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Registered number: 13597318 CS MODERN WORKFORCE UK LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
CS MODERN WORKFORCE UK LIMITED COMPANY INFORMATION
Director | J W Stewart
Company secretary | J W Stewart
Registered number | 13597318
Registered office | 55 Baker Street
| London
| United Kingdom
| W1U 7EU
Independent auditors | Barnes Roffe Audit Limited
| Chartered Accountants Statutory Auditor
| Leytonstone House
| 3 Hanbury Drive
| London
| E11 1GA
CS MODERN WORKFORCE UK LIMITED CONTENTS
| Page
Strategic report | 1
Director's report | 2 - 3
Independent auditors' report | 4 - 8
Statement of profit or loss and other comprehensive income | 9
Statement of financial position | 10
Statement of changes in equity | 11
Statement of cash flows | 12
Notes to the financial statements | 13 - 26
Detailed profit and loss account and summaries | 26
CS MODERN WORKFORCE UK LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
For the year ended 31 December 2025
The director presents the strategic report and the financial statements for the year ended 31 December 2025.
Business review
This is the fourth period of account for the company. The company employs the key management staff for the business of its ultimate overseas group owners and recharges these costs to the group. The company works on a cost mark-up recovery basis and, therefore, makes a margin on costs. The director is satisfied with the results for the accounting period. The director is satisfied that the company's financial position is stable and will remain so for the foreseeable future.
Principal risks and uncertainties
The company is reliant on trading with its fellow group members. The principal risk of the business is considered to be the cashflow for the settlement of the monthly expenses of the company. The director monitors the cashflow of the company carefully and is in contact with the group companies' management on a regular basis. Development and performance The company returned a net profit before taxation of £12,928 (2024 - £39,952). The company has the continued support of its ultimate owner. This report was approved by the board and signed on its behalf.
J W Stewart Director
Date: 15 April 2026
Page 1
CS MODERN WORKFORCE UK LIMITED DIRECTOR'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The director presents his report and the financial statements for the year ended 31 December 2025.
Director's responsibilities statement
The director is responsible for preparing the strategic report, director's report and the financial statements, in accordance with applicable law. Company law requires the director to prepare financial statements for each financial year. Under that law he has elected to prepare the financial statements in accordance with UK-adopted international accounting standards in conformity with the requirements of the Companies Act 2006. 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 the financial statements, the director is required to: ∙select suitable accounting policies and then apply them consistently; ∙make judgments and estimates that are reasonable and prudent; ∙state whether they have been prepared in accordance with IFRS Accounting Standards in conformity with the requirements of the Companies Act 2006, subject to any material departures disclosed and explained in the financial statements; ∙assess the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and ∙use the going concern basis of accounting unless he either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. 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 responsible for such internal control as he determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and has general responsibility for taking such steps as are reasonably open to him to safeguard the assets of the company and to prevent and detect fraud and other irregularities.
Principal activity
The principal activity of the company is the provision of management and suppport services to group members.
Results and dividends
The profit for the year, after taxation, amounted to £9,618 (2024 - £25,420). At 31 December 2025, the company had net assets of £69,416 (2024 - £59,720). The director does not recommend a dividend for the year.
Director
The director who served during the year was:
J W Stewart
Page 2
CS MODERN WORKFORCE UK LIMITED DIRECTOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Disclosure of information to auditors
The director at the time when this director's report is approved has confirmed that: ∙so far as he is aware, there is no relevant audit information of which the company's auditors are unaware, and ∙he 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 auditors are aware of that information.
Auditors
The auditors, Barnes Roffe Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
J W Stewart Director
Date: 15 April 2026
Page 3
CS MODERN WORKFORCE UK LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CS MODERN WORKFORCE UK LIMITED
Opinion
We have audited the financial statements of CS Modern Workforce UK Limited for the year ended 31 December 2025 which comprise the statement of profit or loss and other comprehensive income, the statement of financial position, the statement of cash flows, the statement of changes in equity and the related notes, including a summary of material accounting policies set out on pages 13 - 19. The financial reporting framework that has been applied in their preparation is the International Financial Reporting Standards (IFRSs) in conformity with the requirements of the Companies Act 2006. 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 IFRSs as adopted by the United Kingdom; 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. 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 United Kingdom, including the Financial Reporting Council'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. Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. Page 4
CS MODERN WORKFORCE UK LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CS MODERN WORKFORCE UK LIMITED (CONTINUED)
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditors' report thereon. The directors are responsible for the other information contained within the annual report. 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. 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.
Opinion 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 director's report 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 has been prepared in accordance with applicable legal requirements. Page 5
CS MODERN WORKFORCE UK LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CS MODERN WORKFORCE UK LIMITED (CONTINUED) 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 director's 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, 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 directors As explained more fully in the director's responsibilities statement on page 2, 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 have no realistic alternative but to do so. Page 6
CS MODERN WORKFORCE UK LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CS MODERN WORKFORCE UK LIMITED (CONTINUED) 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 an auditors' 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: ∙the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with the applicable laws and regulations; ∙we identified the laws and regulations applicable to the company through discussions with the director and other management, and from our commercial knowledge and experience of the relevant sector; ∙we focused on specfic 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; ∙we assessed the extent of the compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; 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 suspectibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: ∙making enquires 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. ∙We also assessed whether judgements and assumptions made in determing the accounting estimates were indicative of potential bias, and investigated the rationale behind significant or unusual transactions. The areas we identified as being susceptible to misstatement through fraud were: ∙Management bias in the estimates and judgements made; and ∙Management override of controls. 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 auditors' report. Page 7
CS MODERN WORKFORCE UK LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CS MODERN WORKFORCE UK LIMITED (CONTINUED) Use of our report This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by the law, we do not accept or assume responsibilty 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. Graham Wallace (senior statutory auditor) for and on behalf of Barnes Roffe Audit Limited Chartered Accountants Statutory Auditor Leytonstone House 3 Hanbury Drive London E11 1GA Date: 16 April 2026 Page 8
CS MODERN WORKFORCE UK LIMITED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025
|  |  |  | 2025 | 2024
|  |  | Note | £ | £
Turnover | 5 | 271,385 | 756,742
Gross profit |  | 271,385 | 756,742
Administrative expenses |  | (258,561) | (716,790)
Profit before tax |  | 12,824 | 39,952
Tax expense | 7 | (3,206) | (14,532)
Total comprehensive income for the period |  | 9,618 | 25,420
The notes on pages 13 to 26 form part of these financial statements.
The income statement has been prepared on the basis that all operations are continuing operations.
Page 9
CS MODERN WORKFORCE UK LIMITED REGISTERED NUMBER: 13597318 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Assets |  |
Non-current assets |  |  |
Property, plant and equipment | 8 | 10,044 | 15,514
Current assets |  |  |
Trade and other receivables | 9 | 31,354 | 37,092
Cash and cash equivalents |  | 92,896 | 130,247
Total assets |  | 134,294 | 182,853
Liabilities |  |
Deferred tax liability | 7 | 2,511 | 3,879
Current liabilities |  |  |
Trade and other liabilities | 10 | 62,445 | 119,254
Total liabilities |  | 64,956 | 123,133
Net assets |  | 69,338 | 59,720
Issued capital and reserves |  |  |
Share capital | 11 | 1 | 1
Retained earnings |  | 69,337 | 59,719
TOTAL EQUITY |  | 69,338 | 59,720
The financial statements on pages 9 to 26 were approved and authorised for issue by the board of director and were signed on its behalf by:
J W Stewart
Director
Date: 15 April 2026
The notes on pages 13 to 26 form part of these financial statements. Page 10
CS MODERN WORKFORCE UK LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Share capital | Retained earnings | Total equity
| £ | £ | £
At 1 January 2024 | 1 | 34,299 | 34,300
Profit for the year | - | 25,420 | 25,420
Total comprehensive income for the year | - | 25,420 | 25,420
At 31 December 2024 | 1 | 59,719 | 59,720
At 1 January 2025 | 1 | 59,719 | 59,720
Profit for the year | - | 9,618 | 9,618
Total comprehensive income for the year | - | 9,618 | 9,618
At 31 December 2025 | 1 | 69,337 | 69,338
The notes on pages 13 to 26 form part of these financial statements.
Page 11
CS MODERN WORKFORCE UK LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025
|  |  |  | 2025 | 2024
|  |  | Note | £ | £
Cash flows from operating activities |  |  |
Profit for the year |  | 9,618 | 25,420
Adjustments for |  |  |
Depreciation of property, plant and equipment | 8 | 6,344 | 7,398
Loss on sale of property, plant and equipment |  | - | 1,071
Income tax expense | 7 | 3,206 | 16,711
|  | 19,168 | 50,600
Movements in working capital: |  |  |
Decrease/(increase) in trade and other receivables |  | 5,738 | (23,253)
Decrease in trade and other payables |  | (44,718) | (110,721)
Cash generated from operations |  | (19,812) | (83,374)
Income taxes paid |  | (16,665) | (5,189)
Net cash used in operating activities |  | (36,477) | (88,563)
Cash flows from investing activities |  |  |
Purchases of property, plant and equipment |  | (874) | (149)
Proceeds from disposal of property, plant and equipment |  | - | 399
Net cash (used in)/from investing activities |  | (874) | 250
Cash flows from financing activities |  |  |
Net decrease in cash and cash equivalents |  | (37,351) | (88,313)
Cash and cash equivalents at the beginning of year |  | 130,247 | 218,560
Cash and cash equivalents at the end of the year |  | 92,896 | 130,247
The notes on pages 13 to 26 form part of these financial statements. Page 12
CS MODERN WORKFORCE UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General Information
CS Modern Workforce UK Limited ("the company") is a private company limited by shares and incorporated in England and Wales. The registered office is 55 Baker Street, London, United Kingdom, W1U 7EU. Its registered number is 13597318. 2.Accounting policies
| 2.1 | Accounting convention
These financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, (except as otherwise stated). The financial statements have been prepared under the historical cost convention, except for the revaluation of certain financial instruments at fair value. The significant accounting policies adopted are set out below. Presentation and functional currency The financial statements are prepared in £ Sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
| 2.2 | Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existance for the forseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements. Creditors consist of balances due to the ultimate controlling party, and other companies under common control. Assurances have been obtained from these parties that they will continue to support the company for a period of not less than 12 months from the date of approval of the annual report and financial statements.
| 2.3 | Segment information
Revenue is derived from the company’s principal activity and arises wholly in the United Kingdom. The company therefore has a single operating segment and only a single reportable segment.
| 2.4 | Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
| (i) Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from ‘profit before tax’ as reported in the statement of profit or loss and other comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Page 13
CS MODERN WORKFORCE UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.4 | Taxation (continued)
| (ii) Deferred tax
Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other than in a business combination) of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. In addition, deferred tax liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill. Deferred tax liabilities are recognised for taxable temporary differences associated with investments in subsidiaries and associates, and interests in joint ventures, except where the company is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. International tax reform - Pillar Two model rules The company has applied the mandatory exception to the recognition and disclosure of information about deferred tax assets and liabilities related to Pillar Two income taxes (i.e. income taxes arising from the jurisdictional implementation of OECD’s Pillar Two Model Rules). Page 14
CS MODERN WORKFORCE UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.5 | Property, plant and equipment
Items of property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses. If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items (major components) of property, plant and equipment. Any gain or loss on disposal of an item of property, plant and equipment is recognised in profit or loss. Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will flow to the company. Depreciation is provided on all other items of property, plant and equipment so as to write off their carrying value over their expected useful economic lives. It is provided at the following rates:
|  | Office equipment | 20%, 33.3% and 100% straight line
| 2.6 | Impairment of tangible fixed assets
At the end of each reporting period, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). When 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. When a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified. Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment at least annually, and whenever there is an indication that the asset may be impaired. Recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease (see note 2.5). When an impairment loss subsequently reverses, the carrying amount of the asset (or a cash generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase (see note 2.5). Page 15
CS MODERN WORKFORCE UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.7 | Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits, together with other short-term, highly liquid investments maturing within 90 days from the date of acquisition that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value.
| 2.8 | Financial assets
Financial assets are recognised in the company’s statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories. The classification depends on the nature and purpose of the financial assets and is determined at the time of recognition. Financial assets are originally measured at fair value plus transaction costs, other than those classified as fair value through profit and loss (FVTPL), which are measured at fair value. The company has adopted IFRS 9 in the preparation of these financial statements. Loans and receivables Trade receivables and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as ‘loans and receivables’. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment. Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts, through the expected life of the debt instrument, to the net carrying amount on initial recognition. Impairment of financial assets Financial assets, other than those at FVTPL, 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 of the investment have been affected. Derecognition of financial assets Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity. Page 16
CS MODERN WORKFORCE UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.9 | Financial liabilities
Financial liabilities are classified as either financial liabilities at FVTPL or other financial liabilities. The company has adopted IFRS 9 in the preparation of these financial statements. Financial liabilities at fair value through profit and loss Financial liabilities are classified as FVTPL when the financial liability is held for trading. A financial liability is classified as held for trading if: ∙it has been incurred principally for the purpose of repurchasing it in the near term, or ∙on initial recognition it is part of a portfolio of identified financial instruments that the company manages together and has a recent actual pattern of short-term profit taking, or ∙it is a derivative that is not designated and effective as a hedging instrument. Financial liabilities at FVTPL are stated at fair value with any gains or losses arising on remeasurement recognised in profit or loss. Other financial liabilities Other financial liabilities, including borrowings, are initially measured at fair value, net of transaction costs. They are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis. The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments, through the expected life of the financial liability, to the net carrying amount on initial recognition. Derecognition of financial liabilities Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.
| 2.10 | Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
| 2.11 | Revenue recognition
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably. Revenue is recognised on a monthly basis when costs incurred are recharged to group companies. Page 17
CS MODERN WORKFORCE UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.12 | Taxation
The tax expense represents the sum of current tax and deferred tax. Current tax The current tax charge is based on the taxable (loss)/profit for the period using the tax rates that have been enacted or substantially enacted by the date of the statement of financial position. Taxable profit differs from the net profit as reported in the statement of comprehensive income 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 the current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date. Deferred tax Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting period. 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.
| 2.13 | Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
| 2.14 | Foreign exchange
Transactions in currencies other than £ 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 are included in the income statement for the period. Page 18
CS MODERN WORKFORCE UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.15 | Pensions
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligations. . The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown as a liability in the statement of financial position. The assets of the plan are held separately from the company in independently administered funds.
| 2.16 | Interest receivable and similar income
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. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
3. | Significant accounting judgements and sources of estimation uncertainty
The preparation of financial statements under IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. Estimates and assumptions are reviewed on an ongoing basis and any revision to estimates or assumptions are recognised in the period in which they are revised and in future periods affected.
4. | Segment information
The company only has a single operating segment and therefore only a single reportable segment. All of the company's turnover is attributable to the UK.
5. | Revenue
| The following is an analysis of the company's revenue for the year from continuing operations:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Management fees receivable | 271,385 | 756,742
| Analysis of revenue by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Rest of the world | 271,385 | 756,742
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CS MODERN WORKFORCE UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
6. | Employee benefit expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Employee benefit expenses (including director) comprise: |  |
| Wages and salaries | 113,880 | 460,958
| National insurance | 30,124 | 44,219
| Defined contribution pension cost | 3,600 | 10,740
|  | 147,604 | 515,917
| The monthly average number of persons, including the director, employed by the company during the year was as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | Number | Number
| Staff (including director) | 2 | 2
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CS MODERN WORKFORCE UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
7. | Tax expense
| 7.1 Income tax recognised in profit or loss
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Current tax |  |
| Current tax on profits for the year | 4,574 | 16,665
| Adjustments in respect of prior years | - | 46
| Total current tax | 4,574 | 16,711
| Deferred tax expense |  |
| Origination and reversal of timing differences | (1,368) | (2,179)
|  | 3,206 | 14,532
| The reasons for the difference between the actual tax charge for the year and the standard rate of corporation tax in the United Kingdom applied to profits for the year are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit for the year | 9,618 | 25,420
| Income tax expense (including income tax on associate, joint venture and discontinued operations) | 3,206 | 14,532
| Profit before income taxes | 12,824 | 39,952
| Tax using the company's domestic tax rate of 25% (2024:25%) | 3,206 | 9,988
| Expenses not deductible for tax purposes | - | 4,498
| Adjustments to tax charge in respect of prior periods | - | 46
| Total tax expense | 3,206 | 14,532
Page 21
CS MODERN WORKFORCE UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
8. | Property, plant and equipment
|  | Office equipment
|  | £
| Cost |
| At 1 January 2024 | 40,122
| Additions | 149
| Disposals | (2,411)
| At 31 December 2024 | 37,860
| Additions | 874
| At 31 December 2025 | 38,734
|  | Office equipment
|  | £
| Accumulated depreciation |
| At 1 January 2024 | 15,889
| Charge owned for the year | 7,398
| Disposals | (941)
| At 31 December 2024 | 22,346
| Charge owned for the year | 6,344
| At 31 December 2025 | 28,690
| Net book value |
| At 1 January 2024 | 24,233
| At 31 December 2024 | 15,514
| At 31 December 2025 | 10,044
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CS MODERN WORKFORCE UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
9. | Trade and other receivables
|  | 2025 | 2024
|  | £ | £
| Receivables from related parties | 26,937 | 33,758
| Prepayments and accrued income | 562 | 1,242
| Other receivables | 3,855 | 2,092
| Total trade and other receivables | 31,354 | 37,092
10. | Trade and other payables
|  | 2025 | 2024
|  | £ | £
| Trade payables | 1,971 | 21,643
| Payables to related parties | 4,478 | -
| Other payables | 700 | 700
| Accruals | 35,405 | 65,685
| Other social security and tax | 19,891 | 31,226
| Total trade and other payables | 62,445 | 119,254
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CS MODERN WORKFORCE UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
11. | Share capital
| Authorised |
|  | 2025 | 2025 | 2024 | 2024
|  | Number | £ | Number | £
| Shares treated as equity |  |  |  |
| Ordinary shares of £1 each | 1 | 1 | 1 | 1
|  | 1 | 1 | 1 | 1
| Issued and fully paid |
|  | 2025 | 2025 | 2024 | 2024
|  | Number | £ | Number | £
| Ordinary shares of £1 each |  |  |  |
| At 1 January and 31 December | 1 | 1 | 1 | 1
12. | Reserves
Retained earnings This reserve relates to cumulative retained earnings less amounts distributed to shareholders.
13. | Leases
| (i) Leases as a lessee
| The following amounts in respect of leases have been recognised in profit or loss:
|  |  |  | 2025 | 2024
|  |  |  | £ | £
| Expenses relating to short-term leases | 2,040 | 8,160
Page 24
CS MODERN WORKFORCE UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
14. | Capital risk management
| The company manages its capital to ensure its ability to continue as a going concern and to maintain an optimal capital structure to reduce cost of capital. The capital structure of the company comprises equity attributable to equity holders of the company consisting of issued ordinary share capital, reserves and retained earnings as disclosed in the statement of changes in equity.
15. | Financial risk management
The quantitative data disclosed in the financial statements as at the end of the reporting period is considered to be sufficiently representative of the entity’s exposure to risk and its concentration.
16. | Pension commitments
The company operates a defined contributions pension scheme. The assets of the scheme are 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. During the period the company made contributions of £3,600 (2024 - £10,740). At the year end the amount owed was £700 (2024 - £700).
17. | Financial instruments
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Financial assets |  |
| Financial assets measured at fair value through profit or loss | 92,896 | 130,247
| Financial assets that are debt instruments measured at amortised cost | 31,458 | 37,092
|  | 124,354 | 167,339
| Financial liabilities |  |
| Financial liabilities measured at amortised cost | 62,471 | 119,254
| Financial assets measured at fair value through profit or loss comprise cash at bank. Financial assets that are debt instruments measured at amortised cost comprise other debtors and amounts due from related parties. Financial liabilities measured at amortised cost comprise trade creditors, other creditors and amounts owed to related parties.
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CS MODERN WORKFORCE UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
18. | Related party transactions
Included within payables is an amount of £4,478 (2024 - £Nil) owed to companies under common control. Included within amounts due from group undertakings is an amount of £4,698 (2024 - £9,310) due from companies under common control. Receivables also includes an amount of £22,239 (2024 - £24,448) due from the parent company. During the year, the company's total sales were £271,385 (2024 - £756,742) which includes £126,142 (2024 - £435,211) relating to Cloudstaff USA LLC, £Nil (2024 - £863) relating to Cloudstaff HK Limited and £145,243 (2024 - £320,668) relating to Cloudstaff PTY Limited.
19. | Controlling party
The ultimate controlling party is Cloudstaff Holdings PTY Limited, a company incorporated in Australia.
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