Registered number: 05974472
FOR THE YEAR ENDED 31 DECEMBER 2025
COMPANY INFORMATION
CONTENTS
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present the Strategic Report for the year ended 31 December 2025.
The principal activity of the Company is that of recruitment consultancy. In the prior year, the operational activities of the HR recruitment service line were transitioned to Catalyst Partners Global Limited, a fellow subsidiary of the ultimate parent undertaking.
Dartmouth is a specialist recruitment business with a premium offering, leading brand and operating in a large addressable market.
2025 saw revenue increase by 36% versus 2024, with gross profit increasing by 22% and operating profit increasing by 114%.
Dartmouth is a specialist recruitment business with a premium offering, leading brand and operating in a large addressable market.
2025 saw revenue increase by 36% versus 2024, with gross profit increasing by 22% and operating profit increasing by 114%.
The business operates within the recruitment sector, whose performance is closely correlated with the broader macroeconomic environment. As such there is an inherent business risk which is linked to the performance of the economies where the business trades.
The 2023 downturn proved to be a challenging trading environment for the broader recruitment consultancy sector with both revenue and net fee incomes adversely impacted. The Company has a small proportion of fixed overheads which translates to a natural hedge in the variable cost base when revenues and net fee income are lower. This, coupled with the flexible nature of the cost base, has allowed the business to reposition itself and return the business to year-on-year growth in both 2024 and 2025.
The board continues to monitor the economic environment closely. The business continues to be well positioned to capitalise on growth in the future.
The 2023 downturn proved to be a challenging trading environment for the broader recruitment consultancy sector with both revenue and net fee incomes adversely impacted. The Company has a small proportion of fixed overheads which translates to a natural hedge in the variable cost base when revenues and net fee income are lower. This, coupled with the flexible nature of the cost base, has allowed the business to reposition itself and return the business to year-on-year growth in both 2024 and 2025.
The board continues to monitor the economic environment closely. The business continues to be well positioned to capitalise on growth in the future.
Revenue for the year increased by 36% to £22,266,388 (2024 - £16,417,066).
Gross Profit for the year increased by 22% to £18,208,503 (2024 - £14,900,876).
Operating Profit for the year increased by 114% to £5,390,653 (2024 - £2,513,886).
The Company continues to have a strong Statement of Financial Position with net assets increasing by 10% to £29,562,255 as at 31 December 2025 (2024 - £23,936,552).
Future developments
There have been no significant future developments identified since the year end other than post balance sheet events as disclosed in note 24.
Gross Profit for the year increased by 22% to £18,208,503 (2024 - £14,900,876).
Operating Profit for the year increased by 114% to £5,390,653 (2024 - £2,513,886).
The Company continues to have a strong Statement of Financial Position with net assets increasing by 10% to £29,562,255 as at 31 December 2025 (2024 - £23,936,552).
Future developments
There have been no significant future developments identified since the year end other than post balance sheet events as disclosed in note 24.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
The profit for the year, after taxation, amounted to £5,625,703 (2024 - £2,385,619).
No dividends were declared or paid during the year (2024 - £Nil).
The directors who served during the year were:
Where necessary, disclosures relating to future developments have been made in the Strategic Report and have not been repeated here in accordance with Section 414C of the Companies Act 2006.
In February 2026, the Group headed by the ultimate parent company entered into new debt facilities, resulting in the drawing of a new term loan facility and the option for a revolving credit facility. Subsequently, additional fixed charges have been created by the lender, secured against the Company's assets.
The auditor, S&W Audit (a trading name of S&W Partners Audit Limited), will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. 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 to 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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DARTMOUTH PARTNERS LTD
We have audited the financial statements of Dartmouth Partners Ltd (the 'Company') for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equityand the notes to the financial statements, including material accounting policy information. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 101 "Reduced Disclosure Framework" (United Kingdom Generally Accepted Accounting Practice).
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.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DARTMOUTH PARTNERS LTD (CONTINUED)
The other information comprises the information included in the Annual Report and Financial Statements, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the Annual Report and Financial Statements. 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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 4, 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.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DARTMOUTH PARTNERS LTD (CONTINUED)
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 extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
We obtained a general understanding of the Company’s legal and regulatory framework through enquiry of management concerning their understanding of relevant laws and regulations, the entity’s policies and procedures regarding compliance, and how they identify, evaluate and account for litigation claims. We also drew on our existing understanding of the Company’s industry and regulation.
We understand that the Company complies with the framework through:
∙Outsourcing statutory accounts preparation and tax compliance to external experts;
∙Subscribing to relevant updates from external experts, and making changes to internal procedures and controls as necessary; and
∙The directors' close involvement in the day-to-day running of the business, meaning that any litigation or claims would come to their attention directly.
In the context of the audit, we considered those laws and regulations which determine the form and content of the financial statements, which are central to the Company’s ability to conduct its business, and where there is a risk that failure to comply could result in material penalties. We identified the following laws and regulations as being of significance in the context of the Company:
∙The Companies Act 2006 and FRS 101 in respect of the preparation and presentation of the financial statements.
The senior statutory auditor led a discussion with senior members of the engagement team regarding the susceptibility of the entity’s financial statements to material misstatement, including how fraud might occur. The areas identified in this discussion were:
∙Payment of bonuses based on sales, which may create an incentive for acceleration of permanent placement revenue recognition; and
∙Manipulation of the financial statements, especially revenue, via fraudulent journal entries.
These areas were communicated to the other members of the engagement team not present at the discussion.
The procedures we carried out to gain evidence in the above areas included:
∙Substantive work on revenue recognition, particularly focusing on revenue recognised around the period end;
∙Substantive work on material areas affecting profits; and
∙Testing journal entries, focusing particularly on postings to unexpected or unusual accounts and transactions relating to revenue.
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.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DARTMOUTH PARTNERS LTD (CONTINUED)
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 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.
for and on behalf of
Statutory Auditor
Chartered Accountants
14th Floor
103 Colmore Row
B3 3AG
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 12 to 31 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Dartmouth Partners Ltd is a private company, limited by shares, domiciled and incorporated in England and Wales (registered number: 05974472). The registered office address is 125 London Wall, London, EC2Y 5AS.
The principal activity of the Company is that of recruitment consultancy.
The principal activity of the Company is that of recruitment consultancy.
2.Accounting policies
The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions under FRS 101:
∙the requirements of paragraphs 45(b) and 46-52 of IFRS 2 Share-based payment
∙the requirements of IFRS 7 Financial Instruments: Disclosures
∙the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers
∙the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases. The requirements of paragraph 58 of IFRS 16, provided that the disclosure of details in indebtedness relating to amounts payable after 5 years required by company law is presented separately for lease liabilities and other liabilities, and in total
∙the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
- paragraph 79(a)(iv) of IAS 1;
- paragraph 73(e) of IAS 16 Property, Plant and Equipment;
∙the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
∙the requirements of IAS 7 Statement of Cash Flows
∙the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
∙the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
This information is included in the consolidated financial statements of Kernel EquityCo Limited as at 31 December 2025 and these financial statements may be obtained from Companies House.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The Company is a parent company that is also a subsidiary included in the consolidated financial
statements of its ultimate parent undertaking established under the law of England and Wales and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
statements of its ultimate parent undertaking established under the law of England and Wales and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
At the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future.
The directors have reviewed cash flow forecasts for at least the 12 month period from the date of signing to ensure the Company can maintain its day-to-day services, fulfil its statutory obligations and meet future obligations to funders and other stakeholders.
At 31 December 2025, the Company had sufficient cash balances to maintain a positive cash position and meet its liabilities as they fall due for at least 12 months from the date of approval of these financial statements, based upon current expectations.
The directors' forecasts reflect an objective assessment of the impact of macroeconomic and market specific factors on the Company's operational performance and trading prospects. To the date of signing, positive cash balances have been maintained.
The directors have stress tested their forecasts and sales demand would need to fall by a significant amount before cash flow becomes an issue, such that they do not believe this to be a probable outcome.
The directors believe the Company will continue to be a going concern and have therefore prepared these financial statements on a going concern basis.
The directors have reviewed cash flow forecasts for at least the 12 month period from the date of signing to ensure the Company can maintain its day-to-day services, fulfil its statutory obligations and meet future obligations to funders and other stakeholders.
At 31 December 2025, the Company had sufficient cash balances to maintain a positive cash position and meet its liabilities as they fall due for at least 12 months from the date of approval of these financial statements, based upon current expectations.
The directors' forecasts reflect an objective assessment of the impact of macroeconomic and market specific factors on the Company's operational performance and trading prospects. To the date of signing, positive cash balances have been maintained.
The directors have stress tested their forecasts and sales demand would need to fall by a significant amount before cash flow becomes an issue, such that they do not believe this to be a probable outcome.
The directors believe the Company will continue to be a going concern and have therefore prepared these financial statements on a going concern basis.
Functional and presentation currency
Transactions and balances
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The Company assesses whether it is acting as agent or principal depending on whether the customer has a direct relationship with the Company, whether the Company has the primary responsibility for providing the services and whether the Company has control over the placement of the worker.
Where the Company acts as a principal in the supply, revenue is recognised as the gross amount
due, net of value-added tax, rebates and discounts. The Company does not have any agency relationships.
For retainer and shortlisting fees, IFRS 15 requires that these fees are deferred and only recognised once the performance obligation has been satisfied or the contract terminated. The transaction price is determined in accordance with the contractual arrangements in place.
Contract liabilities (amounts received in advance of performance delivery) consists of billings or payments received in advance of revenue recognition.
The Company does not expect to have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, the Company does not adjust any of the transaction prices for the time value of money.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered to be low value, being less than £1,000. Lease payments on short-term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below:
Financial assets and financial liabilities are initially measured at fair value.
Financial assets
All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets.
Fair value through profit or loss
Impairment of financial assets
Financial liabilities
Fair value through profit or loss
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
At amortised cost
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The judgements, estimates and assumptions are evaluated at each reporting date and are based on historical experience as adjusted for current market conditions and other factors. Management makes estimates and assumptions concerning the future in preparing the financial statements and the actual results will not always reflect the accounting estimates made.
Recognition of revenue
Management judgement is required to identify the performance obligations in the client contracts which the Company enters into. The methodology and key judgements applied are described in the accounting policy above.
Measurement of expected credit loss (“ECL”)
The measurement of expected credit losses to be recognised on the Company’s financial assets requires judgement by the directors. ECL is measured based on a historic loss rate applied to the aging of the receivable at the relevant period end. As the aging increases to more than 90 days overdue, there is a significant increase in credit risk. IFRS 9 does not define what constitutes a significant increase in credit risk. In assessing whether the credit risk of an asset has significantly increased the Company considers qualitative and quantitative reasonable and supportable forward-looking information. Management have deemed the ECL not material to the Company and as such it has not been recognised.
Recoverability of intra-group loans
The Company has provided loans to its subsidiary companies which are repayable on demand. Loans are impaired to their recoverable value should the counterparty not have sufficient resources to repay the loan on demand after taking all possible steps including the sale of trade and assets.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Analysis of turnover by country of destination:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
5.Exceptional items (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
In both the current and prior year, directors' remuneration was borne by another company in the group headed by Kernel Equityco Limited. Directors are remunerated for their services to the Kernel Equityco Limited group, and it is impracticable to allocate the services of the Directors between group companies. The Company is recharged for its proportionate share of central overhead costs which are borne by another company in the group headed by Kernel Equityco Limited. The total recharge costs incurred by the Company in the year ended 31 December 2025 in respect of central overhead costs amounted to £2,282,685 (2024 - £768,451). This recharge includes an element of directors' remuneration.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
12.Taxation (continued)
There were no factors that may affect future tax charges.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Share premium account
Capital contribution reserve
Profit and loss account
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £92,021 (2024 - £77,466). Contributions totalling £23,951 (2024 - £1,155 owed from the fund) were payable to the fund at the reporting date.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 30
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The Company's immediate parent undertaking is Granite Bidco Limited , a company registered in England and Wales.
The ultimate parent undertaking of the Company isKernel Equityco Limited . a company incorporated in England and Wales.
The largest and smallest group of undertakings for which group accounts for the year ended 31 December 2025 have been drawn up, is that headed byKernel Equityco Limited . The registered office address of Kernel Equityco Limited is 125 London Wall, London, EC2Y 5AS. Copies of the group accounts are available from Companies House.
The ultimate controlling party isL V Naidu by virtue of his majority shareholding in the ultimate parent undertaking.
The ultimate parent undertaking of the Company is
The largest and smallest group of undertakings for which group accounts for the year ended 31 December 2025 have been drawn up, is that headed by
The ultimate controlling party is
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