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Forvis Mazars Services Limited Registered number: 05380971 Annual report and financial statements For the year ended 31 August 2025
FORVIS MAZARS SERVICES LIMITED COMPANY INFORMATION
Directors | J W Gilbey
| A J Hoyle
| E M C Maxwell
| T J Stanbrook
Registered number | 05380971
Registered office | 30 Old Bailey
| London
| United Kingdom
| EC4M 7AU
Auditor | Crowe U.K. LLP
| Statutory Auditor
| 55 Ludgate Hill
| London
| EC4M 7JW
FORVIS MAZARS SERVICES LIMITED CONTENTS
| Page
Strategic Report | 1 - 3
Directors' Report | 4 - 6
Independent Auditor's Report | 7 - 10
Statement of Comprehensive Income | 11
Statement of Financial Position | 12
Statement of Changes in Equity | 13
Notes to the Financial Statements | 14 - 27
FORVIS MAZARS SERVICES LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2025
Introduction
The Directors are pleased to present their Strategic Report for financial year 2025.
Business review
The principal activity of the Company in the prior years has been to provide staff and support services to Forvis Mazars LLP and its subsidiaries. Turnover for the Company was generated by charging a management fee to Forvis Mazars LLP for the provision of its services based on a mark-up of the costs incurred. The factors and trends that determine the success of the Company were based on the performance of the controlling party - Forvis Mazars LLP. On 1 September 2024, the delegated members of Forvis Mazars LLP, in conjunction with the directors of Forvis Mazars Services Limited, elected to transfer all the Company's employees to the parent company Forvis Mazars LLP. Following the change, Forvis Mazars Services Limited's principal activity is that of a holding company. Other than the change of employing entity, there are no changes in the terms or conditions within the employment contracts with the employees, and we remain committed to upholding the wellbeing and development of all of our staff as set out in Section 172.
Principal risks and uncertainties
Further to the transfer of the Company's employees to the parent company, Forvis Mazars LLP, the Company ceased providing services to Forvis Mazars LLP and its subsidiaries and has transitioned to a holding company. The directors do not intend to wind up the Company, it will continue to operate as a holding company for the foreseeable future. - 1 -
FORVIS MAZARS SERVICES LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025
Directors' statement of compliance with duty to promote the success of the Company under Section 172(1)
In 2018 the Companies (Miscellaneous Reporting Regulations) introduced a requirement for large companies to publish a statement describing how the directors have had regard to the matters set out in section 172(1)(a) to (f) of the Companies Act 2006. Section 172(1) (a) to (f) requires each director to act in the way he or she considers would be most likely to promote the success of the Company for the benefit of its members as a whole. The directors' consider their responsibilities, decisions and reputation in regards of the Company aligned to the members and executive board of its ultimate controlling party Forvis Mazars LLP. This statement takes into consideration the following matters: a)The likely consequences of any decision in the long-term The strategy of Forvis Mazars LLP and its subsidiaries in regards of client service delivery and promotion of the interests of our employees forms the basis of long term decision making by the directors of the Company. The Company, in conjunction with the members of Forvis Mazars LLP, have taken the decision to transfer its staff to its parent company Forvis Mazars LLP, were future forecasting of this impact will be consolidated into the group analysis. b)The interests of the employees of Forvis Mazars LLP The welfare of the people remains a central focus of Forvis Mazars LLP’s strategy. We hold regular webinars, run as open forums for the whole firm, and utilise newsletters, surveys, socials and Teams communities which continues to transform the way that our people interact with each other. Forvis Mazars LLP also places significant focus upon mental health and wellbeing, offering a wide range of resources, webinars, apps, and trained Mental Health First Aiders accessible to all its employees. The interests of the Company's employees will not be impacted by the transfer to Forvis Mazars LLP. c)The need to foster the Company’s business relationships with suppliers, customers and others The directors’ primary business relationship is with its ultimate controlling party Forvis Mazars LLP and its members. Forvis Mazars LLP continues to ensure staff are provided the resources and training to strengthen and develop close working business relationships with its clients and suppliers. d)The impact of the Company’s operations on the community and environment The Company understands the significance of its environmental responsibilities, monitors its impact on the environment and implements policies to reduce any damage that might be caused by the Company’s activities. Information on the company and group initiatives relating to the environment is reported in the Streamlined energy and carbon report in the group financial statements of Forvis Mazars LLP. - 2 -
FORVIS MAZARS SERVICES LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 e)The desirability of the Company maintaining a reputation for high standards of business conduct High standards of business conduct are critical for the reputation of the Company and Forvis Mazars LLP. As the employees provide financial services for the clients of Forvis Mazars LLP, our ethics are aligned with those from accounting bodies such as ICAEW and the FCA and is applied across the business. This covers conflicts of interest, our anti-bribery policy, our anti-money laundering policy, our whistleblowing policy, and in relation to confidentiality. All of our people are expected to read and understand our ethics and e-learning is provided on a regular basis. Forvis Mazars LLP has an established Code of Conduct which sets out how the Company’s values operate in practice. We perform internal reviews across all areas of the business to ensure compliance in the provision of services to clients of Forvis Mazars LLP. f)The need to act fairly as between members of the Company As the Company has only one shareholder, Forvis Mazars LLP, there is no present obligation to take this section into consideration. This report was approved by the board and signed on its behalf by.
A J Hoyle Director
Date: 3 December 2025
- 3 -
FORVIS MAZARS SERVICES LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2025 The directors present their report and the financial statements for the year ended 31 August 2025.
Directors' responsibilities statement
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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements 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 Company will continue in business. 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 to 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.
Principal activity
Further to the transfer of the Company's employees to the parent company, Forvis Mazars LLP, the Company ceased providing services to Forvis Mazars LLP and its subsidiaries and has transitioned to a holding company.
Results and dividends
The profit for the year, after taxation, amounted to £3.5 m (2024 - £12 m). During the year, the directors recommended the payment of a dividend of £12m (2024 - £10.4m). - 4 -
FORVIS MAZARS SERVICES LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025
Directors
The directors who served during the year and up to the date of this report were:
J M Berry (resigned 5 February 2025)
J W Gilbey (appointed 5 February 2025)
A J Hoyle (appointed 5 February 2025)
E M C Maxwell
T J Stanbrook
P A Verity (resigned 5 February 2025)
Disabled employees
Forvis Mazars LLP regards itself as an "equal opportunities" employer and will give full and fair consideration to applications for employment made by disabled persons, having regard to their particular aptitudes and abilities. Disabled employees receive appropriate training to promote their career development. Employees who become disabled are retained in their existing posts where possible or retrained for suitable alternative posts.
Streamlined energy and carbon report
The Company understands the significance of its environmental responsibilities, monitors its impact on the environment and implements policies to reduce any damage that might be caused by the Company’s activities. Information on the Company and group initiatives relating to the environment is reported in the Streamlined Energy and Carbon Report in the group financial statements of Forvis Mazars LLP.
Matters covered in the Strategic Report
As permitted by paragraph 1A of Schedule 7 to the Large and Medium sized Companies and Groups (Accounts and reports) Regulations 2008 certain matters which are required to be disclosed in the Directors' report have been omitted as they are included in the Strategic report on pages 1 and 2. These matters relate to business review, principal risks and uncertainties and financial and non financial KPIs.
Provision of information to auditor
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information. - 5 -
FORVIS MAZARS SERVICES LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025
Going concern
The directors continue to closely monitor and evaluate the market amid the current economic climate and inflationary pressures. Detailed budgets and cash flow forecasts are prepared in collaboration with the Company’s ultimate controlling party, Forvis Mazars LLP, and its subsidiaries for a period of not less than twelve months from the date of authorisation. Performance against targets is regularly reviewed, with forecasts updated to reflect current conditions. The directors are satisfied that the Company has adequate working capital resources and group support to continue in operational existence for the foreseeable future. Having considered the detailed budgets and cash flow forecasts, the directors are satisfied that there are no material uncertainties which would cast significant doubt on the Company’s ability to continue as a going concern for the foreseeable future.
Qualifying third party indemnity provisions
The Company has made qualifying third party indemnity provisions for the benefit of its directors which were made during the year and remain in force at the date of this report. No claim or notice of claim in respect of these indemnities has been received in the period.
Post balance sheet events
There have been no significant events affecting the company since the year end.
Auditor
The auditor, Crowe U.K. LLP, will not be proposed for reappointment. A resolution to appoint new auditors will be put to the members at the next general meeting. This report was approved by the board and signed on its behalf.
A J Hoyle Director
Date: 3 December 2025
- 6 -
FORVIS MAZARS SERVICES LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FORVIS MAZARS SERVICES LIMITED Opinion We have audited the financial statements of Forvis Mazars Services Limited (the “Company”) for the year ended 31 August 2025 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and related 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 August 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 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 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 contained within the annual report. 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. - 7 -
FORVIS MAZARS SERVICES LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FORVIS MAZARS SERVICES LIMITED Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic report and the Directors' report 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 light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report. 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 company, 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. - 8 -
FORVIS MAZARS SERVICES LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FORVIS MAZARS SERVICES LIMITED Responsibilities of the Directors As explained more fully in the directors’ responsibilities statement as set out on page 4, 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We obtained an understanding of the legal and regulatory frameworks within which the company operate, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and UK Corporate Tax Legislation. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management and inappropriate revenue recognition. Our audit procedures to respond to these risks included enquiries of management about their identification and assessment of the risk of irregularities, sample testing on the appropriate journals, reviewing accounting estimates for biases, corroborating balances recognised to supporting documentation on a sample basis and ensuring accounting policies are appropriate under the United Kingdom Generally Accepted Accounting Practice and applicable law. Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements of the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. - 9 -
FORVIS MAZARS SERVICES LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FORVIS MAZARS SERVICES LIMITED Use of the audit 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. Sarah Riches (Senior Statutory Auditor) for and on behalf of Crowe U.K. LLP Statutory Auditor 55 Ludgate Hill London EC4M 7JW 3 December 2025 - 10 -
FORVIS MAZARS SERVICES LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 AUGUST 2025
| 2025 | 2024
Note | £000 | £000
Turnover | 4 | - | 208,917
Gross profit |  | - | 208,917
Administrative expenses |  | - | (198,443)
Operating profit |  | - | 10,474
Income from fixed assets investments |  | 4,130 | 5,003
Amounts written off investments |  | (665) | (656)
Interest receivable and similar income |  | - | 5
Profit before tax |  | 3,465 | 14,826
Tax on profit | 8 | 2 | (2,846)
Profit for the financial year |  | 3,467 | 11,980
There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of comprehensive income.
There was no other comprehensive income for 2025 (2024 - £Nil).
The notes on pages 14 to 27 form part of these financial statements.
- 11 -
FORVIS MAZARS SERVICES LIMITED REGISTERED NUMBER: 05380971 STATEMENT OF FINANCIAL POSITION AS AT 31 AUGUST 2025
|  | 2025 |  | 2024
Note |  | £000 |  | £000
Fixed assets |  |  |  |  |
Investments |  |  | 5,583 |  | 6,248
|  |  | 5,583 |  | 6,248
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 11 | 16,740 |  | 24,628 |
Cash and cash equivalents | 12 | 25 |  | 25 |
|  | 16,765 |  | 24,653 |
Creditors: amounts falling due within one year | 13 | (19,245) |  | (19,265) |
Net current (liabilities)/assets |  |  | (2,480) |  | 5,388
Total assets less current liabilities |  |  | 3,103 |  | 11,636
Net assets |  |  | 3,103 |  | 11,636
Capital and reserves |  |  |  |  |
Called up share capital | 15 |  | 3,020 |  | 3,020
Profit and loss account |  |  | 83 |  | 8,616
|  |  | 3,103 |  | 11,636
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
A J Hoyle
Director
Date: 3 December 2025
The notes on pages 14 to 27 form part of these financial statements. - 12 -
FORVIS MAZARS SERVICES LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 AUGUST 2025
| Called up share capital | Profit and loss account | Total equity
| £000 | £000 | £000
At 1 September 2023 | 3,020 | 7,061 | 10,081
Comprehensive income for the year |  |  |
Profit for the year | - | 11,980 | 11,980
Dividends: Equity capital (note 9) | - | (10,425) | (10,425)
At 1 September 2024 | 3,020 | 8,616 | 11,636
Comprehensive income for the year |  |  |
Profit for the year | - | 3,467 | 3,467
Dividends: Equity capital (note 9) | - | (12,000) | (12,000)
At 31 August 2025 | 3,020 | 83 | 3,103
| The notes on pages 14 to 27 form part of these financial statements.
- 13 -
FORVIS MAZARS SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
1. | General information
Forvis Mazars Services Limited is a company limited by shares, incorporated and registered in England and Wales. The registered number of the company is 05380971. The address of its registered office is 30 Old Bailey, London, United Kingdom, EC4M 7AU. Further to the transfer of the Company's employees to the parent company, Forvis Mazars LLP, the Company ceased providing services to Forvis Mazars LLP and its subsidiaries and has transitioned to a holding company. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3). The financial statements have been presented in Pound Sterling as this is the currency of the primary economic environment in which the company operates and is rounded to the nearest pound. The following principal accounting policies have been applied:
| 2.2 | Financial reporting standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); ∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Forvis Mazars LLP (OC308299) as at 31 August 2025, the Company's ultimate parent undertaking. The consolidated financial statements of Forvis Mazars LLP are prepared in accordance with IFRS and are available to the public and may be obtained from Companies House.
| 2.3 | Exemption from preparing consolidated financial statements
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006. - 14 -
FORVIS MAZARS SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 2.Accounting policies (continued)
| 2.4 | Going concern
The directors continue to closely monitor and evaluate the market amid the current economic climate and inflationary pressures. Detailed budgets and cash flow forecasts are prepared in collaboration with the Company’s ultimate controlling party, Forvis Mazars LLP, and its subsidiaries for a period of not less than twelve months from the date of authorisation. Performance against targets is regularly reviewed, with forecasts updated to reflect current conditions. The directors are satisfied that the Company has adequate working capital resources and group support to continue in operational existence for the foreseeable future. Having considered the detailed budgets and cash flow forecasts, the directors are satisfied that there are no material uncertainties which would cast significant doubt on the Company’s ability to continue as a going concern for the foreseeable future.
| 2.5 | Turnover
Turnover represents recharges of costs incurred plus a mark-up for the provision of staff and support services.
| 2.6 | Termination benefits
All the costs in relation to the termination benefits were accounted in the period to which they relate. Following the transfer of staff to the LLP, all associated termination benefits and related obligations have also been transferred and will be settled by the parent entity.
| 2.7 | Pensions
Contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds. - 15 -
FORVIS MAZARS SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 2.Accounting policies (continued)
| 2.8 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
| 2.9 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
| 2.10 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.11 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.12 | Debtors: amounts falling due within one year
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. - 16 -
FORVIS MAZARS SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 2.Accounting policies (continued)
| 2.13 | Creditors: amounts falling due within one year
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.14 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Statement of Financial Position 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. - 17 -
FORVIS MAZARS SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 2.Accounting policies (continued)
| 2.14 | Financial instruments (continued)
Basic 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 the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
| 2.15 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.16 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. - 18 -
FORVIS MAZARS SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
In applying the Company’s accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors’ judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting are recognised in the year in which the estimate is revised, if the revision affects only that year, in the year of the revision and future years, if the revision affects both current and future years. Critical judgements in applying the company's accounting policies The critical judgements that the directors have made in the process of applying the Company's accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below. Assessing indicator of impairment of investment In assessing whether there have been any indicators of impairment of investment, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability. Further to this assessment, the carrying value of an investment in a subsidiary entity has been impaired by £665k (Note 10). The directors do not consider there to be any key sources of estimation uncertainty relating to the financial statements for the year ended 31 August 2025.
4. | Turnover
The whole of the turnover is attributable to the principal activity of the Company.
| All turnover arose within the United Kingdom.
5. | Auditor's remuneration
| The auditor's remuneration is paid by and charged to the ultimate parent undertaking and ultimate controlling party, Forvis Mazars LLP.
- 19 -
FORVIS MAZARS SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
6. | Employees
| Staff costs were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Wages and salaries | - | 163,975
| Social security costs | - | 15,229
| Cost of defined contribution scheme | - | 9,076
|  | - | 188,280
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Client facing | - | 2,683
|  | Support services | - | 389
|  |  | 0 | 3,072
7. | Income from fixed asset investments
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Dividends received from subsidiaries | 4,130 | 5,003
- 20 -
FORVIS MAZARS SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
8. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Corporation tax |  |
| Current tax on profits for the year | - | 2,737
| Adjustments in respect of previous periods | (364) | 163
| Total current tax | (364) | 2,900
| Deferred tax |  |
| Origination and reversal of timing differences | 362 | (54)
|  | (2) | 2,846
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Profit on ordinary activities before tax | 3,465 | 14,826
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 866 | 3,707
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 166 | 281
| Adjustments to tax charge in respect of prior periods | - | 163
| Other timing differences leading to an increase (decrease) in taxation | (1) | -
| Non-taxable income | (1,033) | (1,251)
| Remeasurement of deferred tax for changes in tax rates | - | (54)
| Total tax charge for the year | (2) | 2,846
There were no factors that may affect future tax charges. - 21 -
FORVIS MAZARS SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
9. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Final dividend paid for on equity capital of 397p (2024 - 345p) per ordinary share. | 12,000 | 10,425
10. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £000
| Cost |
| At 1 September 2024 | 6,248
| At 31 August 2025 | 6,248
| Impairment |
| Charge for the period | 665
| At 31 August 2025 | 665
| Net book value |
| At 31 August 2025 | 5,583
| At 31 August 2024 | 6,248
- 22 -
FORVIS MAZARS SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
. |
10. Fixed asset investments (continued) Subsidiary undertakings |  |  |
The following were subsidiary undertakings of the Company:
Name of undertaking | % held directly | % held indirectly | Nature of business
Registered office: 30 Old Bailey, London, EC4M 7AU |  |  |
Forvis Mazars Financial Planning Limited | 100% |  | Financial Planning
Forvis Mazars Corporate Finance Limited | 100% |  | Corporate finance services
Forvis Mazars London Limited | 100% |  | Volume personal insolvency services
Forvis Mazars MR Limited | 100% |  | Accounting services
Mazars GB Limited | 100% |  | Holding Company
ARX Investments Limited | 100% |  | Holding Company
CompetitionRX Limited |  | 100% | Management consultancy
Forvis Mazars Company Secretaries Limited | 100% |  | Dormant
Forvis Mazars Trustee Company Limited | 100% |  | Not trading
Forvis Mazars Trust Corporation Limited | 100% |  | Not trading
Forvis Mazars Trustee Company (London) Limited | 100% |  | Not trading
Forvis Mazars Public Sector Internal Audit Limited | 100% |  | Dormant
Rowanmoor Consultancy Limited | 100% |  | Dormant
Independent Women Limited |  | 100% | Dormant
Cartwright House Licensing Limited |  | 100% | Not trading
Mazars Company Secretaries Limited |  | 100% | Dormant
Mazars Corporate Finance Limited |  | 100% | Dormant
Mazars Holdings (Australia) Limited |  | 100% | Dormant
Mazars Holdings (US) Limited |  | 100% | Dormant
Mazars London Limited |  | 100% | Dormant
Mazars MR Limited |  | 100% | Dormant
Mazars Public Sector Internal Audit Limited |  | 100% | Dormant
Mazars Services Limited |  | 100% | Dormant
Mazars Trust corporation Limited |  | 100% | Dormant
Mazars Trustee Company (London) Limited |  | 100% | Dormant
Mazars Trustee Company Limited |  | 100% | Dormant
Wool Quay Nominees Limited | 100% |  | Dissolved September 2024
Sarah Buttler Associates Limited | 100% |  | Dissolved September 2024
- 23 -
FORVIS MAZARS SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
10. Fixed asset investments (continued) Registered Office: Mazars Capital Square, 58 Morrison Street, Edinburgh, EH3 8BP | % held directly | % held indirectly | Nature of business
Mazars Solutions Limited | 100% |  | Dissolved December 2024
Registered Office: Suite 3, Second Floor, ICOM House, 1/5 Irish Town, Gibraltar |  |  |
Mazars (Gibraltar) Limited | 100% |  | Dissolved September 2024
Registered office: 100 Queen Street, Glasgow, G1 3DN |  |  |
Forvis Mazars CYB Services Limited | 100% |  | Tax and trustee administration services
11. | Debtors: amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Amounts owed by group undertakings | 16,378 | 24,077
| Other debtors | - | 5
| Prepayments and accrued income | - | 184
| Corporation tax | 362 | -
| Deferred taxation (note 14) | - | 362
|  | 16,740 | 24,628
| Amounts owed by group undertakings are unsecured, repayable on demand and interest free.
12. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Cash at bank and in hand | 25 | 25
- 24 -
FORVIS MAZARS SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
13. | Creditors: amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Trade creditors | - | 18
| Amounts owed to group undertakings | 19,243 | 1,039
| Corporation tax | - | 396
| Other taxation and social security | 2 | 4,260
| Other creditors | - | 1,670
| Accruals | - | 11,882
|  | 19,245 | 19,265
| Amounts owed to group undertakings are unsecured, repayable on demand and interest free.
14. | Deferred taxation
|  | 2025 | 2024
|  | £000 | £000
| At beginning of year | 362 | 308
| Charged to Statement of comprehensive income | (362) | 54
| At end of year | - | 362
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Other short term timing differences | - | 362
- 25 -
FORVIS MAZARS SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
15. | Called up share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
|  | Allotted, called up and fully paid |  |
|  | 1,020,217 (2024 - 1,020,217) Ordinary shares of £1 each | 1,020 | 1,020
|  | 1,999,999 (2024 - 1,999,999) Ordinary redeemable shares of £1 each | 2,000 | 2,000
|  |  | 3,020 | 3,020
| The ordinary shares entitle the holder of each to one voting right and the right to dividends when declared. The option to redeem the redeemable shares are at the discretion of the board of directors. In all other respects, both classes of shares rank pari passu.
16. | Pension commitments
In the prior year, the Company operated a defined contributions pension scheme. The assets of the scheme were held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £Nil (2024 - £9,076,302). Contributions totalling £Nil (2024 - £1,449,472) were payable to the fund at the reporting date and are included in creditors. Following the transfer of staff to the LLP, all related obligations have also been transferred and will be settled by the parent entity.
17. | Commitments under operating leases
| At 31 August 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Not later than 1 year | - | 281
| Later than 1 year and not later than 5 years | - | 520
|  | - | 801
18. | Related party transactions
| The Company is a wholly owned subsidiary of Forvis Mazars LLP and as such has taken advantage of the exemption permitted by Section 33 ‘Related party disclosures’ not to provide disclosures of transactions entered into with other wholly owned members of the group. The Company and its subsidiary undertakings are included within the consolidated financial statements of Forvis Mazars LLP, which are publicly available and can be obtained from Companies House.
- 26 -
FORVIS MAZARS SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
19. | Post balance sheet events
There have been no significant events affecting the company since the year end.
20. | Controlling party
The Company is wholly owned and controlled by Forvis Mazars LLP, a limited liability partnership resident in England and Wales, which the directors consider to be the ultimate parent undertaking and controlling party. The Company and its subsidiaries are included within the consolidated financial statements of Forvis Mazars LLP, being the smallest and largest group in which the company is consolidated into. The group accounts produced by Forvis Mazars LLP are available from Companies House. The registered address of the LLP is 30 Old Bailey, London, EC4M 7AU. Forvis Mazars LLP is part of the Forvis Mazars worldwide organisation which comprises all the member entities who have signed a co-operation agreement with Forvis Mazars Group SC. Forvis Mazars Group SC is a Limited Responsibility Co-operative Company headquartered in Belgium which itself has no professional activity and whose shareholders are partners in the member entities.
- 27 -