Registered number: 10572247
COMPANY INFORMATION
CONTENTS
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
Headquartered in the UK, with subsidiaries in France, Germany, Switzerland, the Netherlands, USA, Brazil, India, Spain and Poland, Next Ventures is an IT consultancy and recruitment specialist providing consulting and talent solutions across niche technology sectors for enterprise clients globally.
Our customers include well-known global brands across all vertical markets, as well as consultancies and systems integrators supplying the large enterprise sector. We focus our activity on five technology practice areas; SAP, Business Applications, Cloud and Infrastructure, Data and Development and Integration. We have a significant focus on software manufacturers such as Oracle, SAP, Microsoft, Salesforce, Tibco and IBM.
Despite continued challenging market conditions across the global recruitment sector, the Group delivered a resilient trading performance during 2025. Turnover decreased to £97.1 million (2024: £105.1 million). Gross profit was £20.6 million (2024: £22.3 million) and operating profit increased to £5.8 million (2024: £5.2 million). Profit after tax increased to £4.4 million (2024: £4.0 million).
Our focus on technology niches, international reach and 360-degree recruitment model continues to differentiate the Group in the marketplace. Investment in our Trainee Academy continued throughout 2025 and Group headcount remained broadly stable during the year.
Next Ventures remains highly diversified across technologies, geographies, customers and recruitment teams. The Group supplies more than 350 customers across 47 countries and sources talent from over 50 countries worldwide.
The Group's financial position remains exceptionally strong. Net assets increased from £34.7 million to £40.2 million, while cash balances increased from £14.0 million to £15.0 million.
Management considers profit per head and average contract deal margin % to be barometers of the company’s trading performance. During 2025, average contract deal margin percentage decreased, albeit marginally, to 19.9%. Operating profit per head increased 9.8% from 2024, given the decline in GP, our administrative expenses have naturally decreased from lower staff costs and the absence of the prior year exceptional bad debt charge also contributed to operating profit increasing, although some of this is still offset against the investments made in overseas territories and the Next Step academies in the UK.
Non-financial KPIs are not produced here because, given the nature of the business, the company's director is of the opinion that analysis using such KPIs is not necessary for an understanding of the development, performance or position of the entity.
The Group's strategic focus remains centred on growing its position as a leading global technology recruitment and consulting specialist through geographic expansion, continued investment in people and the strengthening of its niche technology expertise.
The Netherlands continues to be an important strategic market for European clients. The Group intends to invest to increase market share utilising cross border “hybrid agile teams” across specialist technology verticals to deepen relationships with enterprise customers in 2026.
The launch of operations in Spain in 2026 represents a significant milestone in the expansion of our fully employed SOW model and hybrid agile teams solutions. It forms an important part of the Group's European growth strategy, providing access to a strong pool of technology talent and supporting growth within an expanding client market.
The UAE also offers an attractive opportunity through our clients driving investment in technology transformation and digital infrastructure initiatives throughout the Gulf region.
Alongside geographic expansion, the Group will continue investing in experienced consultants, leadership capability and the Next Step Academy trainees.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Whilst macroeconomic conditions remain uncertain and customer hiring activity continues to be influenced by global economic and geopolitical factors, the Group enters 2026 from a position of financial strength, with net assets of £40.2 million and cash balances of £15.0 million. The Board remains cautiously optimistic regarding trading prospects and expects opportunities for growth in both existing and emerging international markets.
Section 172 of the Companies Act 2006 requires Directors to take into consideration the interests of stakeholders and other matters in their decision making. The Board of Directors consider that the decisions they have made during the financial year and the way they have acted have promoted the success of the Group for the benefit of its members as a whole, having regard for the stakeholders and matters set out in s172 (1) (a-f) of the Act.
The Board of Directors act in a way they consider, in good faith, to be most likely to promote the success of the Group for the benefit of its members as a whole. The Group's key stakeholders are its internal staff, candidates, clients and suppliers. At the core of the Board's decision-making process is a desire to make decisions that are for the long-term strategic benefit of the Group and its stakeholders as a whole. This is demonstrated through our many long-standing client and candidate relationships built on a high-quality service and providing a good working environment and to our internal staff.
The Group engages with its employees, customers and suppliers through a variety of means, including:
Employees - Internal updates on the Group's development through company-wide email and importantly through face-to-face contact with the owners and leadership team.
Customers - Providing support and advice to help to build a strong long-term relationship.
Suppliers and candidates - Constant communication and updates on contracts to develop a long-term relationship.
This report was approved by the board and signed on its behalf.
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DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The director presents his report and the financial statements for the year ended 31 December 2025.
The director is responsible for preparing the Group strategic report, the Director's report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the director is required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK 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 Group will continue in business.
The director is 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 the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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.
The profit for the year, after taxation, amounted to £4,446,618 (2024 - £4,001,173).
Particulars of recommended dividend are detailed in note 12 to the financial statements.
The directors who served during the year were:
The Group's engagement with suppliers, customers and others are included within the Strategic report within the 'Directors'
statement of compliance with duty to promote the success of the Group' section.
statement of compliance with duty to promote the success of the Group' section.
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DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
In accordance with the requirements of The Companies (Directors’ Report) and Limited Liability Partnerships Energy and Carbon Report Regulations 2018, the Directors would like to disclose the following information for the year ended 31 December 2025.
The Group has used actual kWh consumption data provided by its utility provider and applied the relevant UK Government Greenhouse Gas Conversion Factors for Group Reporting for each reporting period. The 2025 UK grid electricity conversion factor has been applied to electricity consumed during the year ended 31 December 2025 and the corresponding 2024 UK Government conversion factor has been applied to the comparative year.
The Group has used actual kWh consumption data provided by its utility provider and applied the relevant UK Government Greenhouse Gas Conversion Factors for Group Reporting for each reporting period. The 2025 UK grid electricity conversion factor has been applied to electricity consumed during the year ended 31 December 2025 and the corresponding 2024 UK Government conversion factor has been applied to the comparative year.
The Group has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action for any subsidiary where its energy consumption for the year is 40,000kWh or lower.
During the year, the Company continued to monitor energy consumption across its office premises and promote energy-efficient working practices:
• Replacing old equipment with more energy efficient models; and
• Switching off computers and monitors when not in use
• Replacing old equipment with more energy efficient models; and
• Switching off computers and monitors when not in use
The Group has chosen in accordance with Section 414C(11) of the Companies Act 2006 (Strategic Report and Directors‘ Report) Regulations 2013 to set out within the Group's Strategic Report the Group's Strategic Report Information Required by Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulation 2008. This includes information that would have been included in the business review, future developments and details of the principal risks and uncertainties.
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DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Under section 487(2) of the Companies Act 2006, Menzies LLP will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NEXT VENTURES GROUP LIMITED
We have audited the financial statements of Next Ventures Group Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2025, which comprise the group statement of comprehensive income, the Group and company statements of financial position, the Group statement of cash flows, the Group and company statement of changes in equity and the related notes, 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).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
In auditing the financial statements, we have concluded that the director's 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 or 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 director with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The director is responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NEXT VENTURES GROUP LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Director's 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 Director's report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Director's report.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NEXT VENTURES GROUP LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The Group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations are the most significant including:
∙The Companies Act 2006;
∙Financial Reporting Standard 102;
∙General Data Protection Regulations;
∙UK employment legislation;
∙UK health and safety regulations; and
∙UK tax legislation.
We assessed the extent of compliance with this and other relevant laws and regulations as part of our procedures on the related financial statement items.
We understood how the Group is complying with those legal and regulatory frameworks by making inquiries to management, and those responsible for legal and compliance procedures.
The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.
We assessed the susceptibility of the Group’s financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
∙Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
∙Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
∙Challenging assumptions and judgments made by management in its significant accounting estimates; and
∙Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
∙Posting of journals to the accounting software which are of a non-routine nature in terms of timing and amount; and
∙Timing of revenue recognition, and the non-inclusion of clawback provisions.
Because of 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 Auditor's report.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NEXT VENTURES GROUP LIMITED (CONTINUED)
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 Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
2nd Floor, Midas House
62 Goldsworth Road
Surrey
GU21 6LQ
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 35 form part of these financial statements.
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COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 35 form part of these financial statements.
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