Milecross Financial Solutions Limited 31/12/2025 iXBRL

Company registration number: NI601587

Milecross Financial Solutions Limited

Financial statements

31 December 2025

Milecross Financial Solutions Limited

Contents

Directors and other information

Strategic report

Directors report

Independent auditor's report to the members

Statement of comprehensive income

Statement of financial position

Statement of changes in equity

Notes to the financial statements

Milecross Financial Solutions Limited

Directors and other information


Directors	Paul Dalzell
	Elizabeth Dalzell	(Resigned 13 June 2025)
	Chris Thorndycraft	(Resigned 30 January 2026)
	Aidan Chavasse	(Appointed 6 June 2025)
	Paul Mitchener	(Appointed 14 February 2025)
	Michael Graham	(Appointed 30 March 2026)


Company number	NI601587


Registered office	42 Milecross Road
	Newtownards
	BT23 4SR


Auditor	Hill Vellacott
	22 Great Victoria Street
	Belfast
	BT2 7BA




	Bankers	Santander
		Bootle
		Merseyside
		L30 4GB

Milecross Financial Solutions Limited

Strategic report

Year ended 31 December 2025

Review of the business

The principal activity of the Company continues to be the provision of financial planning and mortgage broking services to individual and corporate clients.

During the year, the Company delivered a strong trading performance. Both the level of business activity and the year end financial position were in line with the directors' expectations. Turnover for the year increased by 24.8% compared with the prior year, reflecting continued growth across the client base and the successful execution of the Company's growth strategy.

The directors remain satisfied with the Company's financial position and performance and consider the business well placed to continue its development in the coming financial periods.

Health and Safety

The Company is committed to achieving high standards of health and safety management and to providing a safe and supportive working environment for employees, clients, and visitors.

The directors believe that the Company complies with all relevant health and safety legislation and regulations applicable to its activities. Appropriate policies and procedures are in place, and these are reviewed periodically to ensure that risks are identified and managed effectively.

Environment

The Company recognises its corporate responsibility to conduct its operations in a manner that minimises adverse impacts on the environment.

The directors' ongoing aim is to comply with all applicable environmental legislation and to promote environmentally responsible practices within the business, proportionate to the nature and scale of the Company's activities. Steps are taken where practicable to reduce waste and energy consumption, and the Company continues to be mindful of environmental considerations in its day to day operations.

This report was approved by the board of directors on 22 September 2026 and signed on behalf of the board by:

Michael Graham

Director

Milecross Financial Solutions Limited

Directors report

Year ended 31 December 2025

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

Directors

The directors who served the company during the year were as follows:


Paul Dalzell
Elizabeth Dalzell				(Resigned 13 June 2025)
Chris Thorndycraft				(Resigned 30 January 2026)
Aidan Chavasse				(Appointed 6 June 2025)
Paul Mitchener				(Appointed 14 February 2025)

Dividends

Particulars of recommended dividends are detailed in note 13 to the financial statements.

Future developments

The company plans to drive growth through UK expansion and acquisitions, supported by The Openwork Partnership.

Financial instruments

The directors' objectives are to minimise the financial risks that the company is exposed to and they have implemented policies to achieve this.

Directors responsibilities statement

The directors are responsible for preparing the strategic report, directors report 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 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 judgments and accounting estimates that are reasonable and prudent; 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 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.

Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.

This report was approved by the board of directors on 22 September 2026 and signed on behalf of the board by:

Michael Graham

Director

Milecross Financial Solutions Limited

Independent auditor's report to the members of

Milecross Financial Solutions Limited

Year ended 31 December 2025

Opinion

We have audited the financial statements of Milecross Financial Solutions Limited (the 'company') for the year ended 31 December 2025 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity 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 FRS 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 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.

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. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report has 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 directors' report. 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, 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 the 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, 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 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: Our approach was as follows:We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that relate to the Companies Act 2006 and compliance with FRS102; and we assessed the risks of material misstatement in respect of fraud with the consideration of the company's own assessment of the risks that irregularities may occur either because of fraud or error; the results of our enquiries of management about their own identification and assessment of the risks of irregularities; any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the areas in which management is required to exercise significant judgment, such as disclosure of adjusting items. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override; we also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act and tax legislation; and in addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. These included data protection, employment and health and safety regulations.Audit procedures designed to respond to the risks of fraud:We considered the risk of fraud through management override and, in response, we incorporated testing of manual journal entries into our audit approach. We considered the risk of fraud through transactions outside the normal course of transactions by noting anything that was unusual in nature or size and enquired about such transaction to gain an understanding of their nature; based on the results of our risk assessment we designed our audit procedures to identify and to address material misstatements in relation to fraud and other irregularities; extent of audit procedures; and we evaluated the selection and application of accounting policies by the company, particularly those related to subjective measurements and complex transactions, that may be indicative of fraudulent financial reporting. As part of an audit in accordance with ISAs (UK), we exercise professional judgment 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 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 auditor’s report 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 auditor’s report. 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.

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.

Eoin McMullan, ACA (Senior Statutory Auditor)

For and on behalf of

Hill Vellacott

Chartered Accountants and Statutory Auditors

22 Great Victoria Street

Belfast

BT2 7BA

22 September 2026

Milecross Financial Solutions Limited

Statement of comprehensive income

Year ended 31 December 2025

		2025	2024
	Note	£	£


Turnover	4	10,383,709	8,321,343
Cost of sales		( 4,918,068)	( 4,421,753)
		_______	_______
Gross profit		5,465,641	3,899,590

Administrative expenses		( 5,211,488)	( 4,185,328)
Other operating income	5	108,346	17,500
		_______	_______
Operating profit/(loss)	6	362,499	( 268,238)

Income from other fixed asset investments	9	55,080	515,427
Other interest receivable and similar income	10	-	8,135
Interest payable and similar expenses	11	( 286,703)	( 107,647)
		_______	_______
Profit before taxation		130,876	147,677

Tax on profit	12	( 431,600)	( 254,612)
		_______	_______
Loss for the financial year and total comprehensive income		( 300,724)	( 106,935)
		_______	_______

All the activities of the company are from continuing operations.

Milecross Financial Solutions Limited

Statement of financial position

31 December 2025

		2025		2024
	Note	£	£	£	£

Fixed assets
Intangible assets	14	5,060,016		5,855,653
Tangible assets	15	89,527		146,052
Investments	16	3,983,999		4,333,378
		_______		_______
			9,133,542		10,335,083

Current assets
Debtors	17	1,458,107		1,854,619
Cash at bank and in hand		432,517		891,101
		_______		_______
		1,890,624		2,745,720
Creditors: amounts falling due
within one year	18	( 5,007,318)		( 2,708,620)
		_______		_______
Net current (liabilities)/assets			( 3,116,694)		37,100
			_______		_______
Total assets less current liabilities			6,016,848		10,372,183

Creditors: amounts falling due
after more than one year	19		( 946,000)		( 5,002,613)

Provisions for liabilities	21		( 23,844)		( 34,720)

			_______		_______
Net assets			5,047,004		5,334,850
			_______		_______

Capital and reserves
Called up share capital			201		2
Share premium account			3,997,758		3,983,999
Profit and loss account			1,049,045		1,350,849
			_______		_______
Shareholders funds			5,047,004		5,334,850
			_______		_______

These financial statements were approved by the board of directors and authorised for issue on 22 September 2026 , and are signed on behalf of the board by:

Michael Graham

Director

Company registration number: NI601587

Milecross Financial Solutions Limited

Statement of changes in equity

Year ended 31 December 2025

	Called up share capital	Share premium account	Profit and loss account	Total
	£	£	£	£


At 1 January 2024	2	3,983,999	1,457,784	5,441,785

Loss for the year			( 106,935)	( 106,935)
	_______	_______	_______	_______
Total comprehensive income for the year	-	-	( 106,935)	( 106,935)

	_______	_______	_______	_______
At 31 December 2024 and 1 January 2025	2	3,983,999	1,350,849	5,334,850

Loss for the year			( 300,724)	( 300,724)
	_______	_______	_______	_______
Total comprehensive income for the year	-	-	( 300,724)	( 300,724)

Issue of shares	199	13,759		13,958
Dividends paid and payable			( 1,080)	( 1,080)
	_______	_______	_______	_______
Total investments by and distributions to owners	199	13,759	( 1,080)	12,878

	_______	_______	_______	_______
At 31 December 2025	201	3,997,758	1,049,045	5,047,004
	_______	_______	_______	_______

Milecross Financial Solutions Limited

Notes to the financial statements

Year ended 31 December 2025

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 42 Milecross Road, Newtownards, BT23 4SR.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

The company is a subsidiary undertaking of Openwork Partnership LLP and is included in the consolidated financial statements of Openwork Partnership LLP. Principle place of business: Auckland House, Lydiard Fields, Swindon, England, SN5 8UB.The company has therefore taken advantage of the exemption from preparing group financial statements under Section 400 of the Companies Act 2006.The consolidated financial statements of Openwork Partnership LLP are available to the public.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:


Goodwill	-	20 %	straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Plant and machinery	-	33.3 %	straight line
Fittings fixtures and equipment	-	20 %	straight line
Motor vehicles	-	20 %	straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates .

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Hire purchase and finance leases

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

4. Turnover

Turnover arises from:

	2025	2024
	£	£
Commissions	10,383,709	8,321,343
	_______	_______

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

5. Other operating income

	2025	2024
	£	£
Other operating income	108,346	17,500
	_______	_______

6. Operating profit

Operating profit is stated after charging/(crediting):

		2025	2024
		£	£
Amortisation of intangible assets		1,474,272	698,663
Depreciation of tangible assets		26,162	35,597
Impairment of intangible assets recognised in:
	Administrative expenses	41,752	465,161
(Gain)/loss on disposal of tangible assets		32,848	-
Impairment of trade debtors		-	(919)
Fees payable for the audit of the financial statements		13,530	12,600
		_______	_______

7. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to:

	2025	2024
Administrative staff	60	50
	_______	_______

The aggregate payroll costs incurred during the year were:

	2025	2024
	£	£
Wages and salaries	2,257,069	1,668,045
Social security costs	262,651	162,790
Other pension costs	165,926	194,408
	_______	_______
	2,685,646	2,025,243
	_______	_______

8. Directors remuneration

The directors aggregate remuneration in respect of qualifying services was:

	2025	2024
	£	£
Remuneration	24,750	18,192
Company contributions to pension schemes in respect of qualifying services	-	80,000
	_______	_______
	24,750	98,192
	_______	_______

9. Income from other fixed asset investments

	2025	2024
	£	£
Income from other fixed asset investments	55,080	515,427
	_______	_______

10. Other interest receivable and similar income

	2025	2024
	£	£
Bank deposits	-	8,135
	_______	_______

11. Interest payable and similar expenses

		2025	2024
		£	£
Bank loans and overdrafts		285,476	97,832
Other loans made to the company:
	Finance leases and hire purchase contracts	1,227	9,815
		_______	_______
		286,703	107,647
		_______	_______

12. Tax on profit

Major components of tax expense

	2025	2024
	£	£
Current tax:
UK current tax expense	442,476	224,542
Adjustments in respect of previous periods	-	( 2,921)
	_______	_______

Deferred tax:
Origination and reversal of timing differences	( 10,876)	32,991
	_______	_______
Tax on profit	431,600	254,612
	_______	_______

Reconciliation of tax expense

The tax assessed on the profit for the year is higher than (2024: higher than) the standard rate of corporation tax in the UK of 25.00 % (2024: 25.00%).

	2025	2024
	£	£
Profit before taxation	130,876	147,677
	_______	_______

Profit multiplied by rate of tax	32,719	36,919
Adjustments in respect of prior periods	-	( 2,921)
Effect of expenses not deductible for tax purposes	15,208	26,993
Effect of capital allowances and depreciation	394,549	160,630
Effect of other timing differences	( 10,876)	32,991
	_______	_______
Tax on profit	431,600	254,612
	_______	_______

Equity dividends

	2025	2024
	£	£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year)	1,080	-
	_______	_______

14. Intangible assets

	Goodwill	Total
	£	£
Cost
At 1 January 2025	7,506,413	7,506,413
Additions	678,635	678,635
	_______	_______
At 31 December 2025	8,185,048	8,185,048
	_______	_______
Amortisation
At 1 January 2025	1,650,760	1,650,760
Charge for the year	1,474,272	1,474,272
	_______	_______
At 31 December 2025	3,125,032	3,125,032
	_______	_______
Carrying amount
At 31 December 2025	5,060,016	5,060,016
	_______	_______
At 31 December 2024	5,855,653	5,855,653
	_______	_______

15. Tangible assets

	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£	£
Cost
At 1 January 2025	78,359	45,857	141,084	265,300
Additions	54,211	14,185	-	68,396
Disposals	-	-	( 141,084)	( 141,084)
	_______	_______	_______	_______
At 31 December 2025	132,570	60,042	-	192,612
	_______	_______	_______	_______
Depreciation
At 1 January 2025	46,079	33,195	39,974	119,248
Charge for the year	20,353	3,458	2,351	26,162
Disposals	-	-	( 42,325)	( 42,325)
	_______	_______	_______	_______
At 31 December 2025	66,432	36,653	-	103,085
	_______	_______	_______	_______
Carrying amount
At 31 December 2025	66,138	23,389	-	89,527
	_______	_______	_______	_______
At 31 December 2024	32,280	12,662	101,110	146,052
	_______	_______	_______	_______

Obligations under finance leases

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:


		Motor vehicles
		£
	At 31 December 2025	-
		_______
	At 31 December 2024	101,020
		_______

16. Investments

	Shares in group undertakings	Other investments other than loans	Total
	£	£	£
Cost
At 1 January 2025	4,167,498	265,880	4,433,378
Disposals	( 41,747)	( 265,880)	( 307,627)
	_______	_______	_______
At 31 December 2025	4,125,751	-	4,125,751
	_______	_______	_______
Impairment
Impairment loss	41,752	-	41,752
At 1 January 2025 and 31 December 2025	141,752	-	141,752
	_______	_______	_______
Carrying amount
At 31 December 2025	3,983,999	-	3,983,999
	_______	_______	_______
At 31 December 2024	4,067,498	265,880	4,333,378
	_______	_______	_______

17. Debtors

	2025	2024
	£	£
Trade debtors	396,573	345,392
Amounts owed by group undertakings	139,442	137,843
Prepayments and accrued income	91,296	69,533
Other debtors	830,796	1,301,851
	_______	_______
	1,458,107	1,854,619
	_______	_______

18. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	-	211,921
Trade creditors	314,913	242,809
Amounts owed to group undertakings	-	115,686
Amounts owed to undertakings in which the company has a participating interest	2,190,373	-
Accruals and deferred income	190,865	82,318
Corporation tax	330,146	224,542
Social security and other taxes	139,460	46,234
Obligations under finance leases	-	91,290
Director loan accounts	710	-
Other creditors	1,840,851	1,693,820
	_______	_______
	5,007,318	2,708,620
	_______	_______

The bank overdraft and loans are secured on the following: Bond & Floating charge where floating charge covers all the property or undertaking of the company.

19. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Other creditors	946,000	5,002,613
	_______	_______

20. Obligations under finance leases

Company lessee

The total future minimum lease payments under finance lease agreements are as follows:

	2025	2024
	£	£
Not later than 1 year	-	91,290
	_______	_______
Present value of minimum lease payments	-	91,290
	_______	_______

21. Provisions

	Deferred tax (note 22)	Total
	£	£
At 1 January 2025	34,720	34,720
Additions	( 10,876)	( 10,876)
	_______	_______
At 31 December 2025	23,844	23,844
	_______	_______

22. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2025	2024
	£	£
Included in provisions (note 21)	23,844	34,720
	_______	_______

The deferred tax account consists of the tax effect of timing differences in respect of:

	2025	2024
	£	£
Accelerated capital allowances	23,844	34,720
	_______	_______

23. Employee benefits

The amount recognised in profit or loss in relation to defined contribution plans was £ 165,926 (2024: £ 194,408 ).

24. Operating leases

The company as lessee

The total future minimum lease payments under non-cancellable operating leases are as follows:


	£	£

Not later than 1 year	157,747	115,206
Later than 1 year and not later than 5 years	346,268	359,715
	_______	_______
	504,015	474,921
	_______	_______

25. Limitation of auditors liability

The company has entered into a liability limitation agreement with the company's auditor which was approved on 15 January 2026. The principal terms of the agreement are that the auditor's liability is limited to a multiple of the audit fee issued and paid for the year, but the multiple cannot be less than such amount as is fair and reasonable.

26. Directors advances, credits and guarantees

	During the year the directors entered into the following advances and credits with the company:

2025
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	Paul Dalzell	745,977	( 746,687)	( 710)
	Elizabeth Dalzell	30,133	( 30,133)	-
		_______	_______	_______
		776,110	( 776,820)	( 710)
		_______	_______	_______

2024
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	Paul Dalzell	626,175	119,802	745,977
	Elizabeth Dalzell	( 45,062)	75,195	30,133
		_______	_______	_______
		581,113	194,997	776,110
		_______	_______	_______

27. Related party transactions

Milecross Financial Solutions Limited owns 100% of the shares in Milecross Financial (Scotland) Limited and M & G Cliffe LimitedAt the balance sheet date the amount owed to the company from Milecross Financial (Scotland) Limited was £139,442 (2024: £137,873)At the balance sheet date the amount owed by the company to M & G Cliffe Limited was £NIL (2024: £115,686) At the balance sheet date the amount owed by the company to Openwork Partnership LLP was £2,190,373.

28. Controlling party

The previous ultimate controlling party was Paul Dalzell until 6 June 2025, from this date the ultimate controlling party is Openwork Partnership LLP.Registered office: Auckland House, Lydiard Fields, Swindon, England, SN5 8UB