PERSONAS GROUP LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST MARCH 2025

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Statement of Comprehensive Income

9

Consolidated Balance Sheet

10

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

Notes to the Consolidated Financial Statements

17

DIRECTORS:

M J Evans

G R Parrish

Mrs J S Sutton

REGISTERED OFFICE:

Bicester Innovation Centre

110 Commerce House

Telford Road

Bicester

Oxfordshire

OX26 4LD

REGISTERED NUMBER:

10300839 (England and Wales)

AUDITORS:

HW Bedford Limited

First Floor, Woburn Court

2 Railton Road

Woburn Rd Ind Est

Kempston

Bedfordshire

MK42 7PN

The directors present their strategic report of the company and the group for the year ended 31st March 2025.

REVIEW OF BUSINESS

The principal activity of the group is recruitment agencies.

The directors' are satisfied with the performance of the group in the year despite tough economic conditions. The Group achieved £17.4m of turnover, a fall of £1.7m on the prior year total of £19.1m

The Groups key financial and other performance indicators during the year were as follows:

Gross profit percentage measured as a ratio of gross profit to total revenue generated: During the period the Group made a gross profit margin of 16.7% (2024: 19.9%).

PP Realisations 2024 Limited was liquidated in November 2024. The trade of that company was sold to Vibe Recruit Limited so the figures included in the consolidated accounts are comparable year on year.

Although the group continue to suffer losses before tax, they have reduced from £400k in 2024 to £225k. It should be highlighted that there were gains on the write off of intercompany loans and various assets and liabilities of PP Realisations 2024 Limited. The group continue to streamline the premises and head count to become more lean and this will have a positive effect on the results for 2025/26.

PRINCIPAL RISKS AND UNCERTAINTIES

The items listed below are considered by key management as the main risks to the operational and financial performance of the company:

Competition

There are many companies in the industry offering similar services, which makes the industry very competitive. The company looks to maintain strong relationships with clients and differentiate themselves from competitors.

Financial instrument risk

The company factors it's trade debtors which helps aid cash flow, however there are risks associated with the interest that is charged.

Staffing

The business is very dependent on the services delivered by the staff. Gaining access to highly skilled and motivated individuals is key to the success of the business.

Regulatory environment

In the recent period, the recruitment industry is governed by increasing levels of regulation, including more complex levels of compliance in their contractual arrangements.

ON BEHALF OF THE BOARD:

M J Evans - Director

29th December 2025

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

DIVIDENDS

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

DIRECTORS

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

M J Evans

G R Parrish

Mrs J S Sutton

ENGAGEMENT WITH EMPLOYEES

During the year , the policy of providing employees with information on the Group has been made available via internal media. Employees are provided with a platform to provide feedback.

Disabled employees are given the same opportunity with regards temporary or permanence recruitment. Any employee that is disabled in the line of employment are given opportunities to retrain.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, HW Bedford Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

M J Evans - Director

29th December 2025

Opinion

We have audited the financial statements of Personas Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st March 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31st March 2025 and of the group's 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 group 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

We draw attention to Note 2 in the financial statements, which indicates that the Group incurred a net loss of £227,400 during the year ended 31 March 2025, but this includes intercompany loan write offs and the write off of various assets and liabilities in PP Realisations 2024 Limited amounting to £282,779 . As stated in Note 2, these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the 's Group's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

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.

Our responsibilities and the 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 Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records 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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

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

- Identifying and assessing the controls management has in place to prevent and detect fraud;

- Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

- Challenging assumptions and judgments made by management in its significant accounting estimates and judgments.

- Identifying and testing journal entries, in particular journal entries posted with unusual account combinations; and

- Assessing the extent of compliance with the relevant laws and regulations.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusions.

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.

Alberto Di Lorenzo FCA (Senior Statutory Auditor)

for and on behalf of HW Bedford Limited

First Floor, Woburn Court

2 Railton Road

Woburn Rd Ind Est

Kempston

Bedfordshire

MK42 7PN

29th December 2025

TURNOVER

3

17,387,929

19,126,906

Cost of sales

14,486,281

15,324,108

GROSS PROFIT

2,901,648

3,802,798

Administrative expenses

3,152,797

4,192,744

(251,149

)

(389,946

)

Other operating income

33,305

-

OPERATING LOSS

5

(217,844

)

(389,946

)

Interest payable and similar expenses

7

8,000

9,845

LOSS BEFORE TAXATION

(225,844

)

(399,791

)

Tax on loss

8

1,556

(2,758

)

LOSS FOR THE FINANCIAL YEAR

(227,400

)

(397,033

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(227,400

)

(397,033

)

Loss attributable to:

Owners of the parent

(225,339

)

(350,521

)

Non-controlling interests

(2,061

)

(46,512

)

(227,400

)

(397,033

)

Total comprehensive income attributable to:

Owners of the parent

(231,311

)

(350,521

)

Non-controlling interests

3,911

(46,512

)

(227,400

)

(397,033

)

FIXED ASSETS

Intangible assets

10

10,842

33,163

Tangible assets

11

10,076

7,355

Investments

12

-

-

20,918

40,518

CURRENT ASSETS

Debtors

13

896,922

1,004,918

Cash at bank

65,549

111,087

962,471

1,116,005

CREDITORS

Amounts falling due within one year

14

1,386,945

1,673,421

NET CURRENT LIABILITIES

(424,474

)

(557,416

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(403,556

)

(516,898

)

CREDITORS

Amounts falling due after more than one year

15

(333,214

)

-

PROVISIONS FOR LIABILITIES

19

(2,519

)

(963

)

NET LIABILITIES

(739,289

)

(517,861

)

CAPITAL AND RESERVES

Called up share capital

20

200

200

Retained earnings

21

(739,489

)

(514,150

)

SHAREHOLDERS' FUNDS

(739,289

)

(513,950

)

NON-CONTROLLING INTERESTS

22

-

(3,911

)

TOTAL EQUITY

(739,289

)

(517,861

)

The financial statements were approved by the Board of Directors and authorised for issue on 29th December 2025 and were signed on its behalf by:

M J Evans - Director

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

-

-

Investments

12

91

91

91

91

CURRENT ASSETS

Debtors

13

162,738

166,808

CREDITORS

Amounts falling due within one year

14

162,629

166,699

NET CURRENT ASSETS

109

109

TOTAL ASSETS LESS CURRENT LIABILITIES

200

200

CAPITAL AND RESERVES

Called up share capital

20

200

200

SHAREHOLDERS' FUNDS

200

200

Company's profit for the financial year

-

-

The financial statements were approved by the Board of Directors and authorised for issue on 29th December 2025 and were signed on its behalf by:

M J Evans - Director

Called up

share

Retained

Non-controlling

Total

capital

earnings

Total

interests

equity

£

£

£

£

£

Balance at 1st April 2023

200

(163,629

)

(163,429

)

42,601

(120,828

)

Changes in equity

Total comprehensive income

-

(350,521

)

(350,521

)

(46,512

)

(397,033

)

Balance at 31st March 2024

200

(514,150

)

(513,950

)

(3,911

)

(517,861

)

Changes in equity

Total comprehensive income

-

(225,339

)

(225,339

)

3,911

(221,428

)

Balance at 31st March 2025

200

(739,489

)

(739,289

)

-

(739,289

)

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1st April 2023

200

-

200

Changes in equity

Balance at 31st March 2024

200

-

200

Changes in equity

Balance at 31st March 2025

200

-

200

Cash flows from operating activities

Cash generated from operations

1

(55,247

)

94,906

Interest paid

(8,000

)

(9,845

)

Tax paid

-

(21,114

)

Net cash from operating activities

(63,247

)

63,947

Cash flows from investing activities

Purchase of intangible fixed assets

(26,900

)

(35,000

)

Purchase of tangible fixed assets

(13,791

)

(10,498

)

Sale of intangible fixed assets

46,900

-

Sale of tangible fixed assets

3,500

-

Net cash from investing activities

9,709

(45,498

)

Cash flows from financing activities

New loans in year

8,000

8,000

Net cash from financing activities

8,000

8,000

(Decrease)/increase in cash and cash equivalents

(45,538

)

26,449

Cash and cash equivalents at beginning of year

2

111,087

84,638

Cash and cash equivalents at end of year

2

65,549

111,087

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

2025

2024

£

£

Loss before taxation

(225,844

)

(399,791

)

Depreciation charges

18,190

79,446

Impairment charges

(8,300

)

305,654

Write off Minority interest in the year

5,973

-

Finance costs

8,000

9,845

(201,981

)

(4,846

)

Decrease in trade and other debtors

107,996

37,095

Increase in trade and other creditors

38,738

62,657

Cash generated from operations

(55,247

)

94,906

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 31st March 2025

31/3/25

1/4/24

£

£

Cash and cash equivalents

65,549

111,087

Year ended 31st March 2024

31/3/24

1/4/23

£

£

Cash and cash equivalents

111,087

84,638

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

111,087

(45,538

)

65,549

111,087

(45,538

)

65,549

Debt

Debts falling due within 1 year

(146,629

)

(8,000

)

(154,629

)

(146,629

)

(8,000

)

(154,629

)

Total

(35,542

)

(53,538

)

(89,080

)

1.	STATUTORY INFORMATION

Personas Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General 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 presented in sterling which is the functional currency of the company and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Basis of consolidation

The group accounts consolidate the accounts of the subsidiary undertakings, including; PP Realisations 2024 Ltd, Personas Admin Support Services Limited and Vibe Recruit Limited. The results of subsidiaries acquired or sold are consolidated for the periods from or to the date on which control passed. Acquisitions are accounted for under the acquisition method with goodwill, representing any excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired, being amortised over the expected useful life.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the group's accounting policies, which are described above, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources.

Estimates and judgements are continually evaluated and are based on historical experience and other factors,including expectations of future events that are believed to be reasonable under the circumstances.

Critical judgements in applying the Company's accounting policies.

The directors do not consider there to be any critical accounting judgements that must be applied.

Key accounting estimates and assumptions

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The directors do not consider there to be any estimates or assumptions that have significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Turnover

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

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

Revenue arises from the placement of permanent and temporary candidates into employment. The temporary placements are recognised over the period the temporary workers are provided.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2018 and 2019, are being amortised evenly over their useful life of 10 years.

During 2024, the Goodwill was impaired to take into account the value of the trade in PP Realisations 2024 Ltd which was sold to Vibe Recruit Limited.

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.

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

-

straight line over 30 months and 5% on cost

Computer equipment

-

straight line over 18 months and 33% on cost

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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.

Going concern

At the balance sheet date the group had net current liabilities of £424,474 (2024: £557,416) and net liabilities of £739,289 (2024: £517,861). The largest external debt in the group is the Pay As You Earn creditor, which is predominately in Vibe Recruit Ltd. Since the year end an agreement has been reached with HM Revenue & Customs to pay the debt over monthly instalments finishing in 2028.

The group as a whole has been supported by the majority shareholder of the parent company, and will continue to do so for the for the foreseeable future.

Management is actively addressing the financial challenges and is implementing various strategic initiatives to improve profitability and liquidity. The ability of the company is to meet its financial obligations, fund ongoing operations, and regain profitability is contingent upon the successful execution of management's plans. If these initiatives are not successful or if unforeseen circumstances adversely affect the company's financial performance, it may be unable to generate sufficient cash flows to sustain operations.

3.

TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the group.

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

2025

2024

£

£

Temporary - healthcare

4,058,201

6,358,370

Permanent - healthcare

129,988

220,457

Temporary - commercial & other

11,935,114

11,969,026

Permanent - commercial & other

1,255,626

579,053

17,378,929

19,126,906

**TURNOVER ENTERED ON CLIENT SCREEN - CURRENT YEAR

17,378,929

**DOES NOT AGREE TO TURNOVER PER TRIAL BALANCE

17,387,929

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

16,529,924

17,910,808

Social security costs

8,639

10,254

16,538,563

17,921,062

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

2025

2024

Employees

539

680

The average number of employees by undertakings that were proportionately consolidated during the year was NIL (2024 - NIL).

2025

2024

£

£

Directors' remuneration

69,425

83,400

5.	OPERATING LOSS

The operating loss is stated after charging:

2025

2024

£

£

Depreciation - owned assets

8,316

17,237

Goodwill amortisation

9,875

62,208

Auditors' remuneration

16,180

20,660

6.	EXCEPTIONAL ITEMS

2025

2024

£

£

Exceptional items

282,779

134,489

The exceptional item is made up of the write down of certain liabilities as a result of the liquidation of PP Realisations 2024 Ltd in November 2024..

Write down of various assets and liabilities on liquidation

(£288.763

)

Write off minority interest balance on liquidation

£5,984

Total

(£282,779

)

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Interest on late tax payment

-

1,845

Interest payable

8,000

8,000

8,000

9,845

8.

TAXATION

Analysis of the tax charge/(credit)

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

2025

2024

£

£

Deferred tax

1,556

(2,758

)

Tax on loss

1,556

(2,758

)

UK corporation tax was charged at 25 %) in 2024.