REGISTERED NUMBER: 08800655 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

HANDLE PAYROLL SOLUTIONS LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Statement of Directors' Responsibilities

6

Report of the Independent Auditor

7

Income Statement

11

Other Comprehensive Income

12

Balance Sheet

13

Statement of Changes in Equity

14

Cash Flow Statement

15

Notes to the Cash Flow Statement

16

Notes to the Financial Statements

17

DIRECTORS:

P Tafler

S Walker

REGISTERED OFFICE:

Ink Rooms Unit 3.01

25-37 Easton Street

London

WC1X 0DS

REGISTERED NUMBER:

08800655 (England and Wales)

AUDITOR:

mgr Audit Limited

Chartered Accountants

Statutory Auditors

55 Loudoun Road

St John's Wood

London

NW8 0DL

BANKERS:

Barclays Bank Plc

9 Portman Square

London

W1A 3AL

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

REVIEW OF BUSINESS

The company's turnover was £437,423 lower during the year under review. The company’s direct costs also fell in line by £673,071, and their administrative expenses fell by £154,687 leading to a profit before tax of £127,118. The directors are satisfied with the results for the year.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors consider the main risks faced by the business are those relating to the cyclical nature of the industry in which it operates, retaining staff to deliver its growth plans and ever-changing employment law and regulations for temporary workers that are often specific to individual business sectors.

Development and performance

In the opinion of the directors, the company is in a strong position at the year end. Shareholders' funds increased from £2.45m to £2.49m and this is considered to be healthy by the directors in the light of the UK economy during this period.

Key performance indicators

The group’s management regularly monitor the performance of the business through monthly management meetings, records of consultant productivity and client feedback. They work closely with relevant specialists to ensure that the risks faced by the business are mitigated as far as possible. The main key performance indicators are sales growth highlighted above, gross profit margin which fell to 3.43% and the net current asset ratio which fell to 1.34.

SECTION 172(1) STATEMENT

Introduction

The directors of Handle Payroll Solutions Limited present their Section 172 statement for the year ended 31 December 2025. This statement outlines how the directors have had regard to the matters set out in Section 172(1) of the Companies Act 2006 when performing their duty to promote the success of the company.

Stakeholder Engagement

Employees: We offer our employees career support, events and guidance to help them thrive in their careers with top brands.

Customers: Our core mission is to connect our clients with exceptional talent. As the creative industries have evolved, so have our specialisms and offerings, allowing us to respond effectively to our clients’ needs. We offer a comprehensive suite of talent solutions, supported by eight established teams led by experienced directors and dedicated consultants with a clear focus.

Suppliers: We maintain strong relationships with our suppliers through consistent communication and collaboration.

Shareholders: As an owner managed business, our shareholders are informed through regular meetings and working closely with the team.

Decision Making process

Strategic decisions are made by the shareholders with the support of the leadership team.

Conclusion

The board believes that these actions and decisions have promoted the success of the company for the benefit of its members as a whole, while having regard to the interests of our stakeholders.

ON BEHALF OF THE BOARD:

P Tafler - Director

11 August 2026

The directors present their report with the financial statements of the company for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the company continued to be that of providing comprehensive payroll and compliance solutions for the creative industries.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2025.

FUTURE DEVELOPMENTS

The company has adapted to the changing market and the directors look forward to the future with confidence.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

P Tafler

S Walker

FINANCIAL INSTRUMENTS

The company has a normal level of exposure to price, credit, liquidity and cash flow risk arising from trading activities only conducted in sterling.

DISABLED PERSONS

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

ENGAGEMENT WITH EMPLOYEES

The company's policy is to consult and discuss with employee mainly through staff meetings, matters likely to affect

employees' interests.

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.

There was one employee share scheme in place during the year.

ENERGY AND CARBON REPORTING

As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

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 company's auditor is 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 company's auditor is aware of that information.

AUDITOR

The auditor, mgr Audit Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:

P Tafler - Director

11 August 2026

The directors are responsible for preparing the 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Opinion

I have audited the financial statements of Handle Payroll Solutions Limited (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In my opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

My 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 Strategic Report, the Report of the Directors and the Statement of Directors' Responsibilities, but does not include the financial statements and my Report of the Auditor thereon.

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

In connection with my audit of the financial statements, my responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or my knowledge obtained in the audit or otherwise appears to be materially misstated. If I identify such material inconsistencies or apparent material misstatements, I am required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work I have performed, I conclude that there is a material misstatement of this other information, I am required to report that fact. I have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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

Matters on which I am required to report by exception

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

I have nothing to report in respect of the following matters where the Companies Act 2006 requires me to report to you if, in my opinion:

-	adequate accounting records have not been kept, or returns adequate for my audit have not been received from branches not visited by me; or

-	the 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

-	I have not received all the information and explanations I require for my audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page six, 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 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 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 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 to detecting irregularities, including fraud is detailed below:

As part of our planning of the audit work required we obtained an understanding of the legal and regulatory frameworks that are applicable to the entity via enquiries of the company’s management, carried out analytical procedures, held discussions amongst the engagement team and using knowledge of the sector determined that the most significant laws and regulation are those that relate to:

- Health and safety regulations.

- Employment law including right to work in the UK.

- Employment Agencies Act 1973.

- Conduction Regulations 2003.

- Agency worker regulations.

- Data Protection Laws (GDPR).

- UK Tax legislation

We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as FRS102 and the Companies Act 2006.

Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with the laws and regulations and the fraud risks identified. This included enquiries with management to understand their policies and procedures for compliance with those regulations and we completed the following tests:

- Obtained an understanding of relevant controls.

- Reviewed the company’s risk assessments, procedures and systems.

- Checked samples of documentation.

- Reviewed the records for evidence of complaints or litigation.

We also assessed the risks of material misstatement in respect of fraud as follows:

- Revenue fraud.

- Management override of controls.

- Recoverability of trade debtors.

- Non-compliance with employment law regulations.

Based on the results of our risk assessment we designed our audit procedures to identify and to address material misstatements in relation to fraud. This included the risk of management bias and the risk of making inappropriate accounting entries.

No significant issues were identified during our testing.

A further description of my 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 my Report of the Auditor.

Use of my 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. My audit work has been undertaken so that I might state to the company's members those matters I am required to state to them in a Report of the Auditor and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and the company's members as a body, for my audit work, for this report, or for the opinions I have formed.

Nigel Walfisz FCA (Senior Statutory Auditor)

for and on behalf of mgr Audit Limited

Chartered Accountants

Statutory Auditors

55 Loudoun Road

St John's Wood

London

NW8 0DL

11 August 2026

TURNOVER

4

50,098,077

50,535,500

Cost of sales

(48,379,347

)

(48,684,719

)

GROSS PROFIT

1,718,730

1,850,781

Administrative expenses

(1,472,333

)

(1,620,977

)

OPERATING PROFIT

6

246,397

229,804

Profit/loss on sale of intangible fixed assets

7

(35,411

)

-

210,986

229,804

Interest receivable and similar income

39,156

-

250,142

229,804

Interest payable and similar expenses

8

(129,068

)

(137,405

)

PROFIT BEFORE TAXATION

121,074

92,399

Tax on profit

9

(77,707

)

(44,634

)

PROFIT FOR THE FINANCIAL YEAR

43,367

47,765

PROFIT FOR THE YEAR

43,367

47,765

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

43,367

47,765

FIXED ASSETS

Intangible assets

11

-

41,569

CURRENT ASSETS

Debtors

12

9,381,067

9,127,229

Cash at bank

478,244

181,659

9,859,311

9,308,888

CREDITORS

Amounts falling due within one year

13

(7,367,112

)

(6,901,625

)

NET CURRENT ASSETS

2,492,199

2,407,263

TOTAL ASSETS LESS CURRENT LIABILITIES

2,492,199

2,448,832

CAPITAL AND RESERVES

Called up share capital

16

100

100

Retained earnings

17

2,492,099

2,448,732

SHAREHOLDERS' FUNDS

2,492,199

2,448,832

The financial statements were approved by the Board of Directors and authorised for issue on 11 August 2026 and were signed on its behalf by:

P Tafler - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2024

100

2,720,967

2,721,067

Changes in equity

Dividends

-

(320,000

)

(320,000

)

Total comprehensive income

-

47,765

47,765

Balance at 31 December 2024

100

2,448,732

2,448,832

Changes in equity

Total comprehensive income

-

43,367

43,367

Balance at 31 December 2025

100

2,492,099

2,492,199

Cash flows from operating activities

Cash generated from operations

1

(513,654

)

153,546

Interest paid

(129,068

)

(137,405

)

Tax paid

(45,466

)

(138,497

)

Net cash from operating activities

(688,188

)

(122,356

)

Cash flows from investing activities

Interest received

39,156

-

Net cash from investing activities

39,156

-

Cash flows from financing activities

Equity dividends paid

-

(320,000

)

Net cash from financing activities

-

(320,000

)

Decrease in cash and cash equivalents

(649,032

)

(442,356

)

Cash and cash equivalents at beginning of year

2

(2,149,909

)

(1,707,553

)

Cash and cash equivalents at end of year

2

(2,798,941

)

(2,149,909

)

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

31.12.25

31.12.24

£

£

Profit before taxation

121,074

92,399

Depreciation charges

6,158

6,158

Loss on disposal of fixed assets

35,411

-

Finance costs

129,068

137,405

Finance income

(39,156

)

-

252,555

235,962

(Increase)/decrease in trade and other debtors

(253,838

)

485,919

Decrease in trade and other creditors

(512,371

)

(568,335

)

Cash generated from operations

(513,654

)

153,546

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 31 December 2025

31.12.25

1.1.25

£

£

Cash and cash equivalents

478,244

181,659

Bank overdrafts

(3,277,185

)

(2,331,568

)

(2,798,941

)

(2,149,909

)

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

181,659

24,722

Bank overdrafts

(2,331,568

)

(1,732,275

)

(2,149,909

)

(1,707,553

)

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank

181,659

296,585

478,244

Bank overdrafts

(2,331,568

)

(945,617

)

(3,277,185

)

(2,149,909

)

(649,032

)

(2,798,941

)

Total

(2,149,909

)

(649,032

)

(2,798,941

)

1.	STATUTORY INFORMATION

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

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. For outsourced payroll, turnover is recognised as the placement progresses.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Software is being amortised evenly over its estimated useful life of ten years.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Foreign currencies

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

Pension costs and other post-retirement benefits

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

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. 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.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company’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.

There are no critical accounting judgements or key sources of estimation uncertainty.

4.

TURNOVER

The whole of the company’s turnover relates to fees for providing directly sourced freelancers and temporary

placements predominately within the UK.

5.	EMPLOYEES AND DIRECTORS

31.12.25

31.12.24

£

£

Wages and salaries

46,862,513

47,517,953

Social security costs

2,274,538

1,862,743

Other pension costs

218,690

250,151

49,355,741

49,630,847

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

31.12.25

31.12.24

Administration

19

19

The directly sourced freelancers and workers are not included in the average number of employees as they are not permanent employees of the business.

6.	OPERATING PROFIT

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

31.12.25

31.12.24

£

£

Software amortisation

6,158

6,158

Auditors' remuneration

26,420

20,226

Foreign exchange differences

(3,615

)

(1,282

)

Non-audit services

-

1,964

7.	EXCEPTIONAL ITEMS

31.12.25

31.12.24

£

£

Profit/loss on sale of intangible fixed assets

(35,411

)

-

8.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.25

31.12.24

£

£

Bank loan interest

128,743

137,058

Tax interest

325

347

129,068

137,405

9.

TAXATION

Analysis of the tax charge

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

31.12.25

31.12.24

£

£

Current tax:

UK corporation tax

56,791

23,856

Prior year corporation tax

20,916

20,778

Tax on profit

77,707

44,634

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.25

31.12.24

£

£

Profit before tax

121,074

92,399

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

30,269

23,100

Effects of:

Expenses not deductible for tax purposes

17,940

6,644

Adjustments to tax charge in respect of previous periods

20,916

20,778

Marginal rate of tax

(323

)

(5,888

)

Non-trading loan relationships

8,905

-

Total tax charge

77,707

44,634

10.

DIVIDENDS

31.12.25

31.12.24

£

£

Interim

-

320,000

11.	INTANGIBLE FIXED ASSETS

Software

£

COST

At 1 January 2025

61,585

Disposals

(61,585

)

At 31 December 2025

-

AMORTISATION

At 1 January 2025

20,016

Amortisation for year

6,158

Eliminated on disposal

(26,174

)

At 31 December 2025

-

NET BOOK VALUE

At 31 December 2025

-

At 31 December 2024

41,569

12.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Trade debtors

8,204,811

8,274,323

Other debtors

291,171

143,427

Prepayments and accrued income

885,085

709,479

9,381,067

9,127,229

13.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Bank loans and overdrafts (see note 14)

3,277,185

2,331,568

Trade creditors

283,155

657,887

Taxation

56,444

24,203

Social security and other taxes

498,429

635,669

VAT

1,228,030

1,306,181

Other creditors

370,094

420,774

Accruals and deferred income

1,653,775

1,525,343

7,367,112

6,901,625