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Registration number: 10548420

Advancy Limited
Annual Report and Financial Statements
for the Year Ended 31 December 2025

Advancy Limited

Contents

Company Information | 1
Strategic Report | 2 to 4
Directors' Report | 5
Statement of Directors' Responsibilities | 6
Independent Auditor's Report | 7 to 9
Profit and Loss Account | 10
Statement of Comprehensive Income | 11
Balance Sheet | 12
Statement of Changes in Equity | 13
Notes to the Financial Statements | 14 to 22
Detailed Profit and Loss Account | 23 to 25

Advancy Limited

Company Information

Directors | Mr V P C Blom Mr E D Bettignies

Registered office | Savannah House 12 Charles II Street London SW1Y 4QU

Auditors | Bourner Bullock Chartered Accountants 114 St Martin's Lane Covent Garden London WC2N 4BE

Advancy Limited

Strategic Report for the Year Ended 31 December 2025

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

Principal activity

The principal activity of the Company is provision of strategy consulting and advisory services to clients across a range of industries in the United Kingdom and internationally.

Fair review of the business

The directors present their Strategic Report for the year ended 31 December 2025. The company delivered a solid performance during the year despite continued economic uncertainty and inflationary pressures affecting many sectors of the UK economy. Revenue growth remained positive, supported by strong client relationships, the expansion of existing engagements and the successful acquisition of new projects.
Profit before taxation amounted to £4,187,698, compared with £4,850,520 in the prior year, representing a decrease of 14%. While profitability was impacted by higher project delivery costs and increased utilisation of external and intercompany consulting resources, the directors consider the overall performance to be satisfactory and reflective of the company’s ability to sustain growth whilst maintaining strong operating margins.

Sales Income
Turnover for the year amounted to £14,744,974, compared with £13,891,994 in the previous year, representing an increase of 6%.
The company’s turnover was generated exclusively from strategy consulting activities, which represented 100% of total revenue for the year.
The increase in revenue was primarily driven by:
• Continued demand for consulting and advisory services;
• Expansion of existing client engagements;
• Acquisition of new clients and projects during the year; and
• Changes in project mix and timing of assignments.
Gross Profit and Net Profit
Gross profit for the year amounted to £9,512,117, compared with £9,475,947 in the prior year, representing an increase of 0.4%.
Gross profit margin decreased from 68% in the prior year to 65% in the current year. This reduction was primarily driven by higher project-related costs associated with increased business activity, together with higher intercompany recharges for consulting services provided by other group entities.
Despite this decrease, the company maintained a strong gross margin, reflecting the continued profitability of its consulting activities and effective project management.
Profit after taxation amounted to £3,108,754, compared with £3,682,636 in the prior year, representing a decrease of 16%.

Advancy Limited

Strategic Report for the Year Ended 31 December 2025

Key Performance Indicators (KPIs)

The Company's key financial and other performance indicators during the year were as follows:

Financial KPIs | Unit | 2025 | 2024
Revenue | £ | 14,744,974 | 13,891,994
Revenue Growth | % | 6 | 56
Gross Profit Margin | % | 65 | 68
Profit Before Tax | £ | 4,187,698 | 4,850,520
Profit Before Tax Margin | % | 28 | 35
Cash Balance | £ | 105,557 | 282,881

Management reviews these indicators regularly to monitor business performance, profitability, liquidity and operational efficiency.

Principal risks and uncertainties

The company operates in a competitive and evolving consulting market and is exposed to a number of risks and uncertainties.

Economic Conditions
A slowdown in economic activity may reduce client spending on consulting and advisory services. The company mitigates this risk through diversification of its client base and the sectors in which it operates.
Talent Attraction and Retention
The company’s continued success depends on its ability to attract, develop and retain highly skilled professionals. The company invests in employee development, career progression and competitive remuneration packages.
Client Concentration Risk
The loss of a significant client could adversely affect revenue and profitability. Management actively monitors client concentration and seeks to maintain a diversified portfolio of clients.
Competitive Market Environment
The consulting sector remains highly competitive, with ongoing pressure on pricing and the attraction of qualified talent. The company seeks to differentiate itself through the quality of its services, industry expertise and long-term client relationships.
The directors remain confident that the company is well positioned to manage these risks and continue to trade profitably and generate positive cash flows for the foreseeable future.

Advancy Limited

Strategic Report for the Year Ended 31 December 2025

Financial Risk Management Objectives and Policies
Credit Risk
Credit risk arises principally from trade receivables. The company maintains procedures for assessing the creditworthiness of clients before engagement and regularly monitors outstanding balances. Historically, exposure to bad debts has remained low.
Liquidity and Cash Flow Risk
The company actively manages liquidity through regular cash flow forecasting, monitoring of working capital requirements and maintaining adequate cash resources.
Management reviews cash flow projections on an ongoing basis to ensure that sufficient funds are available to meet operational and strategic requirements.
Operational and Financial Risk Management
The directors regularly assess the risks facing the business and implement appropriate mitigation measures. These include:
• Maintaining a strong balance sheet and adequate cash resources;
• Monitoring project profitability and resource utilisation;
• Investing in technology and operational efficiency;
• Maintaining robust governance and internal control procedures.
The directors believe that these measures significantly reduce the company’s exposure to financial and operational risks and provide a strong framework to respond effectively to unforeseen events.
Future Outlook
The directors remain optimistic regarding the company’s prospects. The business enters the new financial year with a healthy pipeline of opportunities and a strong market position.
Management will continue to focus on sustainable growth, operational excellence, talent development and long-term value creation for stakeholders.

Approved and authorised by the Board on 30 June 2026 and signed on its behalf by:

......................................... Mr V P C Blom Director

Advancy Limited

Directors' Report for the Year Ended 31 December 2025

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

Directors of the Company

The directors who held office during the year were as follows:

Mr V P C Blom

Mr E D Bettignies

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the Company's auditors are aware of that information. The directors confirm that there is no relevant information (as defined by section 418(3) of the Companies Act 2006) that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 30 June 2026 and signed on its behalf by:

......................................... Mr V P C Blom Director

Advancy Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

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

• | select suitable accounting policies and apply them consistently;

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

• | state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

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

Advancy Limited

Independent Auditor's Report to the Members of Advancy Limited

Opinion

We have audited the financial statements of Advancy Limited (the 'Company') for the year ended 31 December 2025, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• | give a true and fair view of the state of the Company's affairs as at 31 December 2025 and of its profit for the year then ended;
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
• | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 Company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Advancy Limited

Independent Auditor's Report to the Members of Advancy Limited

Opinion on other matter prescribed by the Companies Act 2006

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

• | the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• | the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
• | the financial statements are not in agreement with the accounting records and returns; or
• | certain disclosures of directors' remuneration specified by law are not made; or
• | we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 6], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

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

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

Advancy Limited

Independent Auditor's Report to the Members of Advancy Limited

| Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. The following laws and regulations were identified as being of significance to the entity: • Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting regulations, Company Law, Tax and Pensions legislation, and distributable profits legislation. • Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include Employment Law, Health and Safetylegislation and Customs regulations. Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud. No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

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

......................................
David Wheeler (Senior Statutory Auditor)
For and on behalf of Bourner Bullock, Statutory Auditor
Chartered Accountants
114 St Martin's Lane
Covent Garden
London
WC2N 4BE

30 June 2026

Advancy Limited

Profit and Loss Account for the Year Ended 31 December 2025

| Note | 2025 £ | (As restated) 2024 £
Turnover | 4 | 14,744,974 | 13,891,994
Cost of sales |  | (5,232,857) | (4,416,047)
Gross profit |  | 9,512,117 | 9,475,947
Administrative expenses |  | (5,443,189) | (4,485,646)
Operating profit | 5 | 4,068,928 | 4,990,301
Other interest receivable and similar income | 6 | 32,092 | 4,766
Interest payable and similar expenses | 7 | 86,678 | (144,547)
|  | 118,770 | (139,781)
Profit before tax |  | 4,187,698 | 4,850,520
Tax on profit | 10 | (1,078,944) | (1,167,884)
Profit for the financial year |  | 3,108,754 | 3,682,636

The above results were derived from continuing operations.

The Company has no recognised gains or losses for the year other than the results above.

Advancy Limited

Statement of Comprehensive Income for the Year Ended 31 December 2025

| 2025 £ | (As restated) 2024 £
Profit for the year | 3,108,754 | 3,682,636
Total comprehensive income for the year | 3,108,754 | 3,682,636

Advancy Limited

(Registration number: 10548420)
Balance Sheet as at 31 December 2025

| Note | 2025 £ | (As restated) 2024 £
Fixed assets |  |  |
Tangible assets | 11 | 144,959 | 253,778
Current assets |  |  |
Debtors | 12 | 8,886,412 | 9,890,423
Cash at bank and in hand |  | 105,557 | 282,881
|  | 8,991,969 | 10,173,304
Creditors: Amounts falling due within one year | 15 | (3,805,022) | (4,802,462)
Net current assets |  | 5,186,947 | 5,370,842
Total assets less current liabilities |  | 5,331,906 | 5,624,620
Provisions for liabilities | 14 | (10,032) | (10,032)
Net assets |  | 5,321,874 | 5,614,588
Capital and reserves |  |  |
Called up share capital |  | 100 | 100
Other reserves |  | 598,532 | -
Retained earnings |  | 4,723,242 | 5,614,488
Shareholders' funds |  | 5,321,874 | 5,614,588

Approved and authorised by the Board on 30 June 2026 and signed on its behalf by:

......................................... Mr V P C Blom Director

Advancy Limited

Statement of Changes in Equity for the Year Ended 31 December 2025

| Share capital £ | Other reserves £ | Retained earnings £ | Total £
At 1 January 2025 | 100 | - | 5,459,488 | 5,459,588
Prior period adjustment | - | - | 155,000 | 155,000
At 1 January 2025 (As restated) | 100 | - | 5,614,488 | 5,614,588
Profit for the year | - | - | 3,108,754 | 3,108,754
Dividends | - | - | (4,000,000) | (4,000,000)
Transfers | - | 598,532 | - | 598,532
At 31 December 2025 | 100 | 598,532 | 4,723,242 | 5,321,874

| Share capital £ | Other reserves £ | Retained earnings £ | Total £
At 1 January 2024 | 100 | - | 1,931,852 | 1,931,952
Profit for the year | - | - | 3,682,636 | 3,682,636
At 31 December 2024 | 100 | - | 5,614,488 | 5,614,588

Advancy Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

1 | General information

The Company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Savannah House
12 Charles II Street
London
SW1Y 4QU

Principal activity

The principal activity of the Company is provision of strategy consulting and advisory services to clients across a range of industries in the United Kingdom and internationally

These financial statements were authorised for issue by the Board on 30 June 2026.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Summary of disclosure exemptions

FRS 102 allows a qualifying entity certain disclosure exemptions if certain conditions have been complied with, iincluding notification of and no objection to, the use of exemptions by the Company's shareholders. A qualifying entity is defined as a member of a group that prepares publicly available financial statements, which give a true and fair view, in which that member is consolidated. Advancy Limited is a qualifying entity as its results are consolidated into the financial statements of Advancy Groupe SAS, which are publicly available.
As a qualifying entity, the Company has taken advantage of the following exemptions:
(i) from the requirement to present a statement of cash flows as required by paragraph 3.17 (d) of FRS 102;
(ii) from the requirement to present financial instrument disclosures, as required by FRS 102 paragraphs 11.39 to
11.48A, 12.26 and 12.29;
(iii) from the requirement to present a reconciliation of the number of shares outstanding at the beginning and end of
the period as required by paragraph 4.12(a)(iv); and
(iv) from the requirement to present key management personnel compensation as required by paragraph 33.6.

Name of parent of group

These financial statements are consolidated in the financial statements of Advancy Partners SAS.

The financial statements of may be obtained from 948, 605, 118, RCS, Paris, France.

Advancy Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Group accounts not prepared

The financial statements contain information about Advancy Limited as an individual company and do not contain consolidated financial information as the parent of a group..

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the
company has adequate resources to continue in operational existence for the foreseeable future. The company
therefore continues to adopt the going concern basis in preparing its financial statements.

Prior period errors

During the year it was identified that there was an invoice raised in 2025 for which the income related to 2024. Therefore, this has been corrected as a prior year restatement.

|  | Current Year |  | Prior Year
Turnover |  | 155,000 |  | (155,000)
Trade debtors |  |  |  | 155,000
Retained earnings |  | (155,000) |  |

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded in the entity’s functional currency by applying the exchange rate at the monthly average rate. Monetary assets and liabilities denominated in foreign currencies are retranslated using the year end closing rate. All differences are taken to profit or loss.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Advancy Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Furniture, fittings, tools and equipment | 25% straight line
Short leasehold - Improvements and furniture | 20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call 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.

Trade debtors

Basic financial assets, including trade and other debtors, are intially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

The company has a loan facility with Advancy Groupe. This is recognised at its cash value given that at any point in time, the balance is repayable within one year.

Provisions

A provision is recognised when the company has a legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation.
Provisions for the expected costs of maintenance under guarantees are charged to profit or loss when products have been invoiced. The effect of the time value of money is not material and therefore the provisions are not discounted.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Advancy Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Share based payments

The Company operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments of the entity. The fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted.

Financial instruments

Classification
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans to/from related parties and investments in non-puttable ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

3 | Significant judgements and key sources of estimation uncertainty

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion there are no significant judgements or key sources of estimation uncertainty.

Advancy Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

4 | Turnover

The analysis of the Company's Turnover for the year from continuing operations is as follows:

| 2025 £ | (As restated) 2024 £
Rendering of services | 14,744,974 | 13,891,994

The analysis of the Company's Turnover for the year by market is as follows:

| 2025 £ | (As restated) 2024 £
UK | 3,724,724 | 5,087,866
Europe | 5,891,804 | 5,463,647
Rest of world | 5,128,446 | 3,340,481
| 14,744,974 | 13,891,994

5 | Operating profit

Arrived at after charging/(crediting)

| 2025 £ | 2024 £
Depreciation expense | 128,935 | 130,298

6 | Other interest receivable and similar income

| 2025 £ | 2024 £
Interest income on bank deposits | 25,833 | 1,461
Other finance income | 6,259 | 3,305
| 32,092 | 4,766

7 | Interest payable and similar expenses

| 2025 £ | 2024 £
Interest expense on other finance liabilities | 72,953 | 46,480
Foreign exchange (losses)/gains | (159,631) | 98,067
| (86,678) | 144,547

Advancy Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

8 | Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

| 2025 £ | 2024 £
Wages and salaries | 2,991,131 | 3,041,644
Social security costs | 458,606 | 337,370
Other short-term employee benefits | 86,952 | 56,266
Pension costs, defined contribution scheme | 218,480 | 242,998
Share-based payment expenses | 598,532 | -
Other employee expense | 78,744 | 88,059
| 4,432,445 | 3,766,337

The average number of persons employed by the Company (including directors) during the year, analysed by category was as follows:

| 2025 No. | 2024 No.
Other departments | 34 | 30
| 34 | 30

9 | Auditors' remuneration

| 2025 £ | 2024 £
Audit of the financial statements | 8,500 | 8,500
Other fees to auditors |  |
All other non-audit services | 5,250 | -

10 | Taxation

Tax charged/(credited) in the profit and loss account

| 2025 £ | 2024 £
Current taxation |  |
UK corporation tax | 1,078,944 | 1,196,928
Deferred taxation |  |
Arising from changes in tax rates and laws | - | (29,044)
Tax expense in the income statement | 1,078,944 | 1,167,884

Advancy Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2024 - the same as the standard rate of corporation tax in the UK) of 25% (2024 - 25%).
The differences are reconciled below:

| 2025 £ | (As restated) 2024 £
Profit before tax | 4,187,698 | 4,850,520
Corporation tax at standard rate | 1,046,925 | 1,212,630
Decrease in UK and foreign current tax from adjustment for prior periods | - | (38,750)
Tax increase from effect of capital allowances and depreciation | 27,204 | 28,686
Tax decrease from other short-term timing differences | - | (29,044)
Effect of expense not deductible in determining taxable profit (tax loss) | 100 | 235
Tax increase/(decrease) from changes in pension fund prepayment | 4,715 | (5,873)
Total tax charge | 1,078,944 | 1,167,884

During the 2025 audit an invoice was identified which related to 2024. A prior year restatement has been made to the 2024 revenue figure. The prior year tax charge did not require restating. Instead the reconciling adjustment for prior periods has been added to the above tax note.

11 | Tangible assets

| Short leasehold land and buildings £ | Plant and machinery £ | Total £
Cost or valuation
At 1 January 2025 | 347,993 | 281,273 | 629,266
Additions | - | 20,115 | 20,115
At 31 December 2025 | 347,993 | 301,388 | 649,381
Depreciation
At 1 January 2025 | 214,597 | 160,891 | 375,488
Charge for the year | 69,599 | 59,335 | 128,934
At 31 December 2025 | 284,196 | 220,226 | 504,422
Carrying amount
At 31 December 2025 | 63,797 | 81,162 | 144,959
At 31 December 2024 | 133,396 | 120,382 | 253,778

Included within the net book value of land and buildings above is £63,798 (2024 - £133,396) in respect of short leasehold land and buildings.

Advancy Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

12 | Debtors

Current | Note | 2025 £ | (As restated) 2024 £
Trade debtors |  | 1,790,743 | 1,747,963
Amounts owed by related parties |  | 1,836,359 | 5,247,643
Other debtors |  | 476,275 | 226,818
Prepayments |  | 110,043 | 73,047
Accrued income |  | 4,542,524 | 2,594,952
Income tax asset | 10 | 130,468 | -
|  | 8,886,412 | 9,890,423

13 | Cash and cash equivalents

| 2025 £ | 2024 £
Cash on hand | 100 | 100
Cash at bank | 105,457 | 282,781
| 105,557 | 282,881

14 | Provisions for liabilities

| Deferred tax £ | Total £
At 1 January 2025 | 10,032 | 10,032
At 31 December 2025 | 10,032 | 10,032

15 | Creditors

| 2025 £ | 2024 £
Due within one year |  |
Trade creditors | 761,347 | 220,964
Amounts due to related parties | 2,187,044 | 2,640,649
Social security and other taxes | 111,436 | 93,965
Outstanding defined contribution pension costs | 27,214 | 8,354
Other payables | 21,039 | 21,038
Accruals | 623,033 | 715,357
Income tax liability | 73,909 | 1,102,135
| 3,805,022 | 4,802,462

Advancy Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

16 | Pension and other schemes

Defined contribution pension scheme

The Company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the Company to the scheme and amounted to £218,480 (2024 - £242,998).
Contributions totalling £27,214 (2024 - £8,354) were payable to the scheme at the end of the year and are included in creditors.

17 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary Shares of £1 each | 100 | 100 | 100 | 100

18 | Dividends

Final dividends paid

|  | 2025 £ |  | 2024 £
Final dividend of £1.00 (2024 - £Nil) per each Ordianry |  | 4,000,000 |  | -

Advancy Limited

Detailed Profit and Loss Account for the Year Ended 31 December 2025

| 2025 £ | (As restated) 2024 £
Turnover (analysed below) | 14,744,974 | 13,891,994
Cost of sales (analysed below) | (5,232,857) | (4,416,047)
Gross profit | 9,512,117 | 9,475,947
Gross profit (%) | 64.51% | 68.21%
Administrative expenses |  |
Employment costs (analysed below) | (4,432,445) | (3,766,337)
Establishment costs (analysed below) | (416,068) | (405,595)
General administrative expenses (analysed below) | (456,919) | (180,486)
Finance charges (analysed below) | (8,822) | (2,930)
Depreciation costs (analysed below) | (128,935) | (130,298)
| (5,443,189) | (4,485,646)
Operating profit | 4,068,928 | 4,990,301
Other interest receivable and similar income (analysed below) | 32,092 | 4,766
Interest payable and similar charges (analysed below) | 86,678 | (144,547)
| 118,770 | (139,781)
Profit before tax | 4,187,698 | 4,850,520

Advancy Limited

Detailed Profit and Loss Account for the Year Ended 31 December 2025

| 2025 £ | 2024 £

Turnover |  |
Rendering of services, UK | 3,724,724 | 5,087,866
Rendering of services, Europe | 5,891,804 | 5,463,647
Rendering of services, rest of world | 5,128,446 | 3,340,481
| 14,744,974 | 13,891,994

Cost of sales |  |
Intercompany Expense Recharges | (82,062) | (17,181)
Purchases | (383,410) | (472,580)
Intercompany Fee recharges | (1,745,547) | (1,933,115)
Consultancy fees | (3,021,838) | (1,993,171)
| (5,232,857) | (4,416,047)

Employment costs |  |
Wages and salaries (excluding directors) | (2,637,332) | (2,680,857)
Staff NIC (Employers) | (458,606) | (337,370)
Staff pensions (Defined contribution) | (218,480) | (242,998)
Private health insurance | (86,952) | (56,266)
Staff bonuses | (353,799) | (360,787)
Staff training | (4,527) | (4,336)
Staff welfare | (74,217) | (83,723)
Share-based payment expense - equity settled | (598,532) | -
| (4,432,445) | (3,766,337)

Establishment costs |  |
Rent | (214,343) | (239,720)
Rates | (168,755) | (147,179)
Light, heat and power | (13,930) | (9,166)
Insurance | (4,403) | (4,334)
Repairs and renewals | (14,637) | (5,196)
| (416,068) | (405,595)

General administrative expenses |  |
Telephone and fax | (9,827) | (12,810)
Office expenses | (1,806) | (6,434)
Computer software and maintenance costs | (57,483) | (24,358)
Printing, postage and stationery | (19,322) | (1,867)
Trade subscriptions | (13,085) | (11,200)
Sundry expenses | (504) | -
Cleaning | (31,292) | (27,784)
Recruitment | (28,068) | (6,628)
Travel and subsistence | (14,531) | (4,301)

Advancy Limited

Detailed Profit and Loss Account for the Year Ended 31 December 2025

| 2025 £ | 2024 £

Advertising | (985) | (21,238)
Staff entertaining (allowable for tax) | (20,705) | (938)
Accountancy fees | (41,559) | (22,033)
Auditor's remuneration - The audit of the company's annual accounts | (8,500) | (8,500)
Auditors' remuneration - non audit work | (5,250) | -
Legal and professional fees | (204,002) | (32,395)
| (456,919) | (180,486)

Finance charges |  |
Bank charges | (8,822) | (2,930)

Depreciation costs |  |
Depreciation of long leasehold property | (69,599) | (69,599)
Depreciation of fixtures and fittings (owned) | (59,336) | (60,699)
| (128,935) | (130,298)

Other interest receivable and similar income |  |
Bank interest receivable | 25,833 | 1,461
Other interest receivable | 6,259 | 3,305
| 32,092 | 4,766

Interest payable and similar expenses |  |
Other interest payable | (72,953) | (46,480)
Foreign currency (gains)/losses | 159,631 | (98,067)
| 86,678 | (144,547)