REGISTERED NUMBER: 11983031 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

LINNK GROUP LIMITED

Page

Group Strategic Report

1

Report of the Directors

7

Independent Auditors' Report

8

Consolidated Statement of Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

16

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

STRATEGIC STATEMENT

Linnk Group's strategy is to build a diversified international staffing, outsourced workforce and professional services business focused on STEM skills across Technology, Engineering, Life Sciences and Renewable Energy. Its mission is to give organisations access to the STEM skills, flexible workforces and expert services they need to succeed. The Group combines specialist sector knowledge, international delivery capability and long-term customer relationships to deliver that mission. This supports Linnk's vision of becoming the most valued brand in its industry, with the Linnk name recognised as a mark of quality in its people, services and outcomes.

Following the exceptional growth delivered in prior years, 2025 was a year of transition and investment. The Group's revenue mix evolved as long-tenured customer engagements moved through their natural lifecycle and demand shifted across geographical markets. Against this background, the Group continued to increase turnover and recorded its strongest year to date for new business acquisition and geographical spread. This transition has created a broader and more diversified platform for future growth.

New customers were won across a wider range of geographical and divisional territories. The Group also continued to deepen relationships with existing customers by extending services into additional countries and supporting a broader range of their staffing, outsourced workforce and professional services requirements. This developing portfolio is intended to reduce concentration, strengthen recurring customer relationships and create a more stable base for future growth.

The Group's geographical strategy is designed to build on the strength of its established GCC operations while developing complementary positions in Europe, North America and India. This broader footprint enables Linnk to remain close to customers as they expand internationally, access a wider pool of specialist talent and reduce exposure to any single country, customer or revenue source. Investment across Technology, Engineering, Life Sciences and Renewable Energy provides further diversification and enables the Group to respond to different customer investment cycles and sources of demand.

The Board maintained its programme of investment in people, infrastructure and technology. Sales headcount increased materially and the Innovation team expanded from one to 16 employees. The Group also invested in professional and managed services, software development and AI-enabled workforce solutions. These investments increased the cost base during 2025 but are intended to create new revenue streams, deepen customer relationships and support a higher-value service mix over time.

OVERVIEW

Linnk was founded in the United Kingdom in 2019 and operates internationally through its Group companies and offices. The Group provides specialist staffing, outsourced workforce and professional services across Technology, Engineering, Life Sciences and Renewable Energy.

The Group's core staffing activities provide a foundation from which Linnk can support customers across multiple territories and specialist disciplines. During 2025, the Group continued to build professional services, managed services, software development and AI-enabled capabilities alongside its established permanent, contract and project staffing services.

The business model is based on specialist knowledge, access to global STEM talent and the ability to deliver services close to the markets in which customers operate. Growth is pursued through new customer acquisition, geographical expansion and the development of deeper relationships with existing customers. Where established customers enter new markets or require additional services, Linnk seeks to support them through its wider international and divisional network.

This Group Strategic Report addresses the consolidated activities and performance of Linnk Group Limited and its subsidiaries for the year ended 31 December 2025.

OPERATIONAL AND FINANCIAL REVIEW

Turnover increased by £0.9 million to £37.5 million in 2025, compared with £36.6 million in 2024, representing growth of 2.4%. This followed growth of 30% in the prior year. The more moderate rate of growth reflected the timing of natural transitions within long-tenured customer engagements and changes in the geographical mix of customer demand. New business acquisition and customer growth reached their highest level to date, although many of the new wins commenced later in the year and therefore made only a partial contribution to 2025 revenue.

Gross profit was £7.0 million, compared with £7.2 million in 2024. Gross margin was 18.74%, compared with 19.68% in the prior year. The movement reflects the evolving geographical, customer and service mix during the transition. The Group's investment in higher-value professional and managed services is intended to improve the revenue mix and margin profile as those activities scale.

Administrative expenses increased by £0.7 million to £6.7 million, compared with £6.0 million in 2024. This increase reflected planned investment in sales capability, the Innovation team, technology development, infrastructure and preparations for international expansion. Profit before taxation was £288,404, compared with £1,228,849 in 2024.

Net assets at 31 December 2025 were £3.8 million, compared with £3.8 million in 2024. Net current assets remained broadly stable at £5.2 million. Cash at bank and in hand was £1.2 million at the year end, compared with £1.6 million in 2024. Cash generated from operations before tax payments was £181,691. The Board continued to monitor working capital and liquidity closely as the Group invested in its next stage of development.

Additions to intangible assets included £237,284 of development costs. This expenditure supports the Group's continuing investment in AI software and technology capabilities. The Board reviews development activity by reference to delivery milestones, commercial application and the expected benefits to customers and the Group.

The Directors consider the 2025 result to be consistent with a year in which the Group successfully managed a transition in its customer and geographical revenue mix while continuing to grow turnover, acquire new customers and build capacity for future growth. The lower level of profitability reflects the evolving revenue mix and deliberate investment ahead of income from new markets and services.

KEY PERFORMANCE INDICATORS

The Group prepares consolidated monthly management accounts and reviews financial and non-financial performance at Board and executive management meetings. The measures below are consistent with the principal measures used in prior years and are supported by the financial statements and the Group's headcount records.

Financial KPI

FY25

FY24

Movement

Turnover

£37.5m

£36.6m

+2.4%

Gross profit

£7.0m

£7.2m

-2.5%

Gross margin

18.74%

19.68%

-0.94pp

Administrative expenses

£6.7m

£6.0m

+11.5%

Profit before taxation

£0.29m

£1.23m

-76.5%

Net assets

£3.8m

£3.8m

0.5%

The Board also monitors debtor days, overdue receivables, cash conversion and liquidity as part of its monthly financial review.

The principal non-financial indicators are new customer acquisition, customer diversification, average headcount, employee and consultant wellbeing, service quality and relevant UK energy consumption. During 2025, new business acquisition and customer growth reached their highest level to date, average headcount increased by 9.3%, Sales headcount increased by 51% and Innovation headcount increased from one to 16. The Group's relevant UK energy consumption was 40,000 kWh or less.

People and Headcount

Linnk remains a people-first business. The skills, relationships and performance of the Group's employees and deployed customer-delivery workforce are central to service quality and future growth. The Group's goal is to build a community of ambitious people who innovate relentlessly and set the standard for excellence, making the strength of that community a reason clients choose Linnk. Average Group headcount increased from 472 in 2024 to 516 in 2025, an increase of 9.3%.

Average headcount

FY23

FY24

FY25

FY25 change

Sales

40

49

74

+25

Operations

47

46

48

+2

Customer delivery

272

376

378

+2

Innovation

0

1

16

+15

Total Group headcount

359

472

516

+44

Total administrative per accounts

87

96

138

+42

Total direct per accounts

272

376

378

+2

The increase was concentrated in Sales and Innovation. Sales headcount increased by 51% to 74, strengthening the Group's capacity to acquire customers and expand relationships across geographical and divisional territories. Innovation headcount increased from one to 16 as the Group invested in technology development and AI-enabled services. Operations headcount remained broadly stable, while Customer Delivery headcount was maintained at 378 as delivery activity transitioned across customers and geographical markets.

Sales, Operations and Innovation together reconcile to the 138 administrative employees reported for 2025. Customer Delivery reconciles to the 378 direct employees. These figures reconcile to total average Group headcount of 516.

During the year, the Group continued to strengthen the principles and methodology supporting performance development. The programme is designed to give employees clearer expectations, structured development support and transparent routes for progression. The Board monitored employee and consultant wellbeing and reviewed service quality and the Group's continuing programme of operational excellence.

Linnk continues to benefit from a culturally diverse international workforce, bringing together people from a wide range of nationalities, backgrounds and experiences. The Group is committed to fair and inclusive employment practices and seeks to provide equal access to employment, development and progression, with decisions based on capability, experience, performance and the requirements of each role.

Customer Growth and Diversification

New business acquisition and customer growth reached their highest level to date in 2025. The significance of this performance lies in the spread of wins across the Group's geographical markets and specialist divisions, creating a broader balance of customers, sectors and revenue sources.

The Group's strategy is to convert strong customer retention and renewals into broader geographical and divisional growth. Linnk seeks to support established customers as they enter new countries, while also deepening relationships through additional services across Technology, Engineering, Life Sciences, Renewable Energy, professional services and managed services. This approach is intended to improve revenue visibility, strengthen the value of each customer relationship and reduce customer, engagement and sector concentration.

Regional conflict and heightened geopolitical tensions affecting the GCC did not have a material impact on the Group's performance or service delivery during 2025. The business remained robust, supported by a stable customer base, long-standing relationships, exposure to resilient sectors and an established local delivery capability. The Board recognises that continuing or escalating tensions could affect customer investment decisions, service timing, workforce mobility and wider market confidence. These developments will therefore continue to be monitored closely.

The GCC remains an important growth market for Linnk. At the same time, the external environment reinforces the strategic value of developing a more geographically and sectorally diversified business. Investment across Europe, North America and India is intended to complement the Group's established GCC operations, broaden its sources of revenue and reduce exposure to events or market conditions affecting any single region.

Customer wins secured during 2025 and the expansion of the Group's service offering provide a platform for further geographical and divisional growth as these relationships develop.

Investment in Technology and New Services

In January and June 2025, the Board approved investment in preparations for expansion into the United States and Germany, two additional offices in India and the development of a technology centre in India. The Board also approved further development of professional services, managed services, software development and AI-enabled staffing and workforce solutions.

The Board's geographical investment decisions reflect the opportunities and capabilities available in each market. The GCC provides an established customer base and platform for continued regional growth. The United States and Germany provide access to further customer opportunities across the Group's specialist sectors, while India supports scalable customer delivery, operational capability, technology development and innovation. Together, these investments are intended to create an integrated international platform through which Linnk can support customers across multiple markets.

The Group is also investing across its specialist sectors to create a better balance of revenue and opportunity. Technology remains central to the Group's offering, while Engineering, Life Sciences and Renewable Energy provide exposure to different customer investment cycles and long-term areas of demand.

The professional and managed services offering enables Linnk to support customers through defined delivery outcomes and longer-duration services in addition to individual staffing requirements. The Innovation capability supports internal productivity and the development of technology-enabled services. Progress during the year reinforced the Board's decision to continue investing in these capabilities.

Together, these investments are intended to create new revenue streams, deepen customer relationships, improve the balance and visibility of revenue and support improving margins over time.

Subject to customer demand and successful implementation, the expansion programme is expected to support approximately 300 additional employment opportunities over the following three years.

Achievements and Recognition

The Group's growth, culture and international development were recognised during 2025 through the following awards and rankings:

-

Global Recruiter Awards winner for Best Medium Recruitment Business and Highly Commended for Best UK and Overseas Operation.

-

TIARA Best Recruitment Company to Work For and finalist recognition in the Growth Company and International Growth categories.

-

The Sunday Times 100 Fastest-Growing Private Companies ranking of 26th, based on reported three-year growth of 127.03%.

-

The Sunday Times Best Places to Work 2025.

-

Business Leader Growth 500 ranking of 44th.

-

Best Companies three-star accreditation, including rankings of seventh Best Small Company in the UK, sixth in London and second in Recruitment.

The Board regards this recognition as evidence of the contribution made by Linnk's people, the quality of its culture and the progress of its international strategy.

PRINCIPAL RISKS AND UNCERTAINTIES

The Board maintains a Group risk register which is reviewed at monthly Board meetings. The principal risks are those considered capable of materially affecting the Group's performance, financial position, reputation or delivery of strategy.

Principal risk

Potential effect and management response

Customer and engagement concentration

Changes in the scale, location or lifecycle of a material customer engagement may affect revenue and gross profit. The Group is broadening its customer base across geographical markets, divisions and service lines and seeks to develop longer-term, multi-service relationships that reduce dependence on individual customers or revenue sources.

Economic and market conditions

Changes in hiring demand, investment activity or customer confidence may reduce demand. The Group operates across several STEM sectors and countries and regularly reviews its cost base, pipeline and customer exposure.

Credit risk

Customers may delay payment or fail to meet their obligations. The Group uses credit checks, contractual controls, aged-debt reviews, active collection processes and credit insurance where appropriate.

Liquidity and cash-flow risk

Timing differences between paying employees and consultants and receiving customer payments may place pressure on working capital. The Board reviews cash-flow forecasts, collections, funding facilities and liquidity at least monthly.

Price and margin risk

Competitive pricing, wage inflation and changes in service mix may reduce margins. The Group reviews commercial terms and delivery costs and is developing higher-value professional and managed services.

Foreign-exchange risk

International operations expose the Group to movements in exchange rates. The Group monitors material currency positions, seeks natural offsets where practical and limits unnecessary cross-currency transactions.

Interest-rate risk

Changes in borrowing costs may affect profitability and cash flow. The Board monitors facilities, repayment commitments and interest exposure as part of its liquidity reviews.

Geopolitical and regulatory risk

Regional conflict, political developments and changes in regulation, taxation, employment or immigration requirements could affect customer investment, workforce mobility, service delivery and cash flow. The conflict and heightened geopolitical tensions affecting the GCC did not have a material impact on the Group during 2025, supported by its stable customer base and resilient customer relationships. The Board continues to monitor developments through its local teams, customers and professional advisers, while geographical and sector diversification further reduces exposure to individual markets.

People and capability

Growth depends on attracting, developing and retaining skilled employees and consultants. The Group invests in wellbeing, management capability, learning and transparent career progression.

Technology and cybersecurity

Systems failure, cyber incidents or loss of data could disrupt operations and harm customer confidence. The Group maintains access controls, security monitoring, backups, data-protection processes and incident-response procedures.

Execution and service quality

International expansion and new services require investment, governance and management capacity. Material investments are supported by written business cases, phased plans and regular Board review.

Financial Risk Management

The Group's financial-risk management objective is to maintain sufficient liquidity, protect working capital and manage material financial exposures in support of normal trading and the investment programme. The Board reviews management accounts, cash-flow forecasts, aged receivables and borrowing arrangements regularly.

The Group's principal financial exposures are price and margin risk, credit risk, liquidity and cash-flow risk, foreign-exchange risk and interest-rate risk. The policies and controls applied to these risks are described above. The Group's approach is proportionate to the scale and complexity of its operations and is reviewed as its geographical footprint and service offering develop.

SECTION 172(1) STATEMENT

The directors have acted in the way they consider, in good faith, would be most likely to promote the success of Linnk Group Limited for the benefit of its members as a whole, having regard to the matters set out in section 172(1) of the Companies Act 2006.

The Board met monthly during 2025. Meetings included reviews of financial performance, cash flow, the Group risk register, people and wellbeing matters, customer service quality and material strategic developments. Significant proposals were supported by written Board papers or white papers setting out the commercial rationale, financial implications, risks, stakeholder effects and expected long-term benefits.

Decisions were approved in accordance with the Shareholders' Agreement and the Company's Articles of Association, with general meetings held where formal shareholder approval was required.

Long-Term Consequences

The Board considered the expected long-term contribution of investment decisions to customer diversification, international growth, new revenue streams and the resilience of the Group. The directors accepted that investment in people, infrastructure and technology would increase short-term costs but considered these capabilities important to the Group's future position.

The Board also considered the long-term value of reducing dependence on individual customers, engagements, sectors and geographical markets when approving the Group's international investment programme.

Employees

The directors considered employee wellbeing, development, progression, diversity and organisational capacity. Engagement takes place through management communication, performance and development discussions, employee feedback and wellbeing channels.

The Board receives updates on employee and consultant wellbeing and considered people requirements when approving the international and technology investment programme. The directors also considered the importance of fair employment opportunities and maintaining an inclusive culture across the Group's internationally diverse workforce.

Customers Suppliers and Business Partners

The Group engages with customers through account management, service reviews, renewal discussions and feedback on delivery quality. Customer demand informed the decision to expand into additional markets and develop professional, managed and technology-enabled services.

The Board also considered the capability, quality, commercial terms and conduct of key suppliers and delivery partners when assessing implementation plans. The Group seeks to develop fair, sustainable and productive relationships with its customers, suppliers and other business partners.

Community and Environment

The Board considered the contribution of employment creation, skills development and responsible business practices in the markets where the Group operates. The international expansion programme is expected to create further employment and development opportunities, subject to customer demand and successful implementation.

Linnk's service-based operations have a limited direct environmental footprint. The Group uses digital collaboration and remote working where appropriate and considers energy use and travel as part of its operating decisions.

Business Conduct and Fairness Between Members

The Group's values of Ambition, Innovation and Excellence underpin its culture, conduct and decision-making. Ambition provides the drive to pursue sustainable growth and fulfil the Group's potential. Innovation supports continuous improvement and the development of better ways to serve customers and stakeholders. Excellence reinforces the Group's commitment to raising standards across its leadership, people, services, processes and outcomes.

The Group seeks to maintain high standards through governance procedures, regulatory compliance, data protection, contractual controls and consistent service standards. Material decisions were taken through the governance arrangements in the Shareholders' Agreement and Articles of Association. Relevant information was provided to members and formal approval was obtained where required, supporting fair treatment between the Company's members.

Principal Decisions During the Year

The principal decisions included approving preparations for expansion into the United States and Germany, two additional offices in India, the technology centre in India and continued investment in professional services, managed services, software development and AI-enabled workforce solutions.

In reaching these decisions, the Board considered expected customer demand, employment creation, funding, implementation capacity, regulatory and delivery risks, the effect on current-year profitability and the expected long-term benefit to the Group.

The Board also considered the continuing evolution of the Group's customer portfolio and geographical revenue mix and supported further investment in customer acquisition and diversification. Geopolitical developments affecting the GCC and the benefits of building a more geographically balanced business were also considered as part of the Group's investment strategy.

ENERGY AND CARBON REPORTING

Greenhouse-gas emissions, energy-consumption and energy-efficiency disclosures have not been provided because the Group's relevant UK energy consumption during the year was 40,000 kWh or less.

STRATEGIC VIEW OF PROGRESS 2026

The Board entered 2026 with a broader customer portfolio and a stronger platform for geographical and divisional growth. New customers secured during 2025 are expected to make a greater contribution as relationships mature, while the developing international network enables the Group to support existing customers in additional countries.

The GCC business remained robust during 2026 despite regional conflict and heightened geopolitical uncertainty and has contributed to renewed growth in 2026. The Board continues to monitor the potential effect of regional developments on customers, employees, service delivery and market confidence.

Investment in establishing operations in the United States and Germany and developing additional capability in India is intended to broaden the Group's addressable market and reduce dependence on individual territories, customers or revenue sources.

The expansion of professional services, managed services, software development and AI-enabled capabilities is expected to create additional revenue streams and support a higher-value service mix. The Group will continue to invest in the performance-development principles and methodology that support employee progression, management capability and consistent delivery standards.

The Group moved to its flagship new London headquarters in July 2026, providing a base for customer engagement and collaboration. Following the year-end, Linnk was awarded the King's Award for Enterprise in International Trade 2026, recognising the Group's international growth.

The Board remains focused on disciplined investment, customer diversification and the development of the Group's people, technology and international delivery capability. Guided by its values of Ambition, Innovation and Excellence, these priorities are intended to provide greater revenue stability, support the Group's long-term growth and advance its vision of making the Linnk name a recognised mark of quality in its people, services and outcomes.

ON BEHALF OF THE BOARD:

I M O'Neill - Director

24 September 2026

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

DIVIDENDS

Dividends voted during the year amounted to £142,500 (2024: £nil).

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 Duviau

I M O'Neill

A D Olver

J A Sobrany

P A Collins

DISCLOSURE IN THE STRATEGIC REPORT

The company has chosen, in accordance with the Companies Act 2006 s414C(11), to set out in the company's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

-	state whether applicable 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 company will continue in business.

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

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 group'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 group's auditors are aware of that information.

ON BEHALF OF THE BOARD:

I M O'Neill - Director

24 September 2026

Opinion

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

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2025 and of the group's profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

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

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

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page seven, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' 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 financial statements.

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

Based on our understanding of the company and industry, we considered the risk of non-compliance with laws and regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to management override and revenue recognition. Audit procedures performed included:

-

Enquiring of management whether there were instances of non-compliance with laws and regulation or fraud;

-

Review of legal expenses for evidence of fees relating to non-compliance;

-

Review of journal entries, non-sales bank receipts and non-purchase bank payments for unusual accounting entries; and

-

Substantive testing to ensure revenue was recognised in the correct period.

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.

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 Auditors' Report.

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 Auditors' 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.

Christian Heeger BSc BFP FCA (Senior Statutory Auditor)

for and on behalf of Galloways Accounting

Statutory Auditors

15 West Street

Brighton

East Sussex

BN1 2RL

24 September 2026

TURNOVER

3

37,477,092

36,588,542

Cost of sales

(30,455,231

)

(29,388,993

)

GROSS PROFIT

7,021,861

7,199,549

Administrative expenses

(6,706,890

)

(6,015,436

)

314,971

1,184,113

Other operating income

4,604

26,345

OPERATING PROFIT

5

319,575

1,210,458

Interest receivable and similar income

40,491

50,743

360,066

1,261,201

Interest payable and similar expenses

7

(71,662

)

(32,352

)

PROFIT BEFORE TAXATION

288,404

1,228,849

Tax on profit

8

22,426

17,360

PROFIT FOR THE FINANCIAL YEAR

310,830

1,246,209

OTHER COMPREHENSIVE INCOME

Translation reserve

(149,121

)

88,492

NCI at acquisition adjustment

-

(269,529

)

Income tax relating to components of other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

(149,121

)

(181,037

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

161,709

1,065,172

Profit attributable to:

Owners of the parent

185,170

866,822

Non-controlling interests

125,660

379,387

310,830

1,246,209

Total comprehensive income attributable to:

Owners of the parent

36,049

685,785

Non-controlling interests

125,660

379,387

161,709

1,065,172

FIXED ASSETS

Intangible assets

11

728,411

565,388

Tangible assets

12

325,637

338,216

Investments

13

-

-

1,054,048

903,604

CURRENT ASSETS

Debtors

14

9,318,742

8,022,174

Cash at bank and in hand

1,174,705

1,584,353

10,493,447

9,606,527

CREDITORS

Amounts falling due within one year

15

5,260,235

4,321,434

NET CURRENT ASSETS

5,233,212

5,285,093

TOTAL ASSETS LESS CURRENT LIABILITIES

6,287,260

6,188,697

CREDITORS

Amounts falling due after more than one year

16

(637,575

)

(857,909

)

PROVISIONS FOR LIABILITIES

20

(1,856,292

)

(1,556,604

)

NET ASSETS

3,793,393

3,774,184

CAPITAL AND RESERVES

Called up share capital

21

368

368

Other reserve

22

1,407,707

1,407,707

Merger Reserve

22

1,195,645

1,195,645

Translation reserve

22

(94,760

)

54,361

Retained earnings

22

826,422

783,752

SHAREHOLDERS' FUNDS

3,335,382

3,441,833

NON-CONTROLLING INTERESTS

23

458,011

332,351

TOTAL EQUITY

3,793,393

3,774,184

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:

I M O'Neill - Director

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

22,660

14,622

Investments

13

153,077

110,440

175,737

125,062

CURRENT ASSETS

Debtors

14

4,736,263

2,905,341

Cash at bank

108,398

63,827

4,844,661

2,969,168

CREDITORS

Amounts falling due within one year

15

3,623,151

1,603,761

NET CURRENT ASSETS

1,221,510

1,365,407

TOTAL ASSETS LESS CURRENT LIABILITIES

1,397,247

1,490,469

CREDITORS

Amounts falling due after more than one year

16

-

17,500

NET ASSETS

1,397,247

1,472,969

CAPITAL AND RESERVES

Called up share capital

21

368

368

Retained earnings

1,396,879

1,472,601

SHAREHOLDERS' FUNDS

1,397,247

1,472,969

Company's profit for the financial year

66,778

312,277

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:

I M O'Neill - Director

Called up

share

Retained

Other

Merger

capital

earnings

reserve

Reserve

£

£

£

£

Balance at 1 January 2024

368

(83,070

)

1,677,236

1,195,645

Changes in equity

Profit for the year

-

866,822

-

-

Other comprehensive income

-

-

(269,529

)

-

Total comprehensive income

-

866,822

(269,529

)

-

Balance at 31 December 2024

368

783,752

1,407,707

1,195,645

Changes in equity

Profit for the year

-

185,170

-

-

Other comprehensive income

-

-

-

-

Total comprehensive income

-

185,170

-

-

Dividends

-

(142,500

)

-

-

Balance at 31 December 2025

368

826,422

1,407,707

1,195,645

Translation

Non-controlling

Total

reserve

Total

interests

equity

£

£

£

£

Balance at 1 January 2024

(34,131

)

2,756,048

354,275

3,110,323

Changes in equity

Profit for the year

-

866,822

379,387

1,246,209

Other comprehensive income

88,492

(181,037

)

-

(181,037

)

Total comprehensive income

88,492

685,785

379,387

1,065,172

Dividends

-

-

(401,311

)

(401,311

)

Balance at 31 December 2024

54,361

3,441,833

332,351

3,774,184

Changes in equity

Profit for the year

-

185,170

125,660

310,830

Other comprehensive income

(149,121

)

(149,121

)

-

(149,121

)

Total comprehensive income

(149,121

)

36,049

125,660

161,709

Dividends

-

(142,500

)

-

(142,500

)

Balance at 31 December 2025

(94,760

)

3,335,382

458,011

3,793,393

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2024

368

1,160,324

1,160,692

Changes in equity

Profit for the year

-

312,277

312,277

Total comprehensive income

-

312,277

312,277

Balance at 31 December 2024

368

1,472,601

1,472,969

Changes in equity

Profit for the year

-

66,778

66,778

Total comprehensive income

-

66,778

66,778

Dividends

-

(142,500

)

(142,500

)

Balance at 31 December 2025

368

1,396,879

1,397,247