REGISTERED NUMBER: 02054159 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2025

for

Curtins Consulting Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

8

Statement of Comprehensive Income

11

Statement of Financial Position

12

Statement of Changes in Equity

13

Statement of Cash Flows

14

Notes to the Statement of Cash Flows

15

Notes to the Financial Statements

16

DIRECTORS:

D R Evans

N Parkinson

P Menzies

P Bruford

P Hughes

H Salt

A Vogt

R Carss

O J Delucia-Crook

R King

D R Price

A MacFarlane

A Roberts

SECRETARY:

P Bruford

REGISTERED OFFICE:

51-55 Tithebarn Street

Liverpool

Merseyside

L2 2SB

REGISTERED NUMBER:

02054159 (England and Wales)

SENIOR STATUTORY AUDITOR:

Suzanne Draper FCCA ACA

AUDITORS:

DJH Audit Limited

Oriel House

2-8 Oriel Road

Bootle

L20 7EP

BANKERS:

Handelsbanken

Exchange Station

Tithebarn Street

Liverpool

Merseyside

L2 2QP

The Directors present their strategic report for the year ended 31 December 2025.

This report reviews the development and performance of the Business during the year, its financial position at the year end, and the principal risks and uncertainties facing the Company.

REVIEW OF BUSINESS

The results for the year and the financial position of the Company are set out in the accompanying financial statements.

The Company delivered turnover of £35.9m (2024: £35.6m), generating gross profit of £6.8m (2024: £7.0m) and profit before tax of £0.85m (2024: £0.54m). This represents a modest recovery in profitability following the challenges experienced in 2024, with improved operating performance and reduced impact from exceptional items seen in the prior year.

The external environment remained challenging throughout 2025. The UK construction sector continued to experience volatility driven by economic uncertainty, inflationary pressures, and supply chain disruption. These factors have impacted project timelines, procurement processes and client decision-making.

Despite these conditions, the Company has demonstrated resilience, maintaining a strong order book, stable revenue and improved profitability. Continued focus on operational efficiency, cost control and disciplined project delivery has supported this performance.

PRINCIPAL RISKS AND UNCERTAINTIES

The Company operates in a sector exposed to macroeconomic and geopolitical uncertainty. Key risks include:

- Ongoing economic instability in the UK and globally

- Inflationary pressure on construction costs and project viability

- Supply chain disruption affecting programme certainty

- Client financial stability and sector concentration risks

These factors can result in delays to project commencement followed by compressed delivery programmes, placing pressure on resource planning and operational delivery.

The Board actively manages these risks through close monitoring of workload and pipeline, maintaining a flexible and scalable workforce, strong cost control and financial discipline, and diversification across sectors and regions. The Company's resilient business model, strong balance sheet and employee ownership structure position it well to respond to these challenges and adapt to changing market conditions.

FINANCIAL PERFORMANCE

Following a difficult 2024, the Company has delivered improved financial performance in 2025. Turnover increased slightly to £35.9m, with operating profit of £0.76m and profit before tax of £0.85m. Gross profit margins remained stable at approximately 19%, reflecting continued focus on project delivery efficiency and cost management.

Net profitability improved compared to 2024, which had been impacted by bad debts arising from the administration of a major client. Cash generation from operations strengthened significantly to £1.0m (2024: £0.4m), demonstrating improved underlying trading performance and working capital management.

The Company continues to prioritise a strong balance sheet. Net assets increased to £10.5m (2024: £10.2m), reflecting retained profitability and disciplined financial management.

FUTURE DEVELOPMENTS

The Company enters 2026 with a stable financial base and an improving commercial outlook. The 2026 Business Plan forecasts gross income of £36.8m, net income of £32.4m and profit of £1.2m, reflecting steady income growth and strengthened profit margins.

This improved outlook is underpinned by a more resilient and better-balanced commercial position. Following focused efforts from the finance and leadership teams throughout 2025, improvements have already been realised in cash performance and debtor management. These areas are now stable and are expected to continue strengthening as new opportunities convert into secured work.

The Company's order book continues to build gradually, providing a solid platform for delivery. However, the Board recognises that continued growth in the forward pipeline is essential to support the Company's future ambitions. Encouragingly, early indicators in 2026 show positive momentum, supporting confidence that this upward trajectory will continue.

There are strong reasons for optimism. A growing number of high-potential opportunities are emerging from sector-focused activity, many of which are not yet formally reflected in the pipeline. These opportunities are particularly evident within the data centre, secure building, healthcare and education sectors. The scale and quality of these prospects underline the strength of the Company's strategic direction and the benefits of targeted investment in market growth.

While these opportunities are not yet fully captured in financial forecasts, they provide genuine confidence in the medium-term outlook. As they materialise, the Company expects to see further strengthening in both pipeline and overall commercial performance.

In summary, while there remains work to do, the outlook is positive. The Company enters 2026 with a stable financial base, improving operational performance and a clear set of opportunities ahead. With careful management and continued strategic focus, the Board believes the business is well positioned to deliver sustainable, long-term growth.

OUR PEOPLE

Curtins operates as an Employee-Owned Trust, ensuring that the business is run for the long-term benefit of its employees. This structure supports strong engagement, shared responsibility and alignment between the Company's success and its people.

The Company remains committed to attracting, developing and retaining talented individuals, recognising that its people are fundamental to long-term success. The average number of employees during the year was 377 (2024: 390).

GENDER PAY GAP

The Company continues to make progress in reducing its gender pay gap, with a reported mean gap of 21.9%, down from 23.8% in the previous year. More detailed analysis indicates that while progress is being made, the pace of change remains slower than desired.

The Board recognises that the most significant imbalance remains at senior technical and leadership levels, reflecting both internal and wider industry challenges. As a result, gender balance has been identified as a strategic priority for 2026, with a clear focus on improving female representation in these roles.

The Company is taking a structured and long-term approach to addressing this, including strengthening development pathways, improving support for key career transition points, and continuing to address structural barriers within the profession. The Company remains committed to achieving sustainable improvement as part of its broader Equity, Diversity and Inclusion strategy.

ENVIRONMENTAL, SOCIAL AND CORPORATE GOVERNANCE

Environmental, Social and Governance considerations remain central to Curtins' operations and long-term strategy. The Company maintains strong governance frameworks covering health and safety, environmental sustainability, carbon reduction, equality and inclusion, and ethical conduct.

During the year, the Company continued to build on its sustainability initiatives, including expanding carbon data collection, reducing operational emissions and enhancing internal tools and guidance to support low-carbon design. A notable achievement has been a 25% reduction in operational emissions since the 2022 baseline.

Looking ahead, the Company will focus on delivering its ESOS Action Plan, finalising its Carbon Reduction Plan, reducing Scope 3 emissions and supporting clients in achieving their own sustainability objectives. Through these actions, Curtins aims to play a leading role in supporting the transition to a low-carbon built environment.

ON BEHALF OF THE BOARD:

N Parkinson - Director

15 May 2026

The Directors present their report with the financial statements of the Company for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the Company in the year under review was that of consulting engineers for civil, structural, environmental and infrastructure engineering projects and transport planning consultancy services.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2025 will be £ 894,358 .

DIRECTORS

The Directors shown below have held office during the whole of the period from 1 January 2025 to the date of this

report.

D R Evans

N Parkinson

P Menzies

P Bruford

P Hughes

H Salt

A Vogt

R Carss

O J Delucia-Crook

R King

D R Price

A MacFarlane

Other changes in Directors holding office are as follows:

J R Moister - resigned 24 November 2025

A Roberts - appointed 18 June 2025

PARENT COMPANY

The Company is a wholly owned subsidiary of Curtins Group Limited.

EMPLOYMENT

The Company will avoid unlawful discrimination in all aspects of employment including recruitment, promotion, opportunities for training, pay and benefits, discipline and selection for redundancy.

Person and job specifications will be limited to those requirements that are necessary for the effective performance of the job. Candidates for employment or promotion will be assessed objectively against the requirements for the job, taking account of any reasonable adjustments that may be required for candidates with a disability. Disability and personal or home commitments will not form the basis of employment decisions except where necessary.

The Company considers that disabled employees should have equal opportunities with other employees for training, promotion and career development in order to use their capabilities to the full; and wherever possible, the Company will pay particular attention to job requirements in order to facilitate the opportunities for the career advancement of its employees.

The Company recognises that retaining existing staff is key to our culture and ethos and as such is keen to retain employees who become disabled during the course of their employment. We will take all reasonable steps to ensure that a member of staff who becomes disabled or whose disability increased during the course of their employment are, where reasonably practicable, given every opportunity to remain in their existing job. As outlined above the Company will make reasonable adjustments to help overcome the practical effects of the disability in accordance with legislative requirements.

The Company will consider any possible indirectly discriminatory effect of its standard working practices, including the number of hours to be worked, the times at which these are to be worked and the place at which work is to be done, when considering requests for variations to these standard working practices and will refuse such requests only if the Company considers it has good reasons, unrelated to any protected characteristic, for doing so. The Company will comply with its obligations in relation to statutory requests for contract variations. The Company will also make reasonable adjustments to its standard working practices to overcome barriers caused by disability.

The Company will monitor the ethnic, gender and age composition of the existing workforce and of applicants for jobs (including promotion), and the number of people with disabilities within these groups, and will consider and take any appropriate action to address any problems that may be identified as a result of the monitoring process.

The Company ensures that employees are involved in matters of concern to them and are provided with relevant information regarding significant issues, through an annual report which is circularised to all staff every year.

STREAMLINED ENERGY AND CARBON REPORTING

In line with the Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 our energy use and greenhouse gas (GHG) emissions are set out below.

The data relates to UK emissions for the 12-month period from 1 January 2025 to 31 December 2025.

Curtins Consulting Ltd Energy Use and Associated Greenhouse Gas Emissions

Metric

Year End 25

Year End 24

Total Energy consumption (kWh)

813,779

814,540

Emissions from combustion of gas (Scope 1) (tCO2e)

28.0

23.9

Emissions from transport (Scope 1) (tCO2e)

31.0

26.9

Emissions from purchased electricity (Scope 2) (tCO2e)

67.1

79.4

Emissions from business travel in employee owned vehicles where the Company is responsible for purchasing the fuel or electricity (Scope 3) (tCO2e)

48.8

58.0

Total gross emissions (tCO2e)

175.0

188.2

tCO2e per sq. ft floor area

0.004

0.004

Emissions avoided by purchasing renewable electricity (tCO2e)

15.2

0.0

Market Based electricity emissions (tCO2e)

51.9

79.4

Total annual net emissions (tCO2e)

159.7

188.2

Quantification and Reporting Methodology

The boundaries of this report are based on operational control. We report our emissions with reference to the latest Greenhouse Gas Protocol Corporate Accounting and Reporting Standard (GHG Protocol). In accordance with the 2018 Regulations, the energy use and associated greenhouse gas emissions are for those within the UK only that come under the operational control boundary. Therefore, energy use and emissions are aligned with financial reporting for the UK subsidiaries and exclude the non-UK based subsidiaries that would not qualify under the 2018 Regulations in their own right. The 2025 UK Government GHG Conversion Factors for Company Reporting published by the Department for Energy Security and Net Zero are used to convert energy use in our operations to emissions of CO2e. Carbon emission factors for purchased electricity calculated according to the 'location-based grid average' method. This reflects the average emission of the grid where the energy consumption occurs. Data sources include billing, invoices and internal systems. We purchase 100% renewable electricity for some of our sites and have included an additional net emissions figure calculated using market-based factors to account for this in our report above. For electricity and gas data where actual usage data (e.g. kWh) was unavailable estimations were made based on cost and average annual UK electricity and gas prices. For any energy invoices that fell short of or outside of the reporting period, these were adjusted by estimating based on available data. For transport data where actual usage data (e.g. litres) was unavailable conversions were made using average fuel consumption factors to estimate the usage.

Intensity Ratio

We have chosen to report our gross emissions against total office floor area. For 2025 this was 0.004 tCO2e per square foot floor area

Energy Efficiency Actions

Target In the period covered by the report, we have implemented a number of energy efficiency actions including:

o Installing PIR sensors in Bristol

o Implementing a car share scheme for travelling to and from meetings

o Setting and adjusting timers for office heating systems to only operate during daytime

o Training staff on energy efficient working practices

o Reducing timing settings of motion sensors

o Providing drivers with guidance for more efficient driving techniques

DISCLOSURE IN THE STRATEGIC REPORT

Items required under Schedule 7 to be disclosed in the directors' report can be found in the Strategic Report in accordance with Section 414C(11) of the Companies Act 2006.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The Directors are responsible for preparing the 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the Company 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 transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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

ON BEHALF OF THE BOARD:

N Parkinson - Director

15 May 2026

Opinion

We have audited the financial statements of Curtins Consulting Limited (the 'Company') for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 Company's affairs as at 31 December 2025 and of its 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 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 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 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 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 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 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of 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 seven, 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 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 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.

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

- We obtained an understanding of the legal and regulatory frameworks applicable to the Company and the sector in which it operates. We determined that the following laws and regulations were most significant: the Companies Act 2006, UK corporate tax laws, UK employment laws and UK health and safety regulations.

- We obtained an understanding of how the Company is complying with those legal and regulatory frameworks by making enquiries of management, reviewing the Board meeting minutes, reviewing the Company's accident book, reviewing the schedule of ongoing and potential claims against the Company including those notified to their insurers, and reviewing the legal costs incurred in the year and enquiring with management to the circumstances around these legal costs.

- We assessed the susceptibility of the Company's financial statements to materiality misstatement, including how fraud might occur. Audit procedures performed by the audit engagement team included:

- identifying the controls that management has in place to prevent and detect fraud;

- challenging assumptions and judgements made by management in its significant accounting estimates;

- auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business;

- assessing the extent of compliance with the relevant laws and regulations.

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.

Suzanne Draper FCCA ACA (Senior Statutory Auditor)

for and on behalf of DJH Audit Limited

Oriel House

2-8 Oriel Road

Bootle

L20 7EP

28 May 2026

TURNOVER

3

35,948,102

35,598,859

Cost of sales

29,158,439

28,627,877

GROSS PROFIT

6,789,663

6,970,982

Administrative expenses

6,140,929

6,609,006

648,734

361,976

Other operating income

108,982

47,603

OPERATING PROFIT

5

757,716

409,579

Interest receivable and similar income

94,624

133,869

852,340

543,448

Interest payable and similar expenses

7

6,102

6,043

PROFIT BEFORE TAXATION

846,238

537,405

Tax on profit

8

(372,751

)

(546,146

)

PROFIT FOR THE FINANCIAL YEAR

1,218,989

1,083,551

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,218,989

1,083,551

FIXED ASSETS

Tangible assets

11

1,290,974

1,388,671

CURRENT ASSETS

Debtors

12

11,748,158

10,898,352

Cash at bank

4,862,820

4,941,522

16,610,978

15,839,874

CREDITORS

Amounts falling due within one year

13

6,238,069

5,867,000

NET CURRENT ASSETS

10,372,909

9,972,874

TOTAL ASSETS LESS CURRENT LIABILITIES

11,663,883

11,361,545

CREDITORS

Amounts falling due after more than one year

14

(29,932

)

(51,198

)

PROVISIONS FOR LIABILITIES

17

(1,099,912

)

(1,100,939

)

NET ASSETS

10,534,039

10,209,408

CAPITAL AND RESERVES

Called up share capital

18

115,000

115,000

Retained earnings

19

10,419,039

10,094,408

SHAREHOLDERS' FUNDS

10,534,039

10,209,408

The financial statements were approved by the Board of Directors and authorised for issue on 15 May 2026 and were signed on its behalf by:

N Parkinson - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2024

115,000

9,723,533

9,838,533

Changes in equity

Dividends

-

(712,676

)

(712,676

)

Total comprehensive income

-

1,083,551

1,083,551

Balance at 31 December 2024

115,000

10,094,408

10,209,408

Changes in equity

Dividends

-

(894,358

)

(894,358

)

Total comprehensive income

-

1,218,989

1,218,989

Balance at 31 December 2025

115,000

10,419,039

10,534,039

Cash flows from operating activities

Cash generated from operations

1

994,257

411,892

Interest element of hire purchase payments paid

(6,102

)

(6,043

)

Tax paid

4,657

3,967

Net cash from operating activities

992,812

409,816

Cash flows from investing activities

Purchase of tangible fixed assets

(249,337

)

(148,583

)

Sale of tangible fixed assets

-

10,912

Interest received

94,624

133,869

Net cash from investing activities

(154,713

)

(3,802

)

Cash flows from financing activities

Capital repayments in year

(22,443

)

(48,672

)

Equity dividends paid

(894,358

)

(712,676

)

Net cash from financing activities

(916,801

)

(761,348

)

Decrease in cash and cash equivalents

(78,702

)

(355,334

)

Cash and cash equivalents at beginning of year

2

4,941,522

5,296,856

Cash and cash equivalents at end of year

2

4,862,820

4,941,522

1.	RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS

31.12.25

31.12.24

as restated

£

£

Profit for the financial year

1,218,989

1,083,551

Depreciation charges

347,035

327,903

Profit on disposal of fixed assets

-

(8,298

)

Decrease/(Increase) recoverable contract

(183,835

)

886,386

(Decrease)/Increase payments on account

150,040

(1,003,921

)

Increase/(Decrease) in provisions

(1,027

)

(128,194

)

Finance costs

6,102

6,043

Finance income

(94,624

)

(133,869

)

Taxation

(372,751

)

(546,146

)

1,069,929

483,455

(Increase)/decrease in trade and other debtors

(313,570

)

2,643

Increase/(decrease) in trade and other creditors

237,898

(74,206

)

Cash generated from operations

994,257

411,892

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2025

31.12.25

1.1.25

£

£

Cash and cash equivalents

4,862,820

4,941,522

Year ended 31 December 2024

31.12.24

1.1.24

as restated

£

£

Cash and cash equivalents

4,941,522

5,296,856

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank and in hand

4,941,522

(78,702

)

4,862,820

4,941,522

(78,702

)

4,862,820

Debt

Finance leases

(87,932

)

22,443

(65,489

)

(87,932

)

22,443

(65,489

)

Total

4,853,590

(56,259

)

4,797,331

1.	STATUTORY INFORMATION

Curtins Consulting 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 as modified by the revaluation of certain assets.

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirement of paragraph 33.7.

Significant accounting estimates

Estimates and judgements are based on obligations at the balance sheet date as a result of a past event, including expectations of future events that are believed to be reasonable under the circumstances.

The following accounting estimates have been made;

Amounts recoverable on contracts - an estimation of the stage of completion of the contract is made at each and income recognised in relation to this stage of completion.

Professional indemnity insurance provision - a provision is recognised where it is probable that there will be an outflow to settle a notified claim.

Dilapidation provision - a provision is recognised where it is considered that the Company will incur costs in relation to remedial work on vacated properties. This is based on the Directors' best estimate, or where a formal claim has been received on actual obligations.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company'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.

Turnover

Turnover represents net invoiced sales of services in the year, excluding value added tax, including the movement on long term contracts in progress. Turnover on contracts is recognised according to the stage reached in the contract by reference to the value of the work done. Where the turnover on a contract so calculated exceeds the amount invoiced, the difference is included in debtors under the heading amounts recoverable on contracts. Where the amount invoiced exceeds work completed to date, the difference is included in creditors as payments on account.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Short leasehold

-

4% on cost

Leasehold Improvements

-

25% on cost

Plant & equipment

-

20% on cost

Furniture

-

20% on cost

Motor vehicles

-

20% on cost

Computer equipment

-

33% on cost and 20% on cost

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation on Short leasehold assets has been calculated based on each asset having a residual value equal to 20% of cost.

Financial instruments

The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

Basic financial instruments include trade debtors and trade creditors. Those that are receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The Company operates a money purchase scheme for the benefit of its employees. The contributions are charged in the profit and loss account as they accrue.

The Company also operates a money purchase scheme for Directors.

The assets of the schemes are held separately from those of the Company in independently administered funds.

Hire purchase and leasing commitments

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

Holiday pay

Holiday pay is accrued where employees are entitled to carry forward holiday at the year end. This is measured as the salary cost payable for the period of absence owing.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the Company.

An analysis of turnover by geographical market is given below:

31.12.25

31.12.24

as restated

£

£

United Kingdom

35,417,169

35,012,056

Europe

530,933

586,803

35,948,102

35,598,859

4.	EMPLOYEES AND DIRECTORS

31.12.25

31.12.24

as restated

£

£

Wages and salaries

18,567,653

18,564,861

Social security costs

2,256,247

1,968,643

Other pension costs

2,427,123

2,243,228

23,251,023

22,776,732

The average number of employees during the year was as follows:

31.12.25

31.12.24

as restated

Directors

14

14

Employees

363

376

377

390

31.12.25

31.12.24

as restated

£

£

Directors' remuneration

1,737,203

1,837,899

Directors' pension contributions to money purchase schemes

322,248

269,027