REGISTERED NUMBER: 02020412 (England and Wales)

Group Strategic Report, Directors' Report and

Consolidated Financial Statements

for the Year Ended 31st December 2025

for

KROLL ASSOCIATES U.K. LIMITED

Page

Company Information

1

Group Strategic Report

2

Directors' Report

6

Independent Auditors' Report

8

Consolidated Statement of Comprehensive Income

11

Consolidated Statement of Financial Position

12

Company Statement of Financial Position

13

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Statement of Cash Flows

16

Notes to the Consolidated Financial Statements

17

DIRECTORS:

P M Puzzuoli

C C Matteson

SECRETARY:

C C Matteson

REGISTERED OFFICE:

The News Building

3 London Bridge Street

London

SE1 9SG

REGISTERED NUMBER:

02020412 (England and Wales)

AUDITORS:

TC Group

Statutory Auditor

3rd Floor, Suffolk House

George Street

Croydon

CR0 0YN

The directors present their Strategic Report for the Group for the year ended 31 December 2025. The Group includes the following entities:

Kroll Associates U.K. Limited

Kroll Associates Iberia SL

Kroll Associates S.R.L.

Kroll Consulting GmbH

Kroll Middle East Consultancy Limited

Kroll Consultancy ME LLC

Kroll Middle East Limited

During the year Kroll Consultancy ME LLC (7 March 2025) and Kroll Middle East Limited (6 April 2025) were incorporated and are direct subsidiaries of Kroll Middle East Consultancy Limited.

REVIEW OF BUSINESS

The Group’s principal activity is the provision of advice, research and investigative services to clients. The Group’s profit and loss account on page 11 shows turnover of £59,435,920 (2024 - £45,865,491), and a profit for the financial period of £6,911,050 (2024 - £1,380,737 ).

At the year end date, the Group reports a net asset position of £35,293,680 (2024 - £29,155,560).

KEY PERFORMANCE INDICATORS

2025

2024

Change

Indicator

(£

)

(£

)

(%

)

Turnover

59,435,920

45,865,491

29.6%

PRINCIPAL RISKS AND UNCERTAINTIES

Due to the nature of the Group’s business and the assets and liabilities contained within the Group’s balance sheet, the financial risks that the directors consider relevant are cash flow risk, credit risk and foreign currency risk.

Cash flow risk

The Group manages its cash resources by considering the forecast timing of cash flows from receipts and forecast cash flows from the payment of payroll costs, administrative expenses, bank interest and other liabilities, together with the timing of the repayment of intercompany balances. The timing of cash receipts and payments is reviewed on a monthly basis and any anticipated changes are considered in the light of future working capital requirements and availability of cash and Group borrowing facilities.

Credit risk

The Group’s financial assets are bank balances and trade and other debtors. The risk in relation to loans made to other group companies is mitigated to a very large extent by the close association between group companies, and the enhanced financial information made available by this association. The Group manages the credit risk on liquid funds by only dealing with reputed banks. The credit risk on trade debtor balances is mitigated by the Group’s credit control policies.

Foreign currency risk

The Group has subsidiaries based in Italy, Spain, Switzerland, Russia and UAE whose functional currencies are Euro, Swiss Franc, Ruble and Dirham. The foreign currency risk is mitigated by carrying out the majority of transactions in functional currency. The Company makes no use of derivatives or hedging transactions.

Reputational risk

Some engagements bring a high level of risk because of reputational, legal, security or other issues. Kroll Associates U.K. Limited operates a Risk Committee Review process to assess these risks and determine what engagements should and should not be accepted.

Operational risk

Kroll Associates U.K. Limited is committed to fostering an organisational culture that reinforces integrity, security awareness, and the highest personal standards as the cornerstones of daily operations. By investment in attracting, retaining and developing the best talent, Kroll Associates U.K. Limited aims to mitigate operational risks facing the Group.

SECTION 172(1) STATEMENT

Section 172 of the Companies Act 2006 requires the Directors to take into consideration the interests of all stakeholders in promoting success of the Group and, in doing, to have regards to a range of matters, including:

-

the long-term consequences;

-

the interests of employees;

-

the interests of other key stakeholders;

-

the impact on the community and the environment; and

-

the desirability of maintaining a reputation for high standard of business conduct.

Long term consequences

Kroll strives to protect, restore and maximize value for our clients. The way we conduct our business must be aligned with the core values of the group:

-

Transparency

Delivering honest, objective insights to our clients, partners and colleagues.

-

Integrity

Acting as good corporate citizens by not compromising our ethics.

-

Professionalism

Upholding the highest standards of ethics and excellence.

-

Collaboration

Solving our clients’ most complex problems by working together across service lines and geographies in order to enhance the value we deliver.

-

Inclusivity

Treating people with respect and fostering a safe work environment, regardless of race, religion, colour, gender, age, marital status, national origin, sexual orientation, citizenship, veteran status or disability.

Maintaining a reputation for high standard of business conduct

Our reputation and continued success depend on the integrity of our behaviors, actions, and decisions. We conduct our business ethically and in compliance with applicable laws and regulations and we make choices based on our core values. This code provides fundamental principles and key policies reflecting our core values to guide our decisions and govern the conduct of our business.

Employees are in the best position to protect the Group’s reputation through their personal commitment to integrity and ethical behavior. We are each expected to be responsible for the following:

-

Understanding, staying apprised of and complying with our Code, Kroll policies, and all applicable laws and regulations.

-

Conducting ourselves according to the highest ethical, professional, and legal standards.

-

Seeking guidance if we have a question about our Code, our policies, or the law.

Employees

Within the bounds of commercial confidentiality, the Group endeavors to keep staff at all levels informed of matters that affect the progress of the Group and are of interest to them as employees. The Group operates an equal opportunities policy. Factors such as gender, ethnic origin or disability should be ignored and any decision which is made with regard to employees should be irrespective of these. Discrimination in any form will not be tolerated under any circumstances within the Group.

Disabled persons are given full and fair consideration for all types of vacancy in as much as the opportunities available are constrained by practical limitations of the disability. Should, for whatever reason, an employee of the Group become disabled whilst in employment, ever step, where appropriate will be taken to assist with rehabilitation and suitable retraining. The Group maintains its own health, safety and environmental policies covering all aspects of its operations. Regular meetings and inspections take place to ensure all legal requirements are adhered to and that the Group is responsive to the needs of its employees and the environment.

Other key stakeholders

Kroll are committed to honest and ethical conduct in all our business activities and relationships with each other, our clients, suppliers, shareholders, regulators and other stakeholders. Kroll strives to protect, restore and maximize value for our clients. The way we conduct our business must be aligned with the core values of the Group, stated above.

Our reputation and continued success depend on the integrity of our behaviors, actions, and decisions. We conduct our business ethically and in compliance with applicable laws and regulations and we make choices based on our core values. This code provides fundamental principles and key policies reflecting our core values to guide our decisions and govern the conduct of our business.

All who work for, or on behalf of, Kroll, have a duty to demonstrate the highest standards of business conduct. Our Code applies to every officer, director, and employee, whether full-time or part-time, contract employee, temporary employee, intern, or anyone else acknowledging or providing a certification with respect to the Code. We also expect agents, vendors, suppliers, consultants, business partners, and third-party representatives to comply with the principles of the Code and uphold our core values when working for or on behalf of Kroll.

Community and Environment

We value our relationship with the community and strive to be responsible corporate citizens. Kroll maintains a robust Environmental, Social and Governance (ESG) program.

Charitable Contributions and Volunteering – we encourage and empower our people to make a positive contribution to society through charitable giving and volunteerism. Each year we set aside time to engage in acts of service in our local communities to make an impact as a team, and we encourage our colleagues to volunteer on their own.

Environmental Sustainability -We believe that a focus on sustainability is an important part of building lasting value. We expect our environmental program to protect the environment by reducing our carbon footprint and improving operational efficiency. We are committed to protecting the environment, reducing the footprint of our business operations, and providing an environmentally responsible and sustainable property portfolio across our offices. We demonstrate our dedication to sustainability by considering the environment in all of our business activities, conserving and protecting natural resources, and managing our use of energy and other resources responsibly.

STREAMLINED ENERGY AND CARBON REPORTING (SECR)

The SECR disclosure presents the Group’s carbon footprint within the United Kingdom from Scope 1,2 and 3 emissions based on SECR Legislation, an appropriate intensity metric and the total energy use of electricity, gas and transport fuel for the year ended 31 December 2025.

Year ended 31 December 2025

Total KWh

Conversion

tCO2e

factor*

Scope 1 - Gas

-

-

-

Scope 2 - Indirect emissions from purchased electricity

65,528

0.1749

11.46

Scope 3 - Indirect emissions from business travel

-

-

-

Year ended 31 December 2024

Total KWh

Conversion

tCO2e

factor*

Scope 1 - Gas

-

0.2050

-

Scope 2 - Indirect emissions from purchased electricity

36,149

0.249

7.41

Scope 3 - Indirect emissions from business travel

1,400

0.0398

0.056

Intensity measurement: Tco2W per FTE**

0.087

Electrical consumption: KWh

65,528

*The methodology used to calculate the Company's emissions is based on the "Environmental Reporting Guidelines: Including streamlined energy and carbon reporting guidance (March 2020) issues by DEFRA and using the latest UK Government GHG Conversion Factors for Company Reporting.

**The emissions intensity calculation is based on a figure of 131 employees (2024 - 130) in 2025 within the UK.

ON BEHALF OF THE BOARD:

P M Puzzuoli - Director

8th September 2026

The directors present their report with the financial statements of the Company and the Group for the year ended 31st December 2025.

DIVIDENDS

No dividend have been paid or proposed during the period, or during the prior period.

DIRECTORS

The directors who have held office during the period from 1 January 2025 to the date of this report are as follows:

P M Puzzuoli

C C Matteson

The Group had qualifying third party indemnity provisions for the benefit of its directors during the financial period and they remain in force at the date of this report.

BRANCHES OUTSIDE THE UK

The Company has branches located in Russia and Grenada.

CHANGE OF REGISTERED OFFICE

On 14 March 2025, the Company and Group changed its registered office from The Shard, 32 London Bridge Street, London, SE1 9SG to The News Building, 3 London Bridge, Street London, SE1 9SG.

GOING CONCERN

The directors believe the Group is well placed to manage its business risk successfully and to continue to be profitable for the foreseeable future.

The directors are of the opinion that the Group have adequate resources to continue operational activities and to meet their liabilities as they fall due for a period of at lease twelve months from the date of approval of the financial statements.

In light of the above, the directors believe it is appropriate to adopt the going concern basis of accounting in preparing the financial statements.

ENVIRONMENT

The Group recognises the importance of its environmental responsibilities and designs and implements policies to reduce any damage which might be caused by the Group’s activities.

MATTERS COVERED IN THE STRATEGIC REPORT

The principal risks and uncertainties facing the Group, the key financial performance indicators and Streamlined Energy and Carbon Reporting (SECR) have been considered in the Strategic Report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Directors' Report 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;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the Group's auditors are aware of that information.

AUDITORS

The auditors, TC Group, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

P M Puzzuoli - Director

8th September 2026

Opinion

We have audited the financial statements of Kroll Associates U.K. Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31st December 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and 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 31st 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 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 Directors' Report, but does not include the financial statements and our Auditors' Report thereon.

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Group 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 Group Strategic Report and the Directors' Report 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 Directors' Report.

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 seven, 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 an Auditors' 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.

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 framework applicable to the Group and the sector in which it operates, through discussions with management and those charged with governance, and also from our detailed understanding of the sector. We identified the United Kingdom Generally Accepted Accounting Practice and the Companies Act 2006, Data Protection Act 2018, Bribery Act 2010 and UK tax legislation as being of significance in the context of the Group and its ongoing activities.

-

We made enquiries with management and those charged with governance to confirm our understanding that the Group continued to comply with the applicable legal and regulatory frameworks, and also to confirm our understanding of the specific policies and procedures enlisted by the Company to ensure ongoing compliance.

-

We assessed the susceptibility of the Group's financial statements to material misstatement, including how fraud may occur, and gained an understanding of the Group's policies and procedures on fraud risks through discussion with the Group's management.

-

We considered the risk of material misstatement due to fraud as a result of possible management override of controls, and improper revenue recognition. To address these risks we tested the appropriateness of journal entries posted, reviewed those judgements made in making accounting estimates, and tested the application of revenue recognition and the cut-off of revenue.

-

We communicated those laws and regulations considered relevant to the Group, and potential fraud risks to all engagement team members, and consider that the engagement team had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations and remained alert to any indications of fraud throughout the audit.

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 Auditors' Report.

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 an Auditors' 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 Company and the Company's members as a body, for our audit work, for this report, or for the opinions we have formed.

John Millidge (Senior Statutory Auditor)

For and on behalf of TC Group

Statutory Auditor

3rd Floor, Suffolk House

George Street

Croydon

CR0 0YN

9th September 2026

REVENUE

5

59,435,920

45,865,491

Cost of sales

(36,223,405

)

(32,072,937

)

GROSS PROFIT

23,212,515

13,792,554

Administrative expenses

(13,157,269

)

(12,370,327

)

OPERATING PROFIT

8

10,055,246

1,422,227

Interest receivable and similar income

10

292,009

808,493

10,347,255

2,230,720

Interest payable and similar expenses

11

291,462

(1,074,383

)

PROFIT BEFORE TAXATION

10,638,717

1,156,337

Tax on profit

12

(3,727,667

)

224,400

PROFIT FOR THE FINANCIAL YEAR

6,911,050

1,380,737

OTHER COMPREHENSIVE (LOSS)/INCOME

Currency translation differences

(778,360

)

102,641

Income tax relating to other comprehensive (loss)/income

-

-

OTHER COMPREHENSIVE (LOSS)/INCOME FOR THE YEAR, NET OF INCOME TAX

(778,360

)

102,641

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

6,132,690

1,483,378

Profit attributable to:

Owners of the parent

6,911,050

1,380,737

Total comprehensive income attributable to:

Owners of the parent

6,132,690

1,483,378

FIXED ASSETS

Intangible assets

14

1,203,413

2,005,689

Property, plant and equipment

15

230,306

341,310

Investments

16

-

-

1,433,719

2,346,999

CURRENT ASSETS

Debtors

17

135,758,862

87,045,096

Cash at bank

2,220,159

2,105,947

137,979,021

89,151,043

CREDITORS

Amounts falling due within one year

18

104,026,158

62,242,760

NET CURRENT ASSETS

33,952,863

26,908,283

TOTAL ASSETS LESS CURRENT LIABILITIES

35,386,582

29,255,282

PROVISIONS FOR LIABILITIES

20

92,902

99,722

NET ASSETS

35,293,680

29,155,560

CAPITAL AND RESERVES

Called up share capital

21

4,693,215

4,693,215

Share premium

22

42,283

42,283

ESOP reserve

22

986,010

980,580

Currency translation reserve

22

718,070

1,496,430

Retained earnings

22

28,854,102

21,943,052

SHAREHOLDERS' FUNDS

35,293,680

29,155,560

The financial statements were approved by the Board of Directors and authorised for issue on 8th September 2026 and were signed on its behalf by:

P M Puzzuoli - Director

FIXED ASSETS

Intangible assets

14

1,203,413

2,005,689

Property, plant and equipment

15

167,539

232,782

Investments

16

3,944,631

3,944,638

5,315,583

6,183,109

CURRENT ASSETS

Debtors

17

109,780,491

62,474,177

Cash at bank

244,779

139,057

110,025,270

62,613,234

CREDITORS

Amounts falling due within one year

18

93,209,347

54,531,950

NET CURRENT ASSETS

16,815,923

8,081,284

TOTAL ASSETS LESS CURRENT LIABILITIES

22,131,506

14,264,393

CAPITAL AND RESERVES

Called up share capital

21

4,693,215

4,693,215

Share premium

22

42,283

42,283

ESOP reserve

22

545,934

626,740

Retained earnings

22

16,850,074

8,902,155

SHAREHOLDERS' FUNDS

22,131,506

14,264,393

Company's profit for the financial year

7,947,919

501,793

The financial statements were approved by the Board of Directors and authorised for issue on 8th September 2026 and were signed on its behalf by:

P M Puzzuoli - Director

Called up

share

Retained

Share

capital

earnings

premium

£

£

£

Balance at 1st January 2024

4,693,215

20,562,315

42,283

Changes in equity

Total comprehensive income

-

1,380,737

-

Balance at 31st December 2024

4,693,215

21,943,052

42,283

Changes in equity

Total comprehensive income

-

6,911,050

-

Balance at 31st December 2025

4,693,215

28,854,102

42,283

Currency

ESOP

translation

Total

reserve

reserve

equity

£

£

£

Balance at 1st January 2024

1,351,765

1,393,789

28,043,367

Changes in equity

Total comprehensive income

-

102,641

1,483,378

Issue of shares held by ESOP to employees

637,303

-

637,303

Transfer of recharge liability

(1,008,488

)

-

(1,008,488

)

Balance at 31st December 2024

980,580

1,496,430

29,155,560

Changes in equity

Total comprehensive income

-

(778,360

)

6,132,690

Issue of shares held by ESOP to employees

454,305

-

454,305

Transfer of recharge liability

(448,875

)

-

(448,875

)

Balance at 31st December 2025

986,010

718,070

35,293,680

Called up

share

Retained

Share

ESOP

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1st January 2024

4,693,215

8,400,362

42,283

952,106

14,087,966

Changes in equity

Total comprehensive income

-

501,793

-

-

501,793

Issue of shares held by ESOP to employees

-

-

-

530,825

530,825

Transfer of recharge liability

-

-

-

(856,191

)

(856,191

)

Balance at 31st December 2024

4,693,215

8,902,155

42,283

626,740

14,264,393

Changes in equity

Total comprehensive income

-

7,947,919

-

-

7,947,919

Issue of shares held by ESOP to employees

-

-

-

305,804

305,804

Transfer of recharge liability

-

-

-

(386,610

)

(386,610

)

Balance at 31st December 2025

4,693,215

16,850,074

42,283

545,934

22,131,506

Cash flows from operating activities

Cash generated from operations

27

6,918,978

1,040,402

Net cash from operating activities

6,918,978

1,040,402

Cash flows from investing activities

Purchase of tangible fixed assets

(52,687

)

(69,682

)

Sale of tangible fixed assets

7,905

-

Interest received

292,009

808,493

Net cash from investing activities

247,227

738,811

Cash flows from financing activities

Interest charged on intercompany loans

291,462

(1,074,383

)

Loan note payments to group undertakings

(6,578,395

)

(700,000

)

Net cash from financing activities

(6,286,933

)

(1,774,383

)

Increase in cash and cash equivalents

879,272

4,830

Cash and cash equivalents at beginning of year

28

2,105,947

2,036,450

Effect of foreign exchange rate changes

(765,060

)

64,667

Cash and cash equivalents at end of year

28

2,220,159

2,105,947

1.	STATUTORY INFORMATION

Kroll Associates U.K. Limited ('the Company') and its subsidiaries (together 'the Group') are a risk consulting firm operating in Europe and the Middle East.

The Company is a private company limited by shares and is incorporated in England, in the United Kingdom. The address of its registered office is The News Building, Level 6, 3 London Bridge Street, London, SE1 9SG.

2.	STATEMENT OF COMPLIANCE

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 Group and individual financial statements of Kroll Associates U.K. Limited have been prepared in compliance with United Kingdom Accounting Standards, including Financial Reporting Standard 102, "The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland" ("FRS 102") and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These consolidated and separate financial statements are prepared on a going concern basis, under the historical cost convention.

The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group and Company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 4.

The Company has taken advantage of the exemption in section 408 of the Companies Act from disclosing its individual profit and loss account.

Financial Reporting Standard 102 - reduced disclosure exemptions

FRS 102 allows a qualifying entity certain disclosure exemptions, subject to certain conditions, which have been complied with, including notification of, and no objection to, the use of exemptions by the Company's shareholders.

The Company has taken advantage of the following exemptions:

(i)

from preparing a statement of cash flows, on the basis that it is a qualifying entity and the consolidated statement of cash flows, included in these financial statements, includes the Company's cash flows;

(ii)

from the financial instrument disclosures required under FRS 102 paragraphs 11.39 to 11.48A and paragraphs 12.26 to 12.29, as the information is provided in the consolidated financial statement disclosures, and;

(iii)

from disclosing of related party transactions with wholly-owned subsidiaries.

Basis of consolidation

The Group consolidated financial statements include the financial statements of the Company and all of its subsidiary undertakings together with the Group's share of the results of associates made up to 31 December.

A subsidiary is an entity controlled by the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the Group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity it accounts for that entity as a subsidiary.