REGISTERED NUMBER: 14249955 (England and Wales)

REPORT OF THE DIRECTORS AND

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

BRG ENTERPRISE SOLUTIONS (HOLDINGS)

LIMITED

Page

Company Information

1

Report of the Directors

2

Consolidated Income Statement

3

Consolidated Statement of Financial Position

4

to

5

Company Statement of Financial Position

6

to

7

Consolidated Statement of Changes in Equity

8

Company Statement of Changes in Equity

9

Consolidated Statement of Cash Flows

10

Notes to the Consolidated Statement of Cash Flows

11

to

12

Notes to the Consolidated Financial Statements

13

to

21

DIRECTORS:

D Harrop

D Wildey

D Thirkell

J Lander

SECRETARY:

J Lander

REGISTERED OFFICE:

C P House 97-107 Uxbridge Road

London

W5 5TL

REGISTERED NUMBER:

14249955 (England and Wales)

ACCOUNTANTS:

DPC Accountants Ltd

Stone House

Stone Road Business Park

Stoke-On-Trent

ST4 6SR

The directors present their report with the financial statements of the company and the group for the year ended 31 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 1 January 2025 to the date of this report.

D Harrop

D Wildey

D Thirkell

J Lander

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

D Harrop - Director

6 July 2026

TURNOVER

3,827,488

4,249,578

Cost of sales

(353,535

)

(410,784

)

GROSS PROFIT

3,473,953

3,838,794

Administrative expenses

(3,214,091

)

(3,389,973

)

OPERATING PROFIT

5

259,862

448,821

Interest receivable and similar income

5,091

118

264,953

448,939

Interest payable and similar expenses

(82,593

)

(103,532

)

PROFIT BEFORE TAXATION

182,360

345,407

Tax on profit

(58,514

)

(89,795

)

PROFIT FOR THE FINANCIAL YEAR

123,846

255,612

Profit attributable to:

Owners of the parent

123,846

255,612

FIXED ASSETS

Intangible assets

7

4,540,593

4,540,593

Tangible assets

8

318,084

362,536

Investments

9

-

-

4,858,677

4,903,129

CURRENT ASSETS

Debtors

10

1,102,537

693,499

Cash at bank and in hand

317,757

535,010

1,420,294

1,228,509

CREDITORS

Amounts falling due within one year

11

(1,099,841

)

(809,273

)

NET CURRENT ASSETS

320,453

419,236

TOTAL ASSETS LESS CURRENT LIABILITIES

5,179,130

5,322,365

CREDITORS

Amounts falling due after more than one year

12

(1,312,500

)

(1,500,000

)

PROVISIONS FOR LIABILITIES

(75,407

)

(84,550

)

NET ASSETS

3,791,223

3,737,815

CAPITAL AND RESERVES

Called up share capital

2,999,578

2,999,578

Foreign currency translation

reserve

(39,474

)

-

Retained earnings

831,119

738,237

3,791,223

3,737,815

The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025.

The members have not required the company and the group to obtain an audit of its financial statements for the year ended 31 December 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the group keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company and the group as at the end of each financial year and of the group's profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company and the group.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 6 July 2026 and were signed on its behalf by:

D Harrop - Director

FIXED ASSETS

Intangible assets

7

-

-

Tangible assets

8

-

-

Investments

9

6,565,131

6,565,131

6,565,131

6,565,131

CURRENT ASSETS

Cash at bank

190

100

CREDITORS

Amounts falling due within one year

11

(576,218

)

(598,868

)

NET CURRENT LIABILITIES

(576,028

)

(598,768

)

TOTAL ASSETS LESS CURRENT LIABILITIES

5,989,103

5,966,363

CREDITORS

Amounts falling due after more than one year

12

(1,312,500

)

(1,500,000

)

NET ASSETS

4,676,603

4,466,363

CAPITAL AND RESERVES

Called up share capital

2,999,578

2,999,578

Retained earnings

1,677,025

1,466,785

4,676,603

4,466,363

Company's profit for the financial year

235,736

147,895

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 6 July 2026 and were signed on its behalf by:

D Harrop - Director

Foreign

Called up

currency

share

Retained

translation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2024

2,999,578

508,121

-

3,507,699

Changes in equity

Dividends

-

(25,496

)

-

(25,496

)

Total comprehensive income

-

255,612

-

255,612

Balance at 31 December 2024

2,999,578

738,237

-

3,737,815

Changes in equity

Foreign exchange variance

-

-

(44,942

)

(44,942

)

Transfer between reserves

-

(5,468

)

5,468

-

Dividends

-

(25,496

)

-

(25,496

)

Total comprehensive income

-

123,846

-

123,846

Balance at 31 December 2025

2,999,578

831,119

(39,474

)

3,791,223

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2024

2,999,578

1,344,386

4,343,964

Changes in equity

Dividends

-

(25,496

)

(25,496

)

Total comprehensive income

-

147,895

147,895

Balance at 31 December 2024

2,999,578

1,466,785

4,466,363

Changes in equity

Dividends

-

(25,496

)

(25,496

)

Total comprehensive income

-

235,736

235,736

Balance at 31 December 2025

2,999,578

1,677,025

4,676,603

Cash flows from operating activities

Cash generated from operations

1

90,858

558,019

Interest paid

(86,533

)

(103,532

)

Tax paid

(34,613

)

(276,661

)

Net cash from operating activities

(30,288

)

177,826

Cash flows from investing activities

Purchase of tangible fixed assets

(4,556

)

(13,607

)

Interest received

5,091

118

Net cash from investing activities

535

(13,489

)

Cash flows from financing activities

Loan repayments in year

(187,500

)

(500,000

)

Equity dividends paid

-

(148,725

)

Net cash from financing activities

(187,500

)

(648,725

)

Decrease in cash and cash equivalents

(217,253

)

(484,388

)

Cash and cash equivalents at beginning of year

2

535,010

1,019,398

Cash and cash equivalents at end of year

2

317,757

535,010

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.12.25

31.12.24

£

£

Profit before taxation

182,360

345,407

Depreciation charges

46,372

51,545

Foreign currency reserve movement

(44,942

)

-

Finance costs

82,593

103,532

Finance income

(5,091

)

(118

)

261,292

500,366

(Increase)/decrease in trade and other debtors

(407,023

)

268,737

Increase/(decrease) in trade and other creditors

236,589

(211,084

)

Cash generated from operations

90,858

558,019

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31 December 2025

31.12.25

1.1.25

£

£

Cash and cash equivalents

317,757

535,010

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

535,010

1,019,398

3.	ANALYSIS OF CHANGES IN NET DEBT

Other

non-cash

At 1.1.25

Cash flow

changes

At 31.12.25

£

£

£

£

Net cash

Cash at bank

and in hand

535,010

(217,253

)

317,757

535,010

(217,253

)

317,757

Debt

Debts falling due

within 1 year

(250,000

)

187,500

(187,500

)

(250,000

)

Debts falling due

after 1 year

(1,500,000

)

-

187,500

(1,312,500

)

(1,750,000

)

187,500

-

(1,562,500

)

Total

(1,214,990

)

(29,753

)

-

(1,244,743

)

1.	STATUTORY INFORMATION

BRG ENTERPRISE SOLUTIONS (HOLDINGS) 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 General Information page.

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

The principal activity of the trading subsidiaries is that of providing evidence-based solutions in the form of market research, data, intelligence and consultancy services to the global buildings products, speciality chemicals and paints & coatings industries.

2.	STATEMENT OF COMPLIANCE

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the entity.

BASIS OF CONSOLIDATION

The consolidated financial statements include the results of BRG Enterprise Solutions (Holdings) Limited, and its subsidiary undertakings drawn up to 31 December 2024. The company’s own Statement of Comprehensive Income is not included as permitted by Section 408 of the Companies Act 2006.

The group profit and loss account includes the results of all subsidiary undertakings for the period from the date of their acquisition and up to the date of disposal.

Turnover and profits arising on trading between group companies are excluded. Where the group has an investment in an entity which is sufficient to give the group a participating interest, and over which it is in a position to exercise significant influence, the entity is treated as an associated undertaking and is accounted for using the equity method of accounting. The group's interests in joint ventures are accounted for using the gross equity method of accounting.

REVENUE RECOGNITION

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The company provides evidence-based solutions in the form of market research, data, intelligence and consultancy services to the global buildings products, speciality chemicals and paints & coatings industries. Income is recognised at clearly agreed and defined stages of deliverable.

INTANGIBLE ASSETS

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment loss.

Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings - 10-33% on reducing balance

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

FINANCIAL INSTRUMENTS

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

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. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 statement of financial position date.

DEFERRED TAX

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

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

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

RESEARCH AND DEVELOPMENT

Expenditure on research and development is written off in the year in which it is incurred.

FOREIGN CURRENCIES

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

HIRE PURCHASE AND LEASING COMMITMENTS

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

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

EMPLOYEE BENEFITS

The company provides a range of benefits to employees.

Short term benefits, including holiday pay, are recognised as an expense in the profit and loss account in the period in which they are incurred.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 33 (2024 - 35 ) .

5.	OPERATING PROFIT

The operating profit is stated after charging:

31.12.25

31.12.24

£

£

Depreciation - owned assets

46,372

51,544

6.	INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

7.	INTANGIBLE FIXED ASSETS

Group

Enterprise

database

£

COST

At 1 January 2025

and 31 December 2025

4,540,593

NET BOOK VALUE

At 31 December 2025

4,540,593

At 31 December 2024

4,540,593

8.	TANGIBLE FIXED ASSETS

Group

Fixtures

and

fittings

£

COST

At 1 January 2025

1,328,991

Additions

4,556

Exchange differences

(1,928

)

At 31 December 2025

1,331,619

DEPRECIATION

At 1 January 2025

966,455

Charge for year

46,372

Exchange differences

708

At 31 December 2025

1,013,535

NET BOOK VALUE

At 31 December 2025

318,084

At 31 December 2024

362,536

9.	FIXED ASSET INVESTMENTS

Company

Shares in

group

undertakings

£

COST

At 1 January 2025

and 31 December 2025

6,565,131

NET BOOK VALUE

At 31 December 2025

6,565,131

At 31 December 2024

6,565,131

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

SUBSIDIARIES

Barco 2022 Limited

Registered office: C P House 97-107 Uxbridge Road, Ealing, London, W5 5TL

Nature of business: Holding Company

%

Class of shares:

holding

Ordinary

100.00

BRG Enterprise Solutions Limited (Indirectly)

Registered office: C P House 97-107 Uxbridge Road, Ealing, London, W5 5TL

Nature of business: Consultancy

%

Class of shares:

holding

Ordinary

100.00

BRG Enterprise Solutions Inc (Indirectly)

Registered office: USA

Nature of business: Consultancy

%

Class of shares:

holding

Ordinary

100.00

BRG Enterprise Solutions India Private Ltd (Indirectly)

Registered office: India

Nature of business: Consultancy

%

Class of shares:

holding

Ordinary

100.00

Information Research Limited

Registered office: C P House 97-107 Uxbridge Road, Ealing, London, W5 5TL

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00