,743

Cash generated from operations

2,723,351

1,263,920

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 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

1,810,285

57,964

Period ended 31 December 2023

31.12.23

17.9.22

£

£

Cash and cash equivalents

57,964

-

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

57,964

1,752,321

1,810,285

57,964

1,752,321

1,810,285

Total

57,964

1,752,321

1,810,285

1.	STATUTORY INFORMATION

Keystream Holdings 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 General 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.

The accounts have been prepared on a going concern basis which assumes the company will continue to trade. The Director considers the company to be a going concern on the basis of continuing to be awarded frameworks and contracts and meeting the delivery expectations on these. The three year development plan includes growth by opening up new markets and expanding to Europe.

Disclosure exemptions

As the parent company, Keystream Holdings Ltd has provided a guarantee under the provision of the Companies Act 2006, s479A, for an audit exemption for one of its subsidiary undertakings. The subsidiary company using the exemption is as follows:

Keystream Consulting Ltd (Company Number 14557064)

The results of this company and the parent company are included in these consolidated financial statements.

Basis of consolidation

The group financial statements consolidated the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2024.

Inter-company transactions and balances between the company and its subsidiaries, which are related parties, are eliminated in full.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Significant judgements and estimates

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 experiences and other factors that are considered to be relevant. Actual results may differed from these estimates,.

These 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:

Impairment of Trade Debtors

All customers are offered credit accounts based on a credit review and historical trading information when

available. The debtors ledger is reviewed frequently and provision made where necessary. When assessing the impairment of trade debtors management considers factors including the current credit rating of the debtor, the ageing profile of debts and historical experience.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful

life.

Short leasehold - Straight line over period of lease

Plant and machinery - Straight line over 5 years

Office equipment - 25% on reducing balance

Computer equipment - 25% on reducing balance

At each reporting end date, the company reviews the carrying amount of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss.

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,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.

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, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

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

Period

17.9.22

Year Ended

to

31.12.24

31.12.23

£

£

Recruitment

49,258,999

52,204,002

49,258,999

52,204,002

4.	EMPLOYEES AND DIRECTORS

Period

17.9.22

Year Ended

to

31.12.24

31.12.23

£

£

Wages and salaries

3,725,761

3,335,819

Social security costs

457,338

398,066

Other pension costs

125,696

140,285

4,308,795

3,874,170

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

Period

17.9.22

Year Ended

to

31.12.24

31.12.23

Directors

2

2

Staff

43

45

45

47

The average number of employees by undertakings that were proportionately consolidated during the year was 45 (2023 - 47 ) .

Period

17.9.22

Year Ended

to

31.12.24

31.12.23

£

£

Directors' remuneration

18,192

18,192

Directors' pension contributions to money purchase schemes

50,000

86,833