REGISTERED NUMBER: 06444463 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2025

for

Montvieux Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

6

Income Statement

10

Other Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Cash Flow Statement

14

Notes to the Cash Flow Statement

15

Notes to the Financial Statements

16

DIRECTORS:

J A Barrass

P G Webb

A M Wire

J H McQueen

SECRETARY:

REGISTERED OFFICE:

Lennox House

3 Pierrepont Street

Bath

BA1 1LB

REGISTERED NUMBER:

06444463 (England and Wales)

The directors present their strategic report for the year ended 31 December 2025.

Who we are and how we deliver

Montvieux provides mission-focused research, engineering and assured operational services to UK Defence and National Security. The company delivers across the technology-readiness spectrum, from early experimentation to live services, via a mix of direct commissions and prime-led frameworks, partnering with industry and academia. Our strategy is to maintain a resilient, UK-based capability with a balanced portfolio across customers, domains and Technology Readiness Levels.

REVIEW OF BUSINESS

Operating environment

The UK defence and security environment has been dominated by the most significant defence policy reset and transformation in decades. The 2025 "Strategic Defence Review - Making Britain Safer: Secure at Home, Strong Abroad" presented a 10-year modernisation and deterrence strategy for the Armed Forces committed to increase defence spending to 3% of GDP, by the next parliament. This vision focused heavily on boosting the military's lethality through AI integration, developing next generation autonomous systems, expanding shipbuilding and fleet capabilities across land, sea, and air. In parallel the formation of the National Armaments Directorate was a key part of the defence 2025 reform and an implementation architecture in support of the review. Unfortunately, the Defence Investment Plan (DIP) providing the funding commitment and roadmap was not published during 2025.

Board response and execution

After consecutive years of material growth, the Board anticipated a sustained period level of uncertainty and reduced time surety. Delays to the DIP created a prolonged period of uncertainty around funding, contractual surety and defence technology priorities as a mismatch between ambition and the fiscal envelope became apparent. Our priorities were to: (i) continue to strengthen processes that had been outpaced by growth (programme controls, commercial governance, information assurance and people operations); (ii) keep capabilities aligned to emerging review priorities; and (iii) avoid over-reliance on any one area by extending our reach into other parts of government. We continued to invest selectively in operational experimentation and decision-support analytics, and the safe application of new AI tooling, with emphasis on scalable delivery and measurable outcomes.

Market engagement

Recognising delays caused by DIP and procurement timetable changes, we concentrated on established routes to market and prime-fronted frameworks able to place work within existing delegations. Where customers re-phased decisions, we reshaped delivery into smaller, outcome-based tranches and offered surge capacity to protect schedules. Our supply-chain approach emphasised transparent risk management, disciplined commercial positions and strong partner relationships.

People and operating model

As a UK employer of specialist talent, we continued to develop our workforce to meet demand across research, software and systems engineering, integration and assured services. Process changes introduced during the year improved bid discipline, stage-gate control and portfolio management, supporting consistent quality and security outcomes as we scale.

PRINCIPAL RISKS AND UNCERTAINTIES

Principal risks and mitigations

Key company risks include:

Technological: advancement from rapid advances in AI and digital engineering.

Mitigations:

- Invest in R&D to stay ahead of technological changes.

- Foster partnerships with research institutions / companies to drive innovation.

Market: Government contracting uncertainties from policy and approvals delays.

Mitigations:

- Strengthen relationships with government to secure long-term contracts.

- Diversify contracts and markets to reduce dependency on single sources.

- Stay informed about legislative changes and policy updates.

Compliance: Compliance and Regulatory Challenges.

Mitigations:

- Develop robust compliance functions to ensure adherence to regulations.

Supply: Vulnerabilities within both infrastructure and subcontractors.

Mitigations:

- Implement supply chain management systems to enhance visibility and control (purchasing).

Resources: Digital and AI skills shortage

Mitigations:

- Invest in training and development programs to build a skilled workforce.

Outlook

The UK defence and security market has been a tough place for the last 2 years with spending cuts seen across the market, but this has been especially evident within the R&D sector. This sector wide challenge has impacted the industrial supply chain leading to significant redundancies and business challenges across the domain. The target of Montvieux remains to be the delivery of live operational services and larger programmes by turning science into engineering and removing complexity from our customers world. Montvieux plans to continue to invest in the development of operational prototypes ahead of HMG funding across defence markets where historical R&D funding is no longer available.

Montvieux will:

- Develop Compute, Structure and Processes: investment and develop infrastructure, processes and structures to enable growth.

- Invest in Emerging Technologies: focus on developing and integrating AI, automation, and other emerging technologies to stay ahead of competitors. This is true as much from a delivery perspective as from an internal process perspective.

- Strengthen Partnerships: Form partnerships with government agencies, research institutions, and defence companies to accelerate innovation and access market sectors.

- Enhance Cybersecurity Capabilities: Invest in robust cybersecurity systems to protect against evolving threats and ensuring the integrity of critical infrastructure.

- Support Training and Development: Address the key skills shortages by investing in training programs and recruitment initiatives to build a balanced workforce.

This combined with our roadmap to develop new services and the traction we continue to gain with clients and across the supply chain indicate that the future for Montvieux over the medium to long term is strong, but the company needs to remain prudent with expenditure and cashflow.

KEY PERFORMANCE INDICATORS

2025

2024

£

£

Turnover

9,694,178

14,412,409

Gross Margin

997,307

2,809,436

Operating (Loss)/Profit

(355,098)

1,730,973

(Loss)/Profit for the year

(247,463)

1,351,404

ON BEHALF OF THE BOARD:

P G Webb - Director

24 September 2026

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

PRINCIPAL ACTIVITY

The principal activity of the company is that of specialist business consultancy to government agencies.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

J A Barrass

P G Webb

A M Wire

J H McQueen

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Moore Kingston Smith LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

P G Webb - Director

24 September 2026

Opinion

We have audited the financial statements of Montvieux Limited (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 31 December 2025 and of its loss 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 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are 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.

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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 Statement of Directors' Responsibilities set out on page five, 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 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.

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

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

-

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

-	Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.

-	Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

-

Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Report of the Auditors to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Report of the Auditors. However, future events or conditions may cause the company to cease to continue as a going concern.

-	Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

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 objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

- We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.

- We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.

- We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

- We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.

- Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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.

Navdeep Johal (Senior Statutory Auditor)

for and on behalf of Moore Kingston Smith LLP

6th Floor

9 Appold Street

London

EC2A 2AP

24 September 2026

TURNOVER

3

9,694,178

14,412,409

Cost of sales

8,696,871

11,602,973

GROSS PROFIT

997,307

2,809,436

Administrative expenses

1,391,420

1,078,463

(394,113

)

1,730,973

Other operating income

39,015

-

OPERATING (LOSS)/PROFIT

5

(355,098

)

1,730,973

Interest receivable and similar income

54,807

65,239

(LOSS)/PROFIT BEFORE TAXATION

(300,291

)

1,796,212

Tax on (loss)/profit

6

(52,828

)

444,808

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(247,463

)

1,351,404

(LOSS)/PROFIT FOR THE YEAR

(247,463

)

1,351,404

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(247,463

)

1,351,404

FIXED ASSETS

Tangible assets

7

403,137

330,192

Investments

8

1,000

1,000

404,137

331,192

CURRENT ASSETS

Debtors

9

865,018

673,898

Prepayments and accrued income

2,624,266

1,050,445

Cash at bank

3,654,203

4,909,971

7,143,487

6,634,314

CREDITORS

Amounts falling due within one year

10

1,790,895

893,121

NET CURRENT ASSETS

5,352,592

5,741,193

TOTAL ASSETS LESS CURRENT LIABILITIES

5,756,729

6,072,385

PROVISIONS FOR LIABILITIES

12

-

32,861

NET ASSETS

5,756,729

6,039,524

CAPITAL AND RESERVES

Called up share capital

13

13,350

13,400

Share premium

14

75,562

75,562

Capital redemption reserve

14

50

-

Retained earnings

14

5,667,767

5,950,562

SHAREHOLDERS' FUNDS

5,756,729

6,039,524

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2026 and were signed on its behalf by:

P G Webb - Director

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 January 2024

12,950

4,599,158

64,582

-

4,676,690

Changes in equity

Issue of share capital

450

-

10,980

-

11,430

Total comprehensive income

-

1,351,404

-

-

1,351,404

Balance at 31 December 2024

13,400

5,950,562

75,562

-

6,039,524

Changes in equity

Share buyback

(50

)

-

-

-

(50

)

Total comprehensive income

-

(247,463

)

-

-

(247,463

)

Share buyback

-

(35,332

)

-

50

(35,282

)

Balance at 31 December 2025

13,350

5,667,767

75,562

50

5,756,729

Cash flows from operating activities

Cash generated from operations

1

(918,975

)

4,419,175

Tax paid

(187,501

)

(1,074,751

)

Net cash from operating activities

(1,106,476

)

3,344,424

Cash flows from investing activities

Purchase of tangible fixed assets

(180,197

)

(232,108

)

Interest received

54,807

65,239

Net cash from investing activities

(125,390

)

(166,869

)

Cash flows from financing activities

Share issue

11,430

-

Share buyback

(35,332

)

-

Net cash from financing activities

(23,902

)

-

(Decrease)/increase in cash and cash equivalents

(1,255,768

)

3,177,555

Cash and cash equivalents at beginning of year

2

4,909,971

1,732,416

Cash and cash equivalents at end of year

2

3,654,203

4,909,971

1.	RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

(Loss)/profit before taxation

(300,291

)

1,796,212

Depreciation charges

107,252

116,401

Finance income

(54,807

)

(65,239

)

(247,846

)

1,847,374

(Increase)/decrease in trade and other debtors

(1,621,343

)

2,948,860

Increase/(decrease) in trade and other creditors

950,214

(377,059

)

Cash generated from operations

(918,975

)

4,419,175

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

3,654,203

4,909,971

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

4,909,971

1,732,416

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank

4,909,971

(1,255,768

)

3,654,203

4,909,971

(1,255,768

)

3,654,203

Total

4,909,971

(1,255,768

)

3,654,203

1.	STATUTORY INFORMATION

Montvieux Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

Revenue from fixed-price contracts is recognised over time as services are provided to customers. The stage of completion is determined by reference to the proportion of hours incurred at the reporting date compared to the total estimated hours required to complete the contract.

Turnover

Turnover from fixed price contracts is recognised over time as services are provided to customers. Revenue is recognised by reference to the stage of completion at the reporting date, determined based on hours incurred as a proportion of the total estimated hours required to fulfil the contract.

Where services have been provided but not yet invoiced at the reporting date, the related revenue is recognised as accrued income. Amounts invoiced in advance of the related services being performed are recognised as deferred income within creditors and released to revenue as the services are delivered.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

over period of lease

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

33% on straight line basis

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Basic financial instruments are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. The Company has no other financial instruments or basic financial instruments measured at fair value.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Going concern

The directors consider that the going concern basis for the preparation of the company's financial statements remains appropriate. In arriving at this conclusion, they have taken into consideration the results for the year ended 31 December 2025, together with current results and cash flow forecasts for 12 months from the date of signing of the financial statements.

Post year end the directors have been carefully monitoring cash flow and the revenue pipeline. Based on these forecasts the directors consider it is appropriate for the financial statements to be prepared on the going concern basis.

3.

TURNOVER

The turnover and loss (2024 - profit) before taxation are attributable to the one principal activity of the company.

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

5,484,815

5,276,573

Social security costs

724,795

625,319

Other pension costs

811,800

792,653

7,021,410

6,694,545

The average number of employees during the year was as follows:

2025

2024

Directors

4

4

Direct labour force

73

76

Administration

8

8

85

88

2025

2024

£

£

Directors' remuneration

616,657

467,596

Directors' pension contributions to money purchase schemes

87,510

85,401

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

177,355

135,130

Pension contributions to money purchase schemes

24,536

17,496

5.	OPERATING (LOSS)/PROFIT

The operating loss (2024 - operating profit) is stated after charging:

2025

2024

£

£

Other operating leases

89,852

76,760

Depreciation - owned assets

107,252

116,401

Auditors' remuneration

43,435

34,835

Other non- audit services

23,460

-

6.

TAXATION

Analysis of the tax (credit)/charge

The tax (credit)/charge on the loss for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

-

428,800

Deferred tax

(52,828

)

16,008

Tax on (loss)/profit

(52,828

)

444,808

7.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 January 2025

264,940

4,306

81,632

540,566

891,444

Additions

81,852

-

8,129

90,216

180,197

At 31 December 2025

346,792

4,306

89,761

630,782

1,071,641

DEPRECIATION

At 1 January 2025

66,193

3,002

30,745

461,312

561,252

Charge for year

45,131

326

8,678

53,117

107,252

At 31 December 2025

111,324

3,328

39,423

514,429

668,504

NET BOOK VALUE

At 31 December 2025

235,468

978

50,338

116,353

403,137

At 31 December 2024

198,747

1,304

50,887

79,254

330,192

8.	FIXED ASSET INVESTMENTS

Unlisted

investments

£

COST

At 1 January 2025

and 31 December 2025

1,000

NET BOOK VALUE

At 31 December 2025

1,000

At 31 December 2024

1,000

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Valjeune Limited

Registered office: Lennox House, 3 Pierrepont Street, Bath, BA1 1LB

Nature of business: Specialist recruitment agency.

%

Class of shares:

holding

Ordinary

100.00

The accounts do not consolidate the subsidiary in accordance with FRS 102 Section 9 Consolidated and Separate Financial Statements due to the subsidiary being immaterial in nature and dormant throughout the period being reported. This was also the case for the prior year.