Company registration number 07077413 (England and Wales)
ARDENT MANAGEMENT (HOLDINGS) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
Affinia
ARDENT MANAGEMENT (HOLDINGS) LIMITED
COMPANY INFORMATION
Directors
Mr R D Caten
Mr S E Cooper
Mr J M B Stott
Mr C Weaver
Secretary
Mr S E Cooper
Company number
07077413
Registered office
147a High Street,
Waltham Cross,
Hertfordshire
UK
EN8 7AP
Auditor
Affinia (Orpington)
Lynwood House
Crofton Road
Orpington
KENT
BR6 8QE
ARDENT MANAGEMENT (HOLDINGS) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Profit and loss account
9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Company statement of cash flows
16
Notes to the financial statements
17 - 35
ARDENT MANAGEMENT (HOLDINGS) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2025
- 1 -

The directors present the strategic report for the year ended 30 April 2025.

Review of the business

Ardent Management Limited and Ardent Innovation IRL Limited are entities that are 100% owned by Ardent Management Holdings Limited and together constitute “the Group”. The Group has continued to build on its strong position in the market by delivering specialist management services across its core sectors during the year ended 30th April 2025. Established to provide an end-to-end land assembly solution for promoters and delivery bodies involved in Compulsory Purchase schemes, the Group remains a leading provider of land services in support of Development Consent Order (DCO) applications, having now assisted with in excess of 100 such projects.

The Group continues to focus on providing strategic guidance on land acquisition strategy and requirements, together with a full suite of land agency services, in order to reduce risk and assist its clients in securing the necessary land and rights through private treaty negotiations prior to the conclusion of the examination process. In addition, Ardent delivers project management services which enable clients to effectively integrate the DCO and Compulsory Acquisition powers into construction delivery in a cost-efficient and streamlined manner.

Key achievements for the year include:

1. Expansion of Services: The Group continued to develop and enhance its existing service offering, strengthening its capabilities across consents management, land referencing, land assembly, compensation and valuation, and stakeholder engagement. This enabled the Group to support a broader range of projects and deliver an increasingly integrated approach to client delivery.

2. Revenue Growth: Achieving a year-on-year revenue increase of 27%, growth was driven by the successful onboarding of new clients and enhanced cross-selling of expanded services.

3. Notable Projects: During the year, Ardent continued to contribute to the delivery of major national infrastructure schemes, including ongoing work for clients such as RWE, Orsted, West Yorkshire Combined Authority, Sizewell C, East West Rail and National Grid.

4. Industry Leadership: The Group retained its strong reputation within the sector, remaining recognised for its technical capability and leadership in supporting complex development and infrastructure projects.

5. Geographic Expansion: The Group created Ardent Innovation IRL Limited and commenced trading in the Republic of Ireland under this entity.

Notwithstanding a challenging economic environment, the Company delivered strong financial and operational performance, broadened its customer base and continued to strengthen its market presence.

Principal risks and uncertainties

The Group’s continued success is driven largely by its ability to attract, develop and retain experienced professionals. A significant constraint on future growth could arise from skills shortages in the wider market. In addition, the Directors have identified the following principal risks and uncertainties which could influence performance:

1. Economic Volatility: Fluctuations in economic conditions may impact levels of activity and client investment decisions.

2. Regulatory Changes: Amendments to planning, infrastructure or compulsory purchase legislation could lead to increased compliance requirements and associated costs.

3. Technological Disruption: Insufficient investment in systems or failure to keep pace with developments in technology may reduce operational efficiency and competitiveness.

These risks are actively monitored through the Company’s risk management framework, which includes ongoing review of the risk register, business continuity planning and continued diversification of services.

ARDENT MANAGEMENT (HOLDINGS) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 2 -
Key performance indicators

The Group uses a combination of financial and non-financial indicators to assess performance and inform strategic decisions. Non-financial measures include health and safety performance, employee wellbeing and engagement, and client satisfaction. Financial KPIs include, but are not limited to, those outlined below:

| 2025 | 2024 | 2023 | 2022 | 2021
Income Growth | £4.05m | £4.49m | £1.54m | £2.11m | £0.24m
Income Growth % | 27% | 43% | 17% | 31% | 4%
Gross Margin % | 46% | 53% | 45% | 56% | 57%

Future Outlook

The Directors remain positive about the Group’s future development and opportunities for growth. Over the coming year, the Group intends to continue investing in innovation, strengthening service delivery and pursuing strategic alliances where appropriate. Sustainable growth in both revenue and profitability is anticipated, supported by a robust operating model and a committed workforce.

The Board will continue to monitor the external environment closely and ensure the Group is well placed to respond to change while maintaining a focus on long-term value creation.

In complying with their duties under Section 172 of the Companies Act 2006, the Directors have sought to promote the success of the Group for the benefit of its members as a whole. In doing so, they have given due regard to the interests of employees, the importance of maintaining effective relationships with customers and suppliers, the impact of the Group’s activities on the community and environment, and the need to maintain high standards of business conduct and governance.

On behalf of the board

Mr S E Cooper
Director
9 January 2026
ARDENT MANAGEMENT (HOLDINGS) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2025
- 3 -

The directors present their annual report and financial statements for the year ended 30 April 2025.

Principal activities

The principal activity of the company and group continued to be that of continued to be that of project managers and land acquisition managers for energy and transport infrastructure projects and urban regeneration schemes.

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr R D Caten
Mr S E Cooper
Mr J M B Stott
Mr C Weaver
Mr C M D Cottage
(Resigned 23 December 2024)
Mr M J Crowther
(Resigned 20 December 2024)
Mr N A Curry
(Resigned 30 June 2024)
Mr S G Yates
(Resigned 16 January 2025)
Energy and carbon report

As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr S E Cooper
Director
9 January 2026
ARDENT MANAGEMENT (HOLDINGS) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2025
- 4 -

The directors are responsible for preparing the Annual Report 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 group and company, 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;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ARDENT MANAGEMENT (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ARDENT MANAGEMENT (HOLDINGS) LIMITED
- 5 -
Opinion

We have audited the financial statements of Ardent Management (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2025 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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 the parent company's affairs as at 30 April 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and 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 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 our audit:

- T he information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

ARDENT MANAGEMENT (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ARDENT MANAGEMENT (HOLDINGS) LIMITED
- 6 -
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 their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which 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 directors' r esponsibilities s tatement, 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 is 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the professional services industry.

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including Companies Act 2006, taxation legislation, environmental and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

ARDENT MANAGEMENT (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ARDENT MANAGEMENT (HOLDINGS) LIMITED
- 7 -

We assessed the susceptibility of the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud.

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias

- investigated the rationale behind significant or unusual transactions; and

- observed and identified internal controls in place, specifically around payroll and bank transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC and reviewing for evidence of correspondence with legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the parent 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 parent company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

ARDENT MANAGEMENT (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ARDENT MANAGEMENT (HOLDINGS) LIMITED
- 8 -
Christopher Jones (Senior Statutory Auditor)
For and on behalf of Affinia (Orpington), Statutory Auditor
Chartered Accountants
Lynwood House
Crofton Road
Orpington
KENT
BR6 8QE
13 January 2026
ARDENT MANAGEMENT (HOLDINGS) LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2025
- 9 -
2025
2024
Notes
£
£
Turnover
3
18,973,589
14,929,478
Cost of sales
(10,095,854)
(7,024,665)
Gross profit
8,877,735
7,904,813
Administrative expenses
(5,687,945)
(5,742,964)
Operating profit
4
3,189,790
2,161,849
Interest receivable and similar income
7
16,234
7,046
Interest payable and similar expenses
8
(8,244)
(10,584)
Profit before taxation
3,197,780
2,158,311
Tax on profit
9
(860,199)
(732,069)
Profit for the financial year
2,337,581
1,426,242
Profit for the financial year is all attributable to the owners of the parent company.
ARDENT MANAGEMENT (HOLDINGS) LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2025
- 10 -
2025
2024
£
£
Profit for the year
2,337,581
1,426,242
Other comprehensive income
-
-
Cash flow hedges gain arising in the year
-
0
-
0
Total comprehensive income for the year
2,337,581
1,426,242
Total comprehensive income for the year is all attributable to the owners of the parent company.
ARDENT MANAGEMENT (HOLDINGS) LIMITED
GROUP BALANCE SHEET
AS AT
30 APRIL 2025
30 April 2025
- 11 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
10
26,618
26,126
Tangible assets
11
501,720
398,597
Investments
12
170
-
0
528,508
424,723
Current assets
Stocks
15
2,082,367
1,968,976
Debtors
16
4,853,867
3,559,483
Cash at bank and in hand
1,079,106
910,919
8,015,340
6,439,378
Creditors: amounts falling due within one year
17
(4,679,365)
(3,597,082)
Net current assets
3,335,975
2,842,296
Total assets less current liabilities
3,864,483
3,267,019
Provisions for liabilities
Provisions
19
27,150
-
0
Deferred tax liability
20
127,204
94,641
(154,354)
(94,641)
Net assets
3,710,129
3,172,378
Capital and reserves
Called up share capital
22
859,375
859,375
Profit and loss reserves
2,850,754
2,313,003
Total equity
3,710,129
3,172,378
The financial statements were approved by the board of directors and authorised for issue on 9 January 2026 and are signed on its behalf by:
09 January 2026
Mr S E Cooper
Director
Company registration number 07077413 (England and Wales)
ARDENT MANAGEMENT (HOLDINGS) LIMITED
COMPANY BALANCE SHEET
AS AT 30 APRIL 2025
30 April 2025
- 12 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
12
170
-
0
Current assets
Debtors
16
(170)
1,523
Cash at bank and in hand
5
5
(165)
1,528
Creditors: amounts falling due within one year
17
(1,595)
(3,118)
Net current liabilities
(1,760)
(1,590)
Net liabilities
(1,590)
(1,590)
Capital and reserves
Called up share capital
22
859,375
859,375
Profit and loss reserves
(860,965)
(860,965)
Total equity
(1,590)
(1,590)

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £0 (2024 - £0 profit).

The financial statements were approved by the board of directors and authorised for issue on 9 January 2026 and are signed on its behalf by:
09 January 2026
Mr S E Cooper
Director
Company registration number 07077413 (England and Wales)
ARDENT MANAGEMENT (HOLDINGS) LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2025
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 May 2023
859,375
1,686,761
2,546,136
Year ended 30 April 2024:
Profit and total comprehensive income
-
1,426,242
1,426,242
Dividends
-
(800,000)
(800,000)
Balance at 30 April 2024
859,375
2,313,003
3,172,378
Year ended 30 April 2025:
Profit and total comprehensive income
-
2,337,581
2,337,581
Dividends
-
(1,800,000)
(1,800,000)
Purchase of shares in subsidiary from non-controlling interest
-
170
170
Balance at 30 April 2025
859,375
2,850,754
3,710,129
ARDENT MANAGEMENT (HOLDINGS) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2025
- 14 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 May 2023
859,375
1,902,785
2,762,160
Year ended 30 April 2024:
Profit and total comprehensive income for the year
-
-
-
0
Other movements
-
(2,763,750)
(2,763,750)
Balance at 30 April 2024
859,375
(860,965)
(1,590)
Year ended 30 April 2025:
Profit and total comprehensive income
-
-
-
0
Balance at 30 April 2025
859,375
(860,965)
(1,590)
ARDENT MANAGEMENT (HOLDINGS) LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2025
- 15 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
3,323,878
1,886,349
Interest paid
(8,244)
(6,176)
Income taxes paid
(949,830)
(481,876)
Net cash inflow from operating activities
2,365,804
1,398,297
Investing activities
Purchase of intangible assets
(4,868)
-
Purchase of tangible fixed assets
(235,481)
(155,846)
Proceeds from disposal of tangible fixed assets
(335)
-
Interest received
16,234
7,046
Net cash used in investing activities
(224,450)
(148,800)
Financing activities
Repayment of bank loans
(173,167)
164,848
Dividends paid to equity shareholders
(1,800,000)
(800,000)
Net cash used in financing activities
(1,973,167)
(635,152)
Net increase in cash and cash equivalents
168,187
614,345
Cash and cash equivalents at beginning of year
910,919
296,574
Cash and cash equivalents at end of year
1,079,106
910,919
ARDENT MANAGEMENT (HOLDINGS) LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2025
- 16 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
170
-
Interest paid
(1,800,000)
(800,000)
Net cash outflow from operating activities
(1,799,830)
(800,000)
Investing activities
Purchase of investments
(170)
-
0
Dividends received
1,800,000
800,000
Net cash generated from investing activities
1,799,830
800,000
Net increase in cash and cash equivalents
-
-
Cash and cash equivalents at beginning of year
5
5
Cash and cash equivalents at end of year
5
5
ARDENT MANAGEMENT (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
- 17 -
1
Accounting policies
Company information

Ardent Management (Holdings) Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 147a High Street, Waltham Cross, Hertfordshire, United Kingdom, EN8 7AP.

The group consists of Ardent Management (Holdings) Limited and all of its subsidiaries.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Ardent Management (Holdings) Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 30 April 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

ARDENT MANAGEMENT (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 18 -

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

ARDENT MANAGEMENT (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 19 -

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
15% Reducing balance
1.8
Tangible fixed assets

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

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
15% Reducing balance
Plant and equipment
15% Reducing balance
Fixtures and fittings
15% Reducing balance

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

1.9
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost 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.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the g roup’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent c ompany financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

ARDENT MANAGEMENT (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 20 -
1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

ARDENT MANAGEMENT (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 21 -
1.13
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

ARDENT MANAGEMENT (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 22 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.14
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.15
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

ARDENT MANAGEMENT (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 23 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.16
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.17
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.18
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.19
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

ARDENT MANAGEMENT (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 24 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Intangible assets

Computer software is amortised based on its useful life. Amortisation is recognised on a reducing balance basis over its estimated useful life. The company estimates useful life based on various factors, including technological obsolescence and the expected usage of the asset. The useful life of these assets are regularly reviewed for signs of impairment. Where an impairment is identified, the asset value is impaired, with a charge to the profit and loss account.

The group assesses intangible fixed assets where there are indications that the assets could be impaired. Indicators of impairment include factors both inside and outside the organisation, which give indication of a reduction in value. Where there are indicators of a reduction in the carrying value of the asset, the company estimates the recoverable amount of the cash generating unit to which the asset belongs.

Tangible assets

Fixtures and fittings and plant and machinery are depreciated based on their useful lives. Depreciation is recognised on a reducing balance basis over their estimated useful lives. The company estimates useful lives based on various factors, including technological obsolescence and the expected usage of the asset. The useful life of these assets are regularly reviewed for signs of impairment. Where an impairment is identified, the asset value is impaired, with a charge to the profit and loss account.

The group assess tangible fixed assets where there are indications that the assets could be impaired. Indicators of impairment include factors both inside and outside the organisation, which give indication of a reduction in value. Where there are indicators of a reduction in carrying value of the asset, the company estimates the recoverable amount of the cash generating unit to which the asset belongs.

Debtors

The directors assess the recoverability of the amounts outstanding at the balance sheet date, undertaking a review of the age profile of the debt, historic collection rates and the nature and class of the debt.

Work in progress

The directors assess the time and expenses incurred in respect of ongoing contracts. Where time spent has not been billed at the balance sheet date, and is recoverable in line with underlying contracts, accrued work in progress is included in revenue based on underlying charge out rates.

Revenue recognition

Revenue from contracts for the provision of professional services is recognised by reference to the time and expenses as incurred where this is recoverable in line with underlying contracts.

ARDENT MANAGEMENT (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 25 -
3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by geographical market
United kingdom
18,499,611
14,133,529
Europe
455,228
795,949
Rest of world
18,750
-
18,973,589
14,929,478
2025
2024
£
£
Other revenue
Interest income
16,234
7,046
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging:
Exchange losses
1,093
16
Depreciation of owned tangible fixed assets
67,400
55,966
Loss on disposal of tangible fixed assets
65,293
-
Amortisation of intangible assets
4,376
4,610
Operating lease charges
426,864
433,851
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
5,000
3,000
Audit of the financial statements of the company's subsidiaries
20,000
16,500
25,000
19,500
ARDENT MANAGEMENT (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 26 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Directors
13
8
8
8
Admin
18
10
-
-
Cost of sales
152
125
-
-
Total
183
143
8
8

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
9,568,723
7,500,589
-
0
-
0
Social security costs
1,119,849
1,355,148
-
-
Pension costs
850,314
659,904
-
0
-
0
11,538,886
9,515,641
-
0
-
0
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
16,234
7,046
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
16,234
7,046
8
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
8,244
6,176
Other finance costs:
Other interest
-
4,408
Total finance costs
8,244
10,584
ARDENT MANAGEMENT (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 27 -
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
827,636
530,289
Deferred tax
Origination and reversal of timing differences
32,563
26,070
Adjustment in respect of prior periods
-
0
175,710
Total deferred tax
32,563
201,780
Total tax charge
860,199
732,069

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
3,197,780
2,158,311
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
799,445
539,578
Tax effect of expenses that are not deductible in determining taxable profit
52,922
15,628
Adjustments in respect of prior years
-
0
175,710
Permanent capital allowances in excess of depreciation
(24,732)
(24,917)
Deferred tax
32,564
26,070
Taxation charge
860,199
732,069
10
Intangible fixed assets
Group
Goodwill
Software
Total
£
£
£
Cost
At 1 May 2024
2,220,301
30,736
2,251,037
Additions
-
0
4,868
4,868
At 30 April 2025
2,220,301
35,604
2,255,905
Amortisation and impairment
At 1 May 2024
2,220,301
4,610
2,224,911
Amortisation charged for the year
-
0
4,376
4,376
At 30 April 2025
2,220,301
8,986
2,229,287
ARDENT MANAGEMENT (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
10
Intangible fixed assets
(Continued)
- 28 -
Carrying amount
At 30 April 2025
-
0
26,618
26,618
At 30 April 2024
-
0
26,126
26,126
The company had no intangible fixed assets at 30 April 2025 or 30 April 2024.
11
Tangible fixed assets
Group
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 May 2024
-
0
637,208
75,141
712,349
Additions
3,343
225,393
6,745
235,481
Disposals
-
0
(246,915)
-
0
(246,915)
At 30 April 2025
3,343
615,686
81,886
700,915
Depreciation and impairment
At 1 May 2024
-
0
266,916
46,836
313,752
Depreciation charged in the year
251
62,101
5,048
67,400
Eliminated in respect of disposals
-
0
(181,957)
-
0
(181,957)
At 30 April 2025
251
147,060
51,884
199,195
Carrying amount
At 30 April 2025
3,092
468,626
30,002
501,720
At 30 April 2024
-
0
370,292
28,305
398,597
The company had no tangible fixed assets at 30 April 2025 or 30 April 2024.
12
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
13
170
-
0
170
-
0
ARDENT MANAGEMENT (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
12
Fixed asset investments
(Continued)
- 29 -
Movements in fixed asset investments
Group
Shares in subsidiaries
£
Cost or valuation
At 1 May 2024
-
Additions
170
At 30 April 2025
170
Carrying amount
At 30 April 2025
170
At 30 April 2024
-
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 May 2024
-
Additions
170
At 30 April 2025
170
Carrying amount
At 30 April 2025
170
At 30 April 2024
-
13
Subsidiaries

Details of the company's subsidiaries at 30 April 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Ardent Management Limited
Thickbroom Coventry, 147a High Street, Waltham Cross, Hertfordshire, EN8 7AP
Ordinary
100.00
Ardent Innovation (IRL) Limited
38/39 Fitzwilliam Square,
Dublin, Dublin 2, Ireland
Ordinary
100.00
ARDENT MANAGEMENT (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 30 -
14
Financial instruments
Group
Company
2025
2024
2025
2024
£
£
£
£
Carrying amount of financial assets include:
Debt instruments measured at amortised cost
4,431,264
5,947,316
170
1,528
Carrying amount of financial liabilities include:
Measured at amortised cost
3,313,650
1,645,062
1,595
3,118
15
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Work in progress
2,082,367
1,968,976
-
-
16
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,783,303
2,599,800
-
0
-
0
Other debtors
1,666,629
499,456
-
0
-
0
Prepayments and accrued income
403,935
458,704
-
0
-
0
4,853,867
3,557,960
-
-
Amounts falling due after more than one year:
Amount owed by related parties
-
0
1,523
(170)
1,523
Total debtors
4,853,867
3,559,483
(170)
1,523
ARDENT MANAGEMENT (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 31 -
17
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans
18
-
0
173,167
-
0
-
0
Trade creditors
546,465
382,165
-
0
-
0
Corporation tax payable
464,590
586,784
-
0
-
0
Other taxation and social security
851,243
811,325
-
-
Other creditors
1,871,845
676,412
1,595
3,118
Accruals and deferred income
945,222
967,229
-
0
-
0
4,679,365
3,597,082
1,595
3,118
18
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
-
0
173,167
-
0
-
0
Payable within one year
-
0
173,167
-
0
-
0
19
Provisions for liabilities
Group
Company
2025
2024
2025
2024
£
£
£
£
27,150
-
-
-
Movements on provisions:
Group
£
Additional provisions in the year
27,150
ARDENT MANAGEMENT (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 32 -
20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
127,204
94,641
The company has no deferred tax assets or liabilities.
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 May 2024
94,641
-
Charge to profit or loss
32,563
-
Liability at 30 April 2025
127,204
-
21
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
850,314
659,904

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
859,375
859,375
859,375
859,375
ARDENT MANAGEMENT (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 33 -
23
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
347,821
287,475
-
-
Between two and five years
930,991
900,805
-
-
1,278,812
1,188,280
-
-
24
Related party transactions
Transactions with related parties
ARDENT MANAGEMENT (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
24
Related party transactions
(Continued)
- 34 -
25
Cash generated from group operations
2025
2024
£
£
Profit after taxation
2,337,581
1,426,242
Adjustments for:
Taxation charged
860,199
732,069
Finance costs
8,244
10,584
Investment income
(16,234)
(7,046)
Loss on disposal of tangible fixed assets
65,293
-
Amortisation and impairment of intangible assets
4,376
4,610
Depreciation and impairment of tangible fixed assets
67,400
55,966
Increase in provisions
27,150
-
Movements in working capital:
Increase in debtors
(1,899,844)
(1,131,657)
Increase in creditors
1,869,713
795,581
Cash generated from operations
3,323,878
1,886,349
ARDENT MANAGEMENT (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 35 -
26
Cash generated from operations - company
2025
2024
£
£
Profit after taxation
-
-
Adjustments for:
Finance costs
1,800,000
800,000
Investment income
(1,800,000)
(800,000)
Movements in working capital:
Decrease/(increase) in debtors
1,693
(3,118)
(Decrease)/increase in creditors
(1,523)
3,118
Cash generated from operations
170
-
27
Analysis of changes in net funds - group
1 May 2024
Cash flows
30 April 2025
£
£
£
Cash at bank and in hand
910,919
168,187
1,079,106
Borrowings excluding overdrafts
(173,167)
173,167
-
737,752
341,354
1,079,106
28
Analysis of changes in net funds - company
1 May 2024
30 April 2025
£
£
Cash at bank and in hand
5
5
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