REGISTERED NUMBER: 07090618 (England and Wales)

COMPASS ASSOCIATES LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of Income and Retained Earnings

9

Balance Sheet

10

Notes to the Financial Statements

11

DIRECTORS:

S A Leighton-Smith

M R Jeffreys

C B Russell

H R F Elphick

REGISTERED OFFICE:

Compass House

8A High Street

Cosham

Portsmouth

Hampshire

PO6 3BZ

REGISTERED NUMBER:

07090618 (England and Wales)

SENIOR STATUTORY AUDITOR:

Tom Young FCA

INDEPENDENT AUDITORS:

Hopper Williams & Bell Limited

Statutory Auditor

Highland House

Mayflower Close

Chandler's Ford

Eastleigh

Hampshire

SO53 4AR

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

Business Review

Trading as Compass Associates Limited ("CA" or the "Company") Compass Recruitment Solutions ("CRS") is an award-winning recruitment solutions business focussed on companies and investors across the health, care, education and life sciences markets in the UK and increasingly internationally.

Operating under the Compass Carter Osborne ("CCO"), Compass Associates, and Carrot Recruitment ("CP") brands, it provides a full, integrated service offering from retained senior executive search through to contingent recruitment of permanent personnel, with coverage across C-suite, management, commercial, clinical, and back-office appointments.

The business has an established track record of differentiating itself through superior knowledge of its sectors, which enables its consultants to identify strong candidate pools, fill vacancies and cross sell services between search and recruitment. This combined with a high-touch service enables it to deliver best in class recruitment for its clients and candidates - we deliver solutions, we build relationships and we are dedicated.

CRS is an award-winning company, including Health Investor's Recruiter of the Year Award having been winners in 2024, 2023, 2021, 2019 and 2017, HealthInvestor's, Search Firm of the Year award in both 2022 and 2024 and of Laing Buisson's Recruiter Award 2019. The Company also continued to build its brands through thought leadership content, roundtables, conference attendance, and as a strategic partner to the European Healthcare Investor Association, the largest association of private capital providers investing in healthcare companies in Europe.

Investment by Cow Corner

CAs holding company, Compass Recruitment Solutions ("CRS") continued investment from Cow Corner Investing, has enabled the company to accelerate organic and inorganic growth to build scale in the health, care, education and life science sectors under the CRS house of brands. In May 2024, CRS completed the strategic acquisition of Carter Schwartz, a leading Executive Search boutique, and merging it with Compass Executives to form Compass Carter Osborne. Further to this, in September 2025, CRS completed the acquisition of Consult Search which adds to our life science offering in medical technologies in both the UK and Internationally. Strategically this complements Carrot Recruitment.

People

Our aim is to empower our staff to dream bigger, reach higher, and make their ambitions a reality. To do this, they must deliver excellent levels of customer service and consistently exceed expectations when working with client partners. Our people are at the heart of how we achieve this, supported by a strong internal culture and a successful employee retention programme.

Our Gold accreditation with Investors in People reflects that we remain an employer of choice, with long tenure and ordinarily low levels of turnover for the sector. The Company is an equal opportunities employer and is committed to diversity and inclusion in the workplace. Cultural Intelligence and Environmental, Social and Governance policies are well established across the business, driving awareness and education about a variety of initiatives, together with opportunities for all employees to play an active role in the Charity & Community Committee. Our focus on ensuring that women within the company are inspired to thrive and fulfil ambitions continues to be successfully facilitated through internal initiatives.

In addition, we have invested significantly in employee development and training to future-proof our workforce. This includes upskilling teams in AI and automation to ensure they remain at the forefront of recruitment technology. Our partnership supports leadership development and equips consultants with advanced skills in specialist recruitment practices. We also successfully launched our mentorship programme, providing direct access to senior leadership guidance and fostering a culture of learning and collaboration across the business.

FINANCIAL PERFORMANCE

Market conditions were challenging across the general staffing market as widely reported in the press. Despite revenues declining slightly we continued to see growth in our retained offering via Compass Carter Osborne, the C-suite search brand for the investor backed community, with a large number of high-profile clients generating repeat revenue. We have gained considerable market share across the LTM.

Key Performance Indicators (KPI's)

The year was one of purposeful investment and foundation setting for the next 5 years and beyond. We deployed significant funding into AI and automation, websites and continued expansion into the US to enhance diversification through new geographies, together with enhanced training across the group to enable agile trading across sectors to facilitate allocation of resources appropriately. Additionally, we invested significant Capex into our facilities and IT infrastructure, future proofing against potential cyber threats that have plagued many CRM based businesses of late.

The company maintained a strong cash position and a healthy balance sheet position for the year ended 31 March 2025. Operating costs included a number of one-off exceptional costs (mentioned above) in the year ended 31 March 2025 including deal fees, new website, expansion costs and technology.

PRINCIPAL RISKS AND UNCERTAINTIES

The Company is highly diversified by client, seniority of appointment and sub market, so the principal risk and uncertainties relate to liquidity. Economic uncertainty and challenging market conditions continue across the UK and more widely across the world, which may result in lower levels confidence resulting in delays in client decision making and candidates being more reluctant to accept offers. Additional to this is the general lack and declining levels of vacancies.

Liquidity risks are managed by ensuring an effective credit control process, careful consideration of working capital requirements and future financial forecasts.

Future Prospects and Outlook

The Company remains focussed on organic and acquisitive growth in the markets we operate in. Future M&A targets will be those with a temporary / contract offering that offers new shape to our revenue generation.

The Board continually reviews its budget, forecasts and cash position and believes the Company has adequate resources to continue in operational existence for the period ending 31 March 2026.

The directors are confident the Company will continue to drive strong performance in its business and enhance our offerings to our clients.

The directors are not aware, at the date of this report, of any likely major changes in the Company's activities in the next year.

ON BEHALF OF THE BOARD:

S A Leighton-Smith - Director

24 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 recruitment services.

DIVIDENDS

Dividends were distributed during the year ended 31 March 2025 totalling £4,133,120 (2024: £Nil).

FUTURE DEVELOPMENTS

Information in respect of the company's future developments has been included within the strategic report.

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.

S A Leighton-Smith

M R Jeffreys

C B Russell

H R F Elphick

CHARITABLE DONATIONS AND EXPENDITURE

Charitable donations in the year totalled £3,810 (2024: £2,432).

RISK MANAGEMENT

The activities of the business expose it to a number of financial risks including liquidity risk. The controls in place to mitigate these risks are detailed within the strategic 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.

AUDITORS

The auditors, Hopper Williams & Bell Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

S A Leighton-Smith - Director

24 December 2025

Opinion

We have audited the financial statements of Compass Associates Limited (the 'company') for the year ended 31 March 2025 which comprise the Statement of Income and Retained Earnings, Balance Sheet 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 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. Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities even though the audit has been properly planned and performed in accordance with the ISAs (UK).

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

- We obtained an understanding of the legal and regulatory frameworks that are applicable to the company, and the industry in which it operates. These include but are not limited to compliance with the Companies Act 2006, UK Generally Accepted Accounting Practice and the relevant tax compliance regulations for the company.

- We obtained an understanding of how the company is complying with these frameworks through discussions with management.

- We enquired with management whether there were any instances of non-compliance with laws and regulations or whether they had knowledge of actual or suspected fraud. These enquiries are corroborated through follow-up audit procedures including but not limited to a review of legal and professional costs and correspondence.

- We assessed the susceptibility of the company;s financial statements to material misstatement, including the risk of fraud and management override of controls. We designed our audit procedures to respond to this assessment, including the identification and testing of any related party transactions and the testing of journal transactions that arise from management estimates, that are determined to be of significant value or unusual in their nature.

- We assessed the appropriateness of the collective competence and capabilities of the engagement team, including consideration nf of the engagement team's knowledge and understanding of the industry in which the company operates in, and their practical experience through training and participation with audit engagements of a similar nature.

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.

Tom Young FCA (Senior Statutory Auditor)

for and on behalf of Hopper Williams & Bell Limited

Statutory Auditor

Highland House

Mayflower Close

Chandler's Ford

Eastleigh

Hampshire

SO53 4AR

24 December 2025

TURNOVER

6,579,229

9,121,065

Cost of sales

(5,466,457

)

(5,580,381

)

GROSS PROFIT

1,112,772

3,540,684

Administrative expenses

(2,574,828

)

(2,327,356

)

(1,462,056

)

1,213,328

Other operating income

411,588

214,336

OPERATING (LOSS)/PROFIT

4

(1,050,468

)

1,427,664

Interest receivable and similar income

466

19,231

(1,050,002

)

1,446,895

Interest payable and similar expenses

6

(43,666

)

-

(LOSS)/PROFIT BEFORE TAXATION

(1,093,668

)

1,446,895

Tax on (loss)/profit

7

436,573

(361,380

)

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(657,095

)

1,085,515

Retained earnings at beginning of year

6,727,733

5,642,218

Dividends

8

(4,133,120

)

-

RETAINED EARNINGS AT END OF YEAR

1,937,518

6,727,733

FIXED ASSETS

Tangible assets

9

198,045

219,181

CURRENT ASSETS

Debtors

10

3,360,901

7,504,675

Cash at bank

359,231

483,793

3,720,132

7,988,468

CREDITORS

Amounts falling due within one year

11

(1,980,649

)

(1,435,735

)

NET CURRENT ASSETS

1,739,483

6,552,733

TOTAL ASSETS LESS CURRENT LIABILITIES

1,937,528

6,771,914

PROVISIONS FOR LIABILITIES

14

-

(44,171

)

NET ASSETS

1,937,528

6,727,743

CAPITAL AND RESERVES

Called up share capital

15

10

10

Retained earnings

16

1,937,518

6,727,733

SHAREHOLDERS' FUNDS

1,937,528

6,727,743

The financial statements were approved by the Board of Directors and authorised for issue on 24 December 2025 and were signed on its behalf by:

S A Leighton-Smith - Director

1.	STATUTORY INFORMATION

Compass Associates 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 "The Financial Reporting Standards applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006, including the provisions of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.

The accounts have been prepared to 31 March 2025 due to the weekly target structure which created a 5/4/4 reporting matrix Monday to Sunday. This is used within the recruitment industry and other sectors to which targets were set in a similar way.

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 £1.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. For contingent placements, turnover is recognised when the candidate commences employment. For retained placements, turnover is recognised once the services commence across three stages; retainer, shortlist and contract signature. Rebates are recognised at a sliding scale of the recruitment fee if a placement leaves employment within three months.

Tangible fixed assets

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

Leasehold improvements

-

25% Reducing balance

Office Furniture & Equipment

-

Straight line over 3 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in the income statement.

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.

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.

Operating lease agreements

Rentals payable on operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Financial assets

The Company has elected to apply the provision of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, which include trade and other receivables 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 financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Financial liabilities

Basic financial liabilities which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Equity instruments

Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct issue costs. Dividend's payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

4,776,343

5,012,949

Social security costs

525,579

531,523

Other pension costs

91,986

85,673

5,393,908

5,630,145

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

2025

2024

Directors

4

4

Administration and sales

101

108

105

112

The total remuneration paid to directors in the year totalled £360,000 (2024: £360,000).

The highest paid director received remuneration of £121,687 (2024: £121,687).

There were no contributions to the director's defined contribution pension schemes in 2025 and 2024 financial year.

4.	OPERATING (LOSS)/PROFIT

The operating loss (2024 - operating profit) is stated after charging:

2025

2024

£

£

Depreciation - owned assets

71,843

82,106

Auditors' remuneration

25,243

23,500

Foreign exchange differences

2,061

3,318

Operating leases

496,054

474,185

5.	EXCEPTIONAL ITEMS

2025

2024

£

£

Intercompany loan written off

37,258

-

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Interest on PAYE/VAT

40,920

-

Corporation Tax interest

2,746

-

43,666

-

7.

TAXATION

Analysis of the tax (credit)/charge

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

2025

2024

£

£

Current tax:

UK corporation tax

-

370,670

Prior year over provision

(194,213

)

-

Losses incurred carried back

(176,457

)

-

Total current tax

(370,670

)

370,670

Deferred tax

(65,903

)

(9,290

)

Tax on (loss)/profit

(436,573

)

361,380

UK corporation tax has been charged at 25% (2024 - 25%).

Reconciliation of total tax (credit)/charge included in profit and loss

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

2025

2024

£

£

(Loss)/profit before tax

(1,093,668

)

1,446,895

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

(273,417

)

361,724

Effects of:

Expenses not deductible for tax purposes

31,058

53,975

Adjustments to tax charge in respect of previous periods

(194,214

)

-

Group relief

-

(54,319

)

Total tax (credit)/charge

(436,573

)

361,380

8.

DIVIDENDS

2025

2024

£

£

Ordinary shares of £0.0001 each

Interim

4,133,120

-

9.	TANGIBLE FIXED ASSETS

Office

Leasehold

Furniture &

improvements

Equipment

Totals

£

£

£

COST

At 1 April 2024

545,813

91,036

636,849

Additions

-

50,707

50,707

Disposals

-

(1,750

)

(1,750

)

At 31 March 2025

545,813

139,993

685,806

DEPRECIATION

At 1 April 2024

362,291

55,377

417,668

Charge for year

45,879

25,964

71,843

Eliminated on disposal

-

(1,750

)

(1,750

)

At 31 March 2025

408,170

79,591

487,761

NET BOOK VALUE

At 31 March 2025

137,643

60,402

198,045

At 31 March 2024

183,522

35,659

219,181

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

788,667

1,452,747

Amounts owed by group undertakings

2,194,624

5,615,191

Other debtors

42,658

69,767

Tax

176,457

154,174

Deferred tax asset

21,732

-

Prepayments and accrued income

136,763

212,796

3,360,901

7,504,675

Amounts owed by group undertakings are interest free and repayable on demand.

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

233,027

108,318

Amounts owed to group undertakings

330,006

219,749

Tax

-

158,432

Social security and other taxes

422,224

256,263

VAT

356,019

350,729

Other creditors

133,491

148,792

Directors' current accounts

195,000

-

Accruals and deferred income

310,882

193,452

1,980,649

1,435,735

Amounts owed to group undertakings are interest free and repayable on demand.

12.	LEASING AGREEMENTS

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

2025

2024

£

£

Within one year

374,389

335,406

Between one and five years

750,036

619,662

1,124,425

955,068

13.	SECURED DEBTS

Shawbrook Bank Limited provided a bank loan to Compass Associates Limited parent company, Compass Recruitment Solutions Limited, dated 19 May 2023. The loan was refinanced with Barclays Bank UK PLC on 14 January 2025. The loan is secured by fixed and floating charges over the group's assets.

14.	PROVISIONS FOR LIABILITIES

2024

£

Deferred tax

44,171

Deferred tax

£

Balance at 1 April 2024

44,171

Decelerated capital allowances

(2,628

)

Corporation tax losses c/fwd

(63,275

)

Balance at 31 March 2025

(21,732

)

15.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

100,000

Ordinary

£0.0001

10

10

3,000

Ordinary B

£0.0001

-

-

10

10

Ordinary shares hold voting rights, are entitled to dividends and a distribution arising from winding up the company.

Ordinary B shares hold no voting rights however are entitled to receive a dividend and a distribution arising from winding up the company.

16.

RESERVES

Retained

earnings

£

At 1 April 2024

6,727,733

Deficit for the year

(657,095

)

Dividends

(4,133,120

)

At 31 March 2025

1,937,518

17.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

The pension cost charge to the profit and loss for the year in respect of defined contributions payable by the company amounted to £91,986 (2024: £85,673).

Contributions totalling £Nil (2024: £18,000) were payable to the scheme at the year-end and are included within other creditors.