REGISTERED NUMBER: 06421189 (England and Wales)

STRATEGIC REPORT, DIRECTOR'S REPORT AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

FOR

SMART SOLUTIONS (RECRUITMENT) LIMITED

Page

Company Information

1

Strategic Report

2

Director's Report

5

Report of the Independent Auditors

7

Income Statement

10

Other Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Notes to the Financial Statements

14

DIRECTOR:

R J Webb

REGISTERED OFFICE:

4c Greenmeadow Springs Business Park

Village Way

Cardiff

CF15 7NE

REGISTERED NUMBER:

06421189 (England and Wales)

AUDITORS:

Xeinadin Audit Limited

Beckwith Barn

Warren Estate

Lordship Road

Writtle

Essex

CM1 3WT

BANKERS:

The Co-operative Bank p.l.c

P.O. Box 101

1 Balloon Street

Manchester

M60 4EP

The director presents his strategic report for the year ended 31 October 2025.

REVIEW OF BUSINESS

The principal activity of the company during the year continued to be that of a recruitment agency.

Turnover for the year was £97.3 million (2024: £109.5 million), a decrease of 11.2% compared with the prior year. This reduction reflects the continued challenging conditions in the wider economy and recruitment sector. Despite the reduction in revenue, the company delivered a resilient trading performance, with gross profit increasing to £14.9 million (2024: £14.8 million).

The gross profit margin, a key performance indicator for the business, improved to 15.3% (2024: 13.5%). This demonstrates the resilience of the operating model and the company's focus on maintaining quality revenue and effective service delivery. Administrative expenses decreased to £12.3 million (2024: £13.6 million), which supported the improvement in operating profit.

The company delivered a profit before taxation of £2,623,673, a significant improvement from the prior year's profit before taxation of £1,130,340. Profit after taxation for the year was £2,015,458 (2024: £872,788).

We continue to place great emphasis on the strength of our client relationships, with client retention levels remaining high. We believe this is a direct result of our commitment to service excellence and our innovative approach to delivery.

Technology investment remains a strategic priority. During the year, the company continued to invest in its systems infrastructure to drive operational efficiency, strengthen delivery capability and support future scalability. These enhancements are designed to complement our existing offering and ensure we continue to lead in our sector.

The financial outcome for the year is strong, reflecting solid operational execution. At 31 October 2025, shareholders' funds were £3,907,181 (2024: £1,891,723), as detailed in the balance sheet. This growth reinforces the soundness of the business and provides a firm foundation for future expansion.

FUTURE PROSPECTS

The director is confident that the company is well placed to build upon the successes of the past year and intends to implement a growth strategy to develop the business further and strengthen its market position.

PRINCIPAL RISKS AND UNCERTAINTIES

The key risks facing the company are closely aligned with those experienced by our clients and the sectors in which they operate. We maintain close working relationships with our clients to anticipate and mitigate these risks wherever possible, using our sector knowledge and insight.

Labour market volatility remains a challenge, but our robust internal procedures enable us to maintain the quality and availability of personnel. Significant investment in IT systems has allowed us to automate many key processes, strengthening compliance and consistency across our operations.

Credit risk is an inherent factor in the recruitment sector. This is managed through careful client onboarding, credit assessment procedures, and ongoing monitoring of receivables. Appropriate action is taken where necessary to mitigate exposure.

SECTION 172(1) STATEMENT

The Director is fully aware of his duty under s172(1) of the Companies Act 2006 to promote the success of the Company for the benefit of members as a whole.

The company's ongoing success is dependent upon its relationships with all of our stakeholders. Building positive relationships with stakeholders is very important to the company and assists us in delivering long-term sustainable success.

Section 172 considerations form part of the decision making process throughout the company.

The leadership team of the business make decisions with a long-term view in mind and with the highest standards of conduct in line with company policies. In order to fulfil his duties, the Director takes care to have regard to the likely consequences on all stakeholders of the decisions and actions taken. Where possible, decisions are carefully discussed with affected companies and are therefore fully understood and supported when taken.

The company commits to being open and honest with all of its stakeholder groups. The Director and Leadership Team of the business are well informed about the views of stakeholders and are committed to maintaining a two-way dialogue with all of our stakeholder groups. The primary stakeholder groups are detailed below.

Shareholders

When taking decisions, the Director looks to act in the interests of shareholders as a whole and to ensure all shareholders are fairly treated. The Director acts in accordance with the duties codified in law, which include the duty to act in the way in which they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, having regard to the stakeholders and matters set out in section 172(1) of the Companies Act 2006. Regular board and Leadership Team meetings take place which involve detailed updates on all aspects of the business.

Colleagues

Our people are key to our success and we want them to be successful individually and as a team. There are many ways we engage with and listen to our people. Key areas of focus include health and well-being, development opportunities, pay and benefits. Regular reports about what is important to our colleagues are made to the Leadership Team ensuring consideration is given to colleague needs.

Customers

We aim to deliver the very best service to all of our customers. We build strong lasting relationships with our customers and spend considerable time with them to understand their needs and views. This helps to inform our decision-making and helps us tailor our services to suit individual customer demands.

Suppliers

We build strong relationships with our suppliers to develop mutually beneficial and lasting partnerships. Engagement with suppliers is primarily through a series of regular interactions. The Director and Leadership Team recognise that relationships with suppliers are important to the Company's long-term success and are briefed on supplier feedback and issues on a regular basis.

Communities

We engage with the communities in which we operate to build trust and understand the local issues that are important to them. Key areas of focus include how we can support local causes and, create opportunities to recruit and develop local people. The key issues and themes across local communities are reported back to the Leadership Team.

Government and regulators

We engage with the government and regulators wherever it may be required. Key areas of focus are compliance with laws and regulations and health and safety. The Director is updated on legal and regulatory developments and takes these into account when considering future actions.

GOING CONCERN

The director has reviewed the cash position of the company and the company's forecasts at the date of signing the accounts and the company is expected to be cash generative for the forthcoming year and beyond. As a consequence the director believes the company is well placed to manage its business risks successfully despite the current uncertain economic outlook.

The director continually reviews the financial risks to which the company is exposed and considers the main financial risk to the business to be in the form of bad and doubtful debts. To help mitigate this risk, the company has continued to strengthen its already stringent credit control and financial management processes.

ON BEHALF OF THE BOARD:

R J Webb - Director

13 July 2026

The director presents his report with the financial statements of the company for the year ended 31 October 2025.

DIVIDENDS

No dividend was voted and paid during the year (2024: £Nil).

DIRECTOR

R J Webb was appointed as a director on 1 November 2023.

STREAMLINED ENERGY AND CARBON REPORTING

The Company is required to report its annual energy consumption, associated greenhouse gas emissions and energy efficiency actions undertaken during the financial year in accordance with the Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018.

During the year, the Company consumed 77,688 kWh of electricity (2024: 87,775 kWh). The Company does not consume natural gas or any other fuel for which reporting is required.

Using the UK Government greenhouse gas conversion factors published in June 2023, the Company's electricity consumption resulted in estimated Scope 2 greenhouse gas emissions of approximately 16,115 kg CO2e (16.1 tonnes CO2e) (2024: 18,176 kg CO2e (18.2 tonnes CO2e)).

The Company's intensity ratio for the year was 166.13 kg CO2e per £1 million of revenue (2024: 180.14 kg CO2e per £1 million of revenue).

The reported emissions have been calculated using the UK Government Environmental Reporting Guidelines and the greenhouse gas conversion factors published by the Department for Energy Security and Net Zero (DESNZ). The reporting boundary is consistent with the financial reporting boundary adopted for the Company's financial statements.

The Company continues to seek opportunities to improve energy efficiency and reduce greenhouse gas emissions arising from its operations. Employees are regularly reminded of the importance of minimising unnecessary energy consumption by ensuring that lighting, IT equipment and other non-essential electrical equipment are switched off when not in use. The Company will continue to monitor its energy consumption and identify opportunities to improve energy efficiency across its operations.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

-	select suitable accounting policies and then apply them consistently;

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

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

R J Webb - Director

13 July 2026

Opinion

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

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 October 2025 and of its profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Director's Report, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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

-	the information given in the Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Director's 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director's Report.

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

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

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

-	certain disclosures of director's remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page five, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

The objectives of our audit, in respect to irregularities, including fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; to respond appropriately to fraud or suspected fraud identified during the audit, to obtain audit evidence regarding compliance with provisions of applicable laws and regulations, and to respond appropriately to any non-compliance identified. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

In identifying and assessing risks of material misstatement in respect of irregularities including fraud and non-compliance with laws and regulations our approach was to consider the following:

-

the nature of the industry or sector, control environment and business performance;

-

the results of enquiries of management about their own identification and assessment of the risks of irregularities;

-

matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act, employment law, tax legislation and health and safety.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

We assessed the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud to be in the areas of recognition of income and payroll related costs. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

Our procedures to respond to risks identified included the following:

-

reviewing the financial statement disclosures and testing to supporting documentation;

-

enquiring of management concerning actual and potential litigation and claims;

-

reviewing material legal costs in the period;

-

performing analytical procedures to identify unusual or unexpected relationships;

-

reviewing correspondence with HMRC;

-

testing the appropriateness of judgements made in making accounting estimates, journal entries and other adjustments made by management for indications of potential bias; and

-

evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business

-

testing of payroll related costs including holiday pay adjustments and compliance with national minimum wage regulations

The likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

Simon Medcalf FCA (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited

Beckwith Barn

Warren Estate

Lordship Road

Writtle

Essex

CM1 3WT

13 July 2026

TURNOVER

4

97,268,105

109,490,333

Cost of sales

82,385,714

94,713,241

GROSS PROFIT

14,882,391

14,777,092

Administrative expenses

12,258,718

13,618,830

OPERATING PROFIT

7

2,623,673

1,158,262

Interest payable and similar expenses

9

-

27,922

PROFIT BEFORE TAXATION

2,623,673

1,130,340

Tax on profit

10

608,215

257,552

PROFIT FOR THE FINANCIAL YEAR

2,015,458

872,788

PROFIT FOR THE YEAR

2,015,458

872,788

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,015,458

872,788

FIXED ASSETS

Intangible assets

12

-

-

Tangible assets

13

2,487

6,082

Investments

14

508,060

508,060

510,547

514,142

CURRENT ASSETS

Debtors

15

22,995,000

23,836,645

Cash at bank

81,836

485,960

23,076,836

24,322,605

CREDITORS

Amounts falling due within one year

16

19,680,202

22,945,024

NET CURRENT ASSETS

3,396,634

1,377,581

TOTAL ASSETS LESS CURRENT LIABILITIES

3,907,181

1,891,723

CAPITAL AND RESERVES

Called up share capital

19

26,667

26,667

Share premium

20

91,111

91,111

Capital redemption reserve

20

62,222

62,222

ESOP share reserve

20

(2,025,000

)

(2,025,000

)

Retained earnings

20

5,752,181

3,736,723

SHAREHOLDERS' FUNDS

3,907,181

1,891,723

The financial statements were approved by the director and authorised for issue on 13 July 2026 and were signed by:

R J Webb - Director

Called up

share

Retained

Share

capital

earnings

premium

£

£

£

Balance at 1 November 2023

26,667

2,863,935

91,111

Changes in equity

Total comprehensive income

-

872,788

-

Balance at 31 October 2024

26,667

3,736,723

91,111

Changes in equity

Total comprehensive income

-

2,015,458

-

Balance at 31 October 2025

26,667

5,752,181

91,111

Capital

ESOP

redemption

share

Total

reserve

reserve

equity

£

£

£

Balance at 1 November 2023

62,222

(2,025,000

)

1,018,935

Changes in equity

Total comprehensive income

-

-

872,788

Balance at 31 October 2024

62,222

(2,025,000

)

1,891,723

Changes in equity

Total comprehensive income

-

-

2,015,458

Balance at 31 October 2025

62,222

(2,025,000

)

3,907,181

1.	STATUTORY INFORMATION

Smart Solutions (Recruitment) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

Amounts in the financial statements are rounded to the nearest Pound.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Preparation of consolidated financial statements

The financial statements contain information about Smart Solutions (Recruitment) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, RJW Ventures Limited, 4c Greenmeadow Springs Business Park, Village Way, Cardiff, Wales, CF15 7NE

Significant judgements and estimates

In preparing these financial statements, the company has made judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.

Key estimates and assumptions have been made in the following areas:

-

The recoverability of debtors and the subsequent calculation of the related bad debt provision is estimated based on historical payment patterns and a review of long outstanding debtors. The bad debt provision at the balance sheet date is £1,794,982 (2024: £159,187).

-

The provision for holiday pay accruals includes certain judgements and estimates both in respect of the rate at which holiday pay is accrued and also the point at which any unpaid accruals are considered to no longer be required and are released. The holiday pay accrual at the balance sheet date is £2,258,746 (2024: £2,401,281).

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents amounts derived from the provision of services to customers. Revenue on temporary placements is recognised over the period of the placement.

Goodwill and intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Contract Intangibles are being amortised evenly over their estimated useful life of five years.

Purchased goodwill (representing the excess of the fair value of the consideration given over the fair value of the separable net assets acquired) arising on consolidation in respect of acquisitions made up to the balance sheet date is capitalised.

In line with FRS 102, an element of the goodwill value that can be identified as directly attributable to a particular contract/contracts, has been re-analysed within intangibles and separately disclosed as 'Contracts' within the intangible assets note and is being written off over 5 years. The remaining goodwill is being amortised straight line over 10 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Improvements to property

-

20% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

20% on cost

Computer equipment

-

20% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial instruments

Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.

Cash and cash equivalents comprise cash balances. Bank overdrafts that are repayable on demand and form an integral part of the Company's cash management are included as a component of cash and cash equivalents for the purpose only of the cash flow statement.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax is recognised at the amount of tax expected to be payable or receivable on the taxable profit or loss for the current year using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Current or deferred taxation assets and liabilities are not discounted.

Uncertainties can exist in relation to the interpretation of complex tax legislation and changes in tax laws. At the balance sheet date, tax liabilities and assets are based on management's judgements around the application of the tax regulations. A provision is made for the best estimate of any additional liability only when it is assessed to be probable that an economic outflow will arise.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial liabilities and equity

Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than the legal form. Financial liabilities, excluding convertible debt and derivatives, are initially measured at transaction price (after deducting transaction costs) and subsequently held at amortised cost.

Dividends on shares presented with shareholders' funds

Dividends are only recognised as a liability at that date to the extent that they are declared prior to the year end. Unpaid dividends that do not meet these criteria are disclosed in the notes to the financial statements.

Employee share ownership plan (esop)

The cost of the company’s shares held by the ESOP is deducted from equity in the company balance sheets under the heading ESOP share reserve. Any gain or loss on disposal of these shares by the ESOP is also recognised directly in equity. Other assets and liabilities of the ESOP (including cash and borrowings) are recognised as assets and liabilities of the company.

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which has accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

Going concern

The company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Strategic Report on page 2. The director believes that the company is well placed to manage its business risks successfully. The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future based upon the financial position of the Company and its forecasted cash flows. Thus the going concern basis continues to be adopted in preparing the annual financial statements.

4.

TURNOVER

The total turnover of the company for the year has been derived from its principal activities, wholly undertaken in the United Kingdom.

5.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

4,150,420

7,415,929

Social security costs

387,001

617,250

Other pension costs

62,686

206,291

4,600,107

8,239,470

The average number of employees during the year was as follows:

2025

2024

Management

4

11

Finance, marketing, sales, HR and IT

20

26

Consultants

80

141

104

178

6.	DIRECTORS' EMOLUMENTS

2025

2024

£

£

Director's remuneration

63,467

460,800

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

1

1

Company contributionsmade in the year toward a money purchase scheme retirement benefit for the director totalled £220 (2024: £1,321).

7.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

£

Hire of plant and machinery

-

115,004

Other operating leases

136,388

334,731

Depreciation - owned assets

3,595

17,805

Loss on disposal of fixed assets

-

12,588

8.	AUDITORS' REMUNERATION

2025

2024

£

£

Fees payable to the company's auditors and their associates for the audit of the company's financial statements

35,200

50,000

Taxation compliance services

4,750

4,750

9.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Other interest

-

23,109

Loan

-

4,813

-

27,922

In addition to the amounts shown above and included within administrative expenses are costs of Nil (2024: £1,172,688) in respect of the company's invoice finance facility.

10.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

690,000

270,000

Adjustment in respect of prior years

(32,774

)

(7,668

)

Total current tax

657,226

262,332

Deferred tax:

Origination and reversal of timing differences

(49,011

)

(4,780

)

Tax on profit

608,215

257,552

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Profit before tax

2,623,673

1,130,340

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

655,918

282,585

Effects of:

Expenses not deductible for tax purposes

38,256

109,741

Capital allowances in excess of depreciation

(4,174

)

-

Depreciation in excess of capital allowances

-

1,784

Adjustments to tax charge in respect of previous periods

(32,774

)

(7,668

)

Deferred tax asset previously not provided for

(49,011

)

-

Group relief

-

(128,890

)

Total tax charge

608,215

257,552

11.	ESOP SHARES

The Employee share ownership plan (ESOP) was established in February 2020 for the purposes of retaining and incentivising employees.

At the balance sheet date the trustees hold 4,000 shares in the company none of which were under option to employees or had been conditionally gifted to them.

Shares in the company held by the ESOP scheme are deducted from equity and amounts can be seen in the ESOP share reserve.

12.	INTANGIBLE FIXED ASSETS

Contract

Intangibles

£

COST

At 1 November 2024

and 31 October 2025

1,436,466

AMORTISATION

At 1 November 2024

and 31 October 2025

1,436,466

NET BOOK VALUE

At 31 October 2025

-

At 31 October 2024

-

13.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

Motor

Computer

property

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 November 2024

539,878

196,814

154,781

1,248,841

2,140,314

Disposals

(539,878

)

(178,837

)

(154,781

)

(1,206,534

)

(2,080,030

)

At 31 October 2025

-

17,977

-

42,307

60,284

DEPRECIATION

At 1 November 2024

539,878

190,732

154,781

1,248,841

2,134,232

Charge for year

-

3,595

-

-

3,595

Eliminated on disposal

(539,878

)

(178,837

)

(154,781

)

(1,206,534

)

(2,080,030

)

At 31 October 2025

-

15,490

-

42,307

57,797

NET BOOK VALUE

At 31 October 2025

-

2,487

-

-

2,487

At 31 October 2024

-

6,082

-

-

6,082