REGISTERED NUMBER: 06351885

Strategic Report, Report of the Director and

Audited Financial Statements for the Year Ended 31 March 2025

for

AVANCE CONSULTING (EUROPE) LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Director

3

Report of the Independent Auditors

4

Income Statement

7

Other Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Notes to the Financial Statements

11

DIRECTOR:

MR P M Dudhe

REGISTERED OFFICE:

Office No 301C

8 Duncannon Street London

London

WC2N 4JF

REGISTERED NUMBER:

06351885

AUDITORS:

Brayan and Spencer Associates Limited

56 Guildford Street

Chertsey

England

KT16 9BE

The director presents his strategic report for the year ended 31st March 2025.

Avance Consulting is a global leader in innovative talent solutions for diverse industries. Since 2007, we have been serving nearly a third of Fortune 500 companies and most of the top 100 technology companies worldwide.

We understand the local markets and cultures and tailor our services to meet the needs of our clients. Our clients value our flexibility and agility, which enable us to deliver high-quality results at any scale across the globe.

REVIEW OF BUSINESS

Since 2007, we have built leading businesses in attractive structural growth markets such as Technology. We are market leaders in the UK, EUROPE and having steady growth in USA and have our footprints in APAC as well, all of which present long-term growth opportunities, despite their relative maturity.

The revenue decline in FY24-25 reflects structural and cyclical challenges across the UK and European staffing markets, particularly within IT and technology-led hiring. Prolonged economic uncertainty, inflationary pressure, and higher interest rates led to (1) Hiring freezes and delayed recruitment decisions (2) Budget tightening across large enterprise clients. And also the IT sector slowdown was one of the primary drivers.

GOING CONCERN

The Financial statements have been prepared on a going concern basis which assumes the company will continue to be able to meet its liabilities as they fall due for the foreseeable future. The company has sufficient working capital funding to continue to support the company for the period of at least twelve (12) months after the date of signing of these accounts.

Principal risks and uncertainties - Since we handle the staffing requirements of various industries across the globe, our risks and uncertainties depend upon the market conditions.

FUTURE DEVELOPMENTS AND STRATEGY

Avance has strong and long-term business relationships with top IT and other industry clients which makes us to hold comfortable position in the market. We position as a partner in workforce optimisation, not just a staffing vendor. Also we focus to shift from volume-driven sales to solution-led selling.

While the near-term market remains cautious, early signs of stabilisation are visible across UK and European hiring markets. With Improved client collaboration, Focused sales execution and Strong delivery discipline. Our business is well-positioned to stabilize revenues in the next 6-9 months and restore margins gradually over the next 12-18 months as hiring confidence returns.

KEY PERFORMANCE INDICATORS

The director asses the performance of the business using a variety of key performance indicators, including the measurement of turnover, and profits and liquid funds.

The company delivered the following for the year.

Turnover £23,915,015 (2024 :34,043,639)

Gross Profit % of 1.4% (2024: 4.2%)

Profit before taxation £ 37,397 (2024 : £56,197)

Cash at Bank £ 1,949,369 (2023: £3,064,009)

ON BEHALF OF THE BOARD:

Mr P Dudhe - Director

30 December 2025

The director presents his report with the financial statements of the company for the year ended 31 March 2025.

DIVIDENDS

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

DIRECTOR

MR P M Dudhe held office during the whole of the period from 1 April 2024 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he 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, Brayan and Spencer Associates Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr P Dudhe - Director

30 December 2025

Opinion

We have audited the financial statements of AVANCE CONSULTING (EUROPE) LIMITED (the 'company') for the year ended 31 March 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Director 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 Director 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 Director.

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 director's remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has 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-compliances with law and regulation. We designed 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.

As part of our planning of the audit work required we obtained an understanding of the legal and regulatory framework that are applicable to entity via enquires of the company management, carried out analytical procedures, held discussions with engagement team and using the knowledge of the sector determined that the most significant laws and regulation are those that relate to:

Health and Safety regulations

Employment law including right to work in UK

Data protection laws (GDPR)

UK Tax legislation

We also consider those laws and regulations that have a direct impact on the preparation of financial statements such as FRS 102 an the companies Act 2006.

Based on the results of our risk assessments we designed our audit procedures to identify non-compliance with the laws and regulations and fraud risks identified. This included enquires with management to understand their policies and procedures for compliances with those regulations and we completed the following tests.

Obtained an understanding of relevant controls

Reviewed the company's risk assessment, procedures and systems

Checked sample of documentation

We also assessed the risks of material misstatement in respect of fraud as follows:

Revenue fraud

Management override of controls

Related party transactions

Based on the result of our risk assessment we designed our audit procedures to identify and address material misstatements in relation to fraud. This included risk of management bias and the risk of making inappropriate accounting entries.

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.

Patanjali Sharma (Senior Statutory Auditor)

for and on behalf of Brayan and Spencer Associates Limited

56 Guildford Street

Chertsey

England

KT16 9BE

31 December 2025

TURNOVER

23,915,015

34,043,639

Cost of sales

(23,585,113

)

(32,584,945

)

GROSS PROFIT

329,902

1,458,694

Administrative expenses

(1,147,131

)

(1,412,600

)

(817,229

)

46,094

Other operating income

811,221

-

OPERATING (LOSS)/PROFIT

4

(6,008

)

46,094

Interest receivable and similar income

43,405

10,103

PROFIT BEFORE TAXATION

37,397

56,197

Tax on profit

5

-

118,010

PROFIT FOR THE FINANCIAL YEAR

37,397

174,207

PROFIT FOR THE YEAR

37,397

174,207

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

37,397

174,207

FIXED ASSETS

Intangible assets

6

15,664

20,886

Tangible assets

7

-

-

Investments

8

103,743

103,641

119,407

124,527

CURRENT ASSETS

Debtors

9

4,510,458

6,473,226

Investments

10

187,453

-

Cash at bank

1,949,369

3,064,009

6,647,280

9,537,235

CREDITORS

Amounts falling due within one year

11

2,233,034

5,165,506

NET CURRENT ASSETS

4,414,246

4,371,729

TOTAL ASSETS LESS CURRENT LIABILITIES

4,533,653

4,496,256

CAPITAL AND RESERVES

Called up share capital

12

100

100

Retained earnings

13

4,533,553

4,496,156

SHAREHOLDERS' FUNDS

4,533,653

4,496,256

The financial statements were approved by the director and authorised for issue on 30 December 2025 and were signed by:

Mr P Dudhe - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

100

4,321,949

4,322,049

Changes in equity

Total comprehensive income

-

174,207

174,207

Balance at 31 March 2024

100

4,496,156

4,496,256

Changes in equity

Total comprehensive income

-

37,397

37,397

Balance at 31 March 2025

100

4,533,553

4,533,653

1.	STATUTORY INFORMATION

AVANCE CONSULTING (EUROPE) LIMITED is a private company, limited by shares , registered in Not specified/Other. 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.

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 requirement of paragraph 3.17(d);

•

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 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;

•

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

•

the requirements of paragraphs 29.28(b) and 29.29;

•

the requirement of paragraph 33.7;

•

the requirements of paragraph 24(b) of IFRS 6.

This information is included in the consolidated financial statements of Wisestep Holdings as at 31st March 2025 and these financial statements may be obtained from Parent company registered address Les Cascades building, Edith Cavell street, Port Louis, 11324, Mauritius.

Turnover

Turnover companies revenue recogonised by the company in respect of services supplied during the year, exclusive of Value Added Tax and trade discounts.

Intangible assets

Intangible assets acquired separately from a business are recogonised at cost and are subsequently measured from goodwill less accumulated amortisation and accumulated ammortisation.

Ammortisation is required so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases.

Computer software Over 5 year straight line

Tangible fixed assets

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

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment in subsidiaries is measured at cost less impairment until a reliable measure of fair value becomes available. In the parent company financial statements, investment in subsidiaries, associates and jointly controlled entities are initially measured and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3.	EMPLOYEES AND DIRECTORS

31.3.25

31.3.24

£

£

Wages and salaries

721,989

929,783

Social security costs

91,745

100,733

Other pension costs

18,765

23,065

832,499

1,053,581

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

31.3.25

31.3.24

Administration

7

10

31.3.25

31.3.24

£

£

Director's remuneration

198,000

246,665

4.	OPERATING (LOSS)/PROFIT

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

31.3.25

31.3.24

£

£

Other operating leases

53,433

49,199

Computer software amortisation

5,222

5,222

Auditor remuneration

11,880

7,091

Foreign exchange differences

9,303

17,839

5.

TAXATION

Analysis of the tax credit

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

31.3.25

31.3.24

£

£

Current tax:

UK corporation tax

-

8,107

Tax credits

-

(126,117

)

Tax on profit

-

(118,010

)

6.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 1 April 2024

and 31 March 2025

26,108

AMORTISATION

At 1 April 2024

5,222

Amortisation for year

5,222

At 31 March 2025

10,444

NET BOOK VALUE

At 31 March 2025

15,664

At 31 March 2024

20,886

7.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 April 2024

and 31 March 2025

3,262

DEPRECIATION

At 1 April 2024

and 31 March 2025

3,262

NET BOOK VALUE

At 31 March 2025

-

At 31 March 2024

-

8.	FIXED ASSET INVESTMENTS

Shares in

group

Unlisted

undertakings

investments

Totals

£

£

£

COST

At 1 April 2024

-

103,641

103,641

Additions

102

-

102

Reclassification/transfer

103,641

(103,641

)

-

At 31 March 2025

103,743

-

103,743

NET BOOK VALUE

At 31 March 2025

103,743

-

103,743

At 31 March 2024

-

103,641

103,641

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade debtors

2,993,677

6,224,161

Other debtors

1,449,080

233,665

TDS receivable

10,952

10,952

Prepayments

56,749

4,448

4,510,458

6,473,226

10.	CURRENT ASSET INVESTMENTS

31.3.25

31.3.24

£

£

Other

187,453

-

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade creditors

1,980,083

5,027,362

Tax

98

8,161

Social security and other taxes

19,714

24,247

VAT

32,092

73,851

Other creditors

194,646

14,924

pension payable

(5,479

)

2,785

Accrued expenses

11,880

14,176

2,233,034

5,165,506

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.25

31.3.24

value:

£

£

100

ordinary shares

1

100

100

13.

RESERVES

Retained

earnings

£

At 1 April 2024

4,496,156

Profit for the year

37,397

At 31 March 2025

4,533,553

14.	RELATED PARTY TRANSACTION

The year end balances in Trade Debtors of Avance Consulting Europe LTD, includes balances with related parties.

Avance Consulting SP z.o.o £237,818

PamGro LTD £222,583

Talent Spectra Sweden AB £210,000

Avance Technology Services Inc £200,000

Avance Consulting Gmbh £144,792

Avance Consulting S.R.O £90,000

Avance Consulting Services PTY LTD £76,565

Avance Consulting B.V £7,687.73

Northill Partners LTD £10,000

The year end balances in Trade Creditors of Avance Consulting Europe LTD, includes balances with related parties

PamGro LTD £825,328

Avance Consulting India £572,575

Pravin M Dudhe is a director in all above companies. He is a sole director in Avance Consulting Europe LTD.

15.	CONTROLLING PARTY

The Ultimate parent undertaking and controlling party is Wisestep Holdings , a company registered in Mauritius, by virtue of its 100% shareholding of the ordinary share capital of Avance Consulting Europe LTD. Copies of Wisestep Holding statutory accounts can be obtained from the company's registered address office at Les Cascades Building, Edith Cavell street, Port Louis, 11324, Mauritius.

16.	LOAN TO RELATED PARTIES

Included in other debtors, company has given loan to other group companies. The interest is chargeable 9% per annum and loans are repayable on demand.

Avance Consulting S.R.O £133,934

Avance Consulting Services PTY LTD £34,673

Avance Technology Services Inc £1,028,320

Avance Consulting B.V £36,991

Avance AG £77,634

Avance Consulting Belgium (SRL) £31,346