Company registration number 11163625 (England and Wales)
PREVAIL PARTNERS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
PREVAIL PARTNERS LIMITED
COMPANY INFORMATION
Directors
J Hedges
D Huntingford
Secretary
J Hart
Company number
11163625
Registered office
2 Winchester Place
North Street
Poole
BH15 1NX
Auditor
Hill Osborne Ltd
2 Winchester Place
North Street
Poole
Dorset
BH15 1NX
PREVAIL PARTNERS LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 9
Profit and loss account
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 34
PREVAIL PARTNERS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2026
- 1 -

The directors present the strategic report for the year ended 31 January 2026.

Review of the Business

The Directors are pleased to report continued growth during the year ended 31 January 2026, with Group turnover increasing to £25.5 million from £23.5 million in the prior year. This growth reflects sustained demand across the Group's specialist defence, security and intelligence capabilities, alongside the successful delivery of complex programmes across multiple sectors and geographies, and the continued expansion of long-term client relationships and repeat business.

The Group remains well positioned within the defence, security and risk management sectors. During the year, the business continued to invest in its people, technology and operational capabilities to support long-term growth and strengthen its ability to meet evolving client requirements. The Group ended the year with a strong balance sheet and cash position, providing a stable foundation for future investment and expansion.

While turnover grew during the year, the Group's gross margin reduced to 20.4% (2025: 34.9%) and profit after tax was £1.93 million (2025: £3.25 million), primarily reflecting changes in the mix of contracts and programmes delivered during the year and continued investment. Investment has been made in two areas: 1. People to provide greater capacity to develop and win business; 2, In Prevail’s core Technology Platform, Event Horizon, to provide a unified Intelligence and Operations platform to support both service delivery and provide a saleable product. The Directors monitor margin and profitability closely and, as noted under Future Developments, remain focused on strengthening operational efficiency and improving profitability in the year ahead.

The Group delivers its capabilities through three complementary service lines — Insight, Security Risk Management and Consulting Expertise — as described below.

Insight

The Group provides intelligence-led services through open-source intelligence, analytical expertise and data technologies. These capabilities help clients understand complex operating environments, emerging risks and strategic opportunities, enabling informed decision-making, planning and operational delivery.

Security Risk Management

The Group provides comprehensive operational and protective security solutions for clients operating in complex and high-risk environments. Services include risk assessments, security planning, operational support and specialist advisory services designed to protect people, assets, operations and reputation.

Consulting Expertise

The Group delivers specialist consulting services focused on solving complex challenges in demanding environments, including:

- Complex project and programme delivery, encompassing governance, commercial oversight, assurance and stakeholder management;

- Original equipment manufacturer (OEM) technology integration and enablement, including access to innovative and operationally proven defence technologies;

- Commercial pathfinding and market access support in emerging and difficult-to-access markets; and

- Training, mentoring and capability development programmes.

The integration of these capabilities enables the Group to provide end-to-end solutions for government and commercial clients, from intelligence-led understanding and risk assessments through to implementation, operational delivery and capability development.

During the year, the Group continued to strengthen its client relationships and broaden the range of services delivered across its core markets. The Directors remain confident in the resilience of the business model, the quality of the Group's people and the continuing demand for trusted intelligence, security and specialist consulting services.

PREVAIL PARTNERS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
- 2 -
Principal Risks and Uncertainties

The principal risks facing the Group remain broadly consistent with previous years but continue to evolve alongside the business.

- Compliance Risk and Sensitive Data Handling: The Group manages sensitive personal, commercial and operational information across multiple jurisdictions. Failure to comply with relevant legislation, regulatory requirements or contractual obligations could result in financial penalties, reputational damage or loss of client confidence. To mitigate these risks, the Group maintains dedicated compliance resources and robust governance processes to oversee legislative, contractual and regulatory compliance.

- Operational Risks Related to Project Delivery and Health and Safety: The Group delivers projects in complex and sometimes hostile operating environments. Risks arise from project execution, client delivery obligations, health and safety considerations, and supply chain dependencies. Comprehensive risk assessments, project governance and senior management oversight are used to identify and manage these risks effectively.

- Financial & Market Risks: The Group remains exposed to changes in government spending priorities, market conditions and foreign exchange fluctuations. Risk is mitigated through diversification of services, disciplined financial management, regular forecasting and maintenance of strong cash reserves. At year-end the Group held cash balances of £5.1 million, providing a strong platform to support future operations and investment

- Recruitment & Retention: The Group's success depends on attracting, developing and retaining highly skilled personnel, many of whom possess specialist expertise and security clearances. Investment in professional development, career pathways and employee benefits helps reduce this risk and maintain capability.

- Cyber Security: The cyber threat landscape continues to develop rapidly, particularly within the defence and security sectors. The Group maintains a layered cyber security strategy, supported by employee awareness training, regulatory compliance programmes and ongoing monitoring of security performance indicators. This approach continues to strengthen operational resilience and customer confidence.

Key Performance Indicators

Revenue Growth

During the year, revenue increased from £23.5m to £25.5m, achieving growth of 8.5% (2025: 19% growth).

Gross Profit

During the year the Group made gross profit of £5.2m (2025: £8.2m) and a gross margin of 20.4%, compared to 35% in 2025.

Net Profit

During the year the Group made net profit of £1.93m (2025: £3.25m) and a net margin of 7.5%, compared to 14% in 2025.

Revenue per Head

Revenue per head for the year was £261,000 compared to £226,000 in 2025.

Future Developments

The Group's ambition remains to build a diversified international defence and security business capable of delivering strategic impact across government and commercial sectors.

During the coming year, the Board will continue to focus on disciplined growth, strengthening operational efficiency and improving profitability while maintaining investment in strategic capabilities. Furthermore, the company will continue to make investments in Event Horizon to transition the platform to a data / SaaS business line.

The Group believes it remains well positioned to benefit from increased government and commercial investment in defence, resilience and security capabilities. Supported by a strong balance sheet, healthy cash generation and an experienced leadership team, the Directors remain confident in the long-term prospects of the business.

PREVAIL PARTNERS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
- 3 -

On behalf of the board

J Hedges
Director
22 July 2026
PREVAIL PARTNERS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2026
- 4 -

The directors present their annual report and financial statements for the year ended 31 January 2026.

Results and dividends

The results for the year are set out on page 10.

Directors

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

J Hedges
D Huntingford
Auditor

In accordance with the company's articles, a resolution proposing that Hill Osborne be reappointed as auditor of the group will be put at a General Meeting.

Statement of disclosure to auditor

(a) so far as the directors are aware, there is no relevant audit information of which the company's auditors are unaware, and

(b) they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

On behalf of the board
J Hedges
D Huntingford
Director
Director
22 July 2026
PREVAIL PARTNERS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2026
- 5 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, 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 UK 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 group and company will continue in business.

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

PREVAIL PARTNERS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PREVAIL PARTNERS LIMITED
- 6 -
Opinion

We have audited the financial statements of Prevail Partners Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2026 which comprise the group profit and loss account, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the group's and the parent company's affairs as at 31 January 2026 and of the group's profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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 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 annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- T he information given in the strategic report and the directors' r eport 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.

PREVAIL PARTNERS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PREVAIL PARTNERS LIMITED
- 7 -
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 their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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 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 directors' r esponsibilities s tatement, 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Extent to which the audit was considered capabla of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council's website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

PREVAIL PARTNERS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PREVAIL PARTNERS LIMITED
- 8 -

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management, those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Reviewing minutes of meetings of those charged with governance;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management bias and override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognised non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the intelligence and security sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti bribery, employment, environmental and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence, and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 1 were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

PREVAIL PARTNERS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PREVAIL PARTNERS LIMITED
- 9 -

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

James Hill (Senior Statutory Auditor)
For and on behalf of Hill Osborne Ltd, Statutory Auditor
Chartered Accountants
2 Winchester Place
North Street
Poole
Dorset
BH15 1NX
27 July 2026
PREVAIL PARTNERS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JANUARY 2026
- 10 -
2026
2025
Notes
£
£
Turnover
3
25,543,022
23,504,467
Cost of sales
(20,335,800)
(15,296,502)
Gross profit
5,207,222
8,207,965
Administrative expenses
(3,843,765)
(3,765,375)
Operating profit
4
1,363,457
4,442,590
Interest receivable and similar income
8
56,593
15
Interest payable and similar expenses
9
(13,767)
(92,661)
Profit before taxation
1,406,283
4,349,944
Tax on profit
10
519,817
(1,098,019)
Profit for the financial year
1,926,100
3,251,925
Profit for the financial year is attributable to:
- Owners of the parent company
1,672,023
2,645,865
- Non-controlling interests
254,077
606,060
1,926,100
3,251,925
PREVAIL PARTNERS LIMITED
GROUP BALANCE SHEET
AS AT 31 JANUARY 2026
31 January 2026
- 11 -
2026
2025
Notes
£
£
£
£
Fixed assets
Intangible assets
1,747
1
Tangible assets
13
191,012
224,547
192,759
224,548
Current assets
Debtors
16
5,875,326
4,984,975
Cash at bank and in hand
5,107,856
4,667,624
10,983,182
9,652,599
Creditors: amounts falling due within one year
17
(3,079,233)
(2,975,493)
Net current assets
7,903,949
6,677,106
Total assets less current liabilities
8,096,708
6,901,654
Creditors: amounts falling due after more than one year
18
-
(9,106)
Provisions for liabilities
Provisions
21
832,093
456,272
Deferred tax liability
22
26,127
45,126
(858,220)
(501,398)
Net assets
7,238,488
6,391,150
Capital and reserves
Called up share capital
24
1,000
1,000
Profit and loss reserves
6,075,974
5,315,380
Equity attributable to owners of the parent company
6,076,974
5,316,380
Non-controlling interests
1,161,514
1,074,770
Total equity
7,238,488
6,391,150

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 22 July 2026 and are signed on its behalf by:
22 July 2026
J Hedges
D Huntingford
Director
Director
Company registration number 11163625 (England and Wales)
PREVAIL PARTNERS LIMITED
COMPANY BALANCE SHEET
AS AT 31 JANUARY 2026
31 January 2026
- 12 -
2026
2025
Notes
£
£
£
£
Fixed assets
Intangible assets
1,747
1
Tangible assets
13
41,305
61,624
Investments
14
1,500
1,500
44,552
63,125
Current assets
Debtors
16
1,254,383
3,378,546
Cash at bank and in hand
2,072,330
845,483
3,326,713
4,224,029
Creditors: amounts falling due within one year
17
(2,937,547)
(4,169,874)
Net current assets
389,166
54,155
Total assets less current liabilities
433,718
117,280
Provisions for liabilities
Deferred tax liability
22
10,325
15,406
(10,325)
(15,406)
Net assets
423,393
101,874
Capital and reserves
Called up share capital
24
1,000
1,000
Profit and loss reserves
422,393
100,874
Total equity
423,393
101,874

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £1,232,948 (2025 - £848,850 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 22 July 2026 and are signed on its behalf by:
22 July 2026
J Hedges
D Huntingford
Director
Director
Company registration number 11163625 (England and Wales)
PREVAIL PARTNERS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2026
- 13 -
Share capital
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
Balance at 1 February 2024
1,000
3,418,191
3,419,191
767,453
4,186,644
Year ended 31 January 2025:
Profit and total comprehensive income
-
2,645,865
2,645,865
606,060
3,251,925
Dividends
11
-
(748,676)
(748,676)
(298,743)
(1,047,419)
Balance at 31 January 2025
1,000
5,315,380
5,316,380
1,074,770
6,391,150
Year ended 31 January 2026:
Profit and total comprehensive income
-
1,672,023
1,672,023
254,077
1,926,100
Dividends
11
-
(911,429)
(911,429)
(167,333)
(1,078,762)
Balance at 31 January 2026
1,000
6,075,974
6,076,974
1,161,514
7,238,488
PREVAIL PARTNERS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2026
- 14 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 February 2024
1,000
-
0
1,000
Year ended 31 January 2025:
Profit and total comprehensive income for the year
-
848,850
848,850
Dividends
11
-
(747,976)
(747,976)
Balance at 31 January 2025
1,000
100,874
101,874
Year ended 31 January 2026:
Profit and total comprehensive income
-
1,232,948
1,232,948
Dividends
11
-
(911,429)
(911,429)
Balance at 31 January 2026
1,000
422,393
423,393
PREVAIL PARTNERS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2026
- 15 -
2026
2025
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
3,060,505
5,177,404
Interest paid
(13,767)
(92,661)
Income taxes paid
(1,518,974)
(1,440,142)
Net cash inflow from operating activities
1,527,764
3,644,601
Investing activities
Purchase of intangible assets
(1,860)
-
Purchase of tangible fixed assets
(102,750)
(199,694)
Proceeds from disposal of tangible fixed assets
49,762
55,045
Repayment of loans
83
(83)
Interest received
56,593
15
Net cash generated from/(used in) investing activities
1,828
(144,717)
Financing activities
Repayment of borrowings
-
(1,104,477)
Repayment of bank loans
(10,391)
(10,129)
Dividends paid to equity shareholders
(911,429)
(748,676)
Dividends paid to non-controlling interests
(167,333)
(298,743)
Net cash used in financing activities
(1,089,153)
(2,162,025)
Net increase in cash and cash equivalents
440,439
1,337,859
Cash and cash equivalents at beginning of year
4,667,417
3,329,558
Cash and cash equivalents at end of year
5,107,856
4,667,417
Relating to:
Cash at bank and in hand
5,107,856
4,667,624
Bank overdrafts included in creditors payable within one year
-
(207)
PREVAIL PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
- 16 -
1
Accounting policies
Company information

Prevail Partners Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 2 Winchester Place, North Street, Poole, Dorset, BH15 1NX.

The group consists of Prevail Partners Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

PREVAIL PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
1
Accounting policies
(Continued)
- 17 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Prevail Partners Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 January 2026. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Research and development expenditure

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

1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Development costs
3 year straight line
PREVAIL PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
1
Accounting policies
(Continued)
- 18 -
1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
4 year straight line
Fixtures and fittings
20% Reducing balance
Computers
3 year straight line
Motor vehicles
5 year straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.9
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

PREVAIL PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
1
Accounting policies
(Continued)
- 19 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

PREVAIL PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
1
Accounting policies
(Continued)
- 20 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

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

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

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

PREVAIL PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
1
Accounting policies
(Continued)
- 21 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.16
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.17
Retirement benefits

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

PREVAIL PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
1
Accounting policies
(Continued)
- 22 -
1.18
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

1.19
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Recoverability of trade debtors

The Group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of debtors, the ageing profile of debtors and historical experience.

Provisions

Provisions amounting to £826,924 (2025: £456,272) are based on the total completed contracts that incur additional costs once the contract has been fulfilled. Management are required to exercise significant judgement in estimating the provision for additional costs that will be incurred.

3
Turnover and other revenue
2026
2025
£
£
Turnover analysed by class of business
Services
25,543,022
23,504,467
PREVAIL PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
3
Turnover and other revenue
(Continued)
- 23 -
2026
2025
£
£
Turnover analysed by geographical market
UK
23,600,015
18,067,024
Rest of Europe
131,933
3,468,324
Rest of World
1,811,074
1,969,119
25,543,022
23,504,467
2026
2025
£
£
Other revenue
Interest income
56,593
15
4
Operating profit
2026
2025
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
123,271
(2,398)
Research and development costs
-
268,028
Depreciation of owned tangible fixed assets
95,485
116,233
Loss on disposal of tangible fixed assets
8,038
20,655
Amortisation of intangible assets
114
-
Operating lease charges
1,331,185
1,349,765
5
Auditor's remuneration
2026
2025
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
5,000
5,000
Audit of the financial statements of the company's subsidiaries
22,500
28,000
27,500
33,000
PREVAIL PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
- 24 -
6
Employees

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

Group
Company
2026
2025
2026
2025
Number
Number
Number
Number
Commercial
6
5
-
-
Executive
6
3
5
3
Finance
3
3
-
-
HR
3
3
-
-
Intelligence
38
48
-
-
IT
2
3
-
-
Operations
25
19
-
-
Technology & Data
14
20
-
2
1
-
-
-
Total
98
104
5
5

Their aggregate remuneration comprised:

Group
Company
2026
2025
2026
2025
£
£
£
£
Wages and salaries
6,990,695
6,450,329
274,553
291,499
Social security costs
903,125
689,389
36,451
32,953
Pension costs
311,915
130,505
-
0
-
0
8,205,735
7,270,223
311,004
324,452
7
Directors' remuneration
2026
2025
£
£
Remuneration for qualifying services
49,376
49,749
8
Interest receivable and similar income
2026
2025
£
£
Interest income
Interest receivable from group companies
26,464
-
0
Other interest income
30,129
15
Total income
56,593
15
PREVAIL PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
- 25 -
9
Interest payable and similar expenses
2026
2025
£
£
Interest on bank overdrafts and loans
393
654
Interest payable to group undertakings
1,539
-
0
Other interest
11,835
92,007
Total finance costs
13,767
92,661
10
Taxation
2026
2025
£
£
Current tax
UK corporation tax on profits for the current period
392,991
1,106,904
Adjustments in respect of prior periods
(893,810)
-
0
Total current tax
(500,819)
1,106,904
Deferred tax
Origination and reversal of timing differences
(18,998)
(8,885)
Total tax (credit)/charge
(519,817)
1,098,019

The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2026
2025
£
£
Profit before taxation
1,406,283
4,349,944
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2025: 25.00%)
351,571
1,087,486
Tax effect of expenses that are not deductible in determining taxable profit
21,883
12,231
Adjustments in respect of prior years
(893,810)
-
0
Permanent capital allowances in excess of depreciation
539
(1,698)
Taxation (credit)/charge
(519,817)
1,098,019
11
Dividends
2026
2025
Recognised as distributions to equity holders:
£
£
Interim paid
911,429
747,976
PREVAIL PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
- 26 -
12
Intangible fixed assets
Group
Development costs
£
Cost
At 1 February 2025
20,650
Additions - internally developed
1,860
At 31 January 2026
22,510
Amortisation and impairment
At 1 February 2025
20,649
Amortisation charged for the year
114
At 31 January 2026
20,763
Carrying amount
At 31 January 2026
1,747
At 31 January 2025
1
Company
Development costs
£
Cost
At 1 February 2025
20,650
Additions - internally developed
1,860
At 31 January 2026
22,510
Amortisation and impairment
At 1 February 2025
20,649
Amortisation charged for the year
114
At 31 January 2026
20,763
Carrying amount
At 31 January 2026
1,747
At 31 January 2025
1
PREVAIL PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
- 27 -
13
Tangible fixed assets
Group
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 February 2025
7,000
5,771
173,645
165,050
351,466
Additions
-
0
3,452
50,748
65,550
119,750
Disposals
(7,000)
-
0
(7,281)
(112,559)
(126,840)
At 31 January 2026
-
0
9,223
217,112
118,041
344,376
Depreciation and impairment
At 1 February 2025
1,194
1,564
30,632
93,529
126,919
Depreciation charged in the year
389
1,036
68,396
25,664
95,485
Eliminated in respect of disposals
(1,583)
-
0
(1,798)
(65,659)
(69,040)
At 31 January 2026
-
0
2,600
97,230
53,534
153,364
Carrying amount
At 31 January 2026
-
0
6,623
119,882
64,507
191,012
At 31 January 2025
5,806
4,207
143,013
71,521
224,547
Company
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 February 2025
5,771
19,358
104,055
129,184
Additions
3,137
2,844
25,415
31,396
Disposals
-
0
-
0
(51,564)
(51,564)
At 31 January 2026
8,908
22,202
77,906
109,016
Depreciation and impairment
At 1 February 2025
1,564
7,031
58,965
67,560
Depreciation charged in the year
978
6,694
22,558
30,230
Eliminated in respect of disposals
-
0
-
0
(30,079)
(30,079)
At 31 January 2026
2,542
13,725
51,444
67,711
Carrying amount
At 31 January 2026
6,366
8,477
26,462
41,305
At 31 January 2025
4,207
12,327
45,090
61,624
PREVAIL PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
- 28 -
14
Fixed asset investments
Group
Company
2026
2025
2026
2025
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
1,500
1,500
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 February 2025 and 31 January 2026
1,500
Carrying amount
At 31 January 2026
1,500
At 31 January 2025
1,500
15
Subsidiaries

Details of the company's subsidiaries at 31 January 2026 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Prevail Advisory Services Limited
UK
Global intelligence and security
Ordinary shares
90.00
-
Prevail Insight Limited
UK
Global intelligence and security
Ordinary shares
70.00
-
Prevail Maritime Limited
UK
Global intelligence and security
Ordinary shares
100.00
-
Prevail Technology Limited
UK
Global intelligence and security
Ordinary shares
100.00
-
Prevail Consultancy LLP
Ukraine
Global intelligence and security
Ordinary shares
0
100.00
Prevail Global Limited
UK
Dormant
Ordinary shares
100.00
-
Prevail Asset Management Limited
UK
Dormant
Ordinary shares
100.00
-
Prevail Special Projects Limited
UK
Dormant
Ordinary shares
0
100.00

Prevail Global Limited and Prevail Technology Limited, subsidiary companies, have claimed exemption from audit under Section 479A of the Companies Act 2006.

PREVAIL PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
- 29 -
16
Debtors
Group
Company
2026
2025
2026
2025
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,228,805
3,320,926
-
0
2,581,193
Corporation tax recoverable
925,157
-
0
-
0
-
0
Amounts owed by group undertakings
-
0
-
0
633,287
411,630
Amounts owed by undertakings in which the company has a participating interest
44,092
34,689
40,080
31,530
Other debtors
602,055
827,622
382,988
296,409
Prepayments and accrued income
1,075,217
801,738
198,028
57,784
5,875,326
4,984,975
1,254,383
3,378,546
17
Creditors: amounts falling due within one year
Group
Company
2026
2025
2026
2025
Notes
£
£
£
£
Bank loans and overdrafts
19
8,844
10,336
-
0
-
0
Obligations under finance leases
20
17,000
-
0
-
0
-
0
Trade creditors
415,599
367,542
230,001
45,914
Amounts owed to group undertakings
-
0
-
0
2,074,775
4,078,567
Corporation tax payable
26,475
1,121,110
-
0
-
0
Other taxation and social security
703,368
742,346
12,335
11,024
Other creditors
793,736
665,409
611,686
1,994
Accruals and deferred income
1,114,211
68,750
8,750
32,375
3,079,233
2,975,493
2,937,547
4,169,874
18
Creditors: amounts falling due after more than one year
Group
Company
2026
2025
2026
2025
£
£
£
£
Bank loans and overdrafts
19
-
0
9,106
-
0
-
0
PREVAIL PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
- 30 -
19
Loans and overdrafts
Group
Company
2026
2025
2026
2025
£
£
£
£
Bank loans
8,844
19,235
-
0
-
0
Bank overdrafts
-
0
207
-
0
-
0
8,844
19,442
-
-
Payable within one year
8,844
10,336
-
0
-
0
Payable after one year
-
0
9,106
-
0
-
0
20
Finance lease obligations
Group
Company
2026
2025
2026
2025
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
17,000
-
0
-
0
-
0

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

21
Provisions for liabilities
Group
Company
2026
2025
2026
2025
£
£
£
£
Contract provision
832,093
456,272
-
-
Movements on provisions:
Contract provision
Group
£
At 1 February 2025
456,272
Additional provisions in the year
375,821
At 31 January 2026
832,093
PREVAIL PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
- 31 -
22
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2026
2025
Group
£
£
Accelerated capital allowances
26,127
45,126
Liabilities
Liabilities
2026
2025
Company
£
£
Accelerated capital allowances
10,325
15,406
Group
Company
2026
2026
Movements in the year:
£
£
Liability at 1 February 2025
45,126
15,406
Credit to profit or loss
(18,999)
(5,081)
Liability at 31 January 2026
26,127
10,325

T he deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

23
Retirement benefit schemes
2026
2025
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
311,915
130,505

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

24
Share capital
Group and company
2026
2025
2026
2025
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
PREVAIL PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
- 32 -
25
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2026
2025
2026
2025
£
£
£
£
Within one year
750,000
317,600
750,000
317,600
750,000
317,600
750,000
317,600
PREVAIL PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
- 33 -
26
Related party transactions
Transactions with related parties

Prevail Advisory Services Limited

(Subsidiary company)

During the year costs amounting to £1,185,994 (2025: £747,027) were recharged to and sales amounting to £555,325 (2025: £5,725,561) were recharged from Prevail Advisory Limited. The amount due to Prevail Advisory Limited at the year end was £2,063,749 (2025: £3,725,020).

Prevail Insight Limited

(Subsidiary company)

During the year costs amounting to £1,155,942 (2025: £1,091,437) were recharged to and sales amounting to £814,197 (2025: £7,972,949) were recharged from Prevail Insight Limited. The amount due from Prevail Insight Limited at the year end was £11,026 (2025: £17,622).

Engstrom Limited

(Company in which the directors have a participating interest)

During the year the company made a loan of £11,300 (2025: £10,510) and received loan repayments of £7,275 from Engstrom Limited. The amount due from Engstrom Limited at the year end was £14,535 (2025: £10,510).

Fair Oak Resources Limited

(Company in which the directors have a participating interest)

During the year the company made a loan of £111,300 (2025: £10,510) and received loan repayments of £7,275 from Fair Oak Resources Limited. The amount due from Fair Oak Resources Limited at the year end was £14,535 (2025: £10,510).

Lissataba Limited

(Company in which the directors have a participating interest)

During the year the company made a loan of £nil (2025: £10,510) to Lissataba Limited. The amount due from Lissataba Limited at the year end was £10,510 (2025: £10,510).

Prevail Technology Limited (Jersey)

(Company in which the directors have a participating interest)

During the year the company made a loan of £nil (2025: £16,941) and received loan repayments of £16,941 from Prevail Technology Limited. The amount due from Prevail Technology Limited at the year end was £nil (2025: £16,941).

PREVAIL PARTNERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
- 34 -
27
Cash generated from group operations
2026
2025
£
£
Profit after taxation
1,926,100
3,251,925
Adjustments for:
Taxation (credited)/charged
(519,817)
1,098,019
Finance costs
13,767
92,661
Investment income
(56,593)
(15)
Loss on disposal of tangible fixed assets
8,038
20,655
Amortisation and impairment of intangible assets
114
-
Depreciation and impairment of tangible fixed assets
95,485
116,233
Impairment of investment properties
-
185
Increase in provisions
375,821
456,272
Movements in working capital:
Decrease in debtors
34,723
128,990
Increase in creditors
1,182,867
12,479
Cash generated from operations
3,060,505
5,177,404
28
Analysis of changes in net funds - group
1 February 2025
Cash flows
31 January 2026
£
£
£
Cash at bank and in hand
4,667,624
440,232
5,107,856
Bank overdrafts
(207)
207
-
0
4,667,417
440,439
5,107,856
Borrowings excluding overdrafts
(19,235)
10,391
(8,844)
Obligations under finance leases
-
(17,000)
(17,000)
4,648,182
433,830
5,082,012
2026-01-31 2025-02-01 false false CCH Software CCH Accounts Production 2026.100 No description of principal activity J Hedges D Huntingford J Hart false 11163625 bus:Consolidated 2025-02-01 2026-01-31 11163625 2025-02-01 2026-01-31 11163625 bus:Director1 2025-02-01 2026-01-31 11163625 bus:Director2 2025-02-01 2026-01-31 11163625 bus:CompanySecretary1 2025-02-01 2026-01-31 11163625 bus:RegisteredOffice 2025-02-01 2026-01-31 11163625 bus:Consolidated 2026-01-31 11163625 bus:Consolidated 2024-02-01 2025-01-31 11163625 2024-02-01 2025-01-31 11163625 2026-01-31 11163625 bus:Consolidated 2025-01-31 11163625 2025-01-31 11163625 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill bus:Consolidated 2026-01-31 11163625 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill bus:Consolidated 2025-01-31 11163625 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2026-01-31 11163625 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2025-01-31 11163625 core:PlantMachinery bus:Consolidated 2026-01-31 11163625 core:FurnitureFittings bus:Consolidated 2026-01-31 11163625 core:ComputerEquipment bus:Consolidated 2026-01-31 11163625 core:MotorVehicles bus:Consolidated 2026-01-31 11163625 core:PlantMachinery bus:Consolidated 2025-01-31 11163625 core:FurnitureFittings bus:Consolidated 2025-01-31 11163625 core:ComputerEquipment bus:Consolidated 2025-01-31 11163625 core:MotorVehicles bus:Consolidated 2025-01-31 11163625 core:FurnitureFittings 2026-01-31 11163625 core:ComputerEquipment 2026-01-31 11163625 core:MotorVehicles 2026-01-31 11163625 core:FurnitureFittings 2025-01-31 11163625 core:ComputerEquipment 2025-01-31 11163625 core:MotorVehicles 2025-01-31 11163625 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2026-01-31 11163625 core:CurrentFinancialInstruments bus:Consolidated 2025-01-31 11163625 core:ShareCapital bus:Consolidated 2026-01-31 11163625 core:ShareCapital bus:Consolidated 2025-01-31 11163625 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2026-01-31 11163625 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2025-01-31 11163625 core:Non-controllingInterests bus:Consolidated 2026-01-31 11163625 core:Non-controllingInterests bus:Consolidated 2025-01-31 11163625 core:ShareCapital 2026-01-31 11163625 core:ShareCapital 2025-01-31 11163625 core:RetainedEarningsAccumulatedLosses 2026-01-31 11163625 core:RetainedEarningsAccumulatedLosses 2025-01-31 11163625 core:ShareCapital bus:Consolidated 2024-01-31 11163625 2024-01-31 11163625 core:ShareCapital 2024-01-31 11163625 core:RetainedEarningsAccumulatedLosses 2024-01-31 11163625 bus:Consolidated 2024-01-31 11163625 core:IntangibleAssetsOtherThanGoodwill 2025-02-01 2026-01-31 11163625 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2025-02-01 2026-01-31 11163625 core:PlantMachinery 2025-02-01 2026-01-31 11163625 core:FurnitureFittings 2025-02-01 2026-01-31 11163625 core:ComputerEquipment 2025-02-01 2026-01-31 11163625 core:MotorVehicles 2025-02-01 2026-01-31 11163625 core:UKTax bus:Consolidated 2025-02-01 2026-01-31 11163625 core:UKTax bus:Consolidated 2024-02-01 2025-01-31 11163625 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill bus:Consolidated 2025-01-31 11163625 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2025-01-31 11163625 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill core:InternallyGeneratedIntangibleAssets bus:Consolidated 2025-02-01 2026-01-31 11163625 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill core:InternallyGeneratedIntangibleAssets 2025-02-01 2026-01-31 11163625 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill bus:Consolidated 2025-02-01 2026-01-31 11163625 core:PlantMachinery bus:Consolidated 2025-01-31 11163625 core:FurnitureFittings bus:Consolidated 2025-01-31 11163625 core:ComputerEquipment bus:Consolidated 2025-01-31 11163625 core:MotorVehicles bus:Consolidated 2025-01-31 11163625 bus:Consolidated 2025-01-31 11163625 core:FurnitureFittings 2025-01-31 11163625 core:ComputerEquipment 2025-01-31 11163625 core:MotorVehicles 2025-01-31 11163625 2025-01-31 11163625 core:PlantMachinery bus:Consolidated 2025-02-01 2026-01-31 11163625 core:FurnitureFittings bus:Consolidated 2025-02-01 2026-01-31 11163625 core:ComputerEquipment bus:Consolidated 2025-02-01 2026-01-31 11163625 core:MotorVehicles bus:Consolidated 2025-02-01 2026-01-31 11163625 core:Subsidiary1 2025-02-01 2026-01-31 11163625 core:Subsidiary2 2025-02-01 2026-01-31 11163625 core:Subsidiary3 2025-02-01 2026-01-31 11163625 core:Subsidiary4 2025-02-01 2026-01-31 11163625 core:Subsidiary5 2025-02-01 2026-01-31 11163625 core:Subsidiary6 2025-02-01 2026-01-31 11163625 core:Subsidiary7 2025-02-01 2026-01-31 11163625 core:Subsidiary8 2025-02-01 2026-01-31 11163625 core:Subsidiary1 1 2025-02-01 2026-01-31 11163625 core:Subsidiary2 2 2025-02-01 2026-01-31 11163625 core:Subsidiary3 3 2025-02-01 2026-01-31 11163625 core:Subsidiary4 4 2025-02-01 2026-01-31 11163625 core:Subsidiary5 5 2025-02-01 2026-01-31 11163625 core:Subsidiary6 6 2025-02-01 2026-01-31 11163625 core:Subsidiary7 7 2025-02-01 2026-01-31 11163625 core:Subsidiary8 8 2025-02-01 2026-01-31 11163625 core:CurrentFinancialInstruments bus:Consolidated 2026-01-31 11163625 core:CurrentFinancialInstruments 2026-01-31 11163625 core:CurrentFinancialInstruments 2025-01-31 11163625 core:CurrentFinancialInstruments bus:Consolidated 1 2026-01-31 11163625 core:CurrentFinancialInstruments bus:Consolidated 1 2025-01-31 11163625 core:CurrentFinancialInstruments 2 2026-01-31 11163625 core:CurrentFinancialInstruments 2 2025-01-31 11163625 core:WithinOneYear bus:Consolidated 2026-01-31 11163625 core:WithinOneYear bus:Consolidated 2025-01-31 11163625 core:CurrentFinancialInstruments core:WithinOneYear 2026-01-31 11163625 core:CurrentFinancialInstruments core:WithinOneYear 2025-01-31 11163625 core:Non-currentFinancialInstruments core:AfterOneYear bus:Consolidated 2026-01-31 11163625 core:Non-currentFinancialInstruments core:AfterOneYear bus:Consolidated 2025-01-31 11163625 core:Non-currentFinancialInstruments core:AfterOneYear 2026-01-31 11163625 core:Non-currentFinancialInstruments core:AfterOneYear 2025-01-31 11163625 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2025-01-31 11163625 core:WithinOneYear 2026-01-31 11163625 core:WithinOneYear 2025-01-31 11163625 bus:PrivateLimitedCompanyLtd 2025-02-01 2026-01-31 11163625 bus:FRS102 2025-02-01 2026-01-31 11163625 bus:Audited 2025-02-01 2026-01-31 11163625 bus:ConsolidatedGroupCompanyAccounts 2025-02-01 2026-01-31 11163625 bus:FullAccounts 2025-02-01 2026-01-31 xbrli:pure xbrli:shares iso4217:GBP