Company Registration No. 12501036 (England and Wales)
Curve Group Topco Limited
Annual report and
group financial statements
for the year ended 31 October 2025
Curve Group Topco Limited
Company information
Directors
Jeanette Ramsden
Kelly York-Loach
(Appointed 20 November 2025)
Company number
12501036
Registered office
Charlton House Estate
Hinton-in-the-Hedges
Northamptonshire
NN13 5LH
Independent auditor
Saffery LLP
71 Queen Victoria Street
London
United Kingdom
EC4V 4BE
Curve Group Topco Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Group statement of comprehensive income
9
Group statement of financial position
10
Company statement of financial position
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 - 31
Curve Group Topco Limited
Strategic report
For the year ended 31 October 2025
1

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

Fair review of the business

The Curve Group is an established HR and Recruitment professional services organisation. Privately owned, we have been operating across the UK for over twenty years. Our position in the market and proposition is truly unique as we provide configurable support and services across the entire employee lifecycle. As a trusted partner we create extraordinary solutions that transform working lives by supporting organisations to design, develop and elevate Recruitment and HR functions. We do this through a combination of expert analysis, benchmarking, consultancy and delivery services, ultimately enabling our clients to better attract and retain talent.

For the financial year ending 31 October 2025, we have been focussing on moving towards becoming a professional services organisation. As such, we have doubled the revenue in our consulting services.

We saw the ongoing development of our Curve Group technology ecosystem continue in the year, including our AI strategy. The Curve Group’s Technology Ecosystem has been created to improve the effectiveness of HR and Recruitment processes, generate efficiencies, provide greater visibility, and enhance the experience for our clients.

All of the activity mentioned above has driven competitive advantage for The Curve Group and we remain on track for our three year plan.

Key performance indicators

We consider our key performance indicators to be that of turnover, gross profit and operating profit.

Turnover for the year was £13.9m (2024: £12.4m) and gross profit was £3.3m (2024: £3.6m). Loss before taxation in the year was £312k (2024: £356k). The group assess performance with reference to EBITDA before exceptional costs which was £134k (2024: £101k).

Principal risks and uncertainties

The Board consider that the following comprise the principal risks and uncertainties:

Macro-economic environment

The macro-economic impact of global uncertainty is still causing unprecedented volatility in employment and global growth forecasts.

Customer concentration

We continue to invoice multiple clients across a wide range of sectors which mitigates any over dependency on one client or market.

Legal and regulatory compliance

We continue to focus on the compliance and governance of UK regulations covering employment matters and seek advice from our industry bodies and professional advisors and work closely with our clients to understand the impact of changes.

Working capital availability

We are holding firm on contractual payment terms and maintaining a very strong in-house credit control function with tight management of our trade debtors, leading to a reduction in debtor days during the year. The Group has appropriate banking facilities in place to ensure sufficient working capital headroom.

Future plans

We are continuing to focus on all areas of our business which is benefiting from potential customers exploring new ways of solving their own recruitment and HR challenges. We will continue to invest in our technology across all our services and are prioritising the development of our people and our growth plans. We believe we have the right mix and strength of business to drive forward our strategy of delivering professional services in HR and Recruitment across the employee lifecycle.

Curve Group Topco Limited
Strategic report (continued)
For the year ended 31 October 2025
2

On behalf of the board

Jeanette Ramsden
Director
13 March 2026
Curve Group Topco Limited
Directors' report
For the year ended 31 October 2025
3

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

Principal activities

The principal activity of the company and group continued to be to provide HR and recruitment outsourcing and consultancy.

Results and dividends

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

Ordinary dividends were paid amounting to £157,000. The directors do not recommend payment of a further dividend.

Directors

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

Jeanette Ramsden
Kelly York-Loach
(Appointed 20 November 2025)
Auditor

Saffery LLP have expressed their willingness to continue in office.

Statement of directors' responsibilities

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 group and company, 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;

- 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 directors are 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. They are 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.

Curve Group Topco Limited
Directors' report (continued)
For the year ended 31 October 2025
4
Matters covered in the strategic report

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

Medium-sized companies exemption

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

On behalf of the board
Jeanette Ramsden
Director
13 March 2026
Curve Group Topco Limited
Independent auditor's report
To the members of Curve Group Topco Limited
5
Opinion

We have audited the financial statements of Curve Group Topco Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2025 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, 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 and of the parent company's affairs as at 31 October 2025 and of the group's loss 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 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 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 included in the annual report other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Curve Group Topco Limited
Independent auditor's report (continued)
To the members of Curve Group Topco Limited
6

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

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 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 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 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 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 parent 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.

Curve Group Topco Limited
Independent auditor's report (continued)
To the members of Curve Group Topco Limited
7

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

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

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

Audit response to risks identified

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

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

As group auditors, our assessment of matters relating to non-compliance with laws or regulations and fraud differed at group and component level according to their particular circumstances. Our communications included a request to identify instances of non-compliance with laws and regulations and fraud that could give rise to a material misstatement of the group financial statements in addition to our risk assessment.

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

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

Curve Group Topco Limited
Independent auditor's report (continued)
To the members of Curve Group Topco Limited
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 auditors 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.

Roger Weston
For and on behalf of Saffery LLP
13 March 2026
Statutory Auditors
71 Queen Victoria Street
London
United Kingdom
EC4V 4BE
Curve Group Topco Limited
Group statement of comprehensive income
For the year ended 31 October 2025
9
2025
2024
Notes
£
£
Turnover
3
13,853,849
12,386,582
Cost of sales
(10,571,007)
(8,787,297)
Gross profit
3,282,842
3,599,285
Administrative expenses
(3,550,651)
(3,924,147)
Operating loss
4
(267,809)
(324,862)
Interest receivable and similar income
8
1,462
6,094
Interest payable and similar expenses
9
(22,808)
(30,508)
Loss before taxation
(289,155)
(349,276)
Tax on loss
10
(22,870)
(4,269)
Loss for the financial year
22
(312,025)
(353,545)
Loss 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.
Curve Group Topco Limited
Group statement of financial position
As at 31 October 2025
10
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
12
1,516,058
1,862,585
Tangible assets
13
52,045
64,367
1,568,103
1,926,952
Current assets
Debtors
16
1,772,980
1,767,971
Cash at bank and in hand
432,155
637,448
2,205,135
2,405,419
Creditors: amounts falling due within one year
17
(1,925,905)
(1,932,124)
Net current assets
279,230
473,295
Total assets less current liabilities
1,847,333
2,400,247
Provisions for liabilities
Deferred tax liability
18
12,904
14,991
(12,904)
(14,991)
Net assets
1,834,429
2,385,256
Capital and reserves
Called up share capital
20
188
188
Share-based payment reserve
22
60,530
42,332
Merger reserve
22
3,252,162
3,752,162
Profit and loss reserves
22
(1,478,451)
(1,409,426)
Total equity
1,834,429
2,385,256

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

The financial statements were approved by the board of directors and authorised for issue on 13 March 2026 and are signed on its behalf by:
13 March 2026
Jeanette Ramsden
Director
Company registration number 12501036 (England and Wales)
Curve Group Topco Limited
Company statement of financial position
As at 31 October 2025
31 October 2025
11
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
14
4,079,109
4,560,911
Current assets
Debtors
16
23
23
Cash at bank and in hand
180
260
203
283
Creditors: amounts falling due within one year
17
(765,763)
(766,013)
Net current liabilities
(765,560)
(765,730)
Net assets
3,313,549
3,795,181
Capital and reserves
Called up share capital
20
188
188
Share-based payment reserve
22
60,530
42,332
Merger reserve
22
3,252,162
3,752,162
Profit and loss reserves
22
669
499
Total equity
3,313,549
3,795,181

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s loss for the year was £242,830 (2024 - £134,619 profit).

The financial statements were approved by the board of directors and authorised for issue on 13 March 2026 and are signed on its behalf by:
13 March 2026
Jeanette Ramsden
Director
Company Registration No. 12501036 (England and Wales)
Curve Group Topco Limited
Group statement of changes in equity
For the year ended 31 October 2025
12
Share capital
Share-based payment reserve
Merger reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 November 2023
188
25,420
3,752,162
(913,381)
2,864,389
Year ended 31 October 2024:
Loss and total comprehensive income
-
-
-
(353,545)
(353,545)
Dividends
11
-
-
-
(142,500)
(142,500)
Share-based payment
-
16,912
-
-
16,912
Balance at 31 October 2024
188
42,332
3,752,162
(1,409,426)
2,385,256
Year ended 31 October 2025:
Loss and total comprehensive income
-
-
-
(312,025)
(312,025)
Dividends
11
-
-
-
(157,000)
(157,000)
Share buyback
-
-
-
(100,000)
(100,000)
Transfers
-
-
(500,000)
500,000
-
Share-based payment
-
18,198
-
-
18,198
Balance at 31 October 2025
188
60,530
3,252,162
(1,478,451)
1,834,429
Curve Group Topco Limited
Company statement of changes in equity
For the year ended 31 October 2025
13
Share capital
Share-based payment reserve
Merger reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 November 2023
188
25,420
3,752,162
8,380
3,786,150
Year ended 31 October 2024:
Profit and total comprehensive income for the year
-
-
-
134,619
134,619
Dividends
11
-
-
-
(142,500)
(142,500)
Share-based payment
-
16,912
-
-
16,912
Balance at 31 October 2024
188
42,332
3,752,162
499
3,795,181
Year ended 31 October 2025:
Profit and total comprehensive income
-
-
-
(242,830)
(242,830)
Dividends
11
-
-
-
(157,000)
(157,000)
Share buyback
-
-
-
(100,000)
(100,000)
Transfers
-
-
(500,000)
500,000
-
Share-based payment
-
18,198
-
-
18,198
Balance at 31 October 2025
188
60,530
3,252,162
669
3,313,549
Curve Group Topco Limited
Group statement of cash flows
For the year ended 31 October 2025
14
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
87,721
312,805
Interest paid
(22,808)
(30,508)
Income taxes (paid)/refunded
(8,060)
30,978
Net cash inflow from operating activities
56,853
313,275
Investing activities
Purchase of tangible fixed assets
(6,608)
(149)
Interest received
1,462
6,094
Net cash (used in)/generated from investing activities
(5,146)
5,945
Financing activities
Share buyback
(100,000)
-
0
Repayment of bank loans
-
(145,131)
Dividends paid to equity shareholders
(157,000)
(142,500)
Net cash used in financing activities
(257,000)
(287,631)
Net (decrease)/increase in cash and cash equivalents
(205,293)
31,589
Cash and cash equivalents at beginning of year
637,448
605,859
Cash and cash equivalents at end of year
432,155
637,448
Curve Group Topco Limited
Notes to the financial statements
For the year ended 31 October 2025
15
1
Accounting policies
Company information

Curve Group Topco Limited (“the company”) is a private limited company incorporated in England and Wales. The registered office is Charlton House Estate, Hinton-in-the-Hedges, Northamptonshire, NN13 5LH.

The group consists of Curve Group Topco Limited and its subsidiaries Curve Group Holdings Limited and Curve Recruiting Limited.

1.1
Accounting convention

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. 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 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

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

1.2
Basis of consolidation

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

Curve Group Topco Limited
Notes to the financial statements (continued)
For the year ended 31 October 2025
1
Accounting policies (continued)
16

The group financial statements incorporate those of Curve Group Topco Limited and all of its subsidiaries (ie entities that the g roup controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

All financial statements are made up to 31 October 2025. 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.

1.3
Going concern

The Group made a loss before tax for the financial year of £312,025 and a positive EBITDA of £134,315 before exceptional costs. The Company’s trade was impacted by challenging market conditions in 2024/25 in the recruitment sector. The Company undertook a review of its cost base and expects these changes to have a positive impact on the business.

Looking forward to 2026 and 2027 the director has prepared forecasts which indicate continued profitability. The director expects the Company to remain cashflow positive allowing it to meet its liabilities as they fall due.

At the time of approving the financial statements, the director has a reasonable expectation that the Company 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.

1.4
Turnover

Turnover, which excludes value added tax, comprises the value of services undertaken by the company under its principal activity, which is the provision of recruitment consultancy services. This broadly consists of:

- turnover from contractor placements, representing fees billed for the services of contractors including their costs which is recognised when the service has been provided.

- turnover from permanent placements, representing fees billed for placing a candidate which is recognised on the start date of the candidate.

- turnover from pre-employment screening and vetting, which is recognised when the service has been provided.

- turnover from human resources outsourcing is recognised when the service has been provided.

Turnover not invoiced at the balance sheet date is included within accrued income.

1.5
Intangible fixed assets - goodwill

Goodwill arising on the acquisition of subsidiary undertakings represents the excess of the fair value of the consideration over the fair value of the identifiable assets and liabilities acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

Curve Group Topco Limited
Notes to the financial statements (continued)
For the year ended 31 October 2025
1
Accounting policies (continued)
17
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:

Plant and equipment
25% reducing balance
Fixtures, fittings & equipment
25% reducing balance
Software
33% 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 income statement.

1.7
Fixed asset investments

I n the parent company financial statements, investments in subsidiaries 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.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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 discount rate and weighted average cost of capital (WACC) 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.

Curve Group Topco Limited
Notes to the financial statements (continued)
For the year ended 31 October 2025
1
Accounting policies (continued)
18
1.9
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.

1.10
Financial instruments

The group 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 group's statement of financial position 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, 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.

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.

Curve Group Topco Limited
Notes to the financial statements (continued)
For the year ended 31 October 2025
1
Accounting policies (continued)
19
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’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. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Curve Group Topco Limited
Notes to the financial statements (continued)
For the year ended 31 October 2025
1
Accounting policies (continued)
20
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
Retirement benefits

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

1.15
Share-based payments

The fair value of the equity-settled share based payments to employees is determined at the date of grant and is expensed on a straight-line basis over the vesting period based on the company's estimate of shares or options that will eventually vest.

The expense in relation to options over the parent company’s shares granted to employees of a subsidiary is recognised by the c ompany as a capital contribution, and presented as an increase in the company’s investment in that subsidiary.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

1.16
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.

Curve Group Topco Limited
Notes to the financial statements (continued)
For the year ended 31 October 2025
21
2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the group’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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Estimated impairment of investment and goodwill

The Company and Group tests annually whether the investment in subsidiary company Curve Group Holdings Limited has suffered any impairment, in accordance with the accounting policy stated in Note 1. The recoverable amounts of cash-generating units (CGUs) have been determined based on value-in-use calculations. These calculations use cash flow projections based on financial budgets approved by management covering a five year period with consideration applied to discount rates as well as trading sensitivities.

Key considerations for areas of judgement applied in relation to the following areas:

(a) Recoverable amount

Forecast cash flows are derived from management-approved forecasts covering a reasonable period. Judgement is applied in:

- Determining the sales growth rate and net fee income for future periods

- Estimating achievable corresponding overhead costs, and

- Identifying key changes in the external economic environment

(b) Discount Rate Selection

The discount rate reflects the risk profile of the cash flows, taking into account borrowing rates and the inherent uncertainty of future developments, to future changes in market conditions, planning outcomes, and financing costs.

Curve Group Topco Limited
Notes to the financial statements (continued)
For the year ended 31 October 2025
2
Critical accounting judgements and key sources of estimation uncertainty (continued)
22
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Share based payments

Share options were in existence as at the year end. The valuation of which was based on various estimates with regards to the inputs used in the valuation model (see Note 21 for further information on these). As the group is not listed there is not readily available information with regards to the value of the group's shares and as such inputs have had to be based on other similar companies that are listed as well as a number of estimates based on historic information.

Significant judgements have been made as to the probability of meeting the vesting conditions as at 31 October 2025. The director considers it probable that the vesting conditions will be met given the estimated forecasts as at the year end, the resulting charge therefore has been accounted for in the statement of comprehensive income.

The director will continue to use judgement to assess the probability of meeting the vesting conditions until these conditions have been met.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Permanent recruitment
1,801,378
2,294,469
Contractors
10,935,996
8,880,225
HR Services
639,932
713,011
Recharges
476,543
498,877
13,853,849
12,386,582

All services provided during the current period were within the UK.

4
Operating loss
2025
2024
£
£
Operating loss for the year is stated after charging:
Depreciation of owned tangible fixed assets
18,930
36,296
(Profit)/loss on disposal of tangible fixed assets
-
4,690
Amortisation of intangible assets
346,527
346,527
Share-based payments
18,198
16,912
Operating lease charges
39,324
39,888
Curve Group Topco Limited
Notes to the financial statements (continued)
For the year ended 31 October 2025
23
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 group and company
2,550
2,550
Audit of the financial statements of the company's subsidiaries
19,000
19,000
21,550
21,550
6
Employees

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

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Talent management, support and administrative staff
46
57
1
1

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
2,058,309
2,395,253
-
0
-
0
Social security costs
213,791
214,738
-
-
Pension costs
48,357
60,297
-
0
-
0
2,320,457
2,670,288
-
0
-
0
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
9,568
9,568
Curve Group Topco Limited
Notes to the financial statements (continued)
For the year ended 31 October 2025
24
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
1,462
5,106
Other interest income
-
988
Total income
1,462
6,094
9
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
-
3,261
Interest on invoice finance arrangements
22,808
27,247
Total finance costs
22,808
30,508
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
24,957
8,118
Deferred tax
Origination and reversal of timing differences
(2,087)
(3,849)
Total tax charge
22,870
4,269

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

2025
2024
£
£
Loss before taxation
(289,155)
(349,276)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(72,289)
(87,319)
Tax effect of expenses that are not deductible in determining taxable profit
95,515
92,897
Tax at marginal rate
(356)
(1,309)
Taxation charge
22,870
4,269
Curve Group Topco Limited
Notes to the financial statements (continued)
For the year ended 31 October 2025
25
11
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Interim paid
157,000
142,500
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 November 2024 and 31 October 2025
3,465,273
Amortisation and impairment
At 1 November 2024
1,602,688
Amortisation charged for the year
346,527
At 31 October 2025
1,949,215
Carrying amount
At 31 October 2025
1,516,058
At 31 October 2024
1,862,585
The company had no intangible fixed assets at 31 October 2025 or 31 October 2024.
13
Tangible fixed assets
Group
Plant and equipment
Fixtures, fittings & equipment
Software
Total
£
£
£
£
Cost
At 1 November 2024
117,347
21,071
104,735
243,153
Additions
6,608
-
0
-
0
6,608
At 31 October 2025
123,955
21,071
104,735
249,761
Depreciation and impairment
At 1 November 2024
65,029
13,881
99,876
178,786
Depreciation charged in the year
12,465
1,606
4,859
18,930
At 31 October 2025
77,494
15,487
104,735
197,716
Carrying amount
At 31 October 2025
46,461
5,584
-
0
52,045
At 31 October 2024
52,318
7,190
4,859
64,367
Curve Group Topco Limited
Notes to the financial statements (continued)
For the year ended 31 October 2025
13
Tangible fixed assets (continued)
26
The company had no tangible fixed assets at 31 October 2025 or 31 October 2024.
14
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
4,079,109
4,560,911

The company reviewed the carrying value of investments and undertook an impairment review at the balance sheet date in accordance with the group accounting policies. The review considered the value in use with reference to modelling of future cash flows and the application of a discount rate and weighted average cost of capital.

Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 November 2024
4,560,911
Additions
18,198
At 31 October 2025
4,579,109
Impairment
At 1 November 2024
-
Impairment losses
500,000
At 31 October 2025
500,000
Carrying amount
At 31 October 2025
4,079,109
At 31 October 2024
4,560,911
15
Subsidiaries

Details of the company's subsidiaries at 31 October 2025 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Indirect
Curve Group Holdings Limited
England and Wales
Staffing recruitment services
Ordinary shares
100.00
0
Curve Recruiting Limited
England and Wales
Dormant
Ordinary shares
0
100.00
Curve Group Topco Limited
Notes to the financial statements (continued)
For the year ended 31 October 2025
15
Subsidiaries (continued)
27

The registered office of the subsidiaries is Charlton House Estate, Hinton-in-the-Hedges, Northamptonshire, NN13 5LH.

16
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
549,927
633,517
-
0
-
0
Other debtors
1,223,053
1,134,454
23
23
1,772,980
1,767,971
23
23
17
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
£
£
£
£
Trade creditors
1,143,455
1,084,029
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
648,113
752,863
Corporation tax payable
25,015
8,118
-
0
-
0
Other taxation and social security
223,044
229,188
-
-
Other creditors
323,148
186,229
117,650
13,150
Net obligations under invoice finance arrangements
211,243
424,560
-
0
-
0
1,925,905
1,932,124
765,763
766,013

The liability due under the group invoice finance facility is secured against the book debt of Curve Group Holdings Limited as well as a fixed and floating charge secured over all the assets of the subsidiary.

18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
13,011
16,092
Short term timing differences
(107)
(1,101)
12,904
14,991
The company has no deferred tax assets or liabilities.
Curve Group Topco Limited
Notes to the financial statements (continued)
For the year ended 31 October 2025
18
Deferred taxation (continued)
28
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 November 2024
14,991
-
Credit to profit or loss
(2,087)
-
Liability at 31 October 2025
12,904
-
19
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
48,357
60,297

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

20
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of 1p each
7,700
7,700
77
77
B1 Ordinary shares of 1p each
8,640
8,640
86
86
B2 Ordinary shares of 1p each
2,510
2,510
25
25
18,850
18,850
188
188

Each ordinary share carries the right to receive notice of, attend, speak and vote at all general meetings of the company and each holder of such shares shall be entitled to one vote per share held. Dividends may be declared and paid either in respect of the A ordinary shares only, or in respect of the A ordinary share and the B1 Ordinary shares as if they constituted a single class of shares. B2 Ordinary shares have no rights to dividends.

The capital rights and conditions attached to the share classes are recorded in the company articles of association.

The company holds 2,574 B1 Ordinary shares of 1p each at par value of £25.74 for own use as treasury shares.

Curve Group Topco Limited
Notes to the financial statements (continued)
For the year ended 31 October 2025
29
21
Share-based payment transactions
Group and company
Number of share options
Weighted average exercise price
2025
2024
2025
2024
Number
Number
£
£
Outstanding at 1 November 2024
1,050
1,150
22.48
20.53
Forfeited
-
(100)
-
0.01
Outstanding at 31 October 2025
1,050
1,050
22.48
22.48
Exercisable at 31 October 2025
-
-
-
-

The options outstanding at 31 October 2025 had a weighted average exercise price of £22.48, and a remaining contractual life of 5-7 years.

The expected life used in the model has been adjusted, based on management’s best estimate, for the effect of non-transferability, exercise restrictions, and behavioural considerations.

Non-vesting conditions and market conditions are taken into account when estimating the fair value of the option at grant date. Service conditions and non-market performance conditions are taken into account by adjusting the number of options expected to vest at each reporting date.

As at the year end, the directors do consider it probable that the vesting conditions will be met, and thus the resulting charge has been accounted for in the statement of comprehensive income.

Group
Company
2025
2024
2025
2024
£
£
£
£
Expenses recognised in the year
Arising from equity settled share based payment transactions
18,198
16,912
-
-
22
Reserves

The merger reserve comprises the surplus between the share for share exchange less the par value of issued share capital in accordance with Section 612 of the Companies Act 2006.

During the year the company undertook an impairment review of its investment in subsidiary. An impairment was recorded of £500,000 and a corresponding sum was transferred from the merger reserve to profit and loss reserves.

Curve Group Topco Limited
Notes to the financial statements (continued)
For the year ended 31 October 2025
30
23
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
2025
2024
2025
2024
£
£
£
£
Within one year
-
39,324
-
-
-
39,324
-
-
24
Events after the reporting date

Subsequent to the year end on 22 November 2025, employees of Curve Group Holdings Limited were granted share options in Curve Group Topco Limited, the ultimate parent company. These options were issued under Curve Group Topco Limited’s group share incentive scheme and relate to services provided by employees of Curve Group Holdings Limited.

As the grant occurred after the reporting date and does not provide evidence of conditions that existed at the balance sheet date, no adjustment has been made to these financial statements.

25
Directors' transactions

Dividends totalling £157,000 (2024 - £142,500) were paid in the year in respect of A Ordinary shares held by the company's director.

26
Related party transactions

During the year, payments were made to a company wholly owned by a current shareholder of the group for services totalling £31,822 (2024 - £22,714).

Included within other creditors is an amount due to a current shareholder of the group of £100,000 (2024 - £nil) repayable within one year on interest free terms.

27
Controlling party

The ultimate controlling party is deemed to be Jeanette Ramsden by virtue of her shareholding in the parent company.

28
Analysis of changes in net funds - group
1 November 2024
Cash flows
31 October 2025
£
£
£
Cash at bank and in hand
637,448
(205,293)
432,155
Curve Group Topco Limited
Notes to the financial statements (continued)
For the year ended 31 October 2025
31
29
Cash generated from group operations
2025
2024
£
£
Loss for the year after tax
(312,025)
(353,545)
Adjustments for:
Taxation charged
22,870
4,269
Finance costs
22,808
30,508
Investment income
(1,462)
(6,094)
(Gain)/loss on disposal of tangible fixed assets
-
4,690
Amortisation and impairment of intangible assets
346,527
346,527
Depreciation and impairment of tangible fixed assets
18,930
36,296
Equity settled share based payment expense
18,198
16,912
Movements in working capital:
(Increase)/decrease in debtors
(5,009)
159,010
(Decrease)/increase in creditors
(23,116)
74,232
Cash generated from operations
87,721
312,805
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