REGISTERED NUMBER: 09899731 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

AUDITED

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

FOR

HARNHAM GROUP LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

7

Consolidated Income Statement

10

Consolidated Other Comprehensive Income

11

Consolidated Balance Sheet

12

Company Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Cash Flow Statement

16

Notes to the Consolidated Cash Flow Statement

17

Notes to the Consolidated Financial Statements

18

DIRECTORS:

S J Clarke

D Farmer

S Lawrence

D Rees

M P Simcox

W Ali

G Hall

REGISTERED OFFICE:

3rd Floor, Melbury House

51 Wimbledon Hill Road

Wimbledon

London

SW19 7QW

REGISTERED NUMBER:

09899731 (England and Wales)

AUDITORS:

Hartley Fowler LLP

Statutory Auditors

Chartered Accountants

4th Floor Tuition House

27-37 St George's Road

Wimbledon

London

SW19 4EU

The directors present their strategic report of the company and the group for the year ended 30 November 2025.

REVIEW OF BUSINESS

The directors are pleased to report the Group's consolidated performance for the year.

Harnham Group is a provider of recruitment services through its subsidiaries which operate across the UK, Netherlands and US markets. They specialise in providing permanent and contract staffing solutions for the data and AI sector. Additionally, through its subsidiary, Rockborne, it trains and develops graduates in data and analytics before deploying to its clients. Rockborne also provides bespoke training services and consultancy services through its trained graduate consultants supplemented by Harnham provided contractors.

Gross profit increased to £17,386,382 (2024 - £17,067,136). The movement was less severe than in prior years as although poor trading conditions continued in the first half, a clear improvement in the market was seen in the second half. The group reported a loss before taxation of £1,073,234, an improvement on 2024 (£2,553,453 loss) through a further £2.4m of cost reductions focused on its permanent staffing solutions division, Rockborne and central overhead including the sub lease of the majority of the head office building.

Turnover was overall 3% lower than prior year at £34.8m (2024 £36.0m). Contract staffing showed the largest decline with turnover from this service line reducing to £21.2m (2024 £23.3m). The decline was entirely US related and followed a restructuring which will position the business for future growth. The UK contract business grew by 4%. Permanent staffing remained at £10.1m: a £0.2m gain in the UK offset a £0.2m reduction in Europe as the business moved away from the French market. Rockborne revenues increased by £0.1m to £2.7m (2024 £2.6m) driven by increased training revenues.

Employee numbers reduced to an average of 184 for the year, down 17% from prior year (2024 216). Headcount in the perm service line reduced by 14 to an average of 85 in line with market demand. Rockborne was able to reduce its headcount to an average of 39 over the year (2024 53) This is due to its new business model which allows lower upfront training and bench costs. Headcount in the contract service line stayed level despite the increase in turnover.

Cash balances improved £0.8m to £1.0m at year end. During the year the Group secured a £1.55m loan, after costs, from its major shareholders. The £2.5m term loan from HSBC has now been fully repaid, servicing during the year cost £0.5m. The Group has access to UK invoice discounting facilities, provided by HSBC, of up to £4m. In addition, the Group utilized Advance Partners invoice factoring services which generated £0.8m, the same level as prior year.

The company's operations have a minimal impact on the environment and local communities given it is a services business with a mix of home-based and office-based employees. The group companies support and take part in initiatives to reduce any such impact and take an active role in local communities.

Key performance indicators

The company uses a number of key performance indicators to monitor the company's performance.

2025

2024

Gross profit

17,386,382

17,067,136

EBITDA

314,296

(1,516,372

)

Current assets less current liabilities

(1,501,558

)

(1,847,386

)

The board considers:

i) Gross Profit as a measure of growth in the business. This year gross profit increased by 1.8% through a reduction in US contract revenues, which declined 36% year on year. Permanent gross profit was flat overall, however there was growth across the year with the 2nd half 20% higher than the first. Rockborne gross profit increased by 19% through increased demand in their training service and improved margin on deployments.

ii) Earnings before interest, tax, depreciation, and amortisation (EBITDA) as a measure of the underlying profitability. The £1.8m increase in EBITDA despite the lower gross profit reflects the continued cost reductions applied throughout the year.

iii) Current assets less current liabilities represent the underlying assets of the business excluding any longer-term funding. It increased by £0.3m with reduced UK borrowings and lower creditors following the loan financing offset by lower debtors due to the reduction in contract revenues.

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and the execution of the Group's strategy are subject to several risks. The key risks and associated mitigating factors are laid out below.

Business and Operational risk

The Groups business operates in a dynamic competitive environment; risk mitigation is through execution of robust business plans and continuous monitoring of performance.

The risk of disruption to operations is mitigated by ensuring appropriate disaster recovery plans are in place. These plans are regularly reviewed by the senior management team.

Market risk

The Group is exposed to economic downturns generally and more specifically to the markets it trades in. This is mitigated by international diversification and the extension of the contract and Rockborne service lines, which are less impacted than permanent due to longer client commitments.

The Directors are aware of the significant growth of artificial intelligence (AI) and that this could be a risk as well as an opportunity, however given the group operates in this sector it is well placed to react appropriately.

Credit risk

The Groups credit risk stems primarily from trade debtors. Dedicated credit control resource is focused on continued review and active management to mitigate such risk. The Groups clients tend to be "blue chip" with strong credit ratings and there is no significant level of bad debt.

Financial risk

The Group is exposed to financial risks such as liquidity and currency fluctuations. Risk is mitigated through regular forecasting and continuous monitoring of performance against expectations. The group has an ability to borrow up to £4m through its invoice discounting facilities in the UK and is further able to factor its debtors in the US to raise further finance. The Group looks to reduce its currency exposure by reducing non-Sterling balances and natural hedges of costs in the same currency.

SECTION 172(1) STATEMENT

The Board acknowledges Section 172(1) of the UK Companies Act 2006, and its duty to promote the success of the Group.

A director of a company must act in the way he or she considers, 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 has regard (amongst other matters) to:

- the likely consequences of any decision in the long term

- the interests of the company's employees

- fostering business relationships with suppliers, customers and others

- the impact on the community and environment

- the reputation for high standards of business conduct

- the need to act fairly between members of the company

Our outlook

The Directors understand the business and the evolving environment in which we operate. The strategy set by the Board is based on these key priorities - expand reach in core markets, achieve better outcomes for our clients, and nurture and grow our people.

Our clients

Our clients and the work we do for them is the bedrock of our business and the reason we can attract and retain our people. The relationships and trust our teams build with our clients, combined with the knowledge of our client's businesses, culture and skill requirements guarantees we have a high success rate on our placements.

Our people

Our people and their development are intrinsically linked to the success of our clients and achieving our strategic goals. We engage with our people regularly throughout the year and through a variety of means. We feel that it is important to bring our people together in person and have frequent events. It is important for the business that our people are listened to, their views are responded to, and everyone's achievements are celebrated.

FUTURE DEVELOPMENTS

The second half of 2025 showed market improvements and improved profitability across the group. This has extended into the first half of 2026 with the group performing well above expectations. In particular the US market has delivered strong growth.

Following the cost reductions achieved in prior years and the additional financing raised in 2025 the directors are looking to take advantage of customer demand and grow the business focusing on its key markets and sectors.

The board continues to see significant opportunities in the US market and is investing further in growth here, as well as reallocating resources from less profitable areas. It will also focus on extending its contract offering to increase the proportion of recurring revenues for the group. Rockborne has successfully extended its offerings to include training and consultancy services and will invest further in these service lines.

AI has grown exponentially over the last year. The directors believe that Harnham, with its market leading depth of experience in AI and data staffing solutions, is well positioned to take advantage of ongoing growth.

ON BEHALF OF THE BOARD:

S J Clarke - Director

2 June 2026

The directors present their report with the financial statements of the company and the group for the year ended 30 November 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of recruitment services.

DIVIDENDS

The aggregate dividends on the A Ordinary shares recognised during the financial year amount to £900,038 (2024 - £900,038). On 31 March 2026, a further £900,038 became payable on the A Ordinary shares.

No dividends were paid on the B Ordinary shares during the financial year (2024 - £nil). The directors recommend that no final dividend be paid on these shares.

FUTURE DEVELOPMENTS

A review of future developments can be found in the Strategic Report.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 December 2024 to the date of this report.

S J Clarke

D Farmer

S Lawrence

D Rees

Other changes in directors holding office are as follows:

S E Ledwidge - resigned 19 December 2024

M P Simcox - appointed 19 December 2024

W Ali and G Hall were appointed as directors after 30 November 2025 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group and of the profit or loss of the group 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 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 directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director 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 group's auditors are aware of that information.

AUDITORS

The auditors, Hartley Fowler LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

S J Clarke - Director

2 June 2026

Opinion

We have audited the financial statements of Harnham Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 30 November 2025 and of the group's loss for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have 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:

We identify and assess risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

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

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

- any matters we identified having obtained and reviewed the company's documentation of their policies and procedures;

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

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

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory framework that the company operates in. The key laws and regulations we considered in this context included the UK Companies Act and tax legislation.

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.

As a result of performing the above, we did not identify any key matters related to the potential risk of fraud or non-compliance with laws and regulations.

Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provision of relevant laws and regulations described as having a direct effect on the financial statements;

- enquiring of management concerning actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- reviewing minutes of meetings of those charged with governance, reviewing internal reports and reviewing correspondence with HMRC; and

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale for any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indication of fraud or non-compliance with laws and regulations throughout the audit.

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.

Jonathan Askew (Senior Statutory Auditor)

for and on behalf of Hartley Fowler LLP

Statutory Auditors

Chartered Accountants

4th Floor Tuition House

27-37 St George's Road

Wimbledon

London

SW19 4EU

4 August 2026

TURNOVER

3

34,872,629

36,015,543

Cost of sales

17,486,247

18,948,407

GROSS PROFIT

17,386,382

17,067,136

Administrative expenses

18,159,640

19,497,293

(773,258

)

(2,430,157

)

Other operating income

2,171

-

OPERATING LOSS

5

(771,087

)

(2,430,157

)

Interest receivable and similar income

533

2,261

(770,554

)

(2,427,896

)

Interest payable and similar expenses

6

302,680

125,557

LOSS BEFORE TAXATION

(1,073,234

)

(2,553,453

)

Tax on loss

7

(61,732

)

(150,969

)

LOSS FOR THE FINANCIAL YEAR

(1,011,502

)

(2,402,484

)

Loss attributable to:

Owners of the parent

(948,623

)

(2,222,037

)

Non-controlling interests

(62,879

)

(180,447

)

(1,011,502

)

(2,402,484

)

LOSS FOR THE YEAR

(1,011,502

)

(2,402,484

)

OTHER COMPREHENSIVE INCOME

Translation differences on foreign

subsidiaries

(165,528

)

(11,085

)

Purchase of own shares

Treasury Shares

(1

)

(1

)

Income tax relating to components of other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

(165,529

)

(11,086

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(1,177,031

)

(2,413,570

)

Total comprehensive income attributable to:

Owners of the parent

(1,114,151

)

(2,232,979

)

Non-controlling interests

(62,880

)

(180,591

)

(1,177,031

)

(2,413,570

)

FIXED ASSETS

Intangible assets

10

65,158

270,878

Tangible assets

11

233,771

649,697

Investments

12

-

-

298,929

920,575

CURRENT ASSETS

Debtors

13

6,506,292

7,161,705

Cash at bank and in hand

1,009,782

888,327

7,516,074

8,050,032

CREDITORS

Amounts falling due within one year

14

9,017,632

9,897,418

NET CURRENT LIABILITIES

(1,501,558

)

(1,847,386

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,202,629

)

(926,811

)

CREDITORS

Amounts falling due after more than one year

15

(1,888,449

)

-

PROVISIONS FOR LIABILITIES

18

(13,160

)

(100,345

)

NET LIABILITIES

(3,104,238

)

(1,027,156

)

CAPITAL AND RESERVES

Called up share capital

19

14

14

Share premium

3,015,214

3,015,214

Capital redemption reserve

2

2

Treasury shares

(2

)

(1

)

Retained earnings

(5,794,822

)

(3,775,813

)

SHAREHOLDERS' FUNDS

(2,779,594

)

(760,584

)

NON-CONTROLLING INTERESTS

(324,644

)

(266,572

)

TOTAL EQUITY

(3,104,238

)

(1,027,156

)

The financial statements were approved by the Board of Directors and authorised for issue on 2 June 2026 and were signed on its behalf by:

S J Clarke - Director

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

-

-

Investments

12

4,035,937

4,035,925

4,035,937

4,035,925

CURRENT ASSETS

Debtors

13

3,161,088

395,741

Cash at bank

26,933

75,634

3,188,021

471,375

CREDITORS

Amounts falling due within one year

14

2,505,067

1,501,519

NET CURRENT ASSETS/(LIABILITIES)

682,954

(1,030,144

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,718,891

3,005,781

CREDITORS

Amounts falling due after more than one year

15

1,888,449

-

NET ASSETS

2,830,442

3,005,781

CAPITAL AND RESERVES

Called up share capital

19

14

14

Share premium

3,015,214

3,015,214

Capital redemption reserve

1

1

Treasury shares

(2

)

(1

)

Retained earnings

(184,785

)

(9,447

)

SHAREHOLDERS' FUNDS

2,830,442

3,005,781

Company's profit for the financial year

724,700

883,850

The financial statements were approved by the Board of Directors and authorised for issue on 2 June 2026 and were signed on its behalf by:

S J Clarke - Director

Called up

Capital

share

Retained

Share

redemption

capital

earnings

premium

reserve

£

£

£

£

Balance at 1 December 2023

14

(747,854

)

3,015,214

2

Changes in equity

Total comprehensive income

-

(2,233,122

)

-

-

Dividends

-

(900,038

)

-

-

Change in shareholdings of subsidiary

-

105,201

-

-

Balance at 30 November 2024

14

(3,775,813

)

3,015,214

2

Changes in equity

Total comprehensive income

-

(1,114,151

)

-

-

Dividends

-

(900,038

)

-

-

Change in shareholdings of subsidiary

-

(4,820

)

-

-

Balance at 30 November 2025

14

(5,794,822

)

3,015,214

2

Treasury

Non-controlling

Total

shares

Total

interests

equity

£

£

£

£

Balance at 1 December 2023

-

2,267,376

19,809

2,287,185

Changes in equity

Total comprehensive income

(1

)

(2,233,123

)

(180,591

)

(2,413,714

)

Dividends

-

(900,038

)

-

(900,038

)

Change in shareholdings of subsidiary

-

105,201

(105,790

)

(589

)

Balance at 30 November 2024

(1

)

(760,584

)

(266,572

)

(1,027,156

)

Changes in equity

Total comprehensive income

(1

)

(1,114,152

)

(62,880

)

(1,177,032

)

Dividends

-

(900,038

)

-

(900,038

)

Change in shareholdings of subsidiary

-

(4,820

)

4,808

(12

)

Balance at 30 November 2025

(2

)

(2,779,594

)

(324,644

)

(3,104,238

)

Called up

share

Retained

Share

capital

earnings

premium

£

£

£

Balance at 1 December 2023

14

6,741

3,015,214

Changes in equity

Total comprehensive income

-

883,850

-

Dividends

-

(900,038

)

-

Balance at 30 November 2024

14

(9,447

)

3,015,214

Changes in equity

Total comprehensive income

-

724,700

-

Dividends

-

(900,038

)

-

Balance at 30 November 2025

14

(184,785

)

3,015,214

Capital

redemption

Treasury

Total

reserve

shares

equity

£

£

£

Balance at 1 December 2023

1

-

3,021,970

Changes in equity

Total comprehensive income

-

(1

)

883,849

Dividends

-

-

(900,038

)

Balance at 30 November 2024

1

(1

)

3,005,781

Changes in equity

Total comprehensive income

-

(1

)

724,699

Dividends

-

-

(900,038

)

Balance at 30 November 2025

1

(2

)

2,830,442

Cash flows from operating activities

Cash generated from operations

1

(604,631

)

1,072,402

Interest paid

(302,680

)

(125,557

)

Tax paid

(4,930

)

1,056

Net cash from operating activities

(912,241

)

947,901

Cash flows from investing activities

Purchase of tangible fixed assets

(24,842

)

(20,869

)

Sale of tangible fixed assets

4,781

1,891

Interest received

533

2,261

Net cash from investing activities

(19,528

)

(16,717

)

Cash flows from financing activities

New loans in year

1,750,000

-

Loan repayments in year

(520,493

)

(858,996

)

Net cash from financing activities

1,229,507

(858,996

)

Increase in cash and cash equivalents

297,738

72,188

Cash and cash equivalents at beginning of year

2

888,327

771,458

Effect of foreign exchange rate changes

(176,283

)

44,681

Cash and cash equivalents at end of year

2

1,009,782

888,327