Company registration number 09966603 (England and Wales)
THE SELECT RECRUITMENT GROUP LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Affinia
Swift House
Ground Floor
18 Hoffmanns Way
Chelmsford
Essex
UK
CM1 1GU
THE SELECT RECRUITMENT GROUP LTD
COMPANY INFORMATION
Directors
Mr R Burville
Mr M Tann
Company number
09966603
Registered office
Swift House
Ground Floor
18 Hoffmanns Way
Chelmsford
Essex
UK
CM1 1GU
Auditor
Affinia (Chelmsford)
Ground Floor
Swift House
18 Hoffmanns Way
Chelmsford
CM1 1GU
THE SELECT RECRUITMENT GROUP LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Profit and loss account
9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 31
THE SELECT RECRUITMENT GROUP LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

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

Review of the business

Objective

The group continue to pursue all financial means under management to reach its objective to be the industry leader in the sectors they service. With teams placing top-​tier contract and permanent professionals on critical projects worldwide, we’re driving forward with ambitious plans to grow and diversify across key markets.

Key business strategy

In pursuit of the of this objective the Directors will seek to:

- Continue investing our growth into new markets and new territories.

- Continue to develop existing relationships with large multi-​national corporations, deploying cross-​selling opportunities to other divisions within the group.

- Targeting new markets to diversify our offering

- Driving global reach -​ To support our clients wherever their projects take them, we’re pursuing bold geographical expansion across Asia, the USA and the Middle East.

- Continue to develop our teams across HRIS (Human Resource Information System) /​​ ERP systems

- Hiring high-​caliber graduates and investing in internal management to help scale our teams as we grow.

Principal risks and uncertainties

The key risk areas are:

- Currency Risk

- Interest Rate Risk

Currency Risk

To mitigate currency risk from Euro, GBP, and USD exposure as an international recruitment agency, we will look to implement a hedging strategy that includes forward contracts and options to lock in exchange rates for future transactions.

Interest Rate Risk

We use retained profits to fund the majority of our contract workers, in addition we utilise a very competitive floating finance facility in place, enabling us to sustainably continue expansion through bank borrowing.

Future Outlook

The group continues to seek further expansion within their UK and Dubai operations across all markets listed above.

These plans reflect our commitment to staying at the forefront of energy and ERP recruitment – agile, global, and ready to connect clients with the people who will deliver the world’s energy and technology transition.

THE SELECT RECRUITMENT GROUP LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Key performance indicators

The Group uses a number of financial measures to monitor progress against strategies and corporate objectives. These are summarised as follows:

Gross profit has grown by 18.5% year on year, maintained at a stable percentage at 18.26% (2024:17.2%) of revenue. Growth in both revenue and gross profit has been driven by expanding and developing existing client relationships and attracting new clients to the business that we didn’t previously work with. This growth on a gross margin level has been reinvested in to staff costs to drive this continued retention, attraction and development of clients as we enter new markets and territories, as discussed above.

The turnover, gross and operating profit of the Group was as follows:

2025 2024

Turnover £44,526,512 £39,895,234

Gross Profit £8,131,213 £6,861,860

Profit/(Loss) Before Tax £2,277,215 £2,147,680

The statement of financial position shows that the Group’s net assets at the year-end have increased from £3,601,989 to £3,889,124 showing growth on the balance sheet value of the group in excess of £200,000.

On behalf of the board

Mr R Burville
Director
19 August 2026
THE SELECT RECRUITMENT GROUP LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

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

Principal activities

The principal activity of the company and group continued to be that of temporary and permanent employment agency activities, and information technology consultancy activities.

Results and dividends

Ordinary dividends were paid amounting to £1,412,0 76 (2024: £1,109,000). The directors do not recommend payment of a further dividend.

Directors

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

Mr R Burville
Mr M Tann
Auditor

Affinia (Chelmsford) were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

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

On behalf of the board
Mr R Burville
Mr M Tann
Director
Director
19 August 2026
THE SELECT RECRUITMENT GROUP LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -

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

United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company 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 group and parent company, 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;

- state whether applicable U nited K ingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent company, and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THE SELECT RECRUITMENT GROUP LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE SELECT RECRUITMENT GROUP LTD
- 5 -
Opinion

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

In our opinion the financial statements:

- give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- T he information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

THE SELECT RECRUITMENT GROUP LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE SELECT RECRUITMENT GROUP LTD
- 6 -
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 their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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

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

- the group and 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' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group 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 and parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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.

THE SELECT RECRUITMENT GROUP LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE SELECT RECRUITMENT GROUP LTD
- 7 -

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- We identified the laws and regulations applicable to the group and the parent company through discussions with directors and other management, and from our commercial knowledge and experience of the recruitment sector;

- We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group or parent company, including the Companies Act 2006, taxation legislation, data protection, employment, and health and safety legislation;

- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence;

- Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the group's and parent company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud.

- Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- Performed analytical procedures to identify any unusual or unexpected relationships;

- Test ed journal entries to identify unusual transactions;

- Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias;

- Investigated the rationale behind significant or unusual transactions; and

- Observed and identified internal controls in place, specifically around payroll and bank transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- Agreeing financial statement disclosures to underlying supporting documentation;

- Enquiring of management as to actual and potential litigation and claims; and

- Reviewing correspondence with HMRC and reviewing for evidence of correspondence with legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

THE SELECT RECRUITMENT GROUP LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE SELECT RECRUITMENT GROUP LTD
- 8 -

Use of our report

This report is made solely to the parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Runicles (Senior Statutory Auditor)
For and on behalf of Affinia (Chelmsford), Statutory Auditor
Chartered Accountants
Ground Floor
Swift House
18 Hoffmanns Way
Chelmsford
CM1 1GU
19 August 2026
THE SELECT RECRUITMENT GROUP LTD
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
2025
2024
Notes
£
£
Turnover
3
44,526,512
39,895,234
Cost of sales
(36,395,299)
(33,033,374)
Gross profit
8,131,213
6,861,860
Administrative expenses
(5,703,148)
(4,556,038)
Other operating income
-
0
449
Exceptional item
4
-
0
(1,007)
Operating profit
5
2,428,065
2,305,264
Interest receivable and similar income
9
3,630
10,934
Interest payable and similar expenses
10
(154,480)
(168,518)
Profit before taxation
2,277,215
2,147,680
Tax on profit
11
(376,541)
(511,330)
Profit for the financial year
23
1,900,674
1,636,350
Profit for the financial year is attributable to:
- Owners of the parent company
1,748,287
1,491,447
- Non-controlling interests
152,387
144,903
1,900,674
1,636,350
THE SELECT RECRUITMENT GROUP LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
2025
2024
£
£
Profit for the year
1,900,674
1,636,350
Other comprehensive income
Currency translation gain/(loss) arising in the year
941
(1,975)
Total comprehensive income for the year
1,901,615
1,634,375
Total comprehensive income for the year is attributable to:
- Owners of the parent company
1,749,228
1,489,472
- Non-controlling interests
152,387
144,903
1,901,615
1,634,375
THE SELECT RECRUITMENT GROUP LTD
GROUP BALANCE SHEET
AS AT 31 DECEMBER 2025
31 December 2025
- 11 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
13
30,422
43,720
Tangible assets
14
197,934
263,816
228,356
307,536
Current assets
Debtors
17
9,511,441
9,744,275
Cash at bank and in hand
548,748
308,165
10,060,189
10,052,440
Creditors: amounts falling due within one year
18
(6,387,621)
(6,715,803)
Net current assets
3,672,568
3,336,637
Total assets less current liabilities
3,900,924
3,644,173
Provisions for liabilities
Deferred tax liability
20
11,800
42,184
(11,800)
(42,184)
Net assets
3,889,124
3,601,989
Capital and reserves
Called up share capital
22
100
100
Capital redemption reserve
23
10
10
Other reserves
23
(1,034)
(1,975)
Profit and loss reserves
23
3,886,465
3,550,254
Equity attributable to owners of the parent company
3,885,541
3,548,389
Non-controlling interests
3,583
53,600
Total equity
3,889,124
3,601,989
The financial statements were approved by the board of directors and authorised for issue on 19 August 2026 and are signed on its behalf by:
19 August 2026
Mr R Burville
Mr M Tann
Director
Director
Company registration number 09966603 (England and Wales)
THE SELECT RECRUITMENT GROUP LTD
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2025
31 December 2025
- 12 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
15
22,554
22,554
22,554
22,554
Current assets
Debtors
17
164,968
692,725
Creditors: amounts falling due within one year
18
(187,422)
(715,179)
Net current liabilities
(22,454)
(22,454)
Net assets
100
100
Capital and reserves
Called up share capital
22
100
100

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £1,412,076 (2024: £1,109,000).

The financial statements were approved by the board of directors and authorised for issue on 19 August 2026 and are signed on its behalf by:
19 August 2026
Mr R Burville
Mr M Tann
Director
Director
Company registration number 09966603 (England and Wales)
THE SELECT RECRUITMENT GROUP LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 13 -
Share capital
Capital redemption reserve
Currency translation reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
Balance at 1 January 2024
100
10
-
0
3,167,807
3,167,917
108,695
3,276,612
Year ended 31 December 2024:
Profit for the year
-
-
-
1,491,447
1,491,447
144,903
1,636,350
Other comprehensive income:
Currency translation differences
-
-
(1,975)
-
0
(1,975)
-
(1,975)
Total comprehensive income
-
-
(1,975)
1,491,447
1,489,472
144,903
1,634,375
Dividends
12
-
-
-
(1,109,000)
(1,109,000)
(200,000)
(1,309,000)
Other movements
-
-
-
-
-
2
2
Balance at 31 December 2024
100
10
(1,975)
3,550,254
3,548,389
53,600
3,601,989
Year ended 31 December 2025:
Profit for the year
-
-
-
1,748,287
1,748,287
152,387
1,900,674
Other comprehensive income:
Currency translation differences
-
-
941
-
0
941
-
941
Total comprehensive income
-
-
941
1,748,287
1,749,228
152,387
1,901,615
Dividends
12
-
-
-
(1,412,076)
(1,412,076)
(202,404)
(1,614,480)
Balance at 31 December 2025
100
10
(1,034)
3,886,465
3,885,541
3,583
3,889,124
THE SELECT RECRUITMENT GROUP LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 14 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2024
100
-
0
100
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
1,109,000
1,109,000
Dividends
12
-
(1,109,000)
(1,109,000)
Balance at 31 December 2024
100
-
0
100
Year ended 31 December 2025:
Profit and total comprehensive income
-
1,412,076
1,412,076
Dividends
12
-
(1,412,076)
(1,412,076)
Balance at 31 December 2025
100
-
0
100
THE SELECT RECRUITMENT GROUP LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 15 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
2,000,540
2,890,916
Interest paid
(154,480)
(167,626)
Income taxes paid
(566,496)
(547,016)
Net cash inflow from operating activities
1,279,564
2,176,274
Investing activities
Purchase of tangible fixed assets
(20,333)
(231,346)
Interest received
3,630
10,934
Net cash used in investing activities
(16,703)
(220,412)
Financing activities
Borrowings / (Repayment) of directors' loans
591,280
(665,905)
Dividends paid to equity shareholders
(1,412,076)
(1,109,000)
Dividends paid to non-controlling interests
(202,404)
(200,000)
Net cash used in financing activities
(1,023,200)
(1,974,905)
Net increase/(decrease) in cash and cash equivalents
239,661
(19,043)
Cash and cash equivalents at beginning of year
307,995
329,013
foreign exchange gains or losses
941
(1,975)
Cash and cash equivalents at end of year
548,597
307,995
Relating to:
Cash at bank and in hand
548,748
308,165
Bank overdrafts included in creditors payable within one year
(151)
(170)
THE SELECT RECRUITMENT GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 16 -
1
Accounting policies
Company information

The Select Recruitment Group Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Swift House, Ground Floor, 18 Hoffmanns Way, Chelmsford, Essex, UK, CM1 1GU.

The group consists of The Select Recruitment Group Ltd and all of its subsidiaries.

1.1
Accounting convention

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

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

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

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

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

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

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

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company The Select Recruitment Group Ltd together with all entities controlled by the parent company (its subsidiaries).

All financial statements are made up to 31 December 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions and balances between group companies are eliminated on consolidation.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.3
Going concern

The directors foresee the going concern of the business for 12 months from the approval of the financial statements, based on the growth and strong performance of the group, with the business continuing to expand its client base. Thus, the directors have a reasonable expectation that the group has adequate resources to be a going concern for 12 months from the date of signing of the financial statements.

THE SELECT RECRUITMENT GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 17 -
1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Turnover represents the provision of temporary and permanent workers to customers and clients. Turnover is recognised on the completion of approved timesheets for temporary workers and upon commencement of a placement for permanent workers. Turnover is stated as invoiced, and is net of discounts, excluding VAT.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at fair value.

Revaluation movements are recognised in the profit or loss, with revaluations occurring on the following bases:

Crypto Investments
Measured at fair value annually
1.6
Tangible fixed assets

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

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

Leasehold land and buildings
Term of lease
Leasehold improvements
Term of lease
Fixtures and fittings
25% Reducing balance
Computers
2 Years straight line

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

1.7
Fixed asset investments

I n the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

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

THE SELECT RECRUITMENT GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 18 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

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

1.9
Cash and cash equivalents

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

1.10
Financial instruments

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

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

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

Basic financial assets

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

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

THE SELECT RECRUITMENT GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 19 -
Impairment of financial assets

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

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

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

Classification of financial liabilities

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

Basic financial liabilities

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

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

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

1.11
Equity instruments

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

1.12
Taxation

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

Current tax

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

THE SELECT RECRUITMENT GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 20 -
Deferred tax

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

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

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

1.14
Retirement benefits

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

1.15
Leases

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

1.16
Foreign exchange

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

THE SELECT RECRUITMENT GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 21 -
2
Judgements and key sources of estimation uncertainty

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

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

Critical judgements

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

Bad debt provision

Provision is made for bad debts. This requires management's best estimate of the value of payments expected to be received in the future. In addition, the timing of the cash flows requires management's judgment.

Recognition of share based payments

As outlined in Note 22, the 1,850 growth shares issued in the prior period in the group, represent an equity settled shared based payment scheme and the shares vested immediately upon grant date as per the growth shares agreement.
Under the terms of the growth shares agreement, following an exit event, a proportion of exit proceeds greater than the determined valuation hurdle, will be distributed to the growth share holders.
A share based payment charge will only be recognised when the certainty of an exit becomes probable and in managements judgement, the valuation hurdle will be met.   Management have determined at the current year end, an exit event to be uncertain and the valuation hurdle has yet to be met. As a result, no share based payment charge has been recorded in the current year financial statements. This assessment will be reconsidered on an annual basis.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Temporary Placement
43,897,612
39,603,555
Permanent Placement
628,900
291,679
44,526,512
39,895,234
2025
2024
£
£
Turnover analysed by geographical market
UK
18,115,662
8,847,217
EU
20,260,603
27,754,941
Rest of the world
6,150,247
3,293,076
44,526,512
39,895,234
THE SELECT RECRUITMENT GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
3
Turnover and other revenue
(Continued)
- 22 -
2025
2024
£
£
Other revenue
Interest income
3,630
10,934
4
Exceptional item
2025
2024
£
£
Expenditure
Related party balance write off
1,007
-
1,007

The related party balance write off in the prior period represents the writing off of a balance with a related party which had ceased to trade, thereby making the balance irrecoverable.

5
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging:
Exchange losses
52,793
92,588
Depreciation of owned tangible fixed assets
86,215
63,363
Operating lease charges
148,749
140,311
6
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
4,000
4,000
Audit of the financial statements of the company's subsidiaries
32,000
28,000
36,000
32,000
For other services
All other non-audit services
9,750
6,626
THE SELECT RECRUITMENT GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 23 -
7
Employees

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

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Directors
2
2
2
2
Recruiters
63
47
-
-
Administrative staff
13
11
-
-
Total
78
60
2
2

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
3,803,232
3,044,638
-
0
-
0
Social security costs
463,679
317,699
-
-
Pension costs
51,400
34,873
-
0
-
0
4,318,311
3,397,210
-
0
-
0
8
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
24,776
25,140
Social security costs
2,196
958
Company pension contributions to defined contribution schemes
745
754
27,717
26,852

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2022: 2).

9
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
53
19
Other interest income
3,577
10,915
Total income
3,630
10,934
THE SELECT RECRUITMENT GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 24 -
10
Interest payable and similar expenses
2025
2024
£
£
Interest on invoice finance arrangements
151,860
164,959
Other interest
2,620
3,459
Total finance costs
154,480
168,518
11
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
362,463
462,029
Foreign current tax on profits for the current period
44,462
15,117
Total current tax
406,925
477,146
Deferred tax
Origination and reversal of timing differences
(30,384)
34,184
Total tax charge
376,541
511,330

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

2025
2024
£
£
Profit before taxation
2,277,215
2,147,680
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
569,304
536,920
Tax effect of expenses that are not deductible in determining taxable profit
60,194
56,303
Tax effect of income not taxable in determining taxable profit
(244,005)
(92,163)
Double tax relief
(35,721)
(23,858)
Group relief
(2,610)
-
0
Permanent capital allowances in excess of depreciation
15,301
(15,172)
Deferred tax adjustments
(30,384)
34,183
Foreign taxation
44,462
15,117
Taxation charge
376,541
511,330
THE SELECT RECRUITMENT GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 25 -
12
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Interim paid
1,412,076
1,109,000
13
Intangible fixed assets
Group
Crypto Investments
£
Cost
At 1 January 2025
43,720
Revaluation
(13,298)
At 31 December 2025
30,422
Amortisation
At 1 January 2025 and 31 December 2025
-
0
Carrying amount
At 31 December 2025
30,422
At 31 December 2024
43,720
14
Tangible fixed assets
Group
Leasehold land and buildings
Leasehold improvements
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 January 2025
107,192
135,436
43,367
105,241
391,236
Additions
-
0
2,500
891
16,942
20,333
At 31 December 2025
107,192
137,936
44,258
122,183
411,569
Depreciation and impairment
At 1 January 2025
16,079
19,475
19,336
72,530
127,420
Depreciation charged in the year
21,425
28,477
7,199
29,114
86,215
At 31 December 2025
37,504
47,952
26,535
101,644
213,635
Carrying amount
At 31 December 2025
69,688
89,984
17,723
20,539
197,934
At 31 December 2024
91,113
115,961
24,031
32,711
263,816
The company had no tangible fixed assets at 31 December 2025 or 31 December 2024.
THE SELECT RECRUITMENT GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 26 -
15
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
22,554
22,554
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2025 and 31 December 2025
22,554
Carrying amount
At 31 December 2025
22,554
At 31 December 2024
22,554
THE SELECT RECRUITMENT GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 27 -
16
Subsidiaries

Details of the company's subsidiaries at 31 December 2025 are as follows:

Name of undertaking
Registered Office
Class of
% Held
shares held
Direct
Select Offshore Ltd
Swift House, Ground Floor, 18 Hoffmanns Way, Chelmsford, CM1 1GU
Ordinary
100.00
Select Tech Ltd
Swift House, Ground Floor, 18 Hoffmanns Way, Chelmsford, CM1 1GU
Ordinary
66.66
Select Oil and Gas Ltd
Swift House, Ground Floor, 18 Hoffmanns Way, Chelmsford, CM1 1GU
Ordinary
100.00
Select Offshore L.L.C-FZ
Business Center 1, M Floor, The Meydan Hotel, Nad Al Sheba, Dubai, U.A.E
Ordinary
100.00

Select Oil and Gas Ltd is dormant at both 31 December 202 4 and 31 December 202 5.

In the prior year a group subsidiary, Select Financial Search Limited, was dissolved on 17 December 2024. Its registered office address was Swift House, Ground Floor, 18 Hoffmanns Way, Chelmsford, Essex, CM1 1GU.

17
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
6,582,224
5,900,757
-
0
-
0
Amounts owed by group undertakings
-
0
-
0
164,968
258,755
Other debtors
182,631
665,840
-
0
433,970
Prepayments and accrued income
2,746,586
3,177,678
-
0
-
0
9,511,441
9,744,275
164,968
692,725

Other debtors (Group) include amounts owed in respect of an invoice discounting facility with RBS Invoice Finance Limited at £80,116 (2024: £54,813).

18
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
19
151
170
-
0
-
0
Trade creditors
3,410,700
3,199,290
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
22,312
706,599
Corporation tax payable
112,712
235,532
-
0
-
0
Other taxation and social security
100,325
124,694
-
0
-
0
Other creditors
2,493,508
2,898,254
157,310
-
0
Accruals and deferred income
270,225
257,863
7,800
8,580
6,387,621
6,715,803
187,422
715,179
THE SELECT RECRUITMENT GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
18
Creditors: amounts falling due within one year
(Continued)
- 28 -
The group has fixed, floating and negative pledge charges secured over all property of the company, in favour of RBS Invoice Finance Ltd, dated 11 December 2019 with respect to Select Offshore Ltd, and 31 August 2022 with respect to Select Tech Ltd.
Other creditors (Group) include amounts owed to RBS Invoice Finance Ltd in respect of an invoice discounting facility, at £1,885,768 (2024: £2,450,980).
19
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank overdrafts
151
170
-
0
-
0
Payable within one year
151
170
-
0
-
0
20
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
11,800
42,184
The company has no deferred tax assets or liabilities.
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 January 2025
42,184
-
Credit to profit or loss
(30,384)
-
Liability at 31 December 2025
11,800
-
21
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
51,400
34,873
THE SELECT RECRUITMENT GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
21
Retirement benefit schemes
(Continued)
- 29 -

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

At the balance sheet date, the Group had outstanding liabilities relating to defined contribution schemes of £12,455 (2024: £12,104).

22
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100

The ordinary shares in issue carry full voting, dividend, and capital distribution upon winding up rights.

During the prior period, the subsidiary company, Select Offshore Limited issued 1,850 Growth shares of £0.001 to certain employees within the company.

Consideration received for these shares was £1.85. These shares have no voting rights and full dividend rights.

The shares have no right over the capital of the company and group.

The 1,850 growth shares issued represent an equity settled shared based payment scheme and the shares vested immediately upon grant date as per the growth shares agreement.

Under the terms of the growth shares agreement, following an exit event, a proportion of exit proceeds greater than the determined valuation hurdle, will be distributed to the growth share holders.

A share based payment charge will only be recognised when the certainty of an exit becomes probable and in managements judgement, the valuation hurdle will be met. Management have determined at end of the current year, an exit event to be uncertain and the valuation hurdle has yet to be met.
As a result, no share based payment charge has been recorded in the current or prior year financial statements. This assessment will be reconsidered on an annual basis.

23
Reserves
Profit and loss reserves

This reserve includes all current and prior period retained profit or loss.

Capital redemption reserve

This reserve arises when the Group redeems of buys back its own shares out of distributable profits. An amount equal to the nominal value of the shares redeemed is transferred from retained earnings.

Currency translation reserve

The currency translation reserve comprises differences arising on the translation of the financial statements of foreign subsidiaries into the Group's presentation currency. These differences are recognised in other comprehensive income and accumulated in this reserve.

THE SELECT RECRUITMENT GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 30 -
24
Operating lease commitments
As lessee

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

Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
147,372
148,749
-
-
Between two and five years
436,327
462,382
-
-
In over five years
305,302
409,977
-
-
889,001
1,021,108
-
-
25
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Related party
Description of transaction
2025
2024
£
£
Entities over which the entity has
Transfer of asset
(33,402)
(27,352)
control, joint control or significant
Dividends declared
229,948
280,000
influence
Dividends received
(308,834)
(212,879)

Amounts due from related parties
2025
2024
Balance
Balance
£
£
Company
Entities over which the company has control, joint control or significant influence
146,467
258,755
Other information

The Company has chosen not to disclose transactions and balances with related parties which are wholly owned members of the same group in line with FRS102 33.1A.

All balances with related parties are unsecured, and no guarantees have been given or received by any such party. Outstanding balances do not accrue interest.

There are no provisions for uncollectible receivables related to the amount of outstanding balances, and no expense has been recognised during the period in respect of bad or doubtful debts due from related parties.

26
Controlling party

There are no ultimate controlling parties.

THE SELECT RECRUITMENT GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 31 -
27
Cash generated from group operations
2025
2024
£
£
Profit after taxation
1,900,674
1,636,350
Adjustments for:
Taxation charged
376,541
511,330
Finance costs
154,480
168,518
Investment income
(3,630)
(10,934)
Depreciation and impairment of tangible fixed assets
86,215
63,363
Foreign exchange gains or losses
56,681
-
Revaluation of fixed assets
13,298
(20,016)
Other gains and losses
-
1,854
Movements in working capital:
Increase in debtors
(227,128)
(1,870,078)
(Decrease)/increase in creditors
(356,591)
2,408,554
Cash generated from operations
2,000,540
2,888,941
28
Analysis of changes in net funds - group
1 January 2025
Cash flows
31 December 2025
£
£
£
Cash at bank and in hand
308,165
240,583
548,748
Bank overdrafts
(170)
19
(151)
307,995
240,602
548,597
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