Company registration number 15741899 (England and Wales)
GOAT & PARTNERS HOLDING LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
GOAT & PARTNERS HOLDING LTD
COMPANY INFORMATION
Director
Mr Franck Attal
Company number
15741899
Registered office
5th Floor
155 Fenchurch Street
London
EC3M 6AL
Auditor
Gravita Audit II Limited
Aldgate Tower
2 Leman Street
London
United Kingdom
E1 8FA
GOAT & PARTNERS HOLDING LTD
CONTENTS
Page
Strategic report
1 - 2
Director's report
3 - 4
Independent auditor's report
5 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 24
GOAT & PARTNERS HOLDING LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The director presents the strategic report for the year ended 31 December 2024.

Review of the business

The Group has reported an operating profit of €4,199,109 a decrease of €416,012 on 2023 (financial year ended 31 December 2023: operating profit €4,615,121) and has been successful in generating net profit of €3,981,678 (financial year ended 31 December 2023: €4,380,593). A reduced turnover of €31,640,496 (financial year ended 31 December 2023: €35,925,724) has been partially offset through an improved gross profit margin of 24.6% (financial year ended 31 December 2023: 20.0%). Administration expenses have increased by 39.5% to €3,587,400 (financial year ended 31 December 2023: €2,570,825) to support the growth of the business.

Through underlying growth and increases efficiencies year on year, the Group’s net assets have increased from €14,604,415 as of 31 December 2023 to €18,587,393 as of 31 December 2024. This has been achieved via a combination of increase in debtors of €1,813,173 and cash in bank and in hand of €756,229 and a decrease in creditors of €1,417,854 year on year.

The level of business and the year-end financial statements are a signal that the Group is evolving from a start-up stage of business into its growth phase. The directors continue to review both existing and new activities with a view to further increasing turnover and profitability while maintaining a positive cash flow.

Principal risks and uncertainties

The Group's principal financial instruments comprise trade creditors and trade debtors. The main purpose of these instruments is to maximise cashflow from the Group’s operation.

The main risks arising from the Group's financial instruments is exchange rate risk, as exposure arises from trading with overseas countries. Material foreign currency risk is limited to trade debtors that are invoiced in US Dollars and Euros.

In respect of bank balances, liquidity risk is monitored on an ongoing basis and positive cash reserves were held at the year-end.

Trade debtors are managed in respect of credit and cashflow risk by policies concerning credit offered to customers and regular monitoring of outstanding amounts for both time and credit limits.

Trade creditors liquidity risk is managed by ensuring that sufficient funds are available to meet amounts due and employing natural hedging of foreign currency receipts against foreign currency trade creditor balances where available.

Competitive pressures could result in loss of sales and customers. The Group manages this risk by providing high quality services to customers and management continually seeks to grow and diversify its customer base while maintaining tight control of costs.

Global economic uncertainty is a general risk. The Group works to maintain an efficient fixed cost base to reduce its exposure to global shocks.

GOAT & PARTNERS HOLDING LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Key performance indicators

Key performance indicators are outlined below:

| 2024 | 2023 | 2022
| €million | €million | €million
Turnover | 31.6 | 35.9 | 33.2
Gross profit | 7.8 | 7.2 | 10.0
EBITDA (adjusted) | 4.3 | 4.7 | 4.4

EBITDA (adjusted) is a non-GAAP measure that excludes foreign currency gains and losses.

Outlook

The Group acquired Goat & Partners Ltd on January 1, 2025, and management is forecasting full-year 2025 Group revenues of €55.6m and EBITDA (adjusted) of €0.5m due to increased investment and scaling of the expanded group. Beyond 2025, management forecast annual revenue growth exceeding 15% through organic growth and expansion of its customer base.

Upon acquisition of Goat & Partners Ltd, the Group acquired €22.6m in shareholder debt that was issued to support the growth of the business. The directors do not expect this loan debt to be called up as the business continues to display healthy growth and are confident that the Group will be able to continue on a going concern basis for the foreseeable future.

On behalf of the board

Mr Franck Attal
Director
5 March 2026
GOAT & PARTNERS HOLDING LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The director presents his annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company and group is that of the provision of technical and online operational support services, management of operational systems and the provision of operational and tactical consultancy.

Results and dividends

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

No ordinary dividends were paid. The director does not recommend payment of a further dividend.

Director

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

Mr Franck Attal
Statement of director's responsibilities

The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;

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

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

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

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

Statement of disclosure to auditor

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

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

GOAT & PARTNERS HOLDING LTD
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
On behalf of the board
Mr Franck Attal
Director
5 March 2026
GOAT & PARTNERS HOLDING LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GOAT & PARTNERS HOLDING LTD
- 5 -
Opinion

We have audited the financial statements of Goat & Partners Holding Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2024 and of the group's profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

GOAT & PARTNERS HOLDING LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GOAT & PARTNERS HOLDING LTD
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the director's r eport.

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

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

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

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

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

Responsibilities of director

As explained more fully in the director's r esponsibilities s tatement, the director is 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 director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in

line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including

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

However, the primary responsibility for the prevention and detection of fraud rests with both those charged with

governance of the entity and management.

GOAT & PARTNERS HOLDING LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GOAT & PARTNERS HOLDING LTD
- 7 -

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

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

- we identified the laws and regulations applicable to the group through discussions with the director and other management, and from our commercial knowledge and experience of the group;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group, including, but not limited to, the Companies Act 2006 and taxation legislation;

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

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

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

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

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

- understanding the business model as part of the control and business environment.

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

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

- tested journal entries to identify unusual transactions;

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

- investigated the rationale behind significant or unusual transactions.

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

- agreeing financial statement disclosures to underlying supporting documentation;

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

- reviewing correspondence and enquiring with the group of actual and potential non-compliance with laws and regulations.

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

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment by for example forgery, or intentional misrepresentation or through collusion. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

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

Other matters

Comparative information in the financial statements is derived from the subsidiary companies' prior period financial statements. Comparative information is presented in line with the required application of merger accounting in accordance FRS 102 paragraph 19.6. This is the first year of account for the group and as such an opinion on the comparative information is not expressed.

GOAT & PARTNERS HOLDING LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GOAT & PARTNERS HOLDING LTD
- 8 -

Use of our report

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

Ian Hughes ACA (Senior Statutory Auditor)
For and on behalf of Gravita Audit II Limited, Statutory Auditor
Chartered Accountants
Aldgate Tower
2 Leman Street
London
E1 8FA
United Kingdom
10 March 2026
GOAT & PARTNERS HOLDING LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
Notes
€
€
Turnover
2
31,640,496
35,925,724
Cost of sales
(23,853,987)
(28,739,778)
Gross profit
7,786,509
7,185,946
Administrative expenses
(3,587,400)
(2,570,825)
Profit before taxation
4,199,109
4,615,121
Tax on profit
5
(217,431)
(234,528)
Profit for the financial year
12
3,981,678
4,380,593
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
GOAT & PARTNERS HOLDING LTD
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
€
€
€
€
Fixed assets
Tangible assets
6
27,178
31,456
27,178
31,456
Current assets
Debtors
9
21,979,485
20,166,312
Cash at bank and in hand
1,329,576
573,347
23,309,061
20,739,659
Creditors: amounts falling due within one year
10
(4,748,846)
(6,166,700)
Net current assets
18,560,215
14,572,959
Net assets
18,587,393
14,604,415
Capital and reserves
Called up share capital
11
100
-
0
Other reserves
12
1,200
-
0
Profit and loss reserves
12
18,586,093
14,604,415
Total equity
18,587,393
14,604,415

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved and signed by the director and authorised for issue on 5 March 2026
05 March 2026
Mr Franck Attal
Director
Company registration number 15741899 (England and Wales)
GOAT & PARTNERS HOLDING LTD
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 11 -
2024
2023
Notes
€
€
€
€
Fixed assets
Investments
7
1,500
-
0
Current assets
Debtors
9
100
-
0
Creditors: amounts falling due within one year
10
(1,500)
-
Net current liabilities
(1,400)
-
0
Net assets
100
-
0
Capital and reserves
Called up share capital
11
100
-
0

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was €0 (2023 - €0 profit).

The financial statements were approved and signed by the director and authorised for issue on 5 March 2026
05 March 2026
Mr Franck Attal
Director
Company registration number 15741899 (England and Wales)
GOAT & PARTNERS HOLDING LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
Merger reserve
Profit and loss reserves
Total
Notes
€
€
€
€
Balance at 1 January 2023
-
0
-
10,223,822
10,223,822
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
4,380,593
4,380,593
Balance at 31 December 2023
-
0
-
14,604,415
14,604,415
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
3,981,678
3,981,678
Issue of share capital
11
100
-
-
100
Transfers
-
1,200
-
1,200
Balance at 31 December 2024
100
1,200
18,586,093
18,587,393
GOAT & PARTNERS HOLDING LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
Share capital
Notes
€
Balance at 1 January 2023
-
0
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
Balance at 31 December 2023
-
0
Year ended 31 December 2024:
Profit and total comprehensive income
-
Issue of share capital
11
100
Balance at 31 December 2024
100
GOAT & PARTNERS HOLDING LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
2024
2023
Notes
€
€
€
€
Cash flows from operating activities
Cash generated from/(absorbed by) operations
15
983,652
(69,242)
Income taxes paid
(218,194)
(256,886)
Net cash inflow/(outflow) from operating activities
765,458
(326,128)
Investing activities
Purchase of tangible fixed assets
(9,229)
(9,112)
Net cash used in investing activities
(9,229)
(9,112)
Net increase/(decrease) in cash and cash equivalents
756,229
(335,240)
Cash and cash equivalents at beginning of year
573,347
908,587
Cash and cash equivalents at end of year
1,329,576
573,347
GOAT & PARTNERS HOLDING LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
1
Accounting policies
Company information

Goat & Partners Holding Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 5th Floor, 155 Fenchurch Street, London, EC3M 6AL.

The group consists of Goat & Partners Holding Ltd and all of its subsidiaries.

1.1
Basis of preparation

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

The financial statements are prepared in euros, which is the functional currency of the company and group. Monetary a mounts in these financial statements are rounded to the nearest €.

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

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

1.2
Business combinations

The Group applies the merger accounting principles as permitted by FRS 102 in accounting for business combinations.

Goat & Partners Holding Ltd was incorporated on 25 May 2024. All of the share capital in Premier Solutions Ltd was transferred to Goat & Partners Holding Ltd for nominal consideration on 25 July 2024. As part of this transfer, Delta Worldwide HR Limited and Goat & Partners Malta Limited, as 100% subsidiaries of Premier Solutions Ltd, also joined the group headed by Goat & Partners Holding Ltd.

As the ultimate beneficial owner of Goat & Partners Holding Ltd is the same as the previous ultimate beneficial owner of Premier Solutions Ltd and its subsidiaries, the conditions to apply merger accounting were met and management elected to apply this approach.

As such, comparative figures presented in the financial statements reflect the trading results for Premier Solutions Ltd, Delta Worldwide HR Limited and Goat & Partners Malta Limited. Current year figures include Goat & Partners Holding Ltd from 25 May 2024 onwards, with trading results before that date being attributable to Premier Solutions Ltd, Delta Worldwide HR Limited and Goat & Partners Malta Limited.

The excess of the nominal value of the shares issued by Goat & Partners Holding Limited over the nominal value of the share acquired in Premier Solutions Limited has been recognised in the merger reserve.

GOAT & PARTNERS HOLDING LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Goat & Partners Holding Ltd together with all entities controlled by the parent company (its subsidiaries).

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

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

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

1.4
Going concern

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

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.6
Tangible fixed assets

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

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

Fixtures and fittings
10% straight line
Computers
25% straight line

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

1.7
Fixed asset investments

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

GOAT & PARTNERS HOLDING LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.8
Impairment of fixed assets

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

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

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

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

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

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include s cash in hand.

1.10
Financial instruments

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

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

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

Basic financial assets

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

Other financial assets

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

GOAT & PARTNERS HOLDING LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
Impairment of financial assets

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

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

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

Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

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

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

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

Derecognition of financial liabilities

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

1.11
Equity instruments

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

1.12
Taxation

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

GOAT & PARTNERS HOLDING LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
Current tax

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

1.13
Employee benefits

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

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

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

1.14
Leases

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

1.15
Foreign exchange

Transactions in currencies other than Euros are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Turnover
2024
2023
€
€
Turnover analysed by class of business
Rendering of services
31,640,496
35,925,724
2024
2023
€
€
Turnover analysed by geographical market
United Kingdom
31,640,496
35,925,724
3
Operating profit
2024
2023
€
€
Operating profit for the year is stated after charging:
Exchange losses
137,986
69,783
Fees payable to the group's auditor for the audit of the group's financial statements
-
-
Depreciation of owned tangible fixed assets
12,705
14,492
Operating lease charges
108,850
107,241
GOAT & PARTNERS HOLDING LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
4
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Management and administration
5
5
1
1
Operations
26
30
-
-
Total
31
35
1
1

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
€
€
€
€
Wages and salaries
1,594,791
1,730,215
-
0
-
0
Social security costs
78,332
87,517
-
-
1,673,123
1,817,732
-
0
-
0
5
Taxation
2024
2023
€
€
Current tax
Foreign current tax on profits for the current period
217,431
234,528

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

2024
2023
€
€
Profit before taxation
4,199,109
4,615,121
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.50%)
1,049,777
1,084,553
Effect of overseas tax rates
(832,346)
(850,025)
Taxation charge
217,431
234,528
GOAT & PARTNERS HOLDING LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
6
Tangible fixed assets
Group
Fixtures and fittings
Computers
Total
€
€
€
Cost
At 1 January 2024
24,454
197,738
222,192
Additions
-
0
9,229
9,229
Disposals
-
0
(1,068)
(1,068)
At 31 December 2024
24,454
205,899
230,353
Depreciation and impairment
At 1 January 2024
9,189
181,547
190,736
Depreciation charged in the year
2,256
10,449
12,705
Eliminated in respect of disposals
-
0
(266)
(266)
At 31 December 2024
11,445
191,730
203,175
Carrying amount
At 31 December 2024
13,009
14,169
27,178
At 31 December 2023
15,265
16,191
31,456
The company had no tangible fixed assets at 31 December 2024 or 31 December 2023.
7
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
€
€
€
€
Investments in subsidiaries
8
-
0
-
0
1,500
-
0
Movements in fixed asset investments
Company
Shares in subsidiaries
€
Cost or valuation
At 1 January 2024
-
Additions
1,500
At 31 December 2024
1,500
Carrying amount
At 31 December 2024
1,500
At 31 December 2023
-
GOAT & PARTNERS HOLDING LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
8
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Premier Solutions Limited
Level 15, Office A, Portomaso Business Tower, San Giljan, STJ 4011, Malta
Ordinary
100.00
-
Goat & Partners Malta Limited
Level 15, Office A, Portomaso Business Tower, San Giljan, STJ 4011, Malta
Ordinary
0
100.00
Delta Worldwide HR Limited
Level 15, Office A, Portomaso Business Tower, San Giljan, STJ 4011, Malta
Ordinary
0
100.00
9
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
€
€
€
€
Trade debtors
21,181,954
18,284,624
100
-
0
Other debtors
109,531
96,049
-
0
-
0
Prepayments and accrued income
688,000
1,785,639
-
0
-
0
21,979,485
20,166,312
100
-
10
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
€
€
€
€
Trade creditors
983,259
1,994,601
-
0
-
0
Corporation tax payable
451,959
452,722
-
0
-
0
Other creditors
2,124,030
2,133,070
1,500
-
0
Accruals and deferred income
1,189,598
1,586,307
-
0
-
0
4,748,846
6,166,700
1,500
-
0

Included within other creditors are trade balances amounting to £2,124,030 (2023: £2,133,070) owed to related entities that are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

11
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
€
€
Issued and fully paid
Ordinary shares of €1 each
100
-
100
-
12
Reserves
GOAT & PARTNERS HOLDING LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
12
Reserves
(Continued)
- 23 -
Profit and loss reserves

Profit and loss reserves represents accumulated comprehensive income for the year and prior periods.

13
Operating lease commitments
Lessee

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

Group
Company
2024
2023
2024
2023
€
€
€
€
Within one year
80,086
109,221
-
-
Between two and five years
239,850
58,959
-
-
319,936
168,180
-
-
14
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Sales
Sales
2024
2023
€
€
Group
Other related parties
31,640,496
35,925,724

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
2023
€
€
Group
Other related parties
2,124,030
2,133,070
GOAT & PARTNERS HOLDING LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
15
Cash generated from/(absorbed by) group operations
2024
2023
€
€
Profit after taxation
3,981,678
4,380,593
Adjustments for:
Taxation charged
217,431
234,528
Depreciation and impairment of tangible fixed assets
12,439
14,492
Movements in working capital:
Increase in debtors
(1,813,173)
(4,113,730)
Decrease in creditors
(1,414,723)
(585,125)
Cash generated from/(absorbed by) operations
983,652
(69,242)
16
Analysis of changes in net funds - group
1 January 2024
Cash flows
31 December 2024
€
€
€
Cash at bank and in hand
573,347
756,229
1,329,576
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