The director presents the strategic report for the year ended 31 December 2025.

The principal business of the Group is to provide beauty consultancy advice and insight led strategy to leading beauty brands. The Group specialises in communication campaigns, strategic consultancy and live brand activations, all enabled by its proprietary Community By Seen (CXS) digital advocacy platform of specialist beauty creators who provide content, insight and research data, primarily to the UK and US markets for local and global clients. The Group originates ideas that are so inspiring, they elevate perceptions of beauty which enhance delivery of campaign results on behalf of clients.

The Group performs well by delivering a consultancy led approach and continues to win, grow and retain the most successful global beauty and consumer brands, as well as providing services to developing beauty brands who display unique potential in the growing sector. The employees and creators are beauty obsessed and create courageous, collaborative and digital output for clients. The Group also produces well respected global trends reports for the beauty industry. The market leading proprietary platform delivers User Generated Content (UGC) content and research in an authentic, insightful and inclusive way. CXS has recently enabled social commerce in partnership with TikTok Shop. The platform is rapidly developing into a Software as a Service (SaaS) product to service clients in the beauty sector and other associated sectors. At 31st December 2025, the CXS platform is capitalised as an intangible asset in the balance sheet with a net book value of £849k.

Attracting and retaining specialist beauty talent is an essential objective of the Group. This talent seamlessly integrates with a network of third-​party contacts to collaborate with the most relevant experts from a variety of backgrounds, enabling the Group to provide campaigns which are informed by commercial insight and deliver meaningful commercial outcomes. The Group leads the way in the sector as a female first, female led, positive, inclusive, creative, insightful and commercial adviser that helps beauty brands realise their goals, objectives and potential.

Since inception, the Group has been ethnically diverse and a place of employment where people from all backgrounds and lived experiences feel empowered to prosper with new ways of thinking that embrace industry wide sustainability commitments and development goals. Seen Group stands out as the leading expert in the beauty sector, but is constantly listening, learning, developing, changing and improving to remain relevant and is well positioned as it transforms into a technology enabled digital first Group.

The gross profit for year ending 31 December 2025 is £10.8m (2024 £8.6m), generating a healthy gross margin of 46%. The operating profit for the year ending 31 December 2025 is £1.1m (2024 £0.7m), generating a net operating margin of 5%. At 31 December 2025, the Group had net assets of £1.2m.

Price risk

Ongoing inflationary pressures present a major price risk, together with a continued high demand for the most skilled employees with relevant and specific beauty sector experience adding pressure to wages and salaries. International political, economic and governmental uncertainty - specifically in relation to the US market - add to the financial risk for the Group. Clients require a greater focus on performance-based marketing across all creative campaigns in the real and virtual world.

Client retention risk

Client retention represents an ongoing challenge in a competitive market. The loss of a key client may negatively impact profits. Senior leadership develops strong business and trusted relationships with pillar clients, which enables the Group to deliver media neutral beauty solutions to help clients achieve their commercial goals in an agile and cost-effective way. The Group continues to focus on new business and organic client growth, whilst carefully monitoring the size of each client to mitigate the risk of client dependency. The Group continues to examine opportunities in sectors with similar customer goals together with related consumer attributes and profiles.

Cashflow, liquidity and credit risk

The Group maintains sufficient cash reserves to manage liquidity and cashflow risks. Credit risk is closely managed to ensure adequate annual working capital requirements and debt is regularly reviewed on an ongoing basis with cash flow forecasts being produced for the short and longer term.

Data security risk

Security and cyber insurance costs related to data protection are ever increasing. Data security is an important factor for clients in their selection of agencies. As the CXS platform develops, the Group continues to develop strong data security protocols surrounding the collection and management of consumer personal data.

AI risk

Campaigns created through AI represent a risk to human capital but also an opportunity to embrace change. The Group is investing in training in large language model deep research AI products so that employees can deliver client work more efficiently. The Group continues to explore investment in generative AI to enhance the competitive advantage of its CXS platform.

Entrepreneurial risk

The Group continues to support entrepreneurial risk by developing new start-up ventures which are relevant to the ever-changing beauty industry, as well as expanding its CXS platform into new markets.

Catastrophic risk

The Group adheres to strong working capital, robust financial controls and business case investment management, together with the adoption of cyber essentials plus security certification, cloud back-up solutions, best in class SaaS, Infrastructure as a Service (IaaS), and detailed disaster recovery planning. The CXS platform benefits from all these precautions and employs industry-leading development methodologies and best practices to ensure scalability and resilience.

In the opinion of the directors, the key performance indicators are the annualised gross income per employee which in 2025 is annualised at £130k (2024 £117k), together with total employment costs as a percentage of gross income which in 2025 is 65% (2024 64%). The Group expects total employment costs will continue to reduce as a percentage of gross income as the CXS asset will continue to deliver technological efficiencies.

On behalf of the board

The director presents her annual report and financial statements for the year ended 31 December 2025.

The principal activity of the company is that of a holding company.

The principal activity of the group is the provision of marketing and promotion consultancy services.

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

Ordinary dividends were paid amounting to £130,178. The director does not recommend payment of a further dividend.

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

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report the information which is required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of its financial risk management objectives and policies and the likely future developments of the business.

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 auditor of the company 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 auditor of the company is aware of that information.

Post balance sheet events

Following the period end, the new ultimate parent company is Estimate Topco Limited, a company registered in England and Wales, whose registered office is 20 Little Portland Street, London, United Kingdom, W1W 8BS.

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 she is satisfied that they give a true and fair view of the state of affairs of the group and 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 UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and 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 company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. She is also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

We have audited the financial statements of Seen Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group 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).

In our opinion the financial statements:

• give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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.

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 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.

In the light of the knowledge and understanding of the group and the parent company and their 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 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.

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 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 director either intends to liquidate the parent 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

As part of our planning process:

• We enquired of management the systems and controls the company has in place, the areas of the financial statements that are most susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The group did not inform us of any known, suspected or alleged fraud.

• We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102 and Companies Act 2006.

• We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.

• Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

• Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.

• Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.

• Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to valuation of intangible fixed assets.

• Testing key revenue lines, in particular cut-off, for evidence of management bias.

• Performing a physical verification of key assets.

• Obtaining third-party confirmation of material bank and loan balances.

• Documenting and verifying all significant related party and consolidated balances and transactions.

• Testing all consolidation adjustments.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors.

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.

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

As permitted by s408 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 £130,238 (2024 - £471,994 profit).

Seen Group Limited (“the company”) is a private limited by shares and incorporated in England and Wales. The registered office is 20 Little Portland Street, London, W1W 8BS.

The group consists of Seen Group 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 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 for parent company information presented within the consolidated financial statements:

• Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;

• 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’: 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.

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries are accounted for at cost less impairment.

The consolidated group financial statements consist of the financial statements of the parent company Seen Group Limited together with all entities controlled by the parent company (its subsidiaries).

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.

Subsidiaries are consolidated in the group's financial statements from the date that control commences until the date that control ceases.

The group has made profits in the year and this is forecasted to continue into 2026 and 2027. The group remains to have a healthy net asset and cash balance. The directors have a reasonable expectation that the group will have adequate resources to continue in operation for a period of at least twelve months from the date of approval of these financial statements. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

The current accounting period is for the year to 31 December 2025. The comparative accounting period is for the year to 31 December 2024.

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Turnover consists of fee income (retainer based) and expense income (project based).

Fee income is recognised on a monthly basis over the length of the contract.

Expense income is recognised at the start of the project or as defined by the contract. Revenue is recognised only to the extent of the expenses that are recoverable.

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

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

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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, net of depreciation and any impairment losses.

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

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 profit and loss account.

In the parent company financial statements, investments in subsidiaries 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.

Work in progress represent payments made in advance and are recognised where such advances relate to projects that are scheduled for the near future and where directors estimate sufficient future income will be earned in order to recoup the advances made. Where it is estimated that insufficient future income will be earned, an impairment loss is recorded.

At each reporting date, an assessment is made for impairment. Impairment losses are recognised through the profit and loss account.

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 balance sheet 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 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 assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group 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 group after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans and amounts due to fellow group companies, 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.

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

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 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 group’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 if, and only if, there is 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, 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.

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.

Exchange differences arising on the translation of the foreign subsidiaries are reporting in the Statement of Comprehensive Income.

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.

Intangible assets are amortised over their useful lives taking into account, where appropriate, residual values. Assessment of useful lives and residual values takes into account factors such as technological innovation, market information, business plans, forecasts and management considerations.

Intangible assets are held at cost less accumulated amortisation, and are assessed for impairment at the year end. The assessment of impairment requires judgements to be made, which include the assessment of available financial information and the expected future performance of assets outside the control of the company.

As at 31 December 2025, no impairment was recognised against intangible fixed assets (2024: £nil).

Investments in subsidiaries are held at the transaction price, less impairment. Goodwill arises on consolidation, relating to the excess consideration above the fair value of the assets held by subsidiaries at the acquisition date. The assessment of impairment requires judgements to be made by the directors, which includes the assessment of financial information of those subsidiaries and their expected future performance, which is outside the control of the group and company.

As at 31 December 2025, no impairment was recognised against fixed asset investments (2024: £nil).

An analysis of the group's turnover is as follows:

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

Their gross aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2024 - 1).

In the financial statements for the year ended 31 December 2024, interest payable of £7,680 was recognised as interest on bank overdrafts and loans.

The actual 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:

Included in other creditors for the company is £2,307,720 (2024: £2,307,720) owing to companies under common control. This is secured by way of fixed charge over the interest Seen Group Limited has in subsidiary entities.

The loans are secured by a fixed and floating charge over the assets of Beauty Seen Limited. The loans are due for repayment in 2026 and have a fixed interest rate of 2.67% per annum.

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.

Ordinary A shares and Ordinary B shares have full voting rights. Shareholders are entitled to receive dividends, with the exception of dividends resulting from a disposal event. They do not confer rights of redemption.

Ordinary C shares to not confer voting rights. Shareholders are entitled to receive dividends, with the exception of dividends resulting from a disposal event. They do not confer rights of redemption.

On 6 December 2024, the company entered into an agreement with a former shareholder to repurchase 55 Ordinary C shares for a total consideration of £28 from distributable reserves.

The company has entered into a cross guarantee and debenture with a fellow group company. As at 31 December 2025, the maximum potential liability under this arrangement was £477,000 (2024: £477,000).

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 remuneration of key management personnel is as follows.

Group

At 31 December 2025, included within other creditors is £2,586,767 (2024: £2,710,881) owed to companies under common control.

During the year ended 31 December 2025, the group made purchases of £1,258,859 (2024: £1,172,803) to, and sold £19,732 (2024: £50,154) to companies under common control.

Entity

At 31 December 2025, included within other creditors is £2,307,720 (2024: £2,307,720) owed to a company under common control.

The directors do not consider there to be a single controlling party, however, over 50% of the shareholding of the company was held by Mr R Shah and Mr T M Bourne, who together also held a controlling interest in Casbah Group Limited.

Following the period end, the new ultimate parent company is Estimate Topco Limited, a company registered in England and Wales, whose registered office is 20 Little Portland Street, London, United Kingdom, W1W 8BS.

Following the period end, the new ultimate parent company is Estimate Topco Limited, a company registered in England and Wales, whose registered office is 20 Little Portland Street, London, United Kingdom, W1W 8BS.