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Credit Reporting Agency Limited
Annual Report and Financial Statements
Year Ended 31 March 2026

Registration number: 03719598

Credit Reporting Agency Limited

Contents

Company Information | 1
Strategic Report | 2
Directors' Report | 3 to 4
Statement of Directors' Responsibilities | 5
Independent Auditor's Report | 6 to 9
Profit and Loss Account | 10
Balance Sheet | 11
Statement of Changes in Equity | 12
Notes to the Financial Statements | 13 to 23

Credit Reporting Agency Limited

Company Information

Directors | C J Stamp A N Harland P Anderson-Riley S Twyford

Registered office | 20-21 Lemon Street Truro Cornwall TR1 2LS

Auditors | PKF Francis Clark Statutory AuditorLowin House Tregolls Road Truro Cornwall TR1 2NA

Credit Reporting Agency Limited

Strategic Report for the Year Ended 31 March 2026

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

Principal activity

The principal activity of the company is that of credit report analysis and financial intermediation.

Fair review of the business

The Directors are pleased to announce a profit before tax for the year of £11.672m (2025 - £8.717m).
The Company has continued to perform well, despite a continued uncertain economic climate. Revenue continued to grow at 12.3% year on year, with pre-tax profits growing at 34%. The Company continues to make significant investments to build internal capability to respond to customer needs, and continues to explore partnerships that deliver customer benefits.
We remain positive that the company is exploring and investing in the right areas to continue to grow product offerings for the benefit of our growing customer base.

Principal risks and uncertainties

The Company is exposed to a number of risks and uncertainties, with the principal risks assessed by the Directors being the following:
There is a dependence on IT systems to deliver to our customers. Disruptions to our IT Systems would interfere with day to day operations, and potentially impact our reputation with customers and other suppliers/stakeholders.
The Company must remain compliant with FCA regulations, PCI DSS and UK GDPR across all applicable activities. These regulatory bodies regularly review and change policies and procedures, therefore the future reviews represent uncertainty to the business and the way it operates.
Major overhauls to the wider industry, such as the Digital Sales Pack and changes to subscription legislation represent opportunities and threats to our current business model. The Company is considering a number of options to proactively manage these risks, which include continued investment in IT infrastructure, and continued focus on strategic activities which expand benefits to our customer base.

Approved and authorised by the Board on 4 August 2026 and signed on its behalf by:

......................................... A N Harland Director

Credit Reporting Agency Limited

Directors' Report for the Year Ended 31 March 2026

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

Directors of the company

The directors who held office during the year were as follows:

C J Stamp

A N Harland

P Anderson-Riley (appointed 1 June 2025)

S Twyford

Financial instruments

Objectives and policies

The principal financial instruments held by the Company comprise of trade creditors
The main purpose of these instruments is to raise funds for the Company operations. The Directors believe that the Company is dealing pro-actively with the risks and uncertainties that it faces.

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

The Company manages its exposure to key risks as follows:
Liquidity risk
The Company manages this particular risk through a process of producing detailed forecasts on an annual basis and assessing performance against this. Sufficient cash is retained in the business in order to meet its obligations, particularly with regards to payments on bank and vendor loans, as and when they fall due.
Price risk
The Company operates a set monthly fee for its services, and as such is not exposed to price risk.
Credit risk
The Company has no significant concentration of credit risk, with its exposure being spread across a number of customers.
Operational risk
The Directors are aware of the continual changes in laws and regulations and the associated compliance costs and plan ahead accordingly.

Successful trading and favourable working capital practices have enabled large cash reserves to be built in the Company. Funds will be used to clear down long-term creditors as and when they fall due, but the primary intention for the cash balances is to allow the Company to grow where commercial opportunities arise.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Credit Reporting Agency Limited

Directors' Report for the Year Ended 31 March 2026

Approved and authorised by the Board on 4 August 2026 and signed on its behalf by:

......................................... A N Harland Director

Credit Reporting Agency Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

• | select suitable accounting policies and apply them consistently;

• | make judgements and accounting estimates that are reasonable and prudent;

• | state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

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

Credit Reporting Agency Limited

Independent Auditor's Report to the Members of Credit Reporting Agency Limited

Opinion

We have audited the financial statements of Credit Reporting Agency Limited (the 'company') for the year ended 31 March 2026, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• | give a true and fair view of the state of the company's affairs as at 31 March 2026 and of its profit for the year then ended;
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
• | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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

Credit Reporting Agency Limited

Independent Auditor's Report to the Members of Credit Reporting Agency Limited

Opinion on other matter prescribed by the Companies Act 2006

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

• | the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• | the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

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

• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
• | the financial statements are not in agreement with the accounting records and returns; or
• | certain disclosures of 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 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor 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.

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:

Credit Reporting Agency Limited

Independent Auditor's Report to the Members of Credit Reporting Agency Limited

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the company and management.
We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company at the planning stage of the audit. Firstly, the Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related company legislation) and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Secondly, the Company is subject to other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation or the loss of the company’s licence to operate. In making this assessment we determined that the most significant elements of legislation include, employment laws and regulations, health and safety legislation FCA regulations and GDPR.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:
• Enquiries of management regarding their knowledge of any non compliance with laws and regulations that could affect the financial statements. As part of these enquiries we also discussed
with management whether there have been any known instances, allegations or suspicions of fraud.
• Corroborating management representations through a review of board minutes and supporting documentation including any matters reportable under health and safety legislation for the attention of the Directors.
• Considering the filings made at Companies House, and any omissions thereon.
• Reviewing publicly available filings with the FCA including considering matters that are subject to FCA action, of which there was none identified.
• Completion of disclosure checklists to identify areas of non compliance.
We also evaluated the risk of fraud through management override including that arising from management’s incentives. The key risks we identified were with regards to the cut off of recognition of income or through management bias in selecting accounting estimates. In response to the identified risk, as part of our audit work we:
• Used data analytics to test journal entries throughout the year, for appropriateness;
• Undertook a proof in total of the revenue recognised in the financial statements to the revenue systems used by the company.
• Reviewed estimates and judgements made in the accounts for any indication of bias and challenged assumptions used by management in making the estimates.

Credit Reporting Agency Limited

Independent Auditor's Report to the Members of Credit Reporting Agency Limited

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. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.

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

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.

......................................
Nicola Cornish BSc BFP FCA CTA (Senior Statutory Auditor)
PKF Francis Clark, Statutory Auditor
Lowin House
Tregolls Road
Truro
Cornwall
TR1 2NA

7 August 2026

Credit Reporting Agency Limited

Profit and Loss Account

Year Ended 31 March 2026

| Note | 2026 £ | 2025 £
Turnover | 3 | 33,775,605 | 29,932,401
Cost of sales |  | (17,187,463) | (17,017,573)
Gross profit |  | 16,588,142 | 12,914,828
Administrative expenses |  | (5,085,849) | (4,321,275)
Other operating income | 4 | 179 | -
Operating profit | 5 | 11,502,472 | 8,593,553
Other interest receivable and similar income | 9 | 186,422 | 123,347
Interest payable and similar expenses | 10 | (17,081) | -
|  | 169,341 | 123,347
Profit before tax |  | 11,671,813 | 8,716,900
Tax on profit | 11 | (2,925,597) | (2,236,150)
Profit for the financial year |  | 8,746,216 | 6,480,750

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

Credit Reporting Agency Limited

Balance Sheet

31 March 2026

| Note | 2026 £ | 2025 £
Fixed assets |  |  |
Tangible assets | 13 | 3,597,838 | 3,803,805
Current assets |  |  |
Debtors | 14 | 8,492,214 | 4,861,422
Cash at bank and in hand |  | 10,069,810 | 7,027,494
|  | 18,562,024 | 11,888,916
Creditors: Amounts falling due within one year | 16 | (12,594,068) | (5,190,943)
Net current assets |  | 5,967,956 | 6,697,973
Total assets less current liabilities |  | 9,565,794 | 10,501,778
Provisions for liabilities | 17 | (262,982) | (297,182)
Net assets |  | 9,302,812 | 10,204,596
Capital and reserves |  |  |
Called up share capital |  | 100 | 100
Profit and loss account |  | 9,302,712 | 10,204,496
Shareholders' funds |  | 9,302,812 | 10,204,596

Approved and authorised by the Board on 4 August 2026 and signed on its behalf by:

......................................... A N Harland Director

Company Registration Number: 03719598

Credit Reporting Agency Limited

Statement of Changes in Equity

Year Ended 31 March 2026

| Share capital £ | Profit and loss account £ | Total £
At 1 April 2025 | 100 | 10,204,496 | 10,204,596
Profit for the year | - | 8,746,216 | 8,746,216
Dividends | - | (9,648,000) | (9,648,000)
At 31 March 2026 | 100 | 9,302,712 | 9,302,812

| Share capital £ | Profit and loss account £ | Total £
At 1 April 2024 | 100 | 6,686,746 | 6,686,846
Profit for the year | - | 6,480,750 | 6,480,750
Dividends | - | (2,963,000) | (2,963,000)
At 31 March 2025 | 100 | 10,204,496 | 10,204,596

Credit Reporting Agency Limited

Notes to the Financial Statements

Year Ended 31 March 2026

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
20-21 Lemon Street
Truro
Cornwall
TR1 2LS

These financial statements were authorised for issue by the Board on 4 August 2026.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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 as applicable to companies subject to the small companies regime.
The financial statements are prepared in pounds sterling which is the functional currency of the company.
Monetary amounts in these financial statements are rounded to the nearest pound.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

Exemptions for qualifying entities under FRS102
FRS102 allows a qualifying entity certain disclosure exemptions. The company has therefore taken advantage of the following exemptions:
• Section 7 'Statement of Cash Flows': From preparing a statement of cash flows, on the basis that it is a qualifying entity and the consolidated financial statements of Credit Reporting Agency (Holdco) Limited include the cash flows of this company.
• Section 33 'Related Party Dislcosures': Compensation for key management personnel.

Credit Reporting Agency Limited

Notes to the Financial Statements

Year Ended 31 March 2026

Going concern

At the balance sheet date the company has net current assets of £5,967,956 (2025 - £6,697,973), and net assets of £9,302,812 (2025 - £10,204,596).
The company funds its day to day operations through managing its cash facilities, which at the balance sheet date stand at £10m (2025 - £7m). The company has been profitable throughout the year to 31 March 2026 and post year end.
After making enquiries the Directors have a reasonable expectation for the foreseeable future and therefore the company continue to adopt the going concern basis in the preparation of its financial statements.

Changes in accounting policy

Changes to FRS 102 in future periods

The FRC has published changes to rules around the revenue and leases which will take effect in next year's accounts. We expect that in future years any leases will be brought onto the balance sheet as right-of-use assets, and lease liabilities. Payments on these leases after 1 April 2026 will be classified as depreciation or interest payable.
There is no requirement to restate figures from previous years, so we do not expect any changes to the figures we report here for the year to 31 March 2026 or any earlier periods.

Revenue recognition

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and over sales taxes. The following criteria must also be met before turnover is recognised:
• The amount of revenue can be measured reliably,
• It is probable that the company will receive the consideration due under the contract,
• The stage of completion of the contract at the end of the reporting period can be measured reliably,
and
• The costs incurred and the costs to complete the contract can be measured reliably.

Finance income and costs policy

Interest income is recognised in the Statement of Income and Retained Earnings using the effective interest method.
Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated debt capital.
All borrowing costs are recognised in the Statement of Income and Retained Earnings in the period in which they are incurred.

Credit Reporting Agency Limited

Notes to the Financial Statements

Year Ended 31 March 2026

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Land and buildings | 0-20 years straight line
Furniture, fittings and equipment | 5 years straight line
Motor vehicles | 3 years straight line
Plant and machinery | 2-3 years straight line

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class | Amortisation method and rate
Domain name | 15 years straight line

Credit Reporting Agency Limited

Notes to the Financial Statements

Year Ended 31 March 2026

Investments

Investments in subsidiaries are recognised at cost less accumulated impairment.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3 | Turnover

The analysis of the company's Turnover for the year from continuing operations is as follows:

| 2026 £ | 2025 £
Rendering of services | 33,775,605 | 29,932,401

The analysis of the company's Turnover for the year by market is as follows:

| 2026 £ | 2025 £
UK | 33,775,605 | 29,932,401

4 | Other operating income

The analysis of the company's other operating income for the year is as follows:

| 2026 £ | 2025 £
Miscellaneous other operating income | 179 | -

5 | Operating profit

Arrived at after charging/(crediting)

| 2026 £ | 2025 £
Depreciation expense | 346,510 | 337,462
Loss/(profit) on disposal of property, plant and equipment | 2,902 | (33,705)

Credit Reporting Agency Limited

Notes to the Financial Statements

Year Ended 31 March 2026

6 | Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

| 2026 £ | 2025 £
Wages and salaries | 3,693,275 | 3,112,644
Social security costs | 465,551 | 350,169
Pension costs, defined contribution scheme | 186,602 | 155,775
| 4,345,428 | 3,618,588

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

| 2026 No. | 2025 No.
Sales, marketing and distribution | 69 | 60
| 69 | 60

7 | Directors' remuneration

The directors' remuneration for the year was as follows:

| 2026 £ | 2025 £
Remuneration | 751,167 | 607,007
Contributions paid to money purchase schemes | 84,047 | 47,770
| 835,214 | 654,777

During the year the number of directors who were receiving benefits and share incentives was as follows:

| 2026 No. | 2025 No.
Accruing benefits under money purchase pension scheme | 3 | 2

In respect of the highest paid director:

| 2026 £ | 2025 £
Remuneration | 266,194 | 237,208
Company contributions to money purchase pension schemes | 42,538 | 40,873

Credit Reporting Agency Limited

Notes to the Financial Statements

Year Ended 31 March 2026

8 | Auditor's remuneration

| 2026 £ | 2025 £
Audit of the financial statements | 16,480 | 20,000

9 | Other interest receivable and similar income

| 2026 £ | 2025 £
Interest income on bank deposits | 186,422 | 120,733
Other finance income | - | 2,614
| 186,422 | 123,347

10 | Interest payable and similar expenses

| 2026 £ | 2025 £
Interest expense on other finance liabilities | 17,081 | -

11 | Taxation

Tax charged/(credited) in the profit and loss account

| 2026 £ | 2025 £
Current taxation |  |
UK corporation tax | 2,959,797 | 2,213,573
UK corporation tax adjustment to prior periods | - | 34,827
| 2,959,797 | 2,248,400
Deferred taxation |  |
Arising from origination and reversal of timing differences | (34,200) | (12,250)
Tax expense in the income statement | 2,925,597 | 2,236,150

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2025 - the same as the standard rate of corporation tax in the UK) of 25% (2025 - 25%).
The differences are reconciled below:

Credit Reporting Agency Limited

Notes to the Financial Statements

Year Ended 31 March 2026

| 2026 £ | 2025 £
Profit before tax | 11,671,813 | 8,716,900
Corporation tax at standard rate | 2,917,953 | 2,179,225
Increase in UK and foreign current tax from adjustment for prior periods | - | 34,827
Tax increase from effect of capital allowances and depreciation | 751 | 28,848
Effect of expense not deductible in determining taxable profit (tax loss) | 6,893 | -
Tax decrease arising from group relief | - | (6,750)
Total tax charge | 2,925,597 | 2,236,150

Deferred tax

Deferred tax assets and liabilities

2026 | Asset £ | Liability £
Fixed asset timing differences | - | 267,000
Short term timing differences | - | (4,018)
| - | 262,982

2025 | Asset £ | Liability £
Fixed asset timing differences | - | 303,831
Short term timing differences | - | (6,649)
| - | 297,182

Credit Reporting Agency Limited

Notes to the Financial Statements

Year Ended 31 March 2026

12 | Intangible assets

| Internally generated software development costs £ | Total £
Cost or valuation
At 1 April 2025 | 105,000 | 105,000
At 31 March 2026 | 105,000 | 105,000
Amortisation
At 1 April 2025 | 105,000 | 105,000
At 31 March 2026 | 105,000 | 105,000
Carrying amount
At 31 March 2026 | - | -
At 31 March 2025 | - | -

Credit Reporting Agency Limited

Notes to the Financial Statements

Year Ended 31 March 2026

13 | Tangible assets

| Land and buildings £ | Furniture, fittings and equipment £ | Motor vehicles £ | Plant and machinery £ | Total £
Cost or valuation
At 1 April 2025 | 3,505,269 | 251,843 | 341,318 | 252,822 | 4,351,252
Additions | - | - | 95,487 | 77,846 | 173,333
Disposals | - | - | (64,783) | (77,042) | (141,825)
At 31 March 2026 | 3,505,269 | 251,843 | 372,022 | 253,626 | 4,382,760
Depreciation
At 1 April 2025 | 185,886 | 82,224 | 100,667 | 178,670 | 547,447
Charge for the year | 106,572 | 50,364 | 124,101 | 65,473 | 346,510
Eliminated on disposal | - | - | (35,992) | (73,043) | (109,035)
At 31 March 2026 | 292,458 | 132,588 | 188,776 | 171,100 | 784,922
Carrying amount
At 31 March 2026 | 3,212,811 | 119,255 | 183,246 | 82,526 | 3,597,838
At 31 March 2025 | 3,319,383 | 169,619 | 240,651 | 74,152 | 3,803,805

Included within the net book value of land and buildings above is £3,212,811 (2025 - £3,319,383) in respect of freehold land and buildings.

14 | Debtors

| Note | 2026 £ | 2025 £
Amounts owed by related parties | 20 | 7,575,180 | 4,079,512
Other debtors |  | 223,153 | -
Prepayments and accrued income |  | 693,881 | 781,910
|  | 8,492,214 | 4,861,422

15 | Cash and cash equivalents

| 2026 £ | 2025 £
Cash at bank | 10,069,810 | 7,027,494

Credit Reporting Agency Limited

Notes to the Financial Statements

Year Ended 31 March 2026

16 | Creditors

| Note | 2026 £ | 2025 £
Due within one year |  |  |
Trade creditors |  | 1,292,966 | 1,348,442
Amounts due to group undertakings | 20 | 8,358,453 | -
Social security and other taxes |  | 1,247,357 | 1,092,493
Outstanding defined contribution pension costs |  | 61,485 | 26,593
Other creditors |  | 454,173 | 407,709
Accruals |  | 1,106,761 | 1,116,851
Corporation tax | 11 | 72,873 | 1,198,855
|  | 12,594,068 | 5,190,943

17 | Provisions for liabilities

| Deferred tax £ | Total £
At 1 April 2025 | 297,182 | 297,182
Increase (decrease) in existing provisions | (34,200) | (34,200)
At 31 March 2026 | 262,982 | 262,982

18 | Share capital

Allotted, called up and fully paid shares

| 2026 | 2025
| No. | £ | No. | £
Ordinary shares of £1 each | 100 | 100 | 100 | 100

19 | Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £186,602 (2025 - £155,775).
Contributions totalling £61,485 (2025 - £26,593) were payable to the scheme at the end of the year and are included in creditors.

Credit Reporting Agency Limited

Notes to the Financial Statements

Year Ended 31 March 2026

20 | Related party transactions

Summary of transactions with subsidiaries

The company is wholly owned by Credit Reporting Agency (Bidco) Limited, which is wholly owned by the senior parent entity. On this basis the group has taken advantage of the exemption in FRS 102 not to disclose transactions between the group companies.

21 | Parent and ultimate parent undertaking

The company's immediate parent is Credit Reporting Agency (Bidco) Limited, incorporated in England and Wales.
The most senior parent entity producing publicly available financial statements is Credit Reporting Agency (Holdco) Limited. These financial statements are available upon request from Companies House, Crown Way, Cardiff, CF14 3UZ