REGISTERED NUMBER: 06783479 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

FOR

NEEM CONSULTING LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

6

Report of the Independent Auditors

8

Statement of Comprehensive Income

12

Statement of Financial Position

13

Statement of Changes in Equity

14

Statement of Cash Flows

15

Notes to the Statement of Cash Flows

16

Notes to the Financial Statements

17

DIRECTORS:

Mr R M Tweedie

Mr O Macpherson

Mr J Myatt

Mr G Roberts

SECRETARY:

Mr R M Tweedie

REGISTERED OFFICE:

Fergusson House

124 City Road

London

EC1V 2NX

REGISTERED NUMBER:

06783479 (England and Wales)

AUDITORS:

Ad Valorem Audit Services Limited

Chartered Certified Accountants & Statutory

Auditors

2 Manor Farm Court

Old Wolverton Road

Old Wolverton

Milton Keynes

Buckinghamshire

MK12 5NN

The directors present their strategic report for the year ended 31 January 2026.

During the year, Neem Consulting consolidated the strategic investments made in prior periods and continued to diversify its services and client base. The Company achieved certification to four internationally recognised management system standards: ISO 9001, ISO 14001, ISO/IEC 27001 and ISO/IEC 20000-1. Neem also secured a place as a supplier on the Crown Commercial Service Tech Services 4 framework and appointed a Public Sector Sales Director to lead the launch and growth of its public-sector service offering. Alongside this, the Company continued to develop its Digital Commerce Consultancy and the complementary Rhino.AI software solution, while establishing further opportunities to provide resourcing and technology services to new Digital Commerce clients.

GENERAL BUSINESS REVIEW

The Company's performance for the year ended 31st January 2026 reflects continued investment in service diversification, operational maturity and new routes to market. The achievement of certification to four ISO standards has strengthened the Company's governance, service management and ability to meet increasingly rigorous client and procurement requirements. Appointment to the Tech Services 4 framework, together with the recruitment of a Public Sector Sales Director, provides a platform from which to establish and grow a material public-sector business. The continued development of the Digital Commerce Consultancy and Rhino.AI solution has created a further strategic growth platform. The directors consider that the greatest near-term opportunity lies in expanding these new Digital Commerce client relationships into broader resourcing and technology services, supported by Neem's status as an approved vendor and its established international delivery capability. The Company will continue to monitor market conditions, manage concentration and delivery risks, invest selectively in capability, and pursue sustainable and profitable growth.

PRINCIPAL ACTIVITIES

The principal activities of the Company remain the provision of business and management consultancy, IT consultancy, technology resourcing and business software development. The Company also provides specialist Digital Commerce Consultancy services, including digital commerce strategy, platform and product advisory, customer experience optimisation, data-led transformation and implementation support. These services are complemented by the continued development and commercialisation of the Rhino.AI software solution. During the year, the Company also began the structured development of its public-sector offering following its appointment to the Tech Services 4 framework.

1. Market Analysis, Positioning and Diversification:

- Continue detailed market analysis to identify emerging client requirements, technological developments, procurement trends and competitive positioning.

- Use the Company's certification to ISO 9001, ISO 14001, ISO/IEC 27001 and ISO/IEC 20000-1 to reinforce Neem's position as a trusted, secure, sustainable and well-governed consultancy partner.

- Continue reducing reliance on individual clients or sectors by developing a broader and more balanced portfolio of Digital Commerce, public-sector, resourcing and technology engagements.

- Focus business development activity on opportunities where Neem's integrated consultancy, resourcing, delivery and software capabilities provide a clear competitive advantage.

2. Digital Commerce and Rhino.AI Growth:

- Continue to expand the Digital Commerce Consultancy service through targeted client acquisition, strategic account development and the delivery of measurable commercial outcomes.

- Develop the Rhino.AI software solution as a complementary proposition that enhances the Company's Digital Commerce offering and supports scalable, repeatable delivery.

- Refine the combined consultancy and software proposition to address client requirements across digital strategy, content, commerce operations, customer experience and technology enablement.

- Build case studies, reusable methodologies, delivery accelerators and sector-specific propositions to strengthen market credibility and improve speed to value for clients.

3. Public-Sector Market Development:

- Capitalise on the Company's appointment as a Tech Services 4 supplier by formally launching and growing a dedicated public-sector service offering.

- Support the Public Sector Sales Director with appropriate bid, commercial, operational and delivery capability to establish a sustainable pipeline of public-sector opportunities.

- Develop compliant and repeatable processes for framework opportunities, tender responses, pricing, mobilisation, contract management and public-sector reporting.

- Build relationships with public bodies, framework partners and complementary suppliers to support both direct awards and collaborative bids.

4. Cross-Selling and Client Expansion:

- Expand relationships with newly acquired Digital Commerce clients into the Company's wider resourcing, technology consultancy, software development and delivery services.

- Use Neem's vendor status and established client relationships to identify adjacent requirements and increase the breadth and duration of client engagements.

- Introduce structured account planning and opportunity reviews to identify cross-functional growth opportunities and ensure coordinated client ownership.

- Prioritise this integrated account-development model as a principal growth area for the Company during the year.

5. Digital Transformation and Service Innovation:

- Continue to integrate artificial intelligence, automation, data analytics and cloud-native architectures into client solutions and internal delivery processes.

- Develop proprietary tools, reusable assets and delivery accelerators that improve quality, consistency, efficiency and client return on investment.

- Evaluate opportunities to create recurring or software-enabled revenue streams alongside the Company's consultancy and resourcing services.

- Maintain an appropriate balance between innovation, information security, service management, regulatory compliance and responsible use of emerging technologies.

6. Operational Excellence, ISO and Talent:

- Maintain and continually improve the integrated management system supporting ISO 9001, ISO 14001, ISO/IEC 27001 and ISO/IEC 20000-1 certification.

- Embed quality, environmental responsibility, information security and service management requirements into business planning, client delivery and supplier management.

- Continue investment in employee development, particularly in public-sector procurement, Digital Commerce, emerging technologies, service management and leadership capability.

- Promote cross-functional collaboration, knowledge sharing, succession planning and clear career-development pathways to support retention and scalable growth.

7. Client-Centric Growth, Partnerships and Marketing:

- Deepen client relationships through account-based strategies, tailored engagement plans, regular performance reviews and outcome-driven delivery models.

- Continue to strengthen client feedback, satisfaction measurement and continual-improvement processes across all service lines.

- Build alliances with relevant technology platforms, software providers, public-sector partners and industry associations.

- Increase market visibility through thought leadership, case studies, targeted campaigns, events and sector-specific content.

- Promote the Company's four ISO certifications, Tech Services 4 supplier status, Digital Commerce capability and Rhino.AI solution as key differentiators in procurement and tender processes.

GENERAL BUSINESS

REVIEW

STATEMENT

OF INCOME

The Company's performance for the year ended 31st January 2026 is in line with the expectations of the directors. The profit before tax and exceptional items for the year is £170,294 (2025: £286,744).

GENERAL BUSINESS

REVIEW STATEMENT

OF FINANCIAL

POSITION

The Company has positive net assets of £4,338,796 (2025: £4,051,842) strong cash position of £2,579,195 (2025: £2,262,801) and positive current assets of £5,309,798 (2025: £5,329,443).

SECTION

172(1) STATEMENT

The directors remain committed to acting in a way that they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole, while having regard to the matters set out in section 172(1) of the Companies Act 2006. In making strategic and operational decisions, the directors consider the long-term consequences of those decisions, the interests and development of employees, the need to foster strong relationships with clients, suppliers and business partners, the impact of the Company's operations on the community and the environment, the importance of maintaining high standards of business conduct, and the need to act fairly between members. The Company's four ISO certifications support this approach by providing formal frameworks for quality, environmental management, information security and IT service management. The development of the public-sector offering, Digital Commerce services and Rhino.AI solution is being managed with regard to sustainable growth, responsible investment, effective risk management and the interests of the Company's wider stakeholders.

The directors are aware of their duty under s.172 of the Companies Act 2006 to act in the way which they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole and, in doing so, to have regard (amongst other matters) to:

· the likely consequences of any decision in the long term;

· the interest of the Company's employees;

· the need to foster the Company's business relationships with suppliers, customers and others;

· the impact of the Company's operations on the community and the environment;

· the desirability of the Company maintaining a reputation for high standards of business conduct; and

· the need to act fairly as between members of the Company.

The Company prepares a budget on an annual basis and also has a 5-year strategic plan. The strategic plan facilitates the directors' consideration of the long term consequences of any decisions including any structural changes.

The directors understand the importance of strong relationships with employees, customers and suppliers. Further details on what is done to actively promote these relationships are documented in the Directors' Report.

ON BEHALF OF THE BOARD:

Mr J Myatt - Director

21 October 2026

The directors present their report with the financial statements of the company for the year ended 31 January 2026.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of business and management consultancy.

DIVIDENDS

An interim dividend of 143.60 per share was paid on . The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 January 2026 will be £ 143,616 .

Dividend was paid on 31 Mar 2025 and 22 Dec 2025.

DIRECTORS

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

Mr R M Tweedie

Mr O Macpherson

Mr J Myatt

Mr G Roberts

POLITICAL AND CHARITABLE CONTRIBUTION

The company made charitable donations of £2,581 (2025: £8,315) in the year. No political donations were made.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the 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 of 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 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 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.

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

AUDITORS

The auditors, Ad Valorem Audit Services Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr J Myatt - Director

21 October 2026

Opinion

We have audited the financial statements of Neem Consulting Limited (the 'company') for the year ended 31 January 2026 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 company's affairs as at 31 January 2026 and of its 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 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 directors are responsible for the other information. The other information comprises the information in the 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 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, 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 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 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.

Auditors' responsibilities for the audit of the financial statements

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

Extent to which our procedures are capable of detecting irregularities, including fraud:

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. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud was as follows:

- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector in which the company operates;

- We focused on specific laws and regulations which we considered may have a direct impact material effect on the financial statements, or the operations of the company which included the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;

- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- Identified laws and regulations were communicated within the audit team and the team remained alert to instances of non-compliance throughout the audit.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to involve the completeness and timing of income recognition and the override of controls by management.

To address the risk of fraud in relation to revenue recognition, we:

- Performed detailed substantive testing to address completeness and accuracy of sales;

- Assessed the appropriateness and application of the accounting policy concerning income recognition; and

- Performed detailed cut-off testing either side of the balance sheet date.

To address the risk of fraud through management bias and override of controls, we:

- Performed analytical procedures to identify any unusual or unexpected relationships;

- Tested journal entries to identify unusual transactions;

- Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias;

- Investigated the rationale behind significant or unusual transactions.

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: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidance-for-audit ors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in 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.

Darren Kerins FCCA (Senior Statutory Auditor)

for and on behalf of Ad Valorem Audit Services Limited

Chartered Certified Accountants & Statutory

Auditors

2 Manor Farm Court

Old Wolverton Road

Old Wolverton

Milton Keynes

Buckinghamshire

MK12 5NN

21 October 2026

TURNOVER

3

12,341,190

14,384,605

Direct costs

9,830,664

11,732,177

GROSS PROFIT

2,510,526

2,652,428

Administrative expenses

2,380,725

2,414,696

129,801

237,732

Other operating income

40,493

49,012

OPERATING PROFIT

5

170,294

286,744

Loan written off

6

(110,438

)

-

Provision for doubtful debts

6

440,688

50,605

500,544

337,349

Amounts written off investments

7

(57,578

)

(20,000

)

PROFIT BEFORE TAXATION

558,122

357,349

Tax on profit

8

127,552

83,043

PROFIT FOR THE FINANCIAL YEAR

430,570

274,306

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

430,570

Prior year adjustment

562,013

TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT

836,319

FIXED ASSETS

Tangible assets

10

67,745

192,400

Investments

11

139,321

81,743

207,066

274,143

CURRENT ASSETS

Debtors

12

2,730,603

3,066,642

Cash at bank

2,579,195

2,262,801

5,309,798

5,329,443

CREDITORS

Amounts falling due within one year

13

1,161,132

1,503,644

NET CURRENT ASSETS

4,148,666

3,825,799

TOTAL ASSETS LESS CURRENT LIABILITIES

4,355,732

4,099,942

PROVISIONS FOR LIABILITIES

14

16,936

48,100

NET ASSETS

4,338,796

4,051,842

CAPITAL AND RESERVES

Called up share capital

15

1,000

1,000

Retained earnings

16

4,337,796

4,050,842

SHAREHOLDERS' FUNDS

4,338,796

4,051,842

The financial statements were approved by the Board of Directors and authorised for issue on 21 October 2026 and were signed on its behalf by:

Mr J Myatt - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 February 2024

1,000

3,214,523

3,215,523

Prior year adjustment

-

562,013

562,013

As restated

1,000

3,776,536

3,777,536

Changes in equity

Total comprehensive income

-

274,306

274,306

Balance at 31 January 2025

1,000

4,050,842

4,051,842

Changes in equity

Dividends

-

(143,616

)

(143,616

)

Total comprehensive income

-

430,570

430,570

Balance at 31 January 2026

1,000

4,337,796

4,338,796

Cash flows from operating activities

Cash generated from operations

1

447,673

803,208

Tax paid

(249,803

)

(121,066

)

Net cash from operating activities

197,870

682,142

Cash flows from investing activities

Purchase of tangible fixed assets

(318,608

)

(179,012

)

Sale of tangible fixed assets

449,583

-

Net cash from investing activities

130,975

(179,012

)

Cash flows from financing activities

Amount introduced by directors

431,816

429,247

Amount withdrawn by directors

(300,651

)

(394,847

)

Equity dividends paid

(143,616

)

-

Inter entity

-

43,500

Net cash from financing activities

(12,451

)

77,900

Increase in cash and cash equivalents

316,394

581,030

Cash and cash equivalents at beginning of year

2

2,262,801

1,681,771

Cash and cash equivalents at end of year

2

2,579,195

2,262,801

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

2026

2025

£

£

Profit before taxation

558,122

357,349

Depreciation charges

41,383

53,523

(Profit)/loss on disposal of fixed assets

(47,704

)

952

(Gain)/loss on investment

(57,578

)

(20,000

)

494,223

391,824

Decrease in trade and other debtors

204,874

1,035,990

Decrease in trade and other creditors

(251,424

)

(624,606

)

Cash generated from operations

447,673

803,208

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 January 2026

31/1/26

1/2/25

£

£

Cash and cash equivalents

2,579,195

2,262,801

Year ended 31 January 2025

31/1/25

1/2/24

£

£

Cash and cash equivalents

2,262,801

1,681,771

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/2/25

Cash flow

At 31/1/26

£

£

£

Net cash

Cash at bank

2,262,801

316,394

2,579,195

2,262,801

316,394

2,579,195

Total

2,262,801

316,394

2,579,195

1.	STATUTORY INFORMATION

Neem Consulting Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the company.

ACCOUNTING ESTIMATES AND JUDGEMENTS

In preparing the financial statements, management were not required to make any estimates or judgements which may materially affect reported income, expenses, assets, liabilities or disclosure of contingent assets and liabilities.

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

TANGIBLE FIXED ASSETS

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings - 25% on cost

Office and computer equipment - 33% on cost

Motor Vehicle - 25% on cost

Livestock - 6.67% on cost

FIXED ASSET INVESTMENT

Investments in subsidiaries are measured at cost less accumulated impairment.

TAXATION

Taxation for the year comprises current and deferred tax. 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 equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

RESEARCH AND DEVELOPMENT

Expenditure on research and development is written off in the year in which it is incurred.

FOREIGN CURRENCIES

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

DEBTORS

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

CREDITORS

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2026

2025

£

£

United Kingdom

10,449,062

12,294,682

Europe

1,013,308

1,015,140

United States of America

658,720

872,254

South America

12,547

-

Asia

59,724

131,101

South Africa

-

71,428

Rest of World

147,829

-

12,341,190

14,384,605

Turnover represents net invoiced sales of services, excluding value added tax.

4.	EMPLOYEES AND DIRECTORS

2026

2025

£

£

Wages and salaries

1,437,776

1,495,809

Social security costs

186,883

163,229

Other pension costs

25,363

27,987

1,650,022

1,687,025

The average number of employees during the year was as follows:

2026

2025

28

31

2026

2025

£

£

Directors' remuneration

117,476

12,570

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2026

2025

£

£

Depreciation - owned assets

41,384

53,523

(Profit)/loss on disposal of fixed assets

(47,704

)

952

Foreign exchange differences

15,600

(3,759

)

Director's remuneration

117,476

12,570

Audit remuneration

13,655

8,245

6.	EXCEPTIONAL ITEMS

2026

2025

£

£

Loan written off

(110,438

)

-

Provision for doubtful debts

440,688

50,605

330,250

50,605

7.

AMOUNTS WRITTEN OFF INVESTMENTS

2026

2025

£

£

(Gain)/loss on investment

(57,578

)

(20,000

)