ACCOUNTS - Final Accounts preparation

Company registration number: 13248974

	FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 DECEMBER 2025

	FOREFRONT ADVISERS LIMITED


FOREFRONT ADVISERS LIMITED

COMPANY INFORMATION

Directors	Andrew Himsley
	Mark Hine


Registered number	13248974


Registered office	20 St. Thomas Street
	London
	SE1 9RS


Independent auditors	Menzies LLP
	Chartered Accountants & Statutory Auditor
	4th Floor
	95 Gresham Street
	London
	EC2V 7AB


FOREFRONT ADVISERS LIMITED

CONTENTS

	Page
Statement of financial position	1
Notes to the financial statements	2 - 9


FOREFRONT ADVISERS LIMITED REGISTERED NUMBER:13248974

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2025


	2025	2024
Note	£000	£000

Fixed assets
Intangible fixed assets	5		-		2
Tangible fixed assets	6		2		3
			2		5
Current assets
Debtors: amounts falling due within one year	7	8,226		5,599
Cash at bank and in hand		1,255		2,237
		9,481		7,836
Creditors: amounts falling due within one year	8	(3,400)		(3,765)
Net current assets			6,081		4,071
Total assets less current liabilities			6,083		4,076
Provisions for liabilities
Deferred tax	9	-		(1)
			-		(1)
Net assets			6,083		4,075

Capital and reserves
Called up share capital	10	-	-
Share premium account	12	119	119
Profit and loss account	12	5,964	3,956
		6,083	4,075

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Mark Hine

Director

Date: 28 May 2026

The notes on pages 2 to 9 form part of these financial statements.

Page 1


FOREFRONT ADVISERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	General information

Forefront Advisers Limited ("the Company") is a company limited by shares and incorporated in England and Wales. The address of the registered office is disclosed on the company information page.

The Principal activity of Forefront Advisers Limited is political reporting.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

During the year, the company adopted the revised revenue and lease accounting requirements of FRS 102. The company has applied the transition provisions permitted by the standard and has not restated comparative information.

The following principal accounting policies have been applied:

2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 2


FOREFRONT ADVISERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.3

Revenue

Revenue is measured based on the consideration specified in a contract with a customer. If multiple performance obligations exist within a contract, the revenue is allocated to the obligations based on the standalone selling price, with any discounts allocated evenly across the obligations. For contracts with rebates and therefore variable consideration, revenue is recognised based on the best estimate of the revenue net of the rebated amount. Revenue is recognised when the Company satisfies the performance obligations. Pre-paid subscription and event revenues are shown as deferred income and released to the profit and loss in accordance with the revenue recognition criteria above.

The company has early adopted the amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland relating to revenue recognition.

The adoption of the revised revenue requirements did not result in a material change to the timing or amount of revenue recognised in the financial statements.

2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 3


FOREFRONT ADVISERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The estimated useful lives range as follows:

Computer software

2-5 years

2.7

Development costs

Costs relating to the development of a software platform are capitalised as intangible assets when it becomes
apparent that the asset will generate probable future economic benefits, the Company has adequate resources to complete the development of the platform, completion of the platform is technically feasible and the Company has the intention to complete the developments to the platform and use it. Development costs are only amortised when the software is available for use.

2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment

5 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.9

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial

Page 4


FOREFRONT ADVISERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.10

Financial instruments (continued)

assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

Preparation of these financial statements requires the Directors to exercise judgment and to make estimates about
uncertain future events in the process of applying the Company's accounting policies. The actual future outcomes
may differ from these estimates and give rise to material adjustments to the reported results and financial position of the Company. The areas requiring a higher degree of judgment, or areas where assumptions and estimates are
significant to the financial statements, are discussed below.

Capitalisation of software development costs

In capitalising costs as internally generated intangible assets, the Directors have made judgments regarding the
technical and commercial feasibility of the project, the costs, or proportion of costs that meet the criteria for
capitalisation, the point at which costs should be capitalised and the rate of amortisation.

Employees

The average monthly number of employees, including directors, during the year was 13 (2024 - 13).

Page 5


FOREFRONT ADVISERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

5.	Intangible assets

		Computer software
		£000
	Cost
	At 1 January 2025	23
	At 31 December 2025	23
	Amortisation
	At 1 January 2025	21
	Charge for the year on owned assets	2
	At 31 December 2025	23
	Net book value
	At 31 December 2025	-
	At 31 December 2024	2

6.	Tangible fixed assets

		Computer equipment
		£000
	Cost or valuation
	At 1 January 2025	5
	At 31 December 2025	5
	Depreciation
	At 1 January 2025	2
	Charge for the year on owned assets	1
	At 31 December 2025	3
	Net book value
	At 31 December 2025	2
	At 31 December 2024	3

Page 6


FOREFRONT ADVISERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Debtors

					2025	2024
					£000	£000


Trade debtors	1,487	1,377
Amounts owed by group undertakings	6,176	4,164
Other debtors	131	-
Prepayments and accrued income	69	17
Tax recoverable	360	41
Deferred taxation	3	-
	8,226	5,599

8.	Creditors: Amounts falling due within one year
		2025	2024
		£000	£000

Trade creditors	43	45
Amounts owed to group undertakings	12	1,464
Other taxation and social security	134	123
Other creditors	55	79
Accruals and deferred income	3,156	2,054
	3,400	3,765

9.	Deferred taxation

		2025
		£000

	At beginning of year	(1)
	Charged to profit or loss	4
	At end of year	3

Page 7


FOREFRONT ADVISERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

9.Deferred taxation (continued)

The deferred taxation balance is made up as follows:
	2025	2024
	£000	£000

Accelerated capital allowances	(1)	(1)
Short term timing differences	4	-
	3	(1)

10.	Share capital
		2025	2024
		£000	£000

Allotted, called up and fully paid

1,179 (2024 - 1,179) Ordinary shares of £0.01 each	-	-

11.	Impact of early adoption of FRS 102

The company has early adopted the amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland relating to revenue recognition.

This accounting policy resulted in commission expense of £21k, recognised in previous year, being reversed and accrued.

During the year, the company also adopted the revised lease accounting requirements of FRS 102. This represents a change in accounting policy. The company has applied the transition provisions permitted by the standard and has not restated comparative information.

12.

Reserves

Share premium account

This reserve records the excess amount received from shareholders when shares were issued at a price above par value.

Profit and loss account

This reserve records retained earnings and accumulated Profit and Losses.

13.	Commitments and contingencies

The Group has a facility of £23.7 million and a revolving facilities agreement of £0.5 million. Group companies are guarantors to the Facilities Agreement.

Page 8


FOREFRONT ADVISERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

14.	Controlling party

The parent of the largest and smallest group for which consolidated accounts are drawn up is Helio Intelligence Holdings Limited, a company registered in England & Wales. The address of registered office is 20 St. Thomas Street, London, SE1 9RS.

15.	Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2025 was unqualified.

The audit report was signed on 28 May 2026 by Ralph Mitchison FCA (Senior statutory auditor) on behalf of Menzies LLP.

Page 9