The director presents the strategic report for the period ended 28 December 2025.

The financial period has been extended beyond the company’s normal accounting reference period of 1 October to 30 September in order to align with a group reorganisation. As part of this reorganisation, the company acquired, by way of a hive across, the assets and liabilities of two connected subsidiaries with effect from 1 December 2025.

During the period, the company also adopted a new trading name, changing from Priory Design Services Limited to Millbank Resources Management Limited. This change reflects the company’s alignment with the wider Millbank Holdings Limited group and is intended to enhance brand consistency and market recognition across the group.

Principal Activity, Business Review and External Environment

The principal activity of the company during the period continued to be the provision of specialist recruitment services, supplying professional, technical, engineering, scientific and commercial personnel to clients on both a temporary and permanent basis.

The company operates within the UK recruitment sector and is influenced by general economic conditions and labour market trends.

During the period, the UK economy continued to experience uncertainty arising from inflationary pressures, changes in monetary policy including movements in interest rates, and the outcome of the UK general election. In addition, ongoing geopolitical tensions, including conflicts in Ukraine and the Middle East, have contributed to volatility in global markets.

These factors have resulted in cautious hiring activity in certain sectors; however, demand for skilled personnel in technical and professional disciplines has remained relatively resilient.

Trading during the period remained stable, with continued demand across the company’s core sectors. The company maintained a diversified client base and continued to operate in markets characterised by structural skills shortages.

The director believes that the company is financially secure, as demonstrated by current assets exceeding current liabilities by almost £1.8 million.

The period also included the integration of the trade and net assets of two connected subsidiaries following the group reorganisation. This is expected to enhance operational efficiency and simplify the group structure going forward.

Position at the end of the period

The balance sheet at 28 December 2025 reflects the company’s trading performance together with the impact of the hive across completed on 1 December 2025.

Net assets at the period end amounted to £1,792,281 (2024: £1,624,509), representing an increase of £167,772.

The company is exposed to a number of risks and uncertainties in the course of its business. The principal risks identified are as follows:

•    Changes in employment legislation and regulatory requirements

•    Variations in client demand, including a potential slowdown in hiring activity

•    Macroeconomic uncertainty affecting business confidence

•    Ongoing geopolitical developments impacting economic stability

The director monitors these risks on an ongoing basis and seeks to mitigate their impact through maintaining a diversified client base, focusing on sectors with sustained demand, and exercising prudent cost control.

The company's key financial and other performance indicators during the year were as follows:

15 month Year

The current period covers 15 months, compared to 12 months in the prior year. Accordingly, direct comparison of absolute performance measures, including turnover, gross profit and operating profit, is not on a like-for-like basis.

Turnover in both temporary and permanent placements was slightly lower on a pro-rata basis compared with the prior year, reflecting some reduction in client activity during the period. Gross profit margin remained broadly consistent at 4.44% (2024: 4.48%), reflecting stable pricing and cost structures.

The reduction in operating profit reflects the combination of lower turnover, increased administrative costs (including bad debt provision), investment in infrastructure, rebranding activities associated with the change in trading name, and costs related to the group reorganisation.

Future Outlook

Whilst economic conditions remain uncertain, the company is well positioned within its specialist markets. The director expects that continued demand for skilled personnel, together with the benefits arising from the group reorganisation and strengthened group identity under the Millbank brand, will support the ongoing development of the business.

On behalf of the board

The director presents his annual report and financial statements for the period ended 28 December 2025.

The principal activity of the company continued to be that of specialist recruitment in the categories of professional, technical, engineering, scientific and commercial staff. The personnel were provided on either a temporary or permanent placement contract to a wide range of new and existing clients.

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

No ordinary dividends were paid. The director does not recommend payment of a final dividend.

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

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 directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

The company finances its operations through a mixture of retained profits and where necessary to fund expansion or capital expenditure programmes through bank borrowings.

The management's objectives are to:

• retain sufficient liquid funds to enable it to meet its day to day obligations as they fall due whilst maximising returns on surplus funds and;

• minimise the group's exposure to fluctuating interest rates when seeking new borrowings; and

• match the repayment schedule of any external borrowings or overdrafts with the expected future cash flows expected to arise from the company's trading activities.

Where appropriate, funds are held primarily in short term variable rate deposit accounts. The directors believe that this gives them the flexibility to release cash resources at short notice and also allows them to take advantage of changing conditions in the finance markets as they arise. All deposits are with reputable UK banks.

Hedge accounting is not used by the company.

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.

We have audited the financial statements of Millbank Resource Management Limited (the 'company') for the period ended 28 December 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including material 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 28 December 2025 and of its profit for the period 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 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 ethical responsibilities in accordance with those 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.

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.

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 report for the financial period 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.

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.

As explained more fully in the director's responsibilities statement, 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.

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, are detailed below:

• enquiries with management, about any known or suspected instances of non-compliance with laws and regulations or fraud within the business;

• challenging assumptions and judgements made by management in their key accounts estimates, in particular in relation to provisions;

• auditing the risk of management override of controls, including thorough testing of journal entries and other adjustments made by management for appropriateness;

• reviewing board minutes and legal and professional expenditure to identify any evidence of ongoing litigation or enquiries; and

• auditing the risk of fraud in revenue, including through the testing of the cut off of income at the year end and transaction testing to ensure revenue is complete in the financial statements and recognised in the correct accounting period.

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 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.

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 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.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

Millbank Resource Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is Millbank House, Northway, Runcorn, WA7 2SX.

The previous accounting period covers a twelve month period from 1 October 2023 to 30 September 2024. The current accounting period covers a fifteen month period to 28 December 2025. As such, the two periods are not entirely comparable.

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

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts 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. The company has therefore taken advantage of exemptions 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 each category of financial instrument; 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 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Millb 2018 Ltd. These consolidated financial statements are available from its registered office, Millbank House, Northway, Runcorn, WA7 2SX.

The Company's trading performance during the period has remained resilient, albeit measured, against a backdrop of ongoing external challenges. These include continued geopolitical tensions, moderating but persistent inflationary pressures, a higher interest rate environment for much of the period followed by gradual easing by the Bank of England, and policy and fiscal changes following the UK general election. In addition, labour market conditions have shown signs of softening in certain sectors, with some clients exercising greater caution in hiring decisions.true

Despite these factors, demand from clients for skilled and professional personnel has remained relatively robust across a number of the Group’s core markets, supporting continued activity levels and revenue generation.

The director has prepared detailed budgets and cash flow forecasts covering the foreseeable future, These forecasts are subject to regular review and are updated to reflect current trading performance and the latest economic outlook.

The Company continues to maintain a flexible cost base and has taken a prudent approach to expenditure, while selectively investing in technology and systems to improve efficiency, enhance service delivery, and support scalable growth.

Based on the forecasts and available resources, the director has a reasonable expectation that the Company has adequate financial resources to continue in operational existence for at least 12 months following the approval of the financial statements. Accordingly, the going concern basis of accounting continues to be adopted in the preparation of these financial statements.

Turnover represents the value of work done for customers during the year, exclusive of Value Added Tax. The main income streams continue to be that of recruitment and permanent placements. Recruitment income is recognised and invoiced when a contractor submits a timesheet. Permanent placement income is recognised on invoice, which is on the first day that the placement starts.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

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

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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

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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a 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.

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.

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 balance sheet 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, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Financial assets 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.

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.

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

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. Trade creditors are recognised initially at transaction price.

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

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.

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, 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.

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.

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

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

In the opinion of the director there are no critical accounting estimates or judgements made in these financial statements.

All of the company's turnover relates to recruitment services and all sales were made in the United Kingdom.

The audit fees and non audit fees are paid by the company's immediate parent company Millbank Holdings Limited and has been recharged as part of the management charge.

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

Their aggregate remuneration comprised:

Director's remuneration is paid by the parent company, Millbank Holdings Limited.

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

The transfers of tangible assets relate to assets assumed following the hive across of the trade and assets of fellow subsidiary companies M.D.A Rail Limited and Forbes H R Limited into Millbank Resource Management Limited. All of these assets have already been fully depreciated and have nil net book value.

Included within other creditors is £4,145,541 (2024: £5,230,634) relating to invoice discounting facilities. This is secured on the book debts of the company.

The corporation tax creditor of £18,648 consists of £25,274, which is a balance assumed upon the hive across of the trade and assets of fellow subsidiary companies M.D.A. Rail Limited and Forbes H R Limited into Millbank Resource Management Limited, less £6,626 which is a corporation tax refund due from a carry back refund claim.

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

Other deferred tax movements relate to the net of deferred tax assets assumed upon the hive across of the trade and assets of fellow subsidiary companies M.D.A. Rail Limited and Forbes H R Limited into Millbank Resource Management Limited.

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.

During the period the company entered into the following transactions with related parties:

The company has taken advantage of the exemption conferred by Section 33 FRS 102, namely from disclosing any transactions entered into between two or more members of the group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.

In addition to the above following the hive-across of trade, all assets and liabilities were transferred from fellow group companies M.D.A Rail Limited and Forbes H R Limited on 1 December 2025. From 2 December 2025 their trade, assets and liabilities are reported within Millbank Resource Management Limited (Formerly Priory Design Services Limited).

The ultimate parent company is Millb 2018 Ltd, a company incorporated in England and Wales. The registered office of Millb 2018 Ltd is Millbank House, Northway, Runcorn, WA7 2SX.

The largest and smallest group in which the results of the company are consolidated is that headed by Millb 2018 Ltd. The consolidated financial statements of this group are available to the public and may be obtained from Millbank House, Northway, Runcorn, WA7 2SX.