Contents of the Financial Statements

for the Period Ended 30 June 2025

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

Directors' report period ended 30 June 2025

The directors present their report with the financial statements of the company for the period ended 30 June 2025

Directors

The directors shown below have held office during the period of
1 July 2024 to 28 February 2025

Jonathan Gatt
Peter Lang

The director shown below has held office during the period of
1 June 2025 to 30 June 2025

Anna Gorton

The directors shown below have held office during the period of
20 May 2025 to 30 June 2025

Vishal Shah
Bryan Lewis

The directors shown below have held office during the period of
28 February 2025 to 30 June 2025

Adam Olding
Patrick Hall

The director shown below has held office during the period of
28 February 2025 to 20 May 2025

James Georgeson

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
2 October 2026

And signed on behalf of the board by:
Name: Adam Olding
Status: Director

Profit And Loss Account

for the Period Ended 30 June 2025

	2025	2024
	£	£
Turnover:	11,005,000	11,274,000
Cost of sales:	( 1,957,000 )	( 2,584,000 )
Gross profit(or loss):	9,048,000	8,690,000
Distribution costs:	0	0
Administrative expenses:	( 15,630,000 )	( 12,019,000 )
Other operating income:	1,732,000	1,766,000
Operating profit(or loss):	(4,850,000)	(1,563,000)
Interest receivable and similar income:	2,183,000	532,000
Interest payable and similar charges:	0	0
Profit(or loss) before tax:	(2,667,000)	(1,031,000)
Tax:	701,000	356,000
Profit(or loss) for the financial year:	(1,966,000)	(675,000)

Balance sheet

As at 30 June 2025

	Notes	2025	2024
		£	£
Called up share capital not paid:		0	0
Fixed assets
Intangible assets:	3	2,527,000	3,361,000
Tangible assets:	4	378,000	472,000
Investments:	5	11,811,000	11,196,000
Total fixed assets:		14,716,000	15,029,000
Current assets
Stocks:		0	0
Debtors:	6	48,264,000	52,299,000
Cash at bank and in hand:		93,586,000	88,953,000
Investments:		0	0
Total current assets:		141,850,000	141,252,000
Prepayments and accrued income:		3,726,000	3,881,000
Creditors: amounts falling due within one year:	7	( 43,448,000 )	( 48,062,000 )
Net current assets (liabilities):		102,128,000	97,071,000
Total assets less current liabilities:		116,844,000	112,100,000
Creditors: amounts falling due after more than one year:	8	( 257,000 )	( 528,000 )
Provision for liabilities:		( 92,749,000 )	( 85,768,000 )
Accruals and deferred income:		0	0
Total net assets (liabilities):		23,838,000	25,804,000
Capital and reserves
Called up share capital:		26,271,000	26,271,000
Share premium account:		0	0
Other reserves:		2,000	2,000
Profit and loss account:		(2,435,000 )	(469,000 )
Total Shareholders' funds:		23,838,000	25,804,000

The notes form part of these financial statements

Balance sheet statements

For the year ending 30 June 2025 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The notes form part of these financial statements

Notes to the Financial Statements

for the Period Ended 30 June 2025

• 1. Accounting policies

  Basis of measurement and preparation

  These financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 101

  Turnover policy

  Refer Note 3 of the Audited Accounts

  Tangible fixed assets depreciation policy

  Refer Note 13 of the Audited Accounts

  Intangible fixed assets amortisation policy

  Refer Note 14 of the Audited Accounts

  Other accounting policies

  Refer to the Notes of the Audited Accounts

Notes to the Financial Statements

for the Period Ended 30 June 2025

• 2. Employees

  	2025	2024
  Average number of employees during the period	45	48