Company registration number 07931502 (England and Wales)
AXION CONSULTANCY LIMITED (FORMERLY RISKHUB CONSULTANCY LIMITED)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
AXION CONSULTANCY LIMITED (FORMERLY RISKHUB CONSULTANCY LIMITED)
COMPANY INFORMATION
Director
S Herbison
Company number
07931502
Registered office
10-11 Clerkenwell Green
London
England
EC1R 0DP
Auditor
Gravita Audit II Limited
Aldgate Tower
2 Leman Street
London
United Kingdom
E1 8FA
AXION CONSULTANCY LIMITED (FORMERLY RISKHUB CONSULTANCY LIMITED)
CONTENTS
Page
Strategic report
1 - 2
Director's report
3 - 4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Notes to the financial statements
12 - 22
AXION CONSULTANCY LIMITED (FORMERLY RISKHUB CONSULTANCY LIMITED)
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The director presents the strategic report for the year ended 31 December 2025.

Principal activities

The principal activity of the company continued to be that of provision of fire risk services and consultancy.

Review of the business

Turnover for the year increased by 10.7% to £13,737,674 (2024: £12,412,900), reflecting continued strong commercial demand for the company's fire compliance and life safety consultancy services, together with a contribution from the newly established Fire Engineering department, which was built out during 2025 as part of the group's strategy to broaden its technical service offering.

Gross profit margin improved to 58.1% (2024: 55.2%). Although the company made a significant investment in direct engineering headcount during 2025 to build up the fire engineering team, the revenue generated by the expanded team in its first year of operation was sufficient to improve the overall gross margin. The directors expect the gross margin benefit to develop further in 2026 as the team reaches full productivity.

Operating profit was £4,284,464 (2024: £4,397,900). The 2024 comparative included other operating income of £547,328 in respect of management fees receivable from group entities, which did not recur in 2025. On an underlying basis, operating profit improved year on year. Administrative expenses increased during the year, principally driven by an increase in the management charge payable to Riskhub Limited, the group holding company. The group operates a centralised overhead model whereby all group-level costs — including senior leadership, finance, technology, legal and compliance, and central support functions — are borne by Riskhub Limited and recharged to operating subsidiaries by way of a management charge. This structure ensures that group costs are not duplicated across entities. The management charge increased to £1,420,960 (2024: £736,433), reflecting the group's investment in its central infrastructure and leadership capability during 2025. The directors consider this charge to be commercially appropriate and consistent with arm's length principles.

Profit before tax for the year was £4,050,972 (2024: £4,103,516). The marginal reduction of £52,544 reflects the higher management charge, largely offset by the improved gross profit performance. Profitability remains robust and the directors are satisfied that the underlying trading performance of the business is strong.

Principal risks and uncertainties

The company is exposed to regulatory, operational and market risks. The director has put the necessary measures in place in order to mitigate these risks as much as possible.

Regulatory Risk

Changes in fire safety regulations following the Building Safety Act require continuous professional development and robust quality assurance processes.

Market Competition

The company mitigates competitive pressure through service differentiation, technical excellence, and leveraging its position within the Riskhub Group.

Resource Management

The challenge of recruiting qualified assessors and fire engineers is addressed through competitive remuneration, targeted recruitment, and professional development opportunities.

Technology Disruption

The company continues to invest in technology integration to enhance service delivery efficiency and maintain competitive advantage.

Economic Factors

Potential impacts from macroeconomic pressures are mitigated through client base diversification and focus on statutory compliance services.

AXION CONSULTANCY LIMITED (FORMERLY RISKHUB CONSULTANCY LIMITED)
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Development and performance

The company is well-positioned for 2026, with plans focused on:

- Enhanced services using features with the Riskhub group technology platform

- Continued growth of the fire engineering team and associated service revenues

- Continued operational efficiency improvements

- Investment in staff development

The strong balance sheet provides a solid foundation for these initiatives while maintaining capacity to respond to market changes.

Other performance indicators

The key performance indicators are as follows:

KPIs | 2025 | 2024
| £ | £
Turnover | 13,737,674 | 12,412,900
GPM | 58.1% | 55.2%
Operating profit | 4,284,464 | 4,397,900
OPM | 31.2% | 35.4%
PBT | 4,050,972 | 4,103,516
PBM | 29.5% | 33.1%

Profitability remains robust in 2025. The marginal reduction in PBT reflects the planned increase in the group management charge, offset by strong revenue growth and an improved gross profit margin following the investment in the fire engineering team.

On behalf of the board

S Herbison
Director
3 April 2026
AXION CONSULTANCY LIMITED (FORMERLY RISKHUB CONSULTANCY LIMITED)
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

The director presents her annual report and financial statements for the year ended 31 December 2025.

On 28th August 2025, the company changed its name to Axion Consultancy Limited.

Results and dividends

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

Ordinary dividends were paid amounting to £300,000. The director does not recommend payment of a further dividend.

Director

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

S Herbison
Auditor

In accordance with the company's articles, a resolution proposing that Gravita Audit II Limited be reappointed as auditor of the company will be put at a General Meeting.

Statement of director's responsibilities

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

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

In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;

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

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

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

Statement of disclosure to auditor

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

AXION CONSULTANCY LIMITED (FORMERLY RISKHUB CONSULTANCY LIMITED)
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -
On behalf of the board
S Herbison
Director
30 April 2026
AXION CONSULTANCY LIMITED (FORMERLY RISKHUB CONSULTANCY LIMITED)
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF AXION CONSULTANCY LIMITED (FORMERLY RISKHUB CONSULTANCY LIMITED)
- 5 -
Opinion

We have audited the financial statements of AXION CONSULTANCY LIMITED (FORMERLY RISKHUB CONSULTANCY LIMITED) (the 'company') for the year ended 31 December 2025 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company's ability to continue as a going concern.

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

Other information

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

We have nothing to report in this regard.

AXION CONSULTANCY LIMITED (FORMERLY RISKHUB CONSULTANCY LIMITED)
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF AXION CONSULTANCY LIMITED (FORMERLY RISKHUB CONSULTANCY LIMITED) (CONTINUED)
- 6 -

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report and the director's r eport. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, 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 director's remuneration specified by law are not made; or

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

Responsibilities of director

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

Auditor's responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

AXION CONSULTANCY LIMITED (FORMERLY RISKHUB CONSULTANCY LIMITED)
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF AXION CONSULTANCY LIMITED (FORMERLY RISKHUB CONSULTANCY LIMITED) (CONTINUED)
- 7 -

The extent to which the audit was considered capable of detecting irregularities including fraud.

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

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

- we identified the laws and regulations applicable to the company through discussions with directors and other management;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006 and Health and Safety legislation.

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

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

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

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

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

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

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

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

- tested journal entries to identify unusual transactions;

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

- investigated the rationale behind significant or unusual transactions.

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

- agreeing financial statement disclosures to underlying supporting documentation;

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

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

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

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

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

AXION CONSULTANCY LIMITED (FORMERLY RISKHUB CONSULTANCY LIMITED)
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF AXION CONSULTANCY LIMITED (FORMERLY RISKHUB CONSULTANCY LIMITED) (CONTINUED)
- 8 -

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

Sarah Wilson FCA (Senior Statutory Auditor)
For and on behalf of Gravita Audit II Limited, Statutory Auditor
Chartered Accountants
Aldgate Tower
2 Leman Street
London
E1 8FA
United Kingdom
1 May 2026
AXION CONSULTANCY LIMITED (FORMERLY RISKHUB CONSULTANCY LIMITED)
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
2025
2024
Notes
£
£
Turnover
2
13,737,674
12,412,900
Cost of sales
(5,759,483)
(5,564,117)
Gross profit
7,978,191
6,848,783
Administrative expenses
(3,693,727)
(2,998,211)
Other operating income
-
0
547,328
Operating profit
3
4,284,464
4,397,900
Interest receivable and similar income
7
2,023
1,476
Interest payable and similar expenses
8
(235,515)
(131,757)
Amounts written off investments
9
-
(164,103)
Profit before taxation
4,050,972
4,103,516
Tax on profit
10
39,404
-
0
Profit for the financial year
4,090,376
4,103,516

The income statement has been prepared on the basis that all operations are continuing operations.

AXION CONSULTANCY LIMITED (FORMERLY RISKHUB CONSULTANCY LIMITED)
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2025
31 December 2025
- 10 -
2025
2024
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
12
72,998
121,660
Current assets
Debtors
13
14,937,365
11,105,567
Cash at bank and in hand
411,166
203,069
15,348,531
11,308,636
Creditors: amounts falling due within one year
14
(2,209,040)
(1,683,050)
Net current assets
13,139,491
9,625,586
Total assets less current liabilities
13,212,489
9,747,246
Creditors: amounts falling due after more than one year
15
(505,426)
(830,559)
Net assets
12,707,063
8,916,687
Capital and reserves
Called up share capital
18
1
1
Profit and loss reserves
12,707,062
8,916,686
Total equity
12,707,063
8,916,687

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

The financial statements were approved and signed by the director and authorised for issue on 30 April 2026
S Herbison
Director
Company registration number 07931502 (England and Wales)
AXION CONSULTANCY LIMITED (FORMERLY RISKHUB CONSULTANCY LIMITED)
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2024
1
5,713,170
5,713,171
Year ended 31 December 2024:
Profit and total comprehensive income
-
4,103,516
4,103,516
Dividends
11
-
(900,000)
(900,000)
Balance at 31 December 2024
1
8,916,686
8,916,687
Year ended 31 December 2025:
Profit and total comprehensive income
-
4,090,376
4,090,376
Dividends
11
-
(300,000)
(300,000)
Balance at 31 December 2025
1
12,707,062
12,707,063
AXION CONSULTANCY LIMITED (FORMERLY RISKHUB CONSULTANCY LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
1
Accounting policies
Company information

Axion Consultancy Limited (formerly Riskhub Consultancy Limited) is a private company limited by shares incorporated in England and Wales. The registered office is 10-11 Clerkenwell Green, London, England, EC1R 0DP.

1.1
Basis of preparation

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

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.

This 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. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

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

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- 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.

The financial statements of the company are consolidated in the financial statements of parent company Riskhub Limited, Company Number 13668202 and ultimate parent company Sefton & Galgorm Limited Company Number 16208894. These consolidated financial statements are available from its registered office, First Floor, 10-11 Clerkenwell Green, London, England, EC1R 0DP.

1.2
Revenue

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

Turnover from contracts for the provision of services was recognised by reference to the fee percentage agreed.

In the current year, turnover was invoiced in arrears at the end of each month based on the number of risk assessments performed in the year. Therefore, accrued income was recognised.

1.3
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.

AXION CONSULTANCY LIMITED (FORMERLY RISKHUB CONSULTANCY LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 13 -

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

Fixtures and fittings
25% straight line

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

1.4
Impairment of fixed assets

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

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

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

AXION CONSULTANCY LIMITED (FORMERLY RISKHUB CONSULTANCY LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -
Impairment of financial assets

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

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

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

Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

AXION CONSULTANCY LIMITED (FORMERLY RISKHUB CONSULTANCY LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -
1.7
Equity instruments

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

1.8
Taxation

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

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

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

1.9
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.

1.10
Retirement benefits

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

1.11
Foreign exchange

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

1.12

Management charge

Management charges relate to costs incurred in the year by other group entities and recharged to the company.

2
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Provision of fire risk services and consultancy
13,737,674
12,412,900
AXION CONSULTANCY LIMITED (FORMERLY RISKHUB CONSULTANCY LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
2
Turnover and other revenue
(Continued)
- 16 -
2025
2024
£
£
Other revenue
Interest income
2,023
1,476
3
Operating profit
2025
2024
Operating profit for the year is stated after charging:
£
£
Depreciation of tangible fixed assets
63,271
60,016

The management charge increased to £1,420,960 (2024: £736,433), reflecting the group's investment in its central infrastructure and leadership capability during 2025.

The directors consider this charge to be commercially appropriate and consistent with arm's length principles.

4
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
22,150
29,470
For other services
Taxation compliance services
1,548
3,350
5
Employees

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

2025
2024
Number
Number
41
43

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
2,271,985
2,393,270
Social security costs
313,014
272,615
Pension costs
108,900
120,975
2,693,899
2,786,860
AXION CONSULTANCY LIMITED (FORMERLY RISKHUB CONSULTANCY LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 17 -
6
Director's remuneration
2025
2024
£
£
Remuneration for qualifying services
-
0
4,167
Company pension contributions to defined contribution schemes
-
3,000
-
0
7,167

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

7
Interest receivable and similar income
2025
2024
£
£
Interest income
Other interest income
2,023
1,476
8
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
226,465
119,936
Other interest
9,050
11,821
235,515
131,757
9
Amounts written off investments
2025
2024
£
£
Other gains and losses
-
(164,103)
10
Taxation
2025
2024
£
£
Current tax
Adjustments in respect of prior periods
(39,404)
-
0
AXION CONSULTANCY LIMITED (FORMERLY RISKHUB CONSULTANCY LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
10
Taxation
(Continued)
- 18 -

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

2025
2024
£
£
Profit before taxation
4,050,972
4,103,516
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
1,012,743
1,025,879
Tax effect of expenses that are not deductible in determining taxable profit
2,537
71,874
Group relief
(1,027,446)
(1,093,124)
Permanent capital allowances in excess of depreciation
12,166
(4,629)
Under/(over) provided in prior years
(39,404)
-
0
Taxation credit for the year
(39,404)
-
11
Dividends
2025
2024
£
£
Final paid
300,000
900,000
12
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 January 2025
363,796
Additions
14,609
At 31 December 2025
378,405
Depreciation and impairment
At 1 January 2025
242,136
Depreciation charged in the year
63,271
At 31 December 2025
305,407
Carrying amount
At 31 December 2025
72,998
At 31 December 2024
121,660
AXION CONSULTANCY LIMITED (FORMERLY RISKHUB CONSULTANCY LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 19 -
13
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
437,536
13,182
Amounts owed by group undertakings
13,808,584
9,992,787
Other debtors
226,547
10,000
Prepayments and accrued income
134,406
759,306
14,607,073
10,775,275
2025
2024
Amounts falling due after more than one year:
£
£
Other debtors
330,292
330,292
Total debtors
14,937,365
11,105,567

Amounts owed by group undertakings are interest free, unsecured and repayable on demand.

14
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
16
753,958
245,763
Trade creditors
189,482
111,497
Corporation tax
-
0
333,277
Other taxation and social security
917,382
666,266
Other creditors
136,629
34,415
Accruals and deferred income
211,589
291,832
2,209,040
1,683,050
15
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
16
505,426
830,559
AXION CONSULTANCY LIMITED (FORMERLY RISKHUB CONSULTANCY LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
16
Loans and overdrafts
2025
2024
£
£
Bank loans
1,259,384
1,076,322
Payable within one year
753,958
245,763
Payable after one year
505,426
830,559

17
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
108,900
120,975

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

18
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
1
1
1
1
19
Operating lease commitments
As lessee

At the reporting end date the company had no outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within 1 year
-
0
550,485
Years 2-5
-
0
2,091,841
-
0
2,642,326
AXION CONSULTANCY LIMITED (FORMERLY RISKHUB CONSULTANCY LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
19
Operating lease commitments
(Continued)
- 21 -

In the prior year, the c ompany was responsible for lease payments in respect of a property lease and disclosed commitments in respect of that arrangement.

During the current year, responsibility for the lease has transferred to the parent undertaking, with no change to the underlying lease agreement.

Accordingly, the c ompany has no operating lease commitments as at 31 December 2025.

20
Prior year adjustment

During the year, the directors identified a presentation error in respect of the classification of a rent deposit amounting to £330,292. In the prior year balance sheet, this balance was included within current assets, whereas it should have been classified as non‑current assets, as the deposit is not expected to be realised within twelve months of the reporting date.

In accordance with FRS 102, assets and liabilities must be classified based on their expected settlement. The comparative balance sheet as at 31 December 2024 has therefore been reclassified to present the rent deposit within other non‑current debtors rather than within current assets.

This reclassification does not affect the profit for the prior year or the company’s net assets, but affects the presentation of the comparative balance sheet only.

21
Events after the reporting date

On 24 March 2026, there was a satisfaction of a fixed charge in full.

22
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2025
2024
£
£
Aggregate compensation
158,202
102,411

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due from related parties
£
£
Other related parties
226,547
10,000
23
Ultimate controlling party

The immediate parent company is Riskhub Limited, whose registered office is 10-11 Clerkenwell Green, London, England, EC1R 0DP.

AXION CONSULTANCY LIMITED (FORMERLY RISKHUB CONSULTANCY LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
23
Ultimate controlling party
(Continued)
- 22 -

The ultimate parent company is Sefton & Galgorm Limited, whose registered office is 10-11 Clerkenwell Green, London, England, EC1R 0DP.

T he smallest group for which consolidated accounts including the company are prepared is the one headed by Riskhub Limited and these accounts are available from the registered office.

T he largest group for which consolidated accounts including the company are prepared is the one headed by Sefton & Galgorm Limited and these accounts are available from the registered office.

Largest group
Sefton & Galgorm Limited
Smallest group
Riskhub Limited
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