The principal activity of the company continued to be that of a recruitment agency.

The Director presents the Strategic Report for the period from 31 March 2025 to 29 March 2026.

MTrec Recruitment successfully delivered its FY26 business plan and met all financial obligations to Open Up Group in full. The business delivered a resilient performance across its core sectors and markets despite the ongoing labour market constraints, supported by strong client retention, targeted business development and effective operational management. MTrec Recruitment continued to strengthen its established market position while maintaining a disciplined approach to financial management.

The notable highlights of this year include the following:

• Successfully delivered the FY26 business plan, exceeding the original financial and operational targets set at the start of the year.

• Ensured all financial obligations to OPG were met in full throughout the year.

• Secured the extension of a highly prestigious automotive recruitment contract with a key employer in the North East's automotive industry, reinforcing a long-standing partnership and our continued commitment to supporting the region's manufacturing sector.

• Continued the delivery of a long-term recruitment partnership for a renowned multinational manufacturing client, supporting the ongoing growth of its strategically important and expanding North East operation.

• Achieved Gold accreditation from Investors in People, recognising our commitment to excellence in leadership, people management and workplace culture.

• Successfully retained key long-term MTrec clients, reinforcing long-standing partnerships and ensuring continued business growth.

• Expanded the permanent recruitment divisions through sustained market development, while securing new clients across the region and at a national level.

• Successful retention of long-serving key staff members, ensuring continuity, expertise, leadership and organisational knowledge.

The Industrial Recruitment division has successfully retained its strong portfolio of key clients and secured the extension of a temporary labour supply contract with a highly prestigious automotive client, reinforcing its position as a trusted recruitment partner within the sector. The division has continued to deliver against a long-term recruitment partnership with a renowned multinational manufacturing client, supporting ongoing growth and workforce requirements as the client continues to move forward with investment plans at its North East facility.

The MTrec Sales team continued to provide valuable support across all areas of the business, with a key highlight of the year being the retention and further development of experienced sales consultants. Their market knowledge and commercial capabilities have helped to drive client acquisition locally and on a national basis.

The Permanent Recruitment division continued to perform strongly throughout FY26, supported by an experienced and established team structure that strengthened collaboration with the sales team and created new client opportunities across a range of sectors, while helping to sustain the growth and development of the division.

• The results for the financial period ended 29 March 2026 show increased growth and profitability.

• Turnover increased to £30,196,273 (2024-2025: £26,319,612), representing an increase of 15%.

• Gross Profit increased to £5,116,381 (2024-2025: £4,643,471), representing an increase of 10%.

• Profit Before Tax increased to £823,018 (2024-2025: £757,753), representing an increase of 9%.

• Net Assets increased to £3,093,009 (2024-2025: £2,735,285), representing an increase of 13%.

• Experienced Senior Team - The senior team remains unchanged, providing continuity, industry experience and a strong commitment to the short- and long-term success of MTrec.

• Staff Loyalty and Flexibility – The experienced and committed workforce remains a key strength, as demonstrated by strong service records, low staff turnover, and high retention rates. The flexibility and dedication of all teams across the business continue to support operational efficiency and the ongoing success of the company.

• Financial/Budgetary Planning – Diligent financial planning and budgetary control processes are firmly embedded within the business and remain a key strength, supporting effective decision-making, financial discipline, and the achievement of long-term strategic objectives and financial obligations.

• Strong and Loyal Customer Base – The business continues to retain and strengthen its portfolio of key clients through established, effective account management processes and a commitment to delivering tailored, high-quality recruitment solutions.

• Credit Control Management – The business continues to operate effective credit control and financial checking processes, ensuring strong cash management and mitigating financial risk.

• Investment and Integration of New Technology – MTrec continues to invest across all areas of the business, providing its clients, business partners, candidates, and internal teams with the best-in-class recruitment technology solutions to enhance delivery and efficiency.

• Business and Industry Accreditations – MTrec continues to demonstrate clear strengths as an employer of choice, having achieved Gold accreditation with Investors in People. This recognition reaffirms MTrec’s ongoing commitment to excellence. MTrec also maintains membership with recognised industry bodies, governing agencies, and recruitment specialists to support best practice standards and continued professional development.

• Pricing Policy – The consistent review and flexibility of client pricing enable MTrec to respond quickly and effectively to changing market conditions, while maintaining commercial and financial discipline to support long-term financial goals. This approach is evidenced by improved margin performance, effective cost control, and the continued focus on delivering sustainable, long-term profit.

• Solid Financial Foundations – MTrec continues to meet all financial obligations through a balanced approach to risk management and profitability, ensuring a strong financial base and commitment to maintaining long-term financial stability. The business continues to manage its working capital cycle effectively through available liquid cash, with an invoice finance facility in place to provide additional flexibility and support future growth opportunities.

• Labour market conditions improved throughout FY26 following the challenges experienced during FY25, although candidate availability remains below pre-COVID levels across many sectors. Competition within the recruitment market remains strong, while wider economic uncertainty and inflationary pressures continue to influence client hiring decisions. MTrec continues to monitor market conditions closely, maintain strong client relationships, and adapt its recruitment strategies to changing demand. The trend of clients transitioning temporary workers into permanent positions more quickly and consistently has continued into FY26.

• The adoption of artificial intelligence continues to increase within white-collar environments, although the overall impact on recruitment demand has remained limited. Core skills, experience, and specialist knowledge are still the key requirements for hiring clients. MTrec will continue to monitor AI developments and assess their impact on future hiring trends, recruitment practices, and workforce requirements.

• The continued release and application of legislative changes, alongside the establishment of the Fair Work Agency, requires MTrec to continually review, refine and develop its processes and procedures to maintain compliance and mitigate regulatory risk. Current and future legislative developments must be closely monitored to assess their potential impact on labour demand across both the temporary and permanent recruitment divisions, enabling MTrec to adapt effectively and meet the long-term targets set.

• Continued increases in employment costs, alongside legislative changes affecting employers, may influence client hiring decisions, workforce structures, and recruitment budgets. The business continues to monitor changes in wage levels, employment costs, and market expectations to ensure pricing strategies remain competitive while maintaining commercial discipline and profitability.

• The recruitment industry remains highly competitive, with both established agencies and new entrants competing for clients, candidates, and skilled consultants. Recruitment businesses continue to expand operations into new sectors and areas, which increases competitive pressure. MTrec’s established client relationships, industry expertise and service delivery by established teams remain key factors in maintaining its market share within the region.

• Effective and controlled financial management remains essential within the recruitment sector due to the working capital requirements associated with temporary labour supply. MTrec continues to maintain strong financial controls, effective credit management processes, and disciplined cash flow monitoring to support ongoing operational stability and growth.

• The business will continue to enhance its service delivery to retain and strengthen its long-term client base.

• Continued investment in new recruitment technology solutions to improve efficiency, enhance candidate and client experience and support growth.

• MTrec will continue to invest in market-leading rewards, training, and career progression opportunities to retain and attract talented staff.

• MTrec will continue to meet its financial obligations to OPG through effective financial management and processes.

• The business will continue to invest in all its sales and marketing resources to identify and maximise all new business opportunities.

• Further hiring of additional team members to increase the tangible output of divisions across the company and create new opportunities.

• Continue to review and improve internal processes to increase productivity, consistency, and efficiency across the business.

• Continuously improve the market presence and reputation of the MTrec brand through industry engagement, marketing, and social media activities.

• Continue to use business data and wider market insights to support informed decision-making and identify commercial opportunities.

Given the straightforward nature of the business and the information shown in the following financial statements, the director is of the opinion that further analysis using KPls is not necessary for an understanding of the development, performance or position of the business.

On behalf of the board

The director presents his report and financial statments for the period from 31 March 2025 to 29 March 2026.

Director

The director who held office during the period was as follows:

D Musgrave

Financial risk management

Objectives and policies

The company has an established, structured approach to risk management. The company's activities expose it to a variety of financial risks, including the effects of credit, liquidity and interest rate risks. The company has adopted risk management policies that seek to mitigate these risks in a cost-effective manner. Financial assets that expose the company to financial risk consist primarily of trade debtors and cash. Financial liabilities that expose the company to financial risk consist of principally of trade creditors.

Credit risk, liquidity risk and interest rate risk

Credit risk represents the potential loss arising from customers or counterparties failing to meet all, or part, of their financial obligations. The company manages this risk by carrying out ongoing credit evaluations of its customer's financial positions and applying established credit control procedures.

Liquidity risk is the risk that the company does not have sufficient liquid assets to meet its obligations as they fall due. Liquidity is maintained at a prudent level, and the company ensures there is an adequate cash buffer to support ongoing operational requirements and to provide cover for unforeseen circumstances.

Interest rate risk arising from unfavourable movements in interest rates is not considered material to the financial statements due to the nature of the company’s existing borrowing arrangements and the management of any potential exposures.

Going concern

The company meets its day to day working capital requirements through cash generated from operations.

The company's forecasts and projections for the next twelve months from the approval of these statements indicate that the company has adequate financial resources to continue its operations. The director has also considered the potential cash flow impact of the loan repayments disclosed in the financial statements.

Having considered the current cash forecasts of the company, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for a period of a least twelve months from the date of signing these financial statements. The company therefore continues to adopt the going concern basis in preparing its financial statements.

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

• Select suitable accounting policies and then apply then consistently;

• Make judgements and accounting estimated that are reasonable and prudent;

• State whether applicable UK accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is 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. He is 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.

Disclosure of information to the auditors

The director has taken all the steps that he ought to have taken as a director to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. The director confirms that there is no relevant audit information of which he is aware and of which the auditors are unaware.

Reappointment of auditor

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Ryecroft Glenton as auditors of the company is to be proposed at the forthcoming Annual General Meeting.

We have audited the financial statements of MTrec Limited (the 'company') for the period ended 29 March 2026 which comprise the income statement, the statement of financial position, the statement of changes in equity, the 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).

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 29 March 2026 and of its profit for the period then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council’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.

In auditing the financial statements, we have concluded that the director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. 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.

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 course of 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 our audit:

• the information given in the Strategic Report and the Director's Report for the financial period are prepared is consistent with the financial statements; and

• the Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters in relation to which 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 director's remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

As explained more fully in the director's responsibilities statement, the director is 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 director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

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.

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.

The extent to which the audit was considered 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

• the Responsible Individual 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 recruitment sector;

• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006, taxation legislation and employment legislation;

• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and

• we ensured that the identified laws and regulations were communicated within the audit team and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: -

• making enquiries of management as to where they considered there was susceptibility to fraud and their knowledge of actual, suspected and alleged fraud; and

• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

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: and

• assess whether judgements and assumptions made in determining the accounting estimates set out in the notes to the financial statements were indicative of potential bias.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: -

• agreeing financial statement disclosures to underlying supporting documentation; and

• enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.

Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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 Auditors' Report.

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member 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 company and the company's member, for our audit work, for this report, or for the opinions we have formed.

The income statement has been prepared on the basis that all operations are continuing operations.

The company has no recognised gains or losses for the period other than the results above.

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is MTrec House, 8 Market Lane, Newcastle upon Tyne, NE1 6QQ.

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 principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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 financial statements have been prepared on a going concern basis.true

The company meets its day to day working capital requirements through cash generated from operations.

The company’s forecasts and projections for the next twelve months show that the company should be able to continue in operational existence for that period, taking into account reasonable possible changes in trading performance.

Based on the factors set out above the directors believe that it remains appropriate to prepare the financial statements on a going concern basis.

Turnover comprises the fair value of the consideration received or receivable for services rendered in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

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 credited or charged to profit or loss.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company 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 company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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. 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 company 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.

Basic financial liabilities, including creditors, bank loans and preference shares that are classified as debt, 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. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

Useful economic lives of tangible assets - The annual depreciation charge is sensitive to changes in the estimated useful lives of the assets. The useful economic lives are re-assessed annually. They are amended when necessary to reflect current estimates, future investments and economic utilisation.

Impairment of debtors - The company makes an estimate of the recoverable value of the trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

The average monthly number of persons (including directors) employed by the company during the period was:

Their aggregate remuneration comprised:

During the period the number of directors accruing benefits under money purchase pension scheme was 1 (2025: 1).

The tax on profit before tax for the period is higher than the standard rate of corporation tax in the UK of 25%.

Other borrowings are secured in favour of Open Up Group Inc (formerly Be-Next Group) by way of a fixed and floating charge over the assets of the company.

Other borrowings represent two loan facilities with Open Group Inc, the Tranche A loan and the Tranche B loan.

At the year end the balance of the Tranche A loan including accrued interest was £78,065 which is repayable by quarterly instalments with the final instalment due in July 2026. Interest is charged on this loan at a rate of 3% per annum.

At the year end the balance of Tranche B loan including accrued interest was £1,145,860. Subsequent to the balance sheet date the company agreed revised terms for the tranche B loan. Interest and capital will be repaid in quarterly instalments starting 31st October 2026 and the remaining capital balance of £1,137,000 is due for repayment by 31 July 2031. Interest is charged on this loan at a rate of 3% to 30 July 2023, at a rate of 4.5% to 31 July 2026 and at a rate of 5% from 1 August 2026.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totalling £18,358 (2025: £14,698) were payable to the scheme at the end of the period and are included in creditors.

The movement in the share capital balance in the year relates to the redemption of 213,000 preferences shares of £0.0001 each at a total cost of £213,000 on 20th November 2025

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Amounts contracted for but not provided in the financial statements:

The loan to the director is interest free and repayable on demand.

The ultimate controlling party is D Musgrave by virtue of being the majority shareholder.