REGISTERED NUMBER: 09683024 (England and Wales)

TALENTFUL LTD

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

6

Report of the Independent Auditors

8

Consolidated Income Statement

11

Consolidated Other Comprehensive Income

12

Consolidated Balance Sheet

13

Company Balance Sheet

14

Consolidated Statement of Changes in Equity

15

Company Statement of Changes in Equity

16

Consolidated Cash Flow Statement

17

Notes to the Consolidated Cash Flow Statement

18

Notes to the Consolidated Financial Statements

20

DIRECTORS:

C Abbass

P Blaydes

REGISTERED OFFICE:

C/O Smb Llp, 87-91 Newman Street,

London

W1T 3EY

REGISTERED NUMBER:

09683024 (England and Wales)

AUDITORS:

Beavis Morgan Audit Limited, Statutory Auditor

3rd Floor

Marlborough House

298 Regents Park Road

Finchley

London

N3 2SZ

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

Talentful is inventing the future of recruiting.

This strategic report sets out our performance, achievements and strategy for the year ended 31 December 2025. It has been prepared in accordance with the Companies Act 2006 and is intended to give stakeholders a clear understanding of the position of the business and the direction we are taking.

BUSINESS OVERVIEW

Talentful builds and runs hiring teams inside technology companies. Our talent partners work as an embedded part of each client's organisation, in the client's systems and under the client's brand, on a subscription that flexes with the client's hiring plan. We work with technology companies at every stage of their growth, from early-stage start-ups to hypergrowth businesses and global enterprises, and increasingly with companies in other industries that are rebuilding themselves around technology and AI.

The embedded model is supported by two assets that we own. Talentverse is our proprietary technology platform, built by recruiters on ten years of hiring outcomes and used by every talent partner every day. HIGHER is our community of more than 12,000 senior in-house talent acquisition leaders, which gives our clients a peer network and real-time market intelligence.

Founded in 2015, the Group has made more than 25,000 hires for clients in over 80 countries, delivered by teams across North America, EMEA and APAC. We build companies that build the future

PRINCIPAL RISKS AND UNCERTAINTIES

The directors have identified the following principal risks and the way in which each is managed:

Hiring Demand: Demand for our services follows the hiring plans of technology companies, which can change with funding conditions and the wider economy. We manage this through a subscription model that flexes monthly, a client base spread across stages, sectors and regions, and a delivery cost base that scales with revenue.

Client Concentration: A number of larger accounts represent a meaningful share of revenue. We manage this through breadth within each account, long-standing relationships at senior level and continued growth in new clients.

People: Our results depend on attracting, developing and retaining excellent talent partners in a competitive market. We invest in training, career progression and our technology to keep the best people at Talentful.

Technology and AI: AI is changing how sourcing and screening are done. We see this as an opportunity rather than a threat. Talentverse puts these capabilities in the hands of our own people, and the value of experienced judgement inside a client rises as the volume of applications grows. The risk is managed through continued investment in the platform and in the skills of our people.

Regulatory and Employment Law: We employ people in several jurisdictions and our model must operate correctly within the employment and tax rules of each. We take specialist advice and maintain controls over how our people are engaged and contracted.

Foreign Exchange: A proportion of revenue and cost is denominated in currencies other than sterling, principally US dollars. Costs are largely matched to revenue in each currency and the exposure is reviewed regularly.

Data and Information Security: We hold candidate and client data on behalf of our clients. We maintain information security policies, access controls and supplier due diligence, and review them regularly.

FINANCIAL PERFORMANCE

2025 was a year of strong growth for Talentful. Demand for high-quality technology talent recovered through the year, led by companies building and adopting AI, and the investment we have made in our delivery model, our technology and our enterprise client base allowed us to capture that demand at scale. Revenue grew by 59.4%, profit before tax by 72.8%, and the Group finished the year with more cash, no borrowings and a materially stronger balance sheet.

Key financial highlights include:

Revenue: Group revenue for the year increased to £30.89 million (2024: £19.37 million), an increase of 59.4%. Growth came from expansion within existing enterprise accounts, new client wins across the technology sector and continued growth in the United States.

Gross Profit: Gross profit increased by 42.1% to £11.42 million (2024: £8.04 million). Gross margin was 37.0% (2024: 41.5%). The reduction in margin percentage reflects the mix of growth in the year and the decision to add delivery capacity ahead of revenue, with average headcount rising from 163 to 256. We expect gross margin to improve as the teams hired in 2025 reach full productivity.

Operating Expenses: Administrative expenses increased by 30.0% to £6.85 million (2024: £5.27 million), well below the rate of revenue growth, reflecting continued investment in our team, technology and brand alongside disciplined control of the central cost base.

Operating Profit: Operating profit increased by 72.6% to £4.78 million (2024: £2.77 million), demonstrating the operating leverage in the model as revenue growth was delivered over a central cost base that grew at half the rate.

Profit Before Tax: Profit before tax for the year was £4.79 million (2024: £2.77 million), an increase of 72.8%.

Profit after tax was £3.78 million (2024: £1.76 million).

Cash and Balance Sheet: Cash generated from operations was £2.76 million (2024: £2.81 million), after funding the working capital required by a much larger revenue base. Cash at bank at 31 December 2025 was £3.45 million (2024: £2.52 million) and the Group has no borrowings. Net assets increased to £7.12 million (2024: £4.97 million).

Investment: The Group continued to invest in the development of Talentverse during the year, capitalising £0.77 million of development costs (2024: £1.17 million).

Dividends: Interim dividends of £212,600 were paid during the year (2024: £587,000). The directors have chosen to retain the substantial majority of profits in the business to fund growth.

Key Performance Indicators: The directors consider the key performance indicators of the business to be revenue growth (59.4%), gross margin (37.0%), operating profit (£4.78 million) and cash generated from operations (£2.76 million), each of which is discussed above.

KEY ACHIEVEMENTS

During 2025 Talentful delivered strong growth while continuing to deliver for the world's most demanding technology companies:

Enterprise Growth: Our largest accounts grew significantly during the year as we expanded across divisions, regions and role families within existing enterprise clients, and we won new enterprise relationships with leading global technology businesses. Our client base now spans early-stage, hypergrowth and strategic enterprise companies.

United States: We continued to scale our team and client base in the United States, a key growth market for the Group, and our global delivery capability now supports clients across North America, EMEA and APAC with one unified approach.

Talentverse: We continued to invest in Talentverse in 2025. The platform now sits at the centre of how every talent partner works, from sourcing and matching through to live client reporting, and gives a new talent partner a working knowledge of a client in days rather than months.

HIGHER: HIGHER, our community for in-house talent leaders, grew to more than 12,000 members. It hosted the HIGHER Summit and executive roundtables during the year and published the annual State of Talent Acquisition report, strengthening the Group's insight into the market and its standing with talent leaders.

Our People: Average headcount grew from 163 to 256 and we strengthened the leadership team to support the next stage of growth. Our people are full-time employees of the Group who build long-term careers with us, and that continuity is a large part of what our clients value.

Customer Results: Our teams delivered for clients in more than 80 countries. Customer satisfaction and retention among our largest accounts remained at market-leading levels, and our focus on quality and consistent results means we continue to be trusted by the world's best companies to help scale their teams.

FUTURE STRATEGY

Looking ahead, Talentful is committed to the following strategic objectives:

Client-Centric Growth: Continue to grow within our existing clients, expanding across divisions, geographies and role families, while adding new relationships with leading technology companies.

United States: We see the United States as a significant growth market for Talentful and will continue to invest in the region.

Every Company Is Becoming a Technology Company: As companies in every industry rebuild around technology and AI, they need to hire the way technology companies do. We have spent eleven years inside the best of them, and we will broaden our client base to serve companies making that transition.

Proprietary Technology: We will continue to invest in Talentverse to increase the productivity of our people, improve results for our clients and strengthen our competitive advantage.

HIGHER: Grow the community, its events and its research, and deepen its role as the industry's home for in-house talent leaders.

Operational Efficiency: With the delivery capacity added in 2025 now in place, our priority for 2026 is to improve productivity and margins as those teams reach full effectiveness.

GOING CONCERN

The directors have reviewed the Group's forecasts and cash flow projections for a period of at least twelve months from the date of approval of these financial statements. The Group ended the year with cash of £3.45 million, no borrowings and a contracted, recurring revenue base. The directors are satisfied that the Group has adequate resources to continue in operational existence for the foreseeable future and have prepared the financial statements on the going concern basis.

ON BEHALF OF THE BOARD:

C Abbass - Director

3 October 2026

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

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of human resources provision and management.

DIVIDENDS

An interim dividend of £21.26 per Ordinary B share was paid during the year ended 31 December 2025. The directors do not recommend the payment of a final dividend.

Total dividends distributed during the year amounted to £212,600 (2024: £587,000).

DIRECTORS

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

C Abbass

P Blaydes

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;

-	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.

AUDITORS

The auditors, Beavis Morgan Audit Limited, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

C Abbass - Director

3 October 2026

Opinion

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

In our opinion the financial statements:

-	give a true and fair view of the state of the 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 Report of the Auditors 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 six, 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 a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

- Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements.

- Enquiring of management concerning actual and potential litigation and claims.

- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.

- In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the ordinary course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Hassan Behcet (Senior Statutory Auditor)

for and on behalf of Beavis Morgan Audit Limited, Statutory Auditor

3rd Floor

Marlborough House

298 Regents Park Road

Finchley

London

N3 2SZ

3 October 2026

TURNOVER

30,886,244

19,371,252

Cost of sales

19,467,586

11,335,522

GROSS PROFIT

11,418,658

8,035,730

Administrative expenses

6,846,958

5,265,858

4,571,700

2,769,872

Other operating income

208,097

-

OPERATING PROFIT

4

4,779,797

2,769,872

Interest receivable and similar income

4,491

7,304

4,784,288

2,777,176

Interest payable and similar expenses

6

(2,806

)

6,965

PROFIT BEFORE TAXATION

4,787,094

2,770,211

Tax on profit

7

1,022,666

1,011,239

PROFIT FOR THE FINANCIAL YEAR

3,764,428

1,758,972

Profit attributable to:

Owners of the parent

3,764,428

1,758,972

PROFIT FOR THE YEAR

3,764,428

1,758,972

OTHER COMPREHENSIVE INCOME

Foreign exchange movement

(325,431

)

(40,893

)

Other reserves movement

(1,066,656

)

(274,664

)

Income tax relating to components of other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

(1,392,087

)

(315,557

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,372,341

1,443,415

Total comprehensive income attributable to:

Owners of the parent

2,372,341

1,443,415

FIXED ASSETS

Intangible assets

10

2,633,043

2,451,522

Tangible assets

11

161,896

62,887

Investments

12

-

-

2,794,939

2,514,409

CURRENT ASSETS

Debtors

13

4,032,419

2,565,000

Prepayments and accrued income

404,217

146,164

Cash at bank

3,454,821

2,523,312

7,891,457

5,234,476

CREDITORS

Amounts falling due within one year

14

3,561,477

2,611,634

NET CURRENT ASSETS

4,329,980

2,622,842

TOTAL ASSETS LESS CURRENT LIABILITIES

7,124,919

5,137,251

CREDITORS

Amounts falling due after more than one year

15

-

172,073

NET ASSETS

7,124,919

4,965,178

CAPITAL AND RESERVES

Called up share capital

17

111

111

Foreign exchange reserve

18

(477,973

)

(152,542

)

Other reserves

18

(1,341,320

)

(274,664

)

Retained earnings

18

8,944,101

5,392,273

SHAREHOLDERS' FUNDS

7,124,919

4,965,178

The financial statements were approved by the Board of Directors and authorised for issue on 3 October 2026 and were signed on its behalf by:

C Abbass - Director

FIXED ASSETS

Intangible assets

10

586,640

451,516

Tangible assets

11

145,305

44,768

Investments

12

172,368

172,368

904,313

668,652

CURRENT ASSETS

Debtors

13

2,598,751

1,839,067

Prepayments and accrued income

200,727

79,885

Cash at bank

577,496

1,929,586

3,376,974

3,848,538

CREDITORS

Amounts falling due within one year

14

1,364,307

3,241,213

NET CURRENT ASSETS

2,012,667

607,325

TOTAL ASSETS LESS CURRENT LIABILITIES

2,916,980

1,275,977

CREDITORS

Amounts falling due after more than one year

15

-

172,073

NET ASSETS

2,916,980

1,103,904

CAPITAL AND RESERVES

Called up share capital

17

111

111

Other reserves

18

(1,341,320

)

(274,664

)

Retained earnings

18

4,258,189

1,378,457

SHAREHOLDERS' FUNDS

2,916,980

1,103,904

Company's profit for the financial year

3,092,332

1,140,986

The financial statements were approved by the Board of Directors and authorised for issue on 3 October 2026 and were signed on its behalf by:

C Abbass - Director

Called up

Foreign

share

Retained

exchange

Other

Total

capital

earnings

reserve

reserves

equity

£

£

£

£

£

Balance at 1 January 2024

111

4,220,301

(111,649

)

-

4,108,763

Changes in equity

Dividends

-

(587,000

)

-

-

(587,000

)

Total comprehensive income

-

1,758,972

(40,893

)

(274,664

)

1,443,415

Balance at 31 December 2024

111

5,392,273

(152,542

)

(274,664

)

4,965,178

Changes in equity

Dividends

-

(212,600

)

-

-

(212,600

)

Total comprehensive income

-

3,764,428

(325,431

)

(1,066,656

)

2,372,341

Balance at 31 December 2025

111

8,944,101

(477,973

)

(1,341,320

)

7,124,919

Called up

share

Retained

Other

Total

capital

earnings

reserves

equity

£

£

£

£

Balance at 1 January 2024

111

824,471

-

824,582

Changes in equity

Dividends

-

(587,000

)

-

(587,000

)

Total comprehensive income

-

1,140,986

(274,664

)

866,322

Balance at 31 December 2024

111

1,378,457

(274,664

)

1,103,904

Changes in equity

Dividends

-

(212,600

)

-

(212,600

)

Total comprehensive income

-

3,092,332

(1,066,656

)

2,025,676

Balance at 31 December 2025

111

4,258,189

(1,341,320

)

2,916,980

Cash flows from operating activities

Cash generated from operations

1

2,759,735

2,810,928

Interest paid

2,806

(6,965

)

Tax paid

(623,596

)

(603,865

)

Net cash from operating activities

2,138,945

2,200,098

Cash flows from investing activities

Purchase of intangible fixed assets

(770,531

)

(1,169,279

)

Purchase of tangible fixed assets

(152,092

)

17,906

Sale of intangible fixed assets

16,330

512,459

Sale of tangible fixed assets

998

5,490

Interest received

4,491

7,304

Net cash from investing activities

(900,804

)

(626,120

)

Cash flows from financing activities

Amount introduced by directors

(1,725

)

1,009,365

Amount withdrawn by directors

(113,933

)

(848,328

)

Equity dividends paid

(212,600

)

(587,000

)

Net cash from financing activities

(328,258

)

(425,963

)

Increase in cash and cash equivalents

909,883

1,148,015

Cash and cash equivalents at beginning of year

2

2,515,307

1,367,292

Effect of foreign exchange rate changes

29,457

-

Cash and cash equivalents at end of year

2

3,454,647

2,515,307

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit before taxation

4,787,094

2,770,211

Depreciation charges

500,846

388,103

Loss/(profit) on disposal of fixed assets

3,063

(2,019

)

Foreign exchange movement

-

(40,893

)

EBT capital contributions

(1,066,656

)

(274,664

)

Bad Debt Reversal

(245,271

)

-

Finance costs

(2,806

)

6,965

Finance income

(4,491

)

(7,304

)

3,971,779

2,840,399

Increase in trade and other debtors

(1,332,681

)

(230,721

)

Increase in trade and other creditors

120,637

201,250

Cash generated from operations

2,759,735

2,810,928

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2025

31.12.25

1.1.25

£

£

Cash and cash equivalents

3,454,821

2,523,312

Bank overdrafts

(174

)

(8,005

)

3,454,647

2,515,307

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

2,523,312

1,367,645

Bank overdrafts

(8,005

)

(353

)

2,515,307

1,367,292

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank

2,523,312

931,509

3,454,821

Bank overdrafts

(8,005

)

7,831

(174

)

2,515,307

939,340

3,454,647

Total

2,515,307

939,340

3,454,647