Company No: 06371742 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	4	523,909		518,338
Investments	5	2		2
		523,911		518,340
Current assets
Stocks	6	14,647		22,325
Debtors	7	3,102,250		1,796,090
Cash at bank and in hand	8	3,909,155		2,450,459
		7,026,052		4,268,874
Creditors: amounts falling due within one year	9	( 3,143,193)		( 1,138,801)
Net current assets		3,882,859		3,130,073
Total assets less current liabilities		4,406,770		3,648,413
Provision for liabilities	10	( 15,560)		( 10,304)
Net assets		4,391,210		3,638,109
Capital and reserves
Called-up share capital	11	797,600		797,600
Capital redemption reserve		261,500		261,500
Profit and loss account		3,332,110		2,579,009
Total shareholders' funds		4,391,210		3,638,109

For the financial year ending 31 October 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Pivot Limited (registered number: 06371742) were approved and authorised for issue by the Board of Directors on 01 July 2026. They were signed on its behalf by:

Ms C Chittock Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Pivot Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 3 Maritime House, The Hart, Farnham, GU9 7HW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Share-based payment

Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Company’s estimate of shares that will eventually vest and adjusted for the effect of non-market-based vesting conditions.

Fair value is measured by the directors which is considered by management to be the most appropriate method of valuation. The expected life used in the model has been adjusted, based on management’s best estimate, for the effects of non-transferability, exercise restrictions, and behavioural considerations.

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so 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.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

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

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	10 - 50 years straight line
Office equipment	3 - 4 years straight line
Computer equipment	3 - 4 years straight line

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.

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.

Fixed asset investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Stocks

Where the substance of a contract is that the contractual obligations are performed gradually over time, revenue is recognised as contract activity progresses to reflect the partial performance of contractual obligations. The amount of revenue included reflects the accrual of the right to consideration as contract activity progresses by reference to the value of work performed.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) 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 Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	60		42

3. Share-based payments

Equity-settled share-based payment schemes

In 2023 the Company adopted an approved share option scheme under which employees of the Company, at the discretion of the directors, could be granted options over ordinary shares of the Company during the period of 10 years from the adoption of the scheme. The main conditions attached are that the individual remains an employee and that the options lapse 10 years after grant. Share options were granted on 18 August 2024. Further share options were granted on 24 June 2025.

Details of the share options outstanding during the financial year are as follows:

	2025			2024
	Weighted Average			Weighted Average
	Number of share options	Average exercise price (£)		Number of share options	Average exercise price (£)
Outstanding at beginning of period	469,177	0.10		0	0
Granted during the period	563,010	0.10		469,177	0.10
Lapsed during the period	0	0		0	0
Outstanding at the end of the period	1,032,187	0.10		469,177	0.10
Exercisable at the end of the period	0	0		0	0

The fair value of the share options at the grant date was calculated at a generally accepted valuation method of measuring fair value.

4. Tangible assets

	Land and buildings		Office equipment		Computer equipment		Total
	£		£		£		£
Cost
At 01 November 2024	623,972		450		55,377		679,799
Additions	20,374		0		16,946		37,320
Disposals	( 8,950)		0		0		( 8,950)
At 31 October 2025	635,396		450		72,323		708,169
Accumulated depreciation
At 01 November 2024	126,871		450		34,140		161,461
Charge for the financial year	15,504		0		13,933		29,437
Disposals	( 6,638)		0		0		( 6,638)
At 31 October 2025	135,737		450		48,073		184,260
Net book value
At 31 October 2025	499,659		0		24,250		523,909
At 31 October 2024	497,101		0		21,237		518,338

5. Fixed asset investments

Investments in subsidiaries

	2025
	£
Cost
At 01 November 2024	2
At 31 October 2025	2
Carrying value at 31 October 2025	2
Carrying value at 31 October 2024	2

6. Stocks

	2025		2024
	£		£
Work in progress	14,647		22,325

7. Debtors

	2025		2024
	£		£
Trade debtors	3,060,183		1,750,716
Prepayments and accrued income	42,067		45,374
	3,102,250		1,796,090

8. Cash and cash equivalents

	2025		2024
	£		£
Cash at bank and in hand	2,409,155		1,950,459
Short-term deposits	1,500,000		500,000
	3,909,155		2,450,459

9. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	164,202		133,265
Accruals and deferred income	1,970,436		437,401
Corporation tax	269,519		112,534
Other taxation and social security	710,233		426,878
Other creditors	28,803		28,723
	3,143,193		1,138,801

10. Deferred tax

	2025		2024
	£		£
At the beginning of financial year	( 10,304)		( 2,067)
Charged to the Statement of Income and Retained Earnings	( 5,256)		( 8,237)
At the end of financial year	( 15,560)		( 10,304)

The deferred taxation balance is made up as follows:

	2025		2024
	£		£
Accelerated capital allowances	( 15,560)		( 10,304)

11. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
7,976,000 Ordinary shares of £ 0.10 each	797,600		797,600

12. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

	2025		2024
	£		£
Unpaid contributions due to the fund (inc. in other creditors)	40,051		0