REGISTERED NUMBER: 06014149 (England and Wales)

Strategic Report, Report of the Director and

Financial Statements for the Year Ended 30 November 2025

for

MRP Technology Limited

Page

Company Information

1

Strategic Report

2

Report of the Director

5

Report of the Independent Auditors

6

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

15

DIRECTOR:

Mr A L Perring

REGISTERED OFFICE:

The Retreat

406 Roding Lane South

Woodford Green

Essex

IG8 8EY

REGISTERED NUMBER:

06014149 (England and Wales)

SENIOR STATUTORY AUDITOR:

Lorraine Curtis BFP ACA FCCA

AUDITORS:

Nordens Audit Limited

Statutory Auditors

The Retreat

406 Roding Lane South

Woodford Green

Essex

IG8 8EY

The director presents his strategic report for the year ended 30 November 2025.

REVIEW OF THE BUSINESS

MRP Technology Limited operates within the technology recruitment and consulting sector, specialising in delivering high-quality talent and solutions across key areas including ERP/SAP, infrastructure and cloud services, data management, and cyber security.

During the year ended 30 November 2025, the Company continued to demonstrate resilience in a challenging economic environment characterised by subdued client spending and broader market uncertainty. Despite a reduction in turnover, the business delivered a significant improvement in profitability, supported by enhanced pricing discipline, a focus on higher-margin placements and consulting services, and effective cost management throughout the year.

The Company remains focused on sustainable growth, operational efficiency, and strengthening its position within the technology recruitment sector.

Niche Business Model

At MRP Technology Limited, our business model is strategically designed to target niche areas within the technology landscape, focusing on high-demand sectors that provide significant value to our multinational clients. Our core specializations include:

1. ERP/SAP Solutions: We deliver top-tier talent and consulting services specifically tailored to ERP and SAP solutions, enabling our clients to optimize their enterprise resource planning processes. By understanding the complex needs of large organizations, we provide specialists who can streamline business operations and drive efficiency.

2. Infrastructure & Cloud Services: With an increasing shift towards cloud computing, we excel in sourcing talent skilled in infrastructure management and cloud services. Our consultants guide multinational clients through their digital transformation journeys, ensuring that their cloud strategies align with business goals while enhancing scalability and security.

3. Data Management: In an era where data is an invaluable asset, we focus on providing expertise in data analysis, management, and strategy. Our consultants help clients harness data to drive informed decision-making, improve business outcomes, and gain competitive advantages in their respective markets.

4. Cyber Security: As organizations face rising threats to their digital assets, our specialization in cyber security ensures that clients are equipped with the right talent to protect their data and infrastructure. We connect leading cyber security professionals with multinational firms, enabling them to implement robust security measures and compliance protocols.

By focusing on these niche technology areas, we can not only deliver exceptional services but also build long-term partnerships with our multinational clients, positioning us as a trusted partner

REVIEW OF BUSINESS

The key financial results for the year ended 30 November 2025 are summarised below:

- Turnover: £18,748,883 (2024: £19,610,990), representing a decrease of approximately 4.4%, reflecting softer market conditions and project timing delays.

- Gross Profit: £4,168,249 (2024: £3,498,129), with gross profit margin increasing to 22.2% (2024: 17.8%).

- Operating Profit: £2,001,517 (2024: £1,492,046), an increase of approximately 34.2%, driven by improved margins and cost discipline.

- Profit Before Tax: £2,009,478 (2024: £1,511,884), reflecting sustained operational efficiency and reduced financing costs.

- Net Assets: £5,097,385 at 30 November 2025 (2024: £4,093,045), reflecting the strong profit generated in the year net of dividend distributions.

The improvement in profitability has been driven by enhanced pricing discipline, a greater focus on higher-margin placements and consulting assignments, improved operational efficiency, and effective management of the cost base.

Key Performance Indicators (KPIs)

The director assesses performance using both financial and non-financial KPIs:

Financial KPIs

- Gross Profit Margin: 22.2% (2024: 17.8%) - a significant improvement year on year.

- Operating Profit Margin: 10.7% (2024: 7.6%) - reflecting operational leverage achieved during the year.

- Cash Position: £232,733 at year end (2024: £119,622) - demonstrating improved liquidity.

- Net Assets: £5,097,385 (2024: £4,093,045) - underpinning the financial stability of the business.

Non-Financial KPIs

- Gross Profit per Employee: approximately £181,228 based on average headcount of 23 (2024: £205,772 based on 17 employees) - reflecting headcount growth invested to support future revenue.

- Employee Growth: Average headcount increased from 17 to 23, supporting the Company's capacity to service increased client demand.

- Client Retention: The Company has maintained strong repeat business relationships with its multinational client base.

- Technology Investment: Continued development of AI-enabled recruitment processes, improving candidate placement speed and client service quality.

Investment in Technology Infrastructure

We are actively transforming our operations through significant investments in our technology infrastructure, particularly in artificial intelligence (AI). The integration of AI is not just enhancing our recruitment processes but also streamlining client interactions, resulting in improved satisfaction rates-a key differentiator in today's competitive market. Research indicates that companies leveraging advanced technology in recruitment see up to a 30% improvement in candidate placement speed, which positions us to outperform peers.

PRINCIPAL BUSINESS RISKS AND UNCERTAINTIES

The Company faces a number of key risks that could materially affect its performance:

- Economic Risk: Reduced client spending in uncertain macroeconomic conditions may impact demand for recruitment and consulting services.

- Talent Risk: Competition for highly skilled technology professionals remains intense, and an inability to attract or retain key staff could affect the Company's service delivery capability.

- Client Concentration Risk: The Company's revenue base is dependent on a relatively small number of key multinational clients, which could expose the business to adverse impacts if any such relationship deteriorated.

- Technology and Cyber Risk: The Company faces exposure to data security breaches and system disruptions, which could affect both operations and client confidence.

- Regulatory and Compliance Risk: The Company must comply with employment legislation, UK GDPR, and other regulatory requirements. Failure to do so could result in financial or reputational damage.

- Credit Risk: The Company is exposed to credit risk through its trade debtor balance. At the year end, £100,000 of trade debtors were subject to a factoring arrangement, and the Company operates active credit control processes to mitigate this exposure.

The Company mitigates these risks through client diversification, strong ongoing client relationships, disciplined cost control, investment in technology and people, and robust compliance procedures.

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Company maintains prudent financial risk management policies. The principal financial risks are credit risk, liquidity risk, and interest rate risk.

Credit Risk

Credit risk primarily arises from trade debtors. At 30 November 2025, the gross trade debtor balance was £3,710,450 (2024: £3,959,694). The Company utilises factoring arrangements for a portion of its debtor book and operates active credit control processes to minimise its exposure to credit losses.

Liquidity Risk

Liquidity is managed through maintaining sufficient cash reserves, regular cash flow monitoring, and careful working capital management. Cash at bank at the year end was £232,733 (2024: £119,622), and the Company's net current assets of £5,075,748 provide a comfortable liquidity position.

Interest Rate Risk

The Company's exposure to interest rate risk is minimal, given the low level of borrowings outstanding at the year end (bank loans of £5,000). Finance costs for the year totalled £1,259 (2024: £510).

FUTURE DEVELOPMENTS

Looking forward, the director remains confident that the Company is well positioned to benefit from continued demand in the technology sector. Key areas of focus for the coming year include:

- Expanding the Company's presence in high-demand technology sectors, including cloud, data management, and cyber security.

- Increasing investment in AI and digital recruitment tools to improve candidate placement speed and operational efficiency.

- Growing recurring revenue streams and deepening long-term client relationships.

- Continuing to invest in talent acquisition and employee development to support sustainable growth.

- Maintaining the strong improvement in gross profit margin achieved during the year through disciplined pricing and a focus on higher-value assignments.

COMMITMENT TO INNOVATION AND GROWTH

As a forward-thinking organization, MRP Technology Limited is committed to continuous innovation and growth. We are exploring new markets and diversifying our service offerings to meet evolving client needs. Our strategic investments in technology and talent development are designed to ensure we stay ahead of industry trends, making us an attractive choice for investors seeking growth-oriented opportunities.

GOING CONCERN

The financial statements have been prepared on a going concern basis. In reaching this conclusion, the director has considered the Company's current financial position, including its net assets of £5,097,385, positive cash balance of £232,733, and strong net current asset position of £5,075,748. The Company's auditors have confirmed that, based on the work performed during the audit, they have not identified any material uncertainties 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 the date the financial statements are authorised for issue.

ON BEHALF OF THE BOARD:

Mr A L Perring - Director

25 August 2026

The director presents his report with the financial statements of the company for the year ended 30 November 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of a recruitment agency.

DIVIDENDS

No interim dividend was paid during the year. The director recommends a final dividend of £4,800 per share.

The total distribution of dividends for the year ended 30 November 2025 will be £ 480,000 .

DIRECTOR

Mr A L Perring held office during the whole of the period from 1 December 2024 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Nordens Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr A L Perring - Director

25 August 2026

Opinion

We have audited the financial statements of MRP Technology Limited (the 'company') for the year ended 30 November 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 company's affairs as at 30 November 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 Auditors' 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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Director 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

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, 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 director's remuneration specified by law are not made; or

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

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page five, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has 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 a Report of the Auditors 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:

Discussions were held with the directors with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:

- Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation.

- It is considered that there are no laws and regulations for which non-compliance may be fundamental to the operating aspects of the business.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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.

Lorraine Curtis BFP ACA FCCA (Senior Statutory Auditor)

for and on behalf of Nordens Audit Limited

Statutory Auditors

The Retreat

406 Roding Lane South

Woodford Green

Essex

IG8 8EY

25 August 2026

TURNOVER

18,748,883

19,610,990

Cost of sales

14,580,634

16,112,861

GROSS PROFIT

4,168,249

3,498,129

Administrative expenses

2,166,732

2,006,083

OPERATING PROFIT

4

2,001,517

1,492,046

Interest receivable and similar income

9,220

20,348

2,010,737

1,512,394

Interest payable and similar expenses

5

1,259

510

PROFIT BEFORE TAXATION

2,009,478

1,511,884

Tax on profit

6

525,138

396,153

PROFIT FOR THE FINANCIAL YEAR

1,484,340

1,115,731

PROFIT FOR THE YEAR

1,484,340

1,115,731

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,484,340

1,115,731

FIXED ASSETS

Tangible assets

8

21,637

16,640

CURRENT ASSETS

Debtors

9

6,558,238

7,227,846

Cash at bank

232,733

119,622

6,790,971

7,347,468

CREDITORS

Amounts falling due within one year

10

1,715,223

3,266,573

NET CURRENT ASSETS

5,075,748

4,080,895

TOTAL ASSETS LESS CURRENT LIABILITIES

5,097,385

4,097,535

CREDITORS

Amounts falling due after more than one year

11

-

4,490

NET ASSETS

5,097,385

4,093,045

CAPITAL AND RESERVES

Called up share capital

14

100

100

Retained earnings

15

5,097,285

4,092,945

SHAREHOLDERS' FUNDS

5,097,385

4,093,045

The financial statements were approved by the director and authorised for issue on 25 August 2026 and were signed by:

Mr A L Perring - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 December 2023

100

3,411,214

3,411,314

Changes in equity

Dividends

-

(434,000

)

(434,000

)

Total comprehensive income

-

1,115,731

1,115,731

Balance at 30 November 2024

100

4,092,945

4,093,045

Changes in equity

Dividends

-

(480,000

)

(480,000

)

Total comprehensive income

-

1,484,340

1,484,340

Balance at 30 November 2025

100

5,097,285

5,097,385

Cash flows from operating activities

Cash generated from operations

1

1,269,624

774,930

Interest paid

(1,259

)

(510

)

Tax paid

(346,783

)

(410,803

)

Net cash from operating activities

921,582

363,617

Cash flows from investing activities

Purchase of tangible fixed assets

(11,141

)

(5,594

)

Interest received

9,220

20,348

Net cash from investing activities

(1,921

)

14,754

Cash flows from financing activities

Loan repayments in year

(10,000

)

(10,000

)

Amount withdrawn by directors

(316,550

)

-

Equity dividends paid

(480,000

)

(434,000

)

Net cash from financing activities

(806,550

)

(444,000

)

Increase/(decrease) in cash and cash equivalents

113,111

(65,629

)

Cash and cash equivalents at beginning of year

2

119,622

185,251

Cash and cash equivalents at end of year

2

232,733

119,622

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

30.11.25

30.11.24

£

£

Profit before taxation

2,009,478

1,511,884

Depreciation charges

6,144

4,786

Movement in amounts owed by group co's

(18,824

)

(1,045,714

)

Finance costs

1,259

510

Finance income

(9,220

)

(20,348

)

1,988,837

451,118

Decrease in trade and other debtors

1,004,982

900,288

Decrease in trade and other creditors

(1,724,195

)

(576,476

)

Cash generated from operations

1,269,624

774,930

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 November 2025

30.11.25

1.12.24

£

£

Cash and cash equivalents

232,733

119,622

Year ended 30 November 2024

30.11.24

1.12.23

£

£

Cash and cash equivalents

119,622

185,251

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.12.24

Cash flow

At 30.11.25

£

£

£

Net cash

Cash at bank

119,622

113,111

232,733

119,622

113,111

232,733

Debt

Debts falling due within 1 year

(10,510

)

5,510

(5,000

)

Debts falling due after 1 year

(4,490

)

4,490

-

(15,000

)

10,000

(5,000

)

Total

104,622

123,111

227,733

1.	STATUTORY INFORMATION

MRP Technology Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful

life.

Fixtures and fittings - 15% reducing balance

Computer equipment - 25% reducing balance

Financial instruments

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.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Operating leases

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

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.	EMPLOYEES AND DIRECTORS

30.11.25

30.11.24

£

£

Wages and salaries

1,248,420

1,160,850

Social security costs

157,410

132,906

Other pension costs

214,574

172,186

1,620,404

1,465,942

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

30.11.25

30.11.24

Management

1

1

Seniors

3

3

Administration

2

2

Sales Consultants

17

11

23

17

30.11.25

30.11.24

£

£

Director's remuneration

105,575

190,000

4.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30.11.25

30.11.24

£

£

Other operating leases

22,268

22,025

Depreciation - owned assets

6,144

4,786

Auditors' remuneration

14,000

14,000

Foreign exchange differences

(18,597

)

41,364

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

30.11.25

30.11.24

£

£

Bank loan interest

253

510

Interest payable

1,006

-

1,259

510

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

30.11.25

30.11.24

£

£

Current tax:

UK corporation tax

525,138

396,153

Tax on profit

525,138

396,153

7.

DIVIDENDS

30.11.25

30.11.24

£

£

Ordinary shares of £1 each

Final

480,000

434,000

8.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 December 2024

46,748

33,136

79,884

Additions

5,779

5,362

11,141

At 30 November 2025

52,527

38,498

91,025

DEPRECIATION

At 1 December 2024

44,509

18,735

63,244

Charge for year

1,203

4,941

6,144

At 30 November 2025

45,712

23,676

69,388

NET BOOK VALUE

At 30 November 2025

6,815

14,822

21,637

At 30 November 2024

2,239

14,401

16,640

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.25

30.11.24

£

£

Trade debtors

3,710,450

3,959,694

Amounts owed by group undertakings

1,064,538

1,045,714

Other debtors

33,865

532,546

Directors' current accounts

316,550

-

Prepayments and accrued income

1,432,835

1,689,892

6,558,238

7,227,846

Included within trade debtors there is a balance of £100k subject to debt factoring.

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.25

30.11.24

£

£

Bank loans and overdrafts (see note 12)

5,000

10,510

Trade creditors

441,497

721,375

Tax

270,419

92,064

Social security and other taxes

48,283

238,368

VAT

172,236

-

Other creditors

29,636

1,418,278

Pension liability

1,918

-

Accruals and deferred income

746,234

785,978

1,715,223

3,266,573

11.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.11.25

30.11.24

£

£

Bank loans (see note 12)

-

4,490