REGISTERED NUMBER: 12940643 (England and Wales)

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 30 November 2025

for

CLIENT FIRST GROUP HOLDINGS LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Statement of Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

Notes to the Consolidated Financial Statements

18

Directors:

A W Fernie

R Clark

Registered office:

Oakwater House

4 Oakwater Avenue

Cheadle Royal Business Park

Cheadle

SK8 3SR

Registered number:

12940643 (England and Wales)

Auditors:

S&W Audit

Pall Mall

1 Pollen Square

59 King Street

Manchester

M2 4PD

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

The principal activity of the group in the year under review was the provision of serious and catastrophic injury legal services to clients in the UK. Client First Group Holdings Limited itself is the holding company for its trading subsidiary company CFG Law Limited.

Review of business

The Core business continued to develop through 2025, building on its foundations. The year ended with a record level of work in progress, confirming the quality of work coming from a number of dedicated work sources. The business has continued to focus on expanding into higher value serious and catastrophic injury work alongside growth in its small Clinical Negligence team and its expanding Court of Protection team.

The business remains focused on its core strategy of becoming the UK's Leading Serious Injury Business and believes that in several areas we are now leading the way and setting the standard for others to follow. These areas of focus will be core to its future financial years alongside further development and promotion of its unique brand and purpose which it launched in mid-2023.

It took on another core work source in mid-2025 and is well positioned to support further expansion in this area as opportunities arise in the future. Operational processes are firmly aligned to ensuring that we are able to help all those affected by injury. We forecast a strong performance in 2026 and in future years.

Investment continued in support of our clear strategy and purpose with further expansion within our Warwick location which we continue to invest heavily in. We remain focused on continually improving our operating processes, skills of colleagues and developing our brand. Most importantly, we will continue to build our network of work sources, delivering long-term sustainable profitable growth in future years. We will be looking again in 2026/7 at further expansion reflecting continued increasing work volumes in the Midlands and Thames Valley and availability of key individuals.

We continue to achieve quicker settlement of cases than the market average, benefiting our clients and their families, minimising lock up and delivering settlement values at least in line with other established firms regarded as the benchmark on this metric.

CFG - More Than Law reflects our broader approach to services. Our Community Compass app (available on both Apple and Android app stores) is a core part of supporting those with a case and importantly those without. This further reflects our position as a purpose-led business and our focus on Helping all Those Affected by Injury - Together. This development continues to bring together our work with families, charities and those directly impacted by injury to build a community which supports one another. This is all part of reflecting the core aims of our business: Legal Excellence, Wraparound Support and Leading Change in our Sector.

With reference to the latter of those three areas, we continue to make no significant deduction from client damages in serious and catastrophic injury work, and we continue to state our intention publicly to oppose the deduction of shortfall fees. We believe this is one area where the serious injury sector can and must do better and we continue to make this the focus of our campaigning, to the benefit of those we support and in line with our purpose of 'Helping All Those Affected by Injury - Together'.

Our infrastructure investment continues to ensure we maintain a secure platform which can be accessed from anywhere in support of clients alongside skilled colleagues who are focused on delivering our purpose. Main areas of investment in 2025 were:

- Reinforcing and promoting our genuine hybrid working approach which has reduced our premises costs whilst increasing our colleague retention rates

- Expanding our office in Warwick reflecting continued growth

- Expanding the reach of our Community Compass App

Key performance indicators:

2025

2024

£

£

Turnover

6,550,243

7,247,423

Profit/(Loss) before tax

(7,428

)

654,052

Net assets

4,424,366

4,504,603

Principal risks and uncertainties

Competitive pressure and further industry reforms are the main risks and uncertainties which also present opportunities which the Directors consider the company is well placed to exploit.

Research and development

We have continued through 2025 to invest in developing our case management system which we believe provides us with a competitive advantage supported by our business information platform. Investment is now underway in adopting AI solutions but only where they enhance efficiencies and client experience.

This aligns with our support of a diverse hybrid workforce which we believe is critical in the changing employment and generational landscape.

Future developments

As stated previously our strategy remains focused on the delivery of long -term sustainable profitable growth across the UK, delivering legal excellence and market-leading damages levels and settlement times whilst also offering clients and families our renowned wraparound support and also leading change in our sector to the benefit of those we work with.

We will continue to develop our core relationships through 2026-27 in line with our strategic plans, increasing the value and volume of new business focusing on improving our already market leading time to settle cases. Ultimately enabling us to help more people affected by injury.

Financial instruments

Objectives and policies

The company’s principal financial instruments comprise bank balances, trade debtors, trade creditors and bank loans to the business. The main purpose of these instruments is to finance the company's operations.

Price risk, credit risk, liquidity risk and cash flow risk

In respect of bank balances, the liquidity risk is managed by holding bank overdrafts in such a way that achieves a competitive rate of interest and minimises interest payable.

We also continue to achieve quicker settlement of cases than the market average to promote a stronger cashflow.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Loans comprise loans from financial institutions. The interest rates and payment terms are fixed. The business manages the liquidity risk by ensuring that there are sufficient funds to meet the payments.

On behalf of the board:

R Clark - Director

31 July 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 the provision of serious and catastrophic injury legal services to clients in the UK. Client First Group Holdings Limited itself is the holding company for its trading subsidiary company CFG Law Limited.

Dividends

No dividends will be distributed for the year ended 30 November 2025.

Directors

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

A W Fernie

R Clark

Going concern

The financial statements have been prepared on a going concern basis. The group's business activities, together with the factors likely to affect its future development, performance and position are set out in the review of business on page 1 of the financial statements.

As highlighted in note 3 to the financial statements the group meets its day-to-day working capital requirements through an overdraft facility that has recently been renewed at existing levels through to 31 December 2026 with a reduction thereafter subject to annual review. The group's forecasts and sensitivity analysis, taking account of reasonably possible changes in trading performance, show that the group expects to be able to operate within the level of this facility. The group has held discussions with its bankers about its future borrowing needs and no matters have been drawn to its attention to suggest that they may not be forthcoming on acceptable terms.

Based on these assessments and the current resources available the Directors have concluded that the group has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

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;

-	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.

On behalf of the board:

R Clark - Director

31 July 2026

Opinion

We have audited the financial statements of Client First Group Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2025 which comprise the Consolidated Statement of 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 other information comprises the information included in the report of the directors, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the report of the directors. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of 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 four, 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.

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 entity's legal and regulatory framework through enquiry of management concerning their understanding of relevant laws and regulations, the group'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 group's industry and regulation.

We understand that the group complies with the requirements of the framework through:

- subscribing to relevant updates from external experts and updating operating procedures, manuals and internal controls as legal and regulatory requirements change;

- employees are required to attend training on a regular basis and when requirements change;

- outsourcing tax compliance and advice to external experts; and

- the close involvement of the directors in the day-to-day running of the business, meaning that any litigation or claims would be expected to 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 group's ability to conduct business and where failure to comply could result in material penalties. We have identified the following laws and regulations as being of significance in the context of the group:

- The Companies Act 2006 and FRS 102 in respect of the preparation and presentation of the financial statements; and

- The Solicitors' Accounts Rules regulations.

We performed the following specific procedures to gain evidence about compliance with the significant laws and regulations identified above:

- We obtained written management representations regarding the adequacy of procedures in place; and

- We reviewed inspection reports conducted by third parties to consider if any material non-compliance had arisen or if any material penalties were likely to arise.

The senior statutory auditor led a discussion with the engagement team regarding the susceptibility of the 's group's financial statements to material misstatement , including how fraud might occur. The procedures identified to gain evidence in the key areas included:

- We perform walkthrough testing to confirm that the company's own controls were operating correctly;

- We test a sample of sales and purchases to confirm they are accounted for correctly and are appropriately disclosed;

- We test a sample of debtors and creditors to confirm they are correctly stated;

- We test a sample of journals to confirm they are genuine transactions; and

- We review accounting estimates, in particular those relating to work in progress, to confirm they are reasonable.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Antony Sassen FCA (Senior Statutory Auditor)

for and on behalf of S&W Audit

Pall Mall

1 Pollen Square

59 King Street

Manchester

M2 4PD

3 August 2026

Turnover

6,550,243

7,247,423

Administrative expenses

(6,423,512

)

(6,514,719

)

Operating profit

5

126,731

732,704

Interest payable and similar expenses

6

(134,159

)

(78,652

)

(Loss)/profit before taxation

(7,428

)

654,052

Tax on (loss)/profit

7

(72,809

)

(224,716

)

(Loss)/profit for the financial year

(80,237

)

429,336

Other comprehensive income

-

-

Total comprehensive income for the year

(80,237

)

429,336

(Loss)/profit attributable to:

Owners of the parent

(80,237

)

429,336

Total comprehensive income attributable to:

Owners of the parent

(80,237

)

429,336

Fixed assets

Intangible assets

9

135,467

367,693

Tangible assets

10

171,034

270,630

Investments

11

-

-

306,501

638,323

Current assets

Debtors

12

7,988,790

6,533,478

Cash in hand

-

178

7,988,790

6,533,656

Creditors

Amounts falling due within one year

13

3,731,889

2,324,629

Net current assets

4,256,901

4,209,027

Total assets less current liabilities

4,563,402

4,847,350

Creditors

Amounts falling due after more than one year

14

139,036

342,747

Net assets

4,424,366

4,504,603

Capital and reserves

Called up share capital

18

3,776,632

3,776,632

Retained earnings

19

647,734

727,971

Shareholders' funds

4,424,366

4,504,603

The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2026 and were signed on its behalf by:

R Clark - Director

Fixed assets

Intangible assets

9

-

-

Tangible assets

10

-

-

Investments

11

3,776,531

3,776,531

3,776,531

3,776,531

Current assets

Debtors

12

101

101

Net current assets

101

101

Total assets less current liabilities

3,776,632

3,776,632

Capital and reserves

Called up share capital

18

3,776,632

3,776,632

Shareholders' funds

3,776,632

3,776,632

Company's profit for the financial year

-

-

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2026 and were signed on its behalf by:

R Clark - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 December 2023

3,776,632

298,635

4,075,267

Changes in equity

Total comprehensive income

-

429,336

429,336

Balance at 30 November 2024

3,776,632

727,971

4,504,603

Changes in equity

Total comprehensive income

-

(80,237

)

(80,237

)

Balance at 30 November 2025

3,776,632

647,734

4,424,366

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 December 2023

3,776,632

-

3,776,632

Changes in equity

Balance at 30 November 2024

3,776,632

-

3,776,632

Changes in equity

Balance at 30 November 2025

3,776,632

-

3,776,632

Cash flows from operating activities

Cash generated from operations

1

(1,341,456

)

987,253

Interest paid

(116,770

)

(69,353

)

Interest element of hire purchase payments paid

(17,389

)

(9,299

)

Tax paid

(242,216

)

(159,258

)

Net cash from operating activities

(1,717,831

)

749,343

Cash flows from investing activities

Purchase of tangible fixed assets

(25,779

)

(36,727

)

Net cash from investing activities

(25,779

)

(36,727

)

Cash flows from financing activities

New loans in year

1,139,992

1,072,510

Loan repayments in year

(1,261,412

)

(589,855

)

Capital repayments in year

(17,404

)

(7,666

)

Amount introduced by directors

720,000

-

Net cash from financing activities

581,176

474,989

(Decrease)/increase in cash and cash equivalents

(1,162,434

)

1,187,605

Cash and cash equivalents at beginning of year

2

(709,131

)

(1,896,736

)

Cash and cash equivalents at end of year

2

(1,871,565

)

(709,131

)

1.	Reconciliation of (loss)/profit before taxation to cash generated from operations

2025

2024

£

£

(Loss)/profit before taxation

(7,428

)

654,052

Depreciation charges

357,601

352,060

Loss on disposal of fixed assets

-

31,260

Finance costs

134,159

78,652

484,332

1,116,024

Increase in trade and other debtors

(2,175,312

)

(27,725

)

Increase/(decrease) in trade and other creditors

349,524

(101,046

)

Cash generated from operations

(1,341,456

)

987,253

2.	Cash and cash equivalents

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 November 2025

30/11/25

1/12/24

£

£

Cash and cash equivalents

-

178

Bank overdrafts

(1,871,565

)

(709,309

)

(1,871,565

)

(709,131

)

Year ended 30 November 2024

30/11/24

1/12/23

£

£

Cash and cash equivalents

178

178

Bank overdrafts

(709,309

)

(1,896,914

)

(709,131

)

(1,896,736

)

3.	Analysis of changes in net debt

Other

non-cash

At 1/12/24

Cash flow

changes

At 30/11/25

£

£

£

£

Net cash

Cash at bank

and in hand

178

(178

)

-

Bank overdrafts

(709,309

)

(1,162,256

)

(1,871,565

)

(709,131

)

(1,162,434

)

(1,871,565

)

Debt

Finance leases

(175,732

)

17,404

-

(158,328

)

Debts falling due

within 1 year

(781,967

)

(253,580

)

187,500

(848,047

)

Debts falling due

after 1 year

(187,500

)

375,000

(187,500

)

-

(1,145,199

)

138,824

-

(1,006,375

)

Total

(1,854,330

)

(1,023,610

)

-

(2,877,940

)

1.	Statutory information

Client First Group Holdings 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 General Information page.

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.

The financial statements have been prepared on a going concern basis. The group's business activities, together with the factors likely to affect its future development, performance and position are set out in the review of business on page 1 of the financial statements.

The group meets its day-to-day working capital requirements through an overdraft facility that has recently been renewed at existing levels through to 31 December 2026 with a reduction thereafter subject to annual review. The group's forecasts and sensitivity analysis, taking account of reasonably possible changes in trading performance, show that the group expects to be able to operate within the level of this facility. The group has held discussions with its bankers about its future borrowing needs and no matters have been drawn to its attention to suggest that they may not be forthcoming on acceptable terms.

Based on these assessments and the current resources available the Directors have concluded that the group has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Basis of consolidation

The group financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 November 2025.

Subsidiary undertakings are included using the acquisitions method of accounting. Under this method the group profit and loss account and statement of cashflows include the results and cashflows of subsidiaries from the date of acquisition and to the date of sale outside the group in the case of disposals of subsidiaries. The purchase consideration has been allocated to the assets and liabilities on the basis of fair value at the date of acquisition.

Significant judgements and estimates

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are not considered to be any critical judgements in applying the company's accounting policies.

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the actual results. The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets or liabilities within the next financial year are addressed below.

(i) Accrued income valuation

The valuation of accrued income involves a number of estimates including prospects of success and liability status.

(ii) Recoverability of debtors

Management make an assessment at the year end of expected recoveries, based on their historical experience, in order to make appropriate provisions for for bad debts. See also note 22.

Turnover

Turnover represents the fair value of professional services provided during the year to clients. Fair value reflects the amount expected to be recoverable from clients and is based on time spent, skills and expertise provided and expenses incurred, but excludes Value Added Tax.

Turnover in respect of contingent fee assignments is recognised in the period when the contingent event occurs. The anticipated fee is discounted for the liability status and the prospects of success.

Turnover which has been recognised but not invoiced is included in debtors as accrued income.

Goodwill

Goodwill is the difference between the fair value of consideration paid for an acquired entity and the aggregate of the fair value of the entity's identifiable assets and liabilities.

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation is provided so as to write off the cost, less any estimated residual value, over the expected useful life of 5 years.

Tangible fixed assets

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

Improvements to property

-

20% straight line and 10% straight line

Fixtures and fittings

-

33% straight line

Motor vehicles

-

20% straight line

Computer equipment

-

33% straight line

Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price and costs directly attributable to bringing the asset to its working condition for its intended use.

Financial instruments

The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other debtors, loans to fellow group companies that are classified as debt and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

There are no assets which are initially measured at fair value.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Hire purchase and leasing commitments

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

4.	Employees and directors

2025

2024

£

£

Wages and salaries

3,418,716

3,392,745

Social security costs

449,761

407,552

Other pension costs

107,670

118,493

3,976,147

3,918,790

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

2025

2024

Administration and support

18

25

Other departments

61

51

79

76

The average number of employees by undertakings that were proportionately consolidated during the year was 79 (2024 - 76 ) .