The director presents the strategic report for the year ended 31 December 2025.
Group turnover increased by 10.5% to £15,692,456 (2024: £14,203,147), reflecting continued strong performance in the fire compliance consultancy division and significant growth in the SaaS division. Consultancy turnover grew by 10.7% to £13,737,674 (2024: £12,412,900). SaaS division turnover increased by 30.9% to £2,344,192 (2024: £1,790,247), reflecting continued momentum in client acquisition and platform adoption.
Group gross profit margin improved to 59.4% (2024: 54.6%), a significant improvement of 4.8 percentage points, reflecting the higher-margin revenue mix within the consultancy division, the growing contribution of Fire Engineering services, and continued progress in the SaaS division's unit economics as the platform scales.
Despite this improvement in gross profit margin, profit before taxation decreased by 0.1% to £1,726,859 (2024: £1,729,051). Group operating profit decreased to £1,975,343 (2024: £2,026,159), a slight decrease of 2.5%.
Riskhub Limited operates a centralised overhead model: all group-level costs — including senior leadership, finance, legal and compliance, technology infrastructure and central support functions — are borne by Riskhub Limited as the group holding company and recharged to operating subsidiaries by way of a management charge. This structure ensures that group costs are not duplicated across the operating subsidiaries. The total management charges recharged to subsidiaries during the year were £2,857,286 (2024: £1,429,078), reflecting the group's significant investment in central infrastructure and leadership capability. On a consolidated basis, these intercompany recharges are eliminated in full.
The slight improvement in gross profit margin to 59.4% (2024: 54.6%) reflects the higher-margin revenue mix and the operational leverage of the group's business model.
The group is exposed to regulatory, operational and market risks. The director has put the necessary measures in place in order to mitigate these risks as much as possible.
Regulatory Risk
Changes in fire safety regulations following the Building Safety Act require continuous professional development and robust quality assurance processes.
Market Competition
The company mitigates competitive pressure through service differentiation, technical excellence, and leveraging its position within the Riskhub Group.
Resource Management
The challenge of recruiting qualified assessors is addressed through competitive remuneration and professional development opportunities.
Technology Disruption
The company continues to invest in technology integration to enhance service delivery efficiency and maintain competitive advantage.
Economic Factors
Potential impacts from macroeconomic pressures are mitigated through client base diversification and focus on statutory compliance services.
The group is well-positioned for 2026, with plans focused on:
Enhanced services using features with the Riskhub group technology platform
Strategic expansion into complementary service areas
Continued operational efficiency improvements
Investment in staff development
The strong balance sheet provides a solid foundation for these initiatives while maintaining capacity to respond to market changes.
The key performance indicators are as follows:
KPIs | 2025 | 2024 |
| £ | £ |
Turnover | 15,692,456 | 14,203,147 |
GPM | 59.4% | 54.6% |
Operating profit | 1,975,343 | 2,026,159 |
OPM | 12.6% | 14.3% |
PBT | 1,726,859 | 1,729,051 |
PBM | 11.0% | 12.2% |
The significant improvement in profitability demonstrates the effectiveness of operational efficiency measures and strategic
On behalf of the board
The director presents his annual report and financial statements for the year ended 31 December 2025.
The results for the year are set out on page 8.
No ordinary dividends were paid. The director does not recommend payment of a final dividend.
The director who held office during the year and up to the date of signature of the financial statements was as follows:
United Kingdom company law requires the director to prepare financial statements for each financial year. Under that law, the director has elected to prepare the group and parent company 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 group and parent company, and of the profit or loss of the group 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;
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report has been prepared in accordance with the provisions applicable to groups and companies entitled to the exemptions of the small companies regime.
We have audited the financial statements of Sefton & Galgorm Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Basis for 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 group's and 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. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company's ability to continue as a going concern.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
Other information
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 year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the director's report have been prepared in accordance with applicable legal requirements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006 and Health and Safety legislation.
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal expenses; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
understanding the business model as part of the control and business environment;
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
enquiring of management as to actual and potential litigation and claims; and
reviewing correspondence and enquiring with the company of actual and potential non-compliance with laws and regulations.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment by for example, forgery, or intentional misrepresentation or through collusion. Our audit procedures are designed to detect material misstatements. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £nil.
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
Sefton & Galgorm Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 10-11 Clerkenwell Green, London, England, EC1R 0DP.
The group consists of Sefton & Galgorm Limited and all of its subsidiaries.
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.
The consolidated group financial statements consist of the financial statements of the parent company Sefton & Galgorm Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
Merger accounting has been adopted and the results of the subsidiaries are incorporated from the beginning of the financial year in which the combination occurred.
All financial statements are made up to 31 December 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.
At the time of approving the financial statements, the director has a reasonable expectation that the group and parent company have adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
Turnover is recognised at the fair value of the consideration received or receivable for subscription services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Turnover from contracts for the provision of services was recognised by reference to the fee percentage agreed.
In the current year, turnover is invoiced in arrears at the end of each month based on the number of risk assessments performed in the year. Therefore, accrued income is recognised.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
At each reporting period end date, the group 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). 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.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
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, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or 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.
The group 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 group's statement of financial position when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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 and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
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 group after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. 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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments issued by the group 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 group.
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 income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
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.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
In the application of the group’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.
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.
The company capitalises development costs where the recognition criteria under FRS 102 are met and amortises these costs on a straight-line basis over their estimated useful economic life.
The determination of the appropriate amortisation period requires management judgement, as it involves estimating the useful life of internally generated intangible assets. In making this assessment, management considers the nature of the development activities, expected technological life cycles and internal specialist input, including reports prepared by the Chief Technology Officer analysing development and non-development activities.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
As total directors' remuneration was less than £200,000 in the prior year, no disclosure is provided for that year.
The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
Details of the company's subsidiaries at 31 December 2025 are as follows:
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
A subsidiary participates in a share option plan. The options can be exercised at 25% each year for 4 years and remain eligible to exercise for up to 10 years.
The subsidiary granted nil (2024: £Nil) share options during the year of which £Nil (2024: 2,375) were exercised or cancelled during the year.
In the current year, 1,000 Ordinary Shares were issued with a nominal value of £1 amounting to £1,000. This remains unpaid at the year end with a balance included in other debtors.
In the current year a share for share exchange occured between the company and Riskhub Limited. 138,181 Ordinary Shares were exchanged at a value of £126.32 resulting in a share premium of £17,316,843.
On 27 January 2025, Sefton & Galgorm Limited was incorporated as a new parent undertaking of the group. On 20 October 2025, Sefton & Galgorm Limited became the holding company of Riskhub Limited by way of a share‑for‑share exchange.
The transaction was a group reconstruction and has been accounted for using merger accounting in accordance with Section 19 of FRS 102. The financial statements are presented as if Sefton & Galgorm Limited had always been the parent undertaking, and comparative information has been prepared on the same basis. No goodwill or fair value adjustments arose.
Merger reserve
The shares issued as part of the share‑for‑share exchange have been recorded at their nominal value. The difference between the nominal value of the shares issued and the nominal value of the shares acquired has been recognised in a merger reserve.
The merger reserve represents the difference between the value of the shares issued as consideration for the acquisitions made and the fair value of the assets and liabilities acquired.
Profit and loss reserves
Profit and loss reserves represent accumulated comprehensive income for the year and prior periods less dividends paid.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
The Group is a party to a property lease which is recognised in the subsidiary's financial statements. The lease agreement was entered into by the subsidiary together with other group entities, and there have been no changes to the contractual terms of the lease during the year.
1. During the year, the directors identified a presentation error whereby a rent deposit of £330,292 was incorrectly included within current assets instead of non‑current assets.
The comparative balance sheet as at 31 December 2024 has been reclassified accordingly, with no impact on prior‑year profit or retained earnings.
2. During the year, the directors identified a presentation error whereby the non‑controlling interest was not separately presented within the profit and loss account and equity section of the balance sheet. The comparative figures have therefore been restated to present the non‑controlling interest separately in accordance with FRS 102.
This restatement does not affect the group’s total profit or net assets it just presents the attribution of profit and equity between the owners of the parent and the non‑controlling interest.
On 24 March 2026, there was a satisfaction of a fixed charge in full.
The remuneration of key management personnel is as follows.
During the year the group entered into the following transactions with related parties:
The following amounts were outstanding at the reporting end date:
The following amounts were outstanding at the reporting end date: