REGISTERED NUMBER: 05121869 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

THE PEOPLE GROUP LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

10

Other Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Notes to the Financial Statements

14

DIRECTORS:

K J McNeela

C Moffatt

REGISTERED OFFICE:

3rd Floor

69 Wilson Street

London

EC2A 2BB

REGISTERED NUMBER:

05121869 (England and Wales)

AUDITORS:

Oury Clark Chartered Accountants

Statutory Auditors

Herschel House

58 Herschel Street

Slough

Berkshire

SL1 1PG

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

REVIEW OF BUSINESS

The principal activity of the company is to provide recruitment consultancy services. The services include full executive search, contingency and contract recruitment across all geographies and disciplines.

During the financial year ended 31 March 2025, the company provided services amounting to £67,480k (2024: £68,084k). The company reported a profit before tax of £1,803k (2024: £2,213k), maintaining a satisfactory gross profit margin. The directors consider the financial results for the year and the company's position at the end of the reporting period to be satisfactory and are confident that the company remains well-positioned within its market sectors.

The current financial KPIs the company monitors are summarised below.

2025

2024

Turnover

£67.5 million

£68.1 million

Turnover movement

£1 million decrease

£6.4 million increase

Gross profit margin

6.03%

6.58%

Profit before tax %

2.67%

3.25%

PRINCIPAL RISKS AND UNCERTAINTIES

The company has established risk management and internal control processes for the identification, assessment and management of strategic, operational, financial and compliance risks likely to affect the achievement of the company's corporate and strategic objectives.

The board has overall responsibility for the company's risk management process. Day to day management of risk is performed by the board who are accountable for the risk mitigation activities. The management process is subject to ongoing review, which aims to ensure the process is effective and promotes management ownership of risk.

The board of directors sets out the financial risk policies that are implemented by the finance department. The Board considers that the financial risks do not pose a major threat to the company.

FINANCIAL AND NON-FINANCIAL KEY PERFORMANCE INDICATORS

Both income and profit before tax are measured as part of the company's key performance indicators in addition to average margin and the volume of new work orders.

In addition to the financial key performance indicators, management and the directors also monitor certain non-financial key performance indicators at the company level including employee satisfaction and retention.

The directors are satisfied with the company's performance.

MODERN SLAVERY ACT

The company has taken action to comply with the regulations of the Modern Slavery Act 2015.

ON BEHALF OF THE BOARD:

C Moffatt - Director

15 December 2025

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

DIVIDENDS

The directors recommend no final dividend be paid.

The total distribution of dividends for the year ended 31 March 2025 will be £6,225k (2024: £nil).

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

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

K J McNeela

C Moffatt

Other changes in directors holding office are as follows:

S Rushton - resigned 26 April 2024

M Gumienny - resigned 26 April 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

-	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, Oury Clark Chartered Accountants, are deemed to be re-appointed under Section 487 (2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:

C Moffatt - Director

15 December 2025

Opinion

We have audited the financial statements of The People Group 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 and 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 and one day 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 Report of the Directors, 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 inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be misstated. If we identify such inconsistencies or apparent 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 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

Matters on which we are required to report by exception

In light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any matters in the Strategic Report or the Report of the Directors that are inconsistent with our overall view of the financial statements.

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 four, 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:

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.

Identifying and assessing potential irregularities, including fraud

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

Considering the nature of the industry, sector, control environment and current business activities, including possible performance targets and subsequent remuneration.

Enquiring of management concerning policies and procedures relating to:

1. Complying with laws and regulations and whether there were any instances of non-compliance;

2. Mitigating, detecting and responding to fraud risk and whether there has been any actual or possible instances of fraud.

Discussing within the engagement team regarding how and where fraud may occur in the financial statements along with the possible indicators of fraud. We identified the following areas most likely to be susceptible to fraud:

1. Management override;

2. Revenue recognition.

Discussing with the engagement team, the legal and regulatory framework in which the company operates and in particular those which would have an impact on the financial statements. The key laws and regulations considered were the Companies Act 2006, UK tax legislation and UK employment law.

Audit response to the risks identified

As noted above, we identified management override and revenue recognition as the matters that would most likely be susceptible to fraud. Our procedures to respond to these risks included the following:

1. Reviewing all journals posted during the year and the nominal ledger and investigating large or unusual transactions;

2. Reviewing a sample of timesheets to ensure work done has been invoiced appropriately and any work performed in FY2025 has been recognised, and to perform cut-off testing to ensure revenue has been recognised in the correct period.

Further, we also identified compliance with the Companies Act 2006, UK tax legislation and UK employment law as being key areas where there may be possible non-compliance. Our procedures to respond to these risks included the following:

1. Review the disclosures in the financial statements through completion of a disclosure checklist and testing disclosures to supporting documentation to assess compliance with the Companies Act 2006;

2. Review the corporation tax return to ensure it complies with UK tax legislation and completion of our detailed corporation tax checklist;

3. Safeguard review of financial statements by a qualified accountant independent of the audit team;

4. Safeguard review of corporation tax computations by a person qualified as a Chartered Tax Advisor or equivalent, independent of the audit team;

5. Checking a sample of compliance with right to work checks and reviewed legal fees for indications of material issues arising out of non-compliance with employment law.

The above matters and identified laws and regulations and potential fraud risks were communicated to all engagement team members, in order to enable the team to have the ability to identify such risks. The whole team remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in the audit procedures described above and the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment.

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.

Ian Phipps (Senior Statutory Auditor)

for and on behalf of Oury Clark Chartered Accountants

Statutory Auditors

Herschel House

58 Herschel Street

Slough

Berkshire

SL1 1PG

16 December 2025

TURNOVER

3

67,480

68,084

Cost of sales

63,414

63,607

GROSS PROFIT

4,066

4,477

Administrative expenses

2,219

2,274

1,847

2,203

Other operating income

-

19

OPERATING PROFIT

5

1,847

2,222

Interest payable and similar expenses

6

44

9

PROFIT BEFORE TAXATION

1,803

2,213

Tax on profit

7

495

573

PROFIT FOR THE FINANCIAL YEAR

1,308

1,640

PROFIT FOR THE YEAR

1,308

1,640

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,308

1,640

FIXED ASSETS

Tangible assets

9

46

35

CURRENT ASSETS

Debtors

10

7,691

7,262

Cash at bank

504

4,080

8,195

11,342

CREDITORS

Amounts falling due within one year

11

6,406

4,704

NET CURRENT ASSETS

1,789

6,638

TOTAL ASSETS LESS CURRENT LIABILITIES

1,835

6,673

PROVISIONS FOR LIABILITIES

14

79

-

NET ASSETS

1,756

6,673

CAPITAL AND RESERVES

Called up share capital

15

1

1

Retained earnings

16

1,755

6,672

SHAREHOLDERS' FUNDS

1,756

6,673

The financial statements were approved by the Board of Directors and authorised for issue on 15 December 2025 and were signed on its behalf by:

C Moffatt - Director

Called up

share

Retained

Total

capital

earnings

equity

£'000

£'000

£'000

Balance at 1 April 2023

1

5,032

5,033

Changes in equity

Total comprehensive income

-

1,640

1,640

Balance at 31 March 2024

1

6,672

6,673

Changes in equity

Dividends

-

(6,225

)

(6,225

)

Total comprehensive income

-

1,308

1,308

Balance at 31 March 2025

1

1,755

1,756

1.	STATUTORY INFORMATION

The People Group 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 company trades at the same address.

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.

Going concern

Having considered the financial position of the company, the directors have continued to adopt the going concern basis in preparing these financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Related party exemption

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

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover

Turnover represents services sold on a mark-up basis according to a pre agreed contractual rate. Turnover is recognised as work is completed and is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

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

Computer equipment: - 25% on cost

Fixtures and fittings: - 10% on cost

Financial instruments

Financial assets and financial liabilities are recognised in the company’s balance sheet when the company becomes a party to the contractual provisions of the relevant instrument, and derecognised when it ceases to be a party to such provisions.

Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through the statement of total comprehensive income are recognised immediately in profit or loss.

Financial assets

The company classifies its financial assets into the categories, discussed below, due to the purpose for which the asset was acquired. The company has not classified any of its financial assets as held to maturity.

Loans and receivables

These assets are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They arise principally through the provision of services to customers (e.g. trade debtors), but also incorporate other types of contractual monetary asset. They are initially recognised at fair value, including transaction costs that are directly attributable to their acquisition or issue, and are subsequently carried at amortised cost.

The company’s loans and receivables consist of trade and other debtors and prepayments included within the balance sheet. Cash and bank balances include cash held at bank and cash on hand.

For certain categories of financial asset, such as trade debtors, assets that are assessed not to be impaired individually are, in addition, assessed for impairment on a collective basis. Objective evidence of impairment for a portfolio of receivables includes the company’s past experience of collecting payments.

Financial liabilities and equity

Debt and equity instruments are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangement.

Equity instruments

An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Ordinary shares are classified as equity; ordinary shares issued by the company are recognised at the proceeds received, net of direct issue costs.

Financial liabilities

Borrowings are initially recognised at fair value net of any directly attributable transaction costs. These interest-bearing liabilities are subsequently measured at amortised cost using the effective interest method, with the interest expense charged at a constant rate on the outstanding 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.

3.

TURNOVER

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

The principal activity includes services relating to construction, property and engineering recruitment specialists.

4.	EMPLOYEES AND DIRECTORS

31.3.25

31.3.24

£'000

£'000

Wages and salaries

1,987

1,954

Social security costs

234

219

Other pension costs

51

37

2,272

2,210

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

31.3.25

31.3.24

Administration

9

2

Consultants

18

19

Directors

2

3

29

24

31.3.25

31.3.24

£

£

Directors' remuneration

429,656

594,677

Information regarding the highest paid director is as follows:

31.3.25

31.3.24

£

£

Emoluments etc

206,584

226,489

5.	OPERATING PROFIT

The operating profit is stated after charging:

31.3.25

31.3.24

£'000

£'000

Other operating leases

248

214

Depreciation - owned assets

15

11

Loss on disposal of fixed assets

2

-

Auditors' remuneration

26

23

Foreign exchange differences

7

16

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.3.25

31.3.24

£'000

£'000

Other interest paid

-

9

Interest payable

44

-

44

9

7.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

31.3.25

31.3.24

£'000

£'000

Current tax:

UK corporation tax

452

573

Group relief payment

43

-

Tax on profit

495

573

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.3.25

31.3.24

£'000

£'000

Profit before tax

1,803

2,213

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

451

553

Effects of:

Expenses not deductible for tax purposes

49

21

Income not taxable for tax purposes

(1

)

-

Capital allowances in excess of depreciation

(4

)

(2

)

Change in deferred tax rate

-

1

Total tax charge

495

573

8.

DIVIDENDS

31.3.25

31.3.24

£'000

£'000

Ordinary shares of £1 each

Interim dividend

6,225

-

9.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£'000

£'000

£'000

COST

At 1 April 2024

2

50

52

Additions

3

25

28

Disposals

(2

)

-

(2

)

At 31 March 2025

3

75

78

DEPRECIATION

At 1 April 2024

-

17

17

Charge for year

-

15

15

At 31 March 2025

-

32

32

NET BOOK VALUE

At 31 March 2025

3

43

46

At 31 March 2024

2

33

35

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£'000

£'000

Trade debtors

3,485

4,401

Amounts owed by group undertakings

3,362

1,574

Other debtors

41

106

Directors' loan accounts

10

290

Prepayments and accrued income

793

891

7,691

7,262

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£'000

£'000

Trade creditors

3,408

2,409

Tax

451

570

Social security and other taxes

146

68

VAT

519

488

Other creditors

1,181

86

Accruals and deferred income

701

1,083

6,406

4,704

12.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.3.25

31.3.24

£'000

£'000

Within one year

273

4

Between one and five years

320

-

593

4

13.	SECURED DEBTS

In April 2024, a fixed and floating charge over the assets of the company was registered in respect of an invoice discounting facility provided to the company by Barclays Bank PLC. Subsequent to the year end, this charge was satisfied in full and two new fixed and floating charges were registered against the company's assets in July 2025. These charges relate to a new invoice discounting facility provided to the company by Natwest Bank PLC and RBS Invoice Finance Limited.

14.	PROVISIONS FOR LIABILITIES

31.3.25

31.3.24

£'000

£'000

Other provisions

79

-

15.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.25

31.3.24

value:

£

£

950

Ordinary

£1

950

950

Ordinary shares carry full and equal rights to participate in all circumstances and in dividends and capital distributions, whether on a winding up or otherwise. The shares are not redeemable.

16.

RESERVES

Retained

earnings

£'000

At 1 April 2024

6,672

Profit for the year

1,308

Dividends

(6,225

)

At 31 March 2025

1,755

17.	PENSION COMMITMENTS

During the year, the company made pension contributions of £51k (2024: £37k). As at the year end there were pensions unpaid of £12k (2024: £7k).

18.	ULTIMATE PARENT COMPANY

As at 31 March 2025, People Group (TopCo) Limited, a company incorporated at 3rd Floor, 69 Wilson Street, London, England, EC2A 2BB, is regarded by the directors as being the company's ultimate parent company.

The smallest and largest group to prepare consolidated accounts is headed up by People Group (TopCo) Limited. Consolidated accounts are publicly available.

19.	POST BALANCE SHEET EVENTS

On 14 July 2025, the company entered into a loan agreement with NatWest Bank PLC for £750,000. The loan is personally guaranteed by the company directors C Moffatt and K J McNeela. The loan is also secured by way of a debenture granted by the company.

20.	ULTIMATE CONTROLLING PARTY

As at 31 March 2025, the ultimate controlling party was C Moffatt