REGISTERED NUMBER: 14641551 (England and Wales)

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 October 2025

for

North Group Holdings Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Income Statement

10

Consolidated Other Comprehensive Income

11

Consolidated Balance Sheet

12

Company Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Cash Flow Statement

16

Notes to the Consolidated Cash Flow Statement

17

Notes to the Consolidated Financial Statements

18

DIRECTORS:

Mr J A Campbell

Mr L A Garden

Mr K Lewis

SECRETARY:

Mr J A Campbell

REGISTERED OFFICE:

Suite B

8th Floor West One

Forth Banks

Newcastle upon Tyne

Tyne and Wear

NE1 3PA

REGISTERED NUMBER:

14641551 (England and Wales)

AUDITORS:

SBP

Accountants and

Registered Auditors

27 Finlayson Street

Fraserburgh

Aberdeenshire

AB43 9JQ

SOLICITORS:

Raeburn Christie Clark & Wallace

399 Union Street

Aberdeen

AB11 6BX

The directors present their strategic report of the company and the group for the year ended 31 October 2025.

REVIEW OF BUSINESS

The group key performance indicators are turnover, gross profit, net profit, cash in hand and net asset position.

The group has seen turnover of £15.2m for the year (period from 29/02/24 to 31/10/24 - £12.2m) and the directors are pleased with the performance of the group.

The group generated a gross profit of £4.7m (period from 29/02/24 to 31/10/24 - £3.2m) with a gross margin of 31% (period from 29/02/24 to 31/10/24 - 26%).

Management have closely monitored costs which has resulted in the group showing a profit before tax of £2.6m (period from 29/02/24 to 31/10/24 - £1.5m).

At the balance sheet date the group had net assets of £3.0m (2024 - £1.0m) and net current assets of £890k (2024 - net current liabilities of £824k), with a healthy cash position allowing the business to react quickly to any market opportunities or changes.

In addition to the above financial KPI's the group monitor the development, performance and position of the

business using other key performance indicators.

The group are committed to health and safety and ensuring that all works are carried out with due care and

vigilance to both staff and third parties.

Emphasis is placed on providing high quality products and services for its customers. Through the operation of a

Quality Management System in accordance with ISO 9001 the group has maintained this quality during the year. To

complement this system the group operates an Environmental Management System in accordance with ISO 14001

and together such standards have improved the overall management of the business. Efficiencies have been found,

waste has been minimised and the group is more environmentally conscious.

The group continually strives to meet and improve health and safety, quality, environmental and energy policies.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risk facing the group is the unpredictability of the local economy caused by the changes in oil prices.

The directors have given due consideration to the impact on the group of such oil & gas sector downturns and

consequently have sought to extend and diversify its client base. Over the past few years considerable work has

been undertaken on government backed projects and this has served to alleviate pressures from local economy

downturns. As a result, the adverse effect of competition has been de risked and the group’s profit margins have

been maintained.

The directors are confident that the group is well placed to meet any challenges, with a strong management team in

place and an excellent reserve base. The group has factored risk into their worst-case forecasts and believe that

they have adequate funds to trade successfully and meet their liabilities as they fall due. The financial position of the

group will continue to be monitored very closely by the directors.

Financial instruments

Financial management policies are set at a group level. The group strategy is to provide a complete refurbishment

service both onshore and offshore, together with the manufacture of specialist joinery and the supply of construction

trades people, materials and equipment. The group therefore looks to secure the resources required for the future

development of the business and to expand its capabilities, and as a result, the company's activities expose it to a

number of financial risks including liquidity risk, interest rate risk, price risk and credit risk.

Liquidity Risk

The group manages its cash and borrowing requirements in order to maximise interest income and minimise

interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the

business.

Interest Rate Risk

The group is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on

floating rate deposits, bank overdrafts and loans. The group uses interest rate derivatives to manage the mix of

fixed and variable rate debt so as to reduce its exposure to changes in interest rates.

Price Risk

Contracts are subject to competitive tendering and the directors are confident that the group operates efficiently

enough to meet the requirements of the market, and price their products and services appropriately.

Credit Risk

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies

which must fulfil credit rating criteria approved by the Board.

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are

monitored on an ongoing basis and provision is made for doubtful debts where necessary.

DEVELOPMENT AND PERFORMANCE

The group will continue to provide high quality products and services to its client base and to seek new opportunities in the market place in order to continually improve its key performance indicators.

ON BEHALF OF THE BOARD:

Mr J A Campbell - Director

12 May 2026

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

DIVIDENDS

No dividends will be distributed for the year ended 31 October 2025.

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

The directors shown below have held office during the whole of the period from 1 November 2024 to the date of this report.

Mr J A Campbell

Mr L A Garden

Mr K Lewis

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, SBP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr J A Campbell - Director

12 May 2026

Opinion

We have audited the financial statements of North Group Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 October 2025 and of the group's 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 group 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 group's and the parent 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 Group 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 Group 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 Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company 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 four, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

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. We exercised professional judgement and maintained professional scepticism throughout the audit.

We assessed the risks of material misstatement of the financial statements, whether due to fraud or error, and then

designed and performed the audit procedures responsive to those risks, including obtaining audit evidence that is

sufficient and appropriate to provide the basis for our opinion. We planned and conducted our audit so as to obtain

reasonable assurance of detecting any material misstatements in the financial statements resulting from irregularities or fraud. All engagement team members were briefed on relevant laws and regulations and potential fraud risks at the planning stage of the audit. However, the primary responsibility for prevention and detection of fraud rests with the directors.

We assessed the susceptibility of the group’s financial statements to material misstatement, including how fraud

might occur, by meeting with management to understand where it was considered there was susceptibility to fraud. This evaluation also considered how management were remunerated and whether this provided an incentive for fraudulent activity. We considered the overall control environment and how management oversee the implementation and operation of controls. In areas of the financial statements where the risks were considered to be higher, we performed procedures to address each identified risk.

The following procedures were performed to provide reasonable assurance that the financial statements were free of

material fraud or error:

Obtained an understanding of the entity’s risk assessment process, including the risk of fraud, by observation and

walkthrough.

Performed a disclosure checklist on the financial statements to ensure the Companies Act 2006 requirements are

satisfied.

Enquired of management around actual and potential fraud or fraud attempts, actual and potential litigation, claims and non-compliance with laws and regulations, including the Companies Act 2006 plus applicable health and safety

standards.

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.

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.

Ronnie Birnie FCCA (Senior Statutory Auditor)

for and on behalf of SBP

Accountants and

Registered Auditors

27 Finlayson Street

Fraserburgh

Aberdeenshire

AB43 9JQ

12 May 2026

Statutory Auditors

TURNOVER

3

15,184,820

12,218,846

Cost of sales

10,500,030

8,990,127

GROSS PROFIT

4,684,790

3,228,719

Administrative expenses

2,077,240

1,716,743

2,607,550

1,511,976

Other operating income

32,973

11,862

OPERATING PROFIT

5

2,640,523

1,523,838

Interest receivable and similar income

42,042

22,853

2,682,565

1,546,691

Interest payable and similar expenses

6

119,675

78,623

PROFIT BEFORE TAXATION

2,562,890

1,468,068

Tax on profit

7

523,450

445,333

PROFIT FOR THE FINANCIAL YEAR

2,039,440

1,022,735

Profit attributable to:

Owners of the parent

2,039,440

1,022,735

PROFIT FOR THE YEAR

2,039,440

1,022,735

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,039,440

1,022,735

Total comprehensive income attributable to:

Owners of the parent

2,039,440

1,022,735

FIXED ASSETS

Intangible assets

10

1,508,796

1,689,260

Tangible assets

11

679,019

720,106

Investments

12

-

-

2,187,815

2,409,366

CURRENT ASSETS

Stocks

13

18,557

17,521

Debtors

14

1,559,054

3,395,747

Cash at bank and in hand

2,720,606

3,064,207

4,298,217

6,477,475

CREDITORS

Amounts falling due within one year

15

3,408,343

7,301,167

NET CURRENT ASSETS/(LIABILITIES)

889,874

(823,692

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,077,689

1,585,674

CREDITORS

Amounts falling due after more than one year

16

-

(540,000

)

PROVISIONS FOR LIABILITIES

18

(31,866

)

(39,291

)

NET ASSETS

3,045,823

1,006,383

CAPITAL AND RESERVES

Called up share capital

19

100

100

Retained earnings

20

3,045,723

1,006,283

SHAREHOLDERS' FUNDS

3,045,823

1,006,383

The financial statements were approved by the Board of Directors and authorised for issue on 12 May 2026 and were signed on its behalf by:

Mr J A Campbell - Director

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

-

-

Investments

12

8,759,291

8,759,291

8,759,291

8,759,291

CURRENT ASSETS

Debtors

14

3,850

50,100

Cash at bank

289

150

4,139

50,250

CREDITORS

Amounts falling due within one year

15

2,497,648

1,991,695

NET CURRENT LIABILITIES

(2,493,509

)

(1,941,445

)

TOTAL ASSETS LESS CURRENT LIABILITIES

6,265,782

6,817,846

CREDITORS

Amounts falling due after more than one year

16

-

540,000

NET ASSETS

6,265,782

6,277,846

CAPITAL AND RESERVES

Called up share capital

19

100

100

Retained earnings

6,265,682

6,277,746

SHAREHOLDERS' FUNDS

6,265,782

6,277,846

Company's (loss)/profit for the financial year

(12,064

)

6,277,746

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 12 May 2026 and were signed on its behalf by:

Mr J A Campbell - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 29 February 2024

100

-

100

Changes in equity

Dividends

-

(16,452

)

(16,452

)

Total comprehensive income

-

1,022,735

1,022,735

Balance at 31 October 2024

100

1,006,283

1,006,383

Changes in equity

Total comprehensive income

-

2,039,440

2,039,440

Balance at 31 October 2025

100

3,045,723

3,045,823

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 29 February 2024

100

-

100

Changes in equity

Total comprehensive income

-

6,277,746

6,277,746

Balance at 31 October 2024

100

6,277,746

6,277,846

Changes in equity

Total comprehensive income

-

(12,064

)

(12,064

)

Balance at 31 October 2025

100

6,265,682

6,265,782

Cash flows from operating activities

Cash generated from operations

1

1,822,065

6,257,893

Interest paid

(156,342

)

(50,928

)

Tax paid

(541,099

)

(206,473

)

Net cash from operating activities

1,124,624

6,000,492

Cash flows from investing activities

Purchase of intangible fixed assets

-

(3,366,599

)

Purchase of tangible fixed assets

(17,966

)

(118,787

)

Sale of tangible fixed assets

7,699

2,700

Interest received

42,042

22,853

Net cash from investing activities

31,775

(3,459,833

)

Cash flows from financing activities

Amount withdrawn by directors

(1,500,000

)

-

Share issue

-

540,000

Equity dividends paid

-

(16,452

)

Net cash from financing activities

(1,500,000

)

523,548

(Decrease)/increase in cash and cash equivalents

(343,601

)

3,064,207

Cash and cash equivalents at beginning of year

2

3,064,207

-

Cash and cash equivalents at end of year

2

2,720,606

3,064,207

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period

29.2.24

Year Ended

to

31.10.25

31.10.24

£

£

Profit before taxation

2,562,890

1,468,068

Depreciation charges

42,452

28,866

Loss/(profit) on disposal of fixed assets

8,902

(2,700

)

Amortisation charges

180,464

115,379

Finance costs

119,675

78,623

Finance income

(42,042

)

(22,853

)

2,872,341

1,665,383

(Increase)/decrease in stocks

(1,036

)

1,710

Decrease in trade and other debtors

3,391,717

761,456

(Decrease)/increase in trade and other creditors

(4,440,957

)

3,829,344

Cash generated from operations

1,822,065

6,257,893

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 October 2025

31.10.25

1.11.24

£

£

Cash and cash equivalents

2,720,606

3,064,207

Period ended 31 October 2024

31.10.24

29.2.24

£

£

Cash and cash equivalents

3,064,207

-

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.11.24

Cash flow

At 31.10.25

£

£

£

Net cash

Cash at bank and in hand

3,064,207

(343,601

)

2,720,606

3,064,207

(343,601

)

2,720,606

Total

3,064,207

(343,601

)

2,720,606

1.	STATUTORY INFORMATION

North Group Holdings 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 General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

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 company is a qualifying entity for the purposes of FRS 102, being the parent of a group that 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 for parent company

information presented within the consolidated financial statements:

- Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues' - Carrying

amounts, 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.

Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company North

Group Holdings Limited together with all entities controlled by the parent company (its subsidiaries).

All financial statements are made up to 31 October 2025. Where necessary, adjustments are made to the

financial statements of subsidiaries to bring the accounting policies used into line with those used by other

members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are

eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until

the date that control ceases.

Going concern

Following assessment of all relevant factors, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for a perod of at least 12 months from the date of approval of these financial statements and therefore have continued to adopt the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates

In the application of the group’s accounting policies, the directors are 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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying

amount of assets and liabilities are as follows:

Useful economic life of goodwill

The group establishes a reliable estimate of the useful life of goodwill arising on business combinations. This estimate is based on a variety of factors such as the expected use of the acquired business, the expected useful life of the cash generating units to which the goodwill is attributed, any legal, regulatory or contractual provisions that can limit useful life and assumptions that market participants would consider in respect of similar businesses.

Useful economic lives of tangible fixed assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful lives and

residual values of the assets. The useful economic lives and residual values are re-assessed annually. They

are amended when necessary to reflect current estimates, based on technological advancement, future

investments, economic utilisation and the physical condition of the assets.

Revenue recognition

In recognising revenue with reference to the stage of completion at the year end date, there has to be reliable estimates made of the outcome of each contract, the stage of completion, future costs and collectability of billings. This results in key judgements and estimates which impact upon the results for the year.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services

provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair

value of consideration takes into account trade discounts and settlement discounts.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the

goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of

completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2024, is being amortised evenly over its estimated useful life of ten years.