Contents of the Financial Statements

for the Period Ended 31 December 2025

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

Directors' report period ended 31 December 2025

The directors present their report with the financial statements of the company for the period ended 31 December 2025

Directors

The directors shown below have held office during the whole of the period from
1 January 2025 to 31 December 2025

Peter Clarke
Hubert Keller
Jean-Pascal Porcherot

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
17 April 2026

And signed on behalf of the board by:
Name: Peter Clarke
Status: Director

Profit And Loss Account

for the Period Ended 31 December 2025

	2025	2024
	£	£
Turnover:	45,969,000	60,889,000
Gross profit(or loss):	45,969,000	60,889,000
Administrative expenses:	( 48,666,000 )	( 64,926,000 )
Operating profit(or loss):	(2,697,000)	(4,037,000)
Interest receivable and similar income:	1,083,000	1,753,000
Interest payable and similar charges:	( 467,000 )	( 661,000 )
Profit(or loss) before tax:	(2,081,000)	(2,945,000)
Tax:	487,000	717,000
Profit(or loss) for the financial year:	(1,594,000)	(2,228,000)

Balance sheet

As at 31 December 2025

	Notes	2025	2024
		£	£
Fixed assets
Tangible assets:	3	2,386,000	2,759,000
Investments:	4	61,000	61,000
Total fixed assets:		2,447,000	2,820,000
Current assets
Debtors:	5	27,608,000	52,191,000
Cash at bank and in hand:		21,194,000	17,978,000
Investments:	6	9,772,000	9,399,000
Total current assets:		58,574,000	79,568,000
Creditors: amounts falling due within one year:	7	( 24,515,000 )	( 44,289,000 )
Net current assets (liabilities):		34,059,000	35,279,000
Total assets less current liabilities:		36,506,000	38,099,000
Total net assets (liabilities):		36,506,000	38,099,000
Capital and reserves
Called up share capital:		20,000,000	20,000,000
Profit and loss account:		16,506,000	18,099,000
Total Shareholders' funds:		36,506,000	38,099,000

The notes form part of these financial statements

Balance sheet statements

For the year ending 31 December 2025 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The notes form part of these financial statements

Notes to the Financial Statements

for the Period Ended 31 December 2025

• 1. Accounting policies

  Basis of measurement and preparation

  These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

  Turnover policy

  Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for services rendered, net of discounts and rebates allowed by the Company and value added taxes.

  Tangible fixed assets depreciation policy

  Tangible fixed assets are stated at historic purchase cost less accumulated depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. Depreciation is provided on a straight line basis to write off the cost of tangible fixed assets over their estimated useful lives as follows: Office equipement and furniture – 1-3 years Short-term leasehold improvements – over the period of lease

  Other accounting policies

  Foreign Currency Employee Benefits Taxation Share Capital Provisions and contingencies Related Party Transactions Operating Leases Financial Instruments

Notes to the Financial Statements

for the Period Ended 31 December 2025

• 2. Employees

  	2025	2024
  Average number of employees during the period	121	131