Registered number: 05648039
FOR THE YEAR ENDED 28 DECEMBER 2025
COMPANY INFORMATION
CONTENTS
STRATEGIC REPORT
FOR THE YEAR ENDED 28 DECEMBER 2025
The directors present the strategic report for the year ended 28 December 2025.
The principal activities of PeopleScout Limited are as an employer brand-led sourcing, attraction and candidate management business that will drive the most efficient solutions across a wide mix of customers with a strong digital mix to maximise their return on investment to deliver high performing employees.
In 2025, the United Kingdom ("UK") economy continued to be challenging. UK business confidence was weak, and GDP growth minimal. As a result, several of the Company's clients reduced or deferred hiring activity, leading to continued pressure on revenues. In response, the Company implemented further cost-saving measures, including redundancies, to support profitability. In 2025 these redundancies cost the business approximately £530k.
In 2025, the United Kingdom ("UK") economy continued to be challenging. UK business confidence was weak, and GDP growth minimal. As a result, several of the Company's clients reduced or deferred hiring activity, leading to continued pressure on revenues. In response, the Company implemented further cost-saving measures, including redundancies, to support profitability. In 2025 these redundancies cost the business approximately £530k.
The Company's key financial indicators during the trading year were as follows:
Earnings before interest, tax, depreciation, amortisation (EBITDA) and redundancy were £3,270k (2024 - £3,809k) which represents 18% of gross profit (2024 - 20%). The directors consider this to be good performance given the difficult trading conditions presented by the UK economy in 2025.
The directors use other non-financial indicators in order to manage the performance. The low senior management employee turnover signifies the stability of both employee engagement and business development. Retention in 2025 was 100% (2024 - 86%). An annual employment engagement survey is also distributed and acted upon in order to retain the best talent.
PeopleScout Limited recognises its responsibilities towards the environment. We continually look at ways we can reduce our carbon footprint. Our Environmental Awareness Policy is the cornerstone of our intent to reduce our carbon footprint, improve recycling, reduce reliance on packaging, minimise waste, and improve efficiencies on finite natural resources in all of the Company's operations and all departments.
The UK economy remains challenging due to new UK employment legislation and macro-economic factors. However, new business success in 2025 has positioned the business well for future years.
The cost control measures implemented in 2025 have supported profitability, and the Company remains well positioned to benefit from improved market conditions as the UK economy stabilises.
The UK business forms part of True Blue, Inc., a publicly listed U.S. corporation with a strong global presence and the financial resilience to absorb short-term market pressures. The UK operation continues to play a central
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 28 DECEMBER 2025
role within the wider Europe, Middle East and Africa ("EMEA") region, with oversight of operations in Poland and an expanding service delivery footprint across European markets.
The Company’s product offering remains comprehensive and well aligned to market needs, as evidenced by the award of a new contract within the law enforcement sector and continued success with the UK Armed Forces Recruitment Service, alongside the receipt of several key industry accolades. The Company continues to invest in its people and operations to support long-term growth.
The Company maintains a broad, blue-chip client base across the commercial, financial services, and public sectors.
The Company operates primarily within the recruitment sector and as such its performance to some extent will be dependent upon conditions in the UK economy, and the impact that these conditions have upon employment opportunities. The recruitment sector continues to grow in the use of digital tools to attract candidates and the corresponding decline in the use of traditional print media is still evident. The Company is in a strong position to continue taking advantage of these changes.
In addition, much attention has been given to broadening the services that PeopleScout offers to the market, in order to provide an "end-to-end" solution to clients.
The Directors have considered the requirements of section 172 (1) of the Companies Act 2006 and have set out the key considerations below.
The Directors take a long-term view when making decisions. The Company continues to invest in the business through people, technology and product development and are open to new opportunities presented by new operating models or ways of working to ensure long-term success.
The Company operates a framework for employee information and consultation which complies with the requirements of the Information and Consultation of Employees Regulations 2004. The Directors recognise the importance of employees making a positive contribution to the growth and profitability of the business and recognise the importance of investing in their future. Additional investments in training and coaching are planned with the view to fully developing the potential of our employees.
The Directors have established procedures to ensure that external suppliers meet with high ethical, regulatory and financial standards, and the Company seeks to maintain good relations with suppliers by settling debt in a timely manner and resolving any disputes in an open and fair manner.
The Directors have established procedures to ensure that customers meet with high ethical, regulatory and financial standards. The Company seeks to maintain good relations with customers by having dedicated customer teams, aiming to settle debt in a timely fashion, and resolving any disputes in an open and fair manner.
The Directors have ensured that the Company has a series of defined codes of practice regarding ethical standards and the conduct of business. These are clearly communicated to every staff member and adherence to which is expected and enforced.
The Directors are also mindful of the Company's impact on the community and environment and encourage staff to play an active role in the communities in which the business impacts.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 28 DECEMBER 2025
The Directors are in close communication with shareholders and other significant stakeholders through regular meetings and reporting.
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 28 DECEMBER 2025
The Directors present their report and the financial statements for the year ended 28 December 2025.
The following information is included in the Strategic Report:
∙Details of the principal activities of the Company;
∙A review of the Company's performance for the period and future developments;
∙A summary of the principal risks and uncertainties affecting the business; and
∙Information relating to the KPIs monitored by the Company.
The profit on ordinary activities for the year after taxation is £1,740,560 (2024 - £1,702,755).
A dividend of £Nil was distributed (2024 - £2,080,365).
The Directors who served during the year and up to the date of signature of the financial statements were as follows:
The Company has taken out insurance to indemnify the Directors of the Company against third party proceedings, whilst serving on the board of the Company. The indemnity policy subsisted throughout the period and remains in place at the date of this report.
Price risk
As the economy is uncertain, the Company will inevitably face price pressures through both internal and external costs. PeopleScout aims to find a balance to maximise revenue and provide customers with optimal service whilst centrally controlling the internal cost base in order to meet EBITDA targets.
Liquidity risk
The Company has made a profit of £1,740,560 (2024 - £1,702,755), has net current assets of £6,454,687 (2024 - £4,568,729) and net assets of £6,588,951 (2024 - £4,746,475). The year end cash position was £1,815,678 (2024 - £1,646,289). The Company had no borrowings outstanding (2024 - £Nil) at the year end. The Directors believe that the current facilities and current trading will allow the Company to be able to meet its working capital requirements for the foreseeable future.
Credit risk
The importance of managing credit risk in the current economic climate remains pivotal in maintaining the high level of cash generation that has been achieved historically. Relationships with both clients and suppliers must be preserved in order to minimise aged debt and also comply with News Media Association guidelines.
As the economy is uncertain, the Company will inevitably face price pressures through both internal and external costs. PeopleScout aims to find a balance to maximise revenue and provide customers with optimal service whilst centrally controlling the internal cost base in order to meet EBITDA targets.
Liquidity risk
The Company has made a profit of £1,740,560 (2024 - £1,702,755), has net current assets of £6,454,687 (2024 - £4,568,729) and net assets of £6,588,951 (2024 - £4,746,475). The year end cash position was £1,815,678 (2024 - £1,646,289). The Company had no borrowings outstanding (2024 - £Nil) at the year end. The Directors believe that the current facilities and current trading will allow the Company to be able to meet its working capital requirements for the foreseeable future.
Credit risk
The importance of managing credit risk in the current economic climate remains pivotal in maintaining the high level of cash generation that has been achieved historically. Relationships with both clients and suppliers must be preserved in order to minimise aged debt and also comply with News Media Association guidelines.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 DECEMBER 2025
Cash flow risk
The Company takes measures to reduce cash flow risk by effectively managing debtor days and balances. Historically, PeopleScout has sustained low levels of debt aged beyond trading terms and low levels of bad debt due to robust credit control procedures. This mitigates risk by maintaining a more than sufficient level of short-term funding which ensures that all liabilities are provided for in a timely manner.
Charitable donations
Charitable donations for the year ended 28 December 2025 amounted to £Nil (2024 - £240).
Disabled persons
The Company gives full consideration to applications for employment from disabled persons where the candidates' particular aptitudes and abilities are consistent with adequately meeting the requirement of the job. Opportunities are available to disabled employees for training, career development and promotion.
Where existing employees become disabled, it is the Company's policy to provide continuing employment wherever practicable in the same or an alternative position and to provide appropriate training to achieve this aim.
Employee involvement
The Company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.
Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the Company's performance.
There is a Group company share scheme which some members of the UK management team participate in as a means of further encouraging the involvement of employees in the Company's performance.
The Company takes measures to reduce cash flow risk by effectively managing debtor days and balances. Historically, PeopleScout has sustained low levels of debt aged beyond trading terms and low levels of bad debt due to robust credit control procedures. This mitigates risk by maintaining a more than sufficient level of short-term funding which ensures that all liabilities are provided for in a timely manner.
Charitable donations
Charitable donations for the year ended 28 December 2025 amounted to £Nil (2024 - £240).
Disabled persons
The Company gives full consideration to applications for employment from disabled persons where the candidates' particular aptitudes and abilities are consistent with adequately meeting the requirement of the job. Opportunities are available to disabled employees for training, career development and promotion.
Where existing employees become disabled, it is the Company's policy to provide continuing employment wherever practicable in the same or an alternative position and to provide appropriate training to achieve this aim.
Employee involvement
The Company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.
Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the Company's performance.
There is a Group company share scheme which some members of the UK management team participate in as a means of further encouraging the involvement of employees in the Company's performance.
The financial statements have been prepared using the going concern basis of accounting. The Directors have reviewed the Company's going concern position taking into account its current business activities, budgeted performance and factors likely to affect its future performance. Based on the information contained within the accounts and consideration of the risks to the Company associated with the outlook for the UK economy, the Directors have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future.
The Company has made a profit of £1,740,560 (2024 - £1,702,755), has net current assets of £6,454,687 (2024 - £4,568,729) and net assets of £6,588,951 (2024 - £4,746,475). The year end cash position was £1,815,678 (2024 - £1,646,289).
The Company has made a profit of £1,740,560 (2024 - £1,702,755), has net current assets of £6,454,687 (2024 - £4,568,729) and net assets of £6,588,951 (2024 - £4,746,475). The year end cash position was £1,815,678 (2024 - £1,646,289).
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 DECEMBER 2025
Streamlined Energy and Carbon reporting (SECR) is the UK Government's framework for entities to report energy and carbon usage, and it came into force in April 2019. The Companies Act 2006 stipulates that all large entities, or groups, are required to report their UK carbon emissions in their annual accounts and the SECR framework is being used to do so.
The use of the SECR framework aims to harmonise reporting of carbon emissions across all large businesses in the UK and to simplify carbon reporting using a single framework to be included within the financial reporting process. The aim is to make it easier for businesses to monitor their own carbon emissions year on year and compare their emissions to other similar entities to assess their performance.
Under SECR the Group is required to report office energy use and business-related mileage incurred by employees for its UK operations.
The use of the SECR framework aims to harmonise reporting of carbon emissions across all large businesses in the UK and to simplify carbon reporting using a single framework to be included within the financial reporting process. The aim is to make it easier for businesses to monitor their own carbon emissions year on year and compare their emissions to other similar entities to assess their performance.
Under SECR the Group is required to report office energy use and business-related mileage incurred by employees for its UK operations.
The Company has three UK offices which use electricity as a source of energy. Energy use represents actual use during the year taken from data provided by landlords and standard meter readings. Greenhouse gas emissions are calculated using the UK Government Conversion Factors from relevant years.
∙Scope 1 emissions comprise emissions from losses from air-conditioning units managed directly by the Company in its offices, and emissions are calculated using estimated operational losses in kg of gas replaced during the year. For 2025 this was Nil (2024 - Nil).
∙Scope 2 emissions comprise emissions from the purchase of electricity from sources not controlled by the Company.
∙Scope 3 emissions comprise emissions from automobile business travel used for UK operations. All other Scope 3 emissions have been deemed immaterial since the Company consumes very little materials and has very little waste within its operations.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 DECEMBER 2025
The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Company'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; and
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The auditor, S&W Audit, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PEOPLESCOUT LIMITED
Opinion
We have audited the financial statements of PeopleScout Limited (the 'Company') for the year ended 28 December 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).
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 Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Company 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 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.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PEOPLESCOUT LIMITED (CONTINUED)
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙the financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of Directors’ remuneration specified by law are not made; or
∙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 7, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue 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
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PEOPLESCOUT LIMITED (CONTINUED)
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.
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 engagement director ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
∙we identified the laws and regulations applicable to the Company through discussions with Directors and other management, and from our commercial knowledge and experience of the sector;
∙we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and reviewing legal and professional fee invoices; and
∙we reviewed the minutes of board meetings to identify any references to non-compliance with laws and regulations.
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 as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
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;
∙assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 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 HMRC, relevant regulators and the Company's legal advisors.
A further description of our responsibilities is available 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 PEOPLESCOUT LIMITED (CONTINUED)
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 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
22 Wycombe End
HP9 1NB
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 28 DECEMBER 2025
Page 12
BALANCE SHEET
AS AT 28 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 15 to 28 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 DECEMBER 2025
PeopleScout Limited is a private company limited by shares incorporated in England and Wales. The registered office is 265 Tottenham Court Road, London, W1T 7RQ.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The financial statements are prepared in sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements are prepared in sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £.
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23; and
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of TrueBlue, Inc. as at 28 December 2025 and these financial statements may be obtained from its registered office, 1015 A Street, Tacoma, Washington 98402.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 DECEMBER 2025
2.Accounting policies (continued)
The financial statements have been prepared using the going concern basis of accounting. The Directors have reviewed the Company's going concern position taking into account its current business activities, budgeted performance and factors likely to affect its future performance. Based on the information contained within the accounts the Directors have reasonable expectations that the Company has adequate resources to continue in operational existence for the foreseeable future.
The Company has made a profit of £1,740,560 (2024 - £1,702,755), has net current assets of £6,454,687 (2024 - £4,568,729) and net assets of £6,588,951 (2024 - £4,746,475). The year end cash position was £1,815,678 (2024 - £1,646,289).
The Directors consider that the Group has access to sufficient funding to meet its financial obligations as they fall due. In addition, the Company is expected to continue to generate positive cash flows on its own account for the foreseeable future. As a result, the Directors continue to adopt the going concern basis of accounting in preparing the financial statements.
The Company has made a profit of £1,740,560 (2024 - £1,702,755), has net current assets of £6,454,687 (2024 - £4,568,729) and net assets of £6,588,951 (2024 - £4,746,475). The year end cash position was £1,815,678 (2024 - £1,646,289).
The Directors consider that the Group has access to sufficient funding to meet its financial obligations as they fall due. In addition, the Company is expected to continue to generate positive cash flows on its own account for the foreseeable future. As a result, the Directors continue to adopt the going concern basis of accounting in preparing the financial statements.
The Company operates predominantly in one geographical segment, being the United Kingdom.
Revenue comprises billings from advertising and communications derived from the placement of adverts into newspapers, internet career job boards and other media sources. Revenue is recognised upon placement date for newspapers and other media. Online media revenue is recognised when services are purchased. Revenue earned from the performance of recruitment services is recognised in line with the delivery of the service.
Revenue is recognised to the extent that the Company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.
Revenue comprises billings from advertising and communications derived from the placement of adverts into newspapers, internet career job boards and other media sources. Revenue is recognised upon placement date for newspapers and other media. Online media revenue is recognised when services are purchased. Revenue earned from the performance of recruitment services is recognised in line with the delivery of the service.
Revenue is recognised to the extent that the Company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 DECEMBER 2025
2.Accounting policies (continued)
Financial assets and financial liabilities are recognised in the Balance Sheet when the Company
becomes a party to the contractual provisions of the instrument.
becomes a party to the contractual provisions of the instrument.
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Creditors are subsequently measured at amortised cost using the effective interest rate method.
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank, short-term bank deposits with an original maturity of three months or less and bank overdrafts which are an integral part of the Company’s cash management.
Financial liabilities and equity instruments issued by the Company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 DECEMBER 2025
2.Accounting policies (continued)
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The Company operates a defined contributions pension scheme. Additionally, the Company makes employer contributions into individual personal pension schemes. Contributions to the pension schemes are recognised in the statement of comprehensive income as they become payable.
A liability is recognised to the extent of any unused holiday pay entitlement which has accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.
The Company operates a defined contributions pension scheme. Additionally, the Company makes employer contributions into individual personal pension schemes. Contributions to the pension schemes are recognised in the statement of comprehensive income as they become payable.
A liability is recognised to the extent of any unused holiday pay entitlement which has accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.
The fair value determined at the grant date is expensed on a straight-line basis over the vesting period. The expense related to equity-settled share-based payments is recognised over the vesting period, with adjustments made for actual forfeitures as they occur. A corresponding adjustment is made to equity.
The equity instruments are restricted stock units in the ultimate parent's stock, and these typically vest over a four year period in equal instalments, with each instalment vesting on the anniversary of the grant date. These are then settled with the equity instruments, net of those required to settle the employee's tax liability.
The Company provides for employer's national insurance on unvested awards that have not lapsed, which is settled when the instruments vest.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 DECEMBER 2025
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Revenue recognition
Revenue relating to the provision of talent advisory services and recruitment process outsourcing ("RPO") is recognised by reference to the stage of completion at the period end.
Judgements and estimates are made when assessing the identifiable components of a transaction, determining the stage of completion for a transaction and estimating the costs to complete for the transaction.
Media accruals
The Company recognises accruals for media-related costs incurred not yet invoiced at the reporting date. These accruals are based on management's best estimates, taking into account all available information.
The estimation of media accruals involves significant judgement due to the complexity and volume of transactions. In particular, the Company estimates margins on media projects and applies these to known or expected gross spend to derive the provisional accrual. These estimates are inherently uncertain and are reviewed regularly as new information becomes available.
Changes in assumptions or the receipt of new information may result in adjustments to the accruals in subsequent periods. Management considers this area to be a key source of estimation uncertainty due to the potential impact on the financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 DECEMBER 2025
Page 20
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 DECEMBER 2025
Page 21
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 DECEMBER 2025
Page 22
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 DECEMBER 2025
Page 23
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 DECEMBER 2025
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Page 24
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 DECEMBER 2025
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Page 25
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 DECEMBER 2025
Page 26
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 DECEMBER 2025
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During the year, the Company recognised total share-based payment expenses of £101,916 (2024 - £221,403) which related to equity-settled share-based payment transactions.
Page 27
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 DECEMBER 2025
Profit and loss account
Page 28