Ironmarket Group Holdings Limited

	Page
Strategic Report	1—2
Director's Report	3—4
Independent Auditor's Report	5—7
Consolidated Profit and Loss Account	8
Consolidated Statement of Comprehensive Income	9
Consolidated Balance Sheet	10—11
Company Balance Sheet	12—13
Consolidated Statement of Changes in Equity	14
Consolidated Statement of Cash Flows	15
Notes to the Consolidated Statement of Cash Flows	16
Notes to the Financial Statements	17—26

The director presents his strategic report for the year ended 31 May 2025.

Review of the Business

The group continues to operate as a wealth management business, providing both financial advice and discretionary investment management services within the UK market.

Group turnover increased by 18% year on year (“YoY”) to £2.06m, with gross profit increasing by the same proportion. This demonstrates strong and sustainable core business growth, driven by client acquisition, deeper wallet share, and our continuing reputation for service quality.

Group profit after taxation rose 6% YoY to £291k, with the firm supporting increased investment in people, systems, and compliance infrastructure.

The group continued to invest in talent, with staff costs rising by 24% YoY as we attracted and retained high-calibre professionals. This strengthens our internal capacity to deliver on client commitments and positions us to scale further.

Our discretionary investment management strategies again delivered significant outperformance against benchmarks over the year and continue to show strong risk-adjusted returns on a 3-year, 5-year, and since-inception basis.

Principal Risks and Uncertainties

Investment Markets

Volatility in investment markets remains both a driver and a risk. Market drawdowns can impact both client expectations and the value of assets under management. Our disciplined risk frameworks, client communication, and diversified strategies mitigate this.

Employees

Recruitment, development, and retention of high-quality staff are central to growth. We continue to invest in structured career pathways and have demonstrated an ability to attract talent despite a tight labour market.

Professional Indemnity Insurance (PII)

PII capacity remains restricted across the industry, particularly in relation to Defined Benefit advice. Through careful preparation and disclosure, the company successfully renewed its PII coverage again this year on favourable terms.

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Ironmarket Group Holdings Limited

Strategic Report (continued)

For The Year Ended 31 May 2025

Key Performance Indicators

Despite regulatory pressures and market headwinds, Ironmarket group delivered:

• 18% YoY turnover growth

• 18% YoY gross profit growth

• 6% YoY increase in profit after tax

• Ongoing strength in investment performance versus peers and benchmarks

The group retains capital well above regulatory requirements, supporting resilience and providing the flexibility to invest in future competitiveness and sustainability.

On behalf of the board

Mr W J Wilkes

Director

11/09/2025

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Ironmarket Group Holdings Limited

Company No. 12505414

Director's Report For The Year Ended 31 May 2025

Director's Report

The director presents his report and the financial statements for the year ended 31 May 2025.

Principal Activity

The group's principal activity continues to be that of financial advisors.

Dividends

Interim dividends paid (per share - rounded) were as follows:

£13.61 per share paid on each of 10,701 Ordinary A shares

£25.84 per share paid on each of 2,567 Ordinary B shares

£104.14 per share paid on each of 900 Ordinary C shares

£56.52 per share paid on each of 1,232 Ordinary D shares

The total distribution of dividends for the period ended 31 May 2025 will be £375,336.

Political Donations and Expenditure

Charitable donations made by companies within the group for the year ended 31st May 2025 total £1,851.

Directors

The director who held office during the year were as follows:

Mr W J Wilkes

Statement of Director's Responsibilities

The director is responsible for preparing the Strategic Report, the Director's Report 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, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the director 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 the group and of the profit or loss of the group for that period. In preparing the financial statements the director is required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
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 and group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them 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.

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Ironmarket Group Holdings Limited

Director's Report (continued)

For The Year Ended 31 May 2025

The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Director's Report is approved:

so far as the director is aware, there is no relevant audit information of which the company and group's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company and group's auditors are aware of that information.

Independent Auditors

The auditors, Afford Bond Holdings Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

On behalf of the board

Mr W J Wilkes

Director

11/09/2025

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Independent Auditor's Report

to the Members of

Ironmarket Group Holdings Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of Ironmarket Group Holdings Limited (the "parent company") and its subsidiaries (the "group") for the year ended 31 May 2025 which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of Equity, Consolidated Cash Flow Statement and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the group's and of the parent company's affairs as at 31 May 2025 and of the group's profit/(loss) for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 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 and parent company's ability to continue as a going concern for a period of at least 12 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 director is 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. 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.

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Independent Auditor's Report (continued)

to the Members of

Ironmarket Group Holdings Limited

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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Director's 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 group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director's 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 or 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 Directors

As explained more fully in the Director's Responsibilities Statement set out on page 3—4, 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 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 director is responsible for assessing the group 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

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Independent Auditor's Report (continued)

to the Members of

Ironmarket Group Holdings Limited

Auditor's Responsibilities for the Audit of the Financial Statements

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

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

Extent to which the audit was considered capable of detecting irregularities, including fraud

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.

Our procedures are developed based on risks identified from our knowledge of the entity, its environment, the significant laws

and regulations governing its activities and of the related parties and service organisations connected with it. We also consider

how the systems and controls the entity has put in place over its activities might mitigate risks identified.

Audit response to risks identified

• Enquiry of management, those charged with governance around actual and potential litigation and claims.

• Reviewing minutes of meetings of thgose charged with governance.

• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws

and regulations.

• Auditing the risk of management override of controls, including through testing journal entries and other adjustments for

appropriateness.

A further description of our responsibilities is available on the Financial Reporting Council’s website at:

www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use Of Our Report

This report is made solely to the company's 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 that 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 company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

David Bailey BA (Econ) FCA (Senior Statutory Auditor)

for and on behalf of Afford Bond Holdings Limited , Statutory Auditor

11/09/2025

Afford Bond Holdings Limited

Chartered Accountants

31 Wellington Road

Nantwich

Cheshire

CW5 7ED

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Ironmarket Group Holdings Limited

Consolidated Profit and Loss Account

For The Year Ended 31 May 2025

Consolidated Profit and Loss Account

		2025	2024
	Notes	£	£
TURNOVER		2,059,175	1,742,749

GROSS PROFIT		2,059,175	1,742,749

Administrative expenses		(1,721,542 )	(1,366,133 )
Other operating income		16,963	2,851
Fair value gains on investments		11,694	-

OPERATING PROFIT	4	366,290	379,467
Profit/(loss) on disposal of fixed assets		12,096	(3,264 )
Other interest receivable and similar income	9	9,781	9,516
Interest payable and similar charges	10	(30,000 )	(25,195 )

PROFIT BEFORE TAXATION		358,167	360,524
Tax on Profit	11	(56,977 )	(88,419 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT		301,190	272,105

The notes on pages 16 to 26 form part of these financial statements.

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Ironmarket Group Holdings Limited

Consolidated Statement of Comprehensive Income

For The Year Ended 31 May 2025

Consolidated Statement of Comprehensive Income

	2025	2024
	£	£
PROFIT FOR THE FINANCIAL YEAR	301,190	272,105
OTHER COMPREHENSIVE INCOME FOR THE YEAR	-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT	301,190	272,105

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Ironmarket Group Holdings Limited

Consolidated Balance Sheet

As At 31 May 2025

Consolidated Balance Sheet

Registered number: 12505414

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	12		286,753		360,205

			286,753		360,205
CURRENT ASSETS
Debtors	14	68,656		275,803
Investments	15	107,694		96,000
Cash at bank and in hand		490,126		446,872

		666,476		818,675
Creditors: Amounts Falling Due Within One Year	16	(395,330 )		(398,739 )

NET CURRENT ASSETS (LIABILITIES)			271,146		419,936

TOTAL ASSETS LESS CURRENT LIABILITIES			557,899		780,141

Creditors: Amounts Falling Due After More Than One Year	17		(178,301 )		(308,034 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	20		(71,688 )		(90,051 )

NET ASSETS			307,910		382,056

CAPITAL AND RESERVES
Called up share capital	22		154		154
Profit and Loss Account			307,756		381,902

SHAREHOLDERS' FUNDS			307,910		382,056

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Ironmarket Group Holdings Limited

Consolidated Balance Sheet (continued)

As At 31 May 2025

On behalf of the board

Mr W J Wilkes

Director

11/09/2025

The notes on pages 16 to 26 form part of these financial statements.

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Ironmarket Group Holdings Limited

Company Balance Sheet

As At 31 May 2025

Company Balance Sheet

Registered number: 12505414

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Investments	13		154		154

			154		154
CURRENT ASSETS
Debtors	14	-		10,639
Investments	15	107,694		96,000
Cash at bank and in hand		1,953		232

		109,647		106,871
NET CURRENT ASSETS (LIABILITIES)			109,647		106,871

TOTAL ASSETS LESS CURRENT LIABILITIES			109,801		107,025

NET ASSETS			109,801		107,025

CAPITAL AND RESERVES
Called up share capital	22		154		154
Profit and Loss Account			109,647		106,871

SHAREHOLDERS' FUNDS			109,801		107,025

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Ironmarket Group Holdings Limited

Company Balance Sheet (continued)

As At 31 May 2025

In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit for the year was £ 378,112 (2024: £ 304,310 profit).

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mr W J Wilkes

Director

11/09/2025

The notes on pages 16 to 26 form part of these financial statements.

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Ironmarket Group Holdings Limited

Consolidated Statement of Changes in Equity

For The Year Ended 31 May 2025

Consolidated Statement of Changes in Equity

	Share Capital	Profit and Loss Account	Total
	£	£	£
As at 1 June 2023	154	412,545	412,699
Profit for the year and total comprehensive income	-	272,105	272,105

Dividends paid	-	(302,748)	(302,748)

As at 31 May 2024 and 1 June 2024	154	381,902	382,056


Profit for the year and total comprehensive income	-	301,190	301,190

Dividends paid	-	(375,336)	(375,336)

As at 31 May 2025	154	307,756	307,910

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Ironmarket Group Holdings Limited

Consolidated Statement of Cash Flows

For The Year Ended 31 May 2025

Consolidated Statement of Cash Flows

		2025	2024
	Notes	£	£
Cash flows from operating activities
Net cash generated from operations	1	604,481	516,437
Interest paid		(30,000 )	(25,195 )
Tax paid		(66,390 )	(5,370 )

Net cash generated from operating activities		508,091	485,872

Cash flows from investing activities
Purchase of tangible assets		(49,122 )	(113,582 )
Proceeds from disposal of tangible assets		42,550	2
Purchase of current asset investments		-	(18,000 )
Interest received		9,781	9,516

Net cash generated from/(used in) investing activities		3,209	(122,064 )

Cash flows from financing activities
Equity dividends paid		(375,336 )	(302,748 )
Repayment of bank borrowings		(22,621 )	(18,548 )
Repayment of other loans		(16,672)	(20,900)
Repayment of finance leases		(57,982 )	65,607
Amount introduced by directors		4,609	3,514
Amount withdrawn by directors		(44)	(22,479)

Net cash used in financing activities		(468,046 )	(295,554 )



Increase in cash and cash equivalents		43,254	68,254
Cash and cash equivalents at beginning of year	2	446,872	378,618

Cash and cash equivalents at end of year	2	490,126	446,872

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Ironmarket Group Holdings Limited

Notes to the Consolidated Statement of Cash Flows

For The Year Ended 31 May 2025

Notes to the Consolidated Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash generated from operations

	2025	2024
	£	£
Profit for the financial year	301,190	272,105
Adjustments for:
Tax on profit	56,977	88,419
Interest expense	30,000	25,195
Interest income	(9,781 )	(9,516 )
Depreciation of tangible assets	92,120	93,644
(Profit)/loss on disposal of tangible assets	(12,096)	3,264
Net fair value gains recognised in profit or loss	(11,694)	-
Movements in working capital:
Decrease in trade and other debtors	207,147	7,549
(Decrease)/increase in trade and other creditors	(49,382 )	35,777

Net cash generated from operations	604,481	516,437

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2025	2024
	£	£
Cash at bank and in hand	490,126	446,872

3. Analysis of changes in net funds

	As at 1 June 2024	Cash flows	As at 31 May 2025
	£	£	£
Cash at bank and in hand	446,872	43,254	490,126
Finance leases	(240,128)	57,982	(182,146)
Debts falling due within one year	(42,543 )	(4,794)	(47,337 )
Debts falling due after more than one year	(120,913)	44,087	(76,826)

	43,288	140,529	183,817

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Ironmarket Group Holdings Limited

Notes to the Financial Statements

For The Year Ended 31 May 2025

Notes to the Financial Statements

1. General Information

Ironmarket Group Holdings Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12505414 . The registered office is 31 Wellington Road, Nantwich, CW5 7ED.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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

2.2. Basis Of Consolidation

The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 31 May 2025.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.

Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.

Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.

Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.

Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.

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Ironmarket Group Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 May 2025

2.3. Business Combinations

Business combinations are accounted for by applying the purchase method.

The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction.

Contingent consideration is initially recognised at estimated amount where the consideration is probable and can be measured reliably. Where (i) the contingent consideration is not considered probable or cannot be reliably measured but subsequently becomes probable and measurable or (ii) contingent consideration previously measured is adjusted, the amounts are recognised as an adjustment to the cost of the business combination.

On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.

2.4. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.5. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	25% on reducing balance
Motor Vehicles	25% on reducing balance
Fixtures & Fittings	25% on reducing balance
Computer Equipment	25% on reducing balance

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Ironmarket Group Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 May 2025

2.6. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the group. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.7. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

2.8. Taxation

Income 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 profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Other Operating Income

	2025	2024
	£	£
Other operating income	16,963	2,851

	16,963	2,851

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Ironmarket Group Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 May 2025

4. Operating Profit

The operating profit is stated after charging:

	2025	2024
	£	£
Bad debts	5,327	5,910
Depreciation of tangible fixed assets	92,120	93,644

5. Auditor's Remuneration

Remuneration received by the group's auditors and their associates during the year was as follows:

	2025	2024
	£	£
Audit Services
Audit of the group and company's financial statements	13,748	6,925

6. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	2025	2024
	£	£
Wages and salaries	413,287	396,482
Social security costs	699	959
Other pension costs	170,747	74,427

	584,733	471,868

7. Average Number of Employees

Group

Average number of employees, including directors, during the year was as follows:

	2025	2024
Office and administration	17	16
Management	2	2

	19	18

Company

Average number of employees, including directors, during the year was: 1 (2024: 1)

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Ironmarket Group Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 May 2025

8. Director's remuneration

	2025	2024
	£	£
Emoluments	22,793	25,152
Company contributions to money purchase pension schemes	99,000	46,000

	121,793	71,152

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

	2025		2024
Money purchase pension schemes	2		2

9. Interest Receivable and Similar Income

	2025	2024
	£	£
Bank interest receivable	9,683	9,044
Other interest receivable	98	472

	9,781	9,516

10. Interest Payable and Similar Charges

	2025	2024
	£	£
Bank loans and overdrafts	15,456	13,965
Finance charges payable under finance leases and hire purchase contracts	14,544	11,230

	30,000	25,195

11. Tax on Profit

	Tax Rate		2025	2024
The tax charge on the profit for the year was as follows:
	2025	2024	£	£
Current tax
UK Corporation Tax	25.0%	25.0%	75,340	84,251
Deferred Tax
Deferred taxation			(18,363 )	4,168


Total tax charge for the period			56,977	88,419

...CONTINUED

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Ironmarket Group Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 May 2025

	2025	2024
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
	£	£
Profit before tax	358,167	360,524

Tax on profit at 25% (UK standard rate)	87,094	90,607
Goodwill/depreciation not allowed for tax	23,022	23,411
Expenses not deductible for tax purposes	9,248	9,425
Capital allowances	(12,280 )	(28,396 )
Research and Development tax credit	(28,244 )	(10,320 )
Group relief	(476 )	(476 )
Deferred tax from unrecognised timing difference from a prior period	(18,363 )	4,168
Rollover relief on profit on disposal of fixed assets	(3,024 )	-

Total tax charge for the period	56,977	88,419

12. Tangible Assets

Group

	Plant & Machinery	Motor Vehicles	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£	£
Cost
As at 1 June 2024	138,732	442,037	71,503	47,096	699,368
Additions	-	27,671	1,624	19,827	49,122
Disposals	-	(94,010 )	-	-	(94,010 )

As at 31 May 2025	138,732	375,698	73,127	66,923	654,480

Depreciation
As at 1 June 2024	67,200	198,882	43,626	29,455	339,163
Provided during the period	17,883	61,976	7,011	5,250	92,120
Disposals	-	(63,556 )	-	-	(63,556 )

As at 31 May 2025	85,083	197,302	50,637	34,705	367,727

Net Book Value
As at 31 May 2025	53,649	178,396	22,490	32,218	286,753

As at 1 June 2024	71,532	243,155	27,877	17,641	360,205

Company

The company had no tangible fixed assets as at 31 May 2025 or 31 May 2024.

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Ironmarket Group Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 May 2025

13. Investments

Company

	Subsidiaries
	£
Cost
As at 1 June 2024	154

As at 31 May 2025	154

Provision
As at 1 June 2024	-

As at 31 May 2025	-

Net Book Value
As at 31 May 2025	154

As at 1 June 2024	154

Subsidiaries

Details of the group's subsidiaries as at 31 May 2025 are as follows:

Name of undertaking	Registered Office	Class of shares held	Direct holding	Indirect holding
Ironmarket Limited	Unit 10 Brindley Court, Dalewood Road, Lymedale Business Park, Newcastle under Lyme, ST5 9QA	Ordinary	100.00%	-

The aggregate capital and reserves and the result for the year of the subsidiaries listed above was as follows:

14. Debtors

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Due within one year
Trade debtors	4,877	539	-	-
Other debtors	63,779	275,264	-	10,639

	68,656	275,803	-	10,639

15. Current Asset Investments

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Unlisted investments	107,694	96,000	107,694	96,000

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Ironmarket Group Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 May 2025

16. Creditors: Amounts Falling Due Within One Year

	Group
	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	80,671	53,007
Trade creditors	71,438	141,946
Bank loans and overdrafts	24,797	21,643
Other loans	22,540	20,900
Other creditors	73,693	25,050
Corporation tax	103,521	94,571
Taxation and social security	7,046	30,121
Accruals and deferred income	11,624	11,501

	395,330	398,739

17. Creditors: Amounts Falling Due After More Than One Year

	Group
	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	101,475	187,121
Bank loans	56,821	82,596
Other loans	20,005	38,317

	178,301	308,034

18. Loans

An analysis of the maturity of loans is given below:

	Group
	2025	2024
	£	£
Amounts falling due within one year or on demand:
Bank loans	24,797	21,643
Other loans	22,540	20,900

	47,337	42,543

	Group
	2025	2024
	£	£
Amounts falling due between one and five years:
Bank loans	56,821	82,596
Other loans	20,005	38,317

	76,826	120,913

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Ironmarket Group Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 May 2025

19. Obligations Under Finance Leases and Hire Purchase

	Group
	2025	2024
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	80,671	53,007
Later than one year and not later than five years	101,475	187,121

	182,146	240,128

	182,146	240,128

Hire purchase payments represent rentals payable by the company for certain motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments. Hire purchase contracts are secured on the assets to which they relate.

20. Deferred Taxation

The provision for deferred tax is made up as follows:

	2025	2024
	£	£
Other timing differences	71,688	90,051

21. Provisions for Liabilities

Group
	Deferred Tax	Total
	£	£
As at 1 June 2024	90,051	90,051
Deferred taxation	(18,363 )	(18,363 )

Balance at 31 May 2025	71,688	71,688

22. Share Capital

	2025	2024
Allotted, called up but not fully paid	£	£
10,701 Ordinary A shares of £ 0.01 each	107	107
2,567 Ordinary B shares of £ 0.01 each	26	26
900 Ordinary C shares of £ 0.01 each	9	9
1,232 Ordinary D shares of £ 0.01 each	12	12

	154	154

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Ironmarket Group Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 May 2025

23. Pension Commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.

During the year the charge to the profit and loss account in respect of defined contribution schemes was £170,747 (2024: £74,427).

At the balance sheet date contributions of £1,277 (2024: £1,176) were due to the fund and are included in creditors.

24. Dividends

	2025	2024
	£	£
On equity shares:
Final dividend paid	375,336	302,748

25. Controlling Parties

lronmarket Group Holdings Limited is regarded by the director as being the company's ultimate parent company.

Page 26