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Registered number: 03926632










INFORMATION RESOURCES (HOLDINGS) LIMITED










DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
INFORMATION RESOURCES (HOLDINGS) LIMITED
 
 
COMPANY INFORMATION


Directors
H Holman 
K O'Brien (resigned 22 November 2024)
P Springett (appointed 14 October 2024)




Company secretary
S J Gilpin



Registered number
03926632



Registered office
3rd Floor (South)
200 Aldersgate Street

London

EC1A 4HD




Independent auditors
Ryecroft Glenton
Chartered Accountants & Statutory Auditors

32 Portland Terrace

Newcastle upon Tyne

NE2 1QP





 
INFORMATION RESOURCES (HOLDINGS) LIMITED
 

CONTENTS



Page
Directors' Report
1 - 2
Independent Auditors' Report
3 - 6
Statement of Comprehensive Income
7
Balance Sheet
8
Statement of Changes in Equity
9
Notes to the Financial Statements
10 - 15


 
INFORMATION RESOURCES (HOLDINGS) LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Principal activity

The Company is an investment holding company whose sole business is the holding of an investment in its wholly owned subsidiary, Information Resources (Bournemouth) Limited. Information Resources (Bournemouth) Limited entered into a contract with Bournemouth Borough Council on 23 August 2000 to design, construct, finance, commission and maintain a new library and provide operating services for a period of 32 years.

Directors

The directors who served during the year were:

H Holman
K O'Brien
P Springett
 (appointed 14 October 2024)

Directors' responsibilities statement

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the Company's financial statements 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Page 1

 
INFORMATION RESOURCES (HOLDINGS) LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Going concern

The Company's forecasts and projections taking account of reasonably possible changes in trading performance show that the Company should be able to operate within the level of its current resources. 
Based on this review and the future business prospects of the Company, despite the current economic conditions the Directors believe the Company will be able to meet its liabilities as they fall due and as such do not expect to be significantly affected by these events.
The directors consider the going concern status of the company to be tied to that of Information Resources (Bournemouth) Limited, the SPV. The results and future performance of the SPV are closely modelled and show current and future profitability.
After making enquiries, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly they adopt the going concern basis in preparing the annual report and accounts. 

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditorsRyecroft Glentonwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 30 April 2025 and signed on its behalf.
 





H Holman
Director

Page 2

 
INFORMATION RESOURCES (HOLDINGS) LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INFORMATION RESOURCES (HOLDINGS) LIMITED
 

Opinion


We have audited the financial statements of Information Resources (Holdings) Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 December 2024 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 United Kingdom, including the Financial Reporting Council'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.


Page 3

 
INFORMATION RESOURCES (HOLDINGS) LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INFORMATION RESOURCES (HOLDINGS) LIMITED (CONTINUED)

Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report has 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 Directors' Report.


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


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.


Page 4

 
INFORMATION RESOURCES (HOLDINGS) LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INFORMATION RESOURCES (HOLDINGS) LIMITED (CONTINUED)

Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


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


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


The extent to which the audit was considered 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
the Responsible Individual ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including Companies Act 2006, taxation legislation, data protection, anti-bribery, and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and 
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
Page 5

 
INFORMATION RESOURCES (HOLDINGS) LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INFORMATION RESOURCES (HOLDINGS) LIMITED (CONTINUED)

To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships; and
tested journal entries to identify unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance;
reviewing the risk register;
enquiring of management as to actual and potential litigation and claims; and
reviewing correspondence with HMRC, relevant regulators and the Company’s legal advisors (where applicable), including those responsible for compliance.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


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


Use of our report
 

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





Andrew Cameron (Senior Statutory Auditor)
  
for and on behalf of
Ryecroft Glenton
 
Chartered Accountants
Statutory Auditors
  
32 Portland Terrace
Newcastle upon Tyne
NE2 1QP

30 April 2025
Page 6

 
INFORMATION RESOURCES (HOLDINGS) LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Income from fixed assets investments
  
225,000
90,000

Interest receivable and similar income
 4 
167,605
176,424

Interest payable and similar expenses
 5 
(167,605)
(176,424)

Profit before tax
  
225,000
90,000

Profit for the financial year
  
225,000
90,000

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 10 to 15 form part of these financial statements.

Page 7

 
INFORMATION RESOURCES (HOLDINGS) LIMITED
REGISTERED NUMBER:03926632

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 7 
100,000
100,000

  
100,000
100,000

Current assets
  

Debtors: amounts falling due after more than one year
 8 
972,857
1,075,424

Debtors: amounts falling due within one year
 8 
130,670
91,546

  
1,103,527
1,166,970

Creditors: amounts falling due within one year
 9 
(130,670)
(91,546)

Net current assets
  
 
 
972,857
 
 
1,075,424

Total assets less current liabilities
  
1,072,857
1,175,424

Creditors: amounts falling due after more than one year
 10 
(972,857)
(1,075,424)

  

Net assets
  
100,000
100,000


Capital and reserves
  

Called up share capital 
 12 
100,000
100,000

  
100,000
100,000


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 April 2025.




H Holman
Director

The notes on pages 10 to 15 form part of these financial statements.

Page 8

 
INFORMATION RESOURCES (HOLDINGS) LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2023
100,000
-
100,000



Profit for the year
-
90,000
90,000

Dividends: Equity capital
-
(90,000)
(90,000)



At 1 January 2024
100,000
-
100,000



Profit for the year
-
225,000
225,000

Dividends: Equity capital
-
(225,000)
(225,000)


At 31 December 2024
100,000
-
100,000


The notes on pages 10 to 15 form part of these financial statements.

Page 9

 
INFORMATION RESOURCES (HOLDINGS) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Information Resources (Holdings) Limited is a private company limited by shares and is incorporated in England and Wales (registered number 03926632). The Registered office is 3rd Floor (South), 200 Aldersgate Street, London, EC1A 4HD.
The principal activity of the Company is set out in the Directors Report.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared and rounded to the nearest £ unless otherwise stated.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Going concern

The Company's forecasts and projections taking account of reasonably possible changes in trading performance show that the Company should be able to operate within the level of its current resources. 
Based on this review and the future business prospects of the Company, despite the current economic conditions the Directors believe the Company will be able to meet its liabilities as they fall due and as such do not expect to be significantly affected by these events.
The directors consider the going concern status of the company to be tied to that of Information Resources (Bournemouth) Limited, the SPV. The results and future performance of the SPV are closely modelled and show current and future profitability
After making enquiries, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly they adopt the going concern basis in preparing the annual report and accounts. 

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 10

 
INFORMATION RESOURCES (HOLDINGS) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

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.


3.


Employees




The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL).


4.


Interest receivable

2024
2023
£
£


Interest receivable from subsidiaries
167,605
176,424

167,605
176,424


5.


Interest payable and similar expenses

2024
2023
£
£


Interest payable to parent undertaking
167,605
176,424

167,605
176,424

Page 11

 
INFORMATION RESOURCES (HOLDINGS) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Dividends

2024
2023
£
£


Interim dividends paid
225,000
90,000

225,000
90,000


7.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
100,000



At 31 December 2024
100,000





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Information Resources (Bournemouth) Limited
3rd Floor (South), 200 Aldersgate Street, London, EC1A 4HD
Ordinary
100%

Page 12

 
INFORMATION RESOURCES (HOLDINGS) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Debtors

2024
2023
£
£

Due after more than one year

Amounts owed by group undertakings
972,857
1,075,424

972,857
1,075,424


2024
2023
£
£

Due within one year

Amounts owed by group undertakings
130,670
91,546

130,670
91,546



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Subordinated loan notes
72,907
33,493

Amounts owed to group undertakings
57,763
58,053

130,670
91,546



10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Subordinated loan notes
972,857
1,075,424

972,857
1,075,424


Borrowings: unsecured subordinated loan stock
The Unsecured Subordinated 15.6% Loan Stock 2032 is held by the Company's parent undertakings in the same proportion as their shareholdings. It is repayable by March 2032.

Page 13

 
INFORMATION RESOURCES (HOLDINGS) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Subordinated loan notes
72,907
33,493


72,907
33,493

Amounts falling due 1-2 years

Subordinated loan notes
84,281
75,183


84,281
75,183

Amounts falling due 2-5 years

Subordinated loan notes
340,253
303,523


340,253
303,523

Amounts falling due after more than 5 years

Subordinated loan notes
548,323
696,718

548,323
696,718

1,045,764
1,108,917


Borrowings consist of:  
The Unsecured Subordinated 15.6% Loan Stock 2032 which will be fully repaid by March 2032.


12.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100,000 (2023 - 100,000) Ordinary shares of £1.00 each
100,000
100,000


Page 14

 
INFORMATION RESOURCES (HOLDINGS) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Related party transactions

The Company has taken advantage of the exemption provided in FRS 102 not to disclose transactions with companies within the group which it is a member, where these transactions occur between entities which are 100% owned members of that group.


14.


Controlling party

The Company's immediate parent company is Equitix Education 2 Limited, a company incorporated in the United Kingdom. The Company's ultimate parent and controlling entity, is Equitix Fund II LP, an English limited partnership. 

Page 15