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REGISTERED NUMBER: 09411110 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

YH HOLDINGS (UK) LIMITED

YH HOLDINGS (UK) LIMITED (REGISTERED NUMBER: 09411110)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page |

Company Information | 1 |

Group Strategic Report | 2 |

Report of the Directors | 3 |

Report of the Independent Auditors | 5 |

Consolidated Income Statement | 8 |

Consolidated Other Comprehensive Income | 9 |

Consolidated Statement of Financial Position | 10 |

Company Statement of Financial Position | 11 |

Consolidated Statement of Changes in Equity | 12 |

Company Statement of Changes in Equity | 13 |

Consolidated Statement of Cash Flows | 14 |

Notes to the Consolidated Statement of Cash Flows | 15 |

Notes to the Consolidated Financial Statements | 16 |

YH HOLDINGS (UK) LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 31 MARCH 2025

| DIRECTORS: | M J Hunter

| A E Yendall

| REGISTERED OFFICE: | Dashwood House,

| 69 Old Broad Street,

| London

| EC2M 1QS

| REGISTERED NUMBER: | 09411110 (England and Wales)

| AUDITORS: | Innovi Advisors Ltd

| 163 Herne Hill

| London

| SE24 9LR

YH HOLDINGS (UK) LIMITED (REGISTERED NUMBER: 09411110)

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2025

The directors present their strategic report of the company and the group for the year ended 31 March 2025.

REVIEW OF BUSINESS

The results for the year and financial position of the group are shown in the audited financial statements.

The group has experienced increase in sales growth with turnover increasing by 21.01% from £13.8 million to £16.7 million. During the same time period, operating profit Increased by 37.5% from £4.8 million to £6.6 million.

The key financial performance indicators are as follows:

| 2025 |  | 2024 |  | Variance |  | Variance |

| £ |  | £ |  | % |  | £ |

Turnover |  | 16.7 million |  | 13.8 million |  | 21.01% |  | 2.9 million |

Monthly turnover |  | 1.39 million |  | 1.15 million |  | 21.01% |  | 0.24 million |

Operating expenses |  | 10.1 million |  | 9.0 million |  | 12.57% |  | 1.13 million |

Operating profit |  | 6.6 million |  | 4.8 million |  | 37.5% |  | 1.8 million |

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks faced by the group include exposure to bad debts, reduction in new expert appointments and staffing risks related to retaining highly specialized consulting staff. The group manages its bad debt exposure through prompt billing and continuous monitoring of receivables and collections. The group continues to solidify its reputation in the marketplace by expanding its established network of law firms and corporate clients. Recruitment, staff retention and professional development are treated as a priority at all levels.

FUTURE DEVELOPMENT

The group plans to continue its strategy of organic growth and is actively developing a second generation of expert witnesses and work-winners to maintain and expand the flow of expert appointments in the long-term.

ON BEHALF OF THE BOARD:

A E Yendall - Director

27 February 2026

YH HOLDINGS (UK) LIMITED (REGISTERED NUMBER: 09411110)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 MARCH 2025

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

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of construction disputes and project advisory consultancy services.

DIVIDENDS

The total distribution of dividends for the year ended 31 March 2025 will be £ 3,000,000 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

M J Hunter

A E Yendall

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.

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.

YH HOLDINGS (UK) LIMITED (REGISTERED NUMBER: 09411110)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 MARCH 2025

AUDITORS

The auditors, Innovi Advisors Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

A E Yendall - Director

27 February 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

YH HOLDINGS (UK) LIMITED

Opinion

We have audited the financial statements of YH Holdings (UK) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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

YH HOLDINGS (UK) 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 three, 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

YH HOLDINGS (UK) LIMITED

Auditors' responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-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 key laws and regulations we have considered in this context included the Companies Act 2006, pension and tax legislation. In addition, we have considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- Using our general commercial and sector experience and through discussions with the directors and management, we identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements as well as those arising from management's own assessment of the risks that irregularities may occur either as a result of fraud or error.

- We examined the company's regulatory and legal correspondence and discussed with the directors and management any known or suspected instances of fraud or non-compliance with laws and regulations.

- We communicated identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

- In addressing the risk of management override of controls, we tested the appropriateness of journal entries. We also challenged assumptions and judgements made by management in their significant accounting estimates and judgements.

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 from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through collusion.

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.

Sheetal Shah FCCA (Senior Statutory Auditor)

for and on behalf of Innovi Advisors Ltd

163 Herne Hill

London

SE24 9LR

27 February 2026

YH HOLDINGS (UK) LIMITED (REGISTERED NUMBER: 09411110)

CONSOLIDATED INCOME STATEMENT

FOR THE YEAR ENDED 31 MARCH 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 16,710,628 |  | 13,823,926 |  |

Cost of sales | 41,727 |  | - |  |

GROSS PROFIT | 16,668,901 |  | 13,823,926 |  |

Administrative expenses | 10,089,957 |  | 9,040,294 |  |

OPERATING PROFIT | 4 | 6,578,944 |  | 4,783,632 |  |

Interest receivable and similar income | 5,243 |  | 474 |  |

PROFIT BEFORE TAXATION | 6,584,187 |  | 4,784,106 |  |

Tax on profit | 5 | 1,688,764 |  | 1,217,081 |  |

PROFIT FOR THE FINANCIAL YEAR | 4,895,423 |  | 3,567,025 |  |

Profit attributable to:

Owners of the parent | 4,895,423 |  | 3,567,025 |  |

YH HOLDINGS (UK) LIMITED (REGISTERED NUMBER: 09411110)

CONSOLIDATED OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2025

| 2025 |  | 2024

| Notes | £ | £ |

PROFIT FOR THE YEAR | 4,895,423 |  | 3,567,025 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 4,895,423 |  | 3,567,025 |  |

Total comprehensive income attributable to:

Owners of the parent | 4,895,423 |  | 3,567,025 |  |

YH HOLDINGS (UK) LIMITED (REGISTERED NUMBER: 09411110)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

31 MARCH 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 8 | 796,461 |  | 75,752 |  |

Investments | 9 | - |  | - |  |

796,461 |  | 75,752 |  |

CURRENT ASSETS

Debtors | 10 | 7,205,705 |  | 6,263,176 |  |

Cash at bank | 7,746,093 |  | 6,814,514 |  |

14,951,798 |  | 13,077,690 |  |

CREDITORS

Amounts falling due within one year | 11 | 3,061,357 |  | 2,295,213 |  |

NET CURRENT ASSETS | 11,890,441 |  | 10,782,477 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 12,686,902 |  | 10,858,229 |  |

PROVISIONS FOR LIABILITIES | 13 | 137,441 |  | 204,191 |  |

NET ASSETS | 12,549,461 |  | 10,654,038 |  |

CAPITAL AND RESERVES

Called up share capital | 14 | 1,000 |  | 1,000 |  |

Retained earnings | 15 | 12,548,461 |  | 10,653,038 |  |

SHAREHOLDERS' FUNDS | 12,549,461 |  | 10,654,038 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 27 February 2026 and were signed on its behalf by:

A E Yendall - Director

YH HOLDINGS (UK) LIMITED (REGISTERED NUMBER: 09411110)

COMPANY STATEMENT OF FINANCIAL POSITION

31 MARCH 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 8 | - |  | - |  |

Investments | 9 | 1,170 |  | 1,096 |  |

1,170 |  | 1,096 |  |

CURRENT ASSETS

Debtors | 10 | 18,355 |  | 18,688 |  |

Cash at bank | 44,147 |  | 31,779 |  |

62,502 |  | 50,467 |  |

CREDITORS

Amounts falling due within one year | 11 | 21,638 |  | 23,022 |  |

NET CURRENT ASSETS | 40,864 |  | 27,445 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 42,034 |  | 28,541 |  |

CAPITAL AND RESERVES

Called up share capital | 14 | 1,000 |  | 1,000 |  |

Retained earnings | 41,034 |  | 27,541 |  |

SHAREHOLDERS' FUNDS | 42,034 |  | 28,541 |  |

Company's profit for the financial year | 3,013,493 |  | 4,052,651 |  |

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 27 February 2026 and were signed on its behalf by:

A E Yendall - Director

YH HOLDINGS (UK) LIMITED (REGISTERED NUMBER: 09411110)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 April 2023 | 1,000 |  | 11,116,013 |  | 11,117,013 |  |

Changes in equity

Dividends | - |  | (4,030,000 | ) | (4,030,000 | ) |

Total comprehensive income | - |  | 3,567,025 |  | 3,567,025 |  |

Balance at 31 March 2024 | 1,000 |  | 10,653,038 |  | 10,654,038 |  |

Changes in equity

Dividends | - |  | (3,000,000 | ) | (3,000,000 | ) |

Total comprehensive income | - |  | 4,895,423 |  | 4,895,423 |  |

Balance at 31 March 2025 | 1,000 |  | 12,548,461 |  | 12,549,461 |  |

YH HOLDINGS (UK) LIMITED (REGISTERED NUMBER: 09411110)

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 April 2023 | 1,000 |  | 4,890 |  | 5,890 |  |

Changes in equity

Dividends | - |  | (4,030,000 | ) | (4,030,000 | ) |

Total comprehensive income | - |  | 4,052,651 |  | 4,052,651 |  |

Balance at 31 March 2024 | 1,000 |  | 27,541 |  | 28,541 |  |

Changes in equity

Dividends | - |  | (3,000,000 | ) | (3,000,000 | ) |

Total comprehensive income | - |  | 3,013,493 |  | 3,013,493 |  |

Balance at 31 March 2025 | 1,000 |  | 41,034 |  | 42,034 |  |

YH HOLDINGS (UK) LIMITED (REGISTERED NUMBER: 09411110)

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 6,187,858 |  | 6,117,740 |  |

Tax paid | (1,424,915 | ) | (1,201,656 | ) |

Net cash from operating activities | 4,762,943 |  | 4,916,084 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (836,543 | ) | (48,760 | ) |

Sale of tangible fixed assets | - |  | 30 |  |

Interest received | 5,243 |  | 474 |  |

Net cash from investing activities | (831,300 | ) | (48,256 | ) |

Cash flows from financing activities

Equity dividends paid | (3,000,000 | ) | (4,030,000 | ) |

Net cash from financing activities | (3,000,000 | ) | (4,030,000 | ) |

Increase in cash and cash equivalents | 931,643 |  | 837,828 |  |

Cash and cash equivalents at beginning of year | 2 | 6,814,514 |  | 5,976,685 |  |

Effect of foreign exchange rate changes | (64 | ) | 1 |  |

Cash and cash equivalents at end of year | 2 | 7,746,093 |  | 6,814,514 |  |

YH HOLDINGS (UK) LIMITED (REGISTERED NUMBER: 09411110)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2025

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

| 2025 |  | 2024

£ | £ |

| Profit before taxation | 6,584,187 |  | 4,784,106 |  |

| Depreciation charges | 115,902 |  | 66,311 |  |

| Profit on disposal of fixed assets | - |  | (30 | ) |

| Other provisions | (196,100 | ) | 196,100 |  |

| Finance income | (5,243 | ) | (474 | ) |

6,498,746 |  | 5,046,013 |  |

| (Increase)/decrease in trade and other debtors | (942,529 | ) | 686,254 |  |

| Increase in trade and other creditors | 631,641 |  | 385,473 |  |

| Cash generated from operations | 6,187,858 |  | 6,117,740 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

| Year ended 31 March 2025

| 31.3.25 |  | 1.4.24

£ | £ |

| Cash and cash equivalents | 7,746,093 |  | 6,814,514 |  |

| Year ended 31 March 2024

| 31.3.24 |  | 1.4.23

£ | £ |

| Cash and cash equivalents | 6,814,514 |  | 5,976,685 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.4.24 | Cash flow | At 31.3.25

£ | £ | £ |

| Net cash |

| Cash at bank | 6,814,514 |  | 931,579 |  | 7,746,093 |  |

6,814,514 |  | 931,579 |  | 7,746,093 |  |

| Total | 6,814,514 |  | 931,579 |  | 7,746,093 |  |

YH HOLDINGS (UK) LIMITED (REGISTERED NUMBER: 09411110)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1. | STATUTORY INFORMATION

| YH Holdings (UK) Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

| The presentation currency of the financial statements is the Pound Sterling (£) rounded to the nearest Pound.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Basis of consolidation

| The consolidated financial statements incorporate the financial statements of the company and its subsidiaries, Yendall Hunter Limited, Yendall Hunter Corp., Yendall Hunter (NZ) Limited, Yendall Hunter (Ohio) Corp, Yendall Hunter (Ireland) Limited, Yendall Hunter Middle East Consultancy Limited for financial year ended 31st March 2025. A separate income and expenditure account dealing with the results of the holding company only has not been presented, as permitted by Section 408 of the Companies Act 2006.

| Related party exemption

| 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.

| Going concern

| As part of the directors' assessment of going concern, they have prepared detailed cash flow and profit and loss forecasts for the next 12 months. The forecasts have been prepared on an appropriate basis, taking into account the current economic conditions that exist.

| After making appropriate enquires, the directors have a reasonable expectation that the group has adequate resources to enable it to continue in operational existence for the foreseeable future. They believe it is appropriate to prepare the accounts on a going concern basis.

| Turnover

| Turnover is the amount derived from ordinary activities, and is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services.

| Turnover from the rendering of services is recognised by the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the statement of financial position date, turnover payments are received from clients in advance of services provided, the amounts are recorded as deferred income and included as part of the creditors due within one year. Unbilled revenue on individual client assignments is included as unbilled amounts for client work within debtors.

YH HOLDINGS (UK) LIMITED (REGISTERED NUMBER: 09411110)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

2. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

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

| Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

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

| Plant and machinery |  | 20% straight line |  |

| Fixtures and fittings |  | 20% straight line |  |

| Computer equipment |  | 33.33% straight line |  |

| Leasehold improvements |  | 20% straight line |  |

| At each statement of financial position date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an 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 the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

| Taxation

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

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

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

| Deferred tax

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

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

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

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

| 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.

YH HOLDINGS (UK) LIMITED (REGISTERED NUMBER: 09411110)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

2. | ACCOUNTING POLICIES - continued

| Trade and other debtors

| Trade and other debtors that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment.

| Cash and cash equivalents

| Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities.

| Trade and other creditors

| Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

3. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 7,072,870 |  | 6,074,539 |  |

| Social security costs | 669,401 |  | 568,306 |  |

| Other pension costs | 177,696 |  | 145,451 |  |

7,919,967 |  | 6,788,296 |  |

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

| 2025 |  | 2024

| Full time employes | 39 |  | 33 |  |

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 500,000 |  | 500,000 |  |

| Information regarding the highest paid director is as follows:

| 2025 |  | 2024

£ | £ |

| Emoluments etc | 250,000 |  | 250,000 |  |

4. | OPERATING PROFIT

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

| 2025 |  | 2024

£ | £ |

| Depreciation - owned assets | 115,834 |  | 66,307 |  |

| Profit on disposal of fixed assets | - |  | (30 | ) |

| Auditors' remuneration | 28,200 |  | 17,982 |  |

| Auditors' remuneration - non-audit work | 17,322 |  | 4,020 |  |

YH HOLDINGS (UK) LIMITED (REGISTERED NUMBER: 09411110)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

5. | TAXATION

| Analysis of the tax charge

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

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 1,555,124 |  | 1,212,859 |  |

| Foreign taxes paid | 4,294 |  | 8,990 |  |

| Total current tax | 1,559,418 |  | 1,221,849 |  |

| Deferred tax | 129,346 |  | (4,768 | ) |

| Tax on profit | 1,688,764 |  | 1,217,081 |  |

| Reconciliation of total tax charge included in profit and loss

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

| 2025 |  | 2024

£ | £ |

| Profit before tax | 6,584,187 |  | 4,784,106 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 25 %) | 1,646,047 |  | 1,196,027 |  |

| Effects of:

| Expenses not deductible for tax purposes | 23,628 |  | 3,730 |  |

| Capital allowances in excess of depreciation | (121,609 | ) | - |  |

| Depreciation in excess of capital allowances | - |  | 12,510 |  |

| Double taxation relief | (4,294 | ) | (8,990 | ) |

| Foreign tax paid | 4,294 |  | 8,990 |  |

| Foreign exchange on consolidation | 8,845 |  | 11,243 |  |

| US State Income tax | 8,933 |  | 8,990 |  |

| Impact of subsidiaries taxed at a different rate | (4,509 | ) | (8,358 | ) |

| Deferred tax | 129,346 |  | (4,628 | ) |

| Close service company surcharge | (1,749 | ) | (2,433 | ) |

| Withholding tax Ireland | (168 | ) | - |  |

| Total tax charge | 1,688,764 |  | 1,217,081 |  |

6. | INDIVIDUAL INCOME STATEMENT

| 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.

YH HOLDINGS (UK) LIMITED (REGISTERED NUMBER: 09411110)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

7. | DIVIDENDS

| 2025 |  | 2024

£ | £ |

| A Ordinary shares of £1 each |

| Interim | 1,500,000 |  | 2,000,000 |  |

| B Ordinary shares of £1 each |

| Interim | 1,500,000 |  | 2,000,000 |  |

| C Ordinary shares of £1 each |

| Interim | - |  | 30,000 |  |

3,000,000 |  | 4,030,000 |  |

8. | TANGIBLE FIXED ASSETS

| Group

| Fixtures |

| Short |  | Plant and |  | and |  | Computer |

| leasehold |  | machinery |  | fittings |  | equipment |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 April 2024 | 161,238 |  | 56,122 |  | 91,872 |  | 75,624 |  | 384,856 |  |

| Additions | 726,124 |  | - |  | 71,428 |  | 38,991 |  | 836,543 |  |

| Disposals | - |  | (54,410 | ) | - |  | (27,098 | ) | (81,508 | ) |

| At 31 March 2025 | 887,362 |  | 1,712 |  | 163,300 |  | 87,517 |  | 1,139,891 |  |

| DEPRECIATION

| At 1 April 2024 | 121,161 |  | 49,631 |  | 84,881 |  | 53,431 |  | 309,104 |  |

| Charge for year | 71,784 |  | 5,193 |  | 18,196 |  | 20,661 |  | 115,834 |  |

| Eliminated on disposal | - |  | (54,410 | ) | - |  | (27,098 | ) | (81,508 | ) |

| At 31 March 2025 | 192,945 |  | 414 |  | 103,077 |  | 46,994 |  | 343,430 |  |

| NET BOOK VALUE

| At 31 March 2025 | 694,417 |  | 1,298 |  | 60,223 |  | 40,523 |  | 796,461 |  |

| At 31 March 2024 | 40,077 |  | 6,491 |  | 6,991 |  | 22,193 |  | 75,752 |  |

YH HOLDINGS (UK) LIMITED (REGISTERED NUMBER: 09411110)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

9. | FIXED ASSET INVESTMENTS

| Company

| Shares in

| group

| undertakings

£ |

| COST

| At 1 April 2024 | 1,096 |  |

| Additions | 74 |  |

| At 31 March 2025 | 1,170 |  |

| NET BOOK VALUE

| At 31 March 2025 | 1,170 |  |

| At 31 March 2024 | 1,096 |  |

| The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

| Subsidiaries

| Yendall Hunter Limited

| Registered office: Dashwood House, 69 Old Broad Street, London, United Kingdom, EC2M 1QS

| Nature of business: Consultancy

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

2025 | 2024 |

£ | £ |

| Aggregate capital and reserves | 11,595,331 |  | 9,888,208 |  |

| Profit for the year | 4,707,123 |  | 3,420,696 |  |

| Yendall Hunter Corp.

| Registered office: 2211 York Road, Suite 225, Oak Brook, IL 60523

| Nature of business: Consultancy

| %

| Class of shares: | holding |

| Common | 100.00 |

2025 | 2024 |

£ | £ |

| Aggregate capital and reserves | 434,523 |  | 386,547 |  |

| Profit for the year | 57,373 |  | 57,884 |  |

YH HOLDINGS (UK) LIMITED (REGISTERED NUMBER: 09411110)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

9. | FIXED ASSET INVESTMENTS - continued

| Yendall Hunter (NZ) Limited

| Registered office: 24 Garden Place, Hamilton, New Zeland

| Nature of business: Consultancy

| %

| Class of shares: | holding |

| Common | 100.00 |

2025 | 2024 |

£ | £ |

| Aggregate capital and reserves | 328,307 |  | 215,768 |  |

| Profit for the year | 127,169 |  | 34,669 |  |

| Yendall Hunter (Ireland) Limited

| Registered office: Level 1, The Chase, Carmanhall Road, Sandyford, Dublin 18, D18 Y3X2

| Nature of business: Consultancy

| %

| Class of shares: | holding |

| Common | 100.00 |

2025 | 2024 |

£ | £ |

| Aggregate capital and reserves | 58,454 |  | 48,105 |  |

| Profit for the year | 24,106 |  | 28,896 |  |

| Yendall Hunter Ohio

| Registered office: 9749 Fairway Drive, Powell,Ohio 43065

| Nature of business: Consultancy

| %

| Class of shares: | holding |

| Common | 100.00 |

2025 | 2024 |

£ | £ |

| Aggregate capital and reserves | 148,425 |  | 87,970 |  |

| Profit for the year | 62,594 |  | 57,526 |  |

| Yendall Hunter Middle East Consultancy Limited

| Registered office: Unit 409, Level 4, Index Tower, Dubai International Financial Centre, Dubai, United Arab Emirates

| Nature of business: Consultancy

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| 31.3.25 |  |

£ |  |

| Aggregate capital and reserves | (56,511 | ) |

| Loss for the period/year | (56,588 | ) |

YH HOLDINGS (UK) LIMITED (REGISTERED NUMBER: 09411110)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

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

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Trade debtors | 4,926,930 |  | 4,477,338 |  | - |  | - |  |

| Other debtors | 31,472 |  | 9,318 |  | - |  | - |  |

| Unbilled amounts for client work | 1,909,735 |  | 1,541,136 |  | - |  | - |  |

| Amount owed by group

| undertaking | - |  | - |  | 18,355 |  | 18,688 |  |

| VAT | - |  | 1,358 |  | - |  | - |  |

| Prepayments | 337,568 |  | 234,026 |  | - |  | - |  |

7,205,705 |  | 6,263,176 |  | 18,355 |  | 18,688 |  |

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

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Trade creditors | 292,747 |  | 69,480 |  | - |  | - |  |

| Corporation tax | 594,362 |  | 459,859 |  | 196 |  | 159 |  |

| Social security and other taxes | 58,116 |  | 61,575 |  | - |  | - |  |

| VAT | 168,058 |  | - |  | - |  | - |  |

| Other creditors | 122,862 |  | 39,010 |  | - |  | - |  |

| Amounts owed to group undertakings | - |  | - |  | 73 |  | - |  |

| Accruals and deferred income | 1,825,212 |  | 1,665,289 |  | 21,369 |  | 22,863 |  |

3,061,357 |  | 2,295,213 |  | 21,638 |  | 23,022 |  |

12. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Group

| Non-cancellable |

| operating leases |

2025 | 2024 |

£ | £ |

| Within one year | 334,927 |  | 393,333 |  |

| Between one and five years | 1,675,555 |  | 1,675,555 |  |

| In more than five years | 990,101 |  | 1,325,028 |  |

3,000,583 |  | 3,393,916 |  |

YH HOLDINGS (UK) LIMITED (REGISTERED NUMBER: 09411110)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

13. | PROVISIONS FOR LIABILITIES

| Group |

2025 | 2024 |

£ | £ |

| Deferred tax | 137,441 |  | 8,091 |  |

| Other provisions | - |  | 196,100 |  |

| Aggregate amounts | 137,441 |  | 204,191 |  |

| Group

| Deferred |  | Other |

| tax |  | provisions |

£ | £ |

| Balance at 1 April 2024 | 8,091 |  | 196,100 |  |

| Provided during year | 129,350 |  | - |  |

| Balance at 31 March 2025 | 137,441 |  | 196,100 |  |

14. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 400 | A Ordinary | £1 | 400 |  | 400 |  |

| 400 | B Ordinary | £1 | 400 |  | 400 |  |

| 200 | C Ordinary | £1 | 200 |  | 200 |  |

1,000 |  | 1,000 |  |

15. | RESERVES

| Group

| Retained

| earnings

£ |

| At 1 April 2024 | 10,653,038 |  |

| Profit for the year | 4,895,423 |  |

| Dividends | (3,000,000 | ) |

| At 31 March 2025 | 12,548,461 |  |

16. | ULTIMATE CONTROLLING PARTY

| Martin Hunter and Andrew Yendall have ultimate control by virtue of their shareholding in the parent company YH Holdings (UK) Limited.The parent undertaking's registered address is Dashwood House, 69 Old Broad Street, London, United Kingdom, EC2M 1Q.