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REGISTERED NUMBER: 03836029 (England and Wales)







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: A Sherry
M Taylor
N Saner
R Hill


REGISTERED OFFICE: 1 Serbert Way
Portishead
Bristol
City of Bristol
BS20 7GD


REGISTERED NUMBER: 03836029 (England and Wales)


SENIOR STATUTORY AUDITOR: Lisa White FCCA


INDEPENDENT AUDITORS: Dunkley's
Statutory Auditor
Chartered Accountants
Woodlands Grange
Woodlands Lane
Bradley Stoke
Bristol
BS32 4JY


FINANCIER: Beach Point Capital
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 4 165,751 222,402
Tangible assets 5 76,288 126,109
242,039 348,511

CURRENT ASSETS
Stocks 3,520 8,961
Debtors 6 1,788,422 1,329,445
Cash at bank and in hand 436,165 1,397,199
2,228,107 2,735,605
CREDITORS
Amounts falling due within one year 7 1,681,606 1,033,221
NET CURRENT ASSETS 546,501 1,702,384
TOTAL ASSETS LESS CURRENT LIABILITIES 788,540 2,050,895

CREDITORS
Amounts falling due after more than one year 8 (2,351,427 ) (2,953,271 )

PROVISIONS FOR LIABILITIES (60,281 ) (81,977 )
NET LIABILITIES (1,623,168 ) (984,353 )

CAPITAL AND RESERVES
Called up share capital 11 21 21
Capital redemption reserve 12 79 79
Retained earnings 12 (1,623,268 ) (984,453 )
(1,623,168 ) (984,353 )

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 Board of Directors and authorised for issue on 2 April 2025 and were signed on its behalf by:





R Hill - Director


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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of ten years.

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.

Computer software is being amortised evenly over its estimated useful life of five years.

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 - Straight line over 5 - 10 years and Straight line over 4 years
Fixtures and fittings - Straight line over 5 years
Motor vehicles - 25% on reducing balance
Computer equipment - Straight line over 3 years

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 93 (2023 - 91 ) .

4. INTANGIBLE FIXED ASSETS
Computer
Goodwill software Totals
£    £    £   
COST
At 1 October 2023
and 30 September 2024 59,650 283,254 342,904
AMORTISATION
At 1 October 2023 59,650 60,852 120,502
Amortisation for year - 56,651 56,651
At 30 September 2024 59,650 117,503 177,153
NET BOOK VALUE
At 30 September 2024 - 165,751 165,751
At 30 September 2023 - 222,402 222,402

5. TANGIBLE FIXED ASSETS
Fixtures
Long and Motor Computer
leasehold fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 October 2023 184,443 69,103 58,688 405,004 717,238
Additions 1,037 3,683 - 29,491 34,211
Disposals (6,170 ) - - (87,760 ) (93,930 )
At 30 September 2024 179,310 72,786 58,688 346,735 657,519
DEPRECIATION
At 1 October 2023 163,841 52,538 33,959 340,791 591,129
Charge for year 20,723 6,123 6,182 51,003 84,031
Eliminated on disposal (6,170 ) - - (87,759 ) (93,929 )
At 30 September 2024 178,394 58,661 40,141 304,035 581,231
NET BOOK VALUE
At 30 September 2024 916 14,125 18,547 42,700 76,288
At 30 September 2023 20,602 16,565 24,729 64,213 126,109

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Trade debtors 943,018 729,047
Amounts owed by group undertakings 292,541 197,132
Other debtors 1,481 3,241
Prepayments and accrued income 551,382 400,025
1,788,422 1,329,445

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 601,844 46,729
Trade creditors 413,305 383,922
Social security and other taxes 124,847 176,046
VAT 208,984 174,631
Other creditors 40,065 32,980
Accruals and deferred income 292,561 218,913
1,681,606 1,033,221

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.9.24 30.9.23
£    £   
Other loans - 1-2 years 684,918 601,844
Other loans - 2-5 years 1,666,509 2,351,427
2,351,427 2,953,271

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
30.9.24 30.9.23
£    £   
Within one year 150,000 101,250
Between one and five years 600,000 -
750,000 101,250

10. SECURED DEBTS

The following secured debts are included within creditors:

30.9.24 30.9.23
£    £   
Other loans 2,953,271 3,000,000

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 (984,453 ) 79 (984,374 )
Deficit for the year (638,815 ) (638,815 )
At 30 September 2024 (1,623,268 ) 79 (1,623,189 )

13. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Lisa White FCCA (Senior Statutory Auditor)
for and on behalf of Dunkley's

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.