The directors present the strategic report for the period ended 1 February 2026.

The directors are delighted with the performance of the business in the period. The financial period represented a milestone in the company's evolution, characterised by continued investment, enhanced commercial agility and significant strategic progress.

Our commercial strategy has focused on smaller volume, higher margin contracts, allowing us to strengthen profitability while delivering greater service precision. A key enabler of this performance has been the successful deployment of a targeted cross selling strategy across our service divisions, focused on optimising margin mix. By aligning complementary offerings including permanent placements, training, and white-collar staffing understanding our clients' needs we have significantly increased the value offered to our clients and account depth.

Margin Erosion

The potential impact is that underlying levels of inflation along with Government increases in National Minimum Wage could lead to the erosion of profit margin in the short to medium term.

The company will continue to work closely with all it's customers to anticipate cost increases and too agree fair and proportionate increases to it's charge rates to mitigate margin erosion.

Competition in the market

The company operates in a highly competitive market environment and from time to time business is won or re-secured in tender processes.

To mitigate this risk customer care is a top priority for the company and it maintains strong relationships with customers. Investment in people and technology will ensure differentiation from the competitors.

Finance

The relationship with Metro Bank remains strong, with the partnership continuing to develop and strengthen over time. In response to the growth of the business, Metro Bank has committed to increased funding levels to ensure that peak trading periods are fully supported. Both organisations continue to grow in parallel and remain committed to the facility agreement entered into in March 2024.

Payroll and Employment Taxes

The Company has always been fully PAYE compliant in its employment of all of its workers administering its payroll in house. The company has never used umbrella or joint employment schemes and this is an underlying value of the business that the directors are extremely proud of and fully committed to. In the latest financial period, employment taxes totalling £46.42m were paid in full and on time to HMRC. Accordingly all liabilities are fully disclosed in the accompanying accounts and these liabilities have been fully met since the year end.

The directors consider the main financial performance indicators are those that communicate the financial performance and strength of the Company as a whole, these being turnover, gross margin, operating profit before tax and return on capital employed.

Turnover for the period was £242.96m (2025 - £216.26m).

Gross profit margin achieved in the period was 6.24% (2025 - 6.63%).

Overall operating profit before tax was £4.86m (2.00%) (2025 - £5.03m (2.33%)).

Return on capital employed has decreased to 34.83% from 38.84% calculated as profit after tax divided by net assets.

The directors are satisfied with these ratios and the Company's performance during the period.

Against a backdrop of inflationary pressures and continued increases in national minimum wage all having the effect of squeezing the margins, the overall gross margin achievement is pleasing. Cost control remains a strong focus. Administrative costs as a % of turnover fell to 4.24% from 4.31% and this was a key driver towards the increasing operating profit %.

Market conditions and Investments

The business has continued to deliver new customer contracts in the automotive sector as well as extending and increasing contracts within the logistics and food sectors. The directors are optimistic for the future and confident of continued sustainable growth.

Having responded promptly and effectively to changing market conditions in the prior period, the business is now well positioned to build on its strong performance and maintain robust profitability. Management remains confident in the outlook for the business and will continue to support sustainable growth through a disciplined and proactive approach to cost control.

The business has reviewed and implemented enhanced forecasting systems to ensure financial performance is monitored effectively. These improvements provide the business with greater visibility and agility, enabling management to respond promptly to any unforeseen circumstances and helping to protect profitability.

The business has continued to invest in the latest IT infrastructure, including Artificial Intelligence (AI), to support further efficiencies and enhance the client and candidate experience. Continued investment in staff training, alongside the development of IT infrastructure, is expected to strengthen the business’s competitive advantage and support future growth.

Strategy and Future Outlook

The company’s strategy is to continue operating in the agency staff sector for the medium to long term. In the short term current economic conditions will hinder and restrict organic growth and the focus will remain on strong customer relationships and rigorous cost control. Where opportunities are presented to gain new business the dual factors of margin and incremental volume will determine the commercial proposition the business is willing to make. When economic conditions are more favourable with hopefully lower inflation and lower interest rates, we should see a return to consumer spending driving growth in our sectors and the control measures held in place will hopefully deliver greater profitability and cash generation.

The directors of the company have acted in the way they considered, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:

a. The likely consequences of any decision in the long term

b. The interests of the company's employees

c. The need to foster the company's business relationships with suppliers, customers and others

d. The impact of the company's operations on the community and the environment

e. The desirability of the company maintaining a reputation for high standards of business conduct, and    

f. The need to act fairly as between members of the company.

In addition to the above, the directors have also considered the views of other stakeholders, including industry regulators and funding providers.

The senior management takes a long-term view when making decisions, and the highest standards of conduct in line with the company and group policies and procedures. When executing their duties as company directors they ensure they consider the probable consequences for all stakeholders in the decisions and actions they take. Where possible if decisions affect stakeholders, they are carefully discussed with those affected and therefore fully understood and supported.

The directors are well informed on the view of the stakeholders and use this information to assess any likely impact of decisions on each stakeholder group as part of their decision-making process. Key stakeholders and how the company engages with them are detailed below.

As one of the largest blue collar recruitment agencies in the UK, the directors recognise the responsibility the company has in ensuring our customers’, employees’ and suppliers’ needs are met and believes the best way it can satisfy that responsibility is to fill every order in a timely, compliant and cost effective manner.

The directors understand the business and the ever changing markets in which it operates, including the challenges presented by Brexit and more recently, the Covid-19 pandemic. The strategy set out by the directors is intended to provide success in the long term whilst keeping employee welfare and relationships with its customers as the group's fundamentals in the day to day management of business.

Shareholders

The company’s parent undertaking is Toryen Investments Limited, a number of the shareholders in which are executive directors of the company. Board meetings are held throughout the year to ensure open dialogue and clear communication. The topics discussed include financial performance, strategy, outlook, governance and ethical practices. The views and opinions of the company’s shareholders are always reflected in any key business decisions taken.

The long-term success of the company relies upon its employees being fully engaged and committed to its strategy and core values. The directors recognise that our people are our most valuable asset, and their collective contributions remain integral to the achievement of our long-term strategic objectives. With approximately 72% of our administrative and managerial workforce in candidate or client facing roles, it is essential that we continue to invest in training, development and retention. To maintain excellence in service delivery, our operational teams have undertaken several internal training programmes with content developed and delivered by industry leaders. These have focused on leadership, people management, and operational governance.

At the end of the financial year, the business employed 139 colleagues in managerial, supervisory and support roles, representing a 30% decrease compared to the previous reporting period. This reduction was a result of a strategic review aimed at increasing operational efficiency, supported by continued investment in technology and process improvements. This allowed us to refocus internal recruitment efforts on high impact strategic hires, including within compliance, central functions and experienced operational staff.

The directors are committed to maintaining an open and inclusive culture where employees’ views are heard and considered. We have continued to improve our internal communication through regular business updates, transparent reporting on market challenges, and open forums for feedback. Employee engagement is not a periodic exercise but a continuous dialogue alongside our wellbeing initiatives which encompass mental health support and professional development which contribute to a resilient, motivated and united workforce. We celebrate high performance through weekly and monthly recognition initiatives and acknowledge cultural events throughout the year, fostering an environment in which our people feel heard, supported and empowered to thrive.

Despite ongoing economic uncertainty, demand for semi-skilled and unskilled industrial labour has remained resilient, particularly across our core sectors of logistics, manufacturing and warehousing. This year, our operational priorities have focused on improving candidate retention, optimising recruitment cycles and enhancing overall client satisfaction. The demand for industrial workers particularly in warehousing and food manufacturing shows no signs of slowing. While many clients have implemented automation technologies particularly in warehousing and retail, these advances have largely targeted improvements in customer service rather than replacing the temporary workforce. The flexibility and quality assurance offered by a human workforce continue to drive demand for temporary labour in these sectors.

We do not refer to those we work with as ‘clients’ – they are our partners. We take immense pride in the relationships we have cultivated, founded on mutual respect, transparency, and shared ambition. Our partners are integral to our journey, helping to shape our direction and inspiring our continued innovation. Without our partners we would be unable to achieve the success and drive future growth within our business.

Suppliers

Key commercial suppliers to the company are technology suppliers, transport providers, leased vehicle suppliers, legal and professional advisors. The Board recognises the company’s relationship with its suppliers is critical and is briefed on feedback where necessary. We work closely with all suppliers to ensure there are clearly defined frameworks for the relationships to operate within, we have multi-year contracts with our key suppliers.

As pioneers in both engagement and technology, we do not merely adopt innovation we help to define it. We are proud to operate with a dedicated in-house Information Technology (I.T.) support team, ensuring seamless day to day operations across the business. Our internal IT function is further strengthened through a strategic I.T. partner, who works alongside us to maintain robust and secure I.T. infrastructure. This partnership ensures our systems are protected, scalable and optimised for performance, whilst enabling rapid response to any I.T. challenges that arise.

This approach gives us a strategic edge, ensuring that our technology evolves in step with the business and remains tightly aligned with our goals.

The company operates within markets which are subject to extensive laws and regulations which continually change and evolve. Regular engagement with legal and professional advisors is undertaken to ensure full compliance with all necessary laws and regulations. The company is a member of a number of trade organisations, through which it engages with government and regulators. The directors continuously monitor the evolving UK government policies and regulatory landscape, with particular focus on employment legislation, agency worker regulations, and compliance requirements specific to the recruitment sector. Upholding full compliance and operating to the highest ethical standards remains fundamental to our business model. We have implemented new systems to monitor risk, deliver targeted training and ensure transparency across all levels of the organisation.

During the financial year, we have diligently aligned our internal policies and procedures with the latest statutory and regulatory developments. As part of our commitment to responsible recruitment, we maintain strict adherence to all relevant legislation and keep abreast of guidance from key industry bodies such as Recruitment & Employment Confederation (REC), the Association of Labour Providers (ALP) and the Gangmasters & Labour Abuse Authority (GLAA). Additionally, we are proud members of Stronger Together 360 and Unseen UK further demonstrating our dedication to ethical practices and safeguarding against modern slavery and embedding responsible recruitment practices throughout our supply chain. We commission Sedex (Supplier Ethical Data Exchange) for an independent audit to ensure we have independent verification on two pillars (H&S and Labour Standard). This will be an ongoing annual commitment.

Our directors collaborate closely with legal advisors, industry networks and experienced contractors to anticipate regulatory changes and to support our clients and candidates effectively through a dynamic compliance environment. This proactive approach ensures we remain agile, compliant and proactive of all stakeholders’ interests.

Environmental and climate related matters

Risks induced by climate changes may have future adverse effects on the company's business activities. These risks include transition risks (e.g. regulatory changes and reputational risks) and physical risks (even if the risk of physical damage is low due to the company activities and geographical locations). How the company operates its businesses may be affected by new regulatory constraints on the C02 emissions it generates. The company is particularly mindful of its ongoing responsibility to actively minimise the environmental impact of its operations to the greatest possible extent.

Although our environmental footprint is relatively low as a service-based business, we are committed to operating sustainably. We have taken steps to reduce office energy use, encourage digital over paper-based processes, and promote elements of hybrid working to reduce the travel related emissions. We are currently reviewing options to improve our environmental reporting and set measurable targets in the coming year.

For the period ended 1 February 2026, the company has not identified significant risks induced by climate changes that could negatively and materially affect the company’s financial statements

Community and charitable support

We are committed to making a positive impact in the communities where we operate through charitable giving, employee fundraising and volunteering initiatives. During the year the business proudly partnered with various charities and local community sporting teams. These partnerships reflect our commitment to supporting social causes and fostering genuine collaborations with our community with contributions totalling £170,614.

On behalf of the board

The directors present their annual report and financial statements for the period ended 1 February 2026.

The principal activity of the company continued to be that of a recruitment agency, supplying temporary staff into the food, logistics, e-commerce, manufacturing and automotive sector businesses.

The results for the period are set out on page 16.

Ordinary dividends were paid amounting to £1,180,000. The directors do not recommend payment of a final dividend.

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

As permitted by the Companies Act 2006, the company has indemnified the directors in respect of proceedings brought by third parties and qualifying third party indemnity insurance was in place throughout the year and up to the date of the approval of the financial statements.

The objective of the company is to ensure it meets all financial obligations when they fall due by managing the company's liquidity risk. The company expects to meet all financial obligations, using the invoice discounting facility and operating cash flows.

Customer credit exposure

Customers are offered credit terms to allow them to pay for the services provided at a later date. The risk to the company is non-payment of debts, we seek to minimise this risk by checking the creditworthiness of all customers. This is done prior to supply and at regular intervals during the periods of trade. Where feasible credit insurance is obtained to further minimise this risk.

The company is subject to interest rate risk due to its invoice discounting facility, owing to the floating rate within the facility which is uses to finance working capital requirements. The risk refers to the potential impact of changes in interest rates on its financial performance and cash flows.

The interest rates taken are subject to market conditions and change over time. The Bank of England base interest rate was 3.75% at the period-end having peaked at 4.75%. There is currently no change to the base rate since the year-end.

Given the unpredictable nature of the interest rate movements and their potential impact on the company's financial position and performance, the directors closely monitor market conditions and interest rate trends to anticipate potential changes as well as modelling different scenarios of interest rates and their effects on the financial position and performance. This allows the company to evaluate all scenarios.

The company has expensed £243k (2025 - £267k) of research and development costs during the period. As set out in the strategic report the company is continually looking to develop new technologies to enhance the client and candidate experience,

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

The company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

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

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

Details on how the company has fostered relationships with suppliers, customers and others can be found within the Company’s Section 172 statement in the strategic report on page 1 to 5.

There have been no significant post balance sheet events that the directors need to highlight and report.

The company’s future developments are set out in the strategy and future outlook section of the strategic report on pages 1-6 in accordance with the Companies Act 2006 as the directors consider this to be of strategic importance to the company.

The company’s board is committed to the highest standard of Corporate Governance and believes these high standards are central to the effective management of Mach Recruitment Limited to maintain the confidence of its members.

For the period ended 1 February 2026, under the Companies (Miscellaneous Reporting) Regulations 2018, Mach Recruitment Limited has applied the Wates Corporate Governance Principles for Large Private Companies, published by the Financial Reporting Council (FRC) in December 2018, which are available on the FRC website.

The Wates Principles were applied as an appropriate framework when making disclosure regarding corporate governance arrangements. There were no departures from this code.

Purpose and Leadership

The Board determines the long-term direction, strategy and performance of Mach Recruitment Limited. Considerations include all economic, geographical and environmental factors to ensure appropriate strategy decisions are made.

Our vision is to be the integrated recruitment and training partner of choice in the UK, conducting business with integrity and respect for the interests of our employees, clients, suppliers and wider community.

Board Composition

The size and composition of the Board is considered to be appropriate with all members contributing to a wide variety of experience.

Directors Responsibilities

The core responsibility of the Board is to effectively manage risk, as this is central to achieving the company’s strategic objectives. The Board receives regular reports on business, financial performance, operational KPIs and management of key business risks.

Further details of the directors’ responsibilities are outlined in the Statement of Directors Responsibilities set out on page 11.

Opportunities and Risks

The Board seeks out opportunities while mitigating risk. Operational and safety risks are regularly reviewed by Board members at periodic Board meetings and a risk register is maintained detailing inherent and emerging risks. The Board ensure responsibility is assigned to minimise, mitigate or eliminate that risk, as appropriate. Please refer to the strategic report on page 1 which includes a list of the principal risks including mitigation which are considered most relevant to the company.

Remuneration

The remuneration policy is designed to attract, retain and motivate executives of the highest quality, encouraging them to deliver exceptional business performance aligned with the strategy of the company.

Stakeholder relationships and engagement

Please refer to the S172 statement as set out in the Strategic report for further details of the company’s stakeholder engagement policies, which starts on page 3.

These disclosures are made in accordance with Streamlined Energy & Carbon Reporting guidelines.

The methodology used to calculate our emissions is based on guidance issued by the SECR and has been calculated using the revised carbon conversion factors published by BEIS.

The chosen intensity measurement ratio is total emissions in tonnes CO2 per UK full time employee, the recommended ratio for the sector. Temporary employees recharged for trading purposes are excluded from the ratio calculation.

The directors acknowledge that we have a responsibility to the environment beyond the legal and regulatory requirements and are committed to reducing the company’s carbon footprint which will include the development, implementation and execution of a company-wide energy reduction programme. Specifically this will include focus upon energy consumption, employee travel, waste and use of sustainable materials.

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.

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;

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

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

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

We have audited the financial statements of Mach Recruitment Limited (the 'company') for the period ended 1 February 2026 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 1 February 2026 and of its profit for the period 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. Our evaluation of the directors’ assessment of the company’s ability to continue to adopt the going concern basis of accounting included:

• obtaining, critically appraising and assessing for arithmetical accuracy the directors’ formal going concern assessment, including the cash flow forecasts and considering the completeness and accuracy of the future cash flows assessed against historical results and existing contractual arrangements;

• considering the reasonableness of assumptions used by the directors in the preparation of the cash flow forecast which included assessing post year end performance by comparing after date management accounts and cash balances to forecast positions;

• understanding the assumptions applied in the directors’ sensitivity analysis applied to the base case scenario to derive their blended downside scenario, including assumptions around revenue growth, funding options and cost management opportunities; and

• reviewing the adequacy of disclosures made within the financial statements on the going concern basis of preparation to ensure it is an accurate reflection of the basis for which the company is a going concern; and

• discussing events after the reporting date with the directors to assess their impact on the going concern assumption.

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' report for the financial period 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.

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

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.

As explained more fully in the directors' responsibilities statement set out on page 11, 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.

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.

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 is detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the 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 company by discussions with directors and updating our understanding of the sector in which the company operates.

Laws and regulations of direct significance in the context of the 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 financial statement disclosures. We reviewed the 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 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: 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.

The Statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

Mach Recruitment Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 Carlton Court, Leeds, LS12 6LT.

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 amounts 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.

At the time of approving the financial statements, the directors have a reasonable expectation that the company has sufficient resources to continue in operational existence for the foreseeable future. The business agreed and renewed its asset-based lending facility with Metro Bank at the beginning of June 2026, providing the company with the necessary funding capacity to meet its obligations during peak trading periods and to continue settling liabilities as they fall due. As part of this arrangement, an extension to the existing agreement was also agreed by all parties. Accordingly, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true

Turnover is recognised at the fair value of the consideration received or receivable for goods and 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 recognises revenue from the following major sources:

• Temporary placements

• Permanent placements

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Turnover from temporary placements, representing fees billed for the services of temporary staff including their costs, is recognised when the service has been provided.

Turnover from permanent placements is recognised on the invoice date and invoices are raised on the candidate start date.

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

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.

Intangible assets comprise primarily software and development costs. Such assets are defined as having finite useful lives and the costs are amortised on a straight line basis over their estimated useful lives of 3 years. Intangible assets are stated at cost less amortisation and are reviewed for impairment whenever there is an indication that the carrying value may be impaired.

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:

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:

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.

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.

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.

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, which include trade and other debtors and 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, 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.

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.

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.

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.

Basic financial liabilities, including trade and other creditors, bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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.

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

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.

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.

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

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 except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

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.

In the application of the company’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.

Management do not believe there to be any critical estimates or judgment to disclose.

An analysis of the company's turnover is as follows:

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

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2025 - 4).

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

The other loan is an invoice discounting facility and is secured against the debtors to which it relates.

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

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.

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:

The remuneration of key management personnel, representing the Directors, is as follows.

During the year the company provided a loan to Toryen Investments Limited (formerly Mach Recruitment Group Holdings Limited), the parent company, to facilitate costs incurred by the holding company. The balance at the year end owed by Toryen Investments Limited was £151,652 (2025 - £41,613).

During the year the company had loans with JDR Recruitment Limited, a fellow subsidiary of the group. These loans are interest free and repayable on demand. At the balance sheet date the total amount outstanding from JDR Recruitment Limited amounted to £646,219 (2025- £109,250).

During the year the company had loans with Turbo Driving Recruitment Limited, a fellow subsidiary of the group. These loans are interest free and repayable on demand. At the balance sheet date the total amount outstanding from Turbo Driving Recruitment Limited amounted to £366,701 (2025- £38,134).

During the period the company entered into transactions with JCT Properties Limited, Core Corporate Services Limited, The Mailbox Leeds Ltd and Good Food Co (Yorkshire) Limited, all companies are related due to Mr T J Zyzak being a director and controlling shareholder.

The following amounts were outstanding at the reporting end date:

Interest free loans have been granted by the company to its directors as follows:

The parent company is Toryen Investments Limited, a company registered in England and Wales. Copy of the consolidated financial statements can be requested from 5 Carlton Court, Leeds, LS12 6LT.

The ultimate controlling party is Mr T Zyzak, a director and by virtue of his majority shareholding in the parent company.