Company Registration No. 08004376 (England and Wales)
ForrestBrown Limited
Annual report and financial statements
for the year ended 31 December 2025
ForrestBrown Limited
Company information
Directors
Simon Brown
Shane Frank
Dhaval Jadav
Company number
08004376
Registered office
Floor 2
10 Templeback
Bristol
BS1 6FL
Auditor
Saffery LLP
St Catherine's Court
Berkeley Place
Clifton
Bristol
BS8 1BQ
ForrestBrown Limited
Contents
Page
Strategic report
1
Directors' report
2 - 4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 25
ForrestBrown Limited
Strategic report
For the year ended 31 December 2025
1

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

Review of the business

The year represented a period of renewed momentum for the company in what continued to be a competitive R&D tax relief market, 25 years on from the introduction of the incentive in the UK.

Following a transitional 2024, the company delivered performance improvements on the back of foundations put in place in the previous year, including operational changes implemented in response to more time-intensive claim requirements. This new operating model, combined with the company’s established technical expertise, enabled it to operate efficiently while maintaining a strong focus on quality and compliance.

Progress continued in diversifying the company’s services beyond core R&D tax relief. Advisory activity linked to wider incentives and funding streams contributed to overall performance and reflects the company’s strategic focus on supporting clients to fund innovation. The publication of the UK Modern Industrial Strategy, prioritising eight high-growth sectors for support and investment, is expected to create further opportunities across this wider service offering.

Principal risks and uncertainties

The company is constantly evaluating the principal risks and uncertainties that could impact its operating and financial performance. The key risks for the business continue to centre around regulation, competition and economic uncertainty.

From a regulation perspective, significant change to the incentive itself, and an increase in HMRC’s compliance focus, resulted in continued strong demand for consulting advice.

The company further consolidated its position as a trusted adviser in the R&D tax relief space, establishing market-leading expertise in areas where rule changes such as contracted out R&D and overseas expenditure are impacting client claims. This included deepening partnerships with accountants to provide specialist expertise to support technically complex claims.

As expected, no major structural changes to R&D tax relief were forthcoming in the 25 th year since its introduction in the UK, however a raft of recent changes continue to work their way through the system. Clients and accountants continue to require support from the company’s consulting team as the changes took effect for R&D claims in 2025.

Despite operating in continued economic uncertainty and a highly competitive market, the company is strongly positioned in 2026 as a result of the steps taken during this period.

Key performance indicators

The key performance indicators used by the Board to monitor progress include turnover, EBITDA and headcount.

Turnover was up 3% in 2025 to £13,704,354 (2024: £13,260,128). As a result, EBITDA also trended upwards. This was as a direct result of the external market changes mentioned above, primarily the reduction in the generosity of the SME R&D scheme and HMRC’s increased compliance focus.

Average headcount decreased to 92 employees (2024:114) in response to the external market. However, targeted recruitment into the business development and client facing teams continued to be a key priority during 2025.

On behalf of the board

Simon Brown
Director
4 June 2026
ForrestBrown Limited
Directors' report
For the year ended 31 December 2025
2

The directors present their annual report and financial statements for the year ended 31 December 2025.

Principal activities

The principal activity of the company continued to be that of filing research and development claims.

Results and dividends

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

No ordinary dividends were paid. The directors do not recommend payment of a final dividend (2024: £nil).

Directors

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

Simon Brown
Shane Frank
Dhaval Jadav
Michael Yirilli
(Resigned 28 May 2025)
Financial instruments
Liquidity risk

The company has significant cash resources to meet its financial obligations.

Interest risk

The company does not have any outstanding loan balances at the period end and so is not exposed to interest rate risk.

Foreign currency risk

The company makes its sales and purchases in sterling and so is not exposed to foreign currency risk.

Credit risk

Credit risk is considered low for the company as credit terms are not provided to the majority of customers.

ForrestBrown Limited
Directors' report (continued)
For the year ended 31 December 2025
3
Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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; and

- 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 of disclosure to auditor

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 company’s auditor 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 company’s auditor is aware of that information.

ForrestBrown Limited
Directors' report (continued)
For the year ended 31 December 2025
4
On behalf of the board
Simon Brown
Director
4 June 2026
ForrestBrown Limited
Independent auditor's report
To the members of ForrestBrown Limited
5
Opinion

We have audited the financial statements of ForrestBrown Limited (the 'company') for the year ended 31 December 2025 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the 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 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 Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are 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.

ForrestBrown Limited
Independent auditor's report (continued)
To the members of ForrestBrown Limited
6

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 directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report 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 identifie d material misstatements in the strategic report or the directors' r eport.

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, 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 directors' r esponsibilities s tatement, 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 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 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.

Auditor's 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 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.

ForrestBrown Limited
Independent auditor's report (continued)
To the members of ForrestBrown Limited
7

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and by updating our understanding of the sector in which the company operates.

Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation.

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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.

ForrestBrown Limited
Independent auditor's report (continued)
To the members of ForrestBrown Limited
8

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.

Neil Davies
Senior Statutory Auditor
For and on behalf of Saffery LLP
4 June 2026
2026-06-08
Accountants
Statutory Auditors
St Catherine's Court
Berkeley Place
Clifton
Bristol
BS8 1BQ
ForrestBrown Limited
Statement of comprehensive income
For the year ended 31 December 2025
9
2025
2024
Notes
£
£
Turnover
3
13,704,354
13,260,128
Cost of sales
(7,898,271)
(8,732,898)
Gross profit
5,806,083
4,527,230
Administrative expenses
(4,215,558)
(4,582,593)
Operating profit/(loss)
4
1,590,525
(55,363)
Interest receivable and similar income
7
182,221
201,258
Profit before taxation
1,772,746
145,895
Tax on profit
8
(453,402)
(43,657)
Profit for the financial year
1,319,344
102,238

The income statement has been prepared on the basis that all operations are continuing operations.

ForrestBrown Limited
Statement of financial position
As at 31 December 2025
10
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
9
49,980
86,577
Current assets
Debtors
10
12,786,872
14,092,282
Cash at bank and in hand
8,543,863
4,798,587
21,330,735
18,890,869
Creditors: amounts falling due within one year
11
(3,020,993)
(1,858,381)
Net current assets
18,309,742
17,032,488
Total assets less current liabilities
18,359,722
17,119,065
Provisions for liabilities
Provisions
12
1,166,088
1,244,775
(1,166,088)
(1,244,775)
Net assets
17,193,634
15,874,290
Capital and reserves
Called up share capital
16
124
124
Share premium account
2,327
2,327
Profit and loss reserves
17,191,183
15,871,839
Total equity
17,193,634
15,874,290
The financial statements were approved by the board of directors and authorised for issue on 4 June 2026 and are signed on its behalf by:
Simon Brown
Director
Company Registration No. 08004376
ForrestBrown Limited
Statement of changes in equity
For the year ended 31 December 2025
11
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2024
124
2,327
15,727,584
15,730,035
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
102,238
102,238
Credit to equity for equity settled share-based payments
15
-
-
42,017
42,017
Balance at 31 December 2024
124
2,327
15,871,839
15,874,290
Year ended 31 December 2025:
Profit and total comprehensive income for the year
-
-
1,319,344
1,319,344
Balance at 31 December 2025
124
2,327
17,191,183
17,193,634
ForrestBrown Limited
Statement of cash flows
For the year ended 31 December 2025
12
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
20
3,598,661
480,642
Income taxes paid
(2,786)
(178,809)
Net cash inflow from operating activities
3,595,875
301,833
Investing activities
Purchase of tangible fixed assets
(32,820)
(92,136)
Proceeds from disposal of tangible fixed assets
-
0
634
Interest received
182,221
201,258
Net cash generated from investing activities
149,401
109,756
Net increase in cash and cash equivalents
3,745,276
411,589
Cash and cash equivalents at beginning of year
4,798,587
4,386,998
Cash and cash equivalents at end of year
8,543,863
4,798,587
ForrestBrown Limited
Notes to the financial statements
For the year ended 31 December 2025
13
1
Accounting policies
Company information

ForrestBrown Limited is a private company limited by shares incorporated in England and Wales. The registered office is Floor 2, 10 Templeback, Bristol, BS1 6FL.

1.1
Accounting convention

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 a mounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the true company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

The Company is in a strong position to support UK businesses with their R&D tax advice. The Company's client base is diversified and robust with a large proportion of revenue coming from strong existing client relationships. The Company has no debt or financing arrangements in place and is funded solely through its trading activity and has healthy cash balances. All of this puts the Company in a strong position to support the going concern basis of accounting.

1.3
Turnover

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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Turnover from contracts for the provision of professional services represents the majority of the income. This turnover is recognised when claims have been submitted to the tax authorities as the outcome of an assignment is probable once a claim is submitted. Where ForrestBrown has completed the engagement but is not responsible for submitting the claim, turnover is recognised on submission or four weeks after completion of our engagement, whichever is earliest. On some of the larger engagements, the policy allows for staged revenue recognition based on the progress of the claims to date.

A provision is made to cover claims that may be subject to enquiry and subsequently adjusted. This provision is based on an analysis of retrospective data.

ForrestBrown Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
1
Accounting policies (continued)
14
1.4
Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

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

Leasehold improvements
Straight line over the remaining life of the lease
Fixtures and fittings
Straight line over 3 years
Computers
Straight line over 2 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

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 credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company 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 company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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.

ForrestBrown Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
1
Accounting policies (continued)
15
Basic financial assets

Basic financial assets, which include debtors, 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.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

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.

Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial 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 paymen ts 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. A m ounts 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.

1.8
Equity instruments

Equity instruments issued by the company 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 company.

ForrestBrown Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
1
Accounting policies (continued)
16
1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current 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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

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.

1.10
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.11
Employee benefits

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.

1.12
Retirement benefits

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Any unpaid contributions are shown in accruals as a liability in the Statement of Financial Position. Assets of the plan are held separately from the Company in independently administered funds.

1.13
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

ForrestBrown Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
1
Accounting policies (continued)
17

When share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. When the Company participates in a share based payment arrangement in which the share options are in its parent Company, the Company accounts for the expense with the corresponding credit being taken to retained earnings and treated as a capital contribution.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.15

Interest income

Interest income is recognised in profit or loss using the effective interest method.

1.16

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2
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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Enquiry provision

The Company recognises revenue at the point at which it can be reliably estimated and is considered probable. This is deemed to be upon claim submission. The tax authorities can however open an enquiry into any claim for a period after submission and this enquiry may lead to the claim being restated downwards leading to a reduction in the Company's share of revenue.

Management exercise judgement in estimating the provision required for claims that do go to enquiry and that are subsequently restated downwards as a result. Management base their assessment on an analysis of historical enquiry data which shows that the impact on revenue recognised has not been significant in the past and is not expected to be for claims submitted to the year end date.

Management continually review trends in respect of claims that go to enquiry and revise the provision accordingly.

Work-in-progress

No provision is made for the additional work required for dealing with the enquiries. In addition, no work-in-progress is provided for unsubmitted claims at varying stages of completion at the year end date as the impact of these is not considered to be material.

ForrestBrown Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
18
3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Provision of professional services
13,704,354
13,260,128
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
13,704,354
13,260,128
2025
2024
£
£
Other revenue
Interest income
182,221
201,258
4
Operating profit/(loss)
2025
2024
Operating profit/(loss) for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
27,000
26,000
Depreciation of tangible fixed assets
69,417
105,475
Profit on disposal of tangible fixed assets
-
(503)
Share-based payments
-
42,017
Operating lease charges
827,262
803,478
5
Employees

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

2025
2024
Number
Number
Average number
92
114
ForrestBrown Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
5
Employees (continued)
19

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
6,788,498
7,277,656
Social security costs
845,096
815,215
Pension costs
212,368
251,403
7,845,962
8,344,274
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
12,000
12,000
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
182,221
189,305
Other interest income
-
0
11,953
Total income
182,221
201,258
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
182,221
189,305
ForrestBrown Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
20
8
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
511,005
51,600
Adjustments in respect of prior periods
(23,662)
-
0
Total current tax
487,343
51,600
Deferred tax
Origination and reversal of timing differences
(59,094)
(7,943)
Adjustment in respect of prior periods
25,153
-
0
Total deferred tax
(33,941)
(7,943)
Total tax charge
453,402
43,657

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:

2025
2024
£
£
Profit before taxation
1,772,746
145,895
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
443,187
36,474
Tax effect of expenses that are not deductible in determining taxable profit
3,724
12,183
Adjustments in respect of prior years
1,491
-
0
Adjustments in respect of brought forward values
5,000
(5,000)
Taxation charge for the year
453,402
43,657
ForrestBrown Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
21
9
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 January 2025
1,009,730
164,838
488,978
1,663,546
Additions
-
0
6,028
26,792
32,820
At 31 December 2025
1,009,730
170,866
515,770
1,696,366
Depreciation and impairment
At 1 January 2025
1,000,305
159,386
417,278
1,576,969
Depreciation charged in the year
3,060
4,151
62,206
69,417
At 31 December 2025
1,003,365
163,537
479,484
1,646,386
Carrying amount
At 31 December 2025
6,365
7,329
36,286
49,980
At 31 December 2024
9,425
5,452
71,700
86,577
10
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
4,477,069
5,181,035
Amounts owed by group undertakings
7,525,202
7,394,056
Other debtors
41,090
70,024
Prepayments and accrued income
567,979
1,305,576
12,611,340
13,950,691
2025
2024
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 13)
175,532
141,591
Total debtors
12,786,872
14,092,282
ForrestBrown Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
22
11
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
178,051
192,016
Amounts owed to group undertakings
15,126
13,383
Corporation tax
486,157
1,600
Other taxation and social security
859,717
729,446
Other creditors
49,032
5,948
Accruals and deferred income
1,432,910
915,988
3,020,993
1,858,381
12
Provisions for liabilities
2025
2024
£
£
Dilapidations provision
480,789
265,349
Enquiry provision
392,791
824,541
Other provisions
292,508
154,885
1,166,088
1,244,775
Movements on provisions:
Dilapidations provision
Enquiry provision
Other provisions
Total
£
£
£
£
At 1 January 2025
265,349
824,541
154,885
1,244,775
Additional provisions in the year
215,440
-
137,623
353,063
Reversal of provision
-
(431,750)
-
(431,750)
At 31 December 2025
480,789
392,791
292,508
1,166,088

The dilapidations provision represents management's best estimate of the costs required to restore leased properties to their original condition at the end of the lease term in accordance with lease obligations.

The enquiry provision relates to a provision in the accounts to cover claims that are subject to HMRC enquiry and may subsequently be adjusted. The provision is based on an analysis of retrospective data.

Included in other provisions is a provision of £48,599 (2024: £nil) relating to the fee for an old R&D claim submitted to HMRC but not yet billed in line with the company's terms of engagement at the time and which the directors believe is no longer likely to be recoverable.

Other provisions are expected to be settled within three years.

ForrestBrown Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
23
13
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Assets
Assets
2025
2024
Balances:
£
£
Timing differences
175,532
141,591
2025
Movements in the year:
£
Asset at 1 January 2025
(141,591)
Credit to profit or loss
(33,941)
Asset at 31 December 2025
(175,532)

The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period.

14
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
212,368
251,403

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

15
Share-based payment transactions

In April 2020, 5,500 share options were granted to employees of ForrestBrown Limited. These options are registered in the name of the Company's ultimate parent company Alliantgroup, L.P. The options vest on continued employment and vest in equal instalments at 25% each year over 4 years. The full expense has been recognised in ForrestBrown Limited being where the service is provided. The total expense recognised in 2025 was £nil (2024: £42,107). All the options were exercisable at the end of the year apart from 2,000 in relation to options which have lapsed or been forfeited.

ForrestBrown Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
24
16
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of 1p each
5,500
5,500
55
55
B Ordinary shares of 1p each
4,500
4,500
45
45
C Ordinary shares of 1p each
2,350
2,350
24
24
12,350
12,350
124
124
17
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within 1 year
521,632
530,771
Years 2-5
781,535
1,297,571
1,303,167
1,828,342
18
Related party transactions

Under FRS 102, the Company is not required to disclose transactions entered into between itself and Alliant Global Corporation ("AGC") as it is a wholly owned subsidiary of AGC. The balance outstanding at the year end due from AGC was £7,525,202 (2024: £7,394,056).

Similarly, the Company is not required to disclose transactions entered into between itself and wholly owned subsidiaries of AGC. At the year end the Company owed £15,126 (2024: £13,383) to Alliantgroup India Talent Private Limited ("AG India").

There were related party transactions within the year with a director's company of £90,000 (2024: £90,000).

Key management remuneration amounted to £1,802,397 (2024: £1,716,845).

Share options were also present in the year, issued to key management personnel. Further details on this scheme are included in note 15. Share options issued to key management personnel fully vested in 2024.

19
Ultimate controlling party

The company's immediate parent company is Alliant Global Corporation ("AGC") by virtue of its entire holding of the entity's share capital. AGC is a wholly-owned subsidiary of alliantgroup, L.P. Both companies are incorporated in the United States of America.

The company's results are not consolidated into accounts that are publicly available. There is not considered to be an ultimate controlling party.

ForrestBrown Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
25
20
Cash generated from operations
2025
2024
£
£
Profit after taxation
1,319,344
102,238
Adjustments for:
Taxation charged
453,402
43,657
Investment income
(182,221)
(201,258)
Gain on disposal of tangible fixed assets
-
(503)
Depreciation and impairment of tangible fixed assets
69,417
105,475
Equity settled share based payment expense
-
42,017
(Decrease)/increase in provisions
(78,687)
254,350
Movements in working capital:
Decrease in debtors
1,339,351
595,203
Increase/(decrease) in creditors
678,055
(460,537)
Cash generated from operations
3,598,661
480,642
21
Analysis of changes in net funds
1 January 2025
Cash flows
31 December 2025
£
£
£
Cash at bank and in hand
4,798,587
3,745,276
8,543,863
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