REGISTERED NUMBER: 07358166 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 August 2025

for

JMAN Group Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

7

Income Statement

11

Other Comprehensive Income

12

Balance Sheet

13

Statement of Changes in Equity

14

Notes to the Financial Statements

15

DIRECTORS:

A R I Newman

R N Cowen

REGISTERED OFFICE:

10 Lloyd's Avenue

London

EC3N 3AJ

REGISTERED NUMBER:

07358166 (England and Wales)

AUDITORS:

RSM UK Audit LLP, Statutory Auditor

Third Floor

Priory Place

New London Road

Chelmsford

Essex

CM2 0PP

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

REVIEW OF BUSINESS

Since its incorporation in August 2010, JMAN Group Limited has grown into a market-leading management consultancy specialising in data-led solutions. The company has continued to deliver strong results following the establishment of US and Indian subsidiaries, with both entities now fully embedded in the operating model and contributing to revenue growth and margin performance. The directors are pleased with the continued strong performance of JMAN Group Limited and its subsidiaries and believe the group is well positioned for further growth.

Key Performance Indicators

The company's key financial performance indicators during the period were as follows:

2025

2024

As restated

£   s

£   s

Turnover

24,250

19,413

Gross profit

16,551

12,619

EBITDA

6,256

1,963

Gross profit margin

68.3%

65.0%

EBITDA margin

25.8%

10.1%

JMAN Group Limited delivered strong revenue growth of 25% during the year, while maintaining healthy gross profit and EBITDA margins. EBITDA margin improved from 10.1% to 25.8%, largely driven by a favourable net intercompany recharge position. The company's operating results are in line with directors' expectations, and the company is well positioned for future growth.

Non-financial KPIs include a strong emphasis on client satisfaction, demonstrated through regular client feedback mechanisms and high client retention rates. Project delivery and quality are assessed by project success rate and timely completion, underscoring the commitment to meeting client objectives.

Internally, employee engagement and productivity are prioritised, evidenced by high satisfaction scores and efficient utilisation of billable hours. Operational efficiency is measured through project profitability, reflecting the company's dedication to delivering value while managing costs effectively.

These KPIs align with strategic objectives, illustrating a commitment to client-centricity, operational excellence, and fostering a supportive, engaged workforce.

Future Developments

The company anticipates strong organic growth over the coming years. Ongoing investments are planned to extend service offerings to clients, and strategic hires are in the pipeline to reinforce capabilities.

The company closely monitors the macro-economic environment and its potential impact on the business.

JMAN Group Limited is committed to building a world-leading organisation, combining technological expertise and deep commercial understanding to deliver tangible, high-value outcomes for clients.

Change in Accounting Policy

During the year, the group revised its accounting policy regarding internally generated software development costs. Development costs that meet the recognition criteria under FRS 102 are now capitalised as intangible fixed assets and amortised over their expected useful lives, rather than being expensed as incurred. This policy has been applied retrospectively, and prior year comparatives have been restated accordingly, as set out in the notes to the financial statements. The change reflects the increased level of investment in the group's proprietary software and provides more relevant and reliable information by better matching these costs with the economic benefits they generate.

PRINCIPAL RISKS AND UNCERTAINTIES

Market risk

The company faces risks from economic uncertainty, including macro-economic changes and global conflict, which may affect market demand and inflationary pressures. These have not had a significant impact on the company in the period. A diverse customer base, both in revenue and concentration, reduces exposure to temporary downturns in market conditions.

Staff risk

Retention of key staff and skilled labour shortages are ongoing risks. The company offers a competitive pay structure designed to retain key members of staff. Operations in the UK, with subsidiaries in the USA and India, provide access to skilled labour.

Information security risk

Information security remains a key focus. The group employs best-in-class security software and processes to minimise and restrict the impact of cyber-attacks. Regular cyber security training is provided to staff.

Tax risk

The company is fully compliant with all applicable tax rules, regulations, and disclosure requirements. No aggressive tax planning is undertaken; all transactions have a clear business purpose and commercial rationale.

Financial Instruments

The company has normal exposure to price, credit, liquidity, and cash flow risks arising from trading activities of subsidiaries, primarily conducted in GBP, USD, and INR. During the period, JMAN Group Limited entered into forward foreign exchange contracts to mitigate currency risk in both the US and India and adopted hedge accounting in accordance with FRS 102.

ON BEHALF OF THE BOARD:

R N Cowen - Director

14 January 2026

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of management consultancy, data science and software engineering.

DIVIDENDS

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

DIRECTORS

A R I Newman has held office during the whole of the period from 1 September 2024 to the date of this report.

Other changes in directors holding office are as follows:

R N Cowen - appointed 3 September 2024

QUALIFYING THIRD PARTY INDEMNITY PROVISIONS

The company has made qualifying third party indemnity provisions for the benefit of its directors since the year end, and this remains in place at the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

R N Cowen - Director

14 January 2026

Opinion

We have audited the financial statements of JMAN Group Limited (the 'company') for the year ended 31 August 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 August 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 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 other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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.

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 course of 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 five, 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.

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

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

- obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework;

- inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;

- discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, the Companies Act 2006 and tax compliance regulations. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing financial statement disclosures and reviewing tax computations.

The audit engagement team identified the risk of management override of controls and revenue recognition as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments and evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business, as well as testing revenue transactions both in the year and in respect of year end cut-off.

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.

Kerry Norman (Senior Statutory Auditor)

for and on behalf of RSM UK Audit LLP, Statutory Auditor

Third Floor

Priory Place

New London Road

Chelmsford

Essex

CM2 0PP

16 January 2026

TURNOVER

3

24,250,237

19,413,420

Cost of sales

(7,698,753

)

(6,794,705

)

GROSS PROFIT

16,551,484

12,618,715

Administrative expenses

(17,298,696

)

(10,833,256

)

(747,212

)

1,785,459

Other operating income

6,319,566

-

OPERATING PROFIT

5

5,572,354

1,785,459

Interest receivable and similar income

21,235

8

5,593,589

1,785,467

Interest payable and similar expenses

6

-

(4,931

)

PROFIT BEFORE TAXATION

5,593,589

1,780,536

Tax on profit

7

(1,423,539

)

(361,419

)

PROFIT FOR THE FINANCIAL YEAR

4,170,050

1,419,117

PROFIT FOR THE YEAR

4,170,050

1,419,117

OTHER COMPREHENSIVE INCOME

Open position gain on FX derivative

97,039

-

Open position loss on FX derivative

(442,437

)

-

Income tax relating to components of other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

(345,398

)

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

3,824,652

1,419,117

Note

Prior year adjustment

8

334,861

TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT

4,159,513

FIXED ASSETS

Intangible assets

9

1,154,302

334,861

Tangible assets

10

108,831

9,663

Investments

11

9,959,421

9,959,421

11,222,554

10,303,945

CURRENT ASSETS

Debtors

12

9,484,757

7,892,905

Cash at bank

6,903,960

4,021,894

16,388,717

11,914,799

CREDITORS

Amounts falling due within one year

13

(4,417,894

)

(3,111,380

)

NET CURRENT ASSETS

11,970,823

8,803,419

TOTAL ASSETS LESS CURRENT LIABILITIES

23,193,377

19,107,364

PROVISIONS FOR LIABILITIES

16

(288,576

)

-

NET ASSETS

22,904,801

19,107,364

CAPITAL AND RESERVES

Called up share capital

17

101

101

Share premium

18

9,959,341

9,959,341

Share based payment reserve

18

55,124

82,339

Cash flow hedge reserve

18

(345,398

)

-

Retained earnings

18

13,235,633

9,065,583

SHAREHOLDERS' FUNDS

22,904,801

19,107,364

The financial statements were approved by the Board of Directors and authorised for issue on 14 January 2026 and were signed on its behalf by:

R N Cowen - Director

Called up

share

Retained

Share

capital

earnings

premium

£

£

£

Balance at 1 September 2023

100

7,646,466

-

Changes in equity

Issue of share capital

1

-

9,959,341

Total comprehensive income

-

1,084,256

-

Balance at 31 August 2024

101

8,730,722

9,959,341

Prior year adjustment

-

334,861

-

As restated

101

9,065,583

9,959,341

Changes in equity

Total comprehensive income

-

4,170,050

-

Balance at 31 August 2025

101

13,235,633

9,959,341

Share

based

Cash flow

payment

hedge

Total

reserve

reserve

equity

£

£

£

Balance at 1 September 2023

6,334

-

7,652,900

Changes in equity

Issue of share capital

-

-

9,959,342

Total comprehensive income

-

-

1,084,256

Share option charge

76,005

-

76,005

Balance at 31 August 2024

82,339

-

18,772,503

Prior year adjustment

-

-

334,861

As restated

82,339

-

19,107,364

Changes in equity

Total comprehensive income

-

(345,398

)

3,824,652

Share option charge

(27,215

)

-

(27,215

)

Balance at 31 August 2025

55,124

(345,398

)

22,904,801

1.	STATUTORY INFORMATION

JMAN 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 Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Having carried out a detailed review of the company's position and its forecasts at the date of signing the financial statements, the directors are satisfied the company has sufficient cash resources based on it's current facilities to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements. This, the directors have prepared the accounts on a going concern basis.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

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

•

the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;

•

the requirement of paragraph 33.7.

Preparation of consolidated financial statements

The financial statements contain information about JMAN Group Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Significant judgements and estimates

In the application of the company's accounting policies 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. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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

The company does not make significant estimates and assumptions concerning the future.

Turnover

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

Revenue is recognised when (a) the amount of revenue can be measured reliably, (b) it is probable that the economic benefits associated with the transaction will flow to the seller, (c) the stage of completion of the transaction at the end of the reporting period can be measured reliably, (d) the costs incurred to date for the transaction and the costs to complete the transaction can be measured reliably.

The company sells consultancy services. Revenue is recognised in the accounting period in which the services are rendered when the outcome of contract can be estimated reliably. The company uses the percentage of completion method based on the actual service performed as a percentage of the total services to be provided.

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.

The company capitalise development costs when it can demonstrate that the following conditions are met:

- The technical feasibility of completing the intangible asset so that it will be available for use or sale exists;

-There is an intention to complete the intangible asset and use or sell it;

-There is an ability to use or sell the intangible asset;

- The company can demonstrate that the intangible asset is expected to generate probable future economic benefits;

- There is an availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and

- There is an ability to measure reliably the expenditure attributable to the intangible asset during its development

Development costs are being amortised evenly over their estimated useful life of three years.

Tangible fixed assets

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

Computer equipment

-

20% on cost

Cyclescheme assets are written off over the life of the scheme.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial instruments

Basic financial instruments are recognised at amortised cost using the effective interest method, except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in profit or loss.

Derivative financial instruments

The company has entered into forward contract foreign exchange derivatives to manage its exposure to foreign exchange cash flow risk on forecasted transactions in foreign currency. These derivatives are measured at fair value at each reporting date based on foreign exchange spot rates at that time. To the extent the hedge is effective, movements in fair value are recognised in other comprehensive income and presented in a separate cash flow hedge reserve. This amount is reclassified from the cash flow hedge reserve to profit or loss in the same period or periods during which the hedged expected future cash flows affect profit or loss. Any ineffective portions of those movements are recognised in profit or loss for the period.

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.

Research and development

Expenditure on software development directly associated with on-going revenue streams is capitalised and amortised over 3 years. Other research and development is expensed in the year in which it is incurred.

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.

Share based payment

Certain employees of the company, including directors, receive remuneration in the form of awards of options in respect of shares in the parent company, JMAN TopCo Limited, whereby they render services in exchange for such equity-based awards.

The cost of the services to be received from employees and the corresponding increase in the share options reserve are measured with reference to the fair value of the parent company’s shares on the date on which the equity-based awards are granted.

The cost of these equity-based awards is recognised in profit or loss, together with a corresponding increase in total equity under share options reserve, over the vesting period. The cumulative expense recognised for equity based awards granted at each reporting date until the vesting date reflects the extent to which the vesting period has expired, as well as the group’s best estimate of the number of equity-based awards that will ultimately vest. The estimate is revised if subsequent information indicates that the number of equity-based awards expected to vest differs from previous estimates.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

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

31.8.25

31.8.24

as restated

£

£

Consulting services income

24,250,237

19,413,420

24,250,237

19,413,420

An analysis of turnover by geographical market is given below:

31.8.25

31.8.24

as restated

£

£

United Kingdom

14,949,132

12,243,005

Europe

4,477,725

2,857,122

United States of America

4,823,380

4,313,293

24,250,237

19,413,420

4.	EMPLOYEES AND DIRECTORS

31.8.25

31.8.24

as restated

£

£

Wages and salaries

8,021,464

7,024,068

Social security costs

991,549

767,422

Other pension costs

709,531

404,506

9,722,544

8,195,996

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

31.8.25

31.8.24

as restated

Directors

2

2

Managers

12

7

Consultants and support

69

69

Administration

16

12

99

90

31.8.25

31.8.24

as restated

£

£

Directors' remuneration

452,444

494,624

Directors' pension contributions to money purchase schemes

-

7,955

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

Money purchase schemes

-

1

Information regarding the highest paid director is as follows:

31.8.25

31.8.24

as restated

£

£

Emoluments etc

267,377

277,067

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.8.25

31.8.24

as restated

£

£

Other operating leases

554,712

606,339

Depreciation - owned assets

22,680

10,320

Development costs amortisation

660,865

167,430

Auditors' remuneration

125,000

125,000

Foreign exchange differences

(4,024

)

49,466

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.8.25

31.8.24

as restated

£

£

Bank interest

-

4,931

7.

TAXATION

Analysis of the tax charge

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

31.8.25

31.8.24

as restated

£

£

Current tax:

UK corporation tax

1,134,963

361,419

Deferred tax

288,576

-

Tax on profit

1,423,539

361,419

Reconciliation of total tax charge included in profit and loss

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

31.8.25

31.8.24

as restated

£

£

Profit before tax

5,593,589

1,780,536

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

1,398,397

445,134

Effects of:

Expenses not deductible for tax purposes

(95,803

)

(83,715

)

Adjustments to tax charge in respect of previous periods

120,945

-

Total tax charge

1,423,539

361,419

Tax effects relating to effects of other comprehensive income

31.8.25

Gross

Tax

Net

£

£

£

Open position gain on FX derivative

97,039

-

97,039

Open position loss on FX derivative

(442,437

)

-

(442,437

)

(345,398

)

-

(345,398

)