The directors present the strategic report for the year ended 31 March 2025.

The principal activity of the company continued to be that of fleet management and administration services.

Overview of the company’s activities

We continue on our consistent year-on-year growth journey, whilst maintaining our core principles of providing unrivalled customer service coupled with state-of-the-art, in-house developed support systems. Our turnover increased by 8.0% to £11.70m whilst our gross profit increased by 11.2% to £6.42m, demonstrating the success of our strategic objective to drive better financial efficiencies throughout the business.

The skillset of our growing workforce matures and evolves as we enjoy higher than ever before staff retention. This allows us to sharpen and refine our expertise in the automotive and insurance sectors. Our workforce is highly motivated and delivers an exceptional, consistent and personal service to our ever-growing client base.

We continue to consistently deliver an upward trajectory of turnover, profitability, compliance delivery and in turn, confidence to our shareholders and clients old and new.

We continue to develop a growing range of products, services and collaborations, with our internal systems on continuous improvement cycles. In Q2 we underwent the biggest ever change to our IT infrastructure with the launch of our new claims management system. A system that allows us to be more efficient, agile and fundamentally at the forefront of technology in our sector, providing a range of new and improved services to our clients.

Key markets and sectors

In the last few years, the motor industry has seen changes defined by a rapid shift towards electrification. This has had a knock on effect to the way we provide fleet management, claims and outsourced resource services to our clients. Rising operational complexity, cost inflation, specifically in terms of damage repairs coupled with challenges manufacturers face from both regulation and international markets, is proving to create a turbulent industry.

In terms of our core business of motor claims handling, the industry continues to undergo rapid change, shaped by shifting vehicle technologies, rising repair complexity, and a continued drive toward digital-first service delivery. UK claim volumes have finally stabilised post-pandemic. However, inflationary pressures on parts, labour, and repair times are increasing the need for cost-efficient, high-speed claims resolution. Fleet Managers and Insurers seek a more digital claims journey and measurable service performance to help support the drive for lower claims costs to offset the increasing cost of repairs. The introduction of our new claims management software puts us in an ideal position to support clients old and new, with their risk management strategies.

Significant developments during the year

During the year, a significant milestone was achieved with the introduction of a new state-of-the-art motor claims management software. This advanced platform represents a major development in the company’s commitment to innovation and operational excellence. Designed to streamline the end-to-end claims process, the software enhances efficiency, accuracy, and customer experience through intelligent automation, real-time data integration, and improved communication tools. Its implementation marks a transformative step forward, enabling the business to handle increased volumes with greater agility while maintaining the high standards of service that clients expect.

The position of the business at the end of the year

At the end of the year, the company was in a strong and resilient position, reflecting both its operational efficiency and strategic growth initiatives. With a year-on-year turnover increase of 8.0%, the business demonstrated steady expansion in its client base and service demand within the motor claims handling sector. More notably, a 11.2% year-on-year increase in profit underscores significant improvements in cost management, process optimisation, and value-added service delivery. These results highlight the company's ability to scale effectively while maintaining profitability, positioning it well for continued growth and investment in innovation, technology, and customer service excellence, in line with the size and complexity of its operations.

Strategy and future developments

Strategic objectives

As we navigate the evolving turbulent market, the company must continue to invest in specialist EV claims handling capabilities, strengthen digital platforms to meet client expectations, pursue partnerships with new EV motor manufacturers, taking advantage of new motor manufacturers new to the UK and enhance data and analytics offerings for actionable client insight.

By aligning services with these market and sector developments, the company will be well-positioned to deliver value, deepen client relationships, and drive sustainable growth throughout FY25-26.

Progress against strategic goals

We are pleased with the strong progress we are making toward achieving our strategic goals of good organic growth within our existing client base and pursuing new opportunities through investment in marketing strategies. Throughout the year, we have continued to deliver against our key priorities, including operational efficiency, technological innovation, and enhanced customer service. Our efforts have resulted in measurable improvements across the business, demonstrating that our strategic direction is both well-defined and effectively executed. This momentum positions us well for future growth and reinforces our commitment to long-term success and value creation for all stakeholders.

Future plans

Looking ahead, our company is firmly focused on driving sustainable growth through a combination of strategic investment and innovation. A core element of our growth strategy is the continued investment in IT development. Building on the success of our recently launched motor claims management software, we plan to enhance our digital capabilities further by adopting more advanced technologies, including automation, AI, real-time analytics and focused risk management strategies for our clients. These developments will enable us to streamline processes, improve decision-making, and deliver an even more efficient and seamless service.

We also recognise the growing importance of the electric vehicle (EV) market and are committed to supporting this shift through our involvement in EV salary sacrifice schemes. By aligning our services with the evolving needs of both employers and employees in this space, we aim to strengthen our market position and contribute positively to environmental sustainability. Our expertise in motor claims handling and fleet management uniquely positions us to provide tailored support to this expanding segment.

In parallel, we are investing in our people to ensure we have the skills and capacity to meet future demand. Through enhanced training programmes, leadership development, and employee engagement initiatives, we are cultivating a high-performing, motivated workforce that can support our strategic objectives and uphold our commitment to service excellence.

Finally, we see strong opportunities for growth through the expansion of our client base and the pursuit of new claims management and outsourced resource contracts. With our proven track record, reputation for quality, and scalable operational model, we are well-positioned to secure new partnerships and extend our market reach. Together, these initiatives form a comprehensive growth strategy that will support the continued success and resilience of our business.

Research and development

Strategic objectives

In FY24-25, research and development efforts were focused on enabling smarter, faster, and more cost-effective claims handling by leveraging emerging technologies, adapting to changing vehicle trends (such as the increase in EV), and enhancing service delivery. R&D plays a critical role in maintaining competitive advantage, improving operational efficiency, and delivering a superior customer experience.

Progress against strategic goals

The business has made solid progress against its strategic goals for research and development (R&D) over the past year, reflecting our ongoing commitment to innovation and continuous improvement. Investment in R&D has focused on enhancing our technological capabilities, streamlining claims handling processes, and exploring new service offerings aligned with evolving market needs. These efforts have already yielded tangible benefits, including the successful development and rollout of advanced software solutions that improve operational efficiency and client experience. As we move forward, R&D will remain a key driver of our strategic growth, ensuring we stay ahead of industry trends and continue to deliver value through innovation.

Future plans

Ongoing R&D has prioritised the development and refinement of automation tools across the claims lifecycle. Our in-house IT Development team will be focusing on AI-powered claims triage and decision support, image recognition for damage assessment, WhatsApp integration for FNOL (First Notification of Loss) and real time Management Information for Fleet Managers.

Key risks that face the entity

One of the principal risks and uncertainties arising from the proposed changes to the UK’s Employee Car Ownership Scheme (ECOS) will be to make such company cars subject to Benefit‑in‑Kind (BIK) tax and National Insurance from 6 October 2026. This may cause potential disruption to employee remuneration structures and staff incentives. The changes provide uncertainty and disruption that could impact the business until final legislation is confirmed.

Mitigation strategies

As part of our long-term strategic vision, the business is actively exploring opportunities to diversify its operations to support the growing demand for salary sacrifice schemes, particularly in the electric vehicle (EV) sector. Recognising the shift toward more sustainable and tax-efficient mobility solutions, we are aligning our services and technology to better cater to employers and employees participating in these schemes. This includes developing tailored vehicle ordering platforms for seamless transition from ECOS; claims management solutions; enhancing integration with fleet, leasing and funding providers; investing in digital tools and obtaining accreditations that simplify administration and ensure compliance. By expanding our offering in this area, we aim to position the business as a trusted partner in the evolving mobility landscape, ensuring we remain agile and relevant in a rapidly changing market.

Impact on performance

By diversifying its service offering, the business is taking proactive steps to mitigate potential risks and ensure resilience in the face of industry changes, such as those affecting salary sacrifice and car ownership schemes. This strategic expansion into complementary areas, including EV support services and enhanced digital solutions, allows us to tap into new revenue streams and reduce reliance on any single market segment. As a result, the business is well positioned to absorb external shifts without experiencing a significant impact on overall performance. Our adaptable operating model, combined with a strong track record of innovation and client service, provides a solid foundation for continued stability and sustainable growth.

The company is performing strongly against its key performance indicators (KPIs), achieving – and in several areas exceeding – expectations. This is reflected in a year-on-year turnover increase of 8.0%, driven by continued client demand and the successful delivery of high-quality services. Even more notably, profit has increased by 11.2%, highlighting significant improvements in operational efficiency, cost management, and overall business effectiveness. These positive results demonstrate the strength of our strategic approach and the commitment of our teams in delivering measurable outcomes. As we continue to monitor performance closely, these achievements provide a solid foundation for sustained growth and long-term success.

On behalf of the board

The directors present their annual report and financial statements for the year ended 31 March 2025.

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £1,943,580. The directors do not recommend payment of a final dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

The auditor, Whitley Stimpson Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of:

- An indication of likely future developments in the business; and

- Information relating to research and development activities.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

The directors are responsible for preparing the annual 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 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.

We have audited the financial statements of Fleet Claims Administration Limited (the 'company') for the year ended 31 March 2025 which comprise the statement of income and retained earnings, the balance sheet, 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 31 March 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 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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's 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.

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 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.

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 directors' 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 directors' responsibilities statement, 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.

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.

As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also carried out the following audit procedures:

•    Discussion amongst the audit team regarding the susceptibility of the client to fraud;

•    Consideration of the risk of fraud when documenting and reviewing internal controls and procedures;

•    Enquiring of management how they assess the risk of fraud, and identify and respond to the risks of fraud;

•    Enquiring of management whether they have any knowledge of actual or suspected frauds or non-    compliance with laws and regulations;

•    Review of how those charged with governance exercise oversight of management's process for identifying     and responding to the risk of fraud;

•    Analytical procedures performed on the financial statements as a whole, to identify unusual items;

•    Review areas for management override of controls, including testing of journal entries and other     adjustments for appropriateness;

•    Agreeing related party transactions and balances with related party accounts;

•    Substantive testing of sales, vouching to invoices and bank receipts;

•    Substantive testing of debtors and accrued income, vouching to supporting documentation and post year     end receipts;

•    Substantive testing of expenditure, vouching to invoices and bank payments;

•    Substantive testing of wages and salaries, including reconciling to payroll records and verification of     employees;

•    Substantive testing of transactions either side of the balance sheet date;

•    Review relevant tax correspondence;

•    Review VAT return entries and perform analytical procedures on VAT balances; and

•    Review of bank reconciliations for evidence of window dressing.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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.

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.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

Fleet Claims Administration Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2 Avonbury Business Park, Howes Lane, Bicester, Oxfordshire, OX26 2UA.

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 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 principal accounting policies adopted are set out below.

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business and is shown net of VAT.

Revenue from contracts for the provision of fleet management services is recognised when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity, and specific criteria have been met for each of the company's activities.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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.

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

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 balance sheet 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, cash and bank balances and current asset investments, 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, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors and amounts due to fellow group companies, 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.

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

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

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

Their aggregate remuneration comprised:

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

Fixed asset investments comprise of share capital held in dormant subsidiary and dormant associate companies.

Details of the company's subsidiaries at 31 March 2025 are as follows:

In the year to 31 March 2025 the company placed £525,738 (2024: £750,000) into short-term deposits with terms of 12 months or less. As at the year-end, £14,644 (2024: £22,240) in interest had accrued in respect of these deposits.

At the year end, the company held client monies totalling £10,198,478 (2024: £6,097,447). These amounts are not included within the balance sheet as they are not assets belonging to the company.

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

Deferred tax of £8,000 set out above is expected to reverse within 12 months.

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.

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:

During the year, the company made a market rate loan of £290,000 to a connected Small Self-Administered Pension Scheme (SSAS). The beneficiaries of the scheme are directors of the company. During the year, interest of £13,917 accrued on this loan. The SSAS began making repayments in the year, and the balance due at the year end was £260,417. This amount has been included within other debtors falling due within 1 year.