Company registration number 05509015 (England and Wales)
QUEST EMPLOYMENT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
QUEST EMPLOYMENT LIMITED
COMPANY INFORMATION
Directors
Mr M A Russell
Mr D Parker
Mrs L Banks
Mr J Bluck
Mr J E Cole
Mrs K Millinder
(Appointed 1 January 2026)
Miss S Neal
(Appointed 1 January 2026)
Secretary
Mr M A Russell
Company number
05509015
Registered office
7-9 The Avenue
Eastbourne
East Sussex
BN21 3YA
Auditor
Humphrey & Co Audit Services Ltd
7-9 The Avenue
Eastbourne
East Sussex
BN21 3YA
Business address
Royal House
Queenswood
Newport Pagnell Road West
Northampton
NN4 7JJ
QUEST EMPLOYMENT LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 6
Directors' responsibilities statement
7
Independent auditor's report
8 - 10
Profit and loss account
11
Statement of comprehensive income
12
Balance sheet
13
Statement of changes in equity
14
Statement of cash flows
15
Notes to the financial statements
16 - 29
QUEST EMPLOYMENT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The directors present the strategic report and financial statements for the year ended 31 December 2025.

Review of the Business and Future Developments

Overall, the business remains dynamic and requires agility, innovation and adaptability to remain competitive in the current market. As a business we have effectively responded to the challenges posed and the emerging opportunities to create a thriving environment.

2025 saw a 10% increase in turnover. Permanent placements were up by 83%, this area will remain a focus in 2026. The availability of workers remained strong in 2025 and is forecast to continue in 2026. Overall, there has been a small reduction in gross profit.

Our permanent headcount reduced slightly in 2025 despite the increase in turnover. Advances in recruitment technology, AI and the further development of our CRM has resulted in greater efficiencies, which has improved our productivity per person.

We increased our on-site operations with five major clients, which expanded our geographical footprint and added valuable turnover.

2026 will see a modest increase in turnover, and we are still substantially ahead of pre-pandemic levels. Technological efficiencies and the increased use of AI will result in our headcount remaining stable going forward.

The cost of the various online job boards, which we use to attract staff, has remained flat in 2025 and will remain similar in 2026. We have continued to review all suppliers (and reduced the overall number) and associated costs. Overheads have remained in line with 2024 but savings are anticipated for 2026.

Principal risks and uncertainties

The principal risks and uncertainties affecting the company relate to the general weakness in the economy and this is still affecting our industry. The current global unrest is still causing issues for some clients. There is also industry specific risk in relation to legislative changes affecting employment agencies.

Liquidity risk

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

Interest rate risk

The company is exposed to interest rate risk on all of its borrowing facilities in addition to on its floating bank rate deposits.

Credit risk

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Section 172 statement
Duty to promote the success of the company

The directors consider the successful running of the company in terms of achieving its long-term strategy which centres on building a resilient company that is great to work for and known for the quality of our services. The ongoing success of the company centres around positive and effective dealings with all the stakeholders of the company and the directors were mindful of the long term consequences of key commercial decisions made during the year, and determined that these were in the interests of the company’s owners, employees, agency staff, clients, suppliers and other stakeholders, as they were all aligned with the company’s strategy.

QUEST EMPLOYMENT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
The principal decisions made in the year

- We have appointed two new di rectors to the Board and they started their new roles in January 2026. The existing and founding di rectors' duties and responsibilities have adjusted accordingly.

- Our Compliance Team has been expanded in response to the demands of major clients.

- We have expanded our Regional Management Team.

- Staff training has been focused on up skilling our management team.

The company takes employee involvement very seriously and we ensure that we engage with our staff at all levels on a wide range of matters. The company also regularly engages with its clients and suppliers to maintain these important relationships.

The directors confirm that throughout the year they have acted in the way they consider, in good faith, to be most likely to promote the continued success of the company for the benefit of its members as a whole.

On behalf of the board

Mr M A Russell
Director
29 July 2026
QUEST EMPLOYMENT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2025.

Principal activities

The principal activity of the company continued to be that of an employment agency.

Results and dividends

The results for the year are set out on page 11.

The directors do not recommend payment of a final ordinary dividend on the ordinary 'A' shares and have recommended payment of a final dividend of £12.538 (20 2 4 £9.1636) per ordinary 'B' share and £12.538 (202 4 £9.1636) per ordinary 'C' share.

Directors

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

Mr M A Russell
Mr D Parker
Mrs L Banks
Mr J Bluck
Mr J E Cole
Mrs K Millinder
(Appointed 1 January 2026)
Miss S Neal
(Appointed 1 January 2026)
Auditor

The auditor, Humphrey & Co Audit Services Ltd, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

The company has consumed more than 40,000 kWh of energy in this reporting period and is required to report on its emissions, energy consumption or energy efficiency activities.

2025
2024
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
- Gas combustion
2,396
2,896
- Electricity purchased
146,263
110,784
148,659
113,680
QUEST EMPLOYMENT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -
2025
2024
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
2.71
2.49
- Fuel consumed for owned transport
1.28
1.85
3.99
4.34
Scope 2 - indirect emissions
- Electricity purchased
123.14
95.32
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the company
2,394.00
2,271.00
Total gross emissions
2,521.13
2,370.66
Intensity ratio
Tonnes CO2 per full time and flexible employee
0.59
0.57
Quantification and reporting methodology

We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 202 2 UK Government’s Conversion Factors for Company Reporting.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per full time and flexible employee.

Measures taken to improve energy efficiency

During 2025, the com p any continued to invest in its CRM platform and other software solutions to improve operational efficiency across the business. Permanent headcount was reduced during the last 12 months following a decrease in average client numbers during 2024. However, all office locations remained operational throughout the reporting period, resulting in only limited reductions in gas and electricity consumption. A review of utility data identified that two branches had been billed using underestimated meter readings during 2024. As a result, year-on-year energy consumption initially appeared to have increased. Following the receipt of accurate meter readings, the revised data indicates that gas and electricity usage has in fact decreased slightly compared with the previous year. The business experienced strong growth during 2025, with turnover increasing by approximately 1 0% compared with 2024. Increased business activity resulted in higher levels of employee travel and commuting, contributing to an increase in transport-related emissions.
Overall, total gross emissions increased by 6% and the emissions intensity ratio increased by 4%. Both increases were significantly lower than the growth achieved in turnover, indicating an improvement in carbon efficiency relative to business performance. The transition to lower-emission vehicles continued during 2025. Hybrid and fully electric vehicles now account for 68% of the company fleet, compared with 41% in the previous year. Fully electric vehicles represent 32% of the fleet, up from 17% in 2024, reflecting a significant increase in the adoption of zero-emission vehicles.

QUEST EMPLOYMENT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 5 -

The company actively encourages employees to choose hybrid or fully electric vehicles where practical. However, the higher purchase and leasing costs associated with these vehicles can present affordability challenges, and individual vehicle budgets may not always accommodate the additional cost.

To support the transition to electric vehicles, additional charging points have been installed at Head Office for use by employees and visitors. The Company is also engaging with landlords to explore the installation of charging infrastructure at other office locations wherever feasible, with the aim of further supporting the uptake of electric vehicles across the business.

The company continues to promote sustainable travel and energy-efficient working practices across the business. The Cycle to Work scheme remains available to all employees, with 3% of the workforce currently participating. Employee engagement initiatives also continue to encourage behavioural changes that support energy conservation and environmental responsibility.

All offices are encouraged to minimise energy consumption by ensuring that computers and other electrical equipment are switched off when not in use, particularly outside normal working hours. The company remains committed to reducing paper consumption and progressing towards a paperless operating model. Continued investment in digital systems, automation and AI-enabled solutions has further reduced the need for paper-based processes. During the year, the company continued to assess payroll and accounting software solutions that could reduce reliance on locally hosted systems, while also exploring opportunities to integrate AI functionality into existing platforms where this provides a cost-effective and efficient solution.

Sustainable procurement and waste management remain important considerations. Stationery is sourced from sustainable suppliers wherever possible, and the company seeks to maximise recycling across all office locations. Confidential paper waste is securely shredded and recycled by a specialist waste management provider, and printer toner cartridges are recycled through approved recycling schemes.

The company continues to work with energy suppliers and landlords to replace traditional utility meters with smart meters where practicable. Whilst progress has been made, implementation remains challenging at certain leased premises where installation is dependent on third-party approval and infrastructure constraints.

During 2025, the company continued to invest in energy-efficient lighting across its offices. LED lighting is now installed in 85% of locations, compared with 80% in 2024, demonstrating continued progress in improving the energy efficiency of the company's premises. The company will continue to identify opportunities to increase LED coverage across the remaining locations where feasible, supporting reductions in electricity consumption and associated carbon emissions

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments, treasury operations, financial instruments and principal risks and uncertainties.

Statement of disclosure to auditor
Each director at the date of the approval of this report confirms that:
(a) so far as the directors are aware, there is no relevant audit information of which the company's auditors are unaware, and
(b) they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
QUEST EMPLOYMENT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -
On behalf of the board
Mr M A Russell
Director
29 July 2026
QUEST EMPLOYMENT LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -

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

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

- make judgements and accounting estimates that are reasonable and prudent; 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.

QUEST EMPLOYMENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF QUEST EMPLOYMENT LIMITED
- 8 -
Opinion

We have audited the financial statements of Quest Employment Limited (the 'company') for the year ended 31 December 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2025 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's 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

QUEST EMPLOYMENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF QUEST EMPLOYMENT LIMITED (CONTINUED)
- 9 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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

- adequate accounting records have not been kept, 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 directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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'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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

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

We obtained an understanding of the company and the laws and regulations that could reasonably be expected to have a direct effect on the financial statements through discussion with the directors and management and the application of our knowledge and experience. We discussed with management whether there were any known or suspected instances of fraud and/or non-compliance with relevant laws and regulations. We also obtained an understanding of the company's accounting systems and internal controls.

We audited the risk of management override of controls, by testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. Our other audit procedures included, but were not limited to, carrying out detailed substantive testing of a sample of income, wages and expenditure transactions arising in the year and a sample of balance sheet items such as tangible assets, debtors, creditors, etc. We also reviewed the financial statements and checked disclosures to supporting documentation to assess compliance with applicable law and regulation.

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

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

QUEST EMPLOYMENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF QUEST EMPLOYMENT LIMITED (CONTINUED)
- 10 -

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.

Mrs Emily Smith (Senior Statutory Auditor)
For and on behalf of Humphrey & Co Audit Services Ltd, Statutory Auditor
Chartered Accountants
7-9 The Avenue
Eastbourne
East Sussex
BN21 3YA
3 August 2026
QUEST EMPLOYMENT LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
2025
2024
Notes
£
£
Turnover
3
66,919,982
60,815,353
Cost of sales
(58,049,872)
(51,750,320)
Gross profit
8,870,110
9,065,033
Administrative expenses
(7,539,529)
(7,516,513)
Other operating income
83,922
74,400
Operating profit
4
1,414,503
1,622,920
Interest receivable and similar income
8
7,000
-
0
Interest payable and similar expenses
9
(146,306)
(203,636)
Profit before taxation
1,275,197
1,419,284
Tax on profit
10
(366,391)
(412,244)
Profit for the financial year
908,806
1,007,040

The Profit and Loss Account has been prepared on the basis that all operations are continuing operations.

QUEST EMPLOYMENT LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
2025
2024
£
£
Profit for the year
908,806
1,007,040
Other comprehensive income
-
-
Total comprehensive income for the year
908,806
1,007,040
QUEST EMPLOYMENT LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 13 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
12
-
0
150,000
Tangible assets
13
72,215
100,681
72,215
250,681
Current assets
Stocks
14
10,097
13,816
Debtors
15
12,872,364
13,622,193
Cash at bank and in hand
991,667
60,447
13,874,128
13,696,456
Creditors: amounts falling due within one year
16
(10,601,437)
(10,086,618)
Net current assets
3,272,691
3,609,838
Total assets less current liabilities
3,344,906
3,860,519
Provisions for liabilities
Provisions
18
96,817
107,042
Deferred tax liability
19
11,030
20,904
(107,847)
(127,946)
Net assets
3,237,059
3,732,573
Capital and reserves
Called up share capital
21
24,750
24,750
Share premium account
400
400
Capital redemption reserve
22
250
250
Profit and loss reserves
3,211,659
3,707,173
Total equity
3,237,059
3,732,573

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

The financial statements were approved by the board of directors and authorised for issue on 29 July 2026 and are signed on its behalf by:
Mr M A Russell
Director
Company registration number 05509015 (England and Wales)
QUEST EMPLOYMENT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 14 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2024
25,000
400
-
0
4,163,544
4,188,944
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
-
1,007,040
1,007,040
Dividends
11
-
-
-
(1,372,236)
(1,372,236)
Own shares acquired
-
-
-
(91,175)
(91,175)
Redemption of shares
21
-
0
-
0
250
-
0
250
Other movements
(250)
-
0
-
-
(250)
Balance at 31 December 2024
24,750
400
250
3,707,173
3,732,573
Year ended 31 December 2025:
Profit and total comprehensive income for the year
-
-
-
908,806
908,806
Dividends
11
-
-
-
(1,404,320)
(1,404,320)
Balance at 31 December 2025
24,750
400
250
3,211,659
3,237,059
QUEST EMPLOYMENT LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 15 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
4,683,060
5,624,230
Interest paid
(146,306)
(203,636)
Income taxes paid
(440,729)
(383,540)
Net cash inflow from operating activities
4,096,025
5,037,054
Investing activities
Purchase of tangible fixed assets
(18,084)
(25,006)
Proceeds on disposal of tangible fixed assets
-
0
1,664
Interest received
7,000
-
0
Net cash used in investing activities
(11,084)
(23,342)
Financing activities
Purchase of own shares
-
0
(91,175)
Increase in/(repayment of) bank loans
(1,749,401)
(3,489,505)
Dividends paid
(1,404,320)
(1,372,236)
Net cash used in financing activities
(3,153,721)
(4,952,916)
Net increase in cash and cash equivalents
931,220
60,796
Cash and cash equivalents at beginning of year
60,447
(349)
Cash and cash equivalents at end of year
991,667
60,447
QUEST EMPLOYMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 16 -
1
Accounting policies
Company information

Quest Employment Limited is a private company limited by shares incorporated in England and Wales. The registered office is 7-9 The Avenue, Eastbourne, East Sussex, BN21 3YA. The company registration number is 05509015.

1.1
Basis of preparation

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

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

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

The company's legal accounting reference date under the Companies Act 2006 is 4 January.

The directors have determined, pursuant to s.390(3) of the Companies Act 2006, that the financial year is treated as ending on 31 December, being a date within seven days of the accounting reference date.

The financial statements have accordingly been prepared for the year ended 31 December 2025, with the prior year presented for the year ended 31 December 2024.

The directors consider that this presentation gives a true and fair view and that the four-day variance has no material effect on the financial position or performance of the company.

1.2
Going concern

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

1.3
Revenue

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

1.4
Intangible fixed assets - goodwill

G oodwill represents the client list acquired in 2006 and is written off in equal annual instalments over its estimated useful economic life of twenty years. The directors review the client list and estimated useful economic life on an annual basis.

1.5
Tangible fixed assets

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

QUEST EMPLOYMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 17 -

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

Land and buildings Leasehold
over length of lease
Computer equipment
20% straight line basis
Fixtures, fittings & equipment
20% straight line basis
Motor vehicles
25% reducing balance basis

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

1.6
Impairment of fixed assets

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

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

1.7
Stocks

Stock relates to brochures, leaflets and work wear held by the company for future use and is stated at cost.

1.8
Cash and cash equivalents

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

1.9
Financial instruments

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

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

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

Basic financial assets

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

QUEST EMPLOYMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 18 -
Impairment of financial assets

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

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

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

Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

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

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

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

1.11
Taxation

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

QUEST EMPLOYMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 19 -
Current tax

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

Deferred tax

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

1.12
Provisions

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

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

1.13
Employee benefits

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

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

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

1.14
Retirement benefits

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

1.15
Leases
As lessee

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

QUEST EMPLOYMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
2
Judgements and key sources of estimation uncertainty

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

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

The directors consider that there are no sources which could give rise to a material estimation uncertainty within the next 12 months that require disclosure.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Useful life of fixed assets

The directors estimate the expected useful lives of the company's fixed assets which in turn impacts on the amount of depreciation charged in the year.

Valuation of goodwill

The directors estimate the value of goodwill based on the contracts retained since the company was incorporated. This impacts on the amount of amortisation charged in the year.

Holiday Pay

The directors calculate the accrued holiday pay at the year end based on holiday records and contractual entitlement.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2025
2024
£
£
Turnover analysed by class of business
Temporary Placement
66,778,320
60,738,062
Permanent Placement
141,662
77,291
66,919,982
60,815,353
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
66,919,982
60,815,353
2025
2024
£
£
Other revenue
Interest income
7,000
-
QUEST EMPLOYMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 21 -
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Depreciation of tangible fixed assets
44,533
46,117
Loss/(profit) on disposal of tangible fixed assets
2,017
(1,664)
Amortisation of intangible assets
150,000
150,000
Operating lease charges
430,704
467,374
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
22,750
19,000
For other services
Audit-related assurance services
-
0
8,000
Taxation compliance services
8,000
1,500
Other taxation services
1,250
1,000
All other non-audit services
10,000
-
0
19,250
10,500
6
Employees

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

2025
2024
Number
Number
Full Time Employees
88
99
Part Time Employees
2
-
Total
90
99

The aggregate remuneration of all full-time employees and temporary workers comprised:

2025
2024
£
£
Wages and salaries
42,292,321
24,977,300
Social security costs
4,619,535
2,073,543
Pension costs
618,635
557,787
47,530,491
27,608,630
QUEST EMPLOYMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 22 -
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
504,694
598,148
Company pension contributions to defined contribution schemes
60,000
65,250
564,694
663,398

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2024 - 5).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
165,555
160,275
Company pension contributions to defined contribution schemes
-
3,000
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
7,000
-
0
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
7,000
-
0
9
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost
Other interest on financial liabilities
146,306
203,636
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
379,572
416,585
Adjustments in respect of prior periods
(3,308)
-
0
Total current tax
376,264
416,585
QUEST EMPLOYMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
10
Taxation
2025
2024
£
£
Current tax
(Continued)
- 23 -
Deferred tax
Origination and reversal of timing differences
(9,873)
(4,341)
Total tax charge
366,391
412,244

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

2025
2024
£
£
Profit before taxation
1,275,197
1,419,284
Expected tax charge based on the standard rate of corporation tax in the UK of 25% (2024: 25%)
318,799
354,821
Effects of:
Expenses that are not deductible in determining taxable profit
13,400
19,923
Adjustments in respect of prior years
(3,308)
-
0
Amortisation on assets not qualifying for tax allowances
37,500
37,500
Taxation charge in the financial statements
366,391
412,244
11
Dividends
2025
2024
£
£
Final paid
52,691
52,227
Interim paid
1,351,629
1,320,009
1,404,320
1,372,236
QUEST EMPLOYMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 24 -
12
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2025 and 31 December 2025
3,000,000
Amortisation and impairment
At 1 January 2025
2,850,000
Amortisation charged for the year
150,000
At 31 December 2025
3,000,000
Carrying amount
At 31 December 2025
-
0
At 31 December 2024
150,000
13
Tangible fixed assets
Land and buildings Leasehold
Computer equipment
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2025
23,571
390,092
406,194
44,448
864,305
Additions
-
0
15,862
2,222
-
0
18,084
Disposals
-
0
-
0
(2,299)
-
0
(2,299)
At 31 December 2025
23,571
405,954
406,117
44,448
880,090
Depreciation and impairment
At 1 January 2025
12,268
347,933
364,297
39,126
763,624
Depreciation charged in the year
1,852
23,613
17,737
1,331
44,533
Eliminated in respect of disposals
-
0
-
0
(282)
-
0
(282)
At 31 December 2025
14,120
371,546
381,752
40,457
807,875
Carrying amount
At 31 December 2025
9,451
34,408
24,365
3,991
72,215
At 31 December 2024
11,303
42,159
41,897
5,322
100,681
14
Stocks
2025
2024
£
£
Stationery and workwear stock
10,097
13,816
QUEST EMPLOYMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 25 -
15
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
12,464,778
12,999,222
Other debtors
185,020
430,020
Prepayments and accrued income
222,566
192,951
12,872,364
13,622,193

Included within other debtors is a loan of £160,020 (20 24 - £205,020) to Insight Employment Limited of which £108,020 (2024 - £153,020) is payable after more than one year and a loan to Avenue Employment Ltd of £25,000 (£225,000).

16
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
17
2,095,100
3,844,501
Trade creditors
336,562
1,492,430
Corporation tax
199,572
264,036
Other taxation and social security
4,866,274
2,044,003
Other creditors
1,474,566
737,534
Accruals and deferred income
1,629,363
1,704,114
10,601,437
10,086,618
17
Loans and overdrafts
2025
2024
£
£
Bank loans
2,095,100
3,844,501
Payable within one year
2,095,100
3,844,501

Included within bank loans is the invoice discounting facility which has a balance of £2,095,100 (20 2 4 - £3,844,501).

The invoice discounting facility is secured by a debenture over the company's assets including:

- All current and future freehold and leasehold property owned by the company together with all buildings, structures, fixtures and fittings (including trade and tenant’s fixtures).

- All present and future patents, patent applications, trademarks and service marks (whether registered or not), design rights (whether registered or not), copyrights and all other intellectual property rights whatsoever and all rights relating thereto (including, without limitation, by way of licence) legally or beneficially owned by the company.

- All investments, key-man policies and insurance policies.

The debenture contains fixed and floating charges. The carrying amounts of the assets are as stated in the individual notes.

QUEST EMPLOYMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 26 -
18
Provisions for liabilities
2025
2024
£
£
Club Quest
96,817
107,042
Movements on provisions:
Club Quest
£
At 1 January 2025
107,042
Utilisation of provision
(10,225)
At 31 December 2025
96,817

Club Quest is a benefits package offered to the company's workers for which the company takes payments by direct debit on a weekly basis. Under the direct debit guarantee, any payments can be queried and reclaimed for a period of up to six years. The company does receive a number of queries and refunds are issued and the directors believe that a provision of £96,817, which is based on 5% of the full amount which could be reclaimed, is a fair and reasonable estimate based on historical experience.

As the provision is based on historical experience and reimbursement can be claimed up to six years after the initial payment was made, the amount and timing of the settlement is therefore considered uncertain.

19
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
11,030
20,904
2025
Movements in the year:
£
Liability at 1 January 2025
20,904
Credit to profit or loss
(9,874)
Liability at 31 December 2025
11,030

The deferred tax liability set out above is expected to reverse in line with the depreciation of the fixed assets and relates to accelerated capital allowances that are expected to mature within the same period.

QUEST EMPLOYMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 27 -
20
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
618,635
557,787

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

At the year end the company owed £3 1,682 (202 4: £35,912).

21
Share capital
2025
2024
£
£
Ordinary share capital
Issued and fully paid
19,000 Ordinary 'A' shares of £1 each
19,000
19,000
750 Ordinary 'B' shares of £1 each
750
750
5,000 Ordinary 'C' shares of £1 each
5,000
5,000
24,750
24,750

On 2 February 2024, the company repurchased, and cancelled, 250 ordinary 'B' shares from Mr T Shingler.

Each share is entitled to a vote and to participate in a distribution on winding up.

Each class of ordinary shares shall be entitled to such dividends or other distributions as the board shall recommend and (in the case of any final dividend) as are approved by ordinary resolution from time to time, provided that the ‘B’ shares and ‘C’ shares shall be treated as if they constituted a single class of shares, so that no dividend or other income distribution may be declared, made or paid in respect of either of the ‘B’ shares or the ‘C’ shares to the exclusion of the other.

22
Capital redemption reserve

The capital redemption reserve has arisen due to the company's purchase and cancellation of own shares.

23
Operating lease commitments
As lessee

Operating lease payments represent rentals payable by the company for certain of its properties and motor vehicles.

The property leases are negotiated for an average term of ten years with a break clause after five years. Rentals are fixed for an average of five years.

The motor vehicle leases are usually for a three year term with fixed rental payments.

QUEST EMPLOYMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
23
Operating lease commitments
(Continued)
- 28 -

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

2025
2024
£
£
Within 1 year
247,997
264,106
Years 2-5
254,605
356,029
502,602
620,135
24
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2025
2024
£
£
Aggregate compensation
779,568
939,511
25
Directors' transactions

Dividends totalling £687,520 (2024 - £666,126) were paid in the year in respect of shares held by the company's directors.

Dividends totalling £716,800 (2024 – £670,975) were paid in respect of shares held by Avenue Employment Limited. Mrs L Banks, Mr J Bluck, and Mr J Cole are directors and shareholders of Avenue Employment Limited.

As at 31 December 202 5, the company owed five (202 4: five) directors a total of £41,005 (202 4 - £54,965). During the year amounts advanced to directors totalled £699,688 and amounts repaid totalled £713,649. The loans are repayable on demand and are interest free.

The company has made a loan to Insight Employment Limited. The loan balance owed to the company at the year end was £160,020 (202 4 - £2 05,020). The loans are repayable on demand and are interest free. Mr M Russell and Mr D Parker are directors and controlling shareholders of Insight Employment Limited.

During the year the company has made a loan to Avenue Employment Limited. The loan balance owed to the company at the year end was £25,000 (2024 - £22 5,000). The loans are repayable on demand and are interest free. Mrs L Banks, Mr J Bluck and Mr J Cole are directors and together controlling shareholders of Avenue Employment Limited.

QUEST EMPLOYMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 29 -
26
Cash generated from operations
2025
2024
£
£
Profit after taxation
908,806
1,007,040
Adjustments for:
Taxation charged
366,391
412,244
Finance costs
146,306
203,636
Investment income
(7,000)
-
0
Loss/(gain) on disposal of tangible fixed assets
2,017
(1,664)
Amortisation and impairment of intangible assets
150,000
150,000
Depreciation and impairment of tangible fixed assets
44,533
46,117
(Decrease)/increase in provisions
(10,225)
107,042
Movements in working capital:
Decrease in stocks
3,719
6,627
Decrease in debtors
749,829
2,739,378
Increase in creditors
2,328,684
953,810
Cash generated from operations
4,683,060
5,624,230
27
Analysis of changes in net debt
1 January 2025
Cash flows
31 December 2025
£
£
£
Cash at bank and in hand
60,447
931,220
991,667
Borrowings excluding overdrafts
(3,844,501)
1,749,401
(2,095,100)
(3,784,054)
2,680,621
(1,103,433)
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