Company Registration No. 13637404 (England and Wales)
The Public Service Consultants Group Limited
Annual report and
group financial statements
for the year ended 31 January 2026
The Public Service Consultants Group Limited
Company information
Directors
C Bradley
R Cake
J Chappell
K McLean
(Appointed 1 May 2025)
C Mulcahy
A E Weiss
Company number
13637404
Registered office
45 Pall Mall
London
England
SW1Y 5JG
Auditor
Saffery LLP
St Catherine's Court
Berkeley Place
Clifton
Bristol
BS8 1BQ
The Public Service Consultants Group Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Group statement of comprehensive income
9
Group statement of financial position
10
Company statement of financial position
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 27
The Public Service Consultants Group Limited
Strategic report
For the year ended 31 January 2026
1

Introduction

The Directors are pleased to report on a successful year, with the Group continuing to deliver substantial impact and social value for our public service clients and public impact-focused clients.

We have again been recognised in the Financial Times’s “UK’s Leading Management Consultants” awards and at the Health Service Journal Awards. We continue to see high levels of client satisfaction and of repeat purchase from those clients. The Public Service Consultants Group Limited’s wholly-owned subsidiary, The Public Service Consultants Limited, reported a 19th successive profitable year.

Review of the business

Despite challenging market conditions in some areas, our overall profitability remained strong. Revenue was £8.8m for the year, an increase of £0.6m on our results for 24/25.

The Group remains in a strong financial position, and the Directors have prepared our 2026/27 budget with reference to the 2025/26 results, planning for further growth while also ensuring that the group remains profitable.

Principal risks and uncertainties

Management continually monitors the key risks facing the company together with assessing the controls in place to manage these risks. The principal risks and uncertainties facing the company include cyber security risks and public sector spending constraints.

Key performance indicators

The Group has a system of financial processes and controls, alongside management processes and controls, to ensure that we understand financial performance and take appropriate action in response.

Key financial metrics tracked include:

- Income and Profitability

- Gross margin

- Costs

- Operating Surplus

- Operating Cash Flow

- Cash

- Cash liquidity

Other performance indicators

Non-financial measures are also reviewed, including:

- Client feedback and net promoter scores

- Project win rate

- Employee feedback

The Public Service Consultants Group Limited
Strategic report (continued)
For the year ended 31 January 2026
2

On behalf of the board

R Cake
Director
27 July 2026
The Public Service Consultants Group Limited
Directors' report
For the year ended 31 January 2026
3

The directors present their annual report and financial statements for the year ended 31 January 2026.

Principal activities

The principal activity of the company and group continued to be that of providing consultancy services for a range of public bodies.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £264,637. The directors do not recommend payment of a further dividend.

Preference dividends were accrued amounting to £180,660. 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:

C Bradley
R Cake
J Chappell
K McLean
(Appointed 1 May 2025)
C Mulcahy
A E Weiss

Future Developments

The company will continue to focus on its mission to "Make public services brilliant". To do this, we will seek to continue to develop the specificity of our service offers, to match client needs, such that we can support clients in addressing their needs more effectively.

Energy and carbon report

As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low

energy user under these regulations and is not required to report on its emissions, energy consumption or energy

efficiency activities

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company 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 group and parent company, and of the profit or loss of the group for that period.

The Public Service Consultants Group Limited
Directors' report (continued)
For the year ended 31 January 2026
4

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;

- state whether applicable U nited K ingdom 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 group and parent company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 group and parent 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 auditor of the company 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 auditor of the company is aware of that information.

On behalf of the board
R Cake
Director
27 July 2026
The Public Service Consultants Group Limited
Independent auditor's report
To the members of The Public Service Consultants Group Limited
5
Opinion

We have audited the financial statements of The Public Service Consultants Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2026 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group 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 group's and the parent company's affairs as at 31 January 2026 and of the group's profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the 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.

The Public Service Consultants Group Limited
Independent auditor's report (continued)
To the members of The Public Service Consultants Group Limited
6

Opinions on other matters prescribed by the Companies Act 2006

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

- T he 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.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

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

- certain disclosures of 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 group's and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or parent 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.

The Public Service Consultants Group Limited
Independent auditor's report (continued)
To the members of The Public Service Consultants Group Limited
7

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the group and parent company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent company by discussions with directors and by updating our understanding of the sector in which the group and parent company operates.

Laws and regulations of direct significance in the context of the group and parent company include The Companies Act 2006 and UK Tax legislation.

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of group and parent company financial statement disclosures. We reviewed the parent company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement 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 misrepresentations, or through collusion.

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 parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

The Public Service Consultants Group Limited
Independent auditor's report (continued)
To the members of The Public Service Consultants Group Limited
8
Neil Davies (Senior Statutory Auditor)
For and on behalf of Saffery LLP
Statutory Auditors
St Catherine's Court
Berkeley Place
Clifton
Bristol
BS8 1BQ
27 July 2026
The Public Service Consultants Group Limited
Group statement of comprehensive income
For the year ended 31 January 2026
9
2026
2025
Notes
£
£
Turnover
3
8,750,106
8,125,643
Cost of sales
(2,067,239)
(1,925,057)
Gross profit
6,682,867
6,200,586
Administrative expenses
(6,435,999)
(6,091,265)
Operating profit
4
246,868
109,321
Interest receivable and similar income
35,739
39,778
Interest payable and similar expenses
8
(29,337)
(44,390)
Profit before taxation
253,270
104,709
Tax on profit
9
(84,910)
(63,938)
Profit for the financial year
19
168,360
40,771
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
The Public Service Consultants Group Limited
Group statement of financial position
As at 31 January 2026
31 January 2026
10
2026
2025
Notes
£
£
£
£
Fixed assets
Goodwill
11
665,922
781,735
Total intangible assets
665,922
781,735
Tangible assets
12
25,138
32,565
691,060
814,300
Current assets
Debtors
15
2,311,747
1,985,912
Cash at bank and in hand
2,493,833
2,599,361
4,805,580
4,585,273
Creditors: amounts falling due within one year
16
(2,066,180)
(1,696,128)
Net current assets
2,739,400
2,889,145
Net assets
3,430,460
3,703,445
Capital and reserves
Called up share capital
18
2,142,277
2,140,301
Share premium account
19
577,434
575,458
Capital redemption reserve
19
5,927
5,927
Profit and loss reserves
19
704,822
981,759
Total equity
3,430,460
3,703,445
The financial statements were approved by the board of directors and authorised for issue on 27 July 2026 and are signed on its behalf by:
27 July 2026
R Cake
Director
Company registration number 13637404 (England and Wales)
The Public Service Consultants Group Limited
Company statement of financial position
As at 31 January 2026
31 January 2026
11
2026
2025
Notes
£
£
£
£
Fixed assets
Investments
13
2,649,990
2,649,990
Current assets
Debtors
15
1,057,921
1,037,359
Cash at bank and in hand
61,385
61,385
1,119,306
1,098,744
Creditors: amounts falling due within one year
16
(775,542)
(769,344)
Net current assets
343,764
329,400
Net assets
2,993,754
2,979,390
Capital and reserves
Called up share capital
18
2,142,277
2,140,301
Share premium account
19
577,434
575,458
Capital redemption reserve
19
5,927
5,927
Profit and loss reserves
19
268,116
257,704
Total equity
2,993,754
2,979,390

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £455,709 (2025 - £159,413 profit).

The financial statements were approved by the board of directors and authorised for issue on 27 July 2026 and are signed on its behalf by:
27 July 2026
R Cake
Director
Company registration number 13637404 (England and Wales)
The Public Service Consultants Group Limited
Group statement of changes in equity
For the year ended 31 January 2026
12
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 February 2024
81,558
575,458
-
0
987,708
1,644,724
Year ended 31 January 2025:
Profit and total comprehensive income
-
-
-
40,771
40,771
Dividends
10
-
-
-
(4,217)
(4,217)
Own shares acquired
-
-
-
(42,503)
(42,503)
Redemption of shares
18
-
-
5,927
-
5,927
Shares cancelled during the year
18
(5,927)
-
-
-
(5,927)
Reclassification of preference shares as equity
2,064,670
-
-
-
2,064,670
Balance at 31 January 2025
2,140,301
575,458
5,927
981,759
3,703,445
Year ended 31 January 2026:
Profit and total comprehensive income
-
-
-
168,360
168,360
Issue of share capital
18
1,976
1,976
-
-
3,952
Dividends
10
-
-
-
(445,297)
(445,297)
Balance at 31 January 2026
2,142,277
577,434
5,927
704,822
3,430,460
The Public Service Consultants Group Limited
Company statement of changes in equity
For the year ended 31 January 2026
13
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 February 2024
81,558
575,458
-
0
145,011
802,027
Year ended 31 January 2025:
Profit and total comprehensive income for the year
-
-
-
159,413
159,413
Dividends
10
-
-
-
(4,217)
(4,217)
Own shares acquired
-
-
-
(42,503)
(42,503)
Redemption of shares
18
-
-
5,927
-
5,927
Shares cancelled during the year
18
(5,927)
-
-
-
(5,927)
Reclassification of preference shares as equity
2,064,670
-
-
-
2,064,670
Balance at 31 January 2025
2,140,301
575,458
5,927
257,704
2,979,390
Year ended 31 January 2026:
Profit and total comprehensive income
-
-
-
455,709
455,709
Issue of share capital
18
1,976
1,976
-
-
3,952
Dividends
10
-
-
-
(445,297)
(445,297)
Balance at 31 January 2026
2,142,277
577,434
5,927
268,116
2,993,754
The Public Service Consultants Group Limited
Group statement of cash flows
For the year ended 31 January 2026
14
2026
2025
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
410,795
864,938
Interest paid
(29,337)
(44,390)
Income taxes paid
(67,426)
(14,588)
Net cash inflow from operating activities
314,032
805,960
Investing activities
Purchase of tangible fixed assets
(15,150)
(19,500)
Interest received
35,739
39,778
Net cash generated from investing activities
20,589
20,278
Financing activities
Proceeds from issue of shares
3,952
-
Purchase of ordinary shares
-
0
(42,502)
Repayment of loans
(179,464)
(230,268)
Dividends paid to equity shareholders
(264,637)
-
Net cash used in financing activities
(440,149)
(272,770)
Net (decrease)/increase in cash and cash equivalents
(105,528)
553,468
Cash and cash equivalents at beginning of year
2,599,361
2,045,893
Cash and cash equivalents at end of year
2,493,833
2,599,361
The Public Service Consultants Group Limited
Notes to the group financial statements
For the year ended 31 January 2026
15
1
Accounting policies
Company information

The Public Service Consultants Group Limited (“the company”) is a private company limited by shares incorporated in England and Wales. The registered office is 45 Pall Mall, London, England, SW1Y 5JG.

The group consists of The Public Service Consultants Group Limited and all of its subsidiaries.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 2).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company The Public Service Consultants Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 January 2026. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.3
Going concern

A t the time of approving the financial statements, t he directors have a reasonable expectation that the group and parent company ha ve 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.

The Public Service Consultants Group Limited
Notes to the group financial statements (continued)
For the year ended 31 January 2026
1
Accounting policies (continued)
16
1.4
Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the Group will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured

reliably; and

- the costs incurred and the costs to complete the contract can be measured reliably.

1.5
Intangible fixed assets - goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

1.6
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.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

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:

Rebranding expenditure
3 years
1.7
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:

Plant and equipment
20% straight line
Fixtures and fittings
20% straight line
Computer equipment
33% straight line
The Public Service Consultants Group Limited
Notes to the group financial statements (continued)
For the year ended 31 January 2026
1
Accounting policies (continued)
17

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

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 recognised in the income statement.

1.8
Fixed asset investments

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

1.10
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

The Public Service Consultants Group Limited
Notes to the group financial statements (continued)
For the year ended 31 January 2026
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. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.11
Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Current tax

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

1.12
Retirement benefits

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

The Public Service Consultants Group Limited
Notes to the group financial statements (continued)
For the year ended 31 January 2026
1
Accounting policies (continued)
19
1.15

Interest income

Interest income is recognised in profit or loss using the effective interest method.

1.16

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

1.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Revenue recognition - Stage of completion

Management applies judgement in determining the stage of completion of contracts where revenue is recognised over time in accordance with Section 23 of FRS 102. Revenue is recognised by reference to the extent to which a project that has been completed, based on management’s best estimate of progress at the reporting date.

Revenue recognition - Principal Vs Agent

Management applies judgement in determining whether the Company acts as principal or agent in arrangements involving third-party services, in accordance with FRS 102 Section 23.

3
Turnover and other revenue

The whole of the turnover is attributable to the provision of consultancy services to public service organisations. All turnover arose within the United Kingdom.

2026
2025
£
£
Other revenue
Interest income
35,739
39,778
The Public Service Consultants Group Limited
Notes to the group financial statements (continued)
For the year ended 31 January 2026
20
4
Operating profit
2026
2025
£
£
Operating profit for the year is stated after charging:
Exchange losses
128
6
Depreciation of owned tangible fixed assets
22,577
30,376
Amortisation of intangible assets
115,813
115,813
Operating lease charges
265,360
429,072
5
Auditor's remuneration
2026
2025
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
6,000
5,000
Audit of the financial statements of the company's subsidiaries
18,250
10,750
24,250
15,750
6
Employees

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

Group
Company
2026
2025
2026
2025
Number
Number
Number
Number
57
66
0
0

Their aggregate remuneration comprised:

Group
Company
2026
2025
2026
2025
£
£
£
£
Wages and salaries
3,996,814
3,685,473
-
0
-
0
Social security costs
542,556
443,737
-
-
Pension costs
447,868
470,786
-
0
-
0
4,987,238
4,599,996
-
0
-
0
The Public Service Consultants Group Limited
Notes to the group financial statements (continued)
For the year ended 31 January 2026
21
7
Directors' remuneration
2026
2025
£
£
Remuneration for qualifying services
898,819
581,758
Company pension contributions to defined contribution schemes
114,147
30,109
1,012,966
611,867
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2026
2025
£
£
Remuneration for qualifying services
197,515
154,967

During the year retirement benefits were accruing to 5 directors (202 5 - 5) in respect of defined contribution pension schemes.

8
Interest payable and similar expenses
2026
2025
£
£
Other loan interest payable
29,337
44,390
9
Taxation
2026
2025
£
£
Current tax
UK corporation tax on profits for the current period
84,910
63,938
The Public Service Consultants Group Limited
Notes to the group financial statements (continued)
For the year ended 31 January 2026
9
Taxation (continued)
22

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

2026
2025
£
£
Profit before taxation
253,270
104,709
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2025: 25.00%)
63,318
26,177
Tax effect of expenses that are not deductible in determining taxable profit
1,235
3,010
Adjustments in respect of prior years
(11,787)
-
0
Permanent capital allowances in excess of depreciation
-
0
5,798
Amortisation on assets not qualifying for tax allowances
28,953
28,953
Deferred tax adjustments in respect of prior years
(1)
-
0
Movement in deferred tax not recognised
3,192
-
0
Taxation charge
84,910
63,938
10
Dividends
2026
2025
2026
2025
Recognised as distributions to equity holders:
Per share
Per share
Total
Total
£
£
£
£
Ordinary A Shares
Interim paid
0.17
-
199,595
-
Ordinary B Shares
Interim paid
0.17
-
65,042
-
Preference shares
Final paid
0.10
-
180,660
4,217
Total dividends
Final dividends paid
180,660
4,217
Interim dividends paid
264,637
-
445,297
4,217
The Public Service Consultants Group Limited
Notes to the group financial statements (continued)
For the year ended 31 January 2026
23
11
Intangible fixed assets
Group
Goodwill
Rebranding expenditure
Total
£
£
£
Cost
At 1 February 2025 and 31 January 2026
1,158,127
109,253
1,267,380
Amortisation and impairment
At 1 February 2025
376,392
109,253
485,645
Amortisation charged for the year
115,813
-
0
115,813
At 31 January 2026
492,205
109,253
601,458
Carrying amount
At 31 January 2026
665,922
-
0
665,922
At 31 January 2025
781,735
-
0
781,735
The company had no intangible fixed assets at 31 January 2026 or 31 January 2025 aside from Goodwill.
12
Tangible fixed assets
Group
Fixtures and fittings
Computer equipment
Total
£
£
£
Cost
At 1 February 2025
9,630
262,123
271,753
Additions
-
0
15,150
15,150
At 31 January 2026
9,630
277,273
286,903
Depreciation and impairment
At 1 February 2025
6,244
232,944
239,188
Depreciation charged in the year
2,005
20,572
22,577
At 31 January 2026
8,249
253,516
261,765
Carrying amount
At 31 January 2026
1,381
23,757
25,138
At 31 January 2025
3,386
29,179
32,565
The company had no tangible fixed assets at 31 January 2026 or 31 January 2025.
The Public Service Consultants Group Limited
Notes to the group financial statements (continued)
For the year ended 31 January 2026
24
13
Fixed asset investments
Group
Company
2026
2025
2026
2025
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
2,649,990
2,649,990
Company
Shares in subsidiaries
£
Cost or valuation
At 1 February 2025 and 31 January 2026
2,649,990
Carrying amount
At 31 January 2026
2,649,990
At 31 January 2025
2,649,990
14
Subsidiaries

Details of the company's subsidiaries at 31 January 2026 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
The Public Service Consultants Limited
45 Pall Mall, London,
SW1Y 5JG
Ordinary
100.00
15
Debtors
Group
Company
2026
2025
2026
2025
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,341,240
1,395,811
-
0
-
0
Amounts owed by group undertakings
-
0
-
0
1,052,921
1,037,359
Other debtors
58,801
54,105
5,000
-
0
Prepayments and accrued income
911,706
535,996
-
0
-
0
2,311,747
1,985,912
1,057,921
1,037,359
The Public Service Consultants Group Limited
Notes to the group financial statements (continued)
For the year ended 31 January 2026
25
16
Creditors: amounts falling due within one year
Group
Company
2026
2025
2026
2025
£
£
£
£
Trade creditors
274,596
105,439
5,000
-
0
Corporation tax payable
66,834
49,350
-
0
-
0
Other taxation and social security
329,762
305,092
-
0
-
0
Other creditors
773,131
765,130
770,542
765,126
Accruals and deferred income
621,857
471,117
-
0
4,218
2,066,180
1,696,128
775,542
769,344
17
Retirement benefit schemes
2026
2025
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
447,868
470,786

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund. Contributions totaling £39,231 (2025: £36,775) were payable to the fund at the balance sheet date.

18
Share capital
Group and company
2026
2025
2026
2025
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A Shares of 10p each
585,328
585,328
58,533
58,533
Ordinary B Shares of 10p each
190,733
170,976
19,074
17,098
776,061
756,304
77,607
75,631
2026
2025
2026
2025
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of £1 each
2,064,670
2,064,670
2,064,670
2,064,670
Preference shares classified as equity
2,064,670
2,064,670
Total equity share capital
2,142,277
2,140,301

Ordinary Shares A & B rank pari passu. The Preferred Shares rank ahead of the Ordinary Shares for both dividend rights and return of capital, but do not carry voting rights.

The Public Service Consultants Group Limited
Notes to the group financial statements (continued)
For the year ended 31 January 2026
26
19
Reserves
Share premium

Share premium represents the value of the shares issued. The amount is non distributable.

Profit and loss account

Represents all distributable profits to date less any dividends declared and paid.

Capital redemption reserve

Capital redemption reserve represents the value own shares purchased.

20
Operating lease commitments
As lessee

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

Group
Company
2026
2025 (restated)
2026
2025
£
£
£
£
Within 1 year
180,000
240,000
-
-
Years 2-5
-
180,000
-
-
180,000
420,000
-
-

The operating lease commitments for the year ended 31 January 2025 has been restated to reflect the lease commitment at year end. This has had no impact on the balance sheet or statement of comprehensive income.

This disclosure has been included in the current period based on the information available at the reporting date.

21
Related party transactions

During the year the Group had loan balances outstanding with a director and close family members of director s. The loans carry interest at the Bank of England base rate plus 8%.

Amounts owed to directors and close family members at the year end w as £179,177 (2025: £358,641)

The i nterest expense recognised by the Group in respect of these loans was £29,337 (2025: £44,390).

22
Controlling party

In the opinion of the directors there is no ultimate controlling party.

The Public Service Consultants Group Limited
Notes to the group financial statements (continued)
For the year ended 31 January 2026
27
23
Cash generated from group operations
2026
2025
£
£
Profit after taxation
168,360
40,771
Adjustments for:
Taxation charged
84,910
63,938
Finance costs
29,337
44,390
Investment income
(35,739)
(39,778)
Amortisation and impairment of intangible assets
115,813
115,813
Depreciation and impairment of tangible fixed assets
22,577
30,375
Movements in working capital:
(Increase)/decrease in debtors
(325,835)
1,411,254
Increase/(decrease) in creditors
352,568
(399,115)
Cash generated from operations
411,991
1,267,648
24
Analysis of changes in net funds - group
1 February 2025
Cash flows
31 January 2026
£
£
£
Cash at bank and in hand
2,599,361
(105,528)
2,493,833
2026-01-31 2025-02-01 false false CCH Software CCH Accounts Production 2026.100 C Bradley R Cake J Chappell K McLean C Mulcahy A E Weiss false 13637404 2025-02-01 2026-01-31 13637404 bus:Director1 2025-02-01 2026-01-31 13637404 bus:Director2 2025-02-01 2026-01-31 13637404 bus:Director3 2025-02-01 2026-01-31 13637404 bus:Director4 2025-02-01 2026-01-31 13637404 bus:Director5 2025-02-01 2026-01-31 13637404 bus:Director6 2025-02-01 2026-01-31 13637404 bus:RegisteredOffice 2025-02-01 2026-01-31 13637404 2026-01-31 13637404 bus:Consolidated 2026-01-31 13637404 bus:Consolidated 2025-02-01 2026-01-31 13637404 bus:Consolidated 2024-02-01 2025-01-31 13637404 2024-02-01 2025-01-31 13637404 core:Goodwill bus:Consolidated 2026-01-31 13637404 core:Goodwill bus:Consolidated 2025-01-31 13637404 bus:Consolidated 2025-01-31 13637404 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill bus:Consolidated 2026-01-31 13637404 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill bus:Consolidated 2025-01-31 13637404 core:FurnitureFittings bus:Consolidated 2026-01-31 13637404 core:ComputerEquipment bus:Consolidated 2026-01-31 13637404 core:FurnitureFittings bus:Consolidated 2025-01-31 13637404 core:ComputerEquipment bus:Consolidated 2025-01-31 13637404 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2026-01-31 13637404 core:CurrentFinancialInstruments bus:Consolidated 2025-01-31 13637404 2025-01-31 13637404 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2025-01-31 13637404 core:CurrentFinancialInstruments core:WithinOneYear 2026-01-31 13637404 core:CurrentFinancialInstruments core:WithinOneYear 2025-01-31 13637404 core:ShareCapital bus:Consolidated 2026-01-31 13637404 core:ShareCapital bus:Consolidated 2025-01-31 13637404 core:SharePremium bus:Consolidated 2026-01-31 13637404 core:SharePremium bus:Consolidated 2025-01-31 13637404 core:CapitalRedemptionReserve bus:Consolidated 2026-01-31 13637404 core:CapitalRedemptionReserve bus:Consolidated 2025-01-31 13637404 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2026-01-31 13637404 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2025-01-31 13637404 core:ShareCapital 2026-01-31 13637404 core:ShareCapital 2025-01-31 13637404 core:SharePremium 2026-01-31 13637404 core:SharePremium 2025-01-31 13637404 core:CapitalRedemptionReserve 2026-01-31 13637404 core:CapitalRedemptionReserve 2025-01-31 13637404 core:RetainedEarningsAccumulatedLosses 2026-01-31 13637404 core:RetainedEarningsAccumulatedLosses 2025-01-31 13637404 core:ShareCapital bus:Consolidated 2024-01-31 13637404 core:SharePremium bus:Consolidated 2024-01-31 13637404 core:CapitalRedemptionReserve bus:Consolidated 2024-01-31 13637404 2024-01-31 13637404 core:ShareCapital 2024-01-31 13637404 core:SharePremium 2024-01-31 13637404 core:CapitalRedemptionReserve 2024-01-31 13637404 core:RetainedEarningsAccumulatedLosses 2024-01-31 13637404 core:ShareCapital bus:Consolidated 2025-02-01 2026-01-31 13637404 core:SharePremium bus:Consolidated 2025-02-01 2026-01-31 13637404 core:ShareCapital 2025-02-01 2026-01-31 13637404 core:SharePremium 2025-02-01 2026-01-31 13637404 bus:Consolidated 2024-01-31 13637404 core:Goodwill 2025-02-01 2026-01-31 13637404 core:IntangibleAssetsOtherThanGoodwill 2025-02-01 2026-01-31 13637404 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2025-02-01 2026-01-31 13637404 core:PlantMachinery 2025-02-01 2026-01-31 13637404 core:FurnitureFittings 2025-02-01 2026-01-31 13637404 core:ComputerEquipment 2025-02-01 2026-01-31 13637404 core:UKTax bus:Consolidated 2025-02-01 2026-01-31 13637404 core:UKTax bus:Consolidated 2024-02-01 2025-01-31 13637404 bus:Consolidated 1 2025-02-01 2026-01-31 13637404 bus:Consolidated 1 2024-02-01 2025-01-31 13637404 bus:Consolidated 2 2025-02-01 2026-01-31 13637404 bus:Consolidated 2 2024-02-01 2025-01-31 13637404 core:Goodwill bus:Consolidated 2025-01-31 13637404 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill bus:Consolidated 2025-01-31 13637404 bus:Consolidated 2025-01-31 13637404 core:Goodwill bus:Consolidated 2025-02-01 2026-01-31 13637404 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill bus:Consolidated 2025-02-01 2026-01-31 13637404 core:FurnitureFittings bus:Consolidated 2025-01-31 13637404 core:ComputerEquipment bus:Consolidated 2025-01-31 13637404 core:FurnitureFittings bus:Consolidated 2025-02-01 2026-01-31 13637404 core:ComputerEquipment bus:Consolidated 2025-02-01 2026-01-31 13637404 core:Subsidiary1 2025-02-01 2026-01-31 13637404 core:Subsidiary1 1 2025-02-01 2026-01-31 13637404 core:CurrentFinancialInstruments bus:Consolidated 2026-01-31 13637404 core:CurrentFinancialInstruments 2026-01-31 13637404 core:CurrentFinancialInstruments 2025-01-31 13637404 core:CurrentFinancialInstruments bus:Consolidated 1 2026-01-31 13637404 core:CurrentFinancialInstruments bus:Consolidated 1 2025-01-31 13637404 core:CurrentFinancialInstruments 2 2026-01-31 13637404 core:CurrentFinancialInstruments 2 2025-01-31 13637404 bus:PrivateLimitedCompanyLtd 2025-02-01 2026-01-31 13637404 bus:FRS102 2025-02-01 2026-01-31 13637404 bus:Audited 2025-02-01 2026-01-31 13637404 bus:ConsolidatedGroupCompanyAccounts 2025-02-01 2026-01-31 13637404 bus:FullAccounts 2025-02-01 2026-01-31 xbrli:pure xbrli:shares iso4217:GBP