REGISTERED NUMBER: 05280582 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

CORBEL PARTNERS LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

7

Other Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

14

DIRECTORS:

P Heath

D A O'Hara

A J Morrow

C Blythe

SECRETARY:

D A O'Hara

REGISTERED OFFICE:

750 Mandarin Court

Warrington

Cheshire

WA1 1GG

REGISTERED NUMBER:

05280582 (England and Wales)

AUDITORS:

Walker Begley UK Limited

207 Knutsford Road

Grappenhall

Warrington

Cheshire

WA4 2QL

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

REVIEW OF BUSINESS

The company operates in the Financial Services sector providing pensions and investment advice through its network of financial advisers. The company is regulated by the Financial Conduct Authority and provides the regulatory, administrative and training support for its members.

PRINCIPAL RISKS AND UNCERTAINTIES

The company uses conventional forms of working capital to finance its day to day activities and as such the figures appearing in the accounts reflect the absolute value of amounts recoverable and payable. The directors receive regular reports on these figures in order to manage the company's requirements.

The key risks for the company are:

- Regulatory risk: Changes in laws or failure to comply with regulatory requirements could impact operations or reputation;

- Market risk: Volatility in financial markets may affect assets under advice and revenues;

- Adviser recruitment and retention: The business depends on attracting and retaining high-quality independent advisers.

Given the straightforward nature of the business, the company's directors are of the opinion that the analysis using key performance indicators is not necessary for an understanding of the development, performance or position of the

company.

FUTURE DEVELOPMENTS

The Group intends to continue its growth strategy by expanding its network of independent financial advisers across the UK. Future plans include supporting the recruitment of new advisers, pursuing selective acquisitions of advice businesses, and enhancing the Group’s service offering through technology and compliance support.

ON BEHALF OF THE BOARD:

D A O'Hara - Director

23 December 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 a network of financial advisers.

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2025.

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.

P Heath

D A O'Hara

A J Morrow

Other changes in directors holding office are as follows:

C Blythe - appointed 24 October 2024

ENGAGEMENT WITH EMPLOYEES

The Group values the contributions of all its employees and seeks to maintain an open and supportive working environment. Staff are regularly engaged through team meetings, internal briefings, and feedback mechanisms, allowing their views to be considered in business decisions. The Company is committed to providing ongoing training and development opportunities to support employee growth and ensure high standards of service for advisers and clients alike.

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, Walker Begley UK Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

D A O'Hara - Director

23 December 2025

Opinion

We have audited the financial statements of Corbel Partners 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 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 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 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 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 Report of the Directors.

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 three, 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.

Our audit procedures are designed to provide reasonable assurance that the financial statements are free from material misstatement, whether due to fraud or error. This includes testing transactions and balances, reviewing the application of accounting policies, performing analytical checks, and evaluating the Company’s internal controls. While these procedures reduce the risk of undetected errors, they cannot provide absolute assurance.

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.

Kevin Begley (Senior Statutory Auditor)

for and on behalf of Walker Begley UK Limited

207 Knutsford Road

Grappenhall

Warrington

Cheshire

WA4 2QL

23 December 2025

TURNOVER

19,137,014

15,089,973

Cost of sales

14,387,569

11,016,299

GROSS PROFIT

4,749,445

4,073,674

Administrative expenses

4,306,576

3,641,967

OPERATING PROFIT

4

442,869

431,707

Interest receivable and similar income

18,239

10,539

461,108

442,246

Interest payable and similar expenses

5

242,830

162,462

PROFIT BEFORE TAXATION

218,278

279,784

Tax on profit

6

142,924

97,334

PROFIT FOR THE FINANCIAL YEAR

75,354

182,450

PROFIT FOR THE YEAR

75,354

182,450

OTHER COMPREHENSIVE INCOME

Purchase of own shares

(67,965

)

(129,870

)

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

(67,965

)

(129,870

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

7,389

52,580

FIXED ASSETS

Intangible assets

8

1,419,365

1,117,682

Tangible assets

9

23,298

29,459

Investments

10

3,004,189

1,670,487

4,446,852

2,817,628

CURRENT ASSETS

Debtors

11

3,097,941

1,797,429

Investments

12

-

330,792

Cash at bank and in hand

481,081

472,848

3,579,022

2,601,069

CREDITORS

Amounts falling due within one year

13

3,513,267

2,416,727

NET CURRENT ASSETS

65,755

184,342

TOTAL ASSETS LESS CURRENT LIABILITIES

4,512,607

3,001,970

CREDITORS

Amounts falling due after more than one year

14

(3,410,725

)

(1,842,361

)

PROVISIONS FOR LIABILITIES

17

(5,825

)

(68,115

)

NET ASSETS

1,096,057

1,091,494

CAPITAL AND RESERVES

Called up share capital

18

33,335

36,161

Capital redemption reserve

19

16,665

13,839

Fair value reserve

19

243,000

243,000

Retained earnings

19

803,057

798,494

SHAREHOLDERS' FUNDS

1,096,057

1,091,494

The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2025 and were signed on its behalf by:

D A O'Hara - Director

Called up

Capital

Fair

share

Retained

redemption

value

Total

capital

earnings

reserve

reserve

equity

£

£

£

£

£

Balance at 1 April 2023

41,561

995,314

8,439

243,000

1,288,314

Changes in equity

Issue of share capital

(5,400

)

-

-

-

(5,400

)

Dividends

-

(244,000

)

-

-

(244,000

)

Total comprehensive income

-

47,180

5,400

-

52,580

Balance at 31 March 2024

36,161

798,494

13,839

243,000

1,091,494

Changes in equity

Issue of share capital

(2,826

)

-

-

-

(2,826

)

Total comprehensive income

-

4,563

2,826

-

7,389

Balance at 31 March 2025

33,335

803,057

16,665

243,000

1,096,057

Cash flows from operating activities

Cash generated from operations

1

1,183,415

1,671,671

Interest paid

(242,830

)

(162,462

)

Tax paid

(433,292

)

(155,450

)

Net cash from operating activities

507,293

1,353,759

Cash flows from investing activities

Purchase of intangible fixed assets

(426,645

)

(1,159,606

)

Purchase of tangible fixed assets

(4,338

)

(11,923

)

Purchase of fixed asset investments

(1,002,910

)

(1,670,688

)

Interest received

18,239

10,539

Net cash from investing activities

(1,415,654

)

(2,831,678

)

Cash flows from financing activities

New loans in year

2,068,123

1,402,203

Loan repayments in year

(262,218

)

(88,497

)

Amount introduced by directors

430,910

156,467

Amount withdrawn by directors

(631,483

)

-

Share issue

(2,826

)

(5,400

)

Share buyback

(67,965

)

(129,870

)

Amounts paid to group undertakings

(605,364

)

123,959

Amounts received from associates

(12,583

)

84,799

Equity dividends paid

-

(244,000

)

Net cash from financing activities

916,594

1,299,661

Increase/(decrease) in cash and cash equivalents

8,233

(178,258

)

Cash and cash equivalents at beginning of year

2

472,848

651,106

Cash and cash equivalents at end of year

2

481,081

472,848

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

31/3/25

31/3/24

£

£

Profit before taxation

218,278

279,784

Depreciation charges

135,461

61,332

-

201

Finance costs

242,830

162,462

Finance income

(18,239

)

(10,539

)

578,330

493,240

Increase in trade and other debtors

(467,785

)

(313,001

)

Increase in trade and other creditors

1,072,870

1,491,432

Cash generated from operations

1,183,415

1,671,671

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2025

31/3/25

1/4/24

£

£

Cash and cash equivalents

481,081

472,848

Year ended 31 March 2024

31/3/24

1/4/23

£

£

Cash and cash equivalents

472,848

651,106

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1/4/24

Cash flow

At 31/3/25

£

£

£

Net cash

Cash at bank and in hand

472,848

8,233

481,081

472,848

8,233

481,081

Liquid resources

Current asset investments

330,792

(330,792

)

-

330,792

(330,792

)

-

Debt

Debts falling due within 1 year

(206,096

)

(244,338

)

(450,434

)

Debts falling due after 1 year

(1,228,751

)

(1,561,567

)

(2,790,318

)

(1,434,847

)

(1,805,905

)

(3,240,752

)

Total

(631,207

)

(2,128,464

)

(2,759,671

)

1.	STATUTORY INFORMATION

Corbel Partners 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.

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.

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2024, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

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

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

33% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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.

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.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

3.	EMPLOYEES AND DIRECTORS

31/3/25

31/3/24

£

£

Wages and salaries

1,723,026

1,482,651

Social security costs

180,499

155,174

Other pension costs

130,113

80,415

2,033,638

1,718,240

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

31/3/25

31/3/24

Management

4

4

Compliance

10

8

Administration and support

35

31

49

43

31/3/25

31/3/24

£

£

Directors' remuneration

459,033

353,200

Information regarding the highest paid director is as follows:

31/3/25

31/3/24

£

£

Emoluments etc

201,600

176,600

4.	OPERATING PROFIT

The operating profit is stated after charging:

31/3/25

31/3/24

£

£

Depreciation - owned assets

10,499

10,108

Goodwill amortisation

62,623

51,224

Computer software amortisation

62,339

-

Auditors' remuneration

13,500

-

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

31/3/25

31/3/24

£

£

Bank loan interest

216,117

162,169

Interest on late paid tax

26,713

293

242,830

162,462

6.

TAXATION

Analysis of the tax charge

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

31/3/25

31/3/24

£

£

Current tax:

UK corporation tax

(22,991

)

89,704

Prior year tax adjustments

228,205

-

Total current tax

205,214

89,704

Deferred tax

(62,290

)

7,630

Tax on profit

142,924

97,334

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

£

£

Profit before tax

218,278

279,784

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

54,570

69,946

Effects of:

Expenses not deductible for tax purposes

1,645

7,355

Depreciation in excess of capital allowances

32,781

12,403

Utilisation of tax losses

(89,957

)

-

Adjustments to tax charge in respect of previous periods

228,205

-

Research & Development credit

(21,655

)

-

Deferred tax

(62,290

)

7,630

Effect of marginal relief

(375

)

-

Total tax charge

142,924

97,334

Tax effects relating to effects of other comprehensive income

31/3/25

Gross

Tax

Net

£

£

£

Purchase of own shares

(67,965

)

-

(67,965

)

31/3/24

Gross

Tax

Net

£

£

£

Purchase of own shares

(129,870

)

-

(129,870

)