THINKS INSIGHT AND STRATEGY (BRITAIN THINKS) LIMITED Company accounts

COMPANY REGISTRATION NUMBER: 07291125

THINKS INSIGHT AND STRATEGY (BRITAIN THINKS) LIMITED

FINANCIAL STATEMENTS

31 December 2025

THINKS INSIGHT AND STRATEGY (BRITAIN THINKS) LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2025

CONTENTS	PAGE

Strategic report	1

Directors' report	4

Independent auditor's report to the members	6

Statement of income and retained earnings	12

Statement of financial position	13

Statement of cash flows	15

Notes to the financial statements	16

THINKS INSIGHT AND STRATEGY (BRITAIN THINKS) LIMITED

STRATEGIC REPORT

YEAR ENDED 31 DECEMBER 2025

FOR THE YEAR ENDED 31 DECEMBER 2025 Introduction The directors present their strategic report of the company for the year ended 31 December 2025. General information Thinks Insight and Strategy (BritainThinks) Ltd is a private company, incorporated in England and Wales. Principal Activity From its offices in London, Thinks Insight and Strategy (BritainThinks) Ltd (“Thinks”) provides market research and insight consultancy to clients across the public, corporate and third sectors. Thinks specialises in delivering insight and strategic advice rooted in qualitative and quantitative primary research. Business review Despite economic headwinds and constrained UK Government commissioning in the second half of the year, in 2025, Thinks saw an increase in total fee income compared to 2024. This was in part driven by delivery of two large scale projects in the health space, both of which were commissioned in 2024 and delivered across 2025. Thinks delivered 276 projects in 2025 for a total of 99 different clients, with average project size remaining broadly steady at just over £31,000. Revenue concentration increased slightly, with 39% of revenue accounted for by the top 5 clients, driven in part by one out-sized project for the Department for Health and Social Care. Income continues to be weighted towards the UK Public Sector, with work in this space comprising 65% of revenue in 2025. The company continued to acquire significant new clients across the year, with over 30 new clients added across 2025. *Adjusted EBITA was £1.87m (2024: £1.33m). Long term clients Thinks continues to grow long term relationships with its clients, 65% of the top 20 have been a client for at least 5 years. These returning clients contributed 53% of revenue for 2025. Investment in the business In 2025, Thinks continued to invest in its strategic growth areas: Behavioural Science; Dialogue; and Brand and consumer insight. Each of these practices met or exceeded their growth targets for the year. In addition, our cross-cutting investment in quantitative capabilities saw the proportion of ‘pure quantitative’ work commissioned rise for the second year running. Balance sheet and cash flow Thinks maintained a strong balance sheet and cashflow generation. Total reserves are strong at £1.4m (2024: £0.5m), ensuring sufficient working capital is retained within the business. Cash at the year-end stood at £1.6m (2024: £1.5m). Principal risks and uncertainties The company and its management are faced with the following principal risks and uncertainties: Constrained opportunities and increased price competition in the UK Public Sector – Governmental budget cuts and successive periods of political uncertainty continue to place downward pressure on the volume, scale and margin of opportunities Thinks enjoys in its largest sector. Whilst we continue to enjoy deep and productive client relationships across central and local government, every commission is hard-won and delivering the quality our clients expect, at prices that are competitive, is increasingly challenging. Retaining some of our largest Government Contracts – 2026 will see the re-commissioning of three major contracts with our biggest client (The Home Office), alongside retenders for DHSC and UKHSA. Whilst client satisfaction with the service we have provided remains very high, and we would expect to be in a leading position for each of these, the retender process undoubtedly offers significant uncertainty in the coming year. We are neutral-to-pessimistic about the economic outlook for 2026 but are hopeful that any slowdown in the UK public sector can be made up for through international and corporate sector work. Future developments and post balance sheet events In 2026 Thinks continues to further invest in talent and technology. The business was acquired by Madano Partnership Limited, part of AVENIR GLOBAL Inc., in February 2026. Under this ownership, Thinks will invest strongly in growth across the corporate sector, in particular in AVENIR’s historic focus areas, beginning with Healthcare. In partnership with AVENIR, Thinks will accelerate adoption of AI and other technological advances to drive both new sources of revenue, and efficiency in delivery of our work. Financial key performance indicators Key performance indicators The key indicators which the company uses to monitor performance are highlighted below: 2025 2024 Client satisfaction 9/10 9/10 Gross Profit (£000) 8,732 7,630 Adjusted EBITDA as a % of gross profit 22% 18% Adjusted EBITDA (£000) 1,899 1,360 *Earnings before interest, taxation and amortisation (EBITA) is a measure of earnings and cash generative capacity. Adjusted EBITA, which excludes non-recurring and one-off items, is a non-GAAP financial measure which further facilitates an understanding of underlying earnings and cash generative capacity. In evaluating normalised operating profit of the business the directors consider EBITA as a measure of earnings and cash generative capacity.

This report was approved by the board of directors on 16 October 2026 and signed on behalf of the board by:

Mr M R Evans	Mr J P Vasseur
Director	Director

Trading address:

Thinks Insight and Strategy (Britain Thinks) Ltd

West Wing

Somerset House

Strand

London

WC2R 1LA

THINKS INSIGHT AND STRATEGY (BRITAIN THINKS) LIMITED

DIRECTORS' REPORT

YEAR ENDED 31 DECEMBER 2025

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

PRINCIPAL ACTIVITIES

Thinks Insight and Strategy (BritainThinks) Ltd (“Thinks”) provides market research and insight consultancy to clients across the public, corporate and third sectors. Thinks specialises in delivering insight and strategic advice rooted in qualitative and quantitative primary research.

DIRECTORS

The directors who served the company during the year were as follows:

Ms V Cooke
Mr B Shimshon

The directors who have resigned and those that have been appointed since the year end were as follows : Mr B Shimson (Resigned 28/02/2026) Ms V L Cooke (Resigned 28/02/2026) Mr M R Evans (Appointed 28/02/2026) Mr J P Vasseur (Appointed 28/02/2026)

DIVIDENDS

Particulars of recommended dividends are detailed in note 12 to the financial statements.

EVENTS AFTER THE END OF THE REPORTING PERIOD

Particulars of events after the reporting date are detailed in note 25 to the financial statements.

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the directors' report 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 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 judgments 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; - applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; AUDITOR

The auditors, Cooper Parry Group Limited, have been appointed during the year in accordance with section 485 of the Companies Act 2006 Disclosure of information to auditor Each of the persons who is a director at the date of approval of this report confirms that: - so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This report was approved by the board of directors on 16 October 2026 and signed on behalf of the board by:

Mr M R Evans	Mr J P Vasseur
Director	Director

Trading address:

Thinks Insight and Strategy (Britain Thinks) Ltd

West Wing

Somerset House

Strand

London

WC2R 1LA

THINKS INSIGHT AND STRATEGY (BRITAIN THINKS) LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THINKS INSIGHT AND STRATEGY (BRITAIN THINKS) LIMITED

YEAR ENDED 31 DECEMBER 2025

QUALIFIED OPINION

We have audited the financial statements of Thinks Insight and Strategy (Britain Thinks) Limited (the 'company') for the year ended 31 December 2025, which comprise the statement of income and retained earnings, the statement of financial position, the statement of cash flows and the related notes, 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, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements: - give a true and fair view of the state of the company's affairs as at 31 December 2025 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 QUALIFIED OPINION

As explained in the accounting policies, the company recognises revenue on certain long-term contracts by reference to the stage of completion achieved at the reporting date. This assessment directly impacts the measurement of revenue, work in progress and deferred income recognised within the financial statements. We selected for testing a number of contracts which together represent a significant proportion of the revenue, deferred income and work in progress balances at the year end. In relation to these contracts, management's determination of the stage of completion achieved at the reporting date involved significant judgement. We requested supporting documentation to substantiate management's assessments of project completion, including project plans, contractual milestones, project tracking records, deliverables and other contemporaneous evidence demonstrating progress achieved by the reporting date. Whilst management provided explanations regarding the status of the projects and the basis of the estimates applied, sufficient appropriate audit evidence was not available to support the percentage completion assessments used in determining the amounts recognised in the financial statements. Given the nature of the contracts and the judgements involved, we were unable to perform alternative audit procedures that would have enabled us to obtain sufficient appropriate audit evidence regarding the stage of completion achieved at the reporting date. Consequently, we were unable to determine whether any adjustments might have been necessary to revenue, work in progress, deferred income, profit before taxation and retained earnings as reported in the financial statements. In addition, if any adjustment to the affected balances were required, the strategic report might also need to be amended. 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we 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 qualified 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 other information comprises the information included in the annual report other than the financial statements and our auditors' report thereon. The directors are 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. As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the balances relating to revenue, work in progress and deferred income as at 31 December 2025. Accordingly, we are unable to conclude whether the other information is materially misstated insofar as it refers to those balances or related measures, including EBITDA and profit. OTHER MATTERS The financial statements of the Company for the year ended 31 December 2024 were not audited. The comparative figures presented in these financial statements for that year are therefore unaudited. Our opinion is not modified in respect of this matter.

OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:

- the information given in the strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements.

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

Except for the matter described in the basis for qualified opinion section of our report, 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. Arising solely from the limitation on the scope of our work relating to the stage of completion of certain contracts and the resulting recognition of revenue, work in progress and deferred income, referred to above: - we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and - we were unable to determine whether adequate accounting records have been kept. 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: - 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.

RESPONSIBILITIES OF DIRECTORS

As explained more fully in the directors’ responsibilities statement set out on page 6, 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 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 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.

AUDITOR'S 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 auditors' 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. 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. We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We discussed amongst the audit team the identified laws and regulations and remained alert to any indications of non-compliance. We considered those laws and regulations that have a direct impact on the preparation of the financial statements, such as the Companies Act 2006 and UK tax legislation. Our procedures in relation to fraud included but were not limited to: inquiries of management whether they have any knowledge of any actual, suspected or alleged fraud, and discussions amongst the audit team regarding risk of fraud such as opportunities for fraudulent manipulation of financial statements. We determined that the principal risks related to posting manual journal entries to manipulate financial performance and management bias through judgements in accounting estimates and challenged the assumptions and judgements made by management in its significant accounting estimates. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. Our tests included agreeing the financial statement disclosures to underlying supporting documentation. 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 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. In assessing the potential risks of material misstatement we obtained an understanding of; the entity’s operations, including the nature of its revenue sources and services and of its objectives and strategies to understand the classes of transactions, account balances, expected financial statement disclosures and business risks that may result in risks of material misstatement. 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 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 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 members as a body, for our audit work, for this report, or for the opinions we have formed.

Nicola Pearson

(Senior Statutory Auditor)

For and on behalf of

Cooper Parry Group Ltd

Statutory Auditor

Broadwalk House, 5th Floor

5 Appold Street

Broadgate

London

EC2A 2AG

16 October 2026

THINKS INSIGHT AND STRATEGY (BRITAIN THINKS) LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

YEAR ENDED 31 DECEMBER 2025

		2025	2024
Note		£	£
TURNOVER	4	12,472,763	11,139,128

Cost of sales	3,740,541	3,508,977
	---------------	---------------
GROSS PROFIT	8,732,222	7,630,151

Administrative expenses		7,367,802	7,181,703
		---------------	---------------
OPERATING PROFIT	5	1,364,420	448,448

Other interest receivable and similar income	10	31,253	28,853
		---------------	---------------
PROFIT BEFORE TAXATION		1,395,673	477,301

Tax on profit	11	370,951	146,599
		---------------	-----------
PROFIT FOR THE FINANCIAL YEAR AND TOTAL COMPREHENSIVE INCOME		1,024,722	330,702
		---------------	-----------

Dividends paid and payable	12	( 119,142)	( 453,239)

RETAINED EARNINGS AT THE START OF THE YEAR	506,214	628,751
	---------------	-----------
RETAINED EARNINGS AT THE END OF THE YEAR	1,411,794	506,214
	---------------	-----------

All the activities of the company are from continuing operations.

THINKS INSIGHT AND STRATEGY (BRITAIN THINKS) LIMITED

STATEMENT OF FINANCIAL POSITION

31 December 2025

	2025		2024
Note	£	£	£

FIXED ASSETS

Intangible assets	13	2,250	2,750
Tangible assets	14	72,073	74,991
		----------	----------
		74,323	77,741

CURRENT ASSETS

Stocks	15	697,670	750,974
Debtors: due within one year	16	1,049,109	1,755,987
Debtors: due after more than one year	16	98,103	113,640
Cash at bank and in hand		1,615,059	1,471,472
		---------------	---------------
		3,459,941	4,092,073

CREDITORS: amounts falling due within one year	17	2,083,450		3,625,050
		---------------		---------------
NET CURRENT ASSETS			1,376,491	467,023
			---------------	-----------
TOTAL ASSETS LESS CURRENT LIABILITIES			1,450,814	544,764

PROVISIONS	18	26,818	26,348
		---------------	-----------
NET ASSETS		1,423,996	518,416
		---------------	-----------

CAPITAL AND RESERVES

Called up share capital	22	1,162	1,162
Share premium account	23	11,040	11,040
Profit and loss account	23	1,411,794	506,214
		---------------	-----------
SHAREHOLDERS FUNDS		1,423,996	518,416
		---------------	-----------

THINKS INSIGHT AND STRATEGY (BRITAIN THINKS) LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 December 2025

These financial statements were approved by the board of directors and authorised for issue on 16 October 2026 , and are signed on behalf of the board by:

Mr M R Evans	Mr J P Vasseur
Director	Director

Company registration number: 07291125

THINKS INSIGHT AND STRATEGY (BRITAIN THINKS) LIMITED

STATEMENT OF CASH FLOWS

YEAR ENDED 31 DECEMBER 2025

	2025	2024
	£	£

CASH FLOWS FROM OPERATING ACTIVITIES

Profit for the financial year	1,024,722	330,702

Adjustments for:
Depreciation of tangible assets	24,025	24,997
Amortisation of intangible assets	500	500
Other interest receivable and similar income	( 31,253)	( 28,853)
Tax on profit	370,951	146,599
Accrued (income)/expenses	( 1,223,292)	1,056,647

Changes in:
Stocks	53,304	( 462,694)
Trade and other debtors	722,415	( 912,772)
Trade and other creditors	( 544,655)	843,396
Provisions and employee benefits	1,200	1,200
	---------------	---------------
Cash generated from operations	397,917	999,722

Interest received	31,253	28,853
Tax paid	( 145,334)	( 212,041)
	-----------	-----------
Net cash from operating activities	283,836	816,534
	-----------	-----------

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of tangible assets	( 21,107)	( 7,975)
	-----------	-----------
Net cash used in investing activities	( 21,107)	( 7,975)
	-----------	-----------

CASH FLOWS FROM FINANCING ACTIVITIES

Dividends paid	( 119,142)	( 453,239)
	-----------	-----------
Net cash used in financing activities	( 119,142)	( 453,239)
	-----------	-----------

NET INCREASE IN CASH AND CASH EQUIVALENTS	143,587	355,320
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR	1,471,472	1,116,152
	---------------	---------------
CASH AND CASH EQUIVALENTS AT END OF YEAR	1,615,059	1,471,472
	---------------	---------------

THINKS INSIGHT AND STRATEGY (BRITAIN THINKS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2025

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Metherell Gard, Morval, Looe, Cornwall, PL13 1PN.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006'.

3. ACCOUNTING POLICIES

BASIS OF PREPARATION

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The financial statements are prepared in sterling, which is the functional currency of the entity.

TURNOVER

Turnover comprises of the invoiced value of goods and services supplied by the company, net of VAT and trade discounts, minus any income received in advance of work being completed. Turnover is recognised as a percentage of work completed within each month for each contract. Turnover is the value of work invoiced minus any deferred income. Work in progress (deferred income) has been accounted for as stock and is included in cost of sales.

GOING CONCERN

The directors have assessed the company's ability to continue as a going concern, taking into account the current financial position. profitability and cash resources, together with its forecasts for future trading and cash flows. The company has a strong cash position and is expected to remain profitable and generate sufficient cash to meet its liabilities as they fall due. The directors are satisfied that the company has adequate resources for the foreseeable future. Accordingly, the directors have concluded that there are no material uncertainties that cast significant doubt on the company's ability to continue as a going concern. The financial statements have therefore been prepared on a going concern basis.

CASH & CASH EQUIVALENTS

Cash and cash equivalents include cash on hand, deposits held at call with banks, and other short-term highly liquid investments with original maturities of three months or less from the date of acquisition.

JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In application of the company's accounting policies, management is required to make judgements and estimations that have a significant impact on the value of the amounts shown. REVENUE RECOGNITION For major contracts, total revenue is proportioned over the length of the contract, based on the predicted timeline for completion of the project,and each stage within. If projects are delayed, or altered, then these are adjusted accordingly. The estimates are made by the project teams, based on their experience and knowledge of how the project is progressing.

FOREIGN CURRENCIES

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

INTANGIBLE ASSETS

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.

AMORTISATION

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Patents, trademarks and licences	-	5% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

OPERATING LEASES

Lease payments are recognised as an expense as incurred over the lease term. The operating leases expense recognised in the profit and loss was £318,413 (2024: £292,990).

TANGIBLE ASSETS

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

DEPRECIATION

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Fixtures and fittings	-	25% reducing balance

STOCKS

Stock is measured as deferred income.

FINANCIAL INSTRUMENTS

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

CURRENT AND DEFERRED TAXATION

The tax expense comprises current and deferred tax. Current tax is recognised based on the taxable profit for the year, using tax rates and laws enacted or substantively enacted by the reporting date. Adjustments relating to prior years are recognised in the period in which they are identified.

Deferred tax is recognised in respect of timing differences that have originated but not reversed at the reporting date, except where FRS 102 requires otherwise. Deferred tax assets are recognised only to the extent that it is probable 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 enacted or substantively enacted by the reporting date that are expected to apply when the timing differences reverse. Deferred tax balances are not discounted.

Tax relating to an item recognised outside profit or loss is recognised in the same component of the financial statements as that item.he tax expense

PENSION COSTS

The company operates a defined contribution pension scheme for it's employees. Contributions payable to the scheme are charged to profit or loss in the period to which they relate. Contributions unpaid at the reporting date are included in creditors.

4. TURNOVER

Turnover arises from:

	2025	2024
	£	£
Rendering of services	12,472,763	11,139,128
	---------------	---------------

The turnover is attributable to the one principal activity of the company. An analysis of turnover by the geographical markets that substantially differ from each other is given below:

	2025	2024
	£	£
United Kingdom	11,690,340	10,341,486
Overseas	782,423	797,642
	---------------	---------------
	12,472,763	11,139,128
	---------------	---------------

5. OPERATING PROFIT

Operating profit or loss is stated after charging:

	2025	2024
	£	£
Amortisation of intangible assets	500	500
Depreciation of tangible assets	24,025	24,997
Foreign exchange differences	27,768	9,589
	----------	----------

6. AUDITOR'S REMUNERATION

	2025	2024
	£	£
Fees payable for the audit of the financial statements	19,000
	----------

7. FINANCIAL COMMITMENTS

As of 31 December 2025. total future minimum lease payments under non-cancellable operating leases were as follows :

	2025	2024
	£	£
Within one year	327,010	171,408
Between 1 and 5 years	490,515	–
	-----------	-----------
	817,525	171,408
	-----------	-----------

8. STAFF COSTS

The average number of persons employed by the company during the year, including the directors, amounted to:

	2025	2024
	No.	No.
Production staff	91	86
	-----	-----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2025	2024
	£	£
Wages and salaries	4,688,200	4,924,041
Social security costs	600,865	493,669
Other pension costs	812,179	664,850
	---------------	---------------
	6,101,244	6,082,560
	---------------	---------------

9. DIRECTORS' REMUNERATION

The directors' aggregate remuneration in respect of qualifying services was:

	2025	2024
	£	£
Remuneration	210,637	252,096
Company contributions to defined contribution pension plans	131,472	71,862
	-----------	-----------
	342,109	323,958
	-----------	-----------

The number of directors who accrued benefits under company pension plans was as follows:

	2025	2024
	No.	No.
Defined contribution plans	2	2
	-----	-----

Remuneration of the highest paid director in respect of qualifying services:

	2025	2024
	£	£
Aggregate remuneration	152,566	193,981
	-----------	-----------

10. OTHER INTEREST RECEIVABLE AND SIMILAR INCOME

	2025	2024
	£	£
Interest on cash and cash equivalents	31,253	28,853
	----------	----------

11. TAX ON PROFIT

Major components of tax expense

	2025	2024
	£	£

Current tax:

UK current tax expense	371,681	145,334

Deferred tax:

Origination and reversal of timing differences	( 730)	1,265
	-----------	-----------
Tax on profit	370,951	146,599
	-----------	-----------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is higher than (2024: higher than) the standard rate of corporation tax in the UK of 25 % (2024: 25 %).

	2025	2024
	£	£
Profit on ordinary activities before taxation	1,395,673	477,301
	---------------	-----------
Profit on ordinary activities by rate of tax	348,918	119,325
Effect of expenses not deductible for tax purposes	37,384	35,444
Effect of capital allowances and depreciation	730	4,256
Accrued pension adjustment	( 10,747)	( 10,048)
Adjustment for qualifying donations	(4,604)	(3,643)
Deferred tax movement	(730)	1,265
	---------------	-----------
Tax on profit	370,951	146,599
	---------------	-----------

12. DIVIDENDS

	2025	2024
	£	£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )	119,142	453,239
	-----------	-----------

13. INTANGIBLE ASSETS

	Patents, trademarks and licences
	£
Cost
At 1 January 2025 and 31 December 2025	10,000
	----------
Amortisation
At 1 January 2025	7,250
Charge for the year	500
	----------
At 31 December 2025	7,750
	----------
Carrying amount
At 31 December 2025	2,250
	----------
At 31 December 2024	2,750
	----------

14. TANGIBLE ASSETS

	Fixtures and fittings
	£
Cost
At 1 January 2025	303,203
Additions	21,107
	-----------
At 31 December 2025	324,310
	-----------
Depreciation
At 1 January 2025	228,212
Charge for the year	24,025
	-----------
At 31 December 2025	252,237
	-----------
Carrying amount
At 31 December 2025	72,073
	-----------
At 31 December 2024	74,991
	-----------

15. STOCKS

	2025	2024
	£	£
Work in progress	697,670	750,974
	-----------	-----------

16. DEBTORS

Debtors falling due within one year are as follows:

	2025	2024
	£	£
Trade debtors	858,381	1,562,362
Prepayments and accrued income	185,072	187,454
Other debtors	5,656	6,171
	---------------	---------------
	1,049,109	1,755,987
	---------------	---------------

Debtors falling due after one year are as follows:

	2025	2024
	£	£
Other debtors	98,103	113,640
	----------	-----------

17. CREDITORS: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	457,154	762,996
Accruals and deferred income	915,019	2,211,709
Corporation tax	371,681	145,334
Social security and other taxes	338,926	502,101
Other creditors	670	2,910
	---------------	---------------
	2,083,450	3,625,050
	---------------	---------------

18. PROVISIONS

	Deferred tax (note 19)	Dilapidations	Total
	£	£	£
At 1 January 2025	18,748	7,600	26,348
Additions	( 730)	1,200	470
	----------	--------	----------
At 31 December 2025	18,018	8,800	26,818
	----------	--------	----------

19. DEFERRED TAXATION

The deferred tax included in the statement of financial position is as follows:

	2025	2024
	£	£
Included in provisions (note 18)	18,018	18,748
	----------	----------

2025 2024 £ £ Fixed asset timing differences 18,018 18,748 Short term timing differences - - Losses and other deductions - - Deferred tax at end of year 18,018 18,748

20. EMPLOYEE BENEFITS

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 812,179 (2024: £ 664,850 ).

21. FINANCIAL INSTRUMENTS

The carrying amount for each category of financial instrument is as follows:

	2025	2024
	£	£

Financial assets that are debt instruments measured at amortised cost

Trade Debtors	858,381	1,562,362
Other Debtors	5,656	6,171
Other Debtors Falling After More Than 1 Yr	98,103	113,640
Cash at Bank and in Hand	1,615,059	1,471,472
	---------------	---------------
	2,577,199	3,153,645
	---------------	---------------

Financial liabilities measured at amortised cost

Trade Creditors	313,973	645,869
Other Creditors	670	2,910
Accruals	505,692	1,728,984
	-----------	---------------
	820,335	2,377,763
	-----------	---------------

22. CALLED UP SHARE CAPITAL

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 0.10 each	11,380	1,138	11,380	1,138
A Ordinary shares of £ 0.01 each	2,362	24	2,362	24
	----------	--------	----------	--------
	13,742	1,162	13,742	1,162
	----------	--------	----------	--------

23. RESERVES

Share Premium account - This reserve records the amount above the nominal value received for the shares. Profit and loss account - This reserve records retained earnings and accumulated losses.

24. RELATED PARTIES

Thinks Insight and Strategy (Britain Thinks) Ltd holds the share in C M Monitor (Britain Thinks) EOT Trustee Ltd. At the year end, C M Monitor (Britain Thinks) EOT Trustee Ltd, held 8,645 ordinary shares and 1,737 growth shares in Thinks Insight and Strategy (Britain Thinks) Ltd. C M Monitor (Britain Thinks) EOT Trustee Ltd waived the right to dividends in the year on the basis that the equivalent value would be paid to employees in the form of bonuses. Wages and salaries include £218,337 of bonuses (2024 : £875,048).

25. EVENTS AFTER THE END OF THE REPORTING PERIOD

On 28th February 2026, 100% of the company's share capital was acquired by Madano Partnership Limited. This is a non-adjusting event and has no impact on the financial position of the company as at 31 December 2025. Since the year end, the company has given notice on their rented office space, with the lease commitment now expiring in February 2027, thus replacing the original lease term running to July 2028. The ultimate parent company is Avenir Global Inc, registered office 1155 Metcalfe St, Montreal, QC H3B OC1