REGISTERED NUMBER: 11568303 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

HKNT GROUP LTD

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Consolidated Income Statement

9

Consolidated Other Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Cash Flow Statement

16

Notes to the Consolidated Cash Flow Statement

17

Notes to the Consolidated Financial Statements

19

DIRECTORS:

N P Taylor

Mrs K L Taylor

REGISTERED OFFICE:

Kings Chambers

Queens Cross

High Street

Dudley

West Midlands

DY1 1QT

REGISTERED NUMBER:

11568303 (England and Wales)

AUDITORS:

Saxon & Co Accountants Ltd

Statutory Auditors

Chartered Certified Accountants

Kings Chambers

Queens Cross

High Street

Dudley

West Midlands

DY1 1QT

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

REVIEW OF BUSINESS

The principal activity of the Group during the year continued to be that of recruitment services for the catering and hospitality sector. Other activities included retail and development of a french holiday park.

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

2025

2024

% Change

£

£

Turnover Sector Analysis:

Recruitment

13,225,414

13,413,747

Retail

16,440

46,976

Holiday Park

132,165

58,118

Group Turnover

13,374,019

13,518,841

-1%

Profit Sector Analysis:

Recruitment

522,690

615,016

Retail

(19,539

)

(37,146

)

Holiday Park

(2,342

)

(113,106

)

Group Profit

500,809

464,764

+8%

Group Shareholders funds

2,601,061

2,539,909

+2.5%

Industry data shows a significant decline in hospitality employment over the past year. UKHospitality reports that around 89,000 hospitality jobs have been lost since October 2024, representing more than half of total UK job losses. Parliamentary research shows that payrolled hospitality employees fell by around 110,000 in the year to mid-2025, and ONS figures indicate a decline of approximately 142,000 workers in accommodation and food services over the same period. This tightening labour market places pressure on operators but also highlights a clear opportunity for strong, well-structured recruitment businesses to differentiate through reliability, scale and service quality.

In this context, our strategic focus remains on increasing turnover and profitability by winning new customers, expanding into new markets and strengthening our core client relationships. We believe this is where Jubilee can outperform competitors as the sector continues to adjust.

To support this, we have invested significantly in building the infrastructure for sustained growth, including improved technology platforms, enhanced compliance and onboarding processes, strengthened account management capability, and diversification into new hospitality sub-sectors. These initiatives are designed to increase efficiency, improve candidate supply and ensure we are well positioned for long-term, stable growth despite ongoing market pressures.

Within our property investment business we acquired new freehold offices premises in London during the year and further freehold offices have been acquired in Birmingham since the year end.

We decided to close the retail business during the year because it was loss making and not a core focus of the group.

The development of the french holiday park continued during the year. Trading commenced in the onsite restaurant and income from holiday bookings increased.

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and execution of the group's strategy are subject to a number of risks including price, credit, competition and cash flow risks.

The key business risks and uncertainties are considered to be competition from other recruitment agencies and weakness of the UK economy and hospitality sector. Management has policies in place which are aimed to mitigate and manage these risks.

Price risk

Price risk is affected by supply and demand in the labour market but also by macro-economic factors, such as government policy. We manage this risk by focusing on streamlining and efficiency throughout the business to ensure we can remain competitive.

Credit risk

Credit risk is mitigated by management through a policy to constantly review trade debtors and their credit limits based on historical trends, credit checks and also credit insurance.

Cash flow risk

To manage cash flow and liquidity risk management actively manages cash flow and ensures that there is always sufficient levels of committed facilities, cash and cash equivalents to meet financial commitments when they fall due.

Competition risk

Management continues to focus on providing its customers with high quality and market leading service levels. It has built well established relationships with a wide network of customers and suppliers. As a consequence the directors believe that the group is well placed to successfully manage competition risk.

FUTURE DEVELOPMENTS

Since the year end, the operating environment for hospitality recruitment has remained challenging, shaped mainly by rising labour costs and continued sector contraction. The Government's previously announced increase in Employer National Insurance, effective from April 2025 and a substantial rise in NMW, adds further pressure to payroll-intensive industries such as hospitality. While the full impact cannot be precisely predicted, the constant speculation in the media around budgets has caused paralysis, we continue to position the business to manage these changes and reduced agency capacity across the sector.

Further refurbishment works and expansion of the holiday park is planned over the next 12 months.

ON BEHALF OF THE BOARD:

N P Taylor - Director

23 December 2025

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

DIVIDENDS

Interim dividends of £287,600 were paid during the year.

DIRECTORS

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

N P Taylor

Mrs K L Taylor

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, Saxon & Co Accountants Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

N P Taylor - Director

23 December 2025

Opinion

We have audited the financial statements of HKNT GROUP LTD (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Income Statement, Consolidated Other 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 31 March 2025 and of the group's profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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

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 group's and the parent 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 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:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks to obtain sufficient appropriate audit evidence on which to base our opinion.

To identify and assess risks of material misstatement in respect of irregularities, including fraud, we conduct general and specific risk assessment procedures which include considering:

- The nature of the entity and the industry in which it operates, business performance and the control environment.

- The laws and regulations applicable to the entity.

- Management's own assessment of the risk of fraud occurring and non-compliance with laws and regulations.

- The operating effectiveness of management's controls established to mitigate the risks of fraud or non-compliance with laws and regulations.

- Whether management know of any instances of fraud or non-compliance with laws and regulations.

We also hold an audit engagement team meeting to discuss how and where fraud might occur, if any opportunities and incentives may exist within the business and assess any potential indicators of fraud.

As a result of our procedures we identified direct laws and regulations applicable to the entity. Direct laws and regulations are those that effect the financial statements and indirect laws and regulations are those that may be central to the entity's ability to operate. The direct laws and regulations identified are the Companies Act, UK GAAP, UK Tax and Employment Legislation. We did not identify any indirect laws and regulations that are considered to be material.

Our response to the risks identified include:

- Reviewing the financial statement disclosures and testing supporting documentation.

- Enquiring of management concerning actual or potential litigation claims.

- Performing analytical procedures to identify any unusual or unexpected variances that may be indicators of material misstatement due to fraud.

- Assessing the risk of management override of controls and bias by testing the appropriateness of journal entries and estimates within the financial statements.

- Obtaining an understanding of related parties and evaluating related party transactions and any significant transactions outside the normal course of business.

We also communicate the requirement to maintain professional skepticism to all members of the engagement team and ensure they are aware of relevant identified laws and regulations, related parties and potential fraud risks and remain alert to any indicators of fraud or non-compliance with laws and regulations throughout the audit.

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.

Matthew Saxon (Senior Statutory Auditor)

for and on behalf of Saxon & Co Accountants Ltd

Statutory Auditors

Chartered Certified Accountants

Kings Chambers

Queens Cross

High Street

Dudley

West Midlands

DY1 1QT

23 December 2025

TURNOVER

3

13,374,019

13,518,841

Cost of sales

10,558,560

10,865,441

GROSS PROFIT

2,815,459

2,653,400

Administrative expenses

2,328,347

2,188,807

487,112

464,593

Other operating income

13,112

-

OPERATING PROFIT

5

500,224

464,593

Interest receivable and similar income

585

852

500,809

465,445

Interest payable and similar expenses

6

-

681

PROFIT BEFORE TAXATION

500,809

464,764

Tax on profit

7

137,140

152,533

PROFIT FOR THE FINANCIAL YEAR

363,669

312,231

Profit attributable to:

Owners of the parent

363,692

313,362

Non-controlling interests

(23

)

(1,131

)

363,669

312,231

PROFIT FOR THE YEAR

363,669

312,231

OTHER COMPREHENSIVE INCOME

Foreign exchange gains/losses

(14,823

)

(31

)

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

(14,823

)

(31

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

348,846

312,200

Total comprehensive income attributable to:

Owners of the parent

348,870

313,331

Non-controlling interests

(24

)

(1,131

)

348,846

312,200

FIXED ASSETS

Intangible assets

10

35,517

39,518

Tangible assets

11

1,255,688

576,246

Investments

12

-

-

1,291,205

615,764

CURRENT ASSETS

Stocks

13

147,689

103,681

Debtors

14

2,336,980

2,516,330

Cash at bank and in hand

671,957

586,797

3,156,626

3,206,808

CREDITORS

Amounts falling due within one year

15

1,426,083

1,262,562

NET CURRENT ASSETS

1,730,543

1,944,246

TOTAL ASSETS LESS CURRENT LIABILITIES

3,021,748

2,560,010

CREDITORS

Amounts falling due after more than one year

16

(403,200

)

-

PROVISIONS FOR LIABILITIES

20

(17,487

)

(20,101

)

NET ASSETS

2,601,061

2,539,909

CAPITAL AND RESERVES

Called up share capital

21

4

4

Other reserves

22

(10,335

)

4,488

Retained earnings

22

2,610,462

2,534,370

SHAREHOLDERS' FUNDS

2,600,131

2,538,862

NON-CONTROLLING INTERESTS

23

930

1,047

TOTAL EQUITY

2,601,061

2,539,909

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

N P Taylor - Director

Mrs K L Taylor - Director

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

-

-

Investments

12

5

20,104

5

20,104

CURRENT ASSETS

Debtors

14

1,897,232

1,141,560

Cash at bank

69,555

18,831

1,966,787

1,160,391

CREDITORS

Amounts falling due within one year

15

89,522

55,076

NET CURRENT ASSETS

1,877,265

1,105,315

TOTAL ASSETS LESS CURRENT LIABILITIES

1,877,270

1,125,419

CAPITAL AND RESERVES

Called up share capital

21

4

4

Retained earnings

22

1,877,266

1,125,415

SHAREHOLDERS' FUNDS

1,877,270

1,125,419

Company's profit for the financial year

1,039,451

316,384

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

N P Taylor - Director

Called up

share

Retained

Other

capital

earnings

reserves

£

£

£

Balance at 1 April 2023

4

2,393,008

4,519

Changes in equity

Dividends

-

(172,000

)

-

Total comprehensive income

-

313,362

(31

)

Balance at 31 March 2024

4

2,534,370

4,488

Changes in equity

Dividends

-

(287,600

)

-

Total comprehensive income

-

363,692

(14,823

)

Balance at 31 March 2025

4

2,610,462

(10,335

)

Non-controlling

Total

Total

interests

equity

£

£

£

Balance at 1 April 2023

2,397,531

2,178

2,399,709

Changes in equity

Dividends

(172,000

)

-

(172,000

)

Total comprehensive income

313,331

(1,131

)

312,200

Balance at 31 March 2024

2,538,862

1,047

2,539,909

Changes in equity

Dividends

(287,600

)

-

(287,600

)

Total comprehensive income

348,869

(24

)

348,845

Balance at 31 March 2025

2,600,131

1,023

2,601,154

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

4

981,031

981,035

Changes in equity

Dividends

-

(172,000

)

(172,000

)

Total comprehensive income

-

316,384

316,384

Balance at 31 March 2024

4

1,125,415

1,125,419

Changes in equity

Dividends

-

(287,600

)

(287,600

)

Total comprehensive income

-

1,039,451

1,039,451

Balance at 31 March 2025

4

1,877,266

1,877,270

Cash flows from operating activities

Cash generated from operations

1

765,826

623,971

Interest paid

-

(681

)

Tax paid

(103,511

)

(275,076

)

Foreign exchange

-

(11,455

)

Net cash from operating activities

662,315

336,759

Cash flows from investing activities

Purchase of tangible fixed assets

(752,611

)

(70,221

)

Interest received

585

852

Net cash from investing activities

(752,026

)

(69,369

)

Cash flows from financing activities

New loans in year

420,000

-

Loan repayments in year

-

(34,023

)

Amount introduced by directors

42,471

-

Amount withdrawn by directors

-

(20,018

)

Equity dividends paid

(287,600

)

(172,000

)

Net cash from financing activities

174,871

(226,041

)

Increase in cash and cash equivalents

85,160

41,349

Cash and cash equivalents at beginning of year

2

586,797

545,448

Cash and cash equivalents at end of year

2

671,957

586,797

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

2025

2024

£

£

Profit before taxation

500,809

464,764

Depreciation charges

63,723

60,076

Loss on disposal of fixed assets

899

1,577

Goodwill impairment

-

7,500

Foreign exchange

(2,368

)

11,455

Finance costs

-

681

Finance income

(585

)

(852

)

562,478

545,201

(Increase)/decrease in stocks

(44,008

)

9,695

Decrease in trade and other debtors

143,779

19,764

Increase in trade and other creditors

103,577

49,311

Cash generated from operations

765,826

623,971

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

671,957

586,797

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

586,797

545,448

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank and in hand

586,797

85,160

671,957

586,797

85,160

671,957

Debt

Debts falling due within 1 year

-

(16,800

)

(16,800

)

Debts falling due after 1 year

-

(403,200

)

(403,200

)

-

(420,000

)

(420,000

)

Total

586,797

(334,840

)

251,957