REGISTERED NUMBER: SC519438 (Scotland)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 30 November 2025

for

Connect Management Services Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Consolidated Statement of Comprehensive Income

7

Consolidated Balance Sheet

8

Company Balance Sheet

9

Consolidated Statement of Changes in Equity

10

Company Statement of Changes in Equity

11

Consolidated Cash Flow Statement

12

Notes to the Consolidated Cash Flow Statement

13

Notes to the Consolidated Financial Statements

14

DIRECTORS:

G P Harper

Mrs D A Harper

REGISTERED OFFICE:

200 Bath Street

Glasgow

G2 4HG

REGISTERED NUMBER:

SC519438 (Scotland)

AUDITORS:

McLay McAlister & McGibbon LLP

Chartered Accountants and Statutory Auditors

145 St Vincent Street

Glasgow

G2 5JF

The directors present their strategic report of the company and the group for the year ended 30 November 2025.

REVIEW OF BUSINESS

Connect Management Services provides a management and consultancy service to Connect Appointments and its subsidiary companies.

The company retains a majority interest in the share capital of the following company:

Connect Appointments Limited.

The Directors of the business are pleased to report a performance in line with expectations. Turnover has remained consistent with the previous year at £26.76m (2024:£27m). Overall the Directors consider the profitability of the business to be satisfactory.

PRINCIPAL RISKS AND UNCERTAINTIES

Risk management is addressed by the group through a structured framework of policies, procedures and internal controls.

STRATEGY

The group's strategy is to continue to deliver a service to clients that exceeds their expectations.

ON BEHALF OF THE BOARD:

G P Harper - Director

27 August 2026

The directors present their report with the financial statements of the company and the group for the year ended 30 November 2025.

DIVIDENDS

The total distribution of dividends for the year ended 30 November 2025 will be £38,200 (2024: £1,000).

DIRECTORS

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

G P Harper

Mrs D A Harper

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

ON BEHALF OF THE BOARD:

G P Harper - Director

27 August 2026

Opinion

We have audited the financial statements of Connect Management Services Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 30 November 2025 and of the group's profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, 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.

Other matters

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

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue 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:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and

non-compliance with laws and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance;

- results of our enquiries of management about their own identification and assessment of the risks and irregularities;

- any matters we identified having reviewed the company's internal controls established to mitigate risks of fraud or

non- compliance with laws and regulations;

- the matters discussed among the audit engagement team regarding how and where fraud might occur in the

financial statements and any potential indicators of fraud.

We obtained an understanding of the legal and regulatory framework that the company operates in. The key laws and regulations we considered included the UK Companies Act and tax legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. In addition we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate. These included health and safety, GDPR and employment laws. Auditing standards limit the required audit procedures to identify non - compliance with these laws and regulations to enquiry of the directors, inspection of regulatory and legal correspondence, if any, and review of minutes of meetings. These limited procedures did not identify actual or suspected non-compliance.

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.

Paul Martin (Senior Statutory Auditor)

for and on behalf of McLay McAlister & McGibbon LLP

Chartered Accountants and Statutory Auditors

145 St Vincent Street

Glasgow

G2 5JF

27 August 2026

TURNOVER

26,756,761

27,039,502

Cost of sales

(23,782,749

)

(23,904,446

)

GROSS PROFIT

2,974,012

3,135,056

Administrative expenses

(2,566,508

)

(2,701,643

)

407,504

433,413

Other operating income

183,803

238,340

OPERATING PROFIT

4

591,307

671,753

Interest receivable and similar income

618

-

591,925

671,753

Interest payable and similar expenses

5

(33,694

)

(36,755

)

PROFIT BEFORE TAXATION

558,231

634,998

Tax on profit

6

(176,420

)

(206,369

)

PROFIT FOR THE FINANCIAL YEAR

381,811

428,629

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

381,811

428,629

Profit attributable to:

Owners of the parent

222,540

260,622

Non-controlling interests

159,271

168,007

381,811

428,629

Total comprehensive income attributable to:

Owners of the parent

222,540

260,622

Non-controlling interests

159,271

168,007

381,811

428,629

FIXED ASSETS

Intangible assets

9

608,999

730,799

Tangible assets

10

753,949

899,254

Investments

11

4,734

4,734

Investment property

12

1,370,726

1,384,343

2,738,408

3,019,130

CURRENT ASSETS

Debtors

13

5,644,252

4,945,951

Cash at bank

35,943

94,961

5,680,195

5,040,912

CREDITORS

Amounts falling due within one year

14

(5,966,886

)

(5,610,599

)

NET CURRENT LIABILITIES

(286,691

)

(569,687

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,451,717

2,449,443

CREDITORS

Amounts falling due after more than one year

15

(379,277

)

(485,398

)

PROVISIONS FOR LIABILITIES

19

(23,300

)

(44,200

)

NET ASSETS

2,049,140

1,919,845

CAPITAL AND RESERVES

Called up share capital

20

100

100

Capital redemption reserve

21

44

2

Retained earnings

21

1,583,277

1,398,979

SHAREHOLDERS' FUNDS

1,583,421

1,399,081

NON-CONTROLLING INTERESTS

22

465,719

520,764

TOTAL EQUITY

2,049,140

1,919,845

The financial statements were approved by the Board of Directors and authorised for issue on 27 August 2026 and were signed on its behalf by:

G P Harper - Director

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

1,453

1,453

Investments

11

1,933,913

1,933,913

Investment property

12

-

-

1,935,366

1,935,366

CURRENT ASSETS

Debtors

13

135,283

210,000

Cash at bank

6,046

1,003

141,329

211,003

CREDITORS

Amounts falling due within one year

14

(91,171

)

(488,122

)

NET CURRENT ASSETS/(LIABILITIES)

50,158

(277,119

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,985,524

1,658,247

CAPITAL AND RESERVES

Called up share capital

20

100

100

Retained earnings

21

1,985,424

1,658,147

SHAREHOLDERS' FUNDS

1,985,524

1,658,247

Company's profit for the financial year

365,477

292,545

The financial statements were approved by the Board of Directors and authorised for issue on 27 August 2026 and were signed on its behalf by:

Mrs D A Harper - Director

Called up

Capital

share

Retained

redemption

capital

earnings

reserve

£

£

£

Balance at 1 December 2023

100

1,139,359

-

Changes in equity

Dividends

-

(1,000

)

-

Total comprehensive income

-

260,620

2

Balance at 30 November 2024

100

1,398,979

2

Changes in equity

Dividends

-

(38,200

)

-

Total comprehensive income

-

222,498

42

Balance at 30 November 2025

100

1,583,277

44

Non-controlling

Total

Total

interests

equity

£

£

£

Balance at 1 December 2023

1,139,459

494,548

1,634,007

Changes in equity

Dividends

(1,000

)

(141,791

)

(142,791

)

Total comprehensive income

260,622

168,007

428,629

Balance at 30 November 2024

1,399,081

520,764

1,919,845

Changes in equity

Dividends

(38,200

)

(214,316

)

(252,516

)

Total comprehensive income

222,540

159,271

381,811

Balance at 30 November 2025

1,583,421

465,719

2,049,140

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 December 2023

100

1,366,602

1,366,702

Changes in equity

Dividends

-

(1,000

)

(1,000

)

Total comprehensive income

-

292,545

292,545

Balance at 30 November 2024

100

1,658,147

1,658,247

Changes in equity

Dividends

-

(38,200

)

(38,200

)

Total comprehensive income

-

365,477

365,477

Balance at 30 November 2025

100

1,985,424

1,985,524

Cash flows from operating activities

Cash generated from operations

1

914,296

942,575

Interest paid

(22,972

)

(29,209

)

Interest element of hire purchase payments paid

(10,722

)

(7,546

)

Tax paid

(178,631

)

(215,676

)

Net cash from operating activities

701,971

690,144

Cash flows from investing activities

Purchase of tangible fixed assets

(1,287

)

(329,347

)

Purchase of investment property

(1,461

)

(17,111

)

Sale of tangible fixed assets

28,879

135,455

Interest received

618

-

Net cash from investing activities

26,749

(211,003

)

Cash flows from financing activities

HP loans advanced in the year

-

283,664

Loan repayments in year

(45,801

)

(43,010

)

Inter-Company loans repaid

101,903

(312,690

)

Capital repayments in year

(60,321

)

(41,815

)

Amount withdrawn by directors

(531,003

)

(176,277

)

Equity dividends paid

(214,316

)

(141,791

)

Equity dividends paid

(38,200

)

(1,000

)

Net cash from financing activities

(787,738

)

(432,919

)

(Decrease)/increase in cash and cash equivalents

(59,018

)

46,222

Cash and cash equivalents at beginning of year

2

94,961

48,739

Cash and cash equivalents at end of year

2

35,943

94,961

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

30.11.25

30.11.24

£

£

Profit before taxation

558,231

634,998

Depreciation charges

271,561

279,032

Profit on disposal of fixed assets

(16,969

)

(42,000

)

Finance costs

33,694

36,755

Finance income

(618

)

-

845,899

908,785

Increase in trade and other debtors

(649,431

)

(219,012

)

Increase in trade and other creditors

717,828

252,802

Cash generated from operations

914,296

942,575

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

35,943

94,961

Year ended 30 November 2024

30.11.24

1.12.23

£

£

Cash and cash equivalents

94,961

48,739

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.12.24

Cash flow

At 30.11.25

£

£

£

Net cash

Cash at bank

94,961

(59,018

)

35,943

94,961

(59,018

)

35,943

Debt

Finance leases

(244,463

)

60,321

(184,142

)

Debts falling due within 1 year

(43,200

)

-

(43,200

)

Debts falling due after 1 year

(301,256

)

45,801

(255,455

)

(588,919

)

106,122

(482,797

)

Total

(493,958

)

47,104

(446,854

)

1.	STATUTORY INFORMATION

Connect Management Services Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the General 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.

The financial statements have been prepared on the trading results for the period 1 December 2024 to 29

November 2025.

Basis of consolidation

The group financial statements consolidate the results of the company and its subsidiary undertakings for the year ended 30 November 2025.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2021, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

25% on cost

The company's policy is to review the remaining useful economic lives and residual value of all tangible fixed

assets on an on-going basis and to adjust the depreciation charge to reflect the remaining useful economic life and residual value.

Fully depreciated assets are retained in cost and related accumulated depreciation until they are removed from service. In the case of disposals, assets and related depreciation are removed from the financial statements and the net amount, less proceeds from disposal, is charged or credited to the income statement.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Debtors

Trade debtors and other debtors are recognised at the settlement amount due with appropriate allowances for any irrecoverable amounts when there is objective evidence the asset is impaired.

Cash and cash equivalents

Cash and cash equivalent in the balance sheet comprise cash in hand and held at bank.

Creditors

Trade creditors and other creditors are recognised where the company has a present obligation resulting from a past event and are recognised at the settlement amount due after allowing for any trade discounts due.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

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

Fixed asset investments

Fixed asset investments are stated at cost less provision for diminution in value.

3.	EMPLOYEES AND DIRECTORS

30.11.25

30.11.24

£

£

Wages and salaries

22,078,712

22,516,768

Social security costs

2,124,697

1,716,102

Other pension costs

209,106

202,771

24,412,515

24,435,641

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

30.11.25

30.11.24

Temporary staff

936

986

Permanent staff

33

39

969

1,025

The average number of employees by undertakings that were proportionately consolidated during the year was 969 (2024 - 1,025 ) .

30.11.25

30.11.24

£

£

Directors' remuneration

26,200

26,700

Directors' pension contributions to money purchase schemes

8,081

8,088

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

2

2

4.	OPERATING PROFIT

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

30.11.25

30.11.24

£

£

Depreciation - owned assets

68,830

95,681

Depreciation - assets on hire purchase contracts

80,930

61,438

Profit on disposal of fixed assets

(16,969

)

(42,000

)

Goodwill amortisation

121,800

121,799

Auditors' remuneration

19,915

20,435

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

30.11.25

30.11.24

£

£

Bank interest

15,043

20,787

Bank loan interest

7,929

8,422

Hire purchase

10,722

7,546

33,694

36,755