Company Registration No. 05079338 (England and Wales)
GW Consulting (UK) Limited
Annual report and financial statements
for the year ended 31 January 2025
GW Consulting (UK) Limited
Company information
Directors
Oliver Westmacott
Patrick Prince
Janine Miller
Secretary
Oliver Westmacott
Company number
05079338
Registered office
Two London Bridge
London
SE1 9RA
Independent auditors
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
GW Consulting (UK) Limited
Contents
Page
Strategic report
1 - 3
Directors' report
4 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Statement of comprehensive income
10
Statement of financial position
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 29
GW Consulting (UK) Limited
Strategic report
For the year ended 31 January 2025
1

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

Principal activities

The Company offers various security and risk management services. Our services include static security, consulting, threat monitoring and reporting, logistical support, mobile security, close protection, training and risk management. Our corporate vision is to be the recognised global leader in providing comprehensive security, crisis response and risk management services in high-risk and complex environments delivered at a world-class level by the best quality personnel in the industry. Our mission is to protect and support our clients, securing their place in a complex world by consistently delivering quality services and value, while growing our business profitably.

Review of the business

The company’s activities within Iraq have gone through a process of restructuring during FY25, with costs incurred in restructuring the Iraq branch license held under this entity. This has resulted in costs pressures during the year. Active out side of Iraq remains strong and stable.

Operating Revenue reduced from £64m in the previous year to £52m in current year. The revenue was reduced as a result of client portfolio during year mainly Iraq based. Operating cost in percentage terms increased in the year resulting from ongoing restructuring of Iraqi operations, with a focus in improving margins through out future activities to improve future financial performance.

The Board believes that restructuring of the Company's Iraqi business in both cost base and client base will enable the over all business performance to improve in future period.

The Company continuously monitors operating conditions and revises its operating practices and procedures in the light of developments as they occur. The Company recognises its responsibilities to clients, staff and the communities in which it operates and will not engage in circumstances in which it cannot assure adequate service and protection levels.

Principal risk and uncertainties

The Board, through delegation to the Oversight Board, has established a risk management framework fo r ensuring that the major risks facing the Company are identified, evaluated and actively managed and that the Company delivers services to the highest standards of quality and professionalism. Risks are reviewed continuously. It is not possible to fully mitigate all risks to which the Company is exposed but the ability to manage such risks and advise others on similar risks is considered a key strength of the Company.

The Company operates in extremely hostile and complex environments on a global landscape. This exposes the company to exceptional operating risks and the Company therefore adopts extensive and detailed risk mitigation strategies and tactics that address physical threats to customers and personnel. The Company mitigates commercial risk through entering into contract forms that recognise the distinctive environments in which it operates and by arranging appropriate insurance.

In line with its commitment to the ICOCA process, and it’s PSC-1 and ISO 18788 accreditations, the Company continuously reviews and updates its policies and procedures with regards to its support for and promotion of human rights in the countries in which it operates, and affords the same level of focus and effort on its anti-bribery, corruption and fraud measures. In addition to the special risks arising from the nature of the Company's business, the Board considers that the major risk factors impacting on the Company's business include:

Foreign exchange

The Company invoices its principal customers in US Dollars and UK Sterling. The majority of its direct costs arising are denominated in US dollars but a significant proportion of overhead costs are denominated in UK Sterling. The Company is therefore exposed to the impact of changes in the exchange rates. The Company seeks to mitigate this risk by matching currencies of costs and income wherever possible.

GW Consulting (UK) Limited
Strategic report (continued)
For the year ended 31 January 2025
2

Compliance to a wide range of regulations and restrictions

Operating in a heavily regulated industry across a number of geographic locations requires compliance to a wide range of regulations. In order to ensure that the company remains compliant at all times it has experienced internal teams of risk, compliance and legal representatives who devise policy and ensure it flows out throughout the company across all locations. The compliance department conducts continuous internal audits and delivers training on areas of compliance across all company locations.

Loss of reputation

The Company’s business is dependent upon being held in high regard by its customers, the communities in which it operates and its personnel. The Board seeks to protect the Company's reputation by ensuring that the Company is only associated with activities that are appropriate and legal, by only engaging with reputable customers and suppliers and by operating only in those conditions where the Company understands and can contain physical threats, and by rigorous vetting of personnel. The Company places strong emphasis on human rights and business ethics together with a healthy and responsible integration into the communities within which it operates.

Managing and retaining talent

The Company is dependent on experienced and well-trained personnel in an industry where personnel are one of the main differentiators. In order to ensure they are able to foster, attract and retain talent the Company provides competitive remuneration packages, promotes employee development and internal progression.

Development and performance

The Company continues to engage in a range of initiatives to bring greater credibility, oversight and regulation to the private security sector.

Key performance indicators

It is part of our mission to grow our business profitably. We use turnover, turnover growth rate and gross profit percentage to measure our financial performance.

Other non-financial operating metrics are monitored by the Board and by local management in different parts of the business with an emphasis on service delivery, personnel welfare, health and safety, environmental impacts and human rights driven through our Compliance and Operational Excellence Framework.

The Board is satisfied, on the basis of customer and staff feedback received, as well as on other non-financial measures, that the Company is meeting and/or exceeding its goals in these key areas.

2025
2024
£
£
Revenue
51,611,410
63,666,364
Operating (loss) / profit
(2,441,468)
625,162
GW Consulting (UK) Limited
Strategic report (continued)
For the year ended 31 January 2025
3
Section 172(1) Statement

The Directors of GW Consulting (UK) Ltd consider that, during the year ended 31 January 2025, they have acted in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole. In doing so, they have had regard to the matters set out in section 172(1)(a) to (f) of the Companies Act 2006.

In particular, the Directors have considered the likely long-term consequences of their decisions, the interests of employees, the need to foster effective relationships with clients, suppliers and other stakeholders, the impact of the Company’s operations on the communities in which it operates, the desirability of maintaining a reputation for high standards of business conduct, and the need to act fairly between members of the Company.

Long-term success and strategy
During the year, the Directors focused on safeguarding the long-term sustainability of the Company, particularly in light of the restructuring of the Company’s activities in Iraq. Decisions relating to cost restructuring, client portfolio changes and operational focus were taken with the objective of improving margins, strengthening financial resilience and supporting improved performance in future periods. The Board continues to monitor operating conditions closely and to adapt its strategy as required.

Employees
The Directors recognise that the Company’s success is highly dependent on the skills, experience and professionalism of its personnel. Consideration is given to the recruitment, retention and development of employees, particularly in an industry where experienced and well-trained staff are a key differentiator. The Board seeks to maintain appropriate communication with employees and to promote a working environment that supports wellbeing, development and high standards of conduct.

Clients, suppliers and other stakeholders
The Company’s ability to operate successfully depends on strong relationships with clients, suppliers and partners. The Directors consider the importance of maintaining trust, professionalism and reliability in these relationships, particularly given the nature of the services provided and the environments in which the Company operates. The Company engages only with reputable clients and suppliers and seeks to deliver services to the highest standards of quality and professionalism.

Community, environment and human rights
The Directors are mindful of the Company’s responsibilities to the communities in which it operates, including in high-risk regions. While the environmental impact of the Company’s consultancy and security activities is limited, the Board seeks to operate responsibly and in compliance with applicable laws and regulations. The Company places strong emphasis on human rights, ethical conduct and responsible integration into local communities.

Business conduct and reputation
Maintaining the Company’s reputation for integrity, professionalism and ethical behaviour is a key consideration in Board decision-making. The Directors recognise that the Company’s reputation is critical to client confidence and long-term success. The Company maintains policies and procedures relating to human rights, anti-bribery, corruption and fraud, and rigorously vets personnel and business partners.

Shareholders
The Directors seek to act fairly between the members of the Company and consider shareholder interests when making decisions. The Board aims to balance short-term financial performance with the long-term success and sustainability of the Company.

On behalf of the board

Oliver Westmacott
Director
3 February 2026
GW Consulting (UK) Limited
Directors' report
For the year ended 31 January 2025
4

The directors present their annual report and financial statements for the year ended 31 January 2025.

Principal activities

The principal activities of the company are the provision of static security services, consulting, threat monitoring and reporting, crisis response, logistical support, mobile security, close protection, training and risk management.

Results and dividends

The results for the year are set out on page 10.

Directors

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

Oliver Westmacott
Patrick Prince
Janine Miller
Future developments

The Directors remain focused on strengthening the Company’s long-term performance and resilience. Following the restructuring of the Company’s activities in Iraq during the year, the Board expects this realignment of the cost base and client portfolio to support improved operational efficiency and margins in future periods.

The Company will continue to prioritise high-quality service delivery to its clients, particularly in complex and high-risk operating environments. The Directors intend to focus on selective growth opportunities outside of Iraq, while maintaining a disciplined approach to risk management and cost control across all regions of operation.

Ongoing attention will be given to maintaining the Company’s reputation for professionalism, ethical conduct and high standards of business practice, which the Board considers fundamental to sustaining client confidence and securing future business. The Company will also continue to invest in attracting, developing and retaining experienced personnel, recognising that skilled and well-trained staff are central to the Company’s competitive position.

The Directors will continue to monitor external operating conditions, including geopolitical, regulatory and economic developments, and will adapt the Company’s strategy and operating practices as necessary to support the long-term success and sustainability of the business.

Auditor

Saffery LLP have expressed their willingness to remain in office as auditors of the company.

Energy and carbon report

As the company has not consumed more than 40,000 kWh of energy in the UK 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.

Matters covered in the strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of disclosure of financial risk management.

GW Consulting (UK) Limited
Directors' report (continued)
For the year ended 31 January 2025
5
Statement of disclosure to auditor

Each director in office at the date of approval of this annual report confirms that:

- so far as the directors are aware, there is no relevant audit information of which the company's auditor is unaware, and

- the directors have taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

On behalf of the board
Oliver Westmacott
Director
3 February 2026
GW Consulting (UK) Limited
Directors' responsibilities statement
For the year ended 31 January 2025
6

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 UK-adopted international accounting standards (UK-adopted IAS) 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;

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

- 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.

GW Consulting (UK) Limited
Independent auditor's report
To the members of GW Consulting (UK) Limited
7
Opinion

We have audited the financial statements of GW Consulting (UK) Limited (the 'company') for the year ended 31 January 2025 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the 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 UK adopted international accounting standards.

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 January 2025 and of its loss for the year then ended;

- have been properly prepared in accordance with UK adopted international accounting standards; 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 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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 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.

GW Consulting (UK) Limited
Independent auditor's report
To the members of GW Consulting (UK) Limited (continued)
8
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 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, 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 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 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.

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and by updating our understanding of the sector in which the company operates.

Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation.

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

GW Consulting (UK) Limited
Independent auditor's report
To the members of GW Consulting (UK) Limited (continued)
9

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

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

Michael Di Leto (Senior Statutory Auditor)
For and on behalf of Saffery LLP
3 February 2026
Statutory Auditors
71 Queen Victoria Street
London
EC4V 4BE
GW Consulting (UK) Limited
Statement of comprehensive income
For the year ended 31 January 2025
10
2025
2024
Notes
£
£
Revenue
4
51,611,410
63,666,364
Cost of sales
(43,677,099)
(52,969,257)
Gross profit
7,934,311
10,697,107
Administrative expenses
(10,375,779)
(10,071,945)
Operating (loss)/profit
5
(2,441,468)
625,162
Finance costs
8
(323,967)
(514,508)
Other gains and losses
9
1,253,727
-
0
(Loss)/profit before taxation
(1,511,708)
110,654
Income tax expense
10
(1,026,006)
(2,095,237)
Loss and total comprehensive income for the year
(2,537,714)
(1,984,583)

The income statement has been prepared on the basis that all operations are continuing operations.

GW Consulting (UK) Limited
Statement of financial position
As at 31 January 2025
11
2025
2024
Notes
£
£
Non-current assets
Property, plant and equipment
11
3,420,292
5,924,335
Investments
12
264
264
3,420,556
5,924,599
Current assets
Trade and other receivables
13
14,992,374
17,560,544
Current tax recoverable
461,195
461,195
Cash and cash equivalents
1,577,038
2,191,763
17,030,607
20,213,502
Current liabilities
Trade and other payables
14
6,300,608
8,228,200
Current tax liabilities
969,314
70,388
Lease liabilities
15
1,936,655
2,100,883
9,206,577
10,399,471
Net current assets
7,824,030
9,814,031
Non-current liabilities
Lease liabilities
15
1,199,189
3,155,519
Net assets
10,045,397
12,583,111
Equity
Called up share capital
16
102
102
Share premium account
17
6,705,132
6,705,132
Retained earnings
3,340,163
5,877,877
Total equity
10,045,397
12,583,111
The financial statements were approved by the board of directors and authorised for issue on 3 February 2026 and are signed on its behalf by:
Oliver Westmacott
Director
Company Registration No.05079338
GW Consulting (UK) Limited
Statement of changes in equity
For the year ended 31 January 2025
12
Share capital
Share premium account
Retained earnings
Total
£
£
£
£
Balance at 1 February 2023
102
6,705,132
7,862,460
14,567,694
Year ended 31 January 2024:
Loss and total comprehensive income
-
-
(1,984,583)
(1,984,583)
Balance at 31 January 2024
102
6,705,132
5,877,877
12,583,111
Year ended 31 January 2025:
Loss and total comprehensive income
-
-
(2,537,714)
(2,537,714)
Balance at 31 January 2025
102
6,705,132
3,340,163
10,045,397
GW Consulting (UK) Limited
Statement of cash flows
For the year ended 31 January 2025
13
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
22
2,874,261
7,701,310
Interest paid
(323,967)
(514,508)
Income taxes paid
(243,305)
(2,024,849)
Net cash inflow from operating activities
2,306,989
5,161,953
Investing activities
Purchase of property, plant and equipment
(498,307)
(1,632,409)
Proceeds from disposal of property, plant and equipment
82,729
-
0
Net cash used in investing activities
(415,578)
(1,632,409)
Financing activities
Payment of lease liabilities
(2,506,136)
(2,310,223)
Net cash used in financing activities
(2,506,136)
(2,310,223)
Net (decrease)/increase in cash and cash equivalents
(614,725)
1,219,321
Cash and cash equivalents at beginning of year
2,191,763
972,442
Cash and cash equivalents at end of year
1,577,038
2,191,763
GW Consulting (UK) Limited
Notes to the financial statements
For the year ended 31 January 2025
14
1
Accounting policies
Company information

GW Consulting (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Two London Bridge, London, SE1 9RA.

1.1
Accounting convention

The financial statements have been prepared in accordance with UK-adopted international accounting standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts 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.

GW Consulting (UK) Limited is a wholly owned subsidiary of Garda World Security Corporation, a company registered in Canada. The results of GW Consulting (UK) Limited are included in the consolidated financial statements of Garda World Security Corporation which have been delivered to the Registrar of Companies and are attached to the accounts filed by the company's UK parent company, Gardaworld Consulting (UK) Limited, company number: 09629915.

1.2
Going concern

The financial statements are prepared on a going concern basis which is dependent upon the continued financial support of the wider group. The ultimate parent company and fellow subsidiaries have agreed to provide sufficient funds and support to allow GW Consulting (UK) Limited to continue to meet its obligations as and when they fall due for up to a period of at least 12 months from the of approval of these financial statements. Based on the above, the directors consider that the Company will continue in existence for the foreseeable future and accordingly, the directors consider it appropriate to prepare the financial statements on a going concern basis. true

1.3
Revenue

The Company's security services generates its revenues from protecting its clients’ business, people, and assets with experienced security guards. For performance obligations related to the services described above, the Co mpany generally satisfies its obligations as each action to provide the service to the customer occurs. Because the customers simultaneously receive and consume the benefits from our services, these performance obligations are deemed to be satisfied over time. The Company uses an output method, units of service provided, to recogni s e revenue because that is the best method to represent the transfer of our services to the customer at the agreed upon rate for each action.

GW Consulting (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 January 2025
1
Accounting policies (continued)
15
1.4
Property, plant and equipment

Property, plant and equipment 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:

Right of use assets
over the length of the lease
Leasehold improvements
over the length of the lease
Office equipment
20% - 50% per annum
Field equipment
25% - 50% per annum

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 income statement.

1.5
Non-current investments

Fixed asset investments are stated at cost less provision for diminution in value.

1.6
Impairment of property, plant and equipment

At each reporting end date, the company reviews the carrying amounts of its tangible 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.

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.

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.

1.7
Cash and cash equivalents

Cash and cash equivalents 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.

GW Consulting (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 January 2025
1
Accounting policies (continued)
16
1.8
Financial assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are initially recorded at fair value plus transaction costs.

There is one primary measurement category for financial assets being:

a) amortised cost

All recognised financial assets that are within the scope of IFRS 9 are required to be measured subsequently at amortised cost on the basis of the entity’s business model for managing the financial assets and the contractual cash flow characteristics of the financial assets.

Financial assets at amortised cost

A financial asset is measured at amortised cost if it is not designated as at FVTPL and meets both of the following conditions:

a) it is held within a business model whose objective is to collect contractual cash flows; and

b) it contains contractual terms that give rise on specified dates to cash flows that are solely payments of principal and interest.

These assets are subsequently measured at amortised cost using the effective interest rate method. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition, except for short-term receivables when the recognition of interest would be immaterial.

The amortised cost is reduced by impairment losses (see below). Any gain or loss on derecognition is recognised in profit or loss.

All trade and other receivables are held at amortised cost.

Impairment of financial assets

IFRS 9 - Financial Instruments has introduced a single expected credit loss impairment model, which is based on changes in credit quality since initial recognition. The Company elected to apply the simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables.

To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics.

In assessing expected credit losses on amounts due from group companies, the Company considers factors such as:

a) The financial position and liquidity of the counterparty;

b) Past payment history;

c) Forecast future cash flows;

d) Any intra-group support arrangements or guarantees.

Where amounts are deemed irrecoverable, they are written off through profit or loss.

Derecognition of financial assets

Financial assets are derecognised when the right to receive cash flows from the asset have expired or have been transferred, and when the company has transferred substantially all risks and rewards of ownership.

GW Consulting (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 January 2025
1
Accounting policies (continued)
17
1.9
Financial liabilities

Financial liabilities are measured at amortised cost.

Other financial liabilities

Other financial liabilities (including trade payables, amounts due to group undertakings and accruals), are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.10
Equity instruments

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

1.11
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 income statement 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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary 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 income statement, except when it relates to items charged or credited directly to 'other comprehensive income', in which case the deferred tax is also dealt with in 'other comprehensive income'. Deferred tax assets and liabilities are offset when the company has 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.

GW Consulting (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 January 2025
1
Accounting policies (continued)
18
1.12
Foreign exchange

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at a monthly rate ruling for the month in which the transaction occurs. All differences are taken to profit and loss account.

1.13
Leases

At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of other property, plant and equipment. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.

The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in: future lease payments arising from a change in an index or rate; the company's estimate of the amount expected to be payable under a residual value guarantee; or the company's assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The company has elected to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment.

GW Consulting (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 January 2025
19
2
Adoption of new and revised standards and changes in accounting policies

During the financial year, the company adopted the following new IFRSs (including amendments thereto) and IFRIC interpretations, that became effective for the first time:

Standard
Effective date, annual period beginning on or after
Lease Liability in a Sale and Leaseback (Amendments to IFRS 16)
1 January 2024
Classification of Liabilities as Current or Non-Current, Non-current Liabilities with Covenants: amendments to IAS 1
1 January 2024
Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7)
1 January 2024
There adoption has not had any material impact on the disclosures or amounts reported in the financial statements.
Standards which are in issue but not yet effective
At the date of authorisation of these financial statements, the following standards and interpretations relevant to the company and which have not been applied in these financial statements, were in issue but were not yet effective.
Standard
Effective date, annual period beginning on or after
Lack of Exchangeability (Amendments to IAS 21)
1 January 2025
Classification and Measurement of Financial Instruments (Amendments to IFRS 7 and IFRS 9)
1 January 2026
Annual Improvements to IFRS Accounting Standards – Volume 11
1 January 2026

The directors are evaluating the impact that these standards will have on the financial statements.

At the date of authorisation of these financial statements, the following standards and interpretations relevant to company and which have not been applied in these financial statements, have not been endorsed for use in the UK and will not be adopted until such time as endorsement is confirmed.
Standard
Effective date, annual period beginning on or after
IFRS 18 – Presentation and Disclosure in Financial Statements
1 January 2027
IFRS 19 – Subsidiaries without Public Accountability: Disclosures
1 January 2027

The directors are evaluating the impact that these standards will have on the financial statements.

GW Consulting (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 January 2025
20
3
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’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, 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.

Key sources of estimation uncertainty
Key estimates - impairment of property, plant and equipment

Management reviews its estimate of the useful lives of depreciable assets at each reporting date, based on the expected utility of the assets. Uncertainties in these estimates relate to technical obsolescence that may change the utility of certain equipment.

Key estimates - receivables

The company applies the simplified approach permitted under IFRS 9 to measure expected credit losses (ECLs) on trade receivables. This approach requires the recognition of lifetime ECLs for all trade receivables, regardless of whether a significant increase in credit risk has occurred.

The ECL provision is calculated using a provision matrix based on historical default rates, adjusted for current and forward-looking information, including macroeconomic indicators such as GDP growth, inflation, and industry-specific risks. Management exercises judgement in determining the appropriate segmentation of receivables, the length of ageing buckets, and the forward-looking assumptions used in the model.

Given the inherent uncertainty in estimating future credit losses, actual outcomes may differ from those estimated, which could result in material adjustments to the carrying amount of trade receivables and the associated impairment charge.

As at 31 January 2025, the company has not recognised any loss allowance.

Key estimates - interest rate used on leases

Under IFRS 16 Leases, the company is required to discount future lease payments using the interest rate implicit in the lease, if readily determinable. Where this is not available, the company applies its incremental borrowing rate (IBR) as the discount rate.

The determination of the IBR involves significant judgement and estimation. For the current reporting period, the company calculated its IBR based on benchmark bond yields published by the Bank of Canada, adjusted by a contractual spread of 4.25% as per the company's Term Loan B (TLB) bank agreement. This resulted in a discount rate applied to lease liabilities of 8.55%.

The use of this rate has a material impact on the measurement of lease liabilities and right-of-use assets. Management considers this approach to be reflective of the company's cost of borrowing in the current economic environment. However, changes in market conditions or the company's credit profile could significantly affect future lease valuations.

GW Consulting (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 January 2025
21
4
Revenue

The total revenue of the company has been derived from its principal activity. It is the view of the directors that disclosure of the different geographical markets in which the group operates would be seriously prejudicial to the interests of the company.

2025
2024
£
£
Revenue analysed by class of business
Security and consultancy services
51,611,410
63,666,364
5
Operating (loss)/profit
2025
2024
£
£
Operating (loss)/profit for the year is stated after charging/(crediting):
Exchange (gains)/losses
(741,644)
215,278
Fees payable to the company's auditor for the audit of the company's financial statements
70,000
60,803
Depreciation of property, plant and equipment
3,070,247
4,113,569
Loss on disposal of property, plant and equipment
234,952
-
7
Employees

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

2025
2024
Number
Number
Total
-
0
-
0

8
Finance costs
2025
2024
£
£
Interest on lease liabilities
323,967
514,508
9
Other gains and losses
2025
2024
£
£
Other gains and losses
1,253,727
-
9
Other gains and losses (continued)
22

The Other gains and losses above relate to the reversal of a provision made against intercompany receivables which is no longer deemed necessary.

10
Income tax expense
2025
2024
£
£
Current tax
Foreign taxes and reliefs
1,026,006
2,095,237
1,026,006
2,095,237

The charge for the year can be reconciled to the (loss)/profit per the income statement as follows:

2025
2024
£
£
(Loss)/profit before taxation
(1,511,708)
110,654
Expected tax (credit)/charge based on a corporation tax rate of 25.00% (2024: 25.00%)
(377,927)
27,664
Gains not taxable
(313,432)
-
0
Unutilised tax losses carried forward
628,297
2,907
Depreciation of non-current assets
767,562
1,028,392
Capital allowances
(63,845)
(126,323)
Depreciation of right of use assets allowable
(640,655)
(932,640)
Overseas taxation
1,026,006
2,095,237
Taxation charge for the year
1,026,006
2,095,237
23
11
Property, plant and equipment
Right of use assets
Leasehold improvements
Field equipment
Office equipment
Total
£
£
£
£
£
Cost
At 1 February 2023
11,175,913
180,644
1,889,750
258,601
13,504,908
Additions
1,292,263
-
0
340,146
-
0
1,632,409
Disposals
(4,163,563)
-
0
-
0
-
0
(4,163,563)
At 31 January 2024
8,304,613
180,644
2,229,896
258,601
10,973,754
Additions
385,578
8,954
369,071
120,282
883,885
Disposals
-
0
-
0
(686,752)
(6,476)
(693,228)
At 31 January 2025
8,690,191
189,598
1,912,215
372,407
11,164,411
Accumulated depreciation and impairment
At 1 February 2023
3,704,068
65,140
1,191,922
138,283
5,099,413
Charge for the year
3,730,558
36,129
275,612
71,270
4,113,569
Eliminated on disposal
(4,163,563)
-
0
-
0
-
0
(4,163,563)
At 31 January 2024
3,271,063
101,269
1,467,534
209,553
5,049,419
Charge for the year
2,562,619
36,278
429,097
42,253
3,070,247
Eliminated on disposal
-
0
-
0
(369,071)
(6,476)
(375,547)
At 31 January 2025
5,833,682
137,547
1,527,560
245,330
7,744,119
Carrying amount
At 31 January 2025
2,856,509
52,051
384,655
127,077
3,420,292
At 31 January 2024
5,033,550
79,375
762,362
49,048
5,924,335
Analysis of Right of use assets
Land and buildings
Motor vehicles
Total
£
£
£
Net carrying value at 1 February 2023
6,823,206
541,062
7,364,268
Additions
109,264
1,182,999
1,292,263
Depreciation charge
(2,074,671)
(1,655,887)
(3,730,558)
Other movements
-
107,577
107,577
Net carrying value at 31 January 2024
4,857,799
175,751
5,033,550
Additions
385,578
-
385,578
Depreciation charge
(2,386,868)
(175,751)
(2,562,619)
Net carrying value at 31 January 2025
2,856,509
-
2,856,509
24
12
Investments
Current
Non-current
2025
2024
2025
2024
£
£
£
£
Other investments
-
-
264
264
13
Trade and other receivables
2025
2024
£
£
Trade receivables
6,969,387
6,610,963
Amounts owed by fellow group undertakings
5,131,324
8,051,508
Other receivables
2,097,749
1,673,313
Prepayments
793,914
1,224,760
14,992,374
17,560,544

Credit risk on trade receivables

There is a limited concentration of credit risk with respect to trade receivables, as the Company's customers are both large in number and dispersed across different geographical locations. The Company grant s c redit to their customers in the ordinary course of business and assess the creditworthiness of potential customers. Credit terms vary across the Company and can range from 30 to 90 days to reflect the different risks within each country in which the Company operates.

P rovisions are assessed at client level, for accounts receivable that are past due according to local conditions and past default experience. When required, the Company records an allowance for expected loss to reflect its best estimate of the amount of probable credit losses in its existing accounts receivable.

The carrying value of trade and other receivables classified at amortised cost approximates fair value.

Amounts owed by fellow group undertakings
These amounts relate to intergroup financing and recharges. Amounts owed are repayable on demand with no interest rate applied. Amounts owed are unsecured. The company has not recognised any provision for expected credit losses during the current or prior financial year in relation to Amounts owed by fellow group undertakings.

14
Trade and other payables
2025
2024
£
£
Trade payables
1,161,117
924,644
Amounts owed to fellow group undertakings
836,197
2,117,617
Accruals
4,297,626
5,185,939
Other payables
5,668
-
6,300,608
8,228,200
14
Trade and other payables (continued)
25

The carrying value of trade and other payables classified at amortised cost approximates fair value.

Amounts owed to fellow group undertakings
These amounts relate to intergroup financing. Amounts owed are repayable on demand with no interest rate applied. Amounts owed are unsecured.

26
15
Lease liabilities

Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:

2025
2024
£
£
As at 1 February
5,256,402
7,566,625
Additions
385,578
1,035,710
Accretion of Interest
323,967
514,508
Payments
(2,830,103)
(3,860,441)
As at 31 January
3,135,844
5,256,402
Current liabilities
1,936,655
2,100,883
Non-current liabilities
1,199,189
3,155,519
3,135,844
5,256,402
2025
2024
Amounts recognised in profit or loss include the following:
£
£
Interest on lease liabilities
323,967
514,508

The company has lease contracts for buildings used in its operations. Leases for these buildings generally have lease terms between 2 and 5 years. The company's obligations under its leases are secured by the lessor’s title to the leased assets. Generally, the company is restricted from assigning and subleasing the leased assets. All leases are fixed term.

Note 10 sets out the carrying amounts of right-of-use assets recognised and the movements during the period.

The company had total cash outflows for leases of £2,805,401 in 2025 (2024:£3,861,533).

16
Share capital
2025
2024
£
£
Ordinary share capital
Issued and fully paid
102 Ordinary shares of £1 each
102
102
17
Share premium account
2025
2024
£
£
At the beginning and end of the year
6,705,132
6,705,132
18
Capital risk management

The company is not subject to any externally imposed capital requirements.

19
Related party transactions
19
Related party transactions (continued)
27

Key management personnel received £nil (2024: £nil) during the year.

During the year the company was charged management fees of £2,441,045 (2024: £3,445,546) by related parties via common ownership.

As at 31 January 2025, the company was owed £5,131,324 (2024: £8,051,508) by related parties via common ownership. As at 31 January 2025, the company owed £836,197 (2024: £2,117,617) to related parties via common ownership.

20
Controlling party

The immediate parent company is Vance International Limited, a company registered in England and Wales.

The ultimate parent company is Garda World Security Corporation, a company registered in Canada. Copies of the group financial statements are available at 2300 Emile-Belanger, Montréal, Quebec, Canada, H4R 3J4.

21
Financial risk management

The main risks arising from the company's financial instruments are credit risk, liquidity risk and currency risk. The company is exposed to no material credit risk. The directors review and agree policies for managing these risks and these are summarised below.

Credit risk

Financial instruments which can subject the company to significant credit risk consist principally of cash and cash equivalents and trade receivables.

The company's cash and cash equivalents are held with high credit quality financial institutions. Therefore, the company considers the risk of non-performance on those instruments to be remote.

The company's credit risk is principally attributable to its accounts receivable, although such risk is considered limited. The distribution of the company's customers across different geographical locations as well as the company's business risk procedures have the effect to avoid any concentration of credit risk. Generally, the company does not require collateral or other security from customers for trade receivables; however, credit is extended following an evaluation of creditworthiness. In addition, the company performs ongoing credit reviews of all of its customers. Credit terms vary across the company and can range from 30 to 90 days to reflect the different risks within each country in which the company operates.

Provisions are assessed at client level, for accounts receivable that are past due according to local conditions and past default experience. When required, the Company records an allowance for expected loss to reflect its best estimate of the amount of probable credit losses in its existing accounts receivable.

Credit risk also arises from amounts owed by group undertakings. These receivables relate to intercompany financing and recharge arrangements and are considered to present limited credit risk. All balances are unsecured, non-interest bearing, and repayable on demand. The company monitors the financial position of counterparties within the group and considers the credit risk to be low. No provision for expected credit losses regarding intergroup balances has been recognised during the current or prior financial year, as management considers the risk of default to be remote.

Liquidity and cash flow risk
Liquidity risk is the risk that the company will not be able to meet its contractual obligations as they become due or can only do so at excessive cost. The company actively monitors its financial position to ensure the company has sufficient available funds for operations and planned expansions.
The table below summarises the maturity profile of the company's financial liabilities based on contractual undiscounted payments.
21
Financial risk management (continued)
28
Year ended 31 December 2025
On demand
Less than 1 year
1 to 3 years
Total
£
£
£
£
Trade and other payables
175,698
985,419
-
1,161,117
Accruals
-
4,297,626
-
4,297,626
Lease liabilities
-
2,299,222
1,267,407
3,566,629
Amounts owed to related parties
836,197
-
-
836,197
1,011,895
7,582,267
1,267,407
9,861,569
Year ended 31 December 2024
On demand
Less than 1 year
1 to 3 years
4 to 5 years
£
£
£
£
Trade and other payables
373,613
551,031
-
924,644
Accruals
-
5,185,939
-
5,185,939
Lease liabilities
-
2,418,597
3,358,578
5,777,175
Amounts owed to related parties
2,117,617
-
-
2,117,617
2,491,230
8,155,567
3,358,578
14,005,375
Currency risk
The company operates in numerous locations around the world and therefore faces a numbers of different currency and foreign exchange risks. The company is exposed to foreign exchange risk mainly in US dollar.
For the year ended 31 January 2025, if the US dollar would have strengthened by $0.01 in comparison to the Great British Pound, all other variables remaining constant, operating loss for the year would have increased by approximately £13,951 (2024 – £4,910) and loss before taxation, would have been higher by £16,842 (2024 - £869).
22
Cash generated from operations
2025
2024
£
£
(Loss)/profit for the year before income tax
(1,511,708)
110,654
Adjustments for:
Finance costs
323,967
514,508
Loss on disposal of property, plant and equipment
234,952
-
Depreciation and impairment of property, plant and equipment
3,070,247
4,113,569
Other gains and losses
(1,253,727)
-
Movements in working capital:
Decrease in trade and other receivables
3,821,897
2,643,652
(Decrease)/increase in trade and other payables
(1,811,367)
318,927
Cash generated from operations
2,874,261
7,701,310
29
23
Analysis of changes in net debt
1 February 2024
Cash flows
Interest
New finance leases
31 January 2025
£
£
£
£
£
Cash at bank and in hand
2,191,763
(614,725)
-
-
1,577,038
Obligations under finance leases
(5,256,402)
2,830,103
(323,967)
(385,578)
(3,135,844)
(3,064,639)
2,215,378
(323,967)
(385,578)
(1,558,806)
1 February 2023
Cash flows
Acquisitions and disposals
New finance leases
31 January 2024
Prior year:
£
£
£
£
£
Cash at bank and in hand
972,442
1,219,321
-
-
2,191,763
Obligations under finance leases
(7,566,625)
3,860,441
(514,508)
(1,035,710)
(5,256,402)
(6,594,183)
5,079,762
(514,508)
(1,035,710)
(3,064,639)

The company classifies interest paid as cash flows from operating activities.

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