REGISTERED NUMBER: 07199691 (England and Wales)

Strategic Report, Directors' Report and

Audited Financial Statements for the Year Ended 31st December 2025

for

Payplan Partnership Limited

Page

Company Information

1

Strategic Report

2

Directors' Report

5

Directors' Responsibilities Statement

6

Independent Auditors' Report

7

Statement of Income and Retained Earnings

10

Statement of Financial Position

11

Notes to the Financial Statements

12

DIRECTORS:

Mr N T Payne

Mrs R E Duffey

Mr J Fairhurst

SECRETARY:

Mrs H Briggs

REGISTERED OFFICE:

Kempton House

Kempton Way

Dysart Road

Grantham

NG31 7LE

REGISTERED NUMBER:

07199691 (England and Wales)

AUDITORS:

Duncan & Toplis Audit Limited

Statutory Auditor

3 Castlegate

Grantham

Lincolnshire

NG31 6SF

The directors present their strategic report with the audited financial statements of the company for the year ended

31st December 2025.

PRINCIPAL ACTIVITY

The principal activity of the company during the year was the administration of Individual Voluntary Arrangements (IVAs).

MISSION AND KEY OBJECTIVES OF THE BUSINESS

We aim to be a leading provider of IVAs, delivering the best possible customer service across all our products and services.

REVIEW OF BUSINESS

The IVA book has grown by nearly 13% this year and the volume of new plans written has increased by 36% year on year. This is largely due to a growth in the number of new customers contacting the company's fellow subsidiary,Totemic Limited, for debt advice, in turn driven by more effective referral partnerships with creditors and increased demand from customers dealing with the cost-of-living crisis.

Increased volumes are also, in part due to a simplification of voting behaviours and suitability criteria for homeowners with equity in their property. IVAs are now more accessible for homeowners which, in the Board's view, brings creditor voting behaviours more in line with Consumer Duty principles.

The number of customers who successfully complete plans and become debt free has remained strong and well ahead of industry averages. Our dedicated support functions, vulnerability teams and Budget Smart proposition have all helped customers maintain payments and move on with their lives.

We have continued to enjoy positive relationships with the regulator and proactively input into discussions regarding industry best practice and raising standards.

KEY PERFORMANCE INDICATORS

The directors consider the following indicators to be key in assessing the company's performance:

Indicator

2025

2024

% Increase

Turnover £'000

15,079

11,628

29.7%

Number of active clients at year end

18,259

16,194

12.8%

Number of new IVAs in the year

5,270

3,875

36.0%

.

FUTURE DEVELOPMENTS

New customer volumes have remained high for the first quarter of 2026. Totemic Limited has seen record volumes of new customers seeking debt advice driven by new referral partnerships, increased direct to consumer activity - specifically Pay Per Click - and macroeconomic factors. The Iran crisis is expected to exacerbate Cost of Living pressures and drive strong demand for advice services and solutions throughout the remainder of the year. A new digital journey is expected to increase the number of customers who receive full advice and enter a debt solution so growth in the IVA book is anticipated over the course of 2026.

We are considering new ways to enhance support for our customers. This will cover a number of initiatives:

-

100% Quality Assurance checks on all interactions - this will further enhance outcomes through good governance and drive operational excellence

-

Investment in our staff Learning & Development function

-

New products and services to aid budgeting, maximise benefits take up and focus on financial resilience rather than just debt resolution.

We are also working with the regulator, the IPA, and with key stakeholders to explore support for a sector kitemark. We believe regulation should be increased and standards should be upheld by the firm not the individual Insolvency Practitioner. This requires legislative action so in the meantime we are considering opportunities to better support customers and allow them to distinguish between good quality service providers and those with lower plan success rates and levels of customer support.

PRINCIPAL RISKS AND UNCERTAINTIES

The company reviews, assesses and records both strategic and operational risk on a monthly basis. The company takes every opportunity to mitigate risks. The company maintains robust internal controls, compliance arrangements and ensures that it benefits from strong working relationships with regulators and other external stakeholders. The key risks to which the company is exposed, and the actions taken to mitigate them, are:

ECONOMIC RISK

Definition: Economic risk is defined as the risk posed by possible variations in earnings, prices, sales and rates of interest and other financial variables.

The primary source of income received by the company is fees payable for the provision of IVAs.

All IVAs under management have a fee structure agreed at the outset. We are able to draw down these fees on a phased basis as customers repay their debt. Historically the sustainability of IVAs has been consistently high and income received in respect of these has been stable and predictable.

Principal Risks: That IVA fees do not rise enough to counterbalance our increased costs, led by inflationary rises to salaries and third-party costs.

Mitigation Activities:

We are working proactively with IVA voting agents to agree an increase in fees - many creditors have already signed up to an increased model.

OPERATIONAL RISK

Definition: Operational risk is defined as a risk incurred in relation to an organisation's internal activities.

Principal Risks: The company is highly dependent on IT systems and electronic communications and any loss to these systems as a result of equipment failure or cyber-attack would have an impact on the company's operations.

Mitigation Activities: The company ensures the IT system is regularly reviewed and adequate controls and contingencies are in place to minimise disruptions to the systems. Formal business continuity plans are in place and updated on a regular basis.

MARKET RISK

Definition: Market risk is defined as the risk posed by movements in market criteria.

Principal Risks: There is a risk that the proportion of our clients suitable for a repayment solution will decline or that the income generated from repayment solutions will reduce to a material extent.

Mitigation Activities: Ensuring that our operating model is as efficient as possible. Engaging with clients to maintain repayments and ensure the future sustainability of our service. Adoption of a flexible and adaptable business culture that supports an ability to change in line with market conditions.

LIQUIDITY RISK

Definition: Liquidity risk is defined as the risk of not being able to meet short term financial obligations.

Principal Risks: The risk that sufficient funds are not available for ongoing operations and future developments.

Mitigation Activities: The group has access to debt facilities (used only where it is operationally beneficial, for example credit terms on large assets, repayable over 12, 24 or 36 months). The board monitors liquidity regularly with the aim of ensuring that the business has the sufficient committed funds to fulfil the business plan for at least the next 12 months. Any covenants on external debt-like agreements are regularly monitored and forecast covenant compliance is monitored by management and reported to the Board with appropriate action to taken where the projected headroom is outside of the Board's risk appetite. Additionally, the group ensures at all times that a sufficient amount of cash is readily available to enable and enact the orderly wind down plan if required.

PRINCIPAL RISKS AND UNCERTAINTIES (continued)

CONDUCT AND REGULATORY RISK

Definition: The risk of customer detriment or regulatory censure and/or a reduction in earnings value that could result from poor customer treatment or business conduct.

Principal Risks: Conduct risk and how the group manages its client relationships affect the group's operations and are closely aligned to the achievement of the company's strategic vision. The business faces conduct risks relating to its products and services, meeting the needs of its clients and the requirement to adhere to Insolvency Practitioners Association (IPA) rules. In the unlikely event that the business was determined by the IPA or the courts as to not having conducted itself in accordance with the applicable laws or regulations, the company could be held liable for any damages to third parties.

Mitigation Activities: Risk and control measures are in place in the form of levels of authority for product amendments and robust policies and procedures exist documenting and evidencing the company's compliance with applicable laws and regulations. The company actively engages with regulatory bodies and other stakeholders in developing strategy and enhancing the understanding of client treatment. The company undertakes root cause analysis of complaints and monitors performance closely.

We have a specialised vulnerability team to which those clients who are considered vulnerable are referred to ensure they receive the best possible support.

The company gives the highest priority to compliance with applicable IPA operational rules and principles. Additionally, the company has dedicated relationship managers to ensure that the company continues to meet the reasonable expectations of third-party stakeholders both in terms of regulatory compliance and in the range and depth of our advice services. The company maintains high levels of open and positive dialogue with the IPA.

REGULATORS

The company is regulated by the IPA.

APPROVED AND SIGNED ON BEHALF OF THE BOARD:

Mrs R E Duffey - Director

2nd June 2026

The directors have pleasure in presenting their annual report with the audited financial statements of Payplan Partnership Limited (the "company") for the year ended 31st December 2025.

DIVIDENDS

No dividends will be distributed for the year ended 31st December 2025.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

The directors shown below have held office during the whole of the period from 1st January 2025 to the date of this report.

Mr N T Payne

Mrs R E Duffey

Mr J Fairhurst

DIRECTORS' INDEMNITIES

Totemic (2014) Holdings Limited provided qualifying third-party indemnity provisions on behalf of all directors and officers for all members of the Totemic (2014) Holdings group of companies including this company during the year. From 12 December 2025, Ravenco 1 Limited provides qualifying third-party indemnity provisions on behalf of all directors and officers for all members of the Ravenco group of companies including this company and this remains in force at the date of this report.

DISCLOSURE IN THE STRATEGIC REPORT

The company's principal risks and uncertainties and future developments, which are required to be included within the Director's Report, can be found within the Strategic Report. The information presented in these sections of the Strategic Report are deemed to form part of this report.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITOR

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.

AUDITORS

Duncan & Toplis Audit Limited have indicated their willingness to be re-appointed and appropriate arrangements have been put in place for them to be deemed re-appointed as auditor in the absence of an AGM.

APPROVED AND SIGNED ON BEHALF OF THE BOARD:

Mrs R E Duffey - Director

2nd June 2026

The directors are responsible for preparing the Strategic Report, the Directors' 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), 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.

Opinion

We have audited the financial statements of Payplan Partnership Limited (the 'company') for the year ended 31st December 2025 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position and 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 31st 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, the Directors' Report and the Directors' Responsibilities Statement, but does not include the financial statements and our Auditors' Report 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 Directors' Report 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 identified material misstatements in the Strategic Report or the Directors' Report.

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; or

- the directors were not entitled to prepare the financial statements in accordance with the small companies' regime and take advantage of the small companies' exemption from preparing the Director's Report or in preparing the Strategic Report.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page six, 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 an Auditors' 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:

We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Directors and other management obtained as part of the work required by auditing standards. We have also discussed with the Directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit.

The potential impact of different laws and regulations varies considerably. Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates as well as the risk of inappropriate journal entries to increase reported profitability. Audit procedures performed by the engagement team included the identification and testing of material and unusual journal entries and challenging management on key estimates, assumptions and judgements made in the preparation of the financial statements. We carried out detailed substantive tests on accounting estimates, including reviewing the methods and data used by management to make those estimates, re-performing the calculation and reviewing the outcome of prior year estimates.

Secondly, the company is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: The Insolvency Practitioners Association regulations, Anti Money Laundering legislation and employment laws.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection. This inspection included a review of minutes of meetings of those charged with governance, in addition to an assessment of the company's legal expenses and possible contingencies. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.

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 further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all 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 Auditors' 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 Auditors' 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.

Rachel Rudkin FCCA (Senior Statutory Auditor)

for and on behalf of Duncan & Toplis Audit Limited

Statutory Auditor

3 Castlegate

Grantham

Lincolnshire

NG31 6SF

5th June 2026

TURNOVER

4

15,078,843

11,628,322

Cost of sales

(3,854,058

)

(2,831,161

)

GROSS PROFIT

11,224,785

8,797,161

Administrative expenses

(7,440,902

)

(8,459,851

)

OPERATING PROFIT and

PROFIT BEFORE TAXATION

3,783,883

337,310

Tax on profit

7

(366,694

)

34,805

PROFIT FOR THE FINANCIAL YEAR

3,417,189

372,115

Retained earnings at beginning of year

3,345,867

2,973,752

RETAINED EARNINGS AT END OF YEAR

6,763,056

3,345,867

CURRENT ASSETS

Debtors

8

10,607,748

7,918,837

Cash at bank

473,363

214,475

11,081,111

8,133,312

CREDITORS

Amounts falling due within one year

9

(4,303,055

)

(4,772,445

)

NET CURRENT ASSETS

6,778,056

3,360,867

TOTAL ASSETS LESS CURRENT LIABILITIES

6,778,056

3,360,867

CAPITAL AND RESERVES

Called up share capital

11

15,000

15,000

Retained earnings

6,763,056

3,345,867

SHAREHOLDER FUNDS

6,778,056

3,360,867

The financial statements were approved by the Board of Directors and authorised for issue on 2nd June 2026 and were signed on its behalf by:

Mrs R E Duffey - Director

1.	STATUTORY INFORMATION

Payplan Partnership 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.

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 requirements of Section 7 Statement of Cash Flows.

Related party exemption

Turnover

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Financial assets

Financial assets including trade debtors, are initially recognised at transaction cost which is considered to be fair value and subsequently held at amortised cost. At each statement of financial position date, the company assesses whether there is objective evidence that a financial asset has become impaired. Impairment losses are recorded as charges in the income statement and the carrying amount of the financial asset is reduced by establishing an impairment loss provision. Impairment loss provisions are maintained at the level that management deems sufficient to absorb incurred losses. Financial assets are subsequently carried at transaction cost less provision for impairment.

Financial liabilities

Financial liabilities are presented as such in the statement of financial position. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities and held at amortised cost. Finance costs and gains or losses relating to financial liabilities are included in the income statement. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Dividends and distributions relating to equity instruments are debited directly to equity.

Taxation

Current tax, including UK corporation tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions:

Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying differences can be deducted; and

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the statement of financial position date.

Client bank accounts

The company holds money in trust on behalf of clients in client bank accounts, which along with the related liability are not included in these financial statements.

At 31st December 2025 the company held £3,896,046 (2024: £3,453,143) in client bank accounts.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Critical judgements in applying the company's accounting policies:

The directors have exercised judgement in relation to the accounting for certain contractual arrangements, and the assessment as to whether the external entity is a related party under FRS 102 Section 33.

The directors have concluded that the relationship between the group and the external entity is not a related party relationship under FRS 102 on the basis that there is separate control, separate directorships, and that no significant influence is exercised through the contractual arrangements that are in place.

Key sources of estimation uncertainty:

The directors believe there are no key sources of estimation uncertainty which impact on the financial statements of the company.

4.

TURNOVER

Turnover in both the current and previous year arises within the United Kingdom from the provision of IVA services.

5.	EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 31st December 2025 nor for the year ended 31st December 2024.

The average number of employees during the year was NIL (2024 - NIL).

2025

2024

£

£

Directors' remuneration

-

-

In the current and previous year, the directors were paid by another group company. Their remuneration for services to this company cannot be determined.

6.	OPERATING PROFIT

Administration services were provided by a fellow subsidiary company and a management charge was paid in respect of these services.

In the previous year the audit fee for auditing of the financial statements attributable to the company of £11,000 was paid by the ultimate parent company.

7.

TAXATION

Analysis of the tax charge/(credit)

The tax charge/(credit) on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

389,956

-

Origination and reversal of timing differences

(23,262

)

(34,805

)

Tax on profit

366,694

(34,805

)

UK corporation tax has been charged at 25% (2024 - 25%).

Reconciliation of total tax charge/(credit) included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Profit before tax

3,783,883

337,310

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

945,971

84,328

Effects of:

Group loss relief

(595,034

)

(119,133

)

Deferred tax not provided

15,757

-

Total tax charge/(credit)

366,694

(34,805

)

Deferred tax is provided at 25% (2024: 25%), based on future rates enacted at the statement of financial position date.

8.

DEBTORS

2025

2024

£

£

Amounts falling due within one year:

Trade debtors

10,464,285

7,787,284

Other debtors

5,240

9,536

VAT

-

6

Prepayments and accrued income

-

7,050

10,469,525

7,803,876

2025

2024

£

£

Amounts falling due after more than one year:

Deferred tax asset

138,223

114,961

Aggregate amounts

10,607,748

7,918,837

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

28,597

15,773

Amounts owed to group undertakings

3,858,470

4,683,326

Corporation tax

389,956

-

VAT

70

-

Other creditors

6,032

56,602

Accruals and deferred income

19,930

16,744

4,303,055

4,772,445

10.	DEFERRED TAX

£

Balance at 1st January 2025

(114,961

)

Credit to Income Statement during year

(23,262

)

Balance at 31st December 2025

(138,223

)

The deferred tax asset arises from short term timing differences in respect of debtor impairments.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

15,000

Ordinary

£1

15,000

15,000

12.	ULTIMATE PARENT COMPANY

13.	CONTINGENT LIABILITIES

14.	RELATED PARTY DISCLOSURES

Other related parties

2025

2024

£

£

Sales

-

5,000

Purchases

3,160,800

2,313,000

Purchases disclosed above are with fellow non-wholly owned subsidiary companies.

Sales relate to income from companies controlled by the directors of Totemic (2014) Holdings Limited.

15.	EVENTS SINCE THE END OF THE YEAR

On 20 April 2026, a fixed and floating charge over the company's assets was given as a guarantee for a £38.5m loan to a group company.

16.	ULTIMATE CONTROLLING PARTY