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REGISTERED NUMBER: 15508483 (England and Wales)

| COW CORNER INVESTMENTS (NO. 7) LIMITED |

| GROUP STRATEGIC REPORT, |

| REPORT OF THE DIRECTORS AND |

| CONSOLIDATED FINANCIAL STATEMENTS |

| FOR THE PERIOD |

| 20 FEBRUARY 2024 TO 31 MARCH 2025 |

COW CORNER INVESTMENTS (NO. 7) LIMITED (REGISTERED NUMBER: 15508483)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD 20 FEBRUARY 2024 TO 31 MARCH 2025

Page |

Company Information | 1 |

Group Strategic Report | 2 |

Report of the Directors | 4 |

Report of the Independent Auditors | 6 |

Consolidated Statement of Comprehensive Income | 9 |

Consolidated Balance Sheet | 10 |

Company Balance Sheet | 11 |

Consolidated Statement of Changes in Equity | 12 |

Company Statement of Changes in Equity | 13 |

Consolidated Cash Flow Statement | 14 |

Notes to the Consolidated Cash Flow Statement | 15 |

Notes to the Consolidated Financial Statements | 16 |

COW CORNER INVESTMENTS (NO. 7) LIMITED

COMPANY INFORMATION

FOR THE PERIOD 20 FEBRUARY 2024 TO 31 MARCH 2025

| DIRECTORS: | N Green

| S A Leighton-Smith

| W J S Cooke

| REGISTERED OFFICE: | 1 Air Street

| Brighton

| BN1 3FB

| REGISTERED NUMBER: | 15508483 (England and Wales)

| SENIOR STATUTORY AUDITOR: | Tom Young FCA

| AUDITORS: | Hopper Williams & Bell Limited

| Statutory Auditor

| Highland House

| Mayflower Close

| Chandler's Ford

| Eastleigh

| Hampshire

| SO53 4AR

COW CORNER INVESTMENTS (NO. 7) LIMITED (REGISTERED NUMBER: 15508483)

GROUP STRATEGIC REPORT

FOR THE PERIOD 20 FEBRUARY 2024 TO 31 MARCH 2025

The directors present their strategic report for the period ended 31 March 2025.

Business Review

Cow Corner Investments (No. 7) Limited ("CCI7") is an award-winning recruitment solutions business focussed on companies and investors across the health, care, education and life sciences markets in the UK and increasingly internationally.

Operating under the Compass Recruitment Solutions ("CRS"), Compass Carter Osborne ("CCO"), Compass Associates, and Carrot Recruitment ("CP") brands, it provides a full, integrated service offering from retained senior executive search through to contingent recruitment of permanent personnel, with coverage across C-suite, management, commercial, clinical, and back-office appointments.

The business has an established track record of differentiating itself through superior knowledge of its sectors, which enables its consultants to identify strong candidate pools, fill vacancies and cross sell services between search and recruitment. This combined with a high-touch service enables it to deliver best in class recruitment for its clients and candidates - we deliver solutions, we build relationships and we are dedicated.

CCI7's subsidiary companies are award-winning, including Health Investor's Recruiter of the Year Award having been winners in 2024, 2023, 2021, 2019 and 2017, HealthInvestor's, Search Firm of the Year award in both 2022 and 2024 and of Laing Buisson's Recruiter Award 2019. The group also continued to build its brands through thought leadership content, roundtables, conference attendance, and as a strategic partner to the European Healthcare Investor Association, the largest association of private capital providers investing in healthcare companies in Europe.

Investment by Cow Corner

Continued investment from Cow Corner Investing has enabled the group to accelerate organic and inorganic growth to build scale in the health, care, education and life science sectors under the CRS house of brands. In May 2024, CRS completed the strategic acquisition of Carter Schwartz, a leading Executive Search boutique, and merging it with Compass Executives to form Compass Carter Osborne. Further to this, in September 2025, CRS completed the acquisition of Consult Search which adds to our life science offering in medical technologies in both the UK and Internationally. Strategically this complements Carrot Recruitment.

People

Our aim is to empower our staff to dream bigger, reach higher, and make their ambitions a reality. To do this, they must deliver excellent levels of customer service and consistently exceed expectations when working with client partners. Our people are at the heart of how we achieve this, supported by a strong internal culture and a successful employee retention programme.

Our Gold accreditation with Investors in People reflects that we remain an employer of choice, with long tenure and ordinarily low levels of turnover for the sector. The Company is an equal opportunities employer and is committed to diversity and inclusion in the workplace. Cultural Intelligence and Environmental, Social and Governance policies are well established across the business, driving awareness and education about a variety of initiatives, together with opportunities for all employees to play an active role in the Charity & Community Committee. Our focus on ensuring that women within the company are inspired to thrive and fulfil ambitions continues to be successfully facilitated through internal initiatives.

In addition, we have invested significantly in employee development and training to future-proof our workforce. This includes upskilling teams in AI and automation to ensure they remain at the forefront of recruitment technology. Our partnership supports leadership development and equips consultants with advanced skills in specialist recruitment practices. We also successfully launched our mentorship programme, providing direct access to senior leadership guidance and fostering a culture of learning and collaboration across the business.

COW CORNER INVESTMENTS (NO. 7) LIMITED (REGISTERED NUMBER: 15508483)

GROUP STRATEGIC REPORT

FOR THE PERIOD 20 FEBRUARY 2024 TO 31 MARCH 2025

FINANCIAL PERFORMANCE

Market conditions were challenging across the general staffing market as widely reported in the press. Despite revenues declining slightly we continued to see growth in our retained offering via Compass Carter Osborne, the C-suite search brand for the investor backed community, with a large number of high-profile clients generating repeat revenue. We have gained considerable market share across the LTM.

Key Performance Indicators (KPI's)

The year was one of purposeful investment and foundation setting for the next 5 years and beyond. We deployed significant funding into AI and automation, websites and continued expansion into the US to enhance diversification through new geographies, together with enhanced training across the group to enable agile trading across sectors to facilitate allocation of resources appropriately. Additionally, we invested significant Capex into our facilities and IT infrastructure, future proofing against potential cyber threats that have plagued many CRM based businesses of late.

The group maintained a strong cash position and a healthy balance sheet position for the year ended 31 March 2025. Operating costs included a number of one-off exceptional costs (mentioned above) in the year ended 31 March 2025 including deal fees, new website, expansion costs and technology.

PRINCIPAL RISKS AND UNCERTAINTIES

The group is highly diversified by client, seniority of appointment and sub market, so the principal risk and uncertainties relate to liquidity. Economic uncertainty and challenging market conditions continue across the UK and more widely across the world, which may result in lower levels confidence resulting in delays in client decision making and candidates being more reluctant to accept offers. Additional to this is the general lack and declining levels of vacancies.

Liquidity risks are managed by ensuring an effective credit control process, careful consideration of working capital requirements and future financial forecasts.

Future Prospects and Outlook

The group remains focussed on organic and acquisitive growth in the markets we operate in. Future M&A targets will be those with a temporary / contract offering that offers new shape to our revenue generation.

The Board continually reviews its budget, forecasts and cash position and believes the group has adequate resources to continue in operational existence for the period ending 31 March 2026.

The directors are confident the group will continue to drive strong performance in its business and enhance our offerings to our clients.

The directors are not aware, at the date of this report, of any likely major changes in the group's activities in the next year.

ON BEHALF OF THE BOARD:

N Green - Director

13 February 2026

COW CORNER INVESTMENTS (NO. 7) LIMITED (REGISTERED NUMBER: 15508483)

REPORT OF THE DIRECTORS

FOR THE PERIOD 20 FEBRUARY 2024 TO 31 MARCH 2025

The directors present their report with the financial statements of the company and the group for the period 20 February 2024 to 31 March 2025.

INCORPORATION

The group was incorporated on 20 February 2024 and commenced trading on the same date.

PRINCIPAL ACTIVITY

Holding Company

DIVIDENDS

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

EVENTS SINCE THE END OF THE PERIOD

Information relating to events since the end of the period is given in the notes to the financial statements.

DIRECTORS

The directors who have held office during the period from 20 February 2024 to the date of this report are as follows:

N Green - appointed 14 March 2024

S A Leighton-Smith - appointed 14 March 2024

W J S Cooke - appointed 20 February 2024

DONATIONS AND EXPENDITURE

Donations in the year for the group totalled £3,810 to registered UK Charities.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

- | select suitable accounting policies and then apply them consistently;

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

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

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

COW CORNER INVESTMENTS (NO. 7) LIMITED (REGISTERED NUMBER: 15508483)

REPORT OF THE DIRECTORS

FOR THE PERIOD 20 FEBRUARY 2024 TO 31 MARCH 2025

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

ON BEHALF OF THE BOARD:

N Green - Director

13 February 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

COW CORNER INVESTMENTS (NO. 7) LIMITED

Opinion

We have audited the financial statements of Cow Corner Investments (No. 7) Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 March 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2025 and of the group's loss for the period then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

COW CORNER INVESTMENTS (NO. 7) LIMITED

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- | the parent company financial statements are not in agreement with the accounting records and returns; or

- | certain disclosures of directors' remuneration specified by law are not made; or

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was capable of detecting irregularities, including fraud

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. Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities even though the audit has been properly planned and performed in accordance with the ISAs (UK). The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- We obtained an understanding of the legal and regulatory frameworks that are applicable to the group and the parent company, and the industry in which they operate. These include but are not limited to compliance with the Companies Act 2006, UK Generally Accepted Accounting Principles and the relevant tax compliance regulations for the group and the parent company.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

COW CORNER INVESTMENTS (NO. 7) LIMITED

- We obtained an understanding of how the group and parent company is complying with these frameworks through discussions with management.

- We enquired with management whether there were any instances of non-compliance with laws and regulations or whether they had knowledge of actual or suspected fraud. These enquiries are corroborated through follow-up audit procedures including but not limited to a review of legal and professional costs and correspondence.

- We assessed the susceptibility of the group's and parent company's financial statements to material misstatement, including the risk of fraud and management override of controls. We designed our audit procedures to respond to this assessment, including the identification and testing of any related party transactions and the testing of journal transactions that arise from management estimates, that are determined to be of significant value or unusual in their nature.

- We assessed the appropriateness of the collective competence and capabilities of the engagement team, including consideration of the engagement team's knowledge and understanding of the industry in which the group and parent company operate in, and their practical experience through training and participation with audit engagements of a similar nature.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Tom Young FCA (Senior Statutory Auditor)

for and on behalf of Hopper Williams & Bell Limited

Statutory Auditor

Highland House

Mayflower Close

Chandler's Ford

Eastleigh

Hampshire

SO53 4AR

13 February 2026

COW CORNER INVESTMENTS (NO. 7) LIMITED (REGISTERED NUMBER: 15508483)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIOD 20 FEBRUARY 2024 TO 31 MARCH 2025

| Notes | £

| TURNOVER | 3 | 9,352,129 |  |

| Cost of sales | (7,670,080 | ) |

| GROSS PROFIT | 1,682,049 |  |

| Administrative expenses | (4,077,224 | ) |

(2,395,175 | ) |

| Gain/loss on revaluation of intangible assets | (952,661 | ) |

| OPERATING LOSS | 5 | (3,347,836 | ) |

| Interest receivable and similar income | 466 |  |

(3,347,370 | ) |

| Interest payable and similar expenses | 7 | (651,836 | ) |

| LOSS BEFORE TAXATION | (3,999,206 | ) |

| Tax on loss | 8 | 437,010 |  |

| LOSS FOR THE FINANCIAL PERIOD | (3,562,196 | ) |

| OTHER COMPREHENSIVE INCOME |

| Capital contribution reserve | 4,673,005 |  |

| Income tax relating to other comprehensive income | - |  |

| OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF INCOME TAX | 4,673,005 |  |

| TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | 1,110,809 |  |

| Loss attributable to:

| Owners of the parent | (3,562,196 | ) |

| Total comprehensive income attributable to:

| Owners of the parent | 1,110,809 |  |

COW CORNER INVESTMENTS (NO. 7) LIMITED (REGISTERED NUMBER: 15508483)

CONSOLIDATED BALANCE SHEET

31 MARCH 2025

| Notes | £

| FIXED ASSETS

| Intangible assets | 10 | 12,700,646 |  |

| Tangible assets | 11 | 202,249 |  |

| Investments | 12 | - |  |

12,902,895 |  |

| CURRENT ASSETS

| Debtors | 13 | 1,578,862 |  |

| Cash at bank | 500,289 |  |

2,079,151 |  |

| CREDITORS

| Amounts falling due within one year | 14 | (2,231,805 | ) |

| NET CURRENT LIABILITIES | (152,654 | ) |

| TOTAL ASSETS LESS CURRENT LIABILITIES | 12,750,241 |  |

| CREDITORS

| Amounts falling due after more than one year | 15 | (11,490,974 | ) |

| NET ASSETS | 1,259,267 |  |

| CAPITAL AND RESERVES

| Called up share capital | 20 | 148,458 |  |

| Capital contribution reserve | 21 | 4,283,786 |  |

| Retained earnings | 21 | (3,172,977 | ) |

1,259,267 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 13 February 2026 and were signed on its behalf by:

N Green - Director

COW CORNER INVESTMENTS (NO. 7) LIMITED (REGISTERED NUMBER: 15508483)

COMPANY BALANCE SHEET

31 MARCH 2025

| Notes | £

| FIXED ASSETS

| Intangible assets | 10 | - |  |

| Tangible assets | 11 | - |  |

| Investments | 12 | 17,837,052 |  |

17,837,052 |  |

| CURRENT ASSETS

| Debtors | 13 | 848,005 |  |

| TOTAL ASSETS LESS CURRENT LIABILITIES | 18,685,057 |  |

| CREDITORS

| Amounts falling due after more than one year | 15 | (10,119,693 | ) |

| NET ASSETS | 8,565,364 |  |

| CAPITAL AND RESERVES

| Called up share capital | 20 | 148,458 |  |

| Capital contribution reserve | 21 | 4,283,786 |  |

| Retained earnings | 21 | 4,133,120 |  |

8,565,364 |  |

| Company's profit for the financial year | 3,743,901 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 13 February 2026 and were signed on its behalf by:

N Green - Director

COW CORNER INVESTMENTS (NO. 7) LIMITED (REGISTERED NUMBER: 15508483)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD 20 FEBRUARY 2024 TO 31 MARCH 2025

Called up | Capital |  |

share | Retained | contribution | Total |

capital | earnings | reserve | equity |

| £ | £ | £ | £

Changes in equity

Issue of share capital | 148,458 |  | - |  | - |  | 148,458 |  |

Total comprehensive income | - |  | (3,172,977 | ) | 4,283,786 |  | 1,110,809 |  |

Balance at 31 March 2025 | 148,458 |  | (3,172,977 | ) | 4,283,786 |  | 1,259,267 |  |

COW CORNER INVESTMENTS (NO. 7) LIMITED (REGISTERED NUMBER: 15508483)

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD 20 FEBRUARY 2024 TO 31 MARCH 2025

Called up | Capital |  |

share | Retained | contribution | Total |

capital | earnings | reserve | equity |

| £ | £ | £ | £

Changes in equity

Issue of share capital | 148,458 |  | - |  | - |  | 148,458 |  |

Total comprehensive income | - |  | 4,133,120 |  | 4,283,786 |  | 8,416,906 |  |

Balance at 31 March 2025 | 148,458 |  | 4,133,120 |  | 4,283,786 |  | 8,565,364 |  |

COW CORNER INVESTMENTS (NO. 7) LIMITED (REGISTERED NUMBER: 15508483)

CONSOLIDATED CASH FLOW STATEMENT

FOR THE PERIOD 20 FEBRUARY 2024 TO 31 MARCH 2025

| Notes | £

| Cash flows from operating activities

| Cash generated from operations | 1 | (897,757 | ) |

| Interest paid | (251,943 | ) |

| Taxation refund | 461,967 |  |

| Net cash from operating activities | (687,733 | ) |

| Cash flows from investing activities

| Purchase of tangible fixed assets | (50,707 | ) |

| Net cash to acquire subsidiaries | 199,303 |  |

| Interest received | 466 |  |

| Net cash from investing activities | 149,062 |  |

| Cash flows from financing activities

| New loans in year | 880,000 |  |

| Loan repayments in year | (184,498 | ) |

| Amount introduced by directors | 195,000 |  |

| Share issue | 148,458 |  |

| Net cash from financing activities | 1,038,960 |  |

| Increase in cash and cash equivalents | 500,289 |  |

| Cash and cash equivalents at beginning of period | 2 | - |  |

| Cash and cash equivalents at end of period | 2 | 500,289 |  |

COW CORNER INVESTMENTS (NO. 7) LIMITED (REGISTERED NUMBER: 15508483)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT

FOR THE PERIOD 20 FEBRUARY 2024 TO 31 MARCH 2025

1. | RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| £

| Loss before taxation | (3,999,206 | ) |

| Depreciation charges | 1,484,774 |  |

| Impairment of goodwill | 952,661 |  |

| Finance costs | 651,836 |  |

| Finance income | (466 | ) |

(910,401 | ) |

| Increase in trade and other debtors | (1,582,144 | ) |

| Increase in trade and other creditors | 1,594,788 |  |

| Cash generated from operations | (897,757 | ) |

2. | CASH AND CASH EQUIVALENTS

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

| Period ended 31 March 2025

| 31.3.25 |  | 20.2.24

| £ | £

| Cash and cash equivalents | 500,289 |  | - |  |

3. | ANALYSIS OF CHANGES IN NET DEBT

| At 20.2.24 | Cash flow | At 31.3.25

| £ | £ | £

| Net cash |

| Cash at bank | - |  | 500,289 |  | 500,289 |  |

- |  | 500,289 |  | 500,289 |  |

| Debt

| Debts falling due within 1 year | - |  | (395,844 | ) | (395,844 | ) |

| Debts falling due after 1 year | - |  | (11,490,974 | ) | (11,490,974 | ) |

- |  | (11,886,818 | ) | (11,886,818 | ) |

| Total | - |  | (11,386,529 | ) | (11,386,529 | ) |

COW CORNER INVESTMENTS (NO. 7) LIMITED (REGISTERED NUMBER: 15508483)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD 20 FEBRUARY 2024 TO 31 MARCH 2025

1. | STATUTORY INFORMATION

| Cow Corner Investments (No. 7) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with FRS102 "The Financial Reporting Standards 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 amounts in these financial statements are rounded to the nearest £1.

| The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

| Going Concern

| The directors have concluded that with the continued support of its subsidiaries, the group is a going concern for at least 12 months following the signature of the financial statements. Accordingly the directors have prepared the consolidated financial statements on this basis.

| Basis of consolidation

| In the group company financial statements, the 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 adjusted for changes in contingent consideration after the acquisition date.

| The consolidated financial statements incorporate those of Compass Recruitment Solutions Limited, Compass Associates Limited, Carrot Pharma Recruitment Limited, CS Executive Talent Limited, Compass Recruitment Solutions Inc, (i.e. entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

| In the parent company's financial statements, investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

| 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.

COW CORNER INVESTMENTS (NO. 7) LIMITED (REGISTERED NUMBER: 15508483)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE PERIOD 20 FEBRUARY 2024 TO 31 MARCH 2025

2. | ACCOUNTING POLICIES - continued

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. For contingent and contractor placements, turnover is recognised when the candidate commences employment. For retained placements, turnover is recognised once the services commence across three stages; retainer, shortlist and contract signature. Rebates are recognised at a sliding scale of the recruitment fee if a placement leaves employment within three months.

| Goodwill

| Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of the group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life of 10 years.

| Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

| All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

| Tangible fixed assets

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

| Leasehold improvements | - | 25% Reducing balance

| Office furniture & computer equipment | - | Straight line over 3 years and Straight line over 4 years

| 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 statement of comprehensive income.

COW CORNER INVESTMENTS (NO. 7) LIMITED (REGISTERED NUMBER: 15508483)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE PERIOD 20 FEBRUARY 2024 TO 31 MARCH 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| The group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

| Financial assets

| The company 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 assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

| Basic financial assets, which include trade and other receivables 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 method, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

| Financial liabilities

| Basic financial liabilities, which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

| Equity instruments

| Equity instruments issued by the company are recorded at the fair value of 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.

| Taxation

| Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

COW CORNER INVESTMENTS (NO. 7) LIMITED (REGISTERED NUMBER: 15508483)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE PERIOD 20 FEBRUARY 2024 TO 31 MARCH 2025

2. | ACCOUNTING POLICIES - continued

| Pension costs and other post-retirement benefits

| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

| Impairment of financial assets

| Financial assets measured at cost and amortised costs are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income.

| For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date.

| For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

| 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 the statement of comprehensive income.

3. | TURNOVER

| The turnover and loss before taxation are attributable to the one principal activity of the group.

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

| £

| Recruitment services | 9,352,129 |  |

9,352,129 |  |

| An analysis of turnover by geographical market is given below:

| £

| United Kingdom | 9,111,815 |  |

| United States of America | 240,314 |  |

9,352,129 |  |

4. | EMPLOYEES AND DIRECTORS

| £

| Wages and salaries | 5,861,407 |  |

| Social security costs | 622,737 |  |

| Other pension costs | 202,723 |  |

6,686,867 |  |

COW CORNER INVESTMENTS (NO. 7) LIMITED (REGISTERED NUMBER: 15508483)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE PERIOD 20 FEBRUARY 2024 TO 31 MARCH 2025

4. | EMPLOYEES AND DIRECTORS - continued

| The average number of employees during the period was as follows:

| Directors | 4 |  |

| Administration and sales | 123 |  |

127 |  |

| The average number of employees by undertakings that were proportionately consolidated during the period was 127 .

| No remuneration was paid to the directors of the Group through the company.

| The total remuneration paid to directors of the Group in the year totalled £233,723.

| The highest paid director received remuneration of £121,687.

| The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1.

5. | OPERATING LOSS

| The operating loss is stated after charging:

| £

| Depreciation - owned assets | 73,591 |  |

| Goodwill amortisation | 1,411,183 |  |

| Foreign exchange differences | 7,432 |  |

| Operating leases | 514,202 |  |

6. | AUDITORS' REMUNERATION

| Fees payable to the group's auditors and its associates:

| For audit services

| 2025 |  |

| £ |  |

| Audit of the financial statements of the group and company |  | 7,785 |

| Audit of the financial statements of the company's subsidiaries |  | 25,550 |

| Non audit fees for the group and company |  | 3,890 |

| Non audit fees for the company's subsidiaries |  | 12,775 |

|  | 50,000 |

COW CORNER INVESTMENTS (NO. 7) LIMITED (REGISTERED NUMBER: 15508483)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE PERIOD 20 FEBRUARY 2024 TO 31 MARCH 2025

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| £

| Bank loan interest | 218,951 |  |

| Loan note amortisation | 389,219 |  |

| Interest on PAYE/VAT | 40,920 |  |

| Corporation Tax interest | 2,746 |  |

651,836 |  |

8. | TAXATION

| Analysis of the tax credit

| The tax credit on the loss for the period was as follows:

| £

| Current tax:

| Prior year over provision | (194,213 | ) |

| Losses incurred carried back | (176,457 | ) |

| Total current tax | (370,670 | ) |

| Deferred tax | (66,340 | ) |

| Tax on loss | (437,010 | ) |

| Reconciliation of total tax credit included in profit and loss

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

| £

| Loss before tax | (3,999,206 | ) |

| Loss multiplied by the standard rate of corporation tax in the UK of 25 % | (999,802 | ) |

| Effects of:

| Expenses not deductible for tax purposes | 125,467 |  |

| Depreciation in excess of capital allowances | 2,656 |  |

| Adjustments to tax charge in respect of previous periods | (194,213 | ) |

| Amortisation on goodwill | 352,796 |  |

| Impairment of goodwill | 225,242 |  |

| Effects of foreign tax | 50,844 |  |

| Total tax credit | (437,010 | ) |

| Tax effects relating to effects of other comprehensive income |

| Gross |  | Tax |  | Net |

| £ | £ | £

| Capital contribution reserve | 4,673,005 |  | - |  | 4,673,005 |  |

COW CORNER INVESTMENTS (NO. 7) LIMITED (REGISTERED NUMBER: 15508483)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE PERIOD 20 FEBRUARY 2024 TO 31 MARCH 2025

9. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

10. | INTANGIBLE FIXED ASSETS

| Group

Goodwill |

| £

| COST

| Additions | 15,064,490 |  |

| Impairments | (952,661 | ) |

| At 31 March 2025 | 14,111,829 |  |

| AMORTISATION

| Amortisation for period | 1,411,183 |  |

| At 31 March 2025 | 1,411,183 |  |

| NET BOOK VALUE

| At 31 March 2025 | 12,700,646 |  |

| Impairment of goodwill in the period relates to acquisition of CS Executive Talent Limited on 17 May 2024. The company was dissolved post year end and no further economic benefits are expected to arise for the Group.

11. | TANGIBLE FIXED ASSETS

| Group

Office |

furniture & |

Leasehold | computer |

improvements | equipment | Totals |

| £ | £ | £

| COST

| Additions | 183,522 |  | 92,318 |  | 275,840 |  |

| Disposals | - |  | (1,750 | ) | (1,750 | ) |

| At 31 March 2025 | 183,522 |  | 90,568 |  | 274,090 |  |

| DEPRECIATION

| Charge for period | 45,879 |  | 27,712 |  | 73,591 |  |

| Eliminated on disposal | - |  | (1,750 | ) | (1,750 | ) |

| At 31 March 2025 | 45,879 |  | 25,962 |  | 71,841 |  |

| NET BOOK VALUE

| At 31 March 2025 | 137,643 |  | 64,606 |  | 202,249 |  |

COW CORNER INVESTMENTS (NO. 7) LIMITED (REGISTERED NUMBER: 15508483)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE PERIOD 20 FEBRUARY 2024 TO 31 MARCH 2025

12. | FIXED ASSET INVESTMENTS

| Company

Shares in |

group |

undertakings |

| £

| COST

| Additions | 17,837,052 |  |

| At 31 March 2025 | 17,837,052 |  |

| NET BOOK VALUE

| At 31 March 2025 | 17,837,052 |  |

COW CORNER INVESTMENTS (NO. 7) LIMITED (REGISTERED NUMBER: 15508483)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE PERIOD 20 FEBRUARY 2024 TO 31 MARCH 2025

12. | FIXED ASSET INVESTMENTS - continued

| On 14 March 2024, Cow Corner Investments (No. 7) Limited acquired 100% of the ordinary share capital of Compass Recruitment Solutions Limited and the Compass Recruitment Solutions Group for a total consideration of £17,837,052. £13,315,172 was due on completion. £45,159 due as part of consideration shares, £4,470,721 as loan notes issued at the date of completion and £6,000 in relation to other costs payable.

| Compass Recruitment Solutions Limited is the holding company of a group of recruitment companies, which act in the life sciences sector. Management has estimated the useful life of goodwill to be 10 years.

| There is no adjustment required between the carrying value and fair value, therefore assets, liabilities and contingent liabilities are valued at the fair value below for the Compass Recruitment Solutions Group.

|  | Book Value |  | Adjustments |  | Fair Value |  |

| Fixed assets |  | 222,994 |  | - |  | 222,994 |  |

| Debtors |  | 14,478,995 |  | - |  | 14,478,995 |  |

| Creditors |  | (10,976,766 | ) | - |  | (10,976,766 | ) |

| Total identifiable assets |  | 3,725,223 |  |  | 3,725,223 |  |

| Total consideration |  |  | 17,837,052 |  |

| Goodwill |  |  | 14,111,829 |  |

| The company's investments at the balance sheet date in the share capital of companies include the following:

| Company |  | Registered Office |  | Principal activity |  | Class of shares |  | Holding |  |

| Compass Recruitment Solutions Limited |  | Compass House, 8A High Street, Cosham, Portsmouth, PO6 3BZ |  | Investment |  | Ordinary & Ordinary B |  | 100% |  |

| Compass Associates Limited |  | Compass House, 8A High Street, Cosham, Portsmouth, PO6 3BZ |  | Recruitment |  | Ordinary & Ordinary B |  | 100% |  |

| Carrot Pharma Recruitment Limited |  | Compass House, 8A High Street, Cosham, Portsmouth, PO6 3BZ |  | Recruitment |  | Ordinary |  | 100% |  |

| Compass Recruitment Solutions Inc |  | 4509 Creedmoor Rd, Raleigh, North Carolina, 27612-3813 |  | Recruitment |  | Ordinary |  | 100% |  |

| CS Execuitve Talent Limited |  | 1580 Parkway, Solent Business Park, Whiteley, PO15 7AG |  | Recruitment |  | Ordinary A, B & C |  | 100% |  |

| CS Executive Talent Limited was dissolved post year end and an impairment of this asset has been recognised in the statement of comprehensive income of Compass Recruitment Solutions Limited. Goodwill relating to this asset has also been impaired and recognised in the consolidated statement of comprehensive income.

| During the period, Compass Life Sciences Inc was renamed to Compass Recruitment Solutions Inc.

COW CORNER INVESTMENTS (NO. 7) LIMITED (REGISTERED NUMBER: 15508483)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE PERIOD 20 FEBRUARY 2024 TO 31 MARCH 2025

13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

| £ | £

| Trade debtors | 1,145,309 |  | - |  |

| Amounts owed by group undertakings | - |  | 848,005 |  |

| Other debtors | 46,006 |  | - |  |

| Tax | 176,457 |  | - |  |

| Deferred tax asset | 21,216 |  | - |  |

| Prepayments and accrued income | 189,874 |  | - |  |

1,578,862 |  | 848,005 |  |

| Deferred tax asset

| Group |  | Company |

| £ | £

| Deferred tax | 21,216 |  | - |  |

14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |

| £

| Bank loans and overdrafts (see note 16) | 395,844 |  |

| Trade creditors | 247,709 |  |

| Tax | 46,173 |  |

| Social security and other taxes | 436,276 |  |

| VAT | 353,555 |  |

| Other creditors | 136,639 |  |

| Directors' current accounts | 195,000 |  |

| Accruals and deferred income | 420,609 |  |

2,231,805 |  |

15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| Group |  | Company |

| £ | £

| Bank loans (see note 16) | 1,371,281 |  | - |  |

| Other loans (see note 16) | 10,119,693 |  | 10,119,693 |  |

11,490,974 |  | 10,119,693 |  |

COW CORNER INVESTMENTS (NO. 7) LIMITED (REGISTERED NUMBER: 15508483)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE PERIOD 20 FEBRUARY 2024 TO 31 MARCH 2025

16. | LOANS

| An analysis of the maturity of loans is given below:

| Group |  | Company |

| £ | £

| Amounts falling due within one year or on | demand: |

| Bank loans - less than 1 year | 395,844 |  | - |  |

| Amounts falling due between one and two | years: |

| Bank loans - 1-2 years | 398,325 |  | - |  |

| Amounts falling due between two and five | years: |

| Bank loans - 2-5 years | 972,956 |  | - |  |

| Amounts falling due in more than five years: |

| Repayable by instalments

| Other loans more than 5 years

| by instalments | 10,119,693 |  | 10,119,693 |  |

10,119,693 |  | 10,119,693 |  |

| Other loans relate to following loan notes issued to the shareholders of the company:

| A) £13,352,278 issued on 14 March 2024 at a zero percent coupon rate for a period of 10 years;

| B) £871,201 issued on 16 May 2024 at a zero percent coupon rate for a period of 10 years.

| At the balance sheet date, loan notes were recognised at net present value (NPV), with the difference between the value of the subscribed loan notes issued and the value of the loan notes recognised at their NPV, being shown in the reserves as part of the capital contribution reserve. Loan note amortisation in the year is recognised against the company's profit & loss statement.

17. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Group

Non-cancellable |

operating leases |

| £

| Within one year | 379,334 |  |

| Between one and five years | 763,239 |  |

1,142,573 |  |

COW CORNER INVESTMENTS (NO. 7) LIMITED (REGISTERED NUMBER: 15508483)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE PERIOD 20 FEBRUARY 2024 TO 31 MARCH 2025

18. | SECURED DEBTS

| The bank loan comprises a loan from Barclays Bank UK PLC to Cow Corner Investments (No. 7) Limited's subsidiary company, Compass Recruitment Solutions Limited dated 14 January 2025 with a term loan repayable over 4.5 years from the balance sheet date and is secured by way of a fixed and floating charges over the assets of the company and its subsidiaries. Interest is charged at the Bank of England base rate plus margin for the duration of the loan.

19. | DEFERRED TAX

| Group

| £

| Accelerated capital allowances | 42,059 |  |

| Unused corporation tax losses | (63,275 | ) |

| Balance at 31 March 2025 | (21,216 | ) |

20. | CALLED UP SHARE CAPITAL

| Alloted, issued and fully paid:

| Number: |  | Class: |  | Nominal value: |  | 2025 |

| £ |  |

| 148,458 |  | Ordinary |  | £1 |  | 148,458 |

| At incorporation on 14 March 2024, Ordinary shares totalling 136,690 of £1 nominal value were issued to the company's shareholders. On 16 May 2024, 8,799 additional Ordinary shares were issued. On 20 May 2024, 2,969 Ordinary shares were issued to the company's shareholders. This brought the total share capital issued in the period to 148,458 Ordinary share of £1 nominal value.

| The company's ordinary shares, which carry no right to fixed income, each carry the right to one vote at general meetings of the company. All shares were issued at a £1 nominal value in the year and are entitled to dividends.

21. | RESERVES

| Group

Capital |

Retained | contribution |

earnings | reserve | Totals |

| £ | £ | £

| Deficit for the period | (3,562,196 | ) | (3,562,196 | ) |

| Loan notes transfer | - |  | 4,673,005 |  | 4,673,005 |  |

| Transfer between reserves | 389,219 |  | (389,219 | ) | - |  |

| At 31 March 2025 | (3,172,977 | ) | 4,283,786 |  | 1,110,809 |  |

COW CORNER INVESTMENTS (NO. 7) LIMITED (REGISTERED NUMBER: 15508483)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE PERIOD 20 FEBRUARY 2024 TO 31 MARCH 2025

21. | RESERVES - continued

| Company

Capital |

Retained | contribution |

earnings | reserve | Totals |

| £ | £ | £

| Profit for the period | 3,743,901 |  | 3,743,901 |  |

| Loan notes transfer | - |  | 4,673,005 |  | 4,673,005 |  |

| Transfer between reserves | 389,219 |  | (389,219 | ) | - |  |

| At 31 March 2025 | 4,133,120 |  | 4,283,786 |  | 8,416,906 |  |

| The capital contribution reserve represents the difference between the value of the subscribed loan notes issued and the value of the loan notes recognised at their net present value at the balance sheet date.

| Loan note amortisation is recognised against the company's profit & loss statement. A transfer between the profit & loss reserve and the capital contribution reserve will take place at the end of each financial year so that the capital contribution reserve is fully amortised by the end of the loan note term.

22. | PENSION COMMITMENTS

| The Group operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Group in an independently administered fund.

| The pension cost charge to the profit and loss for the period in respect of defined contributions payable by the company amounted to £202,723.

| Contributions totalling £Nil were payable at the year end in respect of these contributions.

23. | RELATED PARTY DISCLOSURES

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

| Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

| LSJR Properties Limited

| A company in which S A Leighton-Smith is a shareholder.

| Included within administrative expenses is £108,000 for rent paid to LSJR Properties Limited. At the balance sheet date, the group owed £Nil to LSJR Properties Limited.

| S A Leighton-Smith

| Director

| During the year, advances totalling £195,000 were made by the director to Compass Associates Limited, a subsidiary of the Group. The balance due to the director at the period-end was £195,000.

| Key Management Personnel

| Key management personnel in the year are deemed to be the Directors including Directors of the Group's subsidiaries. During the period, the total aggregate remuneration for key management personnel is £540,257.

COW CORNER INVESTMENTS (NO. 7) LIMITED (REGISTERED NUMBER: 15508483)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE PERIOD 20 FEBRUARY 2024 TO 31 MARCH 2025

24. | POST BALANCE SHEET EVENTS

| On 4 September 2025, Compass Recruitment Solutions Limited acquired 100% of the share capital of Consult Search & Selection Ltd.

| On 4 September 2025 Cow Corner Investments (No. 7) Limited issued 29,445 Ordinary shares at par nominal value. The total Ordinary shares of £1 nominal value issued at this date were 177,903.

| On 17 December 2025, the group entered into an agreement with Close Invoice Finance Limited for a credit facility with a limit of £500,000 for the group of companies encompassing Compass Associates Limited, Carrot Pharma Recruitment Limited and Consult Search & Selection Ltd.

| This facility is secured over the trading assets of the group.

25. | ULTIMATE CONTROLLING PARTY

| The immediate and ultimate controlling company is Cow Corner Nominees Limited.

| The ultimate controlling party is L Campbell and M Rourke via their shareholding in the ultimate controlling company.