REGISTERED NUMBER: 03708452 (England and Wales)

FASTSTREAM RECRUITMENT LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of Income and Retained Earnings

10

Statement of Financial Position

11

Notes to the Financial Statements

12

DIRECTORS:

M Charman

C D E Bramley

R L Farndell

SECRETARY:

M L Charman

REGISTERED OFFICE:

Waterside Place

5 Town Quay

Southampton

Hampshire

SO14 2AQ

REGISTERED NUMBER:

03708452 (England and Wales)

SENIOR STATUTORY AUDITOR:

Matt Cooper ACA

AUDITORS:

Hopper Williams & Bell Limited

Statutory Auditor

Highland House

Mayflower Close

Chandler's Ford

Eastleigh

Hampshire

SO53 4AR

BANKERS:

HSBC Bank PLC

Eastleigh

3 Leigh Road

Eastleigh

Hampshire

SO50 9YW

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

PRINCIPAL ACTIVITY

The company's principal activity continues to be that of the provision of recruitment services.

REVIEW OF BUSINESS

The year under review showed a considerable increase in profitability, with the Company producing a profit before tax of £451,139 (2024: £806) and an adjusted profit of £770,754 (2024: £390,642). This positive result reflects both a strong performance and the early benefits of a strategic review undertaken during the year.

That review sharpened the Company’s long-term focus on building recurring revenues and reducing reliance on purely transactional contingent placements. As a result, the business has prioritised the expansion of contract recruitment, Employer of Record (EOR) solutions, and Recruitment Process Outsourcing (RPO) services. To align with this strategy, the Company took the decision to close its FRAME brand, which operated in the UK architectural sector but did not fit with the future direction of the Group.

Alongside these structural changes, the Company was encouraged by the strong performance of its aviation brand, GOOSE, which achieved a 58% increase in revenues during the year. This growth highlights the resilience and opportunity within specialist sectors, and the benefits of maintaining a diverse market presence.

Trading conditions varied through the year, but given our niche sectors that we operate in globally, demand remained positive overall. The first half delivered strong results, while the second half saw some softening in client demand. This was driven by a general loss of confidence in the UK hiring market around the advent of a new government and the delay in delivering its budget. Subsequent measures in that budget, particularly the rise in National Insurance, added cost pressures for both clients and the business. In the fourth quarter, additional headwinds came from the introduction of tariffs in the US, which cooled confidence and lengthened hiring decision cycles.

In response, the Company has taken further cost-control measures in the new financial year to protect margins, while continuing to invest selectively in service areas aligned with its strategic growth priorities.

Financial key performance indicators

The board monitors the progress of the company by reference to the following KPIs:

2025

2024

Net fee income

£6.9m

£6.0m

Gross sales less cost of contractors

Contract %

9.1%

12.8%

Percentage of NFI that contract represents

Overseas sales %

48.6%

49.4%

Percentage of sales derived from non UK markets

Return on capital employed

17.5%

0.0%

Profit for year after tax in relation to average equity shareholder funds

PRINCIPAL RISKS AND UNCERTAINTIES

The process of risk acceptance and risk management is addressed through a framework of policies, procedures and internal controls. All policies are subject to Board approval and on-going review by management. Compliance with regulation, legal and ethical standards is a high priority for the company.

The principle risks from our business arise from inaccurate pricing; inadequate funding for contract sales; exposure to currency fluctuations; and staff turnover.

FUTURE DEVELOPMENTS

The company is currently researching new markets to expand its overseas operations.

ON BEHALF OF THE BOARD:

M Charman - Director

13 November 2025

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

DIVIDENDS

No dividends were paid during the year (2024: £500,000).

FUTURE DEVELOPMENTS

Information in respect of the company's future developments has been included within the strategic report.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

M Charman

C D E Bramley

R L Farndell

DIRECTOR'S INDEMNITY INSURANCE

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Risk management

The activities of the business expose it to a number of financial risks including credit risk, liquidity risk and price risk. The business has robust controls & procedures to mitigate these risks, which are detailed below:

Credit risk

The financial assets of the business are bank balances, cash and amounts receivable. Receivables are closely monitored to ensure prompt settlement of amounts outstanding, with internal processes to identify any at risk amounts.

Liquidity risk

The business mitigates liquidity risk through careful review of cashflows on a debtor by debtor basis, together with robust cash forecasting to identify any potential liquidity risks.

Price risk

The business is exposed to price risk in the form of labour wages. The business mitigates this risk through close monitoring of wages against the level of net fee income.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the strategic report, 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 group and company 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 group and company and of the profit or loss of the group for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- 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.

The directors are responsible for the maintenance and integrity of the corporate and financial information on the company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Hopper Williams & Bell Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

M Charman - Director

13 November 2025

Opinion

We have audited the financial statements of Faststream Recruitment Limited (the 'company') for the year ended 31 March 2025 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was 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. Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities even though the audit has been properly planned and performed in accordance with the ISAs (UK). The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- We obtained an understanding of the legal and regulatory frameworks that are applicable to the company, and the industry in which it operates. These include but are not limited to compliance with the Companies Act 2006, UK Generally Accepted Accounting Principles and the relevant tax compliance regulations for the company.

- We obtained an understanding of how the company is complying with these frameworks through discussions with management.

- We enquired with management whether there were any instances of non-compliance with laws and regulations or whether they had knowledge of actual or suspected fraud. These enquiries are corroborated through follow-up audit procedures including but not limited to a review of legal and professional costs and correspondence.

- We assessed the susceptibility of the company's financial statements to material misstatement, including the risk of fraud and management override of controls. We designed our audit procedures to respond to this assessment, including the identification and testing of any related party transactions and the testing of journal transactions that arise from management estimates, that are determined to be of significant value or unusual in their nature.

- We assessed the appropriateness of the collective competence and capabilities of the engagement team, including consideration of the engagement team's knowledge and understanding of the industry in which the company operates in, and their practical experience through training and participation with audit engagements of a similar nature.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

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

Matt Cooper ACA (Senior Statutory Auditor)

for and on behalf of Hopper Williams & Bell Limited

Statutory Auditor

Highland House

Mayflower Close

Chandler's Ford

Eastleigh

Hampshire

SO53 4AR

13 November 2025

TURNOVER

3

15,306,410

18,624,280

Cost of sales

(12,685,290

)

(16,180,143

)

GROSS PROFIT

2,621,120

2,444,137

Administrative expenses

(2,169,981

)

(2,443,331

)

OPERATING PROFIT and

PROFIT BEFORE TAXATION

451,139

806

Tax on profit

7

(125,071

)

7,295

PROFIT FOR THE FINANCIAL YEAR

326,068

8,101

Retained earnings at beginning of year

1,534,682

2,026,581

Dividends

8

-

(500,000

)

RETAINED EARNINGS AT END OF YEAR

1,860,750

1,534,682

FIXED ASSETS

Tangible assets

9

45,903

77,865

CURRENT ASSETS

Debtors: amounts falling due within one year

10

1,583,036

2,805,834

Debtors: amounts falling due after more than one year

10

42,500

42,500

Cash at bank and in hand

1,594,834

383,196

3,220,370

3,231,530

CREDITORS

Amounts falling due within one year

11

(1,388,892

)

(1,753,627

)

NET CURRENT ASSETS

1,831,478

1,477,903

TOTAL ASSETS LESS CURRENT LIABILITIES

1,877,381

1,555,768

PROVISIONS FOR LIABILITIES

13

(6,631

)

(11,086

)

NET ASSETS

1,870,750

1,544,682

CAPITAL AND RESERVES

Called up share capital

14

10,000

10,000

Retained earnings

15

1,860,750

1,534,682

1,870,750

1,544,682

The financial statements were approved by the Board of Directors and authorised for issue on 13 November 2025 and were signed on its behalf by:

M Charman - Director

1.	STATUTORY INFORMATION

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standards 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 £1.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value.

The principal accounting policies adopted are set out below.

Going Concern

The directors have concluded that with the right management actions the group is a going concern for at least 12 months following the signature of the financial statements. Accordingly, the directors have prepared the financial statements on this basis.

Critical accounting judgements and key sources of estimation uncertainty

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 from 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 directors do not believe there are any material judgements on key sources of estimation uncertainty in the financial statements

Financial reporting standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 3.17(d);

•

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

•

the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.30;

•

the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23;

•

the requirement of paragraph 33.7.

This information is included in the consolidated financial statements of Faststream Holdings Limited as at 31 March 2025 and these financial statements may be obtained from its registered office, Waterside Place, 5 Town Quay Southampton, Hampshire, SO14 2AQ.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the company will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and

- the costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Short leasehold - 10% on cost

Fixtures and fittings - 33% and 20% on cost

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.

Impairment of fixed assets

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).

Recoverable amount is the higher of the fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in the statement of income and retained earnings, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Financial assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, which include trade and other receivables 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 financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Financial liabilities

Basic financial liabilities, which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Equity instruments

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

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Impairment of financial assets

Financial assets measured at cost and amortised costs are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

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 the profit and loss.

Derecognition of financial assets and financial liabilities

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Statement of Financial Position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currency transactions and balances

Functional and presentation currency

Items included in the financial statements of the company are measured using the currency of the primary economic environment in which the entity operates ('the functional currency'). The financial statements are presented in 'sterling', which is the company's functional and presentation currency.

Transactions and balances

Foreign currency transactions are translated into the company's functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the consolidated statement of income and retained earnings.

Foreign exchange gains and losses that relate to cash and cash equivalents are presented in the statement of income and retained earnings within finance income or costs. All other foreign exchange gains and losses are presented in the statement of income and retained earnings within administrative expenses.

Operating leasing commitments

Rentals paid under operating leases are charged to the Statement of Income and Retained Earnings on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

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

Cash and cash equivalents

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

Borrowing costs

All borrowing costs are recognised in the statement of income and retained earnings in the year in which they are incurred.

3.

TURNOVER

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

An analysis of turnover by class of business is given below:

2025

2024

£

£

Recruitment services

15,306,410

18,624,280

15,306,410

18,624,280

An analysis of turnover by geographical market is given below:

2025

2024

£

£

United Kingdom

7,898,261

9,433,498

Rest of the world

7,408,149

9,190,782

15,306,410

18,624,280

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

4,612,232

4,684,432

Social security costs

532,510

557,867

Other pension costs

210,327

209,231

5,355,069

5,451,530

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

2025

2024

Directors

3

3

Sales consultants and other staff

73

77

76

80

Directors Remuneration

2025

2024

£

£

Remuneration for qualifying services

517,427

513,060

Company pension contributions to defined contribution schemes

48,632

48,425

566,059

561,485

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2024: 3).

Remuneration disclosed above include the following amounts paid to the highest paid director:

2025

2024

£

£

Remuneration for qualifying services

267,819

267,809

Company pension contributions to defined contribution schemes

25,700

25,700

293,519

293,509

5.	OPERATING PROFIT

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

2025

2024

£

£

Other operating leases

191,600

231,600

Depreciation - owned assets

39,909

42,053

Foreign exchange differences

16,683

(14,478

)

6.	AUDITORS' REMUNERATION

2025

2024

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

13,620

11,350

Auditors' remuneration for non audit work

3,500

3,500

7.

TAXATION

Analysis of the tax charge/(credit)

The tax charge/(credit) on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

129,526

-

Deferred tax

(4,455

)

(7,295

)

Tax on profit

125,071

(7,295

)

UK corporation tax has been charged at 25% (2024 - 25%).

Reconciliation of total tax charge/(credit) included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Profit before tax

451,139

806

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

112,785

202

Effects of:

Expenses not deductible for tax purposes

11,986

3,463

Depreciation in excess of capital allowances

7,515

4,973

Utilisation of tax losses

(2,675

)

-

Movement in accelerated capital allowances

(4,455

)

(4,620

)

Income not allowable for tax purposes

(85

)

(11,313

)

Total tax charge/(credit)

125,071

(7,295

)

8.

DIVIDENDS

2025

2024

£

£

Final dividends

-

500,000

9.	TANGIBLE FIXED ASSETS

Fixtures

Short

and

leasehold

fittings

Totals

£

£

£

COST

At 1 April 2024

15,447

261,694

277,141

Additions

-

7,947

7,947

At 31 March 2025

15,447

269,641

285,088

DEPRECIATION

At 1 April 2024

10,815

188,461

199,276

Charge for year

1,415

38,494

39,909

At 31 March 2025

12,230

226,955

239,185

NET BOOK VALUE

At 31 March 2025

3,217

42,686

45,903

At 31 March 2024

4,632

73,233

77,865

10.

DEBTORS

Amounts owed by group undertakings are unsecured, interest-free and repayable on demand.

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

87,518

142,305

Corporation tax

129,526

-

Social security and other taxes

437,047

709,477

Other creditors

101,560

171,031

Accruals and deferred income

633,241

730,814

1,388,892

1,753,627

12.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2024

£

£

Within one year

178,400

178,400

Between one and five years

163,400

350,900

341,800

529,300