REGISTERED NUMBER: 08922443 (England and Wales)

Benchmark Mineral Intelligence Limited

Strategic Report, Report of the Directors and

Financial Statements For The Year Ended 31 December 2024

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Statement of Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Notes to the Financial Statements

11

DIRECTORS:

S D Moores

A J Miller

SECRETARY:

O Olufunwa

REGISTERED OFFICE:

2-4 Idol Lane

London

Greater London

EC3R 5DD

REGISTERED NUMBER:

08922443 (England and Wales)

AUDITORS:

Kingswood Allotts Limited, Statutory Auditor

Chartered Accountants

Sidings Court

Lakeside

Doncaster

South Yorkshire

DN4 5NU

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

The principal activity of Benchmark Mineral Intelligence Limited ("BMI") is the provision of market pricing, supply chain data, forecasting, and strategic advisory services for the technologies underpinning the global energy transition.

BMI continues to serve as the Group's core operating entity and remains the industry's reference provider for IOSCO-audited price assessments and market intelligence across lithium, critical minerals, battery components, and electric vehicle (EV) supply chains.

The company's primary revenue continues to be derived from subscription services, which are deeply embedded in client workflows and decision-making processes across the value chain - from mining and finance to manufacturing and policy.

Secondary revenue streams are generated from Benchmark's global events platform and bespoke consultancy work.

For the year ended 31 December 2024, BMI delivered revenues of £16.3 million (2023: £16.4 million), representing a year-on-year decrease of 0.25%.

EBITDA before exceptional items was -£5.1 million (2023: £0.7 million). The company recorded a net loss for the year, reflecting a deliberate step-up in operational investment. During 2024, BMI expanded its product development efforts, increased headcount in key functions, and advanced its technology infrastructure - all aligned with its long-term strategy to scale delivery and enhance data capabilities ahead of the next phase of growth.

A notable development during the year was the acquisition - by Benchmark's parent company, Benchmark Intelligence Group Limited - of Rho Publishing and Consulting Ltd ("Rho Motion"), a complementary data provider focused on downstream EV, battery, and energy storage markets. While Rho operates independently, integration efforts at the Group level have created early-stage commercial and operational synergies.

In the second half of the year, BMI implemented targeted cost optimisation measures as part of the Group's broader efficiency initiatives. These actions were primarily linked to the integration of Rho Motion's and Benchmark's research teams under BMI, enabling greater operational efficiency and capturing early synergies from the Group's expanded research operations - all while maintaining alignment with long-term growth objectives.

Notwithstanding, the Board acknowledges that 2025 will see lower growth within the commodities, battery, automotive and government sectors that Benchmark operates in.

PRINCIPAL RISKS AND UNCERTAINTIES

The company continues to manage a range of commercial, financial, and operational risks relevant to its role in a fast-evolving sector. BMI operates in a high-growth, innovation-led environment where client budgets are influenced by shifting policy landscapes, capital expenditure cycles, and volatility in commodity markets. Sustaining high-quality delivery also depends on retaining key personnel, particularly specialist analysts, technologists, and commercial leaders, who are critical to the business's data integrity and client success.

As the company scales its digital infrastructure and expands its delivery model, ensuring data and platform resilience has become increasingly important. Cybersecurity, system performance, and strong data governance are central to maintaining client trust. In parallel, compliance remains a core priority. As an IOSCO Type 2-assured price reporting agency, BMI is subject to high regulatory expectations, requiring robust internal controls, transparent methodologies, and auditable processes.

To address these risks, the company has continued to invest in platform automation and security, broadened its subscription revenue base through cross-sell and client diversification, and strengthened its senior leadership capabilities. Risk management is supported by a clear governance framework and regular oversight at Board level, alongside close and continuous engagement with clients and policymakers to ensure alignment with sector developments.

FUTURE DEVELOPMENTS

The Board acknowledges that trading conditions through 2025 have remained challenging. However, looking ahead to 2026, the company expects continued strength in subscription revenue, supported by product innovation and broader adoption across adjacent client segments.

The events and consultancy businesses are expected to remain more cyclical, but continue to serve as high-impact channels for brand visibility, thought leadership, and relationship development.

BMI continues to invest in data quality, automation, and digital delivery to scale efficiently and meet the growing demand for actionable, high-integrity supply chain intelligence.

The buildout of the senior management team continued throughout 2024, reinforcing execution capability and improving cross-functional alignment.

The company maintained an active role in global discourse on the energy transition - participating in government consultations, industry summits, and advisory engagements with leading stakeholders across mining, finance, and industrial sectors.

The Board believes BMI remains well-positioned to grow sustainably as the energy transition accelerates and industry reliance on contract-grade data intensifies.

ON BEHALF OF THE BOARD:

S D Moores - Director

22 December 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

DIRECTOR

S D Moores held office during the whole of the period from 1 January 2024 to the date of this report.

Other changes in directors holding office are as follows:

A J Miller was appointed as a director after 31 December 2024 but prior to the date of this report.

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.

ON BEHALF OF THE BOARD:

S D Moores - Director

22 December 2025

Opinion

We have audited the financial statements of Benchmark Mineral Intelligence Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of 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 December 2024 and of its 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 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 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.

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.

-

the engagement partner ensured that the engagement team collectively had the appropriate competence,

-

capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

-

we identified the laws and regulations applicable to the company through discussions with directors and

-

other management, and from our commercial knowledge and experience of the sector;

-

we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, anti-bribery, employment, environmental, and health and safety legislation;

-

we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

-

identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

-

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

-

considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

-

performed analytical procedures to identify any unusual or unexpected relationships;

-

tested journal entries to identify unusual transactions;

-

assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

-

investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

-

agreeing financial statement disclosures to underlying supporting documentation;

-

inspecting legal documentation for indications of non-compliance with laws and regulations; and

-

enquiring of management as to actual and potential litigation and claims.

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.

Mark Garrison BCom FCA DChA (Senior Statutory Auditor)

for and on behalf of Kingswood Allotts Limited, Statutory Auditor

Chartered Accountants

Sidings Court

Lakeside

Doncaster

South Yorkshire

DN4 5NU

23 December 2025

TURNOVER

3

16,314,178

16,354,518

Cost of sales

7,184,980

5,049,563

GROSS PROFIT

9,129,198

11,304,955

Administrative expenses

14,319,486

10,671,596

(5,190,288

)

633,359

Other operating income

332

-

OPERATING (LOSS)/PROFIT

5

(5,189,956

)

633,359

Exceptional item

6

103,902

955,050

(5,293,858

)

(321,691

)

Interest receivable and similar income

7

38,147

12,917

(5,255,711

)

(308,774

)

Interest payable and similar expenses

8

268,743

-

LOSS BEFORE TAXATION

(5,524,454

)

(308,774

)

Tax on loss

9

(71,762

)

193,649

LOSS FOR THE FINANCIAL YEAR

(5,452,692

)

(502,423

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(5,452,692

)

(502,423

)

FIXED ASSETS

Tangible assets

11

216,351

193,609

CURRENT ASSETS

Debtors

12

9,184,885

4,661,009

Cash at bank

2,164,666

5,085,225

11,349,551

9,746,234

CREDITORS

Amounts falling due within one year

13

8,724,630

6,923,340

NET CURRENT ASSETS

2,624,921

2,822,894

TOTAL ASSETS LESS CURRENT LIABILITIES

2,841,272

3,016,503

CREDITORS

Amounts falling due after more than one year

14

5,277,461

-

NET (LIABILITIES)/ASSETS

(2,436,189

)

3,016,503

CAPITAL AND RESERVES

Called up share capital

17

100

100

Retained earnings

18

(2,436,289

)

3,016,403

SHAREHOLDERS' FUNDS

(2,436,189

)

3,016,503

The financial statements were approved by the Board of Directors and authorised for issue on 22 December 2025 and were signed on its behalf by:

S D Moores - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

100

3,588,826

3,588,926

Changes in equity

Dividends

-

(70,000

)

(70,000

)

Total comprehensive income

-

(502,423

)

(502,423

)

Balance at 31 December 2023

100

3,016,403

3,016,503

Changes in equity

Total comprehensive income

-

(5,452,692

)

(5,452,692

)

Balance at 31 December 2024

100

(2,436,289

)

(2,436,189

)

1.	STATUTORY INFORMATION

Benchmark Mineral Intelligence 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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The principal accounting policies adopted are set out below.

Going Concern

The directors acknowledge the loss for the year and the deficit on reserves at the year end. The business has been adversely affected by macroeconomic and geopolitical factors that have delayed the expected growth of the business. The company will report a loss for 2025. Operational cash flows have been affected as the business built for scale throughout 2024.

Acknowledging these factors, the Board and Group Board have taken steps in 2025 to strengthen the company and group's financial position and improve operating performance, by reducing the cost base of the company and group. During 2025, the group has secured ongoing financial support from the holding company's shareholders totalling £10.6m to provide additional working capital funding while these initiatives take effect, and to settle group deferred liabilities due in January 2025. A director has made a commitment to provide further capital funding to settle a group deferred liability of £4m due in January 2026 and to cover operating shortfalls should the need arise. The group continues to have no third-party debt.

The company and group have produced detailed profit and cash flow forecasts for the year ending 31 December 2026, considering a range of outcomes. The outcome based on the most conservative assumptions shows that the company and group have sufficient operating funds.

Based on these mitigating actions, the directors do not believe that a material uncertainty casting significant doubt upon the company's ability to continue as a going concern exists.

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Therefore, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions 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;

•

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

•

the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23;

•

the requirement of paragraph 33.7.

Preparation of consolidated financial statements.

The financial statements of the company are consolidated in the financial statements of Benchmark Intelligence Group Limited. These consolidated financial statements are available from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

-

the amount of revenue can be measured reliably;

-

it is probable that the company will receive the consideration due under the contract;

-

the stage of completion of the contract at the end of the reporting period can be measured reliably; and

-

the costs incurred and the costs to complete the contract can be measured reliably.

The services provided by the company to the lithium ion batteries and rare earth elements industry include subscriptions, consultancy and events.

Revenue from subscriptions is recognised on a straight line basis over the subscription period.

Revenue from consultancy services is recognised in line with the delivery of the associated work.

Revenue from events is recognised at the time of hosting the respective event.

All sales are made with credit terms. The element of financing is deemed immaterial and disregarded in the measure of turnover.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the following rates:

Fixtures and fittings

25% straight line

Computers

25% straight line

Motor vehicles

25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Website and software development costs

Costs associated with web development or software development are not capitalised and expenses as incurred. These include expenses incurred both internally and through third party providers.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Retirement benefits

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Share based payments

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

Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Revenue recognition

The recognition of revenue relating to subscriptions and consultancy services requires management judgment to determine the appropriate basis of recognition over the subscription period or project timeline respectively. Material changes in these estimates could affect the overall amounts recognised on individual contracts.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Carrying value of trade debtors

Allowance for doubtful debt and provisions against trade debtors are made on a specific basis, based on estimates of recoverability determined by market knowledge and past experience.

Carrying value of deferred tax asset

Deferred tax assets are reviewed at each reporting date. In considering their recoverability, the company assesses the likelihood of their being recovered within a reasonably foreseeable timeframe, being typically a minimum of two years, taking into account the future expected profit profile.

3.

TURNOVER

The turnover and loss before taxation are attributable to the principal activities of the company.

An analysis of turnover by class of business is given below:

2024

2023

£

£

Subscriptions

10,982,896

9,830,697

Events

3,324,098

3,652,470

Consultancy

2,007,184

2,871,351

16,314,178

16,354,518

An analysis of turnover by geographical market is given below:

2024

2023

£

£

United Kingdom

1,468,311

2,173,868

Rest of World

14,845,867

14,180,650

16,314,178

16,354,518

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

8,960,897

5,764,920

Social security costs

1,038,096

772,929

Other pension costs

302,121

183,865

10,301,114

6,721,714

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

2024

2023

Directors

1

1

Sales and Operations

105

62

Admin

21

20

127

83

2024

2023

£

£

Director's remuneration

350,000

350,000

Director's pension contributions to money purchase schemes

8,250

11,220

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

Money purchase schemes

1

1

Information regarding the highest paid director is as follows:

2024

2023

£

£

Emoluments etc

350,000

350,000

Pension contributions to money purchase schemes

8,250

11,220

5.	OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging:

2024

2023

£

£

Depreciation - owned assets

71,161

29,825

Loss on disposal of fixed assets

6,965

-

Auditors' remuneration

36,500

30,000

Foreign exchange differences

50,381

30,775

6.	EXCEPTIONAL ITEMS

2024

2023

£

£

Expenditure

Amounts written off related party loans

103,902

955,050

103,902

955,050

7.

INTEREST RECEIVABLE AND SIMILAR INCOME

2024

2023

£

£

Deposit account interest

38,147

1,334

Other interest received

-

11,583

38,147

12,917

8.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Interest payable

596

-

Directors' loan interest

268,147

-

268,743

-

9.

TAXATION

Analysis of the tax (credit)/charge

The tax (credit)/charge on the loss for the year was as follows:

2024

2023

£

£

Current tax:

UK corporation tax

-

223,755

Adjustment for earlier years

(71,762

)

(30,106

)

Tax on loss

(71,762

)

193,649

UK corporation tax has been charged at 25% .

Reconciliation of total tax (credit)/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:

2024

2023

£

£

Loss before tax

(5,524,454

)

(308,774

)

Loss multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.520%)

(1,381,114

)

(72,624

)

Effects of:

Expenses not deductible for tax purposes

80,023

308,110

Capital allowances in excess of depreciation

(5,721

)

(11,731

)

Adjustments to tax charge in respect of previous periods

(71,762

)

(30,106

)

Expenses not deductible for tax purposes - short term timing differences

103,434

-

Deferred tax asset unrecognised

1,203,378

-

Total tax (credit)/charge

(71,762

)

193,649