REGISTERED NUMBER: 05321310 (England and Wales)

Strategic Report, Directors' Report and

Audited Financial Statements for the Year Ended 31 March 2025

for

UK Search Limited

Page

Company Information

1

Strategic Report

2

Directors' Report

6

Report of the Independent Auditors

8

Income Statement

11

Other Comprehensive Income

12

Balance Sheet

13

Statement of Changes in Equity

14

Cash Flow Statement

15

Notes to the Cash Flow Statement

16

Notes to the Financial Statements

17

DIRECTORS:

Mr Glen Marshall BA, FCA

Mr Peter Blake

Mr Jonathan Kirwin

Mr Clifford Francis Poole FCICM

Mr Ross Philip Poole

Mr Gary David Norris

SECRETARY:

Mr Glen Marshall BA, FCA

REGISTERED OFFICE:

Unit 4 Gander Lane

Barlborough

Chesterfield

S43 4PZ

REGISTERED NUMBER:

05321310 (England and Wales)

INDEPENDENT AUDITORS:

Landin Wilcock & Co

Statutory Auditor

68 Queen Street

Sheffield

South Yorkshire

S1 1WR

BANKERS:

National Westminster Bank Plc

42 High Street

Sheffield

S1 2GE

INTRODUCTION

The Directors are pleased to present their Strategic Report for the financial year ended 31 March 2025. This year has been characterised by robust performance, ongoing innovation, and unwavering commitment to our clients and stakeholders. In an ever-evolving market landscape, our business has not only sustained its growth trajectory but has also laid solid foundation for further expansion and technological leadership.

REVIEW OF BUSINESS

The financial year 2024-25 has witnessed a continued and notable increase in turnover, which stands as a testament to our organisation's adaptive strength and the industrious efforts of our sales and client relationship teams. Our persistent pursuit of new opportunities has resulted in a significant swelling of our client base, while simultaneously, our longer-term existing clients have contributed to improve business performance through their sustained and expanding engagement with our service.

The sales team deserves particular commendation for intensive and strategic outreach, which has not only attracted new clients but has also enhanced the quality and value of the business received from our established relationships. This dual-pronged approach - balancing new business development with deepening the value of existing connections - has underpinned our revenue growth and solidified our market position.

ENHANCING CUSTOMER VALUE AND EXPERIENCE

A central theme of the year has been our unwavering focus on maximising net back returns for our clients. Through strategic reviews and refinements to our processes, we have delivered tangible financial improvements for those we serve. Our commitment to smarter, more efficient operations has manifested in a number of technological and procedural advancements.

Foremost among these is the significant upgrade to our self-serving customer portal. This has resulted in marked improvement in customer interactions, offering clients greater flexibility and control in how they wish to engage with us. The portal's enhanced functionality has simplified communications, streamlined decision-making, and empowered users with real-time access to vital information about their accounts and transactions.

TECHNOLOGICAL INNOVATION AND OPERATIONAL EXCELLENCE

Our investment in technology remains core to our strategy. During the year, we have made substantial progress in the sophistication of our collection strategies, the enhancement of dialler routines, and the enrichment of data analytics capabilities. These improvements have been pivotal in sustaining our competitive edge and delivering superior results for our clients.

Moreover, the ongoing commitment to research and development has seen us deepen our expertise in Artificial Intelligence (AI) and Machine Learning (ML). The integration of these advanced technologies has enabled us to automate complex workflows, predict trends, and make smarter, data-driven decisions. This has translated into higher efficiency, improved collections, and ultimately a positive impact on our bottom line.

The marriage of technological innovation with practical business acumen has allowed us to develop highly sophisticated approaches to client service and operational delivery. Each advancement supports our strategic goal of being technology-driven industry leader, responsive to both evolving client needs and broader market trends.Looking forward, our growth objectives remain ambitious and clear. We are committed to increasing workloads and scaling up operations to accommodate the growing demands and placements for both existing and new clients. Our focus on scalable solutions ensures that we are equipped to manage greater volumes without compromising quality or client satisfaction.

FINANCIAL PERFORMANCE AND STABILITY

Financially, the business has remained stable and resilient, notwithstanding rising costs in certain areas. Increases in salaries, national insurance, contributions, and general overheads have been effectively managed through prudent cost controls and the leveraging of operational efficiencies.

Our key trading metrics for the year ended 31 March 2025 are as follows:

2025

2024

Turnover (£)

15,246,024

13,545,801

Turnover growth (%)

13

14

Gross profit margin (%)

63

62

Profit before tax (£)

2,145,235

2,083,058

Net profit margin (%)

14

15

Turnover: The company has recorded a further increase in turnover, reflecting both the acquisition of new business and deeper engagements with out existing clients. This growth, underpinned by strategic sales effects and enhanced customer retention, has ensured a healthy revenue stream.

Turnover Growth: A sustained upwards trend in turnover has been achieved through a combination of organic expansion, strategic clients acquisition and ongoing diversification of our service offerings.

Gross Profit Margin: Gross profit margins have remained robust, driven by process optimisation, technology deployment and value-adding client relationships.

Profit Before Tax: Despite the inflationary pressures on salaries and operational costs, profit before tax has exhibited encouraging stability, supported by increased revenues and efficiency gain.

Net Profit Margin: Improved operational effectiveness and cost controls have helped maintain a competitive net profit margin, enabling the company to reinvest in its people infrastructure, and growth initiatives.

PRINCIPAL RISKS AND UNCERTAINTIES

The company faces several risks and uncertainties that the directors continually act to minimise. A principal risk is the competition across the industry due to the possible aggressive pricing strategies by rival businesses. This is mitigated by ensuring that we deliver our clients great recoveries with a high level of satisfaction on behalf of their customers.

STRATEGIC GROWTH OBJECTIVES

Looking forward, our growth objectives remain ambitious and clear. We are committed to increasing workloads and scaling up operations to accommodate the growing demands and placements for both existing and new clients. Our focus on scalable solutions ensures that we are equipped to manage greater volumes without compromising quality or client satisfaction.

Central to our strategy is continued reinvestment in our systems, employees, and technological infrastructure. By prioritising these areas, we are positioned to optimise our service offerings and capitalise on emerging opportunities in the market. Investment in staff training digital transformation, and intelligent automation will be key drivers of our future success.

ECONOMIC LANDSCAPE AND MARKET ADAPTATION

The economic climate during the year has been characterised by uncertainty, with particular challenges arising from increasing tax burdens on private sector businesses. Our approach has been to remain agile and responsive, adapting our business model and seeking to attract high-quality business relationships that offer mutual benefits.

We are actively collaborating with our clients to ensure that the value we deliver remains relevant and impactful, both for them and for us. By maintaining a close dialogue with partners and adjusting our strategies to fit prevailing economic conditions, we are confident in our ability to sustain growth mitigating external risks.

RESEARCH, DEVELOPMENT, AND TECHNOLOGICAL ADVANCEMENT

Investment in research and development, particularly in the spheres of AI and ML, has continued to pay dividends. These emerging technologies have transformed our operating model, enabling predictive analytics, intelligent automation, and enhanced data insight capabilities. Our dialler routines and collection strategies are now driven by sophisticated algorithms, resulting in improved outcomes and greater operational efficiency.

The development of our self-service customer portal stands as a prime example of our commitment to innovation. The portal has been widely adopted, and has facilitated deeper, more meaningful client interactions, giving customers real choice in how they wish to engage with our services.

COMMITMENT TO PEOPLE AND CORPORATE VALUES

Our employees are the heartbeat of the organisation. Their dedication, expertise, and passion have remained the driving force behind every achievement this year. We continued to invest in their personal and professional and professional development, fostering an environment of growth, collaboration, and shared success.

The Directors wish to record their sincere appreciation to all staff for their exceptional commitment throughout the year. Their ability to embrace change, deliver excellence, and support one another underpins the business's reputation and ongoing success.

FUTURE OUTLOOK

In conclusion, the financial year 2024-25 has marked another chapter of considerable success for our company. We have seen meaningful advances in technology, client service, and operational scale. The strategic decisions made during the year have positioned us strongly to continue this upward trajectory.

As we look to the year ahead, our priorities remain clear: to drive sustainable growth, maintain financial resilience, invest in innovation, and most importantly, to deliver exceptional value to our clients and stakeholders. The Directors are confident that with the continued dedication of our talented employees and the strategic investments in our future, we will meet the challenges and seize the opportunities that lie ahead.

The board extends its heartfelt thanks to all clients, partners, and staff for their unwavering support and looks forward to an even successful 2025-26.

ON BEHALF OF THE BOARD:

Mr Clifford Francis Poole FCICM - Director

26 November 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of debt collecting.

DIVIDENDS

Interim dividends per share were paid as follows:

31.00

- 12 April 2024

15.30

- 23 July 2024

18.45

- 22 October 2024

15.95

- 16 January 2025

12.60

- 29 January 2025

93.30

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 March 2025 will be £ 2,482,620 .

DIRECTORS

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

Mr Glen Marshall BA, FCA

Mr Peter Blake

Mr Jonathan Kirwin

Mr Clifford Francis Poole FCICM

Mr Ross Philip Poole

Other changes in directors holding office are as follows:

Mr Gary David Norris - appointed 2 April 2024

FINANCIAL INSTRUMENTS

Objectives and policies

During the year ended 31 March 2025 we continue to further establish and retain a strong financial position. This has arisen due to the successful application of stringent financial policies.

Price risk, credit risk and cash flow risk

The business' principal financial instruments comprise bank balances, trade debtors, trade creditors and finance lease agreements. The main purpose of these instruments is to finance the business' operations.

In respect of bank balances, the liquidity risk is managed by maintaining a balance of managed cash reserves. The company makes use of interest-bearing facilities where it is appropriate to do so.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts represented in the balance sheet are net of allowances for doubtful debts.

Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Directors' 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Landin Wilcock & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr Clifford Francis Poole FCICM - Director

26 November 2025

Opinion

We have audited the financial statements of UK Search Limited (the 'company') for the year ended 31 March 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Directors' Report, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the 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.

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page seven, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

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

- minimal reliance was placed upon the operating effectiveness of internal controls in the design and performance of our substantive procedures;

- discussions were held with management considering known or suspected non compliance with laws, regulations and fraud;

- journal entries were reviewed for any entries made outside the ordinary reporting processes with particular emphasis on those with unusual account combinations, entries crediting incoming resources and those without specific descriptions;

- management assumptions in their significant accounting estimates were challenged and scrutinised.

There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one from resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through 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.

Mr Tom Henshaw (Senior Statutory Auditor)

for and on behalf of Landin Wilcock & Co

Statutory Auditor

68 Queen Street

Sheffield

South Yorkshire

S1 1WR

5 December 2025

TURNOVER

15,246,024

13,545,801

Cost of sales

(5,596,510

)

(5,119,424

)

GROSS PROFIT

9,649,514

8,426,377

Administrative expenses

(7,508,812

)

(6,402,866

)

2,140,702

2,023,511

Other operating income

14,206

24,198

OPERATING PROFIT

4

2,154,908

2,047,709

Interest receivable and similar income

13,090

35,889

2,167,998

2,083,598

Interest payable and similar expenses

6

(22,763

)

(540

)

PROFIT BEFORE TAXATION

2,145,235

2,083,058

Tax on profit

7

(467,422

)

(459,312

)

PROFIT FOR THE FINANCIAL YEAR

1,677,813

1,623,746

PROFIT FOR THE YEAR

1,677,813

1,623,746

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,677,813

1,623,746

FIXED ASSETS

Tangible assets

9

1,305,065

1,399,339

Investments

10

1

1

1,305,066

1,399,340

CURRENT ASSETS

Debtors

11

4,252,239

4,103,124

Cash at bank

2,417,875

2,581,139

6,670,114

6,684,263

CREDITORS

Amounts falling due within one year

12

(4,366,005

)

(3,638,225

)

NET CURRENT ASSETS

2,304,109

3,046,038

TOTAL ASSETS LESS CURRENT LIABILITIES

3,609,175

4,445,378

CREDITORS

Amounts falling due after more than one year

13

(27,426

)

(39,926

)

PROVISIONS FOR LIABILITIES

16

-

(18,896

)

NET ASSETS

3,581,749

4,386,556

CAPITAL AND RESERVES

Called up share capital

17

26,609

26,609

Share premium

18

306,724

306,724

Capital redemption reserve

18

8,829

8,829

Retained earnings

18

3,239,587

4,044,394

SHAREHOLDERS' FUNDS

3,581,749

4,386,556

The financial statements were approved by the Board of Directors and authorised for issue on 26 November 2025 and were signed on its behalf by:

Mr Clifford Francis Poole FCICM - Director

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 April 2023

26,609

4,927,219

306,724

8,829

5,269,381

Changes in equity

Dividends

-

(2,506,571

)

-

-

(2,506,571

)

Total comprehensive income

-

1,623,746

-

-

1,623,746

Balance at 31 March 2024

26,609

4,044,394

306,724

8,829

4,386,556

Changes in equity

Dividends

-

(2,482,620

)

-

-

(2,482,620

)

Total comprehensive income

-

1,677,813

-

-

1,677,813

Balance at 31 March 2025

26,609

3,239,587

306,724

8,829

3,581,749

Cash flows from operating activities

Cash generated from operations

1

2,991,706

1,966,413

Interest paid

(22,763

)

(540

)

Tax paid

(693,630

)

(333,061

)

Net cash from operating activities

2,275,313

1,632,812

Cash flows from investing activities

Purchase of tangible fixed assets

(45,781

)

(127,913

)

Interest received from finance lease

58,275

30,425

Interest received

13,090

35,889

Net cash from investing activities

25,584

(61,599

)

Cash flows from financing activities

Amount introduced by directors

18,459

360

Equity dividends paid

(2,482,620

)

(2,506,571

)

Net cash from financing activities

(2,464,161

)

(2,506,211

)

Decrease in cash and cash equivalents

(163,264

)

(934,998

)

Cash and cash equivalents at beginning of year

2

2,581,139

3,516,137

Cash and cash equivalents at end of year

2

2,417,875

2,581,139

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

2025

2024

£

£

Profit before taxation

2,145,235

2,083,058

Depreciation charges

139,198

142,443

Loss on disposal of fixed assets

856

-

RDEC

(76,889

)

-

Tax overprovision

(1,478

)

-

Finance costs

22,763

540

Finance income

(13,090

)

(35,889

)

2,216,595

2,190,152

Increase in trade and other debtors

(202,471

)

(751,831

)

Increase in trade and other creditors

977,582

528,092

Cash generated from operations

2,991,706

1,966,413

2.	CASH AND CASH EQUIVALENTS

The cash and cash equivalents includes £1,624,033 (£1,263,029 2024) which relates to cash collected on the behalf of clients that is due to be transferred to clients in due course and so not available to be utilised by the company.

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/4/24

Cash flow

At 31/3/25

£

£

£

Net cash

Cash at bank

2,581,139

(163,264

)

2,417,875

2,581,139

(163,264

)

2,417,875

Total

2,581,139

(163,264

)

2,417,875

1.	STATUTORY INFORMATION

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

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company is the parent of a group but is eligible for exemption to prepare group accounts under s402 Companies Act 2006 as the subsidiary is immaterial both individually and collectively.

Turnover

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

Revenue from sale of services for the different streams of income is recognised as per the below:

Collection commission - The service is considered to be completed at the point of receipt of a debt collection payment. At this point the commission owed on that payment is recognised.

Legal fees - The service is considered to be completed at the date that the relevant stage of the litigation process has completed.

Trace fees - The service is considered to be completed at the point of a successful trace.

Data services - The service is considered to be completed at the point of a successful search.

Site Vists - The service is considered to be completed at the point an agreed visit has taken place.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Freehold property

-

4% on cost

Fixtures and fittings

-

20% on cost

Computer equipment

-

20% on cost

Tangible fixed assets are initially measured at cost. Subsequently, they are measured at cost less accumulated depreciation and impairment losses.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 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 asset of the company after deducting all of its liabilities.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

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

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

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

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

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

Leasing

Assets recorded in the balance sheet as finance lease receivables represent the net investment in equipment purchased by the company. These assets are reduced over the term of the lease by the amount paid by the lessee less an amount representing interest receivable on the capital balance. The interest thus arising is accounted for as follows:

- the total amounts receivable from customers, plus any estimated residual values at the end of the leases, less the costs of the equipment or contracts acquired, are recorded as unearned income at the start of the contract.

- this unearned income is subsequently released to the Income Statement to provide an approximately constant rate of return on the balance of the contract outstanding.

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

4,491,855

3,892,235

Social security costs

482,234

368,404

Other pension costs

105,888

94,228

5,079,977

4,354,867

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

2025

2024

Sales and customer experience

33

33

Administration

22

17

Operational

79

92

134

142

2025

2024

£

£

Directors' remuneration

1,140,109

628,372

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

3

3

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

445,435

172,435

4.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2025

2024

£

£

Other operating leases

34,449

14,480

Depreciation - owned assets

139,198

142,441

Loss on disposal of fixed assets

856

-

Foreign exchange differences

9,068

15,087

Research and Development

(76,889

)

-

5.	AUDITORS' REMUNERATION

2025

2024

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

34,900

20,400