REGISTERED NUMBER: 08526639 (England and Wales)

WORDBANK MARKETING LIMITED

GROUP STRATEGIC REPORT,

DIRECTORS' REPORT AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page

Company Information

1

Group Strategic Report

2

Directors' Report

4

Report of the Independent Auditors

6

Consolidated Statement of Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Notes to the Consolidated Financial Statements

15

DIRECTORS:

S Grant-Dalton

K D S Grant-Dalton

J Grant-Dalton

D G Kleeman

REGISTERED OFFICE:

Albany House

Claremont Lane

Esher

Surrey

KT10 9FQ

REGISTERED NUMBER:

08526639 (England and Wales)

AUDITORS:

Beavis Morgan Audit Limited, Statutory Auditor

3rd Floor

Marlborough House

298 Regents Park Road

Finchley

London

N3 2SZ

INTRODUCTION

The directors present their strategic report on Wordbank Marketing Ltd (the "Company") and its subsidiaries (together the "Group") for the year ended 31 March 2025.

These statutory financial statements are the first being prepared that consolidate the financials of the Company and its subsidiaries.

PRINCIPLE ACTIVITY

The principal activity of the Company and the Group is that of publishing activities.

REVIEW OF BUSINESS

The Group's results are set out in the Consolidated Statement of Comprehensive Income on page 7.

The Group had revenue of £12.73m in the year ended 31 March 2025 (2024: £11.91m). The Group's profit after tax for the 2025 year was £0.79m (2024: loss after tax of £0.66m). On 31 March 2025, the Group had net assets of £2.50m (2024: £2.53m). The Group's profit in the 2025 year is as a result of the Group's efforts to reduce costs in order to return to profit-generating position, including the voluntary redundancy programme implemented in the year, and the strategic review of the business' activity where the Group stopped servicing non-profitable projects and clients.

The Company had revenue of £2.64m in the year ended 31 March 2025 (2024: £2.79m). The Company's gain after tax for the 2025 year was £0.53m (2024: £0.70m). On 31 March 2025, the Company had net liability of £0.04m (2024: £0.35m net assets). The Company received dividend income from its subsidiaries during the year ended 31 March 2025.

PRINCIPAL RISKS AND UNCERTAINTIES

The Group's activities expose it to a variety of financial, operational and systems and key personnel risks. Each principal risk and how this is assessed and managed is outlined below.

The Group uses financial instruments including cash, debtors and creditors that arise directly from operations. Due to the simple nature of these financial instruments, there is no material difference between book and fair values, discounting would not give a material difference to the results of the Group and the directors believe there are no material sensitivities that require additional disclosure.

The Group is exposed to foreign exchange risk which arises when the Group enters into transactions denominated in a currency other than its functional currency. It helps to manage this risk by operating bank accounts in different currencies and arrange for supplier payments and customer receipts to be made through the respective accounts where possible.

The Group is exposed to credit risk, which is the risk of financial loss to the Group if a customer or counterparty or a financial instrument fails to meet its contractual obligations. The Group has agreed credit terms with its customers in order to minimise this risk.

Operational and systems risk is the risk that derives from possible deficiencies relating to the Group's information technology specifically relating to risks associated with information flows to and from clients. The information technology systems the Group uses are non-complex, and it has in-house and outsourced technical support, backup and disaster recovery systems.

Key personnel risk is the risk that the departure of key personnel could significantly affect the business. As the Group operates in the United Kingdom and United States, it has access to a vast talent pool to hire a suitable replacement for any departing staff member.

ON BEHALF OF THE BOARD:

K D S Grant-Dalton - Director

21 August 2026

The directors present their report with the financial statements of the Company and the Group for the year ended 31 March 2025.

DIVIDENDS

Dividends of £875,000 were declared and distributed during the year ended 31 March 2025 (2024 - £256,626).

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

S Grant-Dalton

K D S Grant-Dalton

J Grant-Dalton

D G Kleeman

RESULTS

The profit for the year, after taxation, amounted to £790,731 (2024 - loss £655,081).

FUTURE DEVELOPMENTS

The company operates across two locations, its UK head office and its USA branch. The Company's process of merging its UK and USA operations, team management and corporate structure to effect a single integrated operational group continues to reduce costs. A strategic review of the Group's revenue continues to be undertaken with a view to placing greater focus on the Group's core business.

DISCLOSURE IN THE STRATEGIC REPORT

Details of principal risks and uncertainties are disclosed in the strategic report.

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Group Strategic Report, the Directors' 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 the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and 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 and the Group's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are Directors at the time when this Directors' report is approved has confirmed that:

- so far as the Director is aware, there is no relevant audit information of which the company's auditors are unaware,

and

- the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

APPROVED BY BOARD AND SIGNED ON ITS BEHALF:

K D S Grant-Dalton - Director

21 August 2026

Opinion

We have audited the financial statements of Wordbank Marketing Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the Group's and of the Parent Company affairs as at 31 March 2025 and of the Group's profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 group's and the parent 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Directors' Report, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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

-	the information given in the Group 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 Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

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

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page four, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditors' 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 Auditors' 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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks within which the Group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and UK Corporation Tax legislation and and US Corporate Income Tax legislation. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management and inappropriate revenue recognition.

Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the appropriateness of journals, reviewing accounting estimates for biases, corroborating balances recognised to supporting documentation on a sample basis and ensuring accounting policies are appropriate under United Kingdom Generally Accepted Accounting Practice and applicable law.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

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 Report of the Auditors.

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 a Report of the Auditors 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.

Panos Michaelides FCA (Senior Statutory Auditor)

for and on behalf of Beavis Morgan Audit Limited, Statutory Auditor

3rd Floor

Marlborough House

298 Regents Park Road

Finchley

London

N3 2SZ

21 August 2026

TURNOVER

4

12,727,832

11,905,226

Cost of sales

6,004,354

5,932,827

GROSS PROFIT

6,723,478

5,972,399

Administrative expenses

5,799,557

6,634,609

OPERATING PROFIT/(LOSS)

6

923,921

(662,210

)

Interest receivable and similar income

8

18,076

16,185

941,997

(646,025

)

Interest payable and similar expenses

9

-

444

PROFIT/(LOSS) BEFORE TAXATION

941,997

(646,469

)

Tax on profit/(loss)

10

151,266

8,612

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

790,731

(655,081

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

790,731

(655,081

)

Profit/(loss) attributable to:

Owners of the parent

790,731

(655,081

)

Total comprehensive income attributable to:

Owners of the parent

790,731

(655,081

)

FIXED ASSETS

Intangible assets

13

-

-

Tangible assets

14

14,819

49,578

Investments

15

-

-

14,819

49,578

CURRENT ASSETS

Debtors

16

2,784,475

3,373,015

Cash at bank and in hand

1,030,092

814,843

3,814,567

4,187,858

CREDITORS

Amounts falling due within one year

17

1,142,490

1,522,379

NET CURRENT ASSETS

2,672,077

2,665,479

TOTAL ASSETS LESS CURRENT LIABILITIES

2,686,896

2,715,057

PROVISIONS FOR LIABILITIES

19

185,978

185,978

NET ASSETS

2,500,918

2,529,079

CAPITAL AND RESERVES

Called up share capital

20

3,703

3,694

Share premium

21

95,177

58,333

Capital redemption reserve

21

6,824

6,824

Foreign exchange reserve

21

357,416

338,161

Retained earnings

21

2,037,798

2,122,067

2,500,918

2,529,079

The financial statements were approved by the Board of Directors and authorised for issue on 21 August 2026 and were signed on its behalf by:

K D S Grant-Dalton - Director

FIXED ASSETS

Intangible assets

13

-

-

Tangible assets

14

14,309

47,801

Investments

15

900

900

15,209

48,701

CURRENT ASSETS

Debtors

16

1,740,847

1,971,116

Cash at bank and in hand

217,098

471,441

1,957,945

2,442,557

CREDITORS

Amounts falling due within one year

17

1,654,387

1,956,207

NET CURRENT ASSETS

303,558

486,350

TOTAL ASSETS LESS CURRENT LIABILITIES

318,767

535,051

PROVISIONS FOR LIABILITIES

19

185,978

185,978

NET ASSETS

132,789

349,073

CAPITAL AND RESERVES

Called up share capital

20

3,703

3,694

Share premium

21

95,177

58,333

Capital redemption reserve

21

6,824

6,824

Retained earnings

21

27,085

280,222

132,789

349,073

Company's profit/(loss) for the financial year

621,863

(700,121

)

The financial statements were approved by the Board of Directors and authorised for issue on 21 August 2026 and were signed on its behalf by:

K D S Grant-Dalton - Director

Called up

share

Retained

Share

capital

earnings

premium

£

£

£

Balance at 1 April 2023

3,694

3,033,774

58,333

Deficit for the year

-

(655,081

)

-

Total comprehensive income

-

(655,081

)

-

Dividends

-

(256,626

)

-

Balance at 31 March 2024

3,694

2,122,067

58,333

Profit for the year

-

790,731

-

Total comprehensive income

-

790,731

-

Dividends

-

(875,000

)

-

Balance at 31 March 2025

3,694

2,037,798

58,333

Capital

Foreign

redemption

exchange

Total

reserve

reserve

equity

£

£

£

Balance at 1 April 2023

6,824

386,927

3,489,552

Deficit for the year

-

-

(655,081

)

Total comprehensive income

-

-

(655,081

)

Dividends

-

-

(256,626

)

Foreign exchange differences

on translation of overseas

subsidiaries

-

(48,766

)

(48,766

)

Balance at 31 March 2024

6,824

338,161

2,529,079

Profit for the year

-

-

790,731

Total comprehensive income

-

-

790,731

Dividends

-

-

(875,000

)

Foreign exchange differences

on translation of overseas

subsidiaries

-

19,255

19,255

Balance at 31 March 2025

6,824

357,416

2,464,065

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 April 2023

3,694

1,236,969

58,333

6,824

1,305,820

Changes in equity

Dividends

-

(256,626

)

-

-

(256,626

)

Total comprehensive income

-

(700,121

)

-

-

(700,121

)

Balance at 31 March 2024

3,694

280,222

58,333

6,824

349,073

Changes in equity

Issue of share capital

9

-

36,844

-

36,853

Dividends

-

(875,000

)

-

-

(875,000

)

Total comprehensive income

-

621,863

-

-

621,863

Balance at 31 March 2025

3,703

27,085

95,177

6,824

132,789

1.	GENERAL INFORMATION

Wordbank Marketing Ltd is a private limited company (limited by shares) incorporated and domiciled in England and Wales. The address of the company's registered office is Albany House, Claremont Lane,Esher, Surrey, KT10 9FQ.

The principal activity of the company is that of publishing activities.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 Group management to exercise in apply judgement in the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

Financial Reporting Standard 102 - reduced disclosure exemptions

The Group has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Going concern

Having paid due regard to the Group's projected results during the twelve months from the date the financial statements are approved and anticipated cashflows, the directors consider the going concern basis to be appropriate in preparing the financial statements. In making the assumption, the directors have considered the availability of working capital, the future cash generative and profitable trading of the Group, the cash reserves, the net asset position since the year end and the mitigating actions that can be taken during the period. In making their assessment of going concern, the directors have given due consideration to the increase in turnover and profit and how this can be improved further by increasing efficiencies and reducing costs. Management have considered their forecasts and the impact of further rising costs on the profitability of the Group and its cash flow, and the directors have taken and will continue to take the necessary precautions to preserve the Group's cash by taking mitigating actions and reviewing their future plans to ensure that they maintain stability and optimise the business strategies of the Group in the current economic climate. The directors are aware that if the current situation becomes prolonged then there may be further mitigating actions needed.

Overall, the directors have determined that it continues to be appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that may result from any significant changes in the assumptions noted above in preparing the financial statements on a going concern basis.

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the company will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and

- the costs incurred and the costs to complete the contract can be measured reliably.

Foreign currency translation

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchnage rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

Intangible assets

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

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.

The estimated useful lives range as follows:

Computer software - 3 years

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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:

Short-term leasehold property

-

10%

Motor vehicles

-

25%

Fixtures and fittings

-

20%

Computer equipment

-

25%

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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Debtors

Short and long term debtors are measured at transaction price, less any impairment.

Creditors

Short term creditors are measured at transaction price.

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	ACCOUNTING POLICIES JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The Group may be required to make estimates and assumptions concerning the future.These estimates and judgements are based on historical experience and other factors, including the expectations of future events that are believed to be reasonable under the circumstances.The resulting accounting estimates will, by definition, seldom equal the related actual results. The principal areas where judgement was exercised are as follows:

Trade debtors: Trade debtor balances are periodically reviewed to assess whether a provision needs to be entered against amounts which may not be recoverable.

Fixed assets: The useful life of assets used as the basis for depreciation and amortisation charges are based on management’s estimation on how long assets will be used.

4.

TURNOVER

The turnover and profit (2024 - loss) before taxation are attributable to the principal activities of the Group.

An analysis of turnover by geographical market is given below:

2025

2024

£

£

United Kingdom

2,640,368

2,790,835

Rest of the world

10,087,464

9,114,391

12,727,832

11,905,226

5.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

5,409,420

6,062,234

Social security costs

501,907

557,453

Other pension costs

10,116

17,771

5,921,443

6,637,458

The average number of employees during the year was as follows:

2025

2024

Employees and directors (group)

89

102

2025

2024

£

£

Directors' remuneration

427,657

399,779

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

427,657

399,779

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £3,600 (2024 - £3,600). The highest paid Director received remuneration of £330,000 (2024 - £327,812).

6.	OPERATING PROFIT/(LOSS)

The operating profit (2024 - operating loss) is stated after charging:

2025

2024

£

£

Depreciation - owned assets

36,188

44,200

Foreign exchange differences

20,947

-

Other operating lease rentals

331,670

402,626