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REGISTERED NUMBER: 06320324 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

ISOURCE IT UK LIMITED

ISOURCE IT UK LIMITED (REGISTERED NUMBER: 06320324)

Contents of the Financial Statements
for the Year Ended 31 December 2023










Page

Company Information 1

Chartered Accountants' Report 2

Statement of Financial Position 3

Notes to the Financial Statements 5


ISOURCE IT UK LIMITED

Company Information
for the Year Ended 31 December 2023







DIRECTOR: Geoffrey Shepherd





REGISTERED OFFICE: Suite 2 3rd Floor, Goodbard House
15 Infirmary Street
Leeds
LS1 2JP





REGISTERED NUMBER: 06320324 (England and Wales)





ACCOUNTANTS: RCM Associates Limited
Green Farm Barn
The Green
Rathmell
Settle
North Yorkshire
BD24 0JX

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
Isource It Uk Limited


The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Isource It Uk Limited for the year ended 31 December 2023 which comprise the Income Statement, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Isource It Uk Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Isource It Uk Limited and state those matters that we have agreed to state to the director of Isource It Uk Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Isource It Uk Limited and its director for our work or for this report.

It is your duty to ensure that Isource It Uk Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Isource It Uk Limited. You consider that Isource It Uk Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Isource It Uk Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






RCM Associates Limited
Green Farm Barn
The Green
Rathmell
Settle
North Yorkshire
BD24 0JX


19 September 2024

ISOURCE IT UK LIMITED (REGISTERED NUMBER: 06320324)

Statement of Financial Position
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 23,515 21,076
Investments 5 30,000 20,000
53,515 41,076

CURRENT ASSETS
Debtors 6 3,608,560 4,309,170
Cash at bank and in hand 187,626 46,105
3,796,186 4,355,275
CREDITORS
Amounts falling due within one year 7 2,226,881 2,797,615
NET CURRENT ASSETS 1,569,305 1,557,660
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,622,820

1,598,736

CREDITORS
Amounts falling due after more than one
year

8

(325,292

)

(330,955

)

PROVISIONS FOR LIABILITIES (5,249 ) (4,773 )
NET ASSETS 1,292,279 1,263,008

CAPITAL AND RESERVES
Called up share capital 2,000 2,000
Retained earnings 1,290,279 1,261,008
1,292,279 1,263,008

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

ISOURCE IT UK LIMITED (REGISTERED NUMBER: 06320324)

Statement of Financial Position - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 19 September 2024 and were signed by:





Geoffrey Shepherd - Director


ISOURCE IT UK LIMITED (REGISTERED NUMBER: 06320324)

Notes to the Financial Statements
for the Year Ended 31 December 2023


1. STATUTORY INFORMATION

Isource It Uk 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is recognised as the fair value of the consideration received for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts and settlement discounts.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost and 20% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

ISOURCE IT UK LIMITED (REGISTERED NUMBER: 06320324)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2022 - 16 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 142,005
Additions 10,093
At 31 December 2023 152,098
DEPRECIATION
At 1 January 2023 120,929
Charge for year 7,654
At 31 December 2023 128,583
NET BOOK VALUE
At 31 December 2023 23,515
At 31 December 2022 21,076

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 January 2023 20,000
Additions 10,000
At 31 December 2023 30,000
NET BOOK VALUE
At 31 December 2023 30,000
At 31 December 2022 20,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,607,399 2,053,611
Amounts owed by group undertakings 1,129,581 1,129,581
Other debtors 871,580 1,125,978
3,608,560 4,309,170

ISOURCE IT UK LIMITED (REGISTERED NUMBER: 06320324)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 205,439 146,626
Trade creditors 566,418 908,537
Taxation and social security 141,980 259,646
Other creditors 1,313,044 1,482,806
2,226,881 2,797,615

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 325,292 330,955

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 530,731 477,581
Factoring finance 1,303,165 1,407,595
1,833,896 1,885,176

The factoring finance and bank loans are secured by fixed and floating charges over the assets of the company.

A guarantee between the company and its parent company, ISG Ventures Ltd, exists in respect of the obligations of the factoring finance and bank loans of the company, provided by way of fixed and floating charges over the assets of ISG Ventures Ltd.

In addition, the director has also provided a personal guarantee in respect of certain bank loans.

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
Geoffrey Shepherd
Balance outstanding at start of year 99,457 76,275
Amounts advanced 31,011 23,182
Amounts repaid (130,468 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 99,457

ISOURCE IT UK LIMITED (REGISTERED NUMBER: 06320324)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


11. ULTIMATE CONTROLLING PARTY

The controlling party is ISG Ventures Limited.