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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2025
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AFRY MANAGEMENT CONSULTING LIMITED
COMPANY INFORMATION
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AFRY MANAGEMENT CONSULTING LIMITED
CONTENTS
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AFRY MANAGEMENT CONSULTING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The Directors present their strategic report for the year ended 31 December 2025.
The key performance indicators used by the management in monitoring the Company’s operations are;
turnover, operating profit, headcount, utilisation and order stock. During the year turnover from continuing operations decreased by 16% from £36.4 million to £30.7million whilst the operating profit from continuing operations decreased to £1.7m (2024: £3.5m). Profit before tax from continuing operations increased to £6.2m (2024: £3.6m) which incuded a profit on disposal of investments of £4.4m. Net assets of the Company decreased to £11.5m (2024: £12.4m). The average number of staff decreased to 153 during the year (2024: 207) whilst the utilisation percentage (available time spent on client work) decreased to 49% (2024: 51%). The Company’s order stock, being the value of unrecognised revenue on signed contracts, reduced to £5.85m (2024: £6.2m). In the prior year the Company decided to incorporate its existing branch in Spain into a legal company. On 6 November 2023, the Company incorporated a new, fully owned, Spanish subsidiary. The transfer of the assets, liabilities and operations of the existing branch to the newly incorporated subsidiary occurred on 1st January 2025. Consideration for the transfer was satisfied through the issuance of new share capital and the transfer was done at the deemed market value of £3,933,743. As a result, a gain of £4,397,621 is recognised in these financial statements. The former branch has been disclosed under discontinued operations within the financial statements. The Directors do not expect any other significant changes in the business or financial performance in 2026.
The Board is responsible for risk and is responsible for oversight of the risk management process. The Board has considered the principal risks facing the Company and the exposure in relation to each of those risks. The Company operates within the governance framework of AFRY AB Group. It also has its own established governance framework, with clear terms of reference for the Board and a clear organisation structure, with delegated authorities and responsibilities.
There are formal AFRY AB Group compliance and internal audit functions. These departments conduct monitoring of various business areas and control procedures. Any issues of significance are brought to the attention of the Board. Planned corrective actions are independently monitored for timely completion and reviewed by the Board. The financial instruments of the Company comprise cash, short term debtors and creditors, and equity shares.
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AFRY MANAGEMENT CONSULTING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Risk Management is an integral part of AFRY AB Group’s business management and internal controls framework. The aim of risk management is to enable achievement of strategic and financial objectives and targets in a controlled manner. AFRY AB Group’s risk management consists of co ordinated set of activities to identify, evaluate, treat and control all major risk areas of the AFRY AB Group in a systematic and proactive manner. Risks are addressed in accordance with the following major risk categories – external risks and internal risks identified as strategic risks, operational risks and financial risks.
Exposure to project, credit, market, foreign currency and liquidity risk arises in the normal course of business. Price risk is not considered to be a significant factor due to the relatively short term nature.
This report was approved by the board and signed on its behalf.
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AFRY MANAGEMENT CONSULTING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The Directors present their report and the financial statements for the year ended 31 December 2025.
The profit for the year, after taxation, amounted to £5,688,131 (2024 - £4,493,631).
The Directors do not recommend payment of a final dividend (2024: £Nil). During the year dividends of £6,900,000 were paid (2024: £1,200,000).
The Directors who served during the year were:
The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙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 to 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.
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AFRY MANAGEMENT CONSULTING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Project Risk
Project risk is managed through the use of the AFRY Management Consulting Propeller project management system. This systems covers project management from inception to closure, and addresses risk specifically through the mandatory project charter, where identified risks and mitigation actions are recorded and reviewed as the project progresses.
Business Risk Business risk centres primarily on issues such as loss of data, poor quality product and loss of staff. IT systems are continually improved to minimise this risk and backups of data are made regularly and off site copies kept. With respect to staff, the Company ensures that remuneration packages are maintained as competitive in the market place, that staff training and development receives the attention and funding required and that staff have a good working environment.
Credit Risk
Credit risk is the risk that financial loss arises from the failure of a customer or counterparty to meet its obligations under a contract. The Company's only credit exposure is to debtors, which are frequently monitored for size and age. The balances with other companies within the AFRY Group have minimal credit risk. The nature of the Company's business and counterparties means that it is not exposed to significant credit risk. This is because its receivables are mainly short-term trading items or intercompany balances.
The Company's exposure to credit risk is represented by the carrying amount of its debtor balances.
Market Risk
Market risk is the risk that changes in market prices or the level of demand for the Company's services may adversely affect the Company's income and profitability. This risk is managed through a combination of monthly, quarterly and annual reviews of the key performance indicators to quickly identify issues and put in place mitigating actions. Together with the annual strategy process, which looks at the medium and long term market developments.
Foreign Currency Risk
The Company is exposed to foreign currency risk on services rendered or received which are denominated in a currency other than sterling. This exposure is monitored on an ongoing basis and action is taken to mitigate any specific issues, in conjunction with the AFRY AB Group's treasury department, as and when required.
There were open FX contracts as at 31 December 2025 with a net fair value of a net asset of £11,117 (2024: £417). Bank interest on deposits and overdrafts is the only source of interest rate risk exposure.
Liquidity Risk
The Company's policy throughout the year has been to maintain sufficient liquidity. The Board monitors the level of dividends to the parent. There has been no change to the Company's approach to capital management during the year.
The Directors have reviewed the capital and cash positions of the business for the next 12 months and are comfortable that the forecasts, coupled with available support from the parent company should this be required, are adequate to support their assessment that the Company can continue as a going concern.
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AFRY MANAGEMENT CONSULTING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The auditors, James Cowper Kreston Audit, will be proposed for reappointment in accordance with Section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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AFRY MANAGEMENT CONSULTING LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AFRY MANAGEMENT CONSULTING LIMITED
We have audited the financial statements of AFRY Management Consulting Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In 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.
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AFRY MANAGEMENT CONSULTING LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AFRY MANAGEMENT CONSULTING LIMITED (CONTINUED)
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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report 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.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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AFRY MANAGEMENT CONSULTING LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AFRY MANAGEMENT CONSULTING LIMITED (CONTINUED)
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.
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 increase 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 also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation
The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:
∙Enquiry of management and those charged with governance around actual and potential litigation and claim;
∙Enquiry of management and those charged with governance to identify any material instances of non-compliance with laws and regulations;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
∙Performing audit work to address the risk of irregularities due to management 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 evidence of bias.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.
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AFRY MANAGEMENT CONSULTING LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AFRY MANAGEMENT CONSULTING LIMITED (CONTINUED)
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.
for and on behalf of
Chartered Accountants and Statutory Auditor
201 Cumnor Hill
Cumnor
Oxfordshire
OX2 9PJ
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AFRY MANAGEMENT CONSULTING LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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AFRY MANAGEMENT CONSULTING LIMITED
REGISTERED NUMBER: 02573801
BALANCE SHEET
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 29 form part of these financial statements.
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AFRY MANAGEMENT CONSULTING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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AFRY MANAGEMENT CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
AFRY Management Consulting Limited is a private company limited by shares and is incorporated and domiciled in England. The address of the registered office is King Charles House, Park End Street, Oxford, Oxfordshire, OX1 1JD.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of AFRY AB as at 31 December 2025 and these financial statements may be obtained from Frösundaleden 2A SE-169 99 Stockholm.
The Company is a parent Company that is also a subsidiary included in the consolidated financial statements of a parent undertaking established under the law of an EEA state and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
The Directors have reviewed the capital and cash positions of the business for the next 12 months and are comfortable that the historical performance, coupled with available support for the parent company should this be required, are adequate to support their assessment that the Company can continue as a going concern.
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AFRY MANAGEMENT CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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AFRY MANAGEMENT CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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AFRY MANAGEMENT CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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AFRY MANAGEMENT CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Basic 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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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AFRY MANAGEMENT CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Other financial instruments
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The Company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.
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AFRY MANAGEMENT CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
i) Critical accounting estimates in applying the entity's accounting policies 1. Percentage of completion The Company uses the percentage of completion method to determine the recognition of revenue on projects undertaken. This estimate depends on an accurate assessment of the costs to complete. Project managers, who have adequate and sufficient knowledge of the projects undertaken make these estimates as appropriate. However, the estimates are sensitive to unforeseen deviation from expectations, following which the necessary amendments are made. ii) Critical accounting estimates and assumptions The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. 1. Useful economic lives of tangible fixed assets (Note 12) The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 12 for the carrying amount of leasehold improvements, office furniture and computer equipment, and note 2.12 for the useful economic lives for each class of asset. 2. Impairment of fixed asset investments (Note 13) At each reporting date, the Company reviews the carrying value of its fixed asset investments to determine whether there are any indicators that those assets have suffered an impairment. Where such indicators exist, an impairment assessment is performed by comparing the carrying value of the asset to its recoverable amount. The assumptions used in this assessment are inherently uncertain and are based on management’s best estimate of future economic conditions and the performance of the business. Changes in key assumptions, particularly forecast cash flows and discount rates, could lead to material adjustments to the carrying value of fixed assets. As a result, impairment charges may arise in future periods if actual performance differs from the assumptions used. No impairment has been recognised in the current year. 3. Impairment of debtors (Note 14) The Company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 14 for the net carrying amount of the debtors and associated impairment provision.
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AFRY MANAGEMENT CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
In the opinion of the Directors, the Company's activities form a single class of business.
Analysis of turnover by country of destination:
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AFRY MANAGEMENT CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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AFRY MANAGEMENT CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
There are no factors that may affect future tax charges.
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AFRY MANAGEMENT CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 23
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AFRY MANAGEMENT CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 24
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AFRY MANAGEMENT CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 25
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AFRY MANAGEMENT CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 26
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AFRY MANAGEMENT CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 27
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AFRY MANAGEMENT CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The Company operates a defined contribution pension scheme. The pension cost charge represents contributions payable by the Company to the fund and amounted to £759,457 (2024: £788,970). At the year end, outstanding contributions totalled £Nil (2024: £Nil) and are included in accruals.
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AFRY MANAGEMENT CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 29
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