| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 30 September 2024 |
| for |
| Chorus IT Limited |
| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 30 September 2024 |
| for |
| Chorus IT Limited |
| Chorus IT Limited (Registered number: 03836029) |
| Contents of the Financial Statements |
| for the Year Ended 30 September 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Chorus IT Limited |
| Company Information |
| for the Year Ended 30 September 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: |
| INDEPENDENT AUDITORS: |
| Statutory Auditor |
| Chartered Accountants |
| Woodlands Grange |
| Woodlands Lane |
| Bradley Stoke |
| Bristol |
| BS32 4JY |
| FINANCIER: |
| 32 Molesworth Street |
| Dublin 2 |
| DO2 Y512 |
| Ireland |
| Chorus IT Limited (Registered number: 03836029) |
| Balance Sheet |
| 30 September 2024 |
| 30.9.24 | 30.9.23 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 11 |
| Capital redemption reserve | 12 |
| Retained earnings | 12 | ( |
) | ( |
) |
| ( |
) | ( |
) |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Chorus IT Limited (Registered number: 03836029) |
| Notes to the Financial Statements |
| for the Year Ended 30 September 2024 |
| 1. | STATUTORY INFORMATION |
| Chorus IT Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Goodwill |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Long leasehold | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| 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 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. |
| 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. |
| Chorus IT Limited (Registered number: 03836029) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Computer |
| Goodwill | software | Totals |
| £ | £ | £ |
| COST |
| At 1 October 2023 |
| and 30 September 2024 |
| AMORTISATION |
| At 1 October 2023 |
| Amortisation for year |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Long | and | Motor | Computer |
| leasehold | fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 October 2023 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Prepayments and accrued income |
| Chorus IT Limited (Registered number: 03836029) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Other loans |
| Trade creditors |
| Social security and other taxes |
| VAT | 208,984 | 174,631 |
| Other creditors |
| Accruals and deferred income |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Other loans - 1-2 years |
| Other loans - 2-5 years | 1,666,509 | 2,351,427 |
| 9. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Within one year |
| Between one and five years |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Other loans |
| The company loans are secured through fixed and floating charges over the company assets. |
| 11. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number | Class | Nominal value | 30.9.24 | 30.9.23 |
| 104 | Ordinary A | 0.20p | 20.80 | 20.80 |
| 1 | Ordinary D | 0.20p | 0.20 | 0.20 |
| 1 | Ordinary E | 0.20p | 0.20 | 0.20 |
| 1 | Ordinary F | 0.20p | 0.20 | 0.20 |
| Chorus IT Limited (Registered number: 03836029) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 12. | RESERVES |
| Capital |
| Retained | redemption |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 October 2023 | ( |
) | (984,374 | ) |
| Deficit for the year | ( |
) | ( |
) |
| At 30 September 2024 | ( |
) | (1,623,189 | ) |
| 13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 14. | PENSION COMMITMENTS |
| During the year, the company operated a defined contribution pension scheme through an external provider. |
| Employer contributions to the scheme for the year totalled £113,514 (2023- £124,384). |
| Accrued pension contributions outstanding at the balance sheet date totalled £9,742 (2023 - £8,656). |
| 15. | RELATED PARTY DISCLOSURES |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| The parent of the smallest and largest group for which consolidated financial statements are drawn up of which this company is a member is Chorus Global Holdings Ltd (registered in United Kingdom). The registered office is 1 Serbert Way, Portishead, Bristol United Kingdom, BS20 7GD. |
| 16. | FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
| In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. |
| 17. | ULTIMATE CONTROLLING PARTY |
| Chorus Global Holdings Limited owns 97% of the issued share capital and is the ultimate controlling party. |