The directors present the strategic report for the year ended 31 March 2026.
The group's business derives from the business of its subsidiary, IFF Research Limited. The business delivered just under last year’s record revenue performance, with revenues reaching £21.8 million (£22.4 million in 2024/25) and EBITDA increasing to £2.05 million (£1.63 million the previous year).
Following the election in summer 2024, there was a period of uncertainty that impacted the commissioning and delivery of social research in the UK. This impacted research revenues carrying over to the first half of 2025. Things picked up considerably in the 2nd half of the year but the impact on our business was that revenues were essentially static for the first time in more than a decade.
We continued to deliver high-impact research to our core audience as demonstrated by our track record of retaining delivery on several high-profile prestigious projects. In line with our strategic plan we expanded into new sectors, enabling more organisations to make informed decisions and amplify their social impact.
Our greatest asset is our IFF team. We are committed to embracing the right technologies, to expand our reach and depth of research. Internally, we’ve adopted new digital tools and workflows to improve efficiency and cost-effectiveness. For us, technology is an enabler—not a replacement for our authenticity or our Human First approach. We lead on delivering with a personal touch, from scoping solutions to final delivery and client engagement.
The economic environment remains uncertain, shaped by geopolitical tensions and constrained fiscal headroom. The political environment remains volatile: the recent change in premiership – with Andy Burnham replaces Sir Keir Starmer as PM – and the accompanying review of political priorities has already led to some research projects being cancelled.
The new Employment Rights Act has also introduced risk to our model both in terms of the changes to sick pay and the potential right to request guaranteed hours.
Nonetheless, the demand for robust research remains strong. We anticipate renewed momentum in requests for proposals and new tenders in the balance of year.
Management use a range of performance measures to monitor the business. The performance measures are financial key performance indicators as set out below for the group:
| 2026 | 2025 |
Earnings Before Interest, Taxes, Depreciation, and Amortisation Gross Profit Margin
| £ 2,055k 45.8%
| £ 1,638k 42.8%
|
We also track the percentage of secured revenue carried forward into the next financial year, which is a critical measure of business resilience.
On the non-financial side, we assess:
Colleague engagement levels to inform talent acquisition and retention strategies
Client satisfaction metrics to ensure we continue delivering value and impact
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 March 2026.
The results for the year are set out on page 7.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
No preference dividends were paid. The directors do not recommend payment of a final dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
This report has been prepared in accordance with the provisions applicable to groups and companies entitled to the medium-sized companies exemption.
United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company 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 group and parent company, 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 United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
We have audited the financial statements of Dalaj Topco Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2026 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Basis for 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 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
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our 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 have been prepared in accordance with applicable legal requirements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
As part of our planning process:
We enquired of management the systems and controls the group has in place, the areas of the financial statements that are most susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The group did not inform us of any known, suspected or alleged fraud.
We obtained an understanding of the legal and regulatory frameworks applicable to the group. We determined that the following were most relevant: FRS 102, Companies Act 2006 and General Data Protection Regulation.
We considered the incentives and opportunities that exist in the group, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.
Using our knowledge of the group, together with the discussions held with the group at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.
The key procedures we undertook to detect irregularities including fraud during the course of the audit included:
Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.
Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.
Assessing the extent of compliance, or lack of, with the relevant laws and regulations.
Testing key revenue lines, in particular cut-off, for evidence of management bias.
Performing a physical verification of key assets.
Obtaining third-party confirmation of material bank and loan balances.
Documenting and verifying all significant related party and consolidated balances and transactions.
Reviewing documentation such as the group board minutes for discussions of irregularities including fraud.
Testing all material consolidation adjustments.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors of the group and company.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the parent 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 parent company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £0 (2025 - £0 profit).
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
Dalaj Topco Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5th Floor The Harlequin Building, 65 Southwark Street, London, England, SE1 0HR.
The group consists of Dalaj Topco Limited and all of its subsidiaries.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements have been prepared with early application of the FRS 102 Period Review 2024 amendments in full, see note 2 for details.
The consolidated group financial statements consist of the financial statements of the parent company Dalaj Topco Limited together with all entities controlled by the parent company (its subsidiaries).
All financial statements are made up to 31 March 2026. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
In assessing the appropriateness of the going concern basis of accounting, the directors have considered all relevant information available about the future, covering a period of at least 12 months from the date on which the financial statements are authorised for issue.
The Group has loan notes which mature in August 2027. The directors are considering various options for the settlement of this obligation and, having considered the Group’s available financial resources and financing options, are satisfied that the Group will have sufficient resources to meet its obligations as they fall due. Accordingly, at the date of approval of the financial statements, the directors have a reasonable expectation that the Group and Parent Company have adequate resources to continue in operational existence for the foreseeable future. The directors therefore continue to adopt the going concern basis of accounting in preparing the financial statements.
Revenue and attributable profit arise from continuing operations within the UK and are recognised by applying the five-step model.
1. Identifying the contract with a customer
2. Identifying the performance obligations
3. Determining the transaction price
4. Allocating the transaction price to the performance obligations, and then
5. Recognising revenue when/as performance obligation(s) are satisfied.
Revenue is measured at the fair value of the consideration received or receivable, net of Value Added Tax and trade discounts.
Where the company provides contract services and performance creates or enhances an asset controlled by the customer, or the company has an enforceable right to payment for performance completed to date, turnover is recognised over time.
Progress towards complete satisfaction of performance obligations is measured using the output method, based on direct measurements of value transferred to the customer to date (including the achievement of contractually agreed milestones, completion of specified fieldwork stages, and the delivery and customer sign-off of defined project outputs).
When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised immediately as an expense in profit or loss, with an adjustment to contract assets/liabilities or a corresponding provision for onerous contracts.
Assets under development are not depreciated.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
The group 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.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity. The total fair value of the options granted by the company is immaterial to the accounts.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
In the current year, the FRS 102 Periodic Review 2024 was applied by the group for the first time and affects the financial statements as follows.
The group has applied the FRS 102 Periodic Review 2024 amendments to Section 20 Leases as an adjustment to the opening balance of retained earnings at the date of initial application. Comparative information is not restated.
The group’s revised accounting policies for leases are set out in note 1 and the adjustment for each financial statement line item affected by the application of the Periodic Review 2024 in the current period is set out below.
The group has taken advantage of the following practical expedients permitted when applying the Periodic Review 2024:
For contracts that have previously been assessed for the existence of a lease, the group has not reassessed whether a contract is, or contains, a lease at the date of initial application.
Leases previously classified as operating leases for which the lease term ends within 12 months of the date of initial application have been treated as short-term leases.
A single discount rate has been applied to portfolios of leases with reasonably similar characteristics.
Information received and choices made after the date of initial application have been applied to the assessment of leases previously classified as operating leases, such as in determining the lease term where the contract contains options to extend or terminate the lease.
Where leases have previously been assessed as onerous operating leases, the right-of-use asset recognised at the date of initial application has been adjusted by the amount of any provision for onerous leases recognised, instead of carrying out a separate impairment assessment.
During the year, the company early adopted the amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (Periodic Review 2024), including revised Section 23 Revenue from Contracts with Customers. The company has applied the revised requirements using the modified retrospective approach from the date of initial application. Comparative information has not been restated.
Under revised Section 23, revenue recognition is based on the transfer of control under a five-step model rather than the transfer of risks and rewards. The company has evaluated its revenue streams against the revised standard and concluded that the timing and measurement of revenue recognition remain unchanged. Consequently, the adoption of revised Section 23 had no material effect on revenue, profit or loss, net assets, or opening retained earnings for the current or prior periods.
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
For research projects in progress at 31 March 2026, management applies judgement under revised FRS 102 Section 23 to identify distinct performance obligations and determine the appropriate method for measuring progress over time. Contracts are broken down into constituent tasks, with transaction prices allocated accordingly. Progress for telephone fieldwork is measured using an output method based on completed interviews relative to contractual targets. For research, data services, and coding tasks, progress is determined through detailed assessments by Research Directors of work completed against project milestones. Management applies structured project metrics to minimise subjectivity, ensuring that the recognised revenue and related contract balances reliably reflect the transfer of services to the customer up to the balance sheet date.
The Group leases office space. The asset and liability arising from this lease arrangement are initially measured on a present value basis with the lease payments discounted based on the Group's estimated incremental cost of borrowing. The directors have determined that a discount rate of 6.8% per annum is appropriate to discount the lease payments under the lease.
The Group has calculated the right-of-use asset using the full term of the lease.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
Details of the company's subsidiaries at 31 March 2026 are as follows:
Registered office addresses (all UK unless otherwise indicated):
The Company has recognised right-of-use assets and corresponding lease liabilities in respect of its lease arrangements in accordance with Section 20, Leases, of FRS 102.
The lease expires on 10 June 2029 and the lease liability has been measured at the present value of the remaining lease payments, using a 6.8% discount rate, being the lessee's incremental borrowing rate. The right-of-use asset has been initially measured at an amount equal to the lease liability, adjusted for any applicable lease payments made at or before commencement, lease incentives and other adjustments required by FRS 102.
The loan notes have an interest rate of 11% per annum and has a maturity date of August 2027. The loan notes are repayable in full on the maturity date at the principal amount together with any outstanding accrued interest.
The long-term loans are secured by fixed and floating charges over all assets held by the Group.
The following are the major deferred tax liabilities and assets recognised by the group and company:
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
During the year ended 31 March 2024, the company entered into an EMI scheme with certain employees. Under this scheme, 17,208 share options were granted to certain employees of the company. Each option entitles to holder to subscribe for new Ordinary D shares in Dalaj Topco Limited.
13,217 options held by 22 employees are outstanding at 31 March 2026 and have an exercise price of £0.34. The options granted vest immediately.
These options may only be exercised upon an exit event. An exit event is defined as a takeover, business sale, listing, or the winding up of the company. Under the directors' discretion, a capital raising could also give rise to an exit event. As at 31 March 2026, an exit event was not probable.
The Ordinary A shares carry the right to vote, the right to receive dividends, and the right to distribution of capital. The Ordinary A shares are not redeemable.
The Ordinary B shares do not carry the right to vote. They do carry the right to receive dividends and the right to distribution of capital. The Ordinary B shares are not redeemable.
The Ordinary A and B shares rank pari passu.
The Ordinary C shares carry the right to vote, the right to receive dividends, and the right to distribution of capital. The Ordinary C shares are not redeemable.
The Preference A and B shares do not carry the right to vote. They do carry the right to receive dividends and the right to distribution of capital. They are redeemable.
The Preferred C shares do not carry the right to vote nor the right to receive dividends. They do carry the right to distribution of capital. They are not redeemable.