Company registration number 01895408 (England and Wales)
EAGLECLIFF LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
EAGLECLIFF LIMITED
COMPANY INFORMATION
Directors
C Newton
A Newton
Secretary
A Newton
Company number
01895408
Registered office
30 Pembroke Road
Sevenoaks
Kent
TN13 1XR
Auditor
Taylor Associates
1st Floor Gallery Court
28 Arcadia Avenue
London
N3 2FG
EAGLECLIFF LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 21
EAGLECLIFF LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The Board of Directors have pleasure in presenting their strategic report for the year ended 31 March 2025.

Review of the business

The excellent results achieved this year are very encouraging, particularly given the continued movement within the Energy Sector. Growth in the Renewables space, including developments in electricity, water, wind farms and solar power, has contributed to increased demand for specialist skills. The wider national commitment to achieving carbon neutrality by 2050 continues to drive significant project activity, including major programmes such as the installation of electric vehicle charging infrastructure.

Energy Trading remains a profitable and continually busy area of the business. The name Eaglecliff is increasingly being recognised as an agency of choice within this niche area of specialisation. The focus on ETRM services continues to provide strong opportunities for growth. The Business Plan for 2025 / 2026 is to continue with existing operations while increasing emphasis on the Energy Trading and Commodities Trading markets.

Development and Performance:

The Company’s financial performance for the year resulted in a further strengthening of capital reserves, reflecting the continued effectiveness of its operating model. Internal processes have also progressed, with the Company enhancing the efficiency of its administrative and compliance functions to support higher levels of activity.

The operational structure has continued to mature, with clearer separation between front office and support roles, allowing the business to respond more efficiently to client demands. Investment in internal systems and process improvements is contributing to better workflow management and a more resilient operational framework.

Principal risks and uncertainties

The principal risks and uncertainty continue to be around uncertainty of the impact of ongoing economic climate resulting from the increase in cost of living impacted by the war in Europe. However, the final few months have shown a measurable increase in the company’s operations but there is already potential that this may slow down over the next 12 months, especially with the on-going War in Europe continuing for so long. Certainly, within the Energy Sector there have been some significant changes because of this and combining these with the Increased Cost of Living that is impacting so many people, there may well be a slow down in the coming months. The Offices in Amsterdam have been closed down together with the Dutch Company.It seems sensible to continue to grow the Business within the UK Energy Markets and within Trading especially as these areas pose less risk and fewer uncertainties.

Key performance indicators

The key performance indicators continue to be focused around gross profit and net profit. This will now also incorporate an element of Business Development within the Energy and Commodities Trading communities as well.

On behalf of the board

C Newton
Director
6 March 2026
EAGLECLIFF LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -

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

Principal activities

The principal activity of the Company continued to be the provision of computer recruitment and resourcing services, with a strong focus on supporting clients within the energy and commodities trading sectors.

Results and dividends

The results for the year are set out on page 7.

Dividends paid during the year amounted to £122,000 (2024: Nil). No final dividends are proposed.

Directors

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

C Newton
A Newton
Market value of land and buildings

In the opinion of the directors, there has been no material change in the market value of the Company's land and buildings at the year end.

Auditor

In accordance with section 487(2) of the Companies Act 2006, Taylor Associates is deemed to be reappointed as auditor of the Company.

Energy and carbon report

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

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

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

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

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

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

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

EAGLECLIFF LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

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

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 company’s auditor 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 company’s auditor is aware of that information.

On behalf of the board
C Newton
Director
6 March 2026
EAGLECLIFF LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EAGLECLIFF LIMITED
- 4 -
Opinion

We have audited the financial statements of Eaglecliff Limited (the 'company') for the year ended 31 March 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and 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 company's affairs as at 31 March 2025 and of its 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 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 our evaluation of the directors’ conclusions, we considered the inherent risks associated with the Company’s business model, including the economic uncertainties highlighted in the annual report such as increased cost‑of‑living pressures and wider geopolitical factors affecting the energy sector. We assessed the reasonableness of the directors’ key estimates, particularly those relating to revenue, trade receivables and working capital, and reviewed the related disclosures. We also considered how these risks could impact the Company’s financial resources and its ability to continue operating as a going concern, noting the strong cash position and absence of external borrowings shown in the financial statements.

Other information

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

EAGLECLIFF LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EAGLECLIFF LIMITED (CONTINUED)
- 5 -
Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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

Identifying and responding to risks of material misstatement due to fraud

To identify risks of material misstatement due to fraud (“fraud risks”) we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included:

- Enquiring of management of whether they have knowledge of any actual, suspected or alleged fraud and of the company’s high-level policies and procedures to prevent and detect fraud and;

- Reading minutes of the meetings of management.

- Considering remuneration incentive schemes and performance targets for management.

We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit.

As required by auditing standards, we perform procedures to address the risk of management override of controls, in particular the risk that management may be in a position to make inappropriate accounting entries and the risk of bias in accounting estimates and judgements such as bad debt provisions. On this audit we do not believe there is a fraud risk related to revenue recognition because the company’s income primarily arises from contractor timesheets billed with fixed and periodic payments. We did not identify any additional fraud risks.

We also performed procedures including:

- Identifying journal entries to test based on risk criteria and comparing the identified entries to supporting documentation.

- Challenging and observing the processes and methodologies applied in calculating key accounting balances.

- Evaluating the business purpose of significant unusual transactions.

EAGLECLIFF LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EAGLECLIFF LIMITED (CONTINUED)
- 6 -

Identifying and responding to risks of material misstatement due to non-compliance with laws and regulations

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the company accounts from our general commercial and sector experience through discussion with management (as required by auditing standards) and discussed with management the policies and procedures regarding compliance with laws and regulations.

We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The company is subject to laws and regulations that directly affect the company accounts including taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related company accounts items.

The company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the company accounts, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: IR 35 legislation and employment laws, recognising the nature of the company’s activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.

Context of the ability of the audit to detect fraud or breaches of law or regulation

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the company accounts, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the company accounts, the less likely the inherently limited procedures required by auditing standards would identify it.

In addition, as with any audit, there remained a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. 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.

Use of our report

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

Paul Winter (Senior Statutory Auditor)
For and on behalf of Taylor Associates, Statutory Auditor
Chartered Accountants
1st Floor Gallery Court
28 Arcadia Avenue
London
N3 2FG
6 March 2026
EAGLECLIFF LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
2025
2024
Notes
£
£
Turnover
3
55,407,310
123,581,559
Cost of sales
(52,830,126)
(119,158,341)
Gross profit
2,577,184
4,423,218
Administrative expenses
(1,479,439)
(3,466,271)
Operating profit
4
1,097,745
956,947
Interest receivable and similar income
8
154,409
86,265
Interest payable and similar expenses
9
-
0
(4,887)
Profit before taxation
1,252,154
1,038,325
Tax on profit
10
(325,441)
(302,265)
Profit for the financial year
926,713
736,060

The profit and loss account has been prepared on the basis that all operations are continuing operations.

EAGLECLIFF LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 8 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
1,305,645
1,309,733
Current assets
Stocks
13
861,430
1,737,754
Debtors
14
4,264,948
12,056,191
Cash at bank and in hand
10,902,397
5,528,303
16,028,775
19,322,248
Creditors: amounts falling due within one year
15
(5,746,401)
(9,848,675)
Net current assets
10,282,374
9,473,573
Total assets less current liabilities
11,588,019
10,783,306
Provisions for liabilities
Deferred tax liability
16
118,119
118,119
(118,119)
(118,119)
Net assets
11,469,900
10,665,187
Capital and reserves
Called up share capital
18
50,098
50,098
Revaluation reserve
200,000
200,000
Profit and loss reserves
11,219,802
10,415,089
Total equity
11,469,900
10,665,187
The financial statements were approved by the board of directors and authorised for issue on 6 March 2026 and are signed on its behalf by:
C Newton
Director
Company registration number 01895408 (England and Wales)
EAGLECLIFF LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2023
50,098
200,000
9,679,029
9,929,127
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
736,060
736,060
Balance at 31 March 2024
50,098
200,000
10,415,089
10,665,187
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
926,713
926,713
Dividends
11
-
-
(122,000)
(122,000)
Balance at 31 March 2025
50,098
200,000
11,219,802
11,469,900
EAGLECLIFF LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
21
5,373,761
918,292
Interest paid
-
0
(4,887)
Income taxes paid
-
0
(595,371)
Net cash inflow from operating activities
5,373,761
318,034
Investing activities
Purchase of tangible fixed assets
(33,499)
(9,038)
Proceeds from disposal of tangible fixed assets
1,423
-
0
Interest received
154,409
86,265
Net cash generated from investing activities
122,333
77,227
Financing activities
Dividends paid
(122,000)
-
0
Net cash used in financing activities
(122,000)
-
Net increase in cash and cash equivalents
5,374,094
395,261
Cash and cash equivalents at beginning of year
5,528,303
5,133,042
Cash and cash equivalents at end of year
10,902,397
5,528,303
EAGLECLIFF LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
1
Accounting policies
Company information

Eaglecliff Limited is a private company limited by shares incorporated in England and Wales. The registered office is 30 Pembroke Road, Sevenoaks, Kent, TN13 1XR.

1.1
Basis of preparation

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

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

The financial statements have been prepared under the historical cost convention modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value.. The principal accounting policies adopted are set out below.

1.2
Going concern

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

1.3
Turnover

Revenue comprises income from the provision of recruitment and professional services, stated net of value added tax and other sales taxes. Revenue is recognised when the Company satisfies its performance obligations in delivering these services to customers.

Where performance obligations are satisfied over time, revenue is recognised based on the stage of completion, determined by comparing costs incurred to total estimated contract costs. This method reflects the pattern in which services are provided. Where the outcome of a contract cannot be measured reliably, revenue is recognised only to the extent of recoverable costs incurred.

Where payment terms include deferred consideration that constitutes a financing arrangement, the transaction price is adjusted for the effects of the time value of money, with the financing component recognised as interest income.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Recruitment Consultants

Revenue from the provision of recruitment and professional services is recognised by reference to the stage of completion, when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is determined by comparing costs incurred mainly contractual hourly staff costs to total estimated costs. Where the outcome of a contract cannot be estimated reliably, revenue is recognised only to the extent of recoverable expenses incurred.

1.4
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.

EAGLECLIFF LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 12 -

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:

Land and buildings Freehold
2% straight line basis
Plant and machinery
25% reducing balance basis
Fixtures, fittings & equipment
25% reducing balalnce basis
Computer equipment
25% reducing balance basis
Motor vehicles
25% reducing balance basis

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 credited or charged to profit or loss.

The Company accounts for land and buildings at revalued amount under FRS 102, reviewing the asset each reporting date for indicators of a material change in fair value or impairment; any updates are recognised as a revaluation movement in equity or an impairment charge in profit or loss, as required by the standard.

Applying this policy, the directors considered current market evidence for comparable properties and relevant indicators during the year and exercised judgement that the carrying amount remained appropriate at the reporting date, with no update to the prior valuation required

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and loss es are recognised in profit or loss.

1.5
Impairment of fixed assets

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

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

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

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.

1.6
Stocks

Work in progress at the year end is stated at cost, calculated based on direct costs incurred on assignments up to the reporting date. No element of average gross profit margin is included.

EAGLECLIFF LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 13 -
1.7
Cash and cash equivalents

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

1.8
Financial instruments

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

Financial assets and liabilities are offset, with 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 method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

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

Impairment of financial assets

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

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

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

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company 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.

EAGLECLIFF LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 14 -
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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors and any bank borrowings, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, in which case the liability is measured at the present value of future payments, discounted at a market rate of interest. Financial liabilities that are payable within one year are not amortised.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company 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 company.

1.10
Taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss unless it relates to a transaction recognised as other comprehensive income or directly in equity, in which case the tax is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax

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

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

EAGLECLIFF LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 15 -
1.11
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.

1.12
Retirement benefits

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

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2025
2024
£
£
Other revenue
Interest income
154,409
86,265
Recruitment Consultantancy
55,407,310
123,581,557
4
Operating profit
2025
2024
Operating profit for the year is stated after charging:
£
£
Depreciation of tangible fixed assets
36,164
49,649
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
12,500
12,500
EAGLECLIFF LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 16 -
6
Employees

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

2025
2024
Number
Number
Office and Recruitment
154
248

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
747,250
2,215,485
Social security costs
90,031
278,438
Pension costs
8,640
252,385
845,921
2,746,308
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
48,074
948,000
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
n/a
800,000

As total directors' remuneration was less than £200,000 in the current year, no disclosure is provided for that year.

8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
154,409
86,265
EAGLECLIFF LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 17 -
9
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on invoice finance arrangements
-
0
4,304
Other finance costs:
Other interest
-
0
583
-
0
4,887
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
325,441
273,916
Deferred tax
Origination and reversal of timing differences
-
0
28,349
Total tax charge
325,441
302,265

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

2025
2024
£
£
Profit before taxation
1,252,154
1,038,325
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
313,039
259,581
Tax effect of expenses that are not deductible in determining taxable profit
9,584
19,259
Permanent capital allowances in excess of depreciation
2,818
23,425
Taxation charge for the year
325,441
302,265
11
Dividends
2025
2024
£
£
Interim paid
122,000
-
0
EAGLECLIFF LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 18 -
12
Tangible fixed assets
Land and buildings Freehold
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 April 2024
1,300,000
199,706
124,546
87,762
154,433
1,866,447
Additions
-
0
-
0
-
0
-
0
33,499
33,499
Disposals
-
0
-
0
-
0
-
0
(48,800)
(48,800)
At 31 March 2025
1,300,000
199,706
124,546
87,762
139,132
1,851,146
Depreciation and impairment
At 1 April 2024
92,739
195,908
94,140
61,537
112,390
556,714
Depreciation charged in the year
3,567
950
7,601
6,556
17,490
36,164
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(47,377)
(47,377)
At 31 March 2025
96,306
196,858
101,741
68,093
82,503
545,501
Carrying amount
At 31 March 2025
1,203,694
2,848
22,805
19,669
56,629
1,305,645
At 31 March 2024
1,207,261
3,798
30,406
26,225
42,043
1,309,733

The carrying value of land and buildings comprises:

2025
2024
£
£
Freehold
1,203,694
1,207,261

Land and buildings with a carrying amount of £1,300,000 were revalued at 31 March 202 5 by the directors. The valuation was based on recent market transactions on arm's length terms for similar properties. In the directors opinion there has no substantial change to the value at the year end.

2025
2024
2025
2024
£
£
£
£
Cost
1,100,000
1,100,000
1,100,000
1,100,000
Accumulated depreciation
78,473
78,473
78,473
78,473
Carrying value
1,178,473
1,178,473
1,178,473
1,178,473
EAGLECLIFF LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 19 -
13
Stocks
2025
2024
£
£
Work in progress
861,430
1,737,754

Stocks comprises of work carried out during the year but invoiced after the year end.

14
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
4,209,153
11,915,700
Corporation tax recoverable
-
0
57,462
Other debtors
5,000
44,763
Prepayments and accrued income
50,795
38,266
4,264,948
12,056,191
15
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
70,795
65,980
Corporation tax
382,053
114,074
Other taxation and social security
839,330
3,014,023
Other creditors
1,233,325
346,683
Accruals and deferred income
3,220,898
6,307,915
5,746,401
9,848,675
16
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
118,119
118,119
There were no deferred tax movements in the year.
EAGLECLIFF LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 20 -
17
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
8,640
252,385

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

18
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
50,098
50,098
50,098
50,098
EAGLECLIFF LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 21 -
20
Ultimate controlling party

The ultimate controlling party is considered to be the Directors who are also the shareholders.

21
Cash generated from operations
2025
2024
£
£
Profit after taxation
926,713
736,060
Adjustments for:
Taxation charged
325,441
302,265
Finance costs
-
0
4,887
Investment income
(154,409)
(86,265)
Depreciation and impairment of tangible fixed assets
36,164
49,649
Movements in working capital:
Decrease in stocks
876,324
1,975,232
Decrease in debtors
7,733,781
3,639,277
Decrease in creditors
(4,370,253)
(5,702,813)
Cash generated from operations
5,373,761
918,292
22
Analysis of changes in net funds
1 April 2024
Cash flows
31 March 2025
£
£
£
Cash at bank and in hand
5,528,303
5,374,094
10,902,397
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