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REGISTERED NUMBER: 03365804 (England and Wales)

Strategic Report,

Report of the Directors and

Financial Statements

For The Year Ended

31 October 2025

for

S M R S LTD

| S M R S LTD (REGISTERED NUMBER: 03365804) |

Contents of the Financial Statements

For The Year Ended 31 October 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 4 |

| Statement of Directors' Responsibilities | 6 |

| Report of the Independent Auditors | 7 |

| Profit and Loss Account | 11 |

| Other Comprehensive Income | 12 |

| Balance Sheet | 13 |

| Statement of Changes in Equity | 14 |

| Notes to the Financial Statements | 15 |

| S M R S LTD |

Company Information

For The Year Ended 31 October 2025

| DIRECTORS: | Mr R N Lewis

| S Sturgess

| Mr T C Windsor

| REGISTERED OFFICE: | 2 Express Networks

| 3 George Leigh Street

| Manchester

| Greater Manchester

| M4 6BD

| REGISTERED NUMBER: | 03365804 (England and Wales)

| SENIOR STATUTORY AUDITOR: | Steven John Collings FCCA

| AUDITORS: | Leavitt Walmsley Associates Limited

| Chartered Certified Accountants and

| Statutory Auditors

| 8 Eastway

| Sale

| Cheshire

| M33 4DX

| S M R S LTD (REGISTERED NUMBER: 03365804) |

Strategic Report

For The Year Ended 31 October 2025

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

REVIEW OF BUSINESS

Development and performance of the business during the year

Purpose driven and mission focussed, for almost three decades, SMRS has changed organisations for the better.

2024/25 saw continued global growth across our integrated work systems of Culture, Brand and Communications, as well as recognition for our wider contribution with re-accreditation and substantial score increases through BCorp

SMRS delivered strong 2024/25 performance through profit growth and increased global activity, driven by action focussed strategies and operational optimisation; working with more clients globally, across a wider range of integrated products and services.

Having always been insight driven, 2024/25 saw the continued development, publication and management of sector knowledge capital and thought leadership - delivered through a broader range of events and owned networks.

A strategic project to accelerate AI within operations, products, and services also delivered enhanced outputs, internal capability and client benefit.

Throughout 2024/25, we continued to run a comprehensive and purposeful internal culture programme; driving deeper understanding, development and improvement to our organisational culture.

Key performance indicators

The directors use a number of key performance indicators (KPIs) to monitor the performance of the business against budget and its comparable year on year performance. The KPIs include:

| 2025 |  | + / - % |  | 2024 |  |

| £m |  |  | £m |  |

Turnover v previous year |  | 25.0 |  | +3.1% |  | 24.2 |  |

Total gross profit v previous year |  | 8.5 |  | -5.1% |  | 8.9 |  |

Operating profit |  | 1.1 |  | +28.7% |  | 0.856 |  |

2024/25 benefitted from the deployment of a robust Enterprise Value framework to measure organisational health, showing positive KPIs across all key measures.

While we experienced slower activity in some markets due to the economic climate, our diversified product offering minimised overall impact. We also ran a programme to manage costs and improve efficiency, driving growth to the bottom line.

Going into 2025/26, the directors will hold responsibility for the commercial performance and Enterprise Value framework, as well as specific KPIs aligned to their strategic areas of responsibility.

| S M R S LTD (REGISTERED NUMBER: 03365804) |

Strategic Report

For The Year Ended 31 October 2025

PRINCIPAL RISKS AND UNCERTAINTIES

The economy

Whilst some clients continue to operate under financial pressure, and some clients and industries are facing limited growth, we continually adapt the way we work and who we work with to ensure we protect our staff, our position and our clients.

Through the diversification of our work systems, and a broader distribution of geographical clients, we reduce the risk of being overly dependent upon one revenue stream or market.

Regular analysis of all areas of our business are conducted to ensure we continue to operate in a way that protects our business.

Financial risk management

We continually review all financial management processes each year to identify areas for improvement. We continue to improve our credit control systems and processes, supporting them with appropriate resources and have continued to invest in and grow our team. We have continued to invest resource and training in our financial reporting and forecasting processes to ensure early warning of changes to planned business performance are identified and acted upon. We do not foresee any significant risks going forward.

Price risk

Our revenue streams are now heavily driven by fees for our creative, strategic, insight, consultancy and other added value services. We continually assess our time, efficiency and pricing strategies to ensure that we are offering clients exceptional value for our services and that our pricing is in line with our cost base.

Credit risk

We continue to closely monitor all debt and ensure that all applicable work carried out is covered by credit insurance. This credit risk is discussed at all management meetings with action taken, should it be required.

Liquidity risk

We closely review business forecasts on an ongoing basis to ensure we minimise liquidity and cash flow risks.

ON BEHALF OF THE BOARD:

Mr T C Windsor - Director

22 June 2026

| S M R S LTD (REGISTERED NUMBER: 03365804) |

Report of the Directors

For The Year Ended 31 October 2025

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

DIVIDENDS

The directors have recommended interim dividends be paid during the year as follows:

Interim dividend on the Ordinary A shares |  | £400,000 paid 6 November 2024 |

Interim dividend on the Ordinary A shares |  | £400,000 paid 13 January 2025 |

Interim dividend on the Ordinary A shares |  | £100,000 paid 22 July 2025 |

The total value of dividends paid in the year to 31 October 2025 was £900,000 (2024: £1,300,000).

The directors do not recommend the payment of a final dividend.

RESEARCH AND DEVELOPMENT

2024/25 saw increased investment in product development, operational advancement and enterprise technology, while continuing to build and run sector specific data and insight tools. This year our products and services were recognised for their uniqueness through trademark recognition, further cementing our Intellectual Property value.

FUTURE DEVELOPMENTS

Future developments and position of the company at the year end

As the company continues its growth journey, the Board will continue to own their respective strategic areas and hold accountability for the development and delivery of their strategies.

We are clear about the high demand for what we do and we are focussed on delivering growth through market expansion and cross-selling.

DIRECTORS

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

Mr R N Lewis

S Sturgess

Mr T C Windsor

FINANCIAL INSTRUMENTS

The company enters into financial instruments in the ordinary course of business as follows:

Financial assets measured at amortised cost

- Investments in unlisted entities

- Trade and sundry debtors

- Amounts due from related parties

- Cash and bank balances

Financial liabilities measured at amortised cost

- Trade and sundry creditors

- Accrued expenses

GOING CONCERN

Despite the impact the economic circumstances had on our performance, we continue to see demand for our services across the sectors in which we operate.

Through the adaption and bolstering of our offering, and by entering more geographical markets, we enter the next year in a position to return to the strong business performance that we have seen over recent years.

By analysing our client base, future revenue projections and new business pipeline we are confident that we will drive strong business performance in the coming year and have no hesitation in concluding that the business is a going concern.

DISCLOSURE IN THE STRATEGIC REPORT

In accordance with s414c(11), Sch 7, Companies Act 2006, the company has chosen to set out in the strategic report information required by The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008. It has done so in respect of:

- Financial risk management objectives and policies

- Information on exposure to the economy, financial risk management, price risk, credit risk and liquidity risk.

| S M R S LTD (REGISTERED NUMBER: 03365804) |

Report of the Directors

For The Year Ended 31 October 2025

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, Leavitt Walmsley Associates Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr T C Windsor - Director

22 June 2026

| S M R S LTD (REGISTERED NUMBER: 03365804) |

Statement of Directors' Responsibilities

For The Year Ended 31 October 2025

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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.

Report of the Independent Auditors to the Members of

S M R S Ltd

Opinion

We have audited the financial statements of S M R S Ltd (the 'company') for the year ended 31 October 2025 which comprise the Profit and Loss Account, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 October 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, the Report of the Directors and the Statement of Directors' Responsibilities, 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.

Report of the Independent Auditors to the Members of

S M R S Ltd

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

Report of the Independent Auditors to the Members of

S M R S Ltd

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.

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 framework applicable to the company together with the industry in which it operates. We considered the risk of acts by the company which were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one from error, as fraud may involve deliberate concealment by (for example) forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to a risk of material misstatement in the financial statements including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and reviews of correspondence, in particular correspondence from legal advisers. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud.

As in all our audits, we addressed the risk of management override of internal controls, including testing journal entries and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.

- Evaluate the appropriateness of accounting policies used and reasonableness of accounting estimates and related disclosures made by the directors.

- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Report of the Auditors to the related disclosure in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Report of the Auditors. However, future events or conditions may cause the company to cease to continue as a going concern.

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters. the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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.

Report of the Independent Auditors to the Members of

S M R S Ltd

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.

Steven John Collings FCCA (Senior Statutory Auditor)

for and on behalf of Leavitt Walmsley Associates Limited

Chartered Certified Accountants and

Statutory Auditors

8 Eastway

Sale

Cheshire

M33 4DX

22 June 2026

| S M R S LTD (REGISTERED NUMBER: 03365804) |

Profit and Loss Account

For The Year Ended 31 October 2025

| 31.10.25 |  | 31.10.24

| Notes | £ | £ |

TURNOVER | 3 | 25,017,844 |  | 24,258,957 |  |

Cost of sales | 16,548,514 |  | 15,343,062 |  |

GROSS PROFIT | 8,469,330 |  | 8,915,895 |  |

Administrative expenses | 7,367,755 |  | 8,059,834 |  |

OPERATING PROFIT | 5 | 1,101,575 |  | 856,061 |  |

Interest receivable and similar income | 147,505 |  | 187,381 |  |

PROFIT BEFORE TAXATION | 1,249,080 |  | 1,043,442 |  |

Tax on profit | 6 | 173,133 |  | (76,988 | ) |

PROFIT FOR THE FINANCIAL YEAR | 1,075,947 |  | 1,120,430 |  |

| S M R S LTD (REGISTERED NUMBER: 03365804) |

Other Comprehensive Income

For The Year Ended 31 October 2025

| 31.10.25 |  | 31.10.24

| Notes | £ | £ |

PROFIT FOR THE YEAR | 1,075,947 |  | 1,120,430 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 1,075,947 |  | 1,120,430 |  |

| S M R S LTD (REGISTERED NUMBER: 03365804) |

Balance Sheet

31 October 2025

| 31.10.25 | 31.10.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 8 | 1,150,502 |  | 1,249,554 |  |

Investments | 9 | 27,998 |  | 27,998 |  |

1,178,500 |  | 1,277,552 |  |

CURRENT ASSETS

Stocks | 10 | 13,287 |  | 85,636 |  |

Debtors | 11 | 6,971,451 |  | 6,868,556 |  |

Cash at bank | 5,950,543 |  | 5,274,600 |  |

12,935,281 |  | 12,228,792 |  |

CREDITORS

Amounts falling due within one year | 12 | 10,879,948 |  | 10,434,084 |  |

NET CURRENT ASSETS | 2,055,333 |  | 1,794,708 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 3,233,833 |  | 3,072,260 |  |

PROVISIONS FOR LIABILITIES | 14 | 29,142 |  | 43,516 |  |

NET ASSETS | 3,204,691 |  | 3,028,744 |  |

CAPITAL AND RESERVES

Called up share capital | 15 | 20,000 |  | 20,000 |  |

Capital redemption reserve | 16 | 10,000 |  | 10,000 |  |

Retained earnings | 16 | 3,174,691 |  | 2,998,744 |  |

SHAREHOLDERS' FUNDS | 3,204,691 |  | 3,028,744 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 22 June 2026 and were signed on its behalf by:

Mr T C Windsor - Director

| S M R S LTD (REGISTERED NUMBER: 03365804) |

Statement of Changes in Equity

For The Year Ended 31 October 2025

| Called up |  | Capital |

| share |  | Retained |  | redemption |  | Total

| capital |  | earnings |  | reserve |  | equity

£ | £ | £ | £ |

Balance at 1 November 2023 | 20,000 |  | 3,178,314 |  | 10,000 |  | 3,208,314 |  |

Changes in equity

Dividends | - |  | (1,300,000 | ) | - |  | (1,300,000 | ) |

Total comprehensive income | - |  | 1,120,430 |  | - |  | 1,120,430 |  |

Balance at 31 October 2024 | 20,000 |  | 2,998,744 |  | 10,000 |  | 3,028,744 |  |

Changes in equity

Dividends | - |  | (900,000 | ) | - |  | (900,000 | ) |

Total comprehensive income | - |  | 1,075,947 |  | - |  | 1,075,947 |  |

Balance at 31 October 2025 | 20,000 |  | 3,174,691 |  | 10,000 |  | 3,204,691 |  |

| S M R S LTD (REGISTERED NUMBER: 03365804) |

Notes to the Financial Statements

For The Year Ended 31 October 2025

1. | STATUTORY INFORMATION

| S M R S Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

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

| The principal accounting policies applied in the preparation of the financial statements are set out below and have remained unchanged from the previous year and have also been consistently applied in these financial statements.

| These financial statements cover the individual entity. The company is not the parent of a group.

| Going concern

| Despite the uncertainties brought about by a deterioration in the UK economy, we have seen increased demand for our services across all of the markets in which we operate, as organisations look to address their culture, brand and communication needs. This resilience has enabled us to maintain the strong business performance that we have seen over recent years and is forecast to continue.

| By analysing our client base, future revenue projections and new business pipeline we are confident that we will maintain or improve business performance in the coming year and have no hesitation in concluding that the business is a going concern.

| Financial Reporting Standard 102 - reduced disclosure exemptions

| The company has taken advantage of the following disclosure exemption 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.

| Critical accounting judgements and key sources of estimation uncertainty

| The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the year end date and the amounts reported for revenue and expenses during the year. However, the nature of the estimation is such that actual outcomes could differ from those estimates. The following judgements have the most significant effect on amounts recognised in the financial statements:

| Judgements in applying accounting policies:

| Revenue recognition

| Judgement is required in selecting the appropriate timing and amount of revenue recognised. Revenue is only recognised when it can be reliably estimated using customer-specific information and, where there is a performance related element, to the extent to which the performance criteria have been met.

| Trade debtors

| The likelihood of collection of trade debtors also requires judgement to be applied. The company makes an assessment at each balance sheet date as to whether a provision for specific bad debts is required through a detailed review of individual customer balances.

| Key sources of estimation uncertainty

| The annual depreciation charge for property, plant and equipment is sensitive to changes in the estimated useful economic lives and estimated residual values of the assets. The useful economic lives and residual values of the assets are re-assessed annually and are amended, where necessary, to reflect current estimates. Changes in residual values and economic lives are accounted for as a change in accounting estimate under FRS 102, Section 10 'Accounting Policies, Estimates and Errors'.

| S M R S LTD (REGISTERED NUMBER: 03365804) |

Notes to the Financial Statements - continued

For The Year Ended 31 October 2025

2. | ACCOUNTING POLICIES - continued

| 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 represents the gross amount of billings for the provision of goods and services in which media income is earned, together with fee income receivable. Media income is recognised either at the time the related advertisement appears, or on an ongoing basis as the related production progresses. Fees are recognised as income when they are earned in accordance with the agreement with clients.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Long leasehold | - | 2% on cost

| Improvements to property | - | 20% on cost and 10% on cost

| Fixtures and fittings | - | 33% on cost

| Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs which are directly attributable in bringing the asset to its location and condition so that it is capable of operating in the manner intended by management.

| Residual values used in the calculation of depreciable amount are the expected amounts which would currently be obtained from disposal of assets, after deducting the estimated costs of disposal, if the assets were already of the age and in the condition expected at the end of their useful lives.

| Profits and losses on the disposal of fixed assets are included in the calculation of profit for the period.

| The directors assess the company's tangible assets for evidence of impairment at each reporting date. Where there are indicators of impairment, the directors calculate recoverable amount of the asset(s) and compare this with the carrying amount. If recoverable amount is lower than carrying amount, the asset is written down to recoverable amount by way of an impairment loss which is recognised in profit or loss for the period. Impairment losses are reversed when there is evidence that the reasons giving rise to the original impairment have ceased to apply. Impairment losses are reversed through profit and loss but only to the extent that the reversal does not increase the carrying amount of the asset to the amount which would have been stated, net of depreciation, had no impairment loss been recognised.

| Stocks

| Work in progress is valued at the lower of cost and estimated selling price less costs to complete and sell. Cost includes the hourly chargeout rates of staff involved in a specific project.

| S M R S LTD (REGISTERED NUMBER: 03365804) |

Notes to the Financial Statements - continued

For The Year Ended 31 October 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| The company has elected to apply (where applicable) the provisions of FRS 102, Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' to all of its financial instruments.

| Financial instruments are recognised when the company becomes a party to the contractual provisions of the instrument.

| Financial assets 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

| Basic financial assets, which include trade and other debtors, amounts owed by group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently measured at amortised cost using the effective interest rate. The exception to this would be where the arrangement constitutes a financing arrangement - in which case, the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

| Interest incoming arising on financial assets

| Interest on deposit account balances is recognised on receipt.

| Impairment of financial assets

| Financial assets, other than those held at fair value through profit or loss, are assessed for indicators of impairment at each balance sheet date.

| Financial assets are impaired when 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. All impairment losses are 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 the carrying amount that would have been recognised had the impairment not previously been recognised. Impairment reversals are recognised in profit or loss.

| Derecognition of financial assets

| Financial assets are derecognised only when:

| - the contractual rights to the cash flows from the asset expire or are settled;

| - 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 a third party which is able to sell the asset in its entirety to an unrelated party.

| Classification of financial liabilities

| Financial liabilities (and equity instruments) are classified depending on the substance of the contractual arrangements entered into.

| Basic financial liabilities

| Basic financial liabilities, including trade and other creditors and accrued expenses, are initially recognised at transaction price unless the arrangement constitutes a financing arrangement, where the debt instrument is then measured at the present value of the future payments discounted at a market rate of interest.

| Debt instruments are subsequently measured at amortised cost using the effective interest method.

| Derecognition of financial liabilities

| Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled or they expire.

| Equity instruments

| S M R S LTD (REGISTERED NUMBER: 03365804) |

Notes to the Financial Statements - continued

For The Year Ended 31 October 2025

2. | ACCOUNTING POLICIES - continued

| Equity instruments issued by the company are recorded at the fair value of 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.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| 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 balance sheet date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Deferred tax is calculated using timing difference plus approach.

| 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.

| Research and development

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

| Research and Development Expenditure Credits in respect of qualifying research and development expenditure are included in the financial statements as a reduction to tax expense.

| Foreign currencies

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

| Pension costs and other post-retirement benefits

| The company contributes to individual defined contribution pension schemes for certain of its directors. The company also operates a pension scheme under the auto-enrolment legislation for one director and other employees. Annual contributions are recognised in profit and loss for both schemes.

| Employee benefits

| Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year with an associated expense in profit or loss.

| Operating leases

| Rentals payable under operating leases are charged to profit and loss on a straight line basis over the term of the lease.

| Investments

| Investments are measured at cost less any accumulated impairment losses.

| Writeback income

| Writeback income is shown in the profit and loss account where previously recognised provisions outstanding for 12 months relating to projects that are no longer ongoing are reversed.

| S M R S LTD (REGISTERED NUMBER: 03365804) |

Notes to the Financial Statements - continued

For The Year Ended 31 October 2025

3. | TURNOVER

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

| An analysis of turnover by geographical market is given below:

| 31.10.25 |  | 31.10.24

£ | £ |

| United Kingdom | 23,991,551 |  | 23,434,031 |  |

| Rest of the world | 1,026,293 |  | 824,926 |  |

25,017,844 |  | 24,258,957 |  |

| The turnover of the company is derived wholly from the rendering of services.

4. | EMPLOYEES AND DIRECTORS

| 31.10.25 |  | 31.10.24

£ | £ |

| Wages and salaries | 4,807,727 |  | 5,332,787 |  |

| Social security costs | 589,867 |  | 590,692 |  |

| Other pension costs | 140,763 |  | 160,734 |  |

5,538,357 |  | 6,084,213 |  |

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

| 31.10.25 |  | 31.10.24

| Senior management | 7 |  | 7 |  |

| Client operations | 27 |  | 37 |  |

| Digital | 10 |  | 13 |  |

| Research | 7 |  | 9 |  |

| Support | 15 |  | 17 |  |

| Sales and marketing | 5 |  | 4 |  |

| Brand content and community | 17 |  | 19 |  |

| Consultancy | 5 |  | 5 |  |

93 |  | 111 |  |

| 31.10.25 |  | 31.10.24

£ | £ |

| Directors' remuneration | 919,884 |  | 980,356 |  |

| Directors' pension contributions to money purchase schemes | 27,203 |  | 29,382 |  |

| The number of directors to whom retirement benefits were accruing was as follows:

| Money purchase schemes | 3 |  | 3 |  |

| Information regarding the highest paid director is as follows:

| 31.10.25 |  | 31.10.24

£ | £ |

| Emoluments etc | 340,039 |  | 330,431 |  |

| Pension contributions to money purchase schemes | 9,996 |  | 9,996 |  |

| S M R S LTD (REGISTERED NUMBER: 03365804) |

Notes to the Financial Statements - continued

For The Year Ended 31 October 2025

5. | OPERATING PROFIT

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

| 31.10.25 |  | 31.10.24

£ | £ |

| Depreciation - owned assets | 117,493 |  | 161,012 |  |

| Auditors' remuneration | 18,350 |  | 16,180 |  |

| Auditors' remuneration for non audit work | 8,726 |  | 13,779 |  |

| Foreign exchange differences | (2,361 | ) | 207 |  |

| Hire of plant and equipment | 11,750 |  | 11,402 |  |

| Other operating lease rentals | 66,774 |  | 65,389 |  |

| Deposit account interest | (147,506 | ) | (187,381 | ) |

| Writeback income | (464,109 | ) | (641,717 | ) |

6. | TAXATION

| Analysis of the tax charge/(credit)

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

| 31.10.25 |  | 31.10.24

£ | £ |

| Current tax:

| UK corporation tax | 187,507 |  | (56,694 | ) |

| Deferred tax:

| Timing differences | (14,374 | ) | (20,294 | ) |

| Tax on profit | 173,133 |  | (76,988 | ) |

| UK corporation tax was charged at 25%) in 2024.

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

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

| 31.10.25 |  | 31.10.24

£ | £ |

| Profit before tax | 1,249,080 |  | 1,043,442 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 312,270 |  | 260,861 |  |

| Effects of:

| Expenses not deductible for tax purposes | 5,476 |  | 6,052 |  |

| Depreciation in excess of capital allowances | 23,748 |  | 35,649 |  |

| Adjustments to tax charge in respect of previous periods | 40,239 |  | (10,372 | ) |

| Withholding taxes | 1,059 |  | - |  |

| Movement on deferred tax | (14,376 | ) | (20,294 | ) |

| R&D tax credits | (195,283 | ) | (348,884 | ) |

| Total tax charge/(credit) | 173,133 |  | (76,988 | ) |

7. | DIVIDENDS

| 31.10.25 |  | 31.10.24

£ | £ |

| Ordinary A shares of £1 each

| Interim dividend ordinary A | 900,000 |  | 1,300,000 |  |

| S M R S LTD (REGISTERED NUMBER: 03365804) |

Notes to the Financial Statements - continued

For The Year Ended 31 October 2025

8. | TANGIBLE FIXED ASSETS

| Improvements |  | Fixtures |

| Long |  | to |  | and |

| leasehold |  | property |  | fittings |  | Totals

£ | £ | £ | £ |

| COST

| At 1 November 2024 | 1,695,415 |  | 3,600 |  | 1,209,362 |  | 2,908,377 |  |

| Additions | - |  | - |  | 18,441 |  | 18,441 |  |

| At 31 October 2025 | 1,695,415 |  | 3,600 |  | 1,227,803 |  | 2,926,818 |  |

| DEPRECIATION

| At 1 November 2024 | 650,106 |  | 1,053 |  | 1,007,664 |  | 1,658,823 |  |

| Charge for year | 33,318 |  | 360 |  | 83,815 |  | 117,493 |  |

| At 31 October 2025 | 683,424 |  | 1,413 |  | 1,091,479 |  | 1,776,316 |  |

| NET BOOK VALUE

| At 31 October 2025 | 1,011,991 |  | 2,187 |  | 136,324 |  | 1,150,502 |  |

| At 31 October 2024 | 1,045,309 |  | 2,547 |  | 201,698 |  | 1,249,554 |  |

9. | FIXED ASSET INVESTMENTS

| Unlisted

| investments

£ |

| COST

| At 1 November 2024

| and 31 October 2025 | 27,998 |  |

| NET BOOK VALUE

| At 31 October 2025 | 27,998 |  |

| At 31 October 2024 | 27,998 |  |

10. | STOCKS

| 31.10.25 |  | 31.10.24

£ | £ |

| Work-in-progress | 13,287 |  | 85,636 |  |

11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.10.25 |  | 31.10.24

£ | £ |

| Trade debtors | 4,285,701 |  | 4,082,927 |  |

| Amounts owed by group undertakings | 1,517,410 |  | 1,517,410 |  |

| Other debtors | 29,077 |  | 19,898 |  |

| Prepayments and accrued income | 1,139,263 |  | 1,248,321 |  |

6,971,451 |  | 6,868,556 |  |

| S M R S LTD (REGISTERED NUMBER: 03365804) |

Notes to the Financial Statements - continued

For The Year Ended 31 October 2025

12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.10.25 |  | 31.10.24

£ | £ |

| Trade creditors | 6,288,157 |  | 7,012,367 |  |

| Tax | 191,493 |  | 137,562 |  |

| Social security and other taxes | 149,487 |  | 128,252 |  |

| VAT | 40,483 |  | 24,241 |  |

| Other creditors | 94,544 |  | 38,979 |  |

| Accruals and deferred income | 4,115,784 |  | 3,092,683 |  |

10,879,948 |  | 10,434,084 |  |

13. | LEASING AGREEMENTS

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

| 31.10.25 |  | 31.10.24

£ | £ |

| Within one year | 106,155 |  | 89,976 |  |

| Between one and five years | 36,429 |  | 60,489 |  |

142,584 |  | 150,465 |  |

14. | PROVISIONS FOR LIABILITIES

| 31.10.25 |  | 31.10.24

£ | £ |

| Deferred tax | 29,142 |  | 43,516 |  |

| Deferred |

| tax |

£ |

| Balance at 1 November 2024 | 43,516 |  |

| Credit to Profit and Loss Account during year | (14,374 | ) |

| Balance at 31 October 2025 | 29,142 |  |

| The deferred tax balance relates to the difference between capital allowances available and the net book value of certain items of property, plant and equipment. These timing differences are expected to reverse over the next five years.

15. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.10.25 |  | 31.10.24

| value: | £ | £ |

| 15,000 | Ordinary A | £1 | 15,000 |  | 15,000 |  |

| 5,000 | Ordinary B | £1 | 5,000 |  | 5,000 |  |

20,000 |  | 20,000 |  |

| Each share is entitled to one vote in any circumstance and carries a right to dividends.

| S M R S LTD (REGISTERED NUMBER: 03365804) |

Notes to the Financial Statements - continued

For The Year Ended 31 October 2025

16. | RESERVES

| Capital |

| Retained |  | redemption |

| earnings |  | reserve |  | Totals

£ | £ | £ |

| At 1 November 2024 | 2,998,744 |  | 10,000 |  | 3,008,744 |  |

| Profit for the year | 1,075,947 |  | 1,075,947 |  |

| Dividends | (900,000 | ) | (900,000 | ) |

| At 31 October 2025 | 3,174,691 |  | 10,000 |  | 3,184,691 |  |

| Retained earnings is a distributable reserve that includes all current and prior period profits and losses.

| The capital redemption reserve is a non-distributable reserve into which amounts have been transferred following the redemption or purchase of the company's own shares out of distributable profits or, in certain circumstances, from the proceeds of a fresh share issue.

17. | ULTIMATE PARENT COMPANY

| SMRS Group Limited is regarded by the directors as being the company's ultimate parent company.

| SMRS Group Limited is the smallest and largest group to consolidated these financial statements. Copies of the consolidated financial statements can be obtained from 2 Express Networks, 3 George Leigh Street, Manchester, M4 6BD; or from Companies House website.

18. | RELATED PARTY DISCLOSURES

| Entities with control, joint control or significant influence over the entity

| 31.10.25 |  | 31.10.24

£ | £ |

| Dividend | 900,000 |  | 1,300,000 |  |

| Amount due from related party | 1,517,410 |  | 1,517,410 |  |

| The amount due from the related party is repayable on demand and is interest-free.

| During the year, a total of key management personnel compensation of £ 1,628,293 (2024 - £ 1,659,394 ) was paid.

19. | FINANCIAL INSTRUMENTS

| Details of the company's financial instruments are shown in the following table:

|  | 31.10.25 |  | 31.10.24 |  |

| Financial assets |  | £ |  | £ |  |

| Measured at amortised cost |  | 12,617 |  | 11,833 |  |

| Financial liabilities |  |

| Measured at amortised cost |  | 10,498 |  | 10,144 |  |

| Financial assets measured at amortised cost include long-term investments, trade and other debtors, accrued income and bank balances.

| Financial liabilities measured at amortised cost include trade and other creditors, accruals and deferred income.