Company registration number 02723581 (England and Wales)
EDUCATION PERSONNEL MANAGEMENT LIMITED
FINANCIAL STATEMENTS
for the year ended
31 DECEMBER 2025
EDUCATION PERSONNEL MANAGEMENT LIMITED
COMPANY INFORMATION
Directors
L M Foley
J L Elliott
A J Mackey
Company number
02723581
Registered office
Spencer House
Ermine Business Park
Huntingdon
PE29 6EP
Auditor
Fisher Phillips LLP
Summit House
170 Finchley Road
London
NW3 6BP
EDUCATION PERSONNEL MANAGEMENT LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 7
Independent auditor's report
8 - 10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Statement of cash flows
14
Notes to the financial statements
15 - 28
EDUCATION PERSONNEL MANAGEMENT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

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

Principal activities

The principal activity of the Company is the provision of tech-enabled Compliance Solutions to Schools, Academies and Multi-Academy Trusts in the United Kingdom. Compliance Solutions include Human Resources, Payroll & Pensions, Consultancy, Leadership & MAT Development, Finance, Safer recruitment and DBS services.

Business review

The year ended 31 December 2025 marks the second full year of trading following the successful management buyout (MBO) completed on 14 December 2023, led by the co-owners alongside the existing leadership team.

Turnover for the year was £12.63 million (2024: £12.79 million). The Company reported a statutory loss before taxation of £253,594 (2024: profit before taxation of £49,835), primarily reflecting increased amortisation arising from capitalised expenditure on the new integrated HR and Payroll platform, together with the impact of increased salary costs and wider inflationary pressures.

Despite these factors, the Company’s underlying operational performance remained resilient. Based on management’s internal performance measures, underlying EBIT D A increased by 16% compared with the prior year. This improvement was supported by disciplined cost control, optimisation of business processes and the integration of AI tools into key workflows to improve productivity and efficiency. Administrative expenses reduced during the year despite continued investment in technology, information security and staff development.

The Company continues to invest in technology, information security and staff development to enhance its service offering and support long-term growth, scalability and operational resilience. Key strategic priorities remain focused on client retention , protecting margins, innovation in service delivery and capturing growth opportunities within the education sector. During the year, the Company launched the Network of Education Excellence (nEdEx), providing conferences, professional resources and awards for the education sector, funded through sponsorship.

The directors remain confident in the Company's long-term prospects. The Company continues to invest in technology, information security and its people while maintaining a disciplined approach to cost management. The directors believe the Company is well positioned to deliver sustainable long-term growth and continue providing high-quality services to the education sector.

Principal risks and uncertainties

The risks below are the principal risks that may impact the Company achieving its strategic objectives:

Customers

The Directors recognise that the pace of continued growth depends upon the Company continuing to attract new clients for its services, and the renewal and cross sell of its services into its existing customer base. The company has a strong customer base with no specific dependency upon key clients; however, this is a risk of competition from other providers in the sector. To mitigate the customer risk the Company is investing in new leading-edge technology designed specifically for Education and has a continued focus on attracting and retaining exceptional personnel to deliver a first-class service to their clients.

People

The company has a longstanding, experienced team of Directors and employs experienced qualified personnel to deliver high standard levels of service to their client base. Key personnel in a high service-based business is always a risk. To mitigate this risk the Company has implemented a Management Incentive Plan (MIP) to retain and motivate management to achieve the Company’s strategic objectives.

EDUCATION PERSONNEL MANAGEMENT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

The Company are also committed to investing in their people and provide training and development opportunities as well as having a continued high focus on employee engagement having been included in the Sunday Times Best places to work in 2026. The Company has a glass door score of 4.6 and a lower than industry average staff attrition ratio.

Tech

The Company has seen growing competition with technological advancements from other service providers in the education sector with customers, particularly MATs requiring enhanced reporting and self-service functionality. To mitigate this risk the Company is part way through a strategic project to design and implement a new integrated HR and Payroll platform following investment from their former parent company Citation Holdings Ltd in 2023. The Directors are confident that the new leading-edge technology designed specifically for Education, along with their experienced team of specialists in the sector will drive growth and efficiencies making EPM a strong competitor in the current market. Transferring customers to any new system comes with risk however early indications show current customers are wanting to purchase additional modules on the new software and the current sales pipeline supports this.

Changes in legislation

Changes of government and in subsequent legislation have a significant impact on the Company through updates to client information and the requirement to ensure that all Company staff maintain their comprehensive knowledge of the regulations that could affect clients, and software can be updated in line with the latest legislative changes.

Liquidity risk

The Directors review the Company's liquidity risks both bi-annually, as part of the planning and budgeting process, and on a frequent basis to ensure the Company has sufficient cash resources to meet covenant and funding requirements and liabilities as they fall due. Within the management buyout agreement, short term funding is available from Citation Holdings Ltd should the need arise whilst the Company undergo a period of transformation with the new technology. Short-term and long-term cash flow forecasts are regularly performed and reported to the Directors. The Company's finance team monitor cash positions daily and this is reviewed by the CFO daily.

Credit risk

The Company is exposed to credit risk on financial assets to the extent that it is owed trade and other receivables from customers. Trade receivable exposures are managed in-house by a credit controller. At risk customers are reported to the Directors on an ad-hoc basis and action is taken swiftly to reduce risk. If debt is deemed irrecoverable overdue invoices and any related accrued income balance is written off against the relevant underlying provisions.

Cyber risk

The Company is exposed to cyber risk as it delivers its services through technology-based platforms and processes significant volumes of personal and sensitive data. A cyber-attack or data breach could adversely affect customer and employee data, financial reporting systems and stakeholder confidence and could result in regulatory sanctions. To mitigate this risk, the Company maintains a robust information security framework, including employee training, ongoing review of IT systems and controls, cloud-based data storage, regularly tested disaster recovery plans and multifactor authentication. Following a successful ISO 27001 certification audit at the end of 2025, the Company is awaiting issuance of the final certificate. The certification process provides independent assurance that appropriate information security governance, risk management processes and controls are in place to protect data and support operational resilience.

EDUCATION PERSONNEL MANAGEMENT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
Other information and explanations

Environmental matters

The Company is committed to minimising the environmental impact of its activities, products and services and has implemented several strategies within its direct operational management. These strategies have been carefully designed and implemented to ensure that the business is operating in an environmentally responsible manner. Directors regularly evaluate the Company’s policies to ensure compliance with relevant environmental legislation, regulations and other environmental requirements are maintained.

Environmental and energy efficiency initiatives undertaken in the year include:

• Introduction of an Electrical Vehicle (EV) scheme to reduce fuel consumption and minimise carbon emissions.

• Reduction in employee travel through remote selling to and servicing of clients and the use of a hybrid working from home model for employees.

• Implemented waste reduction and recycling programs such as proper segregation of waste, composting of organic materials and recycling initiatives to minimise the amount of waste sent to landfills.

• Prioritised working with suppliers who use sustainable materials, minimise their own carbon emissions and have their own environmental management systems in place.

• Implementing energy efficient technologies and practices, such as LED lighting and thermostatic temperature controls to significantly reduce our energy consumption.

• Adopted water saving technologies and practices to minimise water wastage within the Company premises including the use of water efficient fixtures.

• Explored alternative packaging options for marketing materials that are biodegradable or recyclable to minimise plastic waste and reduction of plastic pollution.

• Actively encourage the use of car share and raising awareness of the cycle to work scheme throughout the Company to reduce fuel consumption and minimise carbon emissions further.

Corporate social responsibility

The Company is committed to taking its corporate social responsibilities very seriously and includes social and environmental issues at the heart of all decision-making processes. Our charity work focuses on community, health and education. We prioritise initiatives which help those in need, and which support the development of young people. We support a range of UK-wide charities each year raising funds for those charities which are usually close to the heart of our team, they’ve included The Rainbow Trust, Children's Liver Disease Foundation, Cancer Research, Magic breakfast and the NSPCC, to name a few. We also support local schools and colleges with supporting and attending open days and providing work experience opportunities for their pupils.

Our employees are at the heart of what we do, and our wellbeing strategy focuses on 5 areas of wellbeing and fosters a culture of inclusivity, work-life balance and continuous development. It is an ongoing commitment to creating a workplace where employees feel valued, supported and empowered, the 5 areas are:

• Physical health and wealth - Offering health assessments, discounted gym memberships and providing healthy food options and snacks in the office as well as nutritional workshops.

• Mental and emotional wellbeing - Providing access to a range of confidential counselling services, various workshops on mindfulness and stress management, mental health first aid team and mental health days.

• Work life balance - Flexible work policies and arrangements, time management workshops and leave policies.

• Personal and professional development - Learning and development, career pathing and mentorship programmes.

• Financial wellbeing - various webinars and talks on financial planning including pensions, discount apps and Bupa cash plans.

EDUCATION PERSONNEL MANAGEMENT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -

On behalf of the board

L M Foley
Director
26 June 2026
EDUCATION PERSONNEL MANAGEMENT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 5 -

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

Results and dividends

The results for the year are set out on page 11.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

L M Foley
J L Elliott
A J Mackey

Going concern

The Company’s business activities, together with the factors likely to affect its future development and financial position, are described in the Directors’ Report.

The Company participates in a centralised treasury arrangement with its parent undertaking, EPM Holdings Limited, and the Group closely monitors its funding position throughout the year, including cash flows and available facilities, to ensure that sufficient resources are available to support its operations.

The Company is more than two years into a management buyout. As part of the funding arrangements following the acquisition, a term loan facility was made available by Citation Holdings Limited to EPM Holdings Limited to support the Group’s transformation programme. As at 31 December 2025, the outstanding balance under the facility was £1.74 million. Subsequent to the year end, a voluntary early repayment of £0.74 million was made from surplus cash resources, reducing future interest costs. The Company has also continued to fund capitalised development expenditure from operating cash flows rather than additional external borrowings.

In assessing the appropriateness of the going concern basis of accounting, the directors have prepared detailed cash flow and profit forecasts through to 31 December 2027. These forecasts assess the Company’s ability to meet its liabilities as they fall due and consider the impact of severe but plausible downside scenarios.

The downside scenarios modelled include:

- a 20% increase in customer churn; and

- a 30% reduction in new business and upsell revenue despite continued investment in technology and product development.

Under both the base case and the downside scenarios, the forecasts demonstrate that the Company maintains adequate cash resources to meet its liabilities as they fall due and continues to generate positive operating cash flows.

Having considered the forecasts, post year-end trading performance and the results of the downside analysis, the directors are satisfied that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going-concern basis of accounting in preparing these financial statements and have concluded that there is no material uncertainties related to events or conditions that may cast significant doubt upon the Company’s ability to continue as a going concern.

Directors' insurance

During the year the Company had third party indemnity insurance for the Directors and Officers. This insurance remains in force as at the date of approving the Directors’ report.

Financial instruments

The Company's main financial instruments are cash and receivables and payables carried at amortised cost. The Company does not use derivative financial instruments.

EDUCATION PERSONNEL MANAGEMENT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -
Disabled persons

Disabled employees are given full and fair consideration for all types of vacancy. Should an existing employee become disabled, such steps as are practical and reasonable are taken to retain him or her in employment. Where appropriate, assistance with rehabilitation and suitable training are given. Disabled persons have equal opportunities for training, career development and promotion, except insofar as such opportunities are constrained by the practical limitations of their disability.

Employee involvement

Within the bounds of commercial confidentiality, staff at all levels are kept fully informed of matters that affect the progress of the Company and are of interest to them as employees. This is carried out by the Directors who present a companywide update over MS Teams monthly. A heavy emphasis is placed on providing an engaging and rewarding environment for our employees to thrive, develop their skills, and contribute meaningfully to the success of the organisation. The Company have development schemes in place to take all level of employees through professional qualifications. The Company measures employee engagement using an external survey provided by Workl with a score of 88% placing them in the Sunday Times Best Places to work in 2026.

Future developments

The Company is continuing with its strategy of developing and implementing its new leading-edge technology into the Education sector and adding additional products and services to its current suite available for its education customers. As part of its forward-thinking strategy, the company is adopting the use of AI technologies to enhance operational performance and support its people through smarter, more efficient ways of working.

Auditor

The auditor, Fisher Phillips LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible 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 then apply them consistently;

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

- 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.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

EDUCATION PERSONNEL MANAGEMENT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
On behalf of the board
L M Foley
Director
26 June 2026
EDUCATION PERSONNEL MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EDUCATION PERSONNEL MANAGEMENT LIMITED
- 8 -
Opinion

We have audited the financial statements of Education Personnel Management Limited (the 'company') for the year ended 31 December 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 loss 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's 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 directors' 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 financial statements are 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

EDUCATION PERSONNEL MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EDUCATION PERSONNEL MANAGEMENT LIMITED
- 9 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which 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 directors' r esponsibilities s tatement, 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's 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.

Auditor's responsibilities for Identifying Irregularities

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.

Based on our understanding of the company and its industry, we identified the principal risks of non-compliance with laws and regulations related to company law applicable in England and Wales, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, tax legislation regarding payroll, VAT and corporation tax.

We evaluated the management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk to override controls), and performed the following audit procedures:

- Enquiry with senior management and those charged with governance about known or suspected instances of non-compliance with laws and regulations and fraud.

- Reviewing correspondence and minutes of relevant meetings of those charged with governance.

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

There are inherent limitations in the audit procedures described above. We are less likely to be aware of instances on non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatements due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through collusion.

EDUCATION PERSONNEL MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EDUCATION PERSONNEL MANAGEMENT LIMITED
- 10 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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.

Steven Frost BFP FCA
Senior Statutory Auditor
For and on behalf of Fisher Phillips LLP
26 June 2026
Chartered Accountants
Statutory Auditor
Summit House
170 Finchley Road
London
NW3 6BP
EDUCATION PERSONNEL MANAGEMENT LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
2025
2024
Notes
£
£
Turnover
3
12,627,503
12,791,567
Cost of sales
(6,980,222)
(6,843,108)
Gross profit
5,647,281
5,948,459
Administrative expenses
(5,906,265)
(5,898,624)
Operating (loss)/profit
4
(258,984)
49,835
Interest receivable and similar income
7
5,390
-
0
(Loss)/profit before taxation
(253,594)
49,835
Tax on (loss)/profit
8
240,082
136,134
(Loss)/profit for the financial year
(13,512)
185,969

The profit and loss account has been prepared on the basis that all operations are continuing operations.

EDUCATION PERSONNEL MANAGEMENT LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 12 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
10
2,029,973
2,519,551
Tangible assets
11
101,849
275,794
2,131,822
2,795,345
Current assets
Debtors
13
1,064,641
1,062,689
Cash at bank and in hand
725,650
440,421
1,790,291
1,503,110
Creditors: amounts falling due within one year
14
(1,529,580)
(1,892,410)
Net current assets/(liabilities)
260,711
(389,300)
Net assets
2,392,533
2,406,045
Capital and reserves
Called up share capital
16
1,477
1,477
Profit and loss reserves
17
2,391,056
2,404,568
Total equity
2,392,533
2,406,045

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 26 June 2026 and are signed on its behalf by:
L M Foley
Director
Company registration number 02723581 (England and Wales)
EDUCATION PERSONNEL MANAGEMENT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 13 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2024
1,477
2,218,599
2,220,076
Year ended 31 December 2024:
Profit and total comprehensive income
-
185,969
185,969
Balance at 31 December 2024
1,477
2,404,568
2,406,045
Year ended 31 December 2025:
Loss and total comprehensive income
-
(13,512)
(13,512)
Balance at 31 December 2025
1,477
2,391,056
2,392,533
EDUCATION PERSONNEL MANAGEMENT LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 14 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
20
1,261,185
(237,099)
Income taxes refunded
282,333
-
Net cash inflow/(outflow) from operating activities
1,543,518
(237,099)
Investing activities
Purchase of intangible assets
(1,225,939)
(1,435,968)
Purchase of tangible fixed assets
(40,391)
(76,874)
Proceeds from disposal of tangible fixed assets
2,651
5,533
Interest received
5,390
-
0
Net cash used in investing activities
(1,258,289)
(1,507,309)
Net increase/(decrease) in cash and cash equivalents
285,229
(1,744,408)
Cash and cash equivalents at beginning of year
440,421
2,184,829
Cash and cash equivalents at end of year
725,650
440,421
EDUCATION PERSONNEL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 15 -
1
Accounting policies
Company information

Education Personnel Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is Spencer House, Ermine Business Park, Huntingdon, PE29 6EP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Revenue is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

The company offers a diverse range of products and services and applies various revenue recognition methods in accordance with the principles of FRS 102. For contractual revenue, income is recognised based on the delivery of services to customers over the duration of the contract, which typically spans 12 months but may extend up to 36 months depending on the nature of the product or service.

The costs associated with service delivery are allocated to the specific performance obligations outlined in the contract. Revenue is recognised in line with this cost allocation, as and when these performance obligations are satisfied throughout the contract term.

Non-contractual revenue is recognised at the point in time when control of the service is transferred to the customer.

Where invoices are issued on a schedule that does not align with the timing of revenue recognition based on service delivery, appropriate adjustments are made through accrued or deferred income. Deferred income commonly arises where customers pay in advance on an annual, termly, or quarterly basis.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

EDUCATION PERSONNEL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 16 -

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software Development and licences
Over 3 years
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
Over the life of the lease
Fixtures, fittings and equipments
Over 5 years
Computer equipment
Over 3 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

EDUCATION PERSONNEL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 17 -
1.8
Financial instruments

The company 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 company's balance sheet when the company 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 and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

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 company after deducting all of its liabilities.

EDUCATION PERSONNEL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 18 -
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 paymen ts 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. A m ounts 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.

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 s ubsequently 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 th r ough 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 company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company 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.

1.10
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

EDUCATION PERSONNEL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 19 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Judgements and key sources of estimation uncertainty

The preparation of financial statements in compliance with FRS102 requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the year end 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. The estimates that have had the most significant effect on amounts recognised in the financial statements are:

EDUCATION PERSONNEL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
- 20 -
Key sources of estimation uncertainty
Intangible assets

The Company determines a reliable estimate of the useful life of intangible assets based on various factors, including the expected use of the asset, the anticipated useful life of the cash-generating units to which the asset is allocated, and any legal, regulatory, or contractual provisions that may limit its useful life. The estimate also considers assumptions that market participants would make regarding similar assets.

Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended where necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

Accrued and deferred income

The Company recognises accrued income when it has earned revenue for services rendered but has not yet received payment by the end of the reporting period. This income is recorded based on the Company’s reliable estimate of the amount expected to be received, considering contractual terms, historical collection patterns, and the probability of receipt.

The Company recognises deferred income when payments are received in advance of rendering services. This income is initially recorded as a liability and subsequently recognised as revenue in the period in which the related services are delivered, in accordance with the terms of the underlying agreement and relevant FRS 102 revenue recognition principles.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Rendering of services
12,627,503
12,791,567
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
12,627,503
12,791,567
2025
2024
£
£
Other revenue
Interest income
5,390
-
EDUCATION PERSONNEL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 21 -
4
Operating (loss)/profit
2025
2024
Operating (loss)/profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
32,500
40,000
Depreciation of owned tangible fixed assets
108,228
109,647
Loss/(profit) on disposal of tangible fixed assets
103,457
(5,533)
Amortisation of intangible assets
1,701,529
1,721,772
Impairment of intangible assets
13,988
-
0
Reversal of past impairment of intangible assets
-
0
(690,000)
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Sales
14
15
Consultants
143
145
Administration and Support
18
25
Total
175
185

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
6,860,267
7,259,111
Social security costs
792,559
722,315
Pension costs
300,417
328,435
7,953,243
8,309,861
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
415,808
448,600
Company pension contributions to defined contribution schemes
22,527
24,112
438,335
472,712
EDUCATION PERSONNEL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
6
Directors' remuneration
(Continued)
- 22 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
182,046
182,829
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
5,390
-
0
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
5,390
-
0
8
Taxation
2025
2024
£
£
Current tax
Adjustments in respect of prior periods
(114,319)
-
0
Other tax reliefs
(125,763)
(168,014)
Total current tax
(240,082)
(168,014)
Deferred tax
Origination and reversal of timing differences
-
0
31,880
Total tax credit
(240,082)
(136,134)
EDUCATION PERSONNEL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
8
Taxation
(Continued)
- 23 -

The actual credit for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
(Loss)/profit before taxation
(253,594)
49,835
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(63,399)
12,459
Tax effect of expenses that are not deductible in determining taxable profit
6,127
7,133
Gains not taxable
-
0
(1,383)
Permanent capital allowances in excess of depreciation
(10,833)
(25,215)
Depreciation on assets not qualifying for tax allowances
27,057
27,412
Amortisation on assets not qualifying for tax allowances
-
0
68,582
Research and development tax credit
(125,763)
(168,014)
Other permanent differences
-
0
(509,021)
Deferred tax adjustments in respect of prior years
-
0
31,880
Losses surrendered for R&D relief
-
0
420,033
Tax losses carried forward
15,184
-
0
Capital losses not taxable
25,864
-
0
Prior year SME R&D relief
(114,319)
-
0
Taxation credit for the year
(240,082)
(136,134)

The tax credit of £114,319 represents an SME Research and Development (R&D) tax credit claim relating to the year ended 31 December 2023.

Other tax relief represents an estimated Research and Development Expenditure Credit (RDEC) of £125,763 in respect of qualifying expenditure incurred during the year ended 31 December 2025. The amount has been recognised based on management's best estimate of the expected claim, using information provided by the Company's specialist R&D tax advisers.

9
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2025
2024
Notes
£
£
In respect of:
Intangible assets
10
13,988
-
0
Recognised in:
Administrative expenses
13,988
-
EDUCATION PERSONNEL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
9
Impairments
(Continued)
- 24 -

Reversals of previous impairment losses have been recognised in profit or loss as follows:

2025
2024
Notes
£
£
In respect of:
Intangible assets
10
-
0
690,000
Recognised in:
Administrative expenses
-
690,000

During the year, the company recognised an impairment charge of £13,988 in respect of capitalised software development costs relating to the Aedon finance platform project. Following significant delays and issues identified during the implementation phase, management concluded that the project would not be completed and no future economic benefits would be derived from the expenditure incurred. Accordingly, the carrying value of the related capitalised development costs was written down to nil and an impairment charge of £13,988 has been recognised within administrative expenses in the year.

10
Intangible fixed assets
Software Development and licences
£
Cost
At 1 January 2025
7,572,236
Additions
1,225,939
At 31 December 2025
8,798,175
Amortisation and impairment
At 1 January 2025
5,052,685
Amortisation charged for the year
1,701,529
Impairment losses
13,988
At 31 December 2025
6,768,202
Carrying amount
At 31 December 2025
2,029,973
At 31 December 2024
2,519,551

More information on impairment movements in the year is given in note 9.

EDUCATION PERSONNEL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 25 -
11
Tangible fixed assets
Leasehold improvements
Fixtures, fittings and equipments
Computer equipment
Total
£
£
£
£
Cost
At 1 January 2025
327,471
123,893
348,385
799,749
Additions
-
0
7,349
33,042
40,391
Disposals
(267,051)
-
0
(78,756)
(345,807)
At 31 December 2025
60,420
131,242
302,671
494,333
Depreciation and impairment
At 1 January 2025
156,993
92,295
274,667
523,955
Depreciation charged in the year
45,183
11,027
52,018
108,228
Eliminated in respect of disposals
(161,572)
-
0
(78,127)
(239,699)
At 31 December 2025
40,604
103,322
248,558
392,484
Carrying amount
At 31 December 2025
19,816
27,920
54,113
101,849
At 31 December 2024
170,478
31,598
73,718
275,794
EDUCATION PERSONNEL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 26 -
12
Financial instruments
2025
2024
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
620,801
540,364
Carrying amount of financial liabilities
Measured at amortised cost
915,650
1,372,984

Financial assets that are debt instruments measured at amortised cost comprise trade debtors, other debtors, and amount owed from group undertakings.

Financial liabilities measured at amortised cost comprise trade creditors, amount owed to group undertakings, other creditors and accruals.

13
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
594,029
520,350
Corporation tax recoverable
125,763
168,014
Other debtors
22,610
20,014
Prepayments and accrued income
322,239
354,311
1,064,641
1,062,689
14
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
210,685
528,445
Corporation tax
104
104
Other taxation and social security
613,826
519,322
Other creditors
55,853
48,778
Accruals and deferred income
649,112
795,761
1,529,580
1,892,410
15
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
322,944
352,547

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

EDUCATION PERSONNEL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 27 -
16
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,366
1,366
1,366
1,366
B Ordinary shares of £1 each
111
111
111
111
1,477
1,477
1,477
1,477
17
Profit and loss reserves
2025
2024
£
£
At the beginning of the year
2,404,568
2,218,599
(Loss)/profit for the year
(13,512)
185,969
At the end of the year
2,391,056
2,404,568
18
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within one year
97,568
141,441
Between two and five years
205,031
482,541
302,599
623,982
19
Ultimate controlling party

The Company is controlled by EPM Holdings Limited, having its registered office at Spencer House, Ermine Business Park, Huntingdon, Cambridgeshire, United Kingdom. PE29 6EP.

EDUCATION PERSONNEL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 28 -
20
Cash generated from/(absorbed by) operations
2025
2024
£
£
(Loss)/profit for the year after tax
(13,512)
185,969
Adjustments for:
Taxation credited
(240,082)
(136,134)
Investment income
(5,390)
-
0
Loss/(gain) on disposal of tangible fixed assets
103,457
(5,533)
Amortisation and impairment of intangible assets
1,715,517
1,031,772
Depreciation and impairment of tangible fixed assets
108,228
109,647
Movements in working capital:
(Increase)/decrease in debtors
(44,203)
199,224
Decrease in creditors
(362,830)
(1,622,044)
Cash generated from/(absorbed by) operations
1,261,185
(237,099)
21
Analysis of changes in net funds
1 January 2025
Cash flows
31 December 2025
£
£
£
Cash at bank and in hand
440,421
285,229
725,650
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