Credit Reporting Agency (Holdco) Limited 14431041 false 2025-04-01 2026-03-31 2026-03-31 2026-03-31 The principal activity of the company is that of credit report analysis and financial intermediation. Digita Accounts Production Advanced 6.30.9574.0 true true true false false true false false false true 14431041 2025-04-01 2026-03-31 14431041 2026-03-31 14431041 bus:Director3 bus:Consolidated 2026-03-31 14431041 bus:OrdinaryShareClass1 bus:Consolidated 2026-03-31 14431041 bus:OrdinaryShareClass2 bus:Consolidated 2026-03-31 14431041 bus:Consolidated 2026-03-31 14431041 core:AcceleratedTaxDepreciationDeferredTax bus:Consolidated 2026-03-31 14431041 core:OtherPost-employmentBenefitsDeferredTax bus:Consolidated 2026-03-31 14431041 core:CapitalRedemptionReserve 2026-03-31 14431041 core:CapitalRedemptionReserve bus:Consolidated 2026-03-31 14431041 core:RetainedEarningsAccumulatedLosses 2026-03-31 14431041 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2026-03-31 14431041 core:ShareCapital 2026-03-31 14431041 core:ShareCapital bus:Consolidated 2026-03-31 14431041 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2026-03-31 14431041 core:CurrentFinancialInstruments 2026-03-31 14431041 core:CurrentFinancialInstruments bus:Consolidated 2026-03-31 14431041 core:CurrentFinancialInstruments core:WithinOneYear 2026-03-31 14431041 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2026-03-31 14431041 core:Non-currentFinancialInstruments 2026-03-31 14431041 core:Non-currentFinancialInstruments bus:Consolidated 2026-03-31 14431041 core:Non-currentFinancialInstruments core:AfterOneYear 2026-03-31 14431041 core:Non-currentFinancialInstruments core:AfterOneYear bus:Consolidated 2026-03-31 14431041 core:DevelopmentCostsCapitalisedDevelopmentExpenditure bus:Consolidated 2026-03-31 14431041 core:Goodwill bus:Consolidated 2026-03-31 14431041 core:FurnitureFittingsToolsEquipment bus:Consolidated 2026-03-31 14431041 core:LandBuildings bus:Consolidated 2026-03-31 14431041 core:MotorVehicles bus:Consolidated 2026-03-31 14431041 core:DeferredTaxation bus:Consolidated 2026-03-31 14431041 bus:FRS102 bus:Consolidated 2025-04-01 2026-03-31 14431041 bus:Audited bus:Consolidated 2025-04-01 2026-03-31 14431041 bus:FullAccounts bus:Consolidated 2025-04-01 2026-03-31 14431041 bus:RegisteredOffice bus:Consolidated 2025-04-01 2026-03-31 14431041 bus:CompanySecretary1 2025-04-01 2026-03-31 14431041 bus:Director1 bus:Consolidated 2025-04-01 2026-03-31 14431041 bus:Director3 bus:Consolidated 2025-04-01 2026-03-31 14431041 bus:Director4 2025-04-01 2026-03-31 14431041 bus:Director4 bus:Consolidated 2025-04-01 2026-03-31 14431041 bus:Director5 bus:Consolidated 2025-04-01 2026-03-31 14431041 bus:HighestPaidDirector bus:Consolidated 2025-04-01 2026-03-31 14431041 bus:OrdinaryShareClass1 bus:Consolidated 2025-04-01 2026-03-31 14431041 bus:OrdinaryShareClass2 bus:Consolidated 2025-04-01 2026-03-31 14431041 bus:Consolidated 2025-04-01 2026-03-31 14431041 bus:Consolidated 3 2025-04-01 2026-03-31 14431041 bus:PrivateLimitedCompanyLtd bus:Consolidated 2025-04-01 2026-03-31 14431041 bus:ConsolidatedGroupCompanyAccounts 2025-04-01 2026-03-31 14431041 bus:Agent1 bus:Consolidated 2025-04-01 2026-03-31 14431041 core:CapitalRedemptionReserve 2025-04-01 2026-03-31 14431041 core:CapitalRedemptionReserve bus:Consolidated 2025-04-01 2026-03-31 14431041 core:RetainedEarningsAccumulatedLosses 2025-04-01 2026-03-31 14431041 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2025-04-01 2026-03-31 14431041 core:ShareCapital 2025-04-01 2026-03-31 14431041 core:ShareCapital bus:Consolidated 2025-04-01 2026-03-31 14431041 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2025-04-01 2026-03-31 14431041 countries:UnitedKingdom bus:Consolidated 2025-04-01 2026-03-31 14431041 core:BrandNames bus:Consolidated 2025-04-01 2026-03-31 14431041 core:DevelopmentCostsCapitalisedDevelopmentExpenditure bus:Consolidated 2025-04-01 2026-03-31 14431041 core:Goodwill bus:Consolidated 2025-04-01 2026-03-31 14431041 core:Buildings bus:Consolidated 2025-04-01 2026-03-31 14431041 core:FurnitureFittings bus:Consolidated 2025-04-01 2026-03-31 14431041 core:FurnitureFittingsToolsEquipment bus:Consolidated 2025-04-01 2026-03-31 14431041 core:LandBuildings bus:Consolidated 2025-04-01 2026-03-31 14431041 core:MotorVehicles bus:Consolidated 2025-04-01 2026-03-31 14431041 core:OfficeEquipment bus:Consolidated 2025-04-01 2026-03-31 14431041 core:DeferredTaxation bus:Consolidated 2025-04-01 2026-03-31 14431041 core:Subsidiary1 2025-04-01 2026-03-31 14431041 core:Subsidiary1 1 2025-04-01 2026-03-31 14431041 core:Subsidiary2 2025-04-01 2026-03-31 14431041 core:Subsidiary2 1 2025-04-01 2026-03-31 14431041 core:Subsidiary3 2025-04-01 2026-03-31 14431041 core:Subsidiary3 1 2025-04-01 2026-03-31 14431041 core:Subsidiary4 2025-04-01 2026-03-31 14431041 core:Subsidiary4 1 2025-04-01 2026-03-31 14431041 core:UKTax bus:Consolidated 2025-04-01 2026-03-31 14431041 countries:EnglandWales bus:Consolidated 2025-04-01 2026-03-31 14431041 2025-03-31 14431041 bus:Consolidated 2025-03-31 14431041 core:CapitalRedemptionReserve 2025-03-31 14431041 core:CapitalRedemptionReserve bus:Consolidated 2025-03-31 14431041 core:RetainedEarningsAccumulatedLosses 2025-03-31 14431041 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2025-03-31 14431041 core:ShareCapital 2025-03-31 14431041 core:ShareCapital bus:Consolidated 2025-03-31 14431041 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2025-03-31 14431041 core:DevelopmentCostsCapitalisedDevelopmentExpenditure bus:Consolidated 2025-03-31 14431041 core:Goodwill bus:Consolidated 2025-03-31 14431041 core:CostValuation 2025-03-31 14431041 core:FurnitureFittingsToolsEquipment bus:Consolidated 2025-03-31 14431041 core:LandBuildings bus:Consolidated 2025-03-31 14431041 core:MotorVehicles bus:Consolidated 2025-03-31 14431041 core:DeferredTaxation bus:Consolidated 2025-03-31 14431041 2024-04-01 2025-03-31 14431041 2025-03-31 14431041 bus:OrdinaryShareClass1 bus:Consolidated 2025-03-31 14431041 bus:OrdinaryShareClass2 bus:Consolidated 2025-03-31 14431041 bus:Consolidated 2025-03-31 14431041 core:AcceleratedTaxDepreciationDeferredTax bus:Consolidated 2025-03-31 14431041 core:OtherPost-employmentBenefitsDeferredTax bus:Consolidated 2025-03-31 14431041 core:CapitalRedemptionReserve 2025-03-31 14431041 core:CapitalRedemptionReserve bus:Consolidated 2025-03-31 14431041 core:RetainedEarningsAccumulatedLosses 2025-03-31 14431041 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2025-03-31 14431041 core:ShareCapital 2025-03-31 14431041 core:ShareCapital bus:Consolidated 2025-03-31 14431041 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2025-03-31 14431041 core:CurrentFinancialInstruments 2025-03-31 14431041 core:CurrentFinancialInstruments bus:Consolidated 2025-03-31 14431041 core:CurrentFinancialInstruments core:WithinOneYear 2025-03-31 14431041 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2025-03-31 14431041 core:Non-currentFinancialInstruments 2025-03-31 14431041 core:Non-currentFinancialInstruments bus:Consolidated 2025-03-31 14431041 core:Non-currentFinancialInstruments core:AfterOneYear 2025-03-31 14431041 core:Non-currentFinancialInstruments core:AfterOneYear bus:Consolidated 2025-03-31 14431041 core:DevelopmentCostsCapitalisedDevelopmentExpenditure bus:Consolidated 2025-03-31 14431041 core:Goodwill bus:Consolidated 2025-03-31 14431041 core:FurnitureFittingsToolsEquipment bus:Consolidated 2025-03-31 14431041 core:LandBuildings bus:Consolidated 2025-03-31 14431041 core:MotorVehicles bus:Consolidated 2025-03-31 14431041 bus:HighestPaidDirector bus:Consolidated 2024-04-01 2025-03-31 14431041 bus:Consolidated 2024-04-01 2025-03-31 14431041 bus:Consolidated 3 2024-04-01 2025-03-31 14431041 core:CapitalRedemptionReserve 2024-04-01 2025-03-31 14431041 core:CapitalRedemptionReserve bus:Consolidated 2024-04-01 2025-03-31 14431041 core:RetainedEarningsAccumulatedLosses 2024-04-01 2025-03-31 14431041 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2024-04-01 2025-03-31 14431041 core:ShareCapital 2024-04-01 2025-03-31 14431041 core:ShareCapital bus:Consolidated 2024-04-01 2025-03-31 14431041 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2024-04-01 2025-03-31 14431041 countries:UnitedKingdom bus:Consolidated 2024-04-01 2025-03-31 14431041 core:Subsidiary1 1 2024-04-01 2025-03-31 14431041 core:Subsidiary2 1 2024-04-01 2025-03-31 14431041 core:Subsidiary3 1 2024-04-01 2025-03-31 14431041 core:Subsidiary4 1 2024-04-01 2025-03-31 14431041 core:UKTax bus:Consolidated 2024-04-01 2025-03-31 14431041 2024-03-31 14431041 bus:Consolidated 2024-03-31 14431041 core:CapitalRedemptionReserve 2024-03-31 14431041 core:CapitalRedemptionReserve bus:Consolidated 2024-03-31 14431041 core:RetainedEarningsAccumulatedLosses 2024-03-31 14431041 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2024-03-31 14431041 core:ShareCapital 2024-03-31 14431041 core:ShareCapital bus:Consolidated 2024-03-31 14431041 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2024-03-31 iso4217:GBP xbrli:pure xbrli:shares

Credit Reporting Agency (Holdco) Limited
Annual Report and Consolidated Financial Statements
Year Ended 31 March 2026

Registration number: 14431041

Credit Reporting Agency (Holdco) Limited

Contents

Company Information | 1
Strategic Report | 2
Directors' Report | 3 to 4
Statement of Directors' Responsibilities | 5
Independent Auditor's Report | 6 to 10
Consolidated Profit and Loss Account | 11
Consolidated Balance Sheet | 12
Balance Sheet | 13
Consolidated Statement of Changes in Equity | 14
Statement of Changes in Equity | 15
Consolidated Statement of Cash Flows | 16
Notes to the Financial Statements | 17 to 33

Credit Reporting Agency (Holdco) Limited

Company Information

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

Company secretary | P Anderson-Riley

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 (Holdco) Limited

Strategic Report

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 group 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 £10.8m (2025 - £7.7m).
The Group 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 Group 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 Group 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 Group 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 Group 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 Group 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 (Holdco) Limited

Directors' Report

Year Ended 31 March 2026

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

Directors of the group

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

C J Stamp

P Anderson-Riley (appointed 1 June 2025)

A N Harland

S Twyford

Financial instruments

Objectives and policies

The principal financial instruments held by the Group comprise of:
• Bank balances;
• Trade and other debtors;
• Trade creditors, and:
• Vendor loans due to third parties
The main purpose of these instruments is to raise funds for the Group's operations. The Directors believe that the Group is dealing pro-actively with the risks and uncertainties that it faces.

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

The Group manages its exposure to key risks as follows:
Liquidity risk
The Group 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 Group operates a set monthly fee for its services, and as such is not exposed to price risk.
Credit risk
The Group 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 Group. 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 Group to grow where commercial opportunities arise.

Credit Reporting Agency (Holdco) Limited

Directors' Report

Year Ended 31 March 2026

Disclosure of information to the auditor

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 auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

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

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

Credit Reporting Agency (Holdco) 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 group and the 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 apply them consistently;

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

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Credit Reporting Agency (Holdco) Limited

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

Opinion

We have audited the financial statements of Credit Reporting Agency (Holdco) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2026, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, 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 group's and the parent company's affairs as at 31 March 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 responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 group and parent 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.

Credit Reporting Agency (Holdco) Limited

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

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.

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 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.

Credit Reporting Agency (Holdco) Limited

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

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 group’s and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

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.

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:
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.

Credit Reporting Agency (Holdco) Limited

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

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 group
• Reviewed estimates and judgements made in the accounts for any indication of bias and challenged assumptions used by management in making the estimates.
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. This risk increases the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements as we are less likely to become aware of instances of non-compliance. 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 concealment, collusion, omission or misrepresentation.
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.

Credit Reporting Agency (Holdco) Limited

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

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 (Holdco) Limited

Consolidated 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 |  | (5,784,585) | (5,110,464)
Other operating income | 4 | 179 | -
Operating profit | 5 | 10,803,736 | 7,804,364
Other interest receivable and similar income | 9 | 186,422 | 123,347
Interest payable and similar expenses | 10 | (172,732) | (182,492)
|  | 13,690 | (59,145)
Profit before tax |  | 10,817,426 | 7,745,219
Tax on profit | 11 | (2,840,004) | (2,229,400)
Profit for the financial year |  | 7,977,422 | 5,515,819
Profit/(loss) attributable to: |  |  |
Owners of the company |  | 7,977,422 | 5,515,819

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

Credit Reporting Agency (Holdco) Limited

Consolidated Balance Sheet

31 March 2026

| Note | 2026 £ | 2025 £
Fixed assets |  |  |
Intangible assets | 12 | 4,745,260 | 5,431,322
Tangible assets | 13 | 3,597,838 | 3,803,805
|  | 8,343,098 | 9,235,127
Current assets |  |  |
Debtors | 15 | 917,034 | 781,910
Cash at bank and in hand | 16 | 10,070,776 | 7,027,685
|  | 10,987,810 | 7,809,595
Creditors: Amounts falling due within one year | 17 | (5,264,315) | (6,232,675)
Net current assets |  | 5,723,495 | 1,576,920
Total assets less current liabilities |  | 14,066,593 | 10,812,047
Creditors: Amounts falling due after more than one year | 17 | (4,749,018) | (5,749,294)
Provisions for liabilities | 19 | (262,982) | (297,182)
Net assets |  | 9,054,593 | 4,765,571
Capital and reserves |  |  |
Called up share capital | 22 | 15,450 | 17,125
Capital redemption reserve | 21 | 4,550 | 2,875
Profit and loss account | 21 | 9,034,593 | 4,745,571
Equity attributable to owners of the company |  | 9,054,593 | 4,765,571
Shareholders' funds |  | 9,054,593 | 4,765,571

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

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

Company Registration Number: 14431041

Credit Reporting Agency (Holdco) Limited

Balance Sheet

31 March 2026

| Note | 2026 £ | 2025 £
Fixed assets |  |  |
Investments | 14 | 10,222,539 | 10,222,539
Current assets |  |  |
Debtors | 15 | 9,250,496 | -
Creditors: Amounts falling due within one year | 17 | (8,603,881) | (4,229,977)
Net current assets/(liabilities) |  | 646,615 | (4,229,977)
Total assets less current liabilities |  | 10,869,154 | 5,992,562
Creditors: Amounts falling due after more than one year | 17 | (4,749,018) | (5,749,294)
Net assets |  | 6,120,136 | 243,268
Capital and reserves |  |  |
Called up share capital | 22 | 15,450 | 17,125
Capital redemption reserve |  | 4,550 | 2,875
Profit and loss account |  | 6,100,136 | 223,268
Shareholders' funds |  | 6,120,136 | 243,268

The company has taken the exemption in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account. The company made a profit after tax for the financial year of £9,565,268.

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

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

Company Registration Number: 14431041

Credit Reporting Agency (Holdco) Limited

Consolidated Statement of Changes in Equity

Year Ended 31 March 2026

| Share capital £ | Capital redemption reserve £ | Profit and loss account £ | Total £
At 1 April 2025 | 17,125 | 2,875 | 4,745,571 | 4,765,571
Profit for the year | - | - | 7,977,422 | 7,977,422
Dividends | - | - | (2,000,000) | (2,000,000)
Purchase of own share capital | (1,675) | - | (1,688,400) | (1,690,075)
Other capital redemption reserve movements | - | 1,675 | - | 1,675
At 31 March 2026 | 15,450 | 4,550 | 9,034,593 | 9,054,593

| Share capital £ | Capital redemption reserve £ | Profit and loss account £ | Total £
At 1 April 2024 | 20,000 | - | 3,727,752 | 3,747,752
Profit for the year | - | - | 5,515,819 | 5,515,819
Dividends | - | - | (1,600,000) | (1,600,000)
Purchase of own share capital | (2,875) | - | (2,898,000) | (2,900,875)
Other capital redemption reserve movements | - | 2,875 | - | 2,875
At 31 March 2025 | 17,125 | 2,875 | 4,745,571 | 4,765,571

Credit Reporting Agency (Holdco) Limited

Statement of Changes in Equity

Year Ended 31 March 2026

| Share capital £ | Capital redemption reserve £ | Profit and loss account £ | Total £
At 1 April 2025 | 17,125 | 2,875 | 223,268 | 243,268
Profit for the year | - | - | 9,565,268 | 9,565,268
Dividends | - | - | (2,000,000) | (2,000,000)
Purchase of own share capital | (1,675) | - | (1,688,400) | (1,690,075)
Other capital redemption reserve movements | - | 1,675 | - | 1,675
At 31 March 2026 | 15,450 | 4,550 | 6,100,136 | 6,120,136

| Share capital £ | Capital redemption reserve £ | Profit and loss account £ | Total £
At 1 April 2024 | 20,000 | - | 2,287,137 | 2,307,137
Profit for the year | - | - | 2,434,131 | 2,434,131
Dividends | - | - | (1,600,000) | (1,600,000)
Purchase of own share capital | (2,875) | - | (2,898,000) | (2,900,875)
Other capital redemption reserve movements | - | 2,875 | - | 2,875
At 31 March 2025 | 17,125 | 2,875 | 223,268 | 243,268

Credit Reporting Agency (Holdco) Limited

Consolidated Statement of Cash Flows

Year Ended 31 March 2026

| Note | 2026 £ | 2025 £
Cash flows from operating activities
Profit for the year |  | 7,977,422 | 5,515,819
Adjustments to cash flows from non-cash items |  |  |
Depreciation and amortisation | 5 | 1,032,572 | 1,023,524
Loss/(profit) on disposal of tangible assets |  | 2,902 | (33,705)
Finance income | 9 | (186,422) | (123,347)
Finance costs | 10 | 172,732 | 182,492
Income tax expense | 11 | 2,840,004 | 2,229,400
|  | 11,839,210 | 8,794,183
Working capital adjustments |  |  |
(Increase)/decrease in trade debtors | 15 | (135,124) | 85,220
Increase in trade creditors | 17 | 157,346 | 406,358
Cash generated from operations |  | 11,861,432 | 9,285,761
Income taxes paid | 11 | (4,000,186) | (1,784,539)
Net cash flow from operating activities |  | 7,861,246 | 7,501,222
Cash flows from investing activities |  |  |
Interest received |  | 186,422 | 123,347
Acquisitions of tangible assets |  | (173,333) | (252,760)
Proceeds from sale of tangible assets |  | 29,888 | 73,324
Net cash flows from investing activities |  | 42,977 | (56,089)
Cash flows from financing activities |  |  |
Interest paid | 10 | (172,732) | (182,492)
Payments for purchase of own shares |  | (1,688,400) | (2,898,000)
Repayment of other borrowing |  | (1,000,000) | (1,000,000)
Payments to finance lease creditors |  | - | (2,756)
Dividends paid |  | (2,000,000) | (1,600,000)
Net cash flows from financing activities |  | (4,861,132) | (5,683,248)
Net increase in cash and cash equivalents |  | 3,043,091 | 1,761,885
Cash and cash equivalents at 1 April |  | 7,027,685 | 5,265,800
Cash and cash equivalents at 31 March |  | 10,070,776 | 7,027,685

Credit Reporting Agency (Holdco) 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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These financial statements have been prepared using the historical cost convention.
The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group and Company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions or estimates are significant to the financial statements are summarised within this note.
The functional currency of the Group and Company is considered to be Pounds Sterling because this is the currency of the primary economic environment in which the Group and Company operates.
Monetary amounts in these financial statements are rounded to the nearest Pound.

Summary of disclosure exemptions

In preparing the separate financial statements of the parent company, advantage has been taken of the following disclosure exemptions available to qualifying entities:
• Only one reconciliation of the number of shares outstanding at the beginning and end of the period has been presented as the reconciliations for the group and the parent company would be identical;
• No cash flow statement or net debt reconciliation has been presented for the parent company; and
• No disclosure has been given for the aggregate remuneration of the key management personnel of the parent company as their remuneration is included in the totals for the group as a whole.
The Group has also taken advantage of the exemption under FRS102 paragraph 33.1A in respect of transactions between members of the Group, where those Group companies are 100% owned.

Credit Reporting Agency (Holdco) Limited

Notes to the Financial Statements

Year Ended 31 March 2026

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 March 2026.
As a consolidated profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006.

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Going concern

The financial statements have been prepared on a going concern basis.
At the balance sheet date the group has net assets of £9,054,593 (2025 - £4,765,571) and made a profit before tax of £10,817,426 (2025 - £7,745,219).
The group funds its day to day operations through managing its cash facilities, which at the balance sheet date stand at £10,070,776 (2025 - £7,027,685).
The Directors have a reasonable expectation for the forseeable future, and therefore the group continues to adopt the going concern basis of its financial statements.

Credit Reporting Agency (Holdco) Limited

Notes to the Financial Statements

Year Ended 31 March 2026

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 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 Group 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 Group 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 profit and loss using the effective interest method.
Finance costs are charged to the profit and loss account 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 profit and loss in the period in which they are incurred.

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 group 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 consolidated 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.

Credit Reporting Agency (Holdco) Limited

Notes to the Financial Statements

Year Ended 31 March 2026

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
Freehold property | 20 years straight line
Fixtures and fittings | 5 years straight line
Motor vehicles | 3 years straight line
Plant and machinery | 3 years straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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
Goodwill | 10 years straight line

Investments

Investments in subsidiaries are recognised at cost less accumulated impairment.

Defined contribution pension obligation

Contributions to the Group’s defined contribution pension scheme are charged to profit or loss in the period in which they become payable.
Amounts that remain unpaid at the balance sheet date are shown as a pension creditor in creditors due in less than one year.

Credit Reporting Agency (Holdco) Limited

Notes to the Financial Statements

Year Ended 31 March 2026

Financial instruments

Classification
The company holds the following financial instruments:
• Short term trade and other debtors and creditors;
• Vendor loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

Critical judgements and estimation uncertainty
In applying the Group and Company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The key areas where estimation uncertainty has been considered by management is as follows:
a) Intangible assets (note 11)
At the balance sheet date the group has goodwill arising on consolidation at a carrying value of £4,745,260 (2025 - £5,431,322).
Management have considered if there are any factors which would suggest an impairment in the carrying value of intangible assets including goodwill. Expectations over the viability and expected future performance of the group are such that no impairment has been identified.

Credit Reporting Agency (Holdco) Limited

Notes to the Financial Statements

Year Ended 31 March 2026

3 | Turnover

The analysis of the group'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 group'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 group'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
Amortisation expense | 686,062 | 686,062
Loss/(profit) on disposal of property, plant and equipment | 2,902 | (33,705)

Credit Reporting Agency (Holdco) 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 | 3,112,645
Social security costs | 465,551 | 350,167
Pension costs, defined contribution scheme | 186,602 | 155,776
| 4,345,428 | 3,618,588

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

| 2026 No. | 2025 No.
Other departments | 69 | 60
| 69 | 60

7 | Directors' remuneration

The directors' remuneration for the year was as follows:

| 2026 £ | 2025 £
Remuneration | 751,167 | 607,008
Contributions paid to money purchase schemes | 84,047 | 47,770
| 835,214 | 654,778

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 (Holdco) Limited

Notes to the Financial Statements

Year Ended 31 March 2026

8 | Auditor's remuneration

| 2026 £ | 2025 £
Audit of these financial statements | 25,900 | 25,150

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 | 172,732 | 182,492

Credit Reporting Agency (Holdco) Limited

Notes to the Financial Statements

Year Ended 31 March 2026

11 | Taxation

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

| 2026 £ | 2025 £
Current taxation |  |
UK corporation tax | 2,874,204 | 2,206,823
UK corporation tax adjustment to prior periods | - | 34,827
| 2,874,204 | 2,241,650
Deferred taxation |  |
Arising from origination and reversal of timing differences | (34,200) | (12,250)
Tax expense in the income statement | 2,840,004 | 2,229,400

The tax on profit before tax for the year is the same as 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:

| 2026 £ | 2025 £
Profit before tax | 10,817,426 | 7,745,219
Corporation tax at standard rate | 2,704,357 | 1,936,305
Tax increase from effect of capital allowances and depreciation | 172,267 | 200,363
Effect of expense not deductible in determining taxable profit (tax loss) | 9,003 | 19,032
Tax decrease arising from group relief | - | (6,750)
Deferred tax expense from unrecognised tax loss or credit | - | 45,623
(Decrease)/increase in UK and foreign current tax from unrecognised temporary difference from a prior period | (45,623) | 34,827
Total tax charge | 2,840,004 | 2,229,400

Credit Reporting Agency (Holdco) Limited

Notes to the Financial Statements

Year Ended 31 March 2026

Deferred tax

Group

Deferred tax assets and liabilities

2026 | Asset £ | Liability £
Capital allowances in excess of depreciation | - | 267,000
Short term timing differences | - | (4,018)
| - | 262,982

2025 | Asset £ | Liability £
Capital allowances in excess of depreciation | - | 303,831
Short term timing differences | - | (6,649)
| - | 297,182

12 | Intangible assets

Group

| Goodwill £ | Domain name £ | Total £
Cost or valuation
At 1 April 2025 | 6,860,618 | 56,000 | 6,916,618
At 31 March 2026 | 6,860,618 | 56,000 | 6,916,618
Amortisation
At 1 April 2025 | 1,429,296 | 56,000 | 1,485,296
Amortisation charge | 686,062 | - | 686,062
At 31 March 2026 | 2,115,358 | 56,000 | 2,171,358
Carrying amount
At 31 March 2026 | 4,745,260 | - | 4,745,260
At 31 March 2025 | 5,431,322 | - | 5,431,322

Amortisation of goodwill and domain names is included in administrative costs in profit and loss.
Goodwill arising on consolidation is being amortised over the directors’ estimate of its useful life of 10 years, commencing from the date of acquisition being February 2023.
This estimate is based on a variety of factors such as the expected use of the acquired business, and the expected useful life of the cash generating units to which the goodwill is attributed.

Credit Reporting Agency (Holdco) Limited

Notes to the Financial Statements

Year Ended 31 March 2026

13 | Tangible assets

Group

| Land and buildings £ | Furniture, fittings and equipment £ | Motor vehicles £ | Total £
Cost or valuation
At 1 April 2025 | 3,505,269 | 504,665 | 341,318 | 4,351,252
Additions | - | 77,846 | 95,487 | 173,333
Disposals | - | (77,042) | (64,783) | (141,825)
At 31 March 2026 | 3,505,269 | 505,469 | 372,022 | 4,382,760
Depreciation
At 1 April 2025 | 185,886 | 260,894 | 100,667 | 547,447
Charge for the year | 106,572 | 115,837 | 124,101 | 346,510
Eliminated on disposal | - | (73,043) | (35,992) | (109,035)
At 31 March 2026 | 292,458 | 303,688 | 188,776 | 784,922
Carrying amount
At 31 March 2026 | 3,212,811 | 201,781 | 183,246 | 3,597,838
At 31 March 2025 | 3,319,383 | 243,771 | 240,651 | 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.

Credit Reporting Agency (Holdco) Limited

Notes to the Financial Statements

Year Ended 31 March 2026

14 | Investments

Company

| 2026 £ | 2025 £
Investments in subsidiaries | 10,222,539 | 10,222,539

Subsidiaries | £
Cost or valuation
At 1 April 2025 and 31 March 2026 | 10,222,539
Carrying amount
At 31 March 2026 | 10,222,539
At 31 March 2025 | 10,222,539

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking | Registered office | Holding | Proportion of voting rights and shares held
|  |  | 2026 | 2025
Subsidiary undertakings
Credit Reporting Agency (Bidco) Limited |  | Ordinary | 100% | 100%
Credit Reporting Agency Limited |  | Ordinary | 100% | 100%
Checkmyfile Limited |  | Ordinary | 100% | 100%
Credit Reporting Agency (EBT) Limited |  | Ordinary | 100% | 100%

All companies are registered in England and Wales, and have a registered office of 20 - 21 Lemon Street, Truro, England, TR1 2LS.

Credit Reporting Agency (Holdco) Limited

Notes to the Financial Statements

Year Ended 31 March 2026

Subsidiary undertakings
Credit Reporting Agency (Bidco) Limited The principal activity of Credit Reporting Agency (Bidco) Limited is that of an intermediate holding company.
Credit Reporting Agency Limited The principal activity of Credit Reporting Agency Limited is that of credit report analysis and financial intermediation.
Checkmyfile Limited The principal activity of Checkmyfile Limited is that of a dormant company.
Credit Reporting Agency (EBT) Limited The principal activity of Credit Reporting Agency (EBT) Limited is that of a dormant company.

15 | Debtors

|  | Group | Company
| Note | 2026 £ | 2025 £ | 2026 £ | 2025 £
Amounts owed by related parties | 24 | - | - | 9,250,496 | -
Other debtors |  | 223,153 | - | - | -
Prepayments and accrued income |  | 693,881 | 781,910 | - | -
|  | 917,034 | 781,910 | 9,250,496 | -

16 | Cash and cash equivalents

| Group | Company
| 2026 £ | 2025 £ | 2026 £ | 2025 £
Cash at bank | 10,070,776 | 7,027,685 | - | -

Credit Reporting Agency (Holdco) Limited

Notes to the Financial Statements

Year Ended 31 March 2026

17 | Creditors

|  | Group | Company
| Note | 2026 £ | 2025 £ | 2026 £ | 2025 £
Due within one year |  |  |  |  |
Loans and borrowings | 18 | 1,000,982 | 1,000,706 | 1,000,982 | 1,000,706
Trade creditors |  | 1,292,966 | 1,358,042 | - | 9,600
Amounts due to group undertakings | 24 | - | - | 7,575,180 | 3,188,244
Social security and other taxes |  | 1,247,357 | 1,092,493 | - | -
Outstanding defined contribution pension costs |  | 61,485 | 26,593 | - | -
Other creditors |  | 454,177 | 407,709 | 5 | -
Accruals |  | 1,134,475 | 1,148,277 | 27,714 | 31,427
Corporation tax | 11 | 72,873 | 1,198,855 | - | -
|  | 5,264,315 | 6,232,675 | 8,603,881 | 4,229,977
Due after one year |  |  |  |  |
Loans and borrowings | 18 | 4,749,018 | 5,749,294 | 4,749,018 | 5,749,294

18 | Loans and borrowings

Current loans and borrowings

| Group | Company
| 2026 £ | 2025 £ | 2026 £ | 2025 £
Other borrowings | 1,000,982 | 1,000,706 | 1,000,982 | 1,000,706

Non-current loans and borrowings

| Group | Company
| 2026 £ | 2025 £ | 2026 £ | 2025 £
Other borrowings | 4,749,018 | 5,749,294 | 4,749,018 | 5,749,294

The amounts shown as other borrowings are fixed rate guaranteed loan notes provided by the group, attract 2.5% per annum, and are fully repayable by 2031.

Credit Reporting Agency (Holdco) Limited

Notes to the Financial Statements

Year Ended 31 March 2026

Analysis of changes in net debt
Group

| At 1 April 2025 | Cash flow | Non-cash changes | At 31 March 2026
| £ | £ | £ | £
Cash at bank and on hand | 7,027,685 | 3,043,091 | - | 10,070,776
Bank overdrafts | - |  |  | -
Cash and cash equivalents | 7,027,685 | 3,043,091 | - | 10,070,776
Other borrowings < 1 year | (1,000,706) | 1,000,000 | (1,000,276) | (1,000,982)
Other borrowings > 1 year | (5,749,294) | - | 1,000,276 | (4,749,018)
Net debt | 277,685 | 4,043,091 |  | 4,320,776

19 | Provisions for liabilities

Group

| 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

20 | Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £186,602 (2025 - £155,776).
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 (Holdco) Limited

Notes to the Financial Statements

Year Ended 31 March 2026

21 | Reserves

Group

Share capital

Called up share capital represents the nominal value of shares that have been issued.

Profit and loss

The profit and loss account includes all current and prior period retained profits and losses.

Capital redemption reserve

The capital redemption reserve represents amounts transferred following the purchase of the group's own shares.

22 | Share capital

Allotted, called up and fully paid shares

| 2026 | 2025
| No. | £ | No. | £
Ordinary shares of £0.10 each | 120,000 | 12,000 | 171,250 | 17,125
A Ordinary shares of £0.10 each | 34,500 | 3,450 | - | -
| 154,500 | 15,450 | 171,250 | 17,125

During the year the company purchased 16,750 of its own A Ordinary shares for consideration of £1,688,400. These shares were subsequently cancelled.

23 | Dividends

During the year dividends of £2,000,000 (2025 - £1,600,000) were paid to the shareholders.

Credit Reporting Agency (Holdco) Limited

Notes to the Financial Statements

Year Ended 31 March 2026

24 | Related party transactions

Transactions with directors
During the year the company had an outstanding loan balance due from a director. The loan was interest free and repayable on demand. At the year end, the balance had been fully repaid.

During the year the company operated an Enterprise Management Incentive (EMI) scheme for eligible directors and employees. The scheme is facilitated by an Employee Benefit Trust (EBT) which holds and transfers the shares on behalf of the company.
Options are granted at the market value of the company's shares on the date of the grant. The vesting of these options is subject to specific service-based conditions.
On 4 August 2025 the EBT transferred 3,600 A ordinary shares to each of A N Harland, S Twyford and P Anderson-Riley, who are directors of the company. The A ordinary shares had unrestricted market value of £63.84 per share and actual market value of £57.46 per share.
A nominal consideration of £1 was paid by each director upon the grant of the options, which is non-refundable.
At the period end, directors held options over 10,800 A ordinary shares granted through the EBT. Prior to the exercise of these options, the directors have no beneficial interest in the shares held by the EBT. The cost to the company of funding the EBT is recognised within equity as 'shares held in trust'.