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REGISTERED NUMBER: 14941641 (England and Wales)

Group Strategic Report, Report of the Director and

Audited Consolidated Financial Statements for the Year Ended 31 March 2025

for

NMI PE Investments Limited

| NMI PE Investments Limited (Registered number: 14941641) |

Contents of the Consolidated Financial Statements

for the Year Ended 31 March 2025

| Page |

| Company Information | 1 |

| Group Strategic Report | 2 |  | to |  | 5

| Report of the Director | 6 |  | to |  | 7

| Report of the Independent Auditors | 8 |  | to |  | 11

| Consolidated Income Statement | 12 |

| Consolidated Other Comprehensive Income | 13 |

| Consolidated Statement of Financial Position | 14 |

| Company Statement of Financial Position | 15 |

| Consolidated Statement of Changes in Equity | 16 |

| Company Statement of Changes in Equity | 17 |

| Consolidated Statement of Cash Flows | 18 |

| Notes to the Consolidated Statement of Cash Flows | 19 |

| Notes to the Consolidated Financial Statements | 20 |  | to |  | 31

| NMI PE Investments Limited |

Company Information

for the Year Ended 31 March 2025

| DIRECTOR: | Ms N M Imam

| REGISTERED OFFICE: | 22 Gilbert Street

| London

| W1K 5HD

| REGISTERED NUMBER: | 14941641 (England and Wales)

| SENIOR STATUTORY AUDITOR: | Alan Kaye FCA

| AUDITORS: | BBK Partnership

| Chartered Accountants

| & Statutory Auditors

| 1 Beauchamp Court

| 10 Victors Way

| Barnet

| Hertfordshire

| EN5 5TZ

| NMI PE Investments Limited (Registered number: 14941641) |

Group Strategic Report

for the Year Ended 31 March 2025

The director presents her strategic report of the company and the group for the year ended 31 March 2025.

REVIEW OF BUSINESS

During the year, the group comprised a number of entities, with its principal trading activities undertaken through Taskmaster Resources Limited and CBSButler Holdings Limited, both operating within the recruitment and related services sectors. These businesses represent the core revenue-generating operations of the group. The composition of the group differed from the prior period, with certain entities held for varying periods during the year, and accordingly the consolidated results reflect the performance of the trading subsidiaries for their respective periods of ownership, together with costs incurred in managing the group's overall structure.

The Group's two principal operating subsidiaries delivered a combined underlying EBITDA of £1,457,454 for the period. Taskmaster Resources Limited generated EBITDA of £873,073 on revenue of £55.4m, reflecting continued operational discipline and strong client retention across its temporary staffing divisions. CBSButler Holdings Limited generated underlying EBITDA of £584,381, after adjusting for certain non-recurring costs incurred during the period which are not expected to recur.

The directors consider that the underlying EBITDA performance of the Group's principal operating subsidiaries represents a satisfactory result for the year, particularly given the challenging conditions within the temporary labour market, and provides a sound platform for continued improvement in the period ahead.

The consolidated profit for the year after tax amounted to £326,444.

The group retained a positive combined bank balance of £575,942 .

PRINCIPAL RISKS AND UNCERTAINTIES

There are two main risks and uncertainties within the temporary labour market.

Firstly, due to the multiple industry sectors within the customer portfolio, the group is subject to broad macroeconomic trends. When consumer demand decreases in a specific sector, that impacts upon the labour requirement. The board mitigate this by having a wide portfolio to reduce the impact of any such decreases but also seek new opportunities within sectors that are broadly recession proof.

Secondly, the labour market is heavily regulated, with multiple regulatory "bodies" (some governmental, such as HMRC, and some quasi trade bodies, such as the GLAA). Whilst there are no known forthcoming changes to legislation that would have a material impact upon the company, employment legislation can be subject to political influence. Therefore, a change in government could trigger material changes in the temporary labour market. The board mitigate this by ensuring the employees are routinely trained on current legislation and the director regularly attend regulatory body meetings to ensure the group is abreast of potential future changes.

The group is exposed to the following financial risks:

Price risk-the temporary labour industry is highly competitive. The board mitigates this risk by striving to maintain the highest levels of service and compliance to protect the pricing offered to customers.

Credit risk-the company is exposed to credit offered to customers. The board mitigates this by having strict criteria over the offering of credit and routine reviews of customers' creditworthiness, along with credit insurance, where applicable.

| NMI PE Investments Limited (Registered number: 14941641) |

Group Strategic Report

for the Year Ended 31 March 2025

Liquidity and cash flow risk - the group used term debt to acquire the subsidiaries. As such, the group's results are subject to banking covenants and fluctuations in interest rates. The board mitigates this by preparing cash flow forecasts looking forward 12 months and reviewing on a monthly basis. The board models various scenarios to ensure that there is sufficient headroom within the covenants to mitigate any unforeseen movements in interest rates.

The Board considers that the above processes adequately satisfy the company's financial risk management objectives.

Future Prospects

The UK recruitment market continues to operate in a challenging economic environment characterised by softer labour demand, easing wage inflation and increased cost pressures across businesses. Current economic forecasts indicate that labour market conditions are expected to remain subdued in the short to medium term, with employers continuing to exercise caution over recruitment activity in response to inflationary pressures, elevated interest rates and wider geopolitical uncertainty.

Despite these conditions, the directors believe that the group remains well positioned within its core sectors due to its diversified customer base, established client relationships and continued focus on service quality and operational compliance. The group continues to invest in customer retention, operational efficiency and product differentiation in order to support long-term growth opportunities as market conditions improve.

The directors will continue to monitor economic developments, including inflation, employment trends and changes in employment legislation, and remain confident that the group is appropriately positioned to respond to changing market conditions.

| NMI PE Investments Limited (Registered number: 14941641) |

Group Strategic Report

for the Year Ended 31 March 2025

SECTION 172(1) STATEMENT

The purpose of the strategic report in the Act is to inform members of the group and help them assess how the director has performed her duty under section 172. To fulfil this duty, a director must act in the way she considers, in good faith, would be most likely to promote the success of the group for the benefit of shareholders as a whole and in doing so, and have regard to several broader matters such as issues, factors & stakeholders.

a. Issues, Factors & Stakeholders

A key part of the strategic plan for the payroll sector is to operate with elevated levels of compliance. In conjunction with this, larger customers/potential customers have learned to adopt a selection policy to include accreditation to FCSA.

The board continued to invest in infrastructure, sales & operational resources to underpin a new, more commercially astute sales growth strategy across the recruitment and payroll groups. Processing costs increased in the period as commercial pressures continued to affect the overall margin as a percentage of sales. This is indicative of the market and has largely been counteracted by securing larger volumes of customers.

Management produced weekly schedules of financial and transactional performance. These reports collate to a wider suite of management information from which Management Accounts and Board packs are produced for analysis. Analysis and review take place each month as part of the Board Meetings. During which, broader issues that are set to or could affect the business e.g. IR35, are discussed. Appropriate minutes are produced to track agreed action points.

The business acts responsibly to ensure it meets the views of the wider community & environment.

b. Engagement

The director analysed internal staffing structures and strategy to ensure the management team engaged their experience and knowledge of scaling to support the relevant departments/operational teams. The Senior Management recognised the need to create junior management positions to manage larger departmental teams.

Retaining and developing internal resources has been integral to the ongoing success of the business. Our staff are extremely committed and we have very few leavers and providing the necessary support throughout this crisis has always been a primary objective. We utilise an annual appraisal process with our staff to ensure that performance is reviewed, expectations and goals are discussed and any other important communications are documented with action points.

During the year, the director is pleased that staff turnover was kept to a minimum, a direct result of the investment in the teams.

c. Business relationships

The board engages with a variety of stakeholders, including customers, regulators and suppliers, to inform and enable balanced decisions that incorporate multiple viewpoints whilst maintaining the board's focus on growth, service and compliance. Examples of the board's engagement with such stakeholders include:

- Ongoing discussions with funding providers to review and amend the capital structure of the group in the face of ever increasing interest rates and inflation;

- Regular dialogue with the FCSA regarding potential legislative tax (IR35) changes; and

- Engaging with cyber security suppliers to discuss the impact of cyber-attacks within the industry.

d. Decision Making

Throughout the trading period and with continuity the board and senior colleagues have been driven by their own personal targets and collective goals and milestones. We have throughout the years, strived to deliver high levels of customer satisfaction, including accuracy and transparency, not only to those customers, but also to external and internal employees & contractors alike.

The board and senior colleagues seek to, act fairly, with good conduct and ensure decision making is not just about benefits to shareholders but that which provides continued high regard, reputation and thought towards the community and the environment it operates within.

| NMI PE Investments Limited (Registered number: 14941641) |

Group Strategic Report

for the Year Ended 31 March 2025

KEY PERFORMANCE INDICATORS

The director has considered the use of the key performance indicators. The continuous measurement and monitoring of the business performance is a critical element of the management process. In order to provide consistent and comprehensive information the Company uses a number of key performance indicators (KPI's) to provide a timely and well-balanced review of the financial performance against predefined targets.

The Company's key and other performance indicators during the period were as follows

| 2025 |  |

| £ |  |

Turnover |  | 92,390 |  |

Gross profit |  | 11,718 |  |

Gross profit margin |  | 13% |  |

Operating profit/ (Loss) |  | 1,083 |  |

Profit/(Loss) for the year |  | 326 |  |

Other key KPI's that demonstrate the level of performance in different parts of the business include:

- Average salary levels

- EBITDA

Performance against budget and prior year.

The director is satisfied with the KPI's delivered in the year and is confident that expected performance levels can be maintained for the foreseeable future.

ON BEHALF OF THE BOARD:

Ms N M Imam - Director

13 July 2026

| NMI PE Investments Limited (Registered number: 14941641) |

Report of the Director

for the Year Ended 31 March 2025

The director presents her report with the financial statements of the company and the group for the year ended 31 March 2025.

PRINCIPAL ACTIVITY

The principal activity of the group during the year under review was the provision of temporary and permanent recruitment solutions across a broad range of UK and international sectors through its subsidiary undertakings.

The principal activity of the company was that of an investment holding company.

DIRECTOR

Ms N M Imam held office during the whole of the period from 1 April 2024 to the date of this report.

FINANCIAL INSTRUMENTS

Treasury Operations and Financial Instruments

The director has established a risk and financial management framework whose primary objective is to protect the group from events that hinder the achievement of performance objective.

The objective aim to limit the undue counterparty exposure, ensure sufficient working capital and monitor risk at a business unit level.

The group's principal financial instruments during the year comprised of inter-company loans. The main purpose of these financial instruments are to provide funding for group operations.

Liquidity Risk

The group manages its cash requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operational needs of the business.

Credit Risk

Trade debtors will be monitored on an ongoing basis and provision may be made for doubtful debts where necessary.

Going concern

The director has reviewed the group's forecasts, available funding facilities and ongoing trading performance, including the profitability and cash generation of the group's principal trading subsidiaries which continue to support the wider group structure and those entities which incurred losses during the year. Accordingly, the director has a reasonable expectation that the company and the group have adequate resources to continue in operational existence for the foreseeable future and therefore continues to adopt the going concern basis in preparing the annual financial statements.

DISABLED PERSONS

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

EMPLOYEE INVOLVEMENT

The group's policy is to consult and discuss with employees matters likely to affect employees' interests.

Information about matters of concern to employees is given through information bulletins and town-hall meetings which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

Further information on engagement with employees and business relationships can be found within the strategic report.

| NMI PE Investments Limited (Registered number: 14941641) |

Report of the Director

for the Year Ended 31 March 2025

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

- | select suitable accounting policies and then apply them consistently;

- | make judgements and accounting estimates that are reasonable and prudent;

- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable her to ensure that the financial statements comply with the Companies Act 2006. She is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and she has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, BBK Partnership, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Ms N M Imam - Director

13 July 2026

Report of the Independent Auditors to the Members of

NMI PE Investments Limited

Opinion

We have audited the financial statements of NMI PE Investments Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2025 and of the group's 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.

Other Matters

We draw attention to the fact that this is the first period during which BBK Partnership has been appointed as the auditors of NMI PE Investments Limited and its subsidiaries. Audit procedures included obtaining sufficient and appropriate audit evidence regarding the opening balances as at 01 April 2024, as required by ISA 510: Initial Audit Engagements-Opening Balances. Our audit procedures included obtaining sufficient and appropriate audit evidence regarding the opening balances as at 1 April 2024, as required by ISA 510: Initial Audit Engagements - Opening Balances.

Emphasis of Matter

We draw attention to the going concern disclosure in Note 2 and the events after the reporting period disclosure in Note 21 to the financial statements, which explain the basis on which the director has adopted the going concern basis of accounting. These notes describe the group's net asset position and net current liability position at 31 March 2025, the actions taken to restructure the business, the subsequent improvement in trading performance, and the financial support made available by group members. These matters are fundamental to an understanding of the financial statements. Our opinion is not modified in respect of this matter.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's 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 group's and the parent 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 director with respect to going concern are described in the relevant sections of this report.

Report of the Independent Auditors to the Members of

NMI PE Investments Limited

Other information

The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- | the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Group Strategic Report and the Report of the Director 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

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

- | certain disclosures of director's remuneration specified by law are not made; or

- | we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page seven, the director is 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 director determines 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 director is responsible for assessing the group's and the parent 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Report of the Independent Auditors to the Members of

NMI PE Investments Limited

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company's operating sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates set out in the financial statements were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of

NMI PE Investments Limited

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Alan Kaye FCA (Senior Statutory Auditor)

for and on behalf of BBK Partnership

Chartered Accountants

& Statutory Auditors

1 Beauchamp Court

10 Victors Way

Barnet

Hertfordshire

EN5 5TZ

17 July 2026

| NMI PE Investments Limited (Registered number: 14941641) |

Consolidated

Income Statement

for the Year Ended 31 March 2025

| 31.3.25 |  | 31.3.24

| Notes | £ | £ |

REVENUE | 92,390,199 |  | - |  |

Cost of sales | (80,671,812 | ) | - |  |

GROSS PROFIT | 11,718,387 |  | - |  |

Administrative expenses | (11,872,255 | ) | - |  |

(153,868 | ) | - |  |

Other operating income | 1,236,881 |  | - |  |

OPERATING PROFIT | 4 | 1,083,013 |  | - |  |

Interest payable and similar expenses | 5 | (754,651 | ) | - |  |

PROFIT BEFORE TAXATION | 328,362 |  | - |  |

Tax on profit | 6 | (1,918 | ) | - |  |

PROFIT FOR THE FINANCIAL YEAR | 326,444 |  | - |  |

Profit attributable to:

Owners of the parent | 491,350 |  | - |  |

Non-controlling interests | (164,906 | ) | - |  |

326,444 |  | - |  |

| NMI PE Investments Limited (Registered number: 14941641) |

Consolidated

Other Comprehensive Income

for the Year Ended 31 March 2025

| 31.3.25 |  | 31.3.24

| Notes | £ | £ |

PROFIT FOR THE YEAR | 326,444 |  | - |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 326,444 |  | - |  |

Total comprehensive income attributable to:

Owners of the parent | 491,350 |  | - |  |

Non-controlling interests | (164,906 | ) | - |  |

326,444 |  | - |  |

| NMI PE Investments Limited (Registered number: 14941641) |

Consolidated Statement of Financial Position

31 March 2025

| 31.3.25 | 31.3.24 |

| Notes | £ | £ | £ | £ |

ASSETS

FIXED ASSETS

Intangible assets | 9 | 3,571,278 |  | - |  |

Property, plant and equipment | 10 | 263,925 |  | - |  |

Investments | 11 | 34,778 |  | - |  |

3,869,981 |  | - |  |

CURRENT ASSETS

Debtors | 12 | 17,812,975 |  | 100 |  |

Cash at bank and in hand | 575,942 |  | - |  |

|  |  | 18,388,917 |  |  |  |  | 100 |  |

22,258,898 |  | 100 |  |

CAPITAL, RESERVES AND LIABILITIES

CAPITAL AND RESERVES

Called up share capital | 13 | 100 |  | 100 |  |

Retained earnings | 14 | 351,350 |  | - |  |

351,450 |  | 100 |  |

NON-CONTROLLING INTERESTS | 15 | (197,632 | ) | - |  |

TOTAL EQUITY | 153,818 |  | 100 |  |

PROVISIONS FOR LIABILITIES | 16 | 9,660 |  | - |  |

CREDITORS

Amounts falling due within one year | 17 | 20,643,652 |  | - |  |

Amounts falling due after more than one year | 18 | 1,451,768 |  | - |  |

22,095,420 |  | - |  |

22,258,898 |  | 100 |  |

The financial statements were approved by the director and authorised for issue on 13 July 2026 and were signed by:

Ms N M Imam - Director

| NMI PE Investments Limited (Registered number: 14941641) |

Company Statement of Financial Position

31 March 2025

| 31.3.25 | 31.3.24 |

| Notes | £ | £ | £ | £ |

ASSETS

FIXED ASSETS

Intangible assets | 9 | - |  | - |  |

Property, plant and equipment | 10 | - |  | - |  |

Investments | 11 | 34,902 |  | - |  |

34,902 |  | - |  |

CURRENT ASSETS

Debtors | 12 | 4,684,170 |  | 100 |  |

Cash at bank | 196 |  | - |  |

|  | 4,684,366 |  |  |  | 100 |  |

4,719,268 |  | 100 |  |

CAPITAL, RESERVES AND LIABILITIES

CAPITAL AND RESERVES

Called up share capital | 13 | 100 |  | 100 |  |

Retained earnings | 14 | 946,611 |  | - |  |

SHAREHOLDERS' FUNDS | 946,711 |  | 100 |  |

CREDITORS

Amounts falling due within one year | 17 | 3,772,557 |  | - |  |

3,772,557 |  | - |  |

4,719,268 |  | 100 |  |

Company's profit for the financial year | 946,611 |  | - |  |

The financial statements were approved by the director and authorised for issue on 13 July 2026 and were signed by:

Ms N M Imam - Director

| NMI PE Investments Limited (Registered number: 14941641) |

Consolidated Statement of Changes in Equity

for the Year Ended 31 March 2025

| Called up |

| share |  | Retained |  | Non-controlling |  | Total

| capital |  | earnings |  | Total |  | interests |  | equity

£ | £ | £ | £ | £ |

Changes in equity

Issue of share capital | 100 |  | - |  | 100 |  | - |  | 100 |  |

Balance at 31 March 2024 | 100 |  | - |  | 100 |  | - |  | 100 |  |

Changes in equity

Dividends | - |  | (140,000 | ) | (140,000 | ) | - |  | (140,000 | ) |

Total comprehensive income | - |  | 491,350 |  | 491,350 |  | (164,906 | ) | 326,444 |  |

100 |  | 351,350 |  | 351,450 |  | (164,906 | ) | 186,544 |  |

Non-controlling interest arising on business combination | - |  | - |  | - |  | (32,726 | ) | (32,726 | ) |

Balance at 31 March 2025 | 100 |  | 351,350 |  | 351,450 |  | (197,632 | ) | 153,818 |  |

| NMI PE Investments Limited (Registered number: 14941641) |

Company Statement of Changes in Equity

for the Year Ended 31 March 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Changes in equity

Issue of share capital | 100 |  | - |  | 100 |  |

Balance at 31 March 2024 | 100 |  | - |  | 100 |  |

Changes in equity

Total comprehensive income | - |  | 946,611 |  | 946,611 |  |

Balance at 31 March 2025 | 100 |  | 946,611 |  | 946,711 |  |

| NMI PE Investments Limited (Registered number: 14941641) |

Consolidated Statement of Cash Flows

for the Year Ended 31 March 2025

| 31.3.25 |  | 31.3.24

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | (1,113,921 | ) | (100 | ) |

Interest paid | (378,096 | ) | - |  |

Finance costs paid | (376,555 | ) | - |  |

Net cash from operating activities | (1,868,572 | ) | (100 | ) |

Cash flows from investing activities

Purchase of intangible fixed assets | (844,076 | ) | - |  |

Purchase of tangible fixed assets | (67,153 | ) | - |  |

Purchase of fixed asset investments | (34,778 | ) | - |  |

Sale of intangible fixed assets | 191,086 |  | - |  |

Sale of fixed asset investments | 3,544,826 |  | - |  |

Net cash of acquired subsidiaries | 61,277 |  | - |  |

Net cash from investing activities | 2,851,182 |  | - |  |

Cash flows from financing activities

Loan repayments in year | (266,668 | ) | - |  |

Share issue | - |  | 100 |  |

Equity dividends paid | (140,000 | ) | - |  |

Net cash from financing activities | (406,668 | ) | 100 |  |

Increase in cash and cash equivalents | 575,942 |  | - |  |

Cash and cash equivalents at beginning of year | 2 | - |  | - |  |

Cash and cash equivalents at end of year | 2 | 575,942 |  | - |  |

| NMI PE Investments Limited (Registered number: 14941641) |

Notes to the Consolidated Statement of Cash Flows

for the Year Ended 31 March 2025

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

| 31.3.25 |  | 31.3.24

£ | £ |

| Profit before taxation | 328,362 |  | - |  |

| Depreciation charges | 451,849 |  | - |  |

| Profit on disposal of fixed assets | (1,102,919 | ) | - |  |

| Foreign exchange losses | 15,477 |  | - |  |

| Reclassification Expenses | 71,000 |  | - |  |

| Finance costs | 754,651 |  | - |  |

518,420 |  | - |  |

| Increase in trade and other debtors | (5,065,333 | ) | (100 | ) |

| Increase in trade and other creditors | 3,432,992 |  | - |  |

| Cash generated from operations | (1,113,921 | ) | (100 | ) |

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 March 2025

| 31/3/25 |  | 1/4/24

£ | £ |

| Cash and cash equivalents | 575,942 |  | - |  |

| Year ended 31 March 2024

| 31/3/24 |  | 1/4/23

£ | £ |

3. | ANALYSIS OF CHANGES IN NET DEBT

| At 1/4/24 | Cash flow | At 31/3/25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | - |  | 575,942 |  | 575,942 |  |

- |  | 575,942 |  | 575,942 |  |

| Debt

| Debts falling due within 1 year | - |  | (266,668 | ) | (266,668 | ) |

| Debts falling due after 1 year | - |  | (1,449,997 | ) | (1,449,997 | ) |

- |  | (1,716,665 | ) | (1,716,665 | ) |

| Total | - |  | (1,140,723 | ) | (1,140,723 | ) |

| NMI PE Investments Limited (Registered number: 14941641) |

Notes to the Consolidated Financial Statements

for the Year Ended 31 March 2025

1. | STATUTORY INFORMATION

| NMI PE Investments 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.

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.

| The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

| Basis of consolidation

| The consolidated financial statements include the financial statements of the Company and its subsidiary undertakings made up to 31 March 2025. A subsidiary is an entity that is controlled by its parent. The results of the subsidiary undertakings are included in the consolidated income statement from the date that control commences until the date that control ceases. Control is established when the company has the power to govern the operating and the financial policies of an entity so as to obtain benefits from its activities. In assessing control, the Group takes into consideration potential voting rights that are currently exercisable. Under section 408 of the Companies Act 2006 the Company is exempt from the requirement to present its own profit and loss account.

| The consolidated and company statements of financial position have been presented using an adapted Companies Act format in order to provide a clearer presentation of the group's and company's assets, liabilities and equity. This is a presentational matter only and has no impact on the recognition, measurement, profit, net assets or total equity reported in these financial statements. Comparative amounts have been presented on a consistent basis.

| In the parent financial statements, investment in subsidiaries are carried at cost less impairment.

| Significant judgements and estimates

| In the application of the group's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of the 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 estimates are 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.

| There are no critical accounting judgements.

| Turnover

| The group derives its revenues for temporary recruitment placements on a time incurred basis. Revenue is recognised as services are validated by receipt of a client approved timesheet or equivalent, income is accrued where work has been performed and timesheets approved but no invoice has been raised. For permanent placements, revenue is recognised and the client is invoiced on the start date of the candidate.

| All the company's revenue in the current and previous years is derived from the rendering of services. All turnover arose within the United Kingdom.

| NMI PE Investments Limited (Registered number: 14941641) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

2. | ACCOUNTING POLICIES - continued

| Goodwill

| Goodwill, being the amount paid in connection with the acquisition of various businesses, is being amortised evenly over its estimated useful life of ten years.

| For the purpose of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating units is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

| Intangible assets

| Intangible assets acquired separately from a business are capitalised at cost. Intangible assets acquired on business combinations are capitalised separately from goodwill if the fair value can be measured reliably on initial recognition.

| Intangible assets are amortised on a straight line basis over their useful lives. The useful life of intangible assets is 10 years.

| Provision is made for any impairment.

| Tangible fixed assets

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

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

| Leasehold improvements |  | 15%-20% straight line |  |

| Motor vehicles |  | 25% reducing balance |  |

| Fixtures & fittings |  | 15% - 25% reducing balance |  |

| 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.

| Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

| NMI PE Investments Limited (Registered number: 14941641) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

2. | ACCOUNTING POLICIES - continued

| Cash and cash equivalents

| Cash and cash equivalents comprises cash on hand and all deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

| Financial instruments

| The group 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 group's statement of financial position when the group 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.

| 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

| 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 those investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

| Derecognition of financial assets

| Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

| 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 group 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 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.

| NMI PE Investments Limited (Registered number: 14941641) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

2. | ACCOUNTING POLICIES - continued

| Other financial liabilities

| Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

| Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

| Derecognition of financial liabilities

| Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

| Equity instruments

| Equity instruments issued by the group 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.

| Taxation

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

| Current tax

| 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.

| Hire purchase and leasing commitments

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

| Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

| NMI PE Investments Limited (Registered number: 14941641) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

2. | ACCOUNTING POLICIES - continued

| Employee benefits

| When employees have rendered service to the group, short term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

| 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.

| Impairment

| Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

| Invoice discounting / factoring

| The group has entered into an invoice discounting arrangement whereby certain trade receivables are assigned to a finance provider as security for funding advanced to the group. Under the terms of the arrangement, the group retains the risks and rewards of ownership of the receivables and continues to manage the sales ledger. Accordingly, the receivables remain recognised in the balance sheet and amounts advanced by the finance provider are recognised as borrowings within current liabilities. Discounting charges are recognised as finance costs in the income statement over the period of the facility.

| Loans and borrowings

| Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less any impairment.

| Provisions

| Provisions are recognised when the group has a present obligation at the balance sheet date arising from a past event, it is probable that an outflow of economic benefits will be required to settle the obligation, and the amount can be reliably estimated.

| NMI PE Investments Limited (Registered number: 14941641) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

2. | ACCOUNTING POLICIES - continued

| Going concern

| The financial statements have been prepared on the going concern basis.

| In assessing the appropriateness of the going concern assumption, the director has reviewed the financial position of the company and the group, cash flow forecasts, banking arrangements, forecast covenant compliance and working capital requirements for a period of not less than twelve months from the date of approval of these financial statements.

| The group reported a consolidated profit after tax of £326,444 for the year ended 31 March 2025. At the balance sheet date, the group had net assets of £153,818 and net current liabilities of £2,254,735. The company had net assets of £946,711. The group's net current liability position principally reflects acquisition-related funding arrangements and the timing of working capital requirements across the trading subsidiaries.

| The director has considered the trading performance and financial position of the group's individual subsidiaries. The group's principal trading subsidiaries, including Taskmaster Resources Limited and NMI Ventures Limited, remained profitable during the year and continue to generate positive operating cash flows which support the wider group structure. Whilst CBSButler Holdings Limited and NMI Bidco Limited incurred losses during the year, these entities continue to receive financial and operational support from the wider group.

| The director has also considered post year-end trading performance, available funding facilities and ongoing support available across the group. Management forecasts demonstrate that the group is expected to maintain adequate liquidity and operate within the terms of its funding arrangements for the foreseeable future.

| Accordingly, the director has a reasonable expectation that the company and the group have adequate resources to continue in operational existence for the foreseeable future. The director therefore continues to adopt the going concern basis of accounting in preparing these financial statements.

3. | EMPLOYEES AND DIRECTORS

| 31.3.25 |  | 31.3.24

£ | £ |

| Wages and salaries | 5,882,942 |  | - |  |

| Social security costs | 796,817 |  | - |  |

| Other pension costs | 167,086 |  | - |  |

6,846,845 |  | - |  |

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

| 31.3.25 |  | 31.3.24

| Operational | 112 |  | - |  |

| Administration | 11 |  | - |  |

123 |  | - |  |

| 31.3.25 |  | 31.3.24

£ | £ |

| Directors' remuneration | 324,496 |  | - |  |

| NMI PE Investments Limited (Registered number: 14941641) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

3. | EMPLOYEES AND DIRECTORS - continued

| Information regarding the highest paid director for the year ended 31 March 2025 is as follows:

| 31.3.25 |

£ |  |

| Emoluments etc | 30,000 |  |

4. | OPERATING PROFIT

| The operating profit is stated after charging/(crediting):

| 31.3.25 |  | 31.3.24

£ | £ |

| Hire of plant and machinery | 101,803 |  | - |  |

| Other operating leases | 162,065 |  | - |  |

| Depreciation - owned assets | 62,148 |  | - |  |

| Profit on disposal of fixed assets | (1,102,919 | ) | - |  |

| Goodwill amortisation | 371,728 |  | - |  |

| Other intangible assets amortisation | 19,109 |  | - |  |

| Computer software amortisation | 695 |  | - |  |

| Auditors' remuneration | 52,400 |  | - |  |

| Auditors' remuneration for non audit work | 12,600 |  | - |  |

| Foreign exchange differences | 15,477 |  | - |  |

5. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 31.3.25 |  | 31.3.24

£ | £ |

| Interest payable | 378,096 |  | - |  |

| Finance cost | 376,555 |  | - |  |

754,651 |  | - |  |

6. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 31.3.25 |  | 31.3.24

£ | £ |

| Deferred tax | 1,918 |  | - |  |

| Tax on profit | 1,918 |  | - |  |

7. | 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.

8. | DIVIDENDS

| 31.3.25 |  | 31.3.24

£ | £ |

| Interim | 140,000 |  | - |  |

| NMI PE Investments Limited (Registered number: 14941641) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

9. | INTANGIBLE FIXED ASSETS

| Group

| Other |

| intangible |  | Computer |

| Goodwill |  | assets |  | software |  | Totals

£ | £ | £ | £ |

| COST

| Additions | 116,957 |  | 837,941 |  | 6,135 |  | 961,033 |  |

| Disposals | - |  | (191,086 | ) | - |  | (191,086 | ) |

| Acquisition of Subsidiaries | 4,668,879 |  | - |  | - |  | 4,668,879 |  |

| At 31 March 2025 | 4,785,836 |  | 646,855 |  | 6,135 |  | 5,438,826 |  |

| AMORTISATION

| Amortisation for year | 371,728 |  | 19,109 |  | 695 |  | 391,532 |  |

| Acquisition of Subsidiaries | 1,476,016 |  | - |  | - |  | 1,476,016 |  |

| At 31 March 2025 | 1,847,744 |  | 19,109 |  | 695 |  | 1,867,548 |  |

| NET BOOK VALUE

| At 31 March 2025 | 2,938,092 |  | 627,746 |  | 5,440 |  | 3,571,278 |  |

10. | PROPERTY, PLANT AND EQUIPMENT

| Group

| Improvements |  | Fixtures |

| to |  | and |  | Computer |

| property |  | fittings |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| Additions | - |  | 34,342 |  | 32,811 |  | 67,153 |  |

| Reclassification/transfer | 84,264 |  | 220,365 |  | 527,787 |  | 832,416 |  |

| At 31 March 2025 | 84,264 |  | 254,707 |  | 560,598 |  | 899,569 |  |

| DEPRECIATION

| Charge for year | - |  | 20,351 |  | 41,797 |  | 62,148 |  |

| Reclassification/transfer | 84,264 |  | 105,328 |  | 383,904 |  | 573,496 |  |

| At 31 March 2025 | 84,264 |  | 125,679 |  | 425,701 |  | 635,644 |  |

| NET BOOK VALUE

| At 31 March 2025 | - |  | 129,028 |  | 134,897 |  | 263,925 |  |

| NMI PE Investments Limited (Registered number: 14941641) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

11. | FIXED ASSET INVESTMENTS

| Group

| Unlisted

| investments

£ |

| COST

| Additions | 34,778 |  |

| Disposals | (2,441,907 | ) |

| Reclassification/transfer | 2,441,907 |  |

| At 31 March 2025 | 34,778 |  |

| NET BOOK VALUE

| At 31 March 2025 | 34,778 |  |

| Company

| Shares in |

| group |  | Unlisted |

| undertakings |  | investments |  | Totals

£ | £ | £ |

| COST

| Additions | 124 |  | 34,778 |  | 34,902 |  |

| At 31 March 2025 | 124 |  | 34,778 |  | 34,902 |  |

| NET BOOK VALUE

| At 31 March 2025 | 124 |  | 34,778 |  | 34,902 |  |

12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

| 31.3.25 |  | 31.3.24 |  | 31.3.25 |  | 31.3.24 |

£ | £ | £ | £ |

| Trade debtors | 12,938,631 |  | - |  | - |  | - |  |

| Amounts owed by group undertakings | - |  | - |  | 2,002,525 |  | - |  |

| Other debtors | 2,959,797 |  | 100 |  | 2,681,645 |  | 100 |  |

| Prepayments and accrued income | 1,475,389 |  | - |  | - |  | - |  |

| Prepayments | 439,158 |  | - |  | - |  | - |  |

17,812,975 |  | 100 |  | 4,684,170 |  | 100 |  |

13. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.3.25 |  | 31.3.24

| value: | £ | £ |

| 100 | Ordinary | £1 | 100 |  | 100 |  |

| NMI PE Investments Limited (Registered number: 14941641) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

14. | RESERVES

| Group

| Retained

| earnings

£ |

| Profit for the year | 491,350 |  |

| Dividends | (140,000 | ) |

| At 31 March 2025 | 351,350 |  |

| Company

| Retained

| earnings

£ |

| Profit for the year | 946,611 |  |

| At 31 March 2025 | 946,611 |  |

15. | NON-CONTROLLING INTERESTS

| Non-controlling interests represent the share of the group's net assets and results attributable to shareholders outside NMI PE Investments Limited in subsidiaries that are not wholly owned by the group.

| At 31 March 2025, the non-controlling interest balance was a debit balance of £197,632. This balance has arisen from the allocation of post-acquisition results and consolidation adjustments attributable to non-controlling shareholders within the group structure. FRS 102 requires non-controlling interests to be presented separately within equity and permits the balance to become a deficit where the allocation of profits, losses and other equity movements gives rise to such a position.

| The deficit does not represent a cash liability payable by the group. It is an equity allocation arising from the consolidation process. The balance is expected to improve as the group continues to generate profits through its principal trading subsidiaries and may reduce or reverse in future periods as profits attributable to non-controlling shareholders are recognised, or if there are future dividends, equity movements or changes in the group structure.

16. | PROVISIONS FOR LIABILITIES

| Group |

| 31.3.25 |  | 31.3.24 |

£ | £ |

| Deferred tax | 9,660 |  | - |  |

| NMI PE Investments Limited (Registered number: 14941641) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

16. | PROVISIONS FOR LIABILITIES - continued

| Group

| Deferred |

| tax |

£ |

| Provided during year | 1,918 |  |

| Subsidiary Acquisition | 7,742 |  |

| Balance at 31 March 2025 | 9,660 |  |

17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

| 31.3.25 |  | 31.3.24 |  | 31.3.25 |  | 31.3.24 |

£ | £ | £ | £ |

| Bank loans and overdrafts (see note 19) | 266,668 |  | - |  | - |  | - |  |

| Trade creditors | 511,465 |  | - |  | - |  | - |  |

| Tax | (4,745 | ) | - |  | - |  | - |  |

| Social security and other taxes | 1,384,990 |  | - |  | - |  | - |  |

| VAT | 1,831,943 |  | - |  | - |  | - |  |

| Other creditors | 14,012,270 |  | - |  | 3,757,157 |  | - |  |

| Net wages | 479 |  | - |  | - |  | - |  |

| Accruals and deferred income | 113,076 |  | - |  | - |  | - |  |

| Accrued expenses | 2,527,506 |  | - |  | 15,400 |  | - |  |

20,643,652 |  | - |  | 3,772,557 |  | - |  |

18. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| Group |

| 31.3.25 |  | 31.3.24 |

£ | £ |

| Bank loans (see note 19) | 1,449,997 |  | - |  |

| Other creditors | 1,771 |  | - |  |

1,451,768 |  | - |  |

19. | LOANS

| An analysis of the maturity of loans is given below:

| Group |

| 31.3.25 |  | 31.3.24 |

£ | £ |

| Amounts falling due within one year or on | demand: |

| Bank loans | 266,668 |  | - |  |

| Amounts falling due between one and two | years: |

| Bank loans - 1-2 years | 1,449,997 |  | - |  |

| NMI PE Investments Limited (Registered number: 14941641) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2025

20. | ULTIMATE CONTROLLING PARTY

| The ultimate controlling party is Ms N M Imam, who controls the company by virtue of holding 100% of the issued ordinary share capital of NMI PE Investments Limited.

21. | SUBSIDIARIES

| Details of the company's subsidiaries 31st March 2025 are as follows:

| Name of undertaking |  | Nature of business |  | Class of shareholding |  | % Held |  |

|  | Direct |  | Indirect |  |

| NMI Ventures Limited |  | Temporary recruitment solutions |  | Ordinary |  | 75 |  |

| CBSButler Holdings Limited |  | Employment agency |  | Ordinary |  | 67 |  |

| NMI Bidco Limited |  | Human resources functions |  | Ordinary A |  | 56 |  |

| Taskmaster Resources Limited |  | Employment placement agencies |  | Ordinary A |  |  | 56 |  |

| Recruitex Limited |  | Activities of head offices |  | Ordinary A |  |  | 56 |  |

| Recruitmaster Limited |  | Activities of other holding companies |  | Ordinary A |  |  | 56 |  |

| All subsidiary companies are registered in England & Wales. The parent company registered office address 22 Gilbert Street, London, England, W1K 5HD.

| The aggregate capital and reserves and the profit for the year of the subsidiaries noted above was as follows:

| Name of undertaking |  | Profit/(Loss | ) | Capital and |  |

| Reserves |  |

| £ |  | £ |  |

| NMI Ventures Limited |  | 1,276,042 |  | (160 | ) |

| CBSButler Holdings Limited |  | (515,189 | ) | (515,089 | ) |

| NMI Bidco Limited |  | (461,596 | ) | (767,208 | ) |

| Taskmaster Resources Limited |  | 414,343 |  | 7,288,084 |  |

| Recruitex Limited |  | - |  | (53,477 | ) |

| Recruitmaster Limited |  | - |  | 25,103 |  |

22. | SUBSEQUENT EVENTS

| Since the year end, the group has continued to trade in line with management expectations.

| The director has continued to monitor the performance and cash flow position of the group, including the integration and performance of acquired businesses and compliance with funding arrangements. The profitable trading performance of the group’s principal operating subsidiaries continues to support the wider group structure and loss-making entities within the group.

| No matters have arisen since 31 March 2025 requiring adjustment to, or disclosure within, the financial statements other than those disclosed elsewhere in these financial statements.