Company registration number 02844366 (England and Wales)
JEREMY GARDNER ASSOCIATES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
JEREMY GARDNER ASSOCIATES LIMITED
COMPANY INFORMATION
Directors
Mr P Macken
Mr N Harvey
Mr N Montgomery
Mr R K Arora
Ms L Abramson
Mr R Earle
Ms D Miller
Company number
02844366
Registered office
Jtc (Uk) Limited, The Scalpel
18th Floor
52 Lime Street
London
United Kingdom
EC3M 7AF
Auditor
Azets Audit Services
Titanium 1
King's Inch Place
Renfrew
United Kingdom
PA4 8WF
Business address
209-215 Blackfriars Road
London
United Kingdom
SE1 8NL
JEREMY GARDNER ASSOCIATES LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Statement of income and retained earnings
9
Balance sheet
10
Notes to the financial statements
11 - 22
JEREMY GARDNER ASSOCIATES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

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

Review of the business

The company had another successful year, growing in all key areas and delivering strong results for its Parent Company.

Revenue continues to drive this growth with the demand for fire engineering and consulting services continuing to increase on the back of a combination of regulatory matters, heightened safety awareness, building complexity, new technologies and remediation programmes.

The profit for the year after taxation amounted to £3.0m (2024 - £2.0m ). The company's key performance indicators are analysed below. These were as follows:

| 2025 | 2024 |
| £'000 | £'000 |
Turnover | 13,864 | 10,585 |
Gross profit | 6,604 | 5,847 |
Gross profit % | 47.5% | 55.2% |
Operating profit | 4,067 | 2,839 |
Profit before tax | 4,106 | 2,867 |

Principal risks and uncertainties

The company's operations expose it to a number of business risks and uncertainties. The directors have established processes to identify, evaluate and manage these risks as set out below.

Market and economic conditions

The company operates in the engineering and consultancy sector and is therefore sensitive to general economic conditions, activity levels and client investment cycles. A downturn in infrastructure or construction markets may reduce demand for the Group’s services.

Customer concentration and revenue risk

The company's revenue is derived from contracts with a range of customers. Loss of key contracts, delays in project delivery, or reduced client spending may adversely impact revenue and profitability. The company mitigates this by having a diverse portfolio of clients without placing over reliance on one individual or company.

Project delivery and operational risk

The Group undertakes complex projects which may be subject to cost overruns, delays, or technical challenges. Failure to manage projects effectively could impact margins and reputation. Project are therefore managed in detail to ensure margins are maintained.

Regulatory and compliance risk

The Group operates in a regulated environment and must comply with health and safety, environmental and industry-specific regulations. Non-compliance could result in financial penalties or reputational damage.

People and skills risk

The Group’s performance depends on its ability to attract and retain suitably qualified professional staff. Skills shortages in engineering and consultancy disciplines could constrain growth. The company is constantly active in recruiting the best talent globally.

Going concern and funding

The Group monitors cash flow forecasts and funding requirements regularly. Adverse trading conditions or delays in cash collection could impact liquidity if not appropriately managed. Additionally, the company has Parent Company backing if required.

JEREMY GARDNER ASSOCIATES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

Future outlook

The company has achieved organic growth for many years, despite economic challenges in the industry and wider economy. This is expected to continue with the company winning new clients and expanding the range of services provided. With the strong backing of the Parent Company and an expanding presence globally through a network of subsidiary companies, Jensen Hughes and Jeremy Gardner Associates are positioned well for future success.

On behalf of the board

Mr N Montgomery
Director
14 August 2026
JEREMY GARDNER ASSOCIATES 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 c onsultant e ngineers.

Directors

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

Mr P Macken
Mr N Harvey
Mr N Montgomery
Mr R K Arora
Ms L Abramson
Mr R Earle
Ms D Miller
Financial instruments
Treasury operations and financial instruments

The company's operations require continued access to sufficient levels of funding. Our financial risk management objectives are to ensure sufficient working capital and cash flow for the company and to ensure there is sufficient support for its strategy. This is achieved through careful management of our cash resources and obtaining funding, if required, from group entities. No treasury transactions or derivatives are entered into.

Liquidity risk

Liquidity risk is the risk that the company is unable to meet its financial obligations as they fall due. The company manages liquidity risk by maintaining adequate cash reserves, preparing regular cash flow forecasts, monitoring working capital requirements and ensuring access to appropriate funding where required.

The directors consider that the company has sufficient resources to meet its liabilities as they fall due.

Interest rate risk

The company does not have any borrowings other than interest free loans with group entities which it clears in the short term. As such, it is not subject to any significant interest risk.

Credit risk

Credit risk arises primarily from trade receivables. The company manages this risk by undertaking credit checks on new customers, setting appropriate credit limits, monitoring aged receivables and applying impairment provisions and diversifying its customer base where possible.

Expected impairment of receivables is recognised using a provisioning approach based on historical experience and forward-looking information.

The directors consider the company's exposure to credit risk to be limited other than normal industry exposure.

Auditor

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

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

JEREMY GARDNER ASSOCIATES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -
Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr N Montgomery
Director
14 August 2026
JEREMY GARDNER ASSOCIATES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 5 -

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

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

JEREMY GARDNER ASSOCIATES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JEREMY GARDNER ASSOCIATES LIMITED
- 6 -
Opinion

We have audited the financial statements of Jeremy Gardner Associates Limited (the 'company') for the year ended 31 December 2025 which comprise the statement of income and retained earnings, the balance sheet 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.

JEREMY GARDNER ASSOCIATES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JEREMY GARDNER ASSOCIATES LIMITED (CONTINUED)
- 7 -
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.

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.

JEREMY GARDNER ASSOCIATES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JEREMY GARDNER ASSOCIATES LIMITED (CONTINUED)
- 8 -

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

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

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

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

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

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

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

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

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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.

Alan Brown (Senior Statutory Auditor)
For and on behalf of Azets Audit Services, Statutory Auditor
Chartered Accountants
Titanium 1
King's Inch Place
Renfrew
PA4 8WF
17 August 2026
JEREMY GARDNER ASSOCIATES LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
2025
2024
as restated
Notes
£
£
Turnover
3
13,864,332
10,585,463
Cost of sales
(7,260,620)
(4,738,031)
Gross profit
6,603,712
5,847,432
Administrative expenses
(2,536,729)
(3,008,100)
Operating profit
4
4,066,983
2,839,332
Interest receivable and similar income
8
38,835
27,831
Profit before taxation
4,105,818
2,867,163
Tax on profit
9
(1,060,216)
(854,026)
Profit for the financial year
3,045,602
2,013,137
Retained earnings brought forward
22
2,670,254
3,057,117
Dividends
10
(3,500,000)
(2,400,000)
Retained earnings carried forward
2,215,856
2,670,254

The profit and loss account has been prepared on the basis that all operations are continuing operations.

JEREMY GARDNER ASSOCIATES LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2025
31 December 2025
- 10 -
2025
2024
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
11
291,328
285,834
Current assets
Debtors
12
5,726,412
5,054,496
Cash at bank and in hand
775,551
1,292,419
6,501,963
6,346,915
Creditors: amounts falling due within one year
13
(4,495,965)
(3,876,770)
Net current assets
2,005,998
2,470,145
Total assets less current liabilities
2,297,326
2,755,979
Provisions for liabilities
Deferred tax liability
14
44,535
48,790
(44,535)
(48,790)
Net assets
2,252,791
2,707,189
Capital and reserves
Called up share capital
16
1,144
1,144
Share premium account
35,791
35,791
Profit and loss reserves
2,215,856
2,670,254
Total equity
2,252,791
2,707,189

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 14 August 2026 and are signed on its behalf by:
Mr N Montgomery
Director
Company registration number 02844366 (England and Wales)
JEREMY GARDNER ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
1
Accounting policies
Company information

Jeremy Gardner Associates Limited is a private company limited by shares incorporated in England and Wales. The registered office is Jtc (Uk) Limited, The Scalpel, 18th Floor, 52 Lime Street, London, United Kingdom, EC3M 7AF.

1.1
Accounting convention

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

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

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

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

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

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

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

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

The financial statements of the company are consolidated in the financial statements of JGA Group Limited. These consolidated financial statements are available from its registered office, Jtc (Uk) Limited, The Scalpel, 18th Floor, 52 Lime Street, London, United Kingdom, EC3M 7AF.

1.2
Prior period adjustment

Following the restructuring of Jensen Hughes UK Limited, it was identified that the company had not appropriately accounted for corporation tax group relief. Accordingly, the prior year comparative figures have been restated to recognise the amount payable to Jensen Hughes UK Limited and the corresponding increase in the corporation tax charge. Further details can be seen in note 22 to the financial statements.

1.3
Going concern

A 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.

JEREMY GARDNER ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 12 -
1.4
Turnover

Revenue comprises sales of services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of the services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the achievement of contractual milestones and deliverables, based on the value attributed to those deliverables in the underlying contracts and proposals.

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.

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:

Property improvements
Straight line over life of lease
Fixtures, fittings & equipment
25% Straight line
Computer equipment
33.3% Straight line

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

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
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. The company considers all its financial instruments to be basic.

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 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.

JEREMY GARDNER ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 13 -
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 and loans from fellow group, 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.

Derecognition of financial liabilities

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

1.9
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.

1.10
Taxation

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

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.

JEREMY GARDNER ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -
Deferred tax

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

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

1.11
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.

1.12
Retirement benefits

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

1.13
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 s asset are consumed.

1.14
Foreign exchange

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

JEREMY GARDNER ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 15 -
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.

Critical judgements

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

Impairment of trade debtors

The company trades with a diverse customer base on credit terms and recognises that a proportion of receivables may not be recovered. It reviews its trade debtors regularly and applies a matrix provisioning approach based on their age profile. The bad debt provision is amended as circumstances change with any increase or decrease recognised in the financial statements prospectively. The bad debt provision at the year end was £325,368 (2024 - £441,303).

Key sources of estimation uncertainty

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

Contract revenue

During the year, the company revised its methodology for measuring progress on its revenue contracts.

Previously, revenue was recognised by reference to the proportion of hours incurred relative to total expected hours. Under the revised approach, revenue is recognised by reference to the achievement of contractual milestones and deliverables, based on the value attributed to those deliverables in the underlying contracts and proposals.

The directors consider that this revised method provides a more reliable measure of the stage of completion and better reflects the transfer of services to customers.

In accordance with FRS 102, this change has been treated as a change in accounting estimate and has therefore been applied prospectively. The effect of the change is reflected in the results for the current year.

The accrued income at the year end was £1,323,395 (2024 - £1,173,624) and deferred income £135,606 (2024 - £486,167).

3
Turnover and other revenue

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

2025
2024
£
£
Turnover analysed by class of business
Provision of engineering consulting services
13,864,332
10,585,463
JEREMY GARDNER ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
3
Turnover and other revenue
(Continued)
- 16 -
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
13,680,175
10,585,463
Rest of World
184,157
-
13,864,332
10,585,463
2025
2024
£
£
Other revenue
Interest income
38,835
27,831
4
Operating profit
2025
2024
Operating profit for the year is stated after charging:
£
£
Exchange losses
18,343
23,897
Depreciation of owned tangible fixed assets
93,204
82,352
Operating lease charges
283,786
284,221
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
22,500
21,300
6
Employees

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

2025
2024
Number
Number
Directors
2
2
Operations
46
43
Administration
3
2
Finance
2
-
Marketing
2
2
Total
55
49
JEREMY GARDNER ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
6
Employees
(Continued)
- 17 -

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
4,449,649
3,697,250
Social security costs
567,429
425,143
Pension costs
190,251
157,599
5,207,329
4,279,992
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
381,735
395,296
Company pension contributions to defined contribution schemes
16,270
14,194
398,005
409,490

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2024 - 2).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
197,655
200,933
Company pension contributions to defined contribution schemes
8,135
7,106
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Other interest income
38,835
27,831
JEREMY GARDNER ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 18 -
9
Taxation
2025
2024
as restated
£
£
Current tax
UK corporation tax on profits for the current period
1,043,617
801,168
Adjustments in respect of prior periods
20,854
46,848
Total current tax
1,064,471
848,016
Deferred tax
Origination and reversal of timing differences
(1,513)
6,010
Adjustment in respect of prior periods
(2,742)
-
0
Total deferred tax
(4,255)
6,010
Total tax charge
1,060,216
854,026

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
as restated
£
£
Profit before taxation
4,105,818
2,867,163
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
1,026,455
716,791
Tax effect of expenses that are not deductible in determining taxable profit
18,976
97,710
Adjustments in respect of prior years
18,111
46,848
Group relief
(3,326)
(7,323)
Taxation charge for the year
1,060,216
854,026
10
Dividends
2025
2024
£
£
Interim paid
3,500,000
2,400,000
JEREMY GARDNER ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 19 -
11
Tangible fixed assets
Property improvements
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
Cost
At 1 January 2025
199,786
42,548
266,612
508,946
Additions
-
0
4,695
94,003
98,698
At 31 December 2025
199,786
47,243
360,615
607,644
Depreciation and impairment
At 1 January 2025
82,592
37,090
103,430
223,112
Depreciation charged in the year
19,979
2,271
70,954
93,204
At 31 December 2025
102,571
39,361
174,384
316,316
Carrying amount
At 31 December 2025
97,215
7,882
186,231
291,328
At 31 December 2024
117,194
5,458
163,182
285,834
12
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
4,069,377
3,000,345
Gross amounts owed by contract customers
1,323,395
1,173,624
Corporation tax recoverable
-
0
482,788
Amounts owed by group undertakings
183,464
216,118
Other debtors
8,314
1,048
Prepayments and accrued income
141,862
180,573
5,726,412
5,054,496

In the prior year "Amounts receivable not yet billed" of £1,173,624 was included within Trade debtors. The comparative figures have been restated to reclassify this to Gross amounts owed by contract customers. These amounts arise as a result of accounting for revenue contracts as the activity progresses over one accounting period into the next, based on the company's right to receive consideration by reference to the work performed at the balance sheet date.

JEREMY GARDNER ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
13
Creditors: amounts falling due within one year
2025
2024
as restated
Notes
£
£
Trade creditors
36,285
77,571
Amounts owed to group undertakings
2,544,428
2,105,178
Corporation tax
24,154
101,152
Other taxation and social security
782,587
480,993
Deferred income
135,606
486,167
Other creditors
483,860
146,709
Accruals
489,045
479,000
4,495,965
3,876,770
14
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
50,942
48,790
Short term timing differences
(6,407)
-
44,535
48,790
2025
Movements in the year:
£
Liability at 1 January 2025
48,790
Credit to profit or loss
(4,255)
Liability at 31 December 2025
44,535

15
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
190,251
157,599

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.

JEREMY GARDNER ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 21 -
16
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
1,144
1,144
1,144
1,144
17
Financial commitments, guarantees and contingent liabilities

The c ompany is subject to a claim relating to services provided on a historic development project. The matter remains at a pre-action stage and investigations are ongoing. The directors are currently unable to determine whether any liability will arise or to estimate reliably any potential financial exposure. Accordingly, no provision has been recognised in these financial statements.

18
Operating lease commitments
As lessee

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
36,267
42,345
Years 2-5
54,392
77,885
90,659
120,230
19
Acquisition

As part of a group restructure, the company acquired the trade and assets of Jensen Hughes UK Limited on 19 December 2025 for consideration amounting to €616,675 to be satisfied through inter-company debt.

Fair Value
£
Trade and other receivables
955,160
Trade and other payables
(420,415)
Total identifiable net assets
534,745
Goodwill
-
Total consideration
534,745
Satisfied by:
£
Inter-company loans
534,745
JEREMY GARDNER ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 22 -
20
Related party transactions

The Company has taken advantage of the exemption available in Section 33.1a of FRS 102 whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertakings of the Group.

21
Parent company

The parent company of Jeremy Gardner Associates Limited is JGA Group Limited and its registered office is Jtc (Uk) Limited, The Scalpel, 18th floor, 52 Lime Street, London, United Kingdom, EC3M 7AF. JGA Group Limited is the smallest group in which the entity is consolidated. Group accounts are available from Companies House.

The ultimate parent company is Jensen Hughes Holdings Corporation. Jensen Hughes Holdings Corporation is the largest group in which the entity is consolidated. Group accounts are available from 3610 Commerce Drive Suite 817, Baltimore, MD 21227, USA.

22
Prior period adjustment

Following the restructuring of Jensen Hughes UK Limited, it was identified that Jeremy Gardner Associates Limited had not appropriately accounted for corporation tax group relief. Under the group relief arrangements, Jeremy Gardner Associates Limited was required to reimburse Jensen Hughes UK Limited for the tax benefit received; however, this liability had not been recognised in the prior year financial statements.

Accordingly, the prior year comparative figures have been restated to recognise the amount payable to Jensen Hughes UK Limited and the corresponding increase in the corporation tax charge. The impact of these adjustments on the prior year financial statements is set out in the reconciliation below.

Reconciliation of changes in equity
1 January
31 December
2024
2024
£
£
Adjustments to prior year
Correction to inter-company loans for group relief
-
(838,484)
Equity as previously reported
3,094,052
3,545,673
Equity as adjusted
3,094,052
2,707,189
Analysis of the effect upon equity
Profit and loss reserves
-
(838,484)
Reconciliation of changes in profit for the previous financial period
2024
£
Adjustments to prior year
Correction to inter-company loans for group relief
(838,484)
Profit as previously reported
2,851,621
Profit as adjusted
2,013,137
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