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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

FOR

LONDON ECONOMICS LIMITED

LONDON ECONOMICS LIMITED (REGISTERED NUMBER: 04083204) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 3 |

| LONDON ECONOMICS LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 31 AUGUST 2025

| DIRECTORS: | W Holmes Batt

| A W Gray

| SECRETARY: | W Holmes Batt

| REGISTERED OFFICE: | Somerset House

| New Wing

| Strand

| London

| WC2R 1LA

| REGISTERED NUMBER: | 04083204 (England and Wales)

| AUDITORS: | Zenith Advisory

| Chartered Accountants and Statutory Auditors

| Chancellors House

| 3 Brampton Lane

| Hendon

| London

| NW4 4AB

| BANKERS: | Barclays Bank plc

| London Corporate Banking

| PO Box 15162, 50 Pall Mall

| London

| SW1A 1QB

LONDON ECONOMICS LIMITED (REGISTERED NUMBER: 04083204) |

BALANCE SHEET

31 AUGUST 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 5 | 32,083 |  | 23,497 |  |

Investments | 6 | 4,614 |  | 4,614 |  |

36,697 |  | 28,111 |  |

CURRENT ASSETS

Stocks | 565,323 |  | 296,145 |  |

Debtors | 7 | 1,021,070 |  | 1,406,933 |  |

Cash at bank and in hand | 1,433,398 |  | 1,449,830 |  |

3,019,791 |  | 3,152,908 |  |

CREDITORS

Amounts falling due within one year | 8 | 495,309 |  | 820,327 |  |

NET CURRENT ASSETS | 2,524,482 |  | 2,332,581 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 2,561,179 |  | 2,360,692 |  |

PROVISIONS FOR LIABILITIES | 8,021 |  | 5,875 |  |

NET ASSETS | 2,553,158 |  | 2,354,817 |  |

CAPITAL AND RESERVES

Called up share capital | 143 |  | 143 |  |

Share premium | 429,957 |  | 429,957 |  |

Capital redemption reserve | 79,900 |  | 79,900 |  |

Retained earnings | 2,043,158 |  | 1,844,817 |  |

2,553,158 |  | 2,354,817 |  |

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 May 2026 and were signed on its behalf by:

A W Gray - Director

LONDON ECONOMICS LIMITED (REGISTERED NUMBER: 04083204) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

1. | STATUTORY INFORMATION

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

2. | STATEMENT OF COMPLIANCE

| These financial statements have been prepared in compliance with the provisions of FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', taking advantage of the disclosure exemptions set out in Section 1A of the Standard.

3. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

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

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Tangible fixed assets

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

| Fixtures and fittings | - | 12.5% on cost

| Computer equipment | - | 25% on cost

| Investments in subsidiaries

| Investments in subsidiary undertakings are recognised at cost.

| Work in progress

| Work in progress represents amounts due from customers in respect of contract work.

| Taxation

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

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

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

| Deferred tax

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

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

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

| Hire purchase and leasing commitments

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

| Pension costs and other post-retirement benefits

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

4. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 45 (2024 - 40 ) .

LONDON ECONOMICS LIMITED (REGISTERED NUMBER: 04083204) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2025

5. | TANGIBLE FIXED ASSETS

| Fixtures |

| and |  | Computer |

| fittings |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1 September 2024 | 4,310 |  | 67,555 |  | 71,865 |  |

| Additions | 1,047 |  | 24,061 |  | 25,108 |  |

| At 31 August 2025 | 5,357 |  | 91,616 |  | 96,973 |  |

| DEPRECIATION

| At 1 September 2024 | 1,178 |  | 47,190 |  | 48,368 |  |

| Charge for year | 669 |  | 15,853 |  | 16,522 |  |

| At 31 August 2025 | 1,847 |  | 63,043 |  | 64,890 |  |

| NET BOOK VALUE

| At 31 August 2025 | 3,510 |  | 28,573 |  | 32,083 |  |

| At 31 August 2024 | 3,132 |  | 20,365 |  | 23,497 |  |

6. | FIXED ASSET INVESTMENTS

| Shares in

| group

| undertakings

£ |

| COST

| At 1 September 2024

| and 31 August 2025 | 4,614 |  |

| NET BOOK VALUE

| At 31 August 2025 | 4,614 |  |

| At 31 August 2024 | 4,614 |  |

| London Economics Limited owns all the share capital of LE Europe Limited, a company incorporated in Ireland.

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

2025 | 2024 |

£ | £ |

| Trade debtors | 892,724 |  | 1,299,963 |  |

| Other debtors | 80,608 |  | 55,243 |  |

| Prepayments and accrued income | 47,738 |  | 51,727 |  |

1,021,070 |  | 1,406,933 |  |

LONDON ECONOMICS LIMITED (REGISTERED NUMBER: 04083204) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2025

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

2025 | 2024 |

£ | £ |

| Trade creditors | 80,118 |  | 380,147 |  |

| Amounts owed to group undertakings | 36,732 |  | 36,789 |  |

| Corporation tax | 65,241 |  | 77,283 |  |

| Social security and other taxes | 122,018 |  | 95,246 |  |

| VAT | 100,698 |  | 141,729 |  |

| Other creditors | 4,041 |  | 13,920 |  |

| Accrued expenses | 86,461 |  | 75,213 |  |

495,309 |  | 820,327 |  |

9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

| The Report of the Auditors was unqualified.

| Martin Tiano FCA (Senior Statutory Auditor)

| for and on behalf of Zenith Advisory

10. | RELATED PARTY DISCLOSURES

| During the year, consultancy fees amounting to £32,523 (2024: £131,829) were paid to a member of key management personnel.

| During the year, consultancy fees amounting to £nil (2024: £3,192) were received from an entity in which a director of the company has an interest, while consultancy fees amounting to £nil (2024: £188,351) were paid to the same entity.