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

Shirley Parsons Holdings Ltd is an investment holding Company for a global portfolio of business employing Consultants & Managing Consultants with Expertise in Health, Safety, Quality, Environmental, Sustainability and Security disciplines (HSEQSS).

Delivery of expert services ranges from Talent Acquisition and Labour Leasing through Project & Programme management to consulting services underpinned by technology.

At the end of 2025 the Group had operating practices in 12 countries and our brand is increasingly recognised & respected for what we help organisations & individuals to achieve.

For operational convenience our French results pass through this company. This has no net material impact on group outcomes. Any P&L declared is for operational convenience for the group.

Alongside our core trading activities, we continue to invest in having a positive impact on every community where we have a presence.

The company operates a Risk Register as a controlled element within our ISO9001 QMS. Regular time & event driven reviews mean that all known Risks are assessed for Impact, likelihood and mitigation effectiveness as soon as needed.

There are no material uncertainties outside of the usual ones of running a business that apply to our businesses.

Credit Control and Facility Management are key elements supporting the liquidity of our businesses. Globally the Group reviews this monthly at both a Global & local level.

The Group’s purpose

Our purpose is to Grow, Do Good & Enjoy the Journey. A growing organisation finds it easier to support these broad aims and our strategy is to combine good profitability with an attractive business mix that is scalable & sustainable.

Once our medium-term growth goals have been achieved, further & faster growth can be achieved by acquiring specialised complementary businesses.

Headline Performance (£M):

Markets & Value Propositions

Across the globe markets were better at the end of 2025 than 2024. The outlook for 2026 & beyond indicates that overall markets continue to offer greater opportunity. We anticipate good growth in 2026.

Our Value Proposition mix is altering intentionally. Whilst all our VP sets will grow, our Consulting and Advisory Services will grow faster than our other VPs.

The overall strategy remains - be Scalable & Sustainable in both our VP & Market mixes.

Our People & our structures

Our talent mix strengthened in 2025 with the restructuring and re-alignment of our North American operations and the onboarding of several new impactful people.

Similar strengthening occurred in APAC to enable businesses in this region to continue to grow in a scalable & sustainable way

In EMEA we faced several challenges and similar talent mix improvement programmes began, with results becoming more evident in 2026.

Performance & growth enabling

The group invests in CI & Transformation to ensure that technology combined with prioritised initiatives will enable the group to continue to grow in a Scalable & Sustainable way.

Do Good

The Group has 3 routes to have a positive impact. Lending labour, Raising Money, and being part of impactful community projects. We are pleased to report that in every region where we have a significant presence, we raise money & lend labour. We are not yet of a size that allows us to invest in Community transformation projects. Likely timescales for this would be in the 2030s

The Group & each Company within the Group operates a Goal Management Framework. This ensures congruency between the Group’s principal goals, through company and team down to an individual level.

Our highest-level goals pertain to Financial and Social Responsibility performance. These cascade down through market, value proposition, people, enabling and cultural goals and the standards that apply to the setting of these goals.

KPIs pertain to progress against our short (2026), medium (2028), and longer term (2030) Goals.

Breakthrough and sustainability considerations are material to setting our longer-term goals.

As the Group grows, we continue to evolve our management structures, making sure that the accountabilities & responsibilities of each person & team are totally clear.

Outlook for 2026 and beyond 

The outlook for 2026 & beyond indicates that overall markets continue to offer greater opportunity. Our investments in EMEA are expected to bolster this impact. We anticipate good growth in 2026.

On behalf of the board

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

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

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

Subsequent to the year end, the company and group formed Rethink-HSEQ Limited, a wholly owned subsidiary incorporated in United Kingdom.

In accordance with the company's articles, a resolution proposing that Edwards be reappointed as auditor of the group will be put at a General Meeting.

Reference is also made to the following matters covered in the Strategic report in order to avoid duplication: principal activities, future developmentstrue and financial risk management objectives and policies.

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.

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

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;

• 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.

We have audited the financial statements of Shirley Parsons Holdings Limited (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:

• the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

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 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.

As explained more fully in the directors' responsibilities statement, 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's and 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 parent company or to cease operations, or have no realistic alternative but to do so.

Based on our understanding of the industry, we identified limited risk of non-compliance with industry specific laws and regulations. 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.

We obtained an understanding of the legal and regulatory frameworks within which the Group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the off-payroll working regulations (IR35), Companies Act 2006, ISO9001, health & safety regulations compliance and employment law.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be in the following areas: the override of controls by management, revenue journals, inappropriate treatment of non-routine transactions and areas of estimation uncertainty specifically surrounding investment valuations and share option valuations. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, review and discussion of non-routine transactions, sample testing on the posting of journals and review of accounting estimates for biases.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

A further description of our responsibilities 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.

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.

As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £16,801 (2024 - £0 profit).

Shirley Parsons Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is B2 Building (4th Floor), Bear Brook Business Park, Walton Street, Aylesbury, Buckinghamshire, HP21 7QW.

The group consists of Shirley Parsons Holdings Limited and all of its subsidiaries.

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 amounts 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 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

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

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

The consolidated group financial statements consist of the financial statements of the parent company Shirley Parsons Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

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 group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

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

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

At the time of approving the financial statements, the directors have a reasonable expectation that the group and parent company have adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

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.

Goodwill arising on an acquisition of a subsidiary undertaking is the difference between the fair value of the consideration paid and the fair value of the assets and liabilities acquired. Positive goodwill is capitalised and amortised through the profit and loss account over the directors' estimate of its useful economic life. Impairment tests on the carrying value of goodwill are undertaken

• at the end of the first full financial year following acquisition;

• in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Negative goodwill arising on an acquisition, representing the excess of the fair value of the identifiable net assets acquired over the fair value of the consideration provided, is capitalised within fixed assets and released to the profit and loss account over 5 years.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

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:

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.

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities 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.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

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.

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, 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 method 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.

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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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.

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.

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

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.

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

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.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

The group operates a defined contribution pension scheme for certain employees and contributions to the scheme are charged to the profit and loss account as they are incurred.

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

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 leased asset are consumed.

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.

Gains and losses arising on consolidation are included in other comprehensive income.

Corresponding amounts

The directors have re-analysed certain corresponding amounts to make their disclosure more meaningful.

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.

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

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit and loss.

The company has granted share options. The options have been calculated using the Black-Scholes model which requires judgement in determining and assessing key assumptions and therefore results in some estimation uncertainty.

The group's turnover is attributable to the principal activities of the group and represents the value, excluding value added tax, of services supplied to customers during the period. The analysis of turnover by geographical area is as follows:

The exceptional costs in the year represents a bad debt write off of £Nil (2024 - £162,775) and group restructuring costs of £Nil (2024 - £94,607).

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

Their aggregate remuneration comprised:

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

During the year, the group formed Shirley Parsons PTE. Limited, a company incorporated in Singapore. The share capital of this entity is included within the financial statements of Shirley Parsons Australia PTY Limited, it's immediate parent company.

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

All subsidiaries registered in England and Wales have the same registered office as Shirley Parsons Holdings Limited.

All subsidiaries registered in the USA have a registered office of 71 Summer St, Boston MA 02210 United States

Shirley Parsons GmbH has a registered address of Duisburger Strasse 91, 40479 Dusseldorf, Germany

Shirley Parsons Denmark ApS has a registered office of Vindingaard Ringvej 1, DK-7100 Vejle

Shirley Parsons B.V. has a registered office of Nieuwe Gracht 3, 2011 NB, Haarlem, Netherlands

Shirley Parsons Ireland Limited has a registered office of 13 Classon House, Dundrum Business Park, Dundrum, Dublin 14, D14 W9Y3.

Shirley Parsons Inc Canada has a registered office of 240 Richmond ST, W Toronto, ON M5V 1V6

Shirley Parsons Australia Pty has a registered office of Shirley Parsons, Level 1, 60 Martin Place, Sydney, 2000, NSW

Shirley Parsons New Zealand has a registered office of Level 5, 32-34 Mahuhu Crescent, Auckland Central, Auckland 1010

Shirley Parsons PTE has a registered office of 10 Anson Road, 11-20 International Plaza, Singapore 079903

Details of associates at 31 December 2025 are as follows:

* Wholly owned subsidiaries of Kineticom, Inc.

Bank overdrafts are secured by way of a fixed and floating charge over the assets of the group with a further charge over a property owned by Paul Roebuck to a maximum of £175,000.

Included within bank loans and overdrafts are loans of £54,236 (2024 - £292,508), with £54,236 (2024 - £158,142) included within creditors due within one year and £Nil (2024 - £134,366) included within creditors due after more than one year. The loans are under the Coronavirus Business Interruption Loan schemes and are therefore secured by way of fixed and floating charges over all assets of the company. Interest will be charged at rates from 2.24% - 8.90% above the Bank of England base rate. The amounts are being repaid in monthly installments.

Included within bank loans are loans of £284,316 (2024 - £218,999), with £284,316 (2024 - £218,999) included within creditors due within one year and £Nil (2024 - £Nil) included within creditors due after more than one year. The loans are secured by way of fixed and floating charges over all assets of the loanee. Interest will be charged at a rate of 9%. The amounts are being repaid in monthly installments.

Included within other creditors is an amount of £4,295,658 (2024 - £3,971,675) in respect of invoice discounting which is secured by way of a fixed and floating charge over the assets of the group.

Included within other borrowings are related party loans of £251,827 (2024 - £317,206) with £79,707 (2024 - £317,206) included within other borrowings due within one year and £172,120 (2024 - £Nil) included within other borrowings due after more than one year. The loans are unsecured. Interest is charged at a rate of 3.2%.

Included within other borrowings are loans advanced from a related party of £237,665 (2024 - £284,833), with £110,402 (2024 - £284,833) included within creditors due within one year and £127,263 (2024 - £Nil) included within creditors due after more than one year. The loans are secured over the company's investment in the lenders share capital. Interest will be charged at rates between 2.30% - 5.50%. The amounts are being repaid in quarterly and biannual installments.

Included within bank loans and overdrafts are loans of £54,236 (2024 - £292,508), with £54,236 (2024 - £158,142) included within creditors due within one year and £Nil (2024 - £134,366) included within creditors due after more than one year. The loans are under the Coronavirus Business Interruption Loan schemes and are therefore secured by way of fixed and floating charges over all assets of the company. Interest will be charged at rates from 2.24% - 8.90% above the Bank of England base rate. The amounts are being repaid in monthly installments.

Included within other borrowings are loans advanced from a related party of £237,665 (2024 - £284,833), with £110,402 (2024 - £284,833) included within creditors due within one year and £127,263 (2024 - £Nil) included within creditors due after more than one year. The loans are secured over the company's investment in the lenders share capital. Interest will be charged at rates between 2.30% - 5.50%. The amounts are being repaid in quarterly and biannual installments.

Included within other borrowings are related party loans of £251,827 (2024 - £317,206) with £79,707 (2024 - £317,206) included within other borrowings due within one year and £172,120 (2024 - £Nil) included within other borrowings due after more than one year. The loans are unsecured. Interest is charged at a rate of 3.2%.

The group occupies leased office premises under a property lease which contains obligations to reinstate the premises to their original condition at the end of the lease term. A provision has been recognised for the estimated costs of meeting these obligations.

The provision represents management's best estimate of the expenditure required to restore the leased premises in accordance with the lease agreement. The estimate has been determined having regard to the condition of the property, the extent of reinstatement work expected to be required and current market rates for such works.

The timing of the outflow is dependent upon the expiry or termination of the lease and is therefore expected to arise at the end of the lease term. Whilst the directors believe the provision to be appropriate based on current information, actual costs incurred may differ from the estimate due to changes in the scope of required works and market pricing.

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.

The Group operates an Enterprise Management Incentive (EMI) share option scheme for eligible employees of the parent company and its subsidiary undertakings. Options over the ordinary shares of the parent company are granted to key personnel at the discretion of the Board of Directors.

Options are granted with a fixed exercise price set at a nominal value of the shares on the date of grant, as agreed with HM Revenue & Customs (HMRC). The awards typically vest over a 5-year period, subject to the employee remaining in continuous employment within the Group and the achievement of specified performance conditions. Options carry no voting or dividend rights prior to vesting and exercise.

The fair value of options granted is calculated at the date of grant using a Black-Scholes option pricing model. The resulting cost is recognised as an expense in the Consolidated Profit and Loss Account over the vesting period, with a corresponding credit recognised directly in equity.

The options outstanding at 31 December 2025 had an exercise price of £0.001, and a remaining contractual life between five and ten years.

The fair value of the equity-settled EMI options granted during the period was measured at the date of grant. The inputs used in the Black-Scholes option pricing model to determine the fair value were as follows:

During the year, the Group issued 268,640 Growth 'A' shares of 0.1p each for a total consideration of £269.

The rights attached to each category of share can be found in the company's Articles of Association.

Subsequent to the year end, the company and group formed Rethink-HSEQ Limited, a wholly owned subsidiary incorporated in United Kingdom.

Additionally, a subsidiary of the company, Shirley Parsons Australia Pty Limited, formed a wholly owned subsidiary, Shirley Parsons Associates Malaysia SDN. BHD.

The Directors are considered to be key management personnel. Their remuneration is disclosed within note 8.

The company has taken advantage of the exemption conferred within FRS102 section 33.1A not to disclose transactions between wholly owned members of the same group.

At 31 December 2025, included within creditors were related party loans of £251,827 (2024 - £317,206), on which the group charged interest during the year of £19,845 (2024 - £21,649).

At 31 December 2025, included within debtors was an amount of £98,369 (2024 - £105,012) owed by related parties and included in creditors was an amount of £329,290 (2024 - £467,716) owed to related parties.

Included within other creditors are amounts of £237,665 (2024 - £284,833), with £110,402 (2024 - £284,833) included within creditors due within one year and £127,263 (2024 - £Nil) included within creditors due after more than one year. During the year, interest was charged amounting to £7,558 (2024 - £17,680).

The ultimate controlling party is deemed to be the Roebuck family due to their majority ownership of the company.