REGISTERED NUMBER: 07908180 (England and Wales)

Branding Science Group Limited

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 December 2025

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

6

Report of the Independent Auditors

8

Consolidated Statement of Comprehensive Income

11

Consolidated Balance Sheet

12

Company Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Cash Flow Statement

16

Notes to the Consolidated Cash Flow Statement

17

Notes to the Consolidated Financial Statements

19

DIRECTORS:

P Cunningham

Mrs S Cunningham

J A N Cameron

A L Tullgren

REGISTERED OFFICE:

D2 Dolphin House

Riverside West

Smugglers Way

London

SW18 1DE

REGISTERED NUMBER:

07908180 (England and Wales)

AUDITORS:

Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

The Directors present the Strategic Report together with the audited financial statements for the year ended 31 December 2025.

BUSINESS REVIEW

The Group operates as a pharmaceutical market research organisation providing strategic insights, market analytics, and advisory services to global pharmaceutical, and healthcare companies. The business supports clients across the product lifecycle, from early pipeline strategy through to post-launch market optimisation. Services include primary market research, secondary data analysis, forecasting, and strategic consulting designed to support commercial decision-making in complex healthcare markets.

The Group includes subsidiary undertakings in the UK, USA, Singapore, Japan, China, Germany, Italy, Philippines and Poland. Operations are focused primarily on North America and Europe, with the United States representing the Group's largest single market.

The financial year has been characterised by a challenging trading environment within the pharmaceutical insights and consulting sector in the United States. Several factors have contributed to the more difficult market conditions:

-

Continued cost discipline among pharmaceutical companies following heightened R&D expenditure in recent years;

-

Greater scrutiny of discretionary external research budgets;

-

Delays in project approvals and procurement cycles within large pharmaceutical organisations; and

-

Increased competition from both specialist research firms and broader consulting organisations

These factors have resulted in increased pricing pressure and longer sales cycles across several client segments.

Despite these challenges, underlying demand for high-quality market intelligence remains strong given the continued innovation within the pharmaceutical industry and the growing complexity of global healthcare markets.

Comparability of Financial Performance

During the prior year, the Group enhanced its contract management and time-recording systems, resulting in improved availability and reliability of data relating to service contracts, allowing management to make more reliable estimates and recognise revenue over time by reference to the stage of completion.

The Group's revenue recognition policy for service contracts remained consistent throughout the year ended 31 December 2025 and revenue continues to be recognised over time by reference to the stage of completion of service contracts, utilising the enhanced contract management and time-recording systems introduced in FY24. The current year's results therefore reflect the full, uninterrupted application of the revised estimate across the entire 12-month period.

However, users of the financial statements should note that the comparative figures for FY24 are not entirely comparable with the current year's results. This is due to the prospective application of the change in accounting estimate implemented during FY24. Because the change was applied prospectively, the FY24 results reflect a transitional mix of revenue recognition treatments - specifically, the point-in-time policy for contracts legacy to the first half of that year and the over-time policy thereafter.

The Directors believe that the revised estimate provides a more accurate reflection of the underlying economics of the Group's client engagements and transfer of services to customers. Nevertheless, users of the financial statements should take this change into account when comparing performance year-on-year. Full details of the original accounting estimate change and its historical impact remain disclosed in the notes to the financial statements.

Key Performance Indicators (KPIs)

The Directors monitor the performance of the business using a small number of key financial metrics that reflect growth, operational efficiency, and profitability.

Turnover

As noted above, reported turnover for the prior period was impacted by the change in accounting estimate, which was applied prospectively, as disclosed at note 3 to the financial statements. On a like-for-like basis, revenue earned from services delivered in FY25 increased compared with FY24. This is a reflection of the improved market environment and restructuring in the USA and Europe.

Gross Profit

Gross profit margin is more in line with expectation and historic levels. The Company continues to focus on optimising resource utilisation, improving project management disciplines, and leveraging analytical capabilities where appropriate.

Despite these improvements, margin pressure remains a feature of the market due to competitive pricing dynamics and increased client expectations regarding project scope and speed of delivery.

EBIT Margin

The reported margin reflects the revenue recognition estimate change described earlier being applied on a consistent basis throughout the full 12 month period.

On a like for like basis, EBIT margin stabilised during the period. Operational discipline, including careful management of overhead costs and continued investment in delivery efficiency, helped offset the softer trading conditions experienced in parts of the market.

Operational Performance

FY25 was a further year of consolidation and restructuring for the Group, particularly in the USA. In June 2025, the Group reviewed its overheads and made adjustments to both headcount and discretionary spend, resulting in budgeted savings of £2.7m across 2026/2027 when compared to the original 2025 budget, thus ensuring the Group has a manageable cost base moving forward. Operationally, the Group has continued to invest in strengthening its research capabilities, particularly in the following areas:

- Advanced analytics

- Integrated global project delivery models

The Group has also continued to refine its delivery structure to support large, multi-country research programmes, which are becoming increasingly common among global pharmaceutical clients.

Retention of experienced research professionals remains a key priority. The market for skilled healthcare insights specialists continues to be competitive, particularly in the USA.

PRINCIPAL RISKS AND UNCERTAINTIES

The Group's principal financial instruments comprise bank balances, bank loans, together with its trade and other receivables and payables. The main purpose of these instruments is to fund the Group's operations. The Group's approach to managing risks applicable to these financial instruments concerned is set out below.

Interest rate risk

The Group has external borrowings with financial institutions as part of its operations in the UK, which exposes it to interest rate sensitivity. The directors monitor its debt profile and regularly review the Group's exposure to ensure sufficient resources are available to absorb interest rate increases.

To a lesser extent, the Group's financial assets also have exposure to interest rate risk through cash deposits but the Group does not rely on this minimal financial income as a source of revenue.

Market risk

The Group spreads and mitigates market risk by operating in multiple markets.

Credit risk

A key financial risk exposure faced by the Group relates to counterparty credit risk and the need to maintain sufficient liquidity to satisfy working capital needs. The Group minimises this risk through having clearly defined terms of business with its customers and counterparties, with stringent credit control over transactions with them.

Cash deposits with banks give rise to counterparty risk. The Group manage counterparty risk as far as possible by taking into account an institution's credit rating and diversifying risk where appropriate.

Liquidity risk

The liquidity risk associated with trade and other payables is mitigated by ensuring that sufficient funds are available to meet liabilities as they fall due. The Group relies on a secured, uncommitted overdraft facility to meet short term working capital requirements and the Directors regularly monitor cash flow to ensure that the Group maintains adequate liquidity to meet debts as they fall due. The facility is repayable on demand and renewable on an annual basis so a withdrawal of that facility presents a liquidity risk for the business. In October 2025, the facility was renewed until 31 October 2026. The Group has a strong relationship with its bankers and it is expected that the overdraft facility will be renewed for a further 12 months to 31 October 2027.

Foreign currency risk

The Group has trading subsidiaries across various countries operating in Pound Sterling, US Dollars, Euros, Polish Zloty, Japanese Yen, Chinese RMB and Singapore Dollars giving rise to currency risk. The nature of the Groups trading operations offer a natural hedge against currency exposure and the Directors do not consider it necessary to follow any wider hedging strategies at this stage. A Group unilateral intercompany balance offset was introduced in FY25 to mitigate exchange rate variances between group companies.

Operational risk

Operational risk, inherent in all businesses, is the potential for financial and reputational loss arising from failures in internal controls, operational processes or systems that support them. It includes errors, omissions, disasters and deliberate acts such as fraud. Internal processes are in place to continually re-evaluate operational risk as the Group seeks to improve its operating efficiencies and these are considered to have been effective to date.

FUTURE DEVELOPMENTS (INCLUDING RESEARCH AND DEVELOPMENT)

The Group is looking to build on its performance by growing its client base, expanding into new markets, and continuing to develop new revenue streams, all of which will drive top and bottom line growth.

The global pharmaceutical industry continues to invest heavily in innovation, particularly in areas such as oncology, rare diseases, and advanced therapeutics. These developments increase the demand for high-quality market intelligence and strategic insight.

The Group’s priorities for the coming year include:

- Strengthening client relationships with large global pharmaceutical companies

- Expanding higher-value strategic consulting and analytics services

- Improving operational efficiency and scalability of delivery teams

- Continuing investment in talent and specialist therapeutic expertise

In 2024, the Group launched metAInsights - a powerful, internal-facing AI tool, designed to help our primary market research and strategy experts get to deeper insights, quicker, to help our clients make smarter decisions for better patient futures. With the launch of metAInsights, Branding Science is setting a new standard in the use of AI in healthcare, further solidifying our position as a forward-thinking leader in the industry. metAInsights represents a significant leap forward in our ability to harness the full potential of the data we have been accumulating over a number of years and the Group is committed to continuous innovation to help pharma serve its patients better.

Although the external market conditions may remain challenging in the short term, the Directors believe the Group is well positioned to capitalise on long-term opportunities within the pharmaceutical research and consulting market. Continued investment in people and services, particularly in consultancy and developing our AI offering, means that the Group is looking to the future with confidence as it looks to build into next year and beyond.

ON BEHALF OF THE BOARD:

P Cunningham - Director

15 September 2026

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

PRINCIPAL ACTIVITY

The principal activity of the Company continued to be that of a holding company with investments held in companies trading in the UK, USA, Singapore, Japan, Germany, Philippines, Italy, China and Poland. The principal activities of the undertakings are of the provision of insight led consultancy and market research to the pharmaceutical industry.

DIVIDENDS

An interim dividend of £150,000 per B Ordinary share was declared in December 2025. The directors do not recommend the payment of a final dividend in respect of the year ended 31 December 2025.

The total distribution of dividends for the year ended 31 December 2025 will be £1,200,000.

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 Cunningham

Mrs S Cunningham

J A N Cameron

A L Tullgren

CHARITABLE DONATIONS

During the year the Group made charitable donations of £51,077 (2024 - £46,956).

GOING CONCERN

The Directors have prepared a going concern assessment covering a period of at least 12 months from the date of approval of these financial statements. The assessment takes into account the Group's current budget and cash flow projections, available borrowing facilities, and applies a severe but plausible downside scenario.

The base case scenario assumes growth in revenue attributable to growth in new markets, new clients and greater stability in the global pharma market post client internal reorganisations, together with profitability improvements resulting from cost optimisation measures.

Having assessed the uncertainty inherent in cash flow forecasting and considering plausible downside scenarios, stress testing indicated that the Group would have sufficient headroom within its available facilities to meet its liabilities as they fall due for at least 12 months from the date of approval of these financial statements.

The Group has a secured, uncommitted overdraft facility, repayable on demand and renewable on an annual basis. In October 2025, the facility was renewed until 31 October 2026. The Group has a strong relationship with its bank and it is expected that that the facility will be renewed for a further period to 31 October 2027 at a reduced level of £1.5m.

While this represents a significant assumption in the Directors' going concern assessment, the Group's bank has confirmed that the existing facility has operated to its satisfaction during the current approval term and that renewal discussions have commenced. The bank has also stated that, while renewal remains subject to normal credit approval, it has no reason to believe that approval will not be forthcoming and expects to conclude the renewal process within the next quarter.

The Directors have considered this matter, together with forecast cash flows, downside sensitivities, the availability of additional funding and other mitigating actions. On this basis, the Directors have a reasonable expectation that the Group has adequate resources to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements. Accordingly, they continue to adopt the going concern basis of accounting in preparing the financial statements

QUALIFYING THIRD PARTY INDEMNITY PROVISIONS

The Group held qualifying professional indemnity insurance during the period for the benefit of one or more Directors in a form and scope detailed within the Companies Act 2006.

This insurance covers the Directors and officers against the costs of defending themselves in civil proceedings taken against them in their capacity as a Director or officer of the Group and in respect of damages resulting from the unsuccessful defence of any proceedings.

MATTERS COVERED IN THE STRATEGIC REPORT

Disclosures required under S416(4) of the Companies Act 2006 are commented upon in the Strategic Report in accordance with S414C(11) as the directors consider them to be of strategic importance to the Group.

DIRECTORS' RESPONSIBILITIES STATEMENT

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

DISCLOSURE OF INFORMATION TO AUDITOR

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

AUDITORS

The auditors, Smailes Goldie, will be proposed in accordance with Section 485 of the Companies Act 2006.

ON BEHALF OF THE BOARD:

P Cunningham - Director

15 September 2026

Opinion

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

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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

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

Other Companies Act 2006 reporting

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement 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 a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group, including the Companies Act 2006, tax legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. Based on our risk assessment, we considered the areas most susceptible to fraud to be revenue recognition on projects that are open at the year end, and management override of controls.

To address the risk of fraud through management bias and override of controls, we:

-

performed analytical procedures to identify any unusual or unexpected relationships;

-

tested journal entries to identify unusual transactions;

-

selected a sample of projects open at year end and agreed the stage of completion, costs incurred and revenue recognised to supporting documentation and also corroborating that the project subsequently closed post year end to supporting documentation;

-

reviewed revenue and cost analysis for a sample of contracts ongoing throughout the year to ensure that closed contracts had been completed with no further activity or cost incurred post year end and that ongoing projects were correctly identified and could be reliably measured based on verifiable inputs or outputs;

-

assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

-

investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed

procedures which included, but were not limited to:

-

agreeing financial statement disclosures to underlying supporting documentation;

-

reading the minutes of meetings of those charged with governance;

-

enquiring of management as to actual and potential litigation and claims; and

-

reviewing correspondence with relevant regulators and the company's legal advisors.

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. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

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 Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Jamie Chilcott ACA (Senior Statutory Auditor)

for and on behalf of Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

18 September 2026

TURNOVER

4

20,187,989

25,269,168

Cost of sales

(6,533,623

)

(6,109,759

)

GROSS PROFIT

13,654,366

19,159,409

Administrative expenses

(13,055,366

)

(15,645,341

)

599,000

3,514,068

Other operating income

-

635,805

OPERATING PROFIT

6

599,000

4,149,873

Interest receivable and similar income

135

109

599,135

4,149,982

Interest payable and similar expenses

8

(259,015

)

(176,913

)

PROFIT BEFORE TAXATION

340,120

3,973,069

Tax on profit

9

(188,394

)

(231,608

)

PROFIT FOR THE FINANCIAL YEAR

151,726

3,741,461

OTHER COMPREHENSIVE INCOME

Foreign exchange reserve movement

(134,292

)

(11,942

)

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

(134,292

)

(11,942

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

17,434

3,729,519

Profit attributable to:

Owners of the parent

151,726

3,741,461

Total comprehensive income attributable to:

Owners of the parent

17,434

3,729,519

FIXED ASSETS

Intangible assets

12

636,224

866,081

Tangible assets

13

184,554

259,995

Investments

14

-

-

820,778

1,126,076

CURRENT ASSETS

Debtors

15

10,651,004

11,791,273

Cash at bank

1,659,082

2,334,685

12,310,086

14,125,958

CREDITORS

Amounts falling due within one year

16

(9,720,446

)

(10,873,558

)

NET CURRENT ASSETS

2,589,640

3,252,400

TOTAL ASSETS LESS CURRENT LIABILITIES

3,410,418

4,378,476

CREDITORS

Amounts falling due after more than one year

17

(464,067

)

(260,000

)

PROVISIONS FOR LIABILITIES

21

(71,102

)

(60,661

)

NET ASSETS

2,875,249

4,057,815

CAPITAL AND RESERVES

Called up share capital

22

71

71

Foreign exchange reserve

23

(343,981

)

(209,689

)

Retained earnings

23

3,219,159

4,267,433

SHAREHOLDERS' FUNDS

2,875,249

4,057,815

The financial statements were approved by the Board of Directors and authorised for issue on 15 September 2026 and were signed on its behalf by:

P Cunningham - Director

FIXED ASSETS

Intangible assets

12

555,061

750,420

Tangible assets

13

23,946

34,423

Investments

14

29,255

29,255

608,262

814,098

CURRENT ASSETS

Debtors

15

8,362,394

16,409,045

Cash at bank

32,178

112,871

8,394,572

16,521,916

CREDITORS

Amounts falling due within one year

16

(8,169,321

)

(19,406,900

)

NET CURRENT ASSETS/(LIABILITIES)

225,251

(2,884,984

)

TOTAL ASSETS LESS CURRENT LIABILITIES

833,513

(2,070,886

)

CREDITORS

Amounts falling due after more than one year

17

(464,067

)

(260,000

)

PROVISIONS FOR LIABILITIES

21

(94,993

)

(25,756

)

NET ASSETS/(LIABILITIES)

274,453

(2,356,642

)

CAPITAL AND RESERVES

Called up share capital

22

71

71

Retained earnings

23

274,382

(2,356,713

)

SHAREHOLDERS' FUNDS

274,453

(2,356,642

)

Company's profit for the financial year

3,831,095

182,467

The financial statements were approved by the Board of Directors and authorised for issue on 15 September 2026 and were signed on its behalf by:

P Cunningham - Director

Called up

Foreign

share

Retained

exchange

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2024

71

525,972

(197,747

)

328,296

Changes in equity

Total comprehensive income

-

3,741,461

(11,942

)

3,729,519

Balance at 31 December 2024

71

4,267,433

(209,689

)

4,057,815

Changes in equity

Dividends

-

(1,200,000

)

-

(1,200,000

)

Total comprehensive income

-

151,726

(134,292

)

17,434

Balance at 31 December 2025

71

3,219,159

(343,981

)

2,875,249

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2024

71

(2,539,180

)

(2,539,109

)

Changes in equity

Total comprehensive income

-

182,467

182,467

Balance at 31 December 2024

71

(2,356,713

)

(2,356,642

)

Changes in equity

Dividends

-

(1,200,000

)

(1,200,000

)

Total comprehensive income

-

3,831,095

3,831,095

Balance at 31 December 2025

71

274,382

274,453

Cash flows from operating activities

Cash generated from operations

1

746,945

839,105

Tax paid

(370,053

)

(348,597

)

Net cash from operating activities

376,892

490,508

Cash flows from investing activities

Purchase of intangible fixed assets

(3,660

)

(730,997

)

Purchase of tangible fixed assets

(30,452

)

(79,704

)

Interest received

135

109

Directors' loan account advances

(639,147

)

(483,521

)

Net cash from investing activities

(673,124

)

(1,294,113

)

Cash flows from financing activities

New loans in year

400,000

350,000

Loan repayments in year

(241,944

)

(250,374

)

Interest paid

(259,015

)

(176,913

)

Net cash from financing activities

(100,959

)

(77,287

)

Decrease in cash and cash equivalents

(397,191

)

(880,892

)

Cash and cash equivalents at beginning of year

2

(535,639

)

357,195

Effect of foreign exchange rate changes

(134,292

)

(11,942

)

Cash and cash equivalents at end of year

2

(1,067,122

)

(535,639

)

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

2025

2024

£

£

Profit before taxation

340,120

3,973,069

Depreciation charges

78,024

113,309

Loss on disposal of fixed assets

35,622

-

Amortisation charges

225,764

195,782

Finance costs

259,015

176,913

Finance income

(135

)

(109

)

938,410

4,458,964

Decrease in trade and other debtors

878,188

683,812

Decrease in trade and other creditors

(1,069,653

)

(4,303,671

)

Cash generated from operations

746,945

839,105

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

1,659,082

2,334,685

Bank overdrafts

(2,726,204

)

(2,870,324

)

(1,067,122

)

(535,639

)

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

2,334,685

2,044,953

Bank overdrafts

(2,870,324

)

(1,687,758

)

(535,639

)

357,195

3.	ANALYSIS OF CHANGES IN NET DEBT

Other

non-cash

At 1.1.25

Cash flow

changes

At 31.12.25

£

£

£

£

Net cash

Cash at bank

and in hand

2,334,685

(675,603

)

1,659,082

Bank overdrafts

(2,870,324

)

144,120

(2,726,204

)

(535,639

)

(531,483

)

(1,067,122

)

Debt

Debts falling due

within 1 year

(235,833

)

179,403

(133,392

)

(189,822

)

Debts falling due

after 1 year

(260,000

)

(337,459

)

133,392

(464,067

)

(495,833

)

(158,056

)

-

(653,889

)

Total

(1,031,472

)

(689,539

)

-

(1,721,011

)