Introduction

The directors present their strategic report on the group for the year ended 30 April 2025. The principal activity of the group and company during the year continued to be the supply of recruitment services to the Telecoms, Data Center, Technology and Renewables/Energy sectors.

The objective remains to be a global leader in the provision of skilled resources in the chosen specialist sectors.

The Board believes growth opportunities exist within our specialist sectors. The global economy continued to suffer a downturn during this financial year, affecting demand and profitability in several of our traditional clients / sectors. First Point Group took steps to seek growth in new complimentary areas to mitigate the downturn and initiated reductions to our cost base as necessary. We believe the long-term changes made, plus our specialist recruitment knowledge and global presence, means that despite the downturn we will ultimately come through a stronger more diverse business and will be best placed to take advantage of the future upturn.

The specific aim is to build a profitable and sustainable growth business. We believe this will be achieved by the following:

1. Sector expertise, focusing on core areas that can be replicated across our regions that are scalable. Working in growth sectors that have high demand but are specialist.

2. Interconnecting our business across our regional offices, leveraging successful client relationships and agreements in one region to build global working relationships.

3. Having a global diversified business mix of clients and sectors.

4. Working hard to have the best people; retention, training and culture is key to driving success in this area. As a service business, people are our product and building a motivated and engaged team is the foundation of any success we achieve. Our positive culture above everything is mandated as our priority and we will continue to invest heavily in our people.

Business model

The group operates a network of offices and subsidiaries globally, enabling the provision of local services to clients in all geographic regions. Clients receive the support of a global team. The business is split into three regions for reporting and management, these are, Europe & Africa, Asia & Middle East and America. We continue our drive to widen our client base and sector specialisms. While the business for management purposes is split into three regions, the regions are managed locally and coordination through the head office executive team based in London.

One aim has been to grow the permanent business so we can support certain clients that require permanent recruitment services. This continues to be successful; the percentage split of fees derived from permanent business; 8% in 2021 to 23% in 2024 and increased further to 32% in 2025.

In the year ended 30 April 2025 the Group turnover reduced by 18%. A large proportion of this reduction is the exiting of low margin payroll business to focus on higher margin more profitable revenue streams. The split of turnover by geographical region is as follows:

Europe & Africa Region started seeing positive changes despite the challenging year in tough trading conditions. The current outlook is positive with a several large clients wins and investment in new emerging sectors. It is well positioned for any rebound in trading conditions.

Asia & ME Region has proved resilient and seen a slight increase during the year, and it is showing positive signs of growth in new sectors. Numerous clients wins in the Region are expected to provide growth in the coming years, driven by the strong growth of Chinese technology companies expanding globally.

Americas Region had another challenging year, with a reduction in turnover. However, following the end of the reporting period Americas has started to see recovery. As has been seen previously in Americas, while the downturns can be significant the rebound can equally be strong. It is still believed that the Americas Region will provide a major part of the Group's future profits.

Review of the business

Despite the reduction in turnover, the management is confident that the business is well placed to rebound strongly in the coming years when the economic conditions improve. Client turnover concentrations have significantly improved, and the business has wider scope of clients than ever before. Numerous low margin payroll business has been exited, and gross profit margins are increasing. The investments made in teams in high growth sectors such as Data Centre and specialist Technology areas such as AI has already started to provide returns, gaining new clients and we see positive signs for the future growth in these areas.

It is the opinion of the directors that the telecommunication and emerging technology sectors remain attractive business areas for the group. The directors will continue to invest in growing the size and skills of the business teams to further expand the business via geographical and sector diversification.

The gross profit margin achieved in the year ended 30 April 2025 increased in the year to 14.9% (2024 13.7%).

The split of gross margin between contract and permanent business came to 32% permanent / 68% contract (2024 23% / 77%).

Total comprehensive income

The total comprehensive income in the year to 30 April 2025 was $226,906 (2024 net loss $964,186).

Current Trading

The significant restructuring efforts we have undertaken, including added focus on complimentary high growth markets, have resulted in encouraging signs of recovery across the business.

Our current trading performance as of September 2025 underscores this progress (5 months trading), with year-to-date EBITDA of $453K and a Net Profit of $213K. These results are a testament to the resilience of our strategy and the collective efforts of our team.

We remain steadfast in our commitment to closing the financial year on a positive note. More importantly, as we transition into a "grow and harvest" phase, we are focused on capitalizing on these early gains to drive sustainable growth and long-term value creation.

Principal risks and uncertainties

Operating risk

The principal risk to the company and the group continues to be client demand and the health of global economic climate which has a direct impact on client demand levels. The company and the group work hard to maintain the highest standards which has led to long standing client relationships and new opportunities arising. As we have seen in the past this has maintained the group’s competitive position to mitigate the competitive risk.

Liquidity risk

The group manages its liquidity risk on an on-going basis and ensures it has sufficient liquid resources available to meet the operating requirements of the business.

Foreign currency risk

The directors are aware of the foreign currency risks associated with transactions in a number of currencies around the world. The risks are monitored on a regular basis and the group looks to put in place natural hedges wherever possible and ensures that transactions are completed in matching currencies.

Credit risk

The group manages its credit risk by establishing credit limits and monitoring balances on a regular and on-going basis. Provisions are made for doubtful debts where necessary.

On behalf of the board

The directors present their annual report and financial statements for the year ended 30 April 2025.

The principal activity of the group and company continued to be the supply of recruitment services to the Telecoms, Data Center, Technology and Renewables/Energy sectors.

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

No ordinary dividends were paid.

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

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group'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 exposure of the group to operating risk, credit risk, liquidity risk and foreign currency risk.

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 auditor of the company and group 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 auditor of the company and group is aware of that information.

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 group and company, and of the profit or loss of the group 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 ;

• prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

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

We have audited the financial statements of First Point Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows 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 group's and the parent company's affairs as at 30 April 2025 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and 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 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' report 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.

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

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

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

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

• certain disclosures of directors' remuneration specified by law are not made; or

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

As explained more fully in the directors' responsibilities statement, 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 parent group's and 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 directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

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.

As part of our planning process:

• We enquired of management the systems and controls the group and company has in place, the areas of the financial statements that are most susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The group and company did not inform us of any known, suspected or alleged fraud.

• We obtained an understanding of the legal and regulatory frameworks applicable to the group and company. We determined that the following were most relevant: FRS 102, Companies Act 2006, IR35, GDPR and employment law.

• We considered the incentives and opportunities that exist in the group and company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.

• Using our knowledge of the group and company, together with the discussions held with the group and company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

• Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.

• Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.

• Reviewing and challenging the assumptions and judgements used by management in their accounting estimates, in particular in relation to recovery of intercompany debts and accrued income and costs.

• Assessing the extent of compliance, or lack of, with the relevant laws and regulations.

• Testing key revenue lines, in particular cut-off, for evidence of management bias.

• Review of internal control procedures to ensure timesheets were approved prior to paying contract workers.

• Obtaining third-party confirmation of material bank and loan balances.

• Documenting and verifying all significant related party and consolidated balances and transactions.

• Reviewing documentation such as the company board minutes for discussions of irregularities including fraud.

• Testing all material consolidation adjustments.

• Completing analytical review of the revenue cycle and margins and seeking explanations from management for exceptions.

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 parent company’s and group 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 parent company’s and group's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent company and the groups' members as a body, for our audit work, for this report, or for the opinions we have formed.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was $62,579 (2024 - $126,594 profit).

First Point Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor, 85 Newman Street, London, W1T 3EU.

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 United States Dollars, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest $. The group's functional and presentational currency is US Dollars as the majority of its transactions, financial assets and liabilities are denominated in that currency.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The 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. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

• Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;

• 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’: Carrying amounts, interest income/expense.

The consolidated financial statements incorporate those of First Point Group Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Market conditions have continued to improve through 2025, with encouraging growth across IT, Telecommunications, Data Centre, and Renewable Energy recruitment. While challenges remain in certain regions, overall market confidence has strengthened, and client hiring activity has increased compared to the previous year. The group is reporting a profit for the year, reflecting the benefits of its strategic focus and operational efficiency.

The Directors are satisfied that the group has adequate resources to meet its financial obligations for at least the next 12 months. The combination of improving market conditions, disciplined cost control, and strong trading performance provides a solid foundation for continued stability and growth.

The Directors have also concluded that there are no material uncertainties that may cast significant doubt on the group’s ability to continue as a going concern. Therefore, the directors have continued to adopt the going concern basis in preparing these financial statements.

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. Turnover from contracts is recognised at the fair value of the consideration received or receivable for services provided on the basis of hours worked including expenses and disbursements.

Revenue arising from the placement of permanent candidates is recognised at the time the candidate commences full employment.

Revenue arising from temporary candidates is recognised over the period that temporary staff are provided.

No turnover is recognised if there are significant uncertainties regarding recovery of the consideration due or associated costs.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate.

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 recognised in the profit and loss account.

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks bank facilities, and bank overdrafts. Bank overdrafts are shown within bank loans and overdrafts in current liabilities. Invoice discounting facilities are shown within bank loans and overdrafts in current liabilities.

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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, 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.

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.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group 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.

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 group after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank facilities and loans from fellow group companies 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.

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the group 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 group.

The tax expense represents the sum of the tax currently payable and deferred 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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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 if, and only if, there is 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.

Withholding tax

Foreign withholding tax payable is based on actual tax paid in foreign countries and treated as an expense in the group accounts. The amount of withholding tax charged is dependent on the tax rates applicable in the foreign tax jurisdictions where the group operates.

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.

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

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

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 leased asset are consumed.

Transactions in currencies other than US Dollars 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 are included in the profit and loss account for the period.

On consolidation, the results of overseas operations are translated into US Dollars at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. All Gains and losses arising on translation are included in other comprehensive income and transferred to a separate foreign exchange reserve.

In the application of the group’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.

There are no material key judgements or accounting estimates.

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

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2024 - 2).

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:

Details of the company's subsidiaries at 30 April 2025 are as follows:

Trade debtors are held under an invoice finance agreement that contains a recourse condition; as such trade debtors are only derecognised upon receipt of the payment from the customer.

Amounts owed by group companies are interest free and deemed to be repayable upon demand.

Bank facilities include bank overdrafts, bank loans and invoice financing arrangements. The invoice financing arrangements for the group and company amount to $4,541,820 (2024: $4,063,929) and $4,368,354 (2024: $3,816,409) respectively. The invoice financing arrangements are secured by fixed and floating charges over the assets of the group.

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

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

Enterprise Management Incentive ("EMI") Scheme

On 8 January 2019, the group entered into an EMI scheme with certain employees of the parent company.

Date of grant: 8 January 2019

Number of options granted: 5,450

Contractual life: 10 years

Vesting requirements: Options vest over a period of 2 years from the grant date subject to performance conditions. Options may be exercised on a change of ownership, transfer of business or a listing.

The weighted average exercise price of each share option is £17.66.

The options outstanding at 30 April 2025 had a remaining contractual life of 3.7 years.

The directors consider the fair value of the options at the grant date for the above EMI scheme to be trivial to the financial statements.

The profit and loss reserve is an accumulative figure of the group's retained profit and losses less any distributions.

Capital redemption reserve

The capital redemption has arisen from the purchase of own shares in prior periods.

Foreign exchange reserve

The foreign exchange reserve arises upon translating the profit and loss account figure of subsidiary entities to take account of the movement in the exchange rates at the beginning and end of the accounting period.

During the year, dividends of $nil (2024: $1,108,058) were paid to the directors of the group and company.

At 30 April 2025 amounts of $232,147 (2024: $251,865) were due to the group and company from companies under common control. Interest has accrued of $21,786 (2024: $24,618) and repayments of $94,344 (2024: $104,799) have been made.

Included in other debtors is $257,024 (2024: $8,233) owed by the directors. Included within this balance, are loans drawn down by the directors, repayable within one year and has an interest rate of 2.5% (2024: 2.5%) per annum. No repayments were made before the 30 April 2025 (2024: $198,265).

Subsequent to April 30, 2025, the Company received notice on September 4, 2025, that a previously disclosed legal matter involving a former employee had been settled. Under the settlement agreement, First Point Group agreed to pay $25,000, and the Company’s customer agreed to pay an additional $25,000,

The office rental agreements for Mexico, Hong Kong, USA, Dubai, South Africa and Shenzhen were all re-negotiated post year end, with rental terms between one and six years. The new operating lease commitment for these new leases are:

Within 1 year - $267,706

Within 2-5 years - $426,818

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