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REGISTERED NUMBER: 04430310 (England and Wales)

| PERMANENT FUTURES LIMITED |

| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |

| FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 JULY 2025 |

PERMANENT FUTURES LIMITED (REGISTERED NUMBER: 04430310) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 5 |

| Report of the Independent Auditors | 7 |

| Statement of Comprehensive Income | 11 |

| Balance Sheet | 12 |

| Statement of Changes in Equity | 13 |

| Notes to the Financial Statements | 14 |

| PERMANENT FUTURES LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 31 JULY 2025

| DIRECTORS: | T Ryan

| H Panesar

| J B Liptrot

| REGISTERED OFFICE: | 19 New Street

| Horsforth

| Leeds

| West Yorkshire

| LS18 4BH

| REGISTERED NUMBER: | 04430310 (England and Wales)

| AUDITORS: | BPR Audit Limited

| Statutory Auditors

| Glenewes House

| Gate Way Drive

| Leeds

| West Yorkshire

| LS19 7XY

PERMANENT FUTURES LIMITED (REGISTERED NUMBER: 04430310) |

STRATEGIC REPORT

FOR THE YEAR ENDED 31 JULY 2025

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

PRINCIPAL ACTIVITY

Permanent Futures Limited (Futures) is a leader in professional interim and permanent recruitment services. The company offers innovative resourcing models and project delivery solutions that support the public sector, education and manufacturing.

The directors have not planned, at the date of this report, any changes to the principal activity and are not aware of any likely changes thereto over the coming year.

STRATEGY

The company's strategy is centred on sustainable growth through investment in people, technology, and long-term client relationships.

Significant emphasis continues to be placed on attracting, developing, and retaining high-quality employees. The company promotes a supportive and inclusive working environment, supported by wellbeing initiatives including healthcare provision and access to counselling services.

Ongoing investment in training and development ensures that consultants maintain sector expertise and deliver high-quality service to clients. Alongside this, the company continues to enhance its IT infrastructure to improve operational efficiency and service delivery.

The directors believe that this combined focus on people and technology positions the business to maintain and grow its market share.

The company's key strategic priorities for the forthcoming year are:

- |  | Continued investment in employee development and retention |

- |  | Expansion and strengthening of client relationships |

- |  | Ongoing enhancement of technology platforms to improve efficiency and service delivery |

REVIEW OF BUSINESS

The company had a 12.98% decrease in turnover. Gross margins were under pressure throughout the period but were still maintained at 18.43% compared to 19.10% for the year to 31 July 2024.

Investment in technology and staff will maintain growth over the coming year and strengthen the company's position in its chosen markets.

PERMANENT FUTURES LIMITED (REGISTERED NUMBER: 04430310) |

STRATEGIC REPORT

FOR THE YEAR ENDED 31 JULY 2025

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and the execution of the company's strategy are subject to several key risks. These are:

Recruitment and retention of staff

The ability to attract and retain high-performing consultants remains critical. The company mitigates this risk through competitive remuneration, career development opportunities, and a strong focus on employee wellbeing.

Cost of living inflationary pressures

Rising salary expectations and broader cost pressures continue to impact the business. The company actively monitors market conditions and manages costs while maintaining its commitment to competitive employee packages.

Financial Risks

The company's objectives are to safeguard its financial stability and maintain sufficient resources to support operations and growth.

- No material exposure to foreign currency risk

- No external borrowings, resulting in minimal liquidity and interest rate risk

- Credit risk is managed through robust credit control procedures and external credit monitoring

General Business Risk

Performance remains dependent on maintaining strong client relationships, retaining key staff, and continuing investment in technology. The directors are not aware of any additional significant risks that would materially impact the business in the forthcoming year.

KEY PERFORMANCE INDICATORS

The directors monitor financial performance using key metrics derived from the company's financial statements.

Gross Profit

Gross profit remains the directors' primary concern and margins are constantly under pressure. Overall gross margins achieved in the period under review were 18.43.% compared to 19.10% in the previous period. The directors expect that a downward pressure on margins will continue in the coming year and active measures are in place to encourage the maintenance of gross margins.

Shareholders' funds

Shareholders funds decreased during the year by £1,037,636 to £4,996,543.

PERMANENT FUTURES LIMITED (REGISTERED NUMBER: 04430310) |

STRATEGIC REPORT

FOR THE YEAR ENDED 31 JULY 2025

CURRENT TRADING AND PROSPECTS

The company enters the new financial year with a strong balance sheet, established client base, and solid operational infrastructure.

However, the external environment has become more uncertain. Political change within the UK and the potential for reduced public sector spending, combined with wider global economic pressures, are expected to impact the recruitment market.

As a result, the directors anticipate increased pressure on revenue and profitability in the short term. Forecasts have been adjusted accordingly, and cost management initiatives are being implemented. The recruitment market for experienced consultants remains highly competitive. To address this, the company is investing in internal development programmes to build future talent pipelines.

The company continues to invest in operational improvements, including:

- Investment in AI tools to enable staff to focus on higher-value activities.

These initiatives are expected to improve efficiency and scalability over the medium term.

In addition, the company is considering investment in its office environment to support a modern and growing workforce.

Despite current market challenges, the directors believe that the company's focus on resilient sectors, particularly education, public services, manufacturing and consumer goods, provides a stable platform for future growth.

ON BEHALF OF THE BOARD:

H Panesar - Director

6 May 2026

PERMANENT FUTURES LIMITED (REGISTERED NUMBER: 04430310) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 JULY 2025

The directors present their report with the financial statements of the company for the year ended 31 July 2025.

DIVIDENDS

The total distribution of dividends for the year ended 31 July 2025 totalled £2,515,055.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

T Ryan has held office during the whole of the period from 1 August 2024 to the date of this report.

Other changes in directors holding office are as follows:

H Panesar - appointed 21 October 2024

J B Liptrot was appointed as a director after 31 July 2025 but prior to the date of this report.

T M Liptrot ceased to be a director after 31 July 2025 but prior to the date of this report.

DISCLOSURE IN THE STRATEGIC REPORT

Certain items required to be disclosed in the directors' report are set out in the strategic report in accordance with section 414C(11) Companies Act 2006.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

- | select suitable accounting policies and then apply them consistently;

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

- | 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 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.

PERMANENT FUTURES LIMITED (REGISTERED NUMBER: 04430310) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 JULY 2025

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

H Panesar - Director

6 May 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

PERMANENT FUTURES LIMITED

Opinion

We have audited the financial statements of Permanent Futures Limited (the 'company') for the year ended 31 July 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of 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 July 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 Auditors' 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. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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.

In connection with our audit of the financial statements, 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

PERMANENT FUTURES LIMITED

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 identified material misstatements in the Strategic Report or the Report of the Directors.

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

PERMANENT FUTURES LIMITED

Auditors' 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 a Report of the Auditors 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 designed procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures were capable of detecting irregularities, including fraud is detailed below:

To identify risks of material misstatement due to irregularities, including fraud (fraud risks) we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures involved enquiring of the directors as to the company's policies and procedures to prevent and detect fraud, as well as whether they had knowledge of any actual, suspected, or alleged fraud. We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit.

As required by auditing standards and considering our overall knowledge of the control environment, we performed procedures to address the risk of management override of controls, in particular the risk that management may be able to make inappropriate accounting entries. We concluded that there was limited opportunity for manipulation or management override of controls. We performed procedures including a review of accounting entries to supporting documentation. We did not identify any additional fraud risks.

We identified Health and Safety, and Employment Law as areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements.

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

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and key management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.

It is considered that our procedures can detect irregularities, including fraud. However, because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

PERMANENT FUTURES LIMITED

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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.

Martin Garrity FCA FCCA (Senior Statutory Auditor)

for and on behalf of BPR Audit Limited

Statutory Auditors

Glenewes House

Gate Way Drive

Leeds

West Yorkshire

LS19 7XY

6 May 2026

PERMANENT FUTURES LIMITED (REGISTERED NUMBER: 04430310) |

STATEMENT OF COMPREHENSIVE

INCOME

FOR THE YEAR ENDED 31 JULY 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 31,857,460 |  | 36,609,248 |  |

Cost of sales | (25,986,559 | ) | (29,615,271 | ) |

GROSS PROFIT | 5,870,901 |  | 6,993,977 |  |

Administrative expenses | (3,965,889 | ) | (4,137,199 | ) |

1,905,012 |  | 2,856,778 |  |

Other operating income | 892 |  | 892 |  |

OPERATING PROFIT | 5 | 1,905,904 |  | 2,857,670 |  |

Interest receivable and similar income | 75,339 |  | 88,023 |  |

1,981,243 |  | 2,945,693 |  |

Interest payable and similar expenses | 6 | (5,043 | ) | (2,680 | ) |

PROFIT BEFORE TAXATION | 1,976,200 |  | 2,943,013 |  |

Tax on profit | 7 | (498,781 | ) | (744,691 | ) |

PROFIT FOR THE FINANCIAL YEAR | 1,477,419 |  | 2,198,322 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 1,477,419 |  | 2,198,322 |  |

PERMANENT FUTURES LIMITED (REGISTERED NUMBER: 04430310) |

BALANCE SHEET

31 JULY 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Intangible assets | 9 | - |  | - |  |

Tangible assets | 10 | 80,427 |  | 78,515 |  |

80,427 |  | 78,515 |  |

CURRENT ASSETS

Debtors | 11 | 5,417,882 |  | 6,303,775 |  |

Cash at bank | 2,291,094 |  | 2,286,229 |  |

7,708,976 |  | 8,590,004 |  |

CREDITORS

Amounts falling due within one year | 12 | (2,757,108 | ) | (2,598,530 | ) |

NET CURRENT ASSETS | 4,951,868 |  | 5,991,474 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 5,032,295 |  | 6,069,989 |  |

CREDITORS

Amounts falling due after more than one year | 13 | - |  | (891 | ) |

PROVISIONS FOR LIABILITIES | 17 | (35,752 | ) | (34,919 | ) |

NET ASSETS | 4,996,543 |  | 6,034,179 |  |

CAPITAL AND RESERVES

Called up share capital | 18 | 5,000 |  | 5,000 |  |

Capital redemption reserve | 19 | 5,000 |  | 5,000 |  |

Retained earnings | 19 | 4,986,543 |  | 6,024,179 |  |

SHAREHOLDERS' FUNDS | 4,996,543 |  | 6,034,179 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 6 May 2026 and were signed on its behalf by:

H Panesar - Director

PERMANENT FUTURES LIMITED (REGISTERED NUMBER: 04430310) |

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 JULY 2025

| Called up |  | Capital |

| share |  | Retained |  | redemption |  | Total

| capital |  | earnings |  | reserve |  | equity

£ | £ | £ | £ |

Balance at 1 August 2023 | 7,000 |  | 5,665,825 |  | 3,000 |  | 5,675,825 |  |

Changes in equity

Share buyback | (2,000 | ) | (1,150,000 | ) | 2,000 |  | (1,150,000 | ) |

Dividends | - |  | (689,968 | ) | - |  | (689,968 | ) |

Total comprehensive income | - |  | 2,198,322 |  | - |  | 2,198,322 |  |

Balance at 31 July 2024 | 5,000 |  | 6,024,179 |  | 5,000 |  | 6,034,179 |  |

Changes in equity

Dividends | - |  | (2,515,055 | ) | - |  | (2,515,055 | ) |

Total comprehensive income | - |  | 1,477,419 |  | - |  | 1,477,419 |  |

Balance at 31 July 2025 | 5,000 |  | 4,986,543 |  | 5,000 |  | 4,996,543 |  |

PERMANENT FUTURES LIMITED (REGISTERED NUMBER: 04430310) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

1. | STATUTORY INFORMATION

| Permanent Futures Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

| The principal place of business is the registered office.

2. | STATEMENT OF COMPLIANCE

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| The financial statements have been prepared under the historical cost convention.

| The financial statements are presented in pound sterling which is the functional currency of the company rounded to the nearest pound.

| Going concern

| These financial statements have been prepared on a going concern basis.

| The directors have conducted a going concern review for the business and, as a board, has concluded that preparing the financial statements on a going concern basis is the correct basis to adopt.

| In carrying out this review the directors considered the current economic risks and uncertainties facing the business now and for the next 12 months. The company has, in the opinion of the directors, sufficient and appropriate levels of liquidity for its trading needs and to service its ongoing external debt liabilities in the form of the property and other lease commitments. The carrying value of the company's assets, both fixed and current, have been assessed and there is no material exposure to losses that would affect the directors' decision to adopt the going concern basis of accounting.

| The directors consider the resources currently available to the company are adequate for its continued operational existence over the next 12 months and beyond and they have not identified any material uncertainties that would affect the company's ability to continue as a going concern.

| Financial Reporting Standard 102 - reduced disclosure exemptions

| The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

| • | the requirements of Section 7 Statement of Cash Flows.

PERMANENT FUTURES LIMITED (REGISTERED NUMBER: 04430310) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2025

3. | ACCOUNTING POLICIES - continued

| Significant judgements and estimates

| The preparation of the financial statements requires the directors to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. These estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events. However, the nature of estimation means that actual results may differ from these estimates.

| In preparing these financial statements, the directors have made the following judgements:

| Bad debt provision

| Where the company believes that unpaid debtors may result in a bad debt, a provision is calculated, which considers the payment history of the relevant customers, the risk of not recovering and the ageing of the debt.

| Dilapidation provision

| There is an obligation to make good the conditions of premises in relation to leasehold premises in accordance with lease agreements at the end of the lease terms. The provision represents an estimate of costs to be incurred to meet such obligations. The carrying amount of the provision at the year end was £16,000.

| Intangible and tangible fixed assets

| Determining appropriate rates of depreciation and amortisation requires an estimation of the useful lives and expected residual values of fixed assets. The net carrying amount of assets is £80,427 (2024: £78,515). During the period depreciation policies were revised on assets classified under fixtures & fittings and computer equipment to a straight line policy.The impact of the change resulted in a debit to the statement of profit & loss of £26,411.

| Turnover

| Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

| Revenues earned under permanent contracts are recognised once the candidate commences employment with the end client. Revenues earned under temporary contracts are recognised in the accounting year in which services are provided.

| Intangible assets

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| Domain name are being amortised evenly over their estimated useful life of ten years.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Short leasehold | - | Over remaining life of lease

| Fixtures and fittings | - | 25% on cost

| Motor vehicles | - | 20% on cost

| Computer equipment | - | 25% on cost

| Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses.

PERMANENT FUTURES LIMITED (REGISTERED NUMBER: 04430310) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2025

3. | ACCOUNTING POLICIES - continued

| Financial instruments

| Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument.

| Financial assets and liabilities are initially measured at transaction price, except for those financial assets classified as at fair value through profit or loss.

| Basic financial instruments

| Basic financial instruments are those with relatively straight forward terms and would normally include cash, bank balances, trade debtors and trade creditors.

| Where the arrangement does not constitute a financing transaction, e.g. trade debtors on normal commercial terms, the debtor will be valued initially at transaction price (i.e. cost) and subsequently at transaction price less impairment (if any) due to concerns over recoverability.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Hire purchase and leasing commitments

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

PERMANENT FUTURES LIMITED (REGISTERED NUMBER: 04430310) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2025

3. | ACCOUNTING POLICIES - continued

| Debtors

| 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.

| Cash and cash equivalents Cash is represented by cash in hand and de posits with financial institutions repayable without penalty on notice of not more than twenty four hou rs. Cash equivalents are highly liquid investments that mature in no more that three months from t he date of acquisition and that are readily convertible to known amounts of cash with insignificant r isk of change in value.

| Creditors

| Short term creditors are measured at 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.

| Finance costs

| Finance costs are charged to the statement of comprehensive income 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.

| Sales finance

| The company utilises finance arrangements in respect of certain of its trade debtors. The arrangements are such that separate presentation of the relevant trade debtors and the related finance is adopted.

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

4. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 2,601,358 |  | 2,671,551 |  |

| Social security costs | 254,071 |  | 302,359 |  |

| Other pension costs | 124,378 |  | 152,843 |  |

2,979,807 |  | 3,126,753 |  |

| The average number of employees during the year was as follows:

| 2025 |  | 2024

| Directors | 3 |  | 3 |  |

| Administrative staff | 52 |  | 59 |  |

55 |  | 62 |  |

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 145,730 |  | 66,835 |  |

| Directors' pension contributions to money purchase schemes | 90,343 |  | 95,480 |  |

PERMANENT FUTURES LIMITED (REGISTERED NUMBER: 04430310) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2025

4. | EMPLOYEES AND DIRECTORS - continued

| The number of directors to whom retirement benefits were accruing was as follows:

| Money purchase schemes | 3 |  | 3 |  |

5. | OPERATING PROFIT

| The operating profit is stated after charging/(crediting):

| 2025 |  | 2024

£ | £ |

| Other operating leases | 53,071 |  | 54,274 |  |

| Depreciation - owned assets | 51,284 |  | 23,197 |  |

| Loss on disposal of fixed assets | 92 |  | - |  |

| Auditors' remuneration | 29,000 |  | 18,725 |  |

| Government grants | (892 | ) | (892 | ) |

| Motor vehicle leases | 33,002 |  | 33,679 |  |

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Bank interest | 690 |  | - |  |

| HMRC interest | 4,353 |  | 1,948 |  |

| Interest payable | - |  | 732 |  |

5,043 |  | 2,680 |  |

7. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 497,948 |  | 744,136 |  |

| Deferred tax | 833 |  | 555 |  |

| Tax on profit | 498,781 |  | 744,691 |  |

| UK corporation tax has been charged at 25% (2024 - 25%).

PERMANENT FUTURES LIMITED (REGISTERED NUMBER: 04430310) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2025

7. | TAXATION - continued

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

| 2025 |  | 2024

£ | £ |

| Profit before tax | 1,976,200 |  | 2,943,013 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 494,050 |  | 735,753 |  |

| Effects of:

| Expenses not deductible for tax purposes | 4,458 |  | 8,582 |  |

| Depreciation in excess of capital allowances | 273 |  | 356 |  |

| Total tax charge | 498,781 |  | 744,691 |  |

8. | DIVIDENDS

| 2025 |  | 2024

£ | £ |

| A Ordinary shares of £1 each |

| Interim | - |  | 38,975 |  |

| B Ordinary shares of £1 each |

| Interim | 2,088,039 |  | 143,570 |  |

| C Ordinary shares of £1 each |

| Interim | 302,126 |  | 366,317 |  |

| D Ordinary shares of £1 each |

| Interim | - |  | 28,195 |  |

| E Ordinary shares of £1 each |

| Interim | 30,000 |  | 12,915 |  |

| F Ordinary shares of £1 each |

| Interim | 94,890 |  | 99,996 |  |

2,515,055 |  | 689,968 |  |

9. | INTANGIBLE FIXED ASSETS

| Domain

| name

£ |

| COST

| At 1 August 2024

| and 31 July 2025 | 11,000 |  |

| AMORTISATION

| At 1 August 2024

| and 31 July 2025 | 11,000 |  |

| NET BOOK VALUE

| At 31 July 2025 | - |  |

| At 31 July 2024 | - |  |

PERMANENT FUTURES LIMITED (REGISTERED NUMBER: 04430310) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2025

10. | TANGIBLE FIXED ASSETS

| Fixtures |

| Short |  | and |  | Motor |  | Computer |

| leasehold |  | fittings |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 August 2024 | 33,545 |  | 97,265 |  | 10,833 |  | 105,986 |  | 247,629 |  |

| Additions | - |  | 33,079 |  | - |  | 20,445 |  | 53,524 |  |

| Disposals | - |  | - |  | - |  | (583 | ) | (583 | ) |

| At 31 July 2025 | 33,545 |  | 130,344 |  | 10,833 |  | 125,848 |  | 300,570 |  |

| DEPRECIATION

| At 1 August 2024 | 23,960 |  | 73,458 |  | 542 |  | 71,154 |  | 169,114 |  |

| Charge for year | 4,792 |  | 11,570 |  | 2,166 |  | 32,756 |  | 51,284 |  |

| Eliminated on disposal | - |  | - |  | - |  | (255 | ) | (255 | ) |

| At 31 July 2025 | 28,752 |  | 85,028 |  | 2,708 |  | 103,655 |  | 220,143 |  |

| NET BOOK VALUE

| At 31 July 2025 | 4,793 |  | 45,316 |  | 8,125 |  | 22,193 |  | 80,427 |  |

| At 31 July 2024 | 9,585 |  | 23,807 |  | 10,291 |  | 34,832 |  | 78,515 |  |

11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | 4,364,133 |  | 5,667,637 |  |

| Amounts owed by group undertakings | 120,328 |  | - |  |

| Other debtors | 36,371 |  | 105,782 |  |

| Staff loans | - |  | 3,611 |  |

| Directors' loan accounts | - |  | 37,628 |  |

| Tax | 12,779 |  | 12,779 |  |

| Prepayments and accrued income | 884,271 |  | 476,338 |  |

5,417,882 |  | 6,303,775 |  |

| Trade debtors amounting to £3,184,345 (2024: £3,710,471) are subject to a sales ledger financing arrangement.

12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts (see note 14) | 14,209 |  | - |  |

| Trade creditors | 760,324 |  | 685,443 |  |

| Taxation | 247,532 |  | 389,061 |  |

| Social security and other taxes | 75,201 |  | 70,289 |  |

| VAT | 341,351 |  | 430,543 |  |

| Other creditors | 568,696 |  | 616,236 |  |

| Accrued expenses and deferred income | 748,904 |  | 406,066 |  |

| Deferred government grants | 891 |  | 892 |  |

2,757,108 |  | 2,598,530 |  |

PERMANENT FUTURES LIMITED (REGISTERED NUMBER: 04430310) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2025

13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2025 | 2024 |

£ | £ |

| Deferred government grants | - |  | 891 |  |

| Grant monies were received in relation to the acquisition of capital equipment in a prior year and in accordance with the accrual model an amount is being released to profit and loss over the remaining useful life of the asset. The amount released this year was £892 (2024: £892) with the balance of £891 (2024: £1,783) being included in creditors, all of which is due within 1 year.

14. | LOANS

| An analysis of the maturity of loans is given below:

2025 | 2024 |

£ | £ |

| Amounts falling due within one year or on demand:

| Bank overdrafts | 14,209 |  | - |  |

15. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

2025 | 2024 |

£ | £ |

| Within one year | 173,462 |  | 186,545 |  |

| Between one and five years | 91,367 |  | 212,973 |  |

264,829 |  | 399,518 |  |

16. | SECURED DEBTS

| The sales financing arrangement is secured by Barclays Bank PLC and contains fixed charges covering all the property or undertaking of the company. At the year end the sales financing is a debtor rather than a creditor balance.

17. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax

| Accelerated capital allowances | 19,752 |  | 18,919 |  |

| Other provisions | 16,000 |  | 16,000 |  |

35,752 |  | 34,919 |  |

| Deferred |  | Dilapidati |

| tax |  | ons |

£ | £ |

| Balance at 1 August 2024 | 18,919 |  | 16,000 |  |

| Provided during year | 833 |  | - |  |

| Balance at 31 July 2025 | 19,752 |  | 16,000 |  |

PERMANENT FUTURES LIMITED (REGISTERED NUMBER: 04430310) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2025

18. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 3,900 | B Ordinary | £1 | 3,900 |  | 3,900 |  |

| 900 | C Ordinary | £1 | 900 |  | 900 |  |

| 100 | D Ordinary | £1 | 100 |  | 100 |  |

| 50 | E Ordinary | £1 | 50 |  | 50 |  |

| 50 | F Ordinary | £1 | 50 |  | 50 |  |

5,000 |  | 5,000 |  |

| The shares have attached to them full voting, dividend and capital distribution rights (including on winding up) and are not redeemable.

19. | RESERVES

| Capital |

| Retained |  | redemption |

| earnings |  | reserve |  | Totals

£ | £ | £ |

| At 1 August 2024 | 6,024,179 |  | 5,000 |  | 6,029,179 |  |

| Profit for the year | 1,477,419 |  | - |  | 1,477,419 |  |

| Dividends | (2,515,055 | ) | - |  | (2,515,055 | ) |

| At 31 July 2025 | 4,986,543 |  | 5,000 |  | 4,991,543 |  |

20. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to directors subsisted during the years ended 31 July 2025 and 31 July 2024:

2025 | 2024 |

£ | £ |

| T M Liptrot

| Balance outstanding at start of year | 37,628 |  | 29,402 |  |

| Amounts advanced | 92,549 |  | 37,628 |  |

| Amounts repaid | (130,177 | ) | (29,402 | ) |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | - |  | 37,628 |  |

| T Ryan

| Balance outstanding at start of year | - |  | 202 |  |

| Amounts repaid | - |  | (202 | ) |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | - |  | - |  |

PERMANENT FUTURES LIMITED (REGISTERED NUMBER: 04430310) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2025

20. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

| D I House

| Balance outstanding at start of year | - |  | 20,237 |  |

| Amounts repaid | - |  | (20,237 | ) |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | - |  | - |  |

21. | RELATED PARTY DISCLOSURES

| Entities under common control |

|  | 2025 |  | 2024 |  |

|  | £ |  | £ |

| Sales |  | 479,860 |  | 364,252 |  |

| Loans granted |  | - |  | 29,520 |  |

| Loan written off |  | - |  | - |  |

| Amounts due from related party |  | 495,979 |  | 433,791 |  |

| Additionally, the company had transactions with entities in which the directors & former directors have an interest.

|  | 2025 |  | 2024 |  |

|  | £ |  | £ |  |

| Rent charged to company |  | 54,000 |  | 54,000 |  |

22. | POST BALANCE SHEET EVENTS

| Total dividends were paid after the balance sheet date in the sum of £290,439.

23. | PARENT COMPANY

| On 1 October 2024, the company became a wholly owned subsidiary of Permanent Futures Holdings Limited.