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EOL IT Services Ltd

Registered number: 03596433
Directors' report and
 financial statements
For the period ended 31 March 2023

 
EOL IT SERVICES LTD
 
 
COMPANY INFORMATION


Directors
J D Rose (appointed 7 October 2022)
E Chandler (appointed 17 February 2025)




Registered number
03596433



Registered office
1-3 Baltic Wharf
Station Road

Maldon

Essex

CM9 4LQ




Independent auditor
Forvis Mazars LLP
Chartered Accountants & Statutory Auditor

One St. Peter's Square

Manchester

M2 3DE




Bankers
National Westminster Bank PLC
19 Market Street

Manchester

M1 1WR





 
EOL IT SERVICES LTD
 

CONTENTS



Page
Directors' Report
 
1 - 3
Independent Auditor's Report
 
4 - 7
Statement of Comprehensive Income
 
8
Statement of Financial Position
 
9
Statement of Changes in Equity
 
10
Notes to the Financial Statements
 
11 - 30


 
EOL IT SERVICES LTD
 
 
 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 MARCH 2023

The directors present their report and the financial statements for the period ended 31 March 2023.

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 judgments 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.

Results and dividends

The profit for the period, after taxation, amounted to £1,127,888 (2021 - £1,577,619).

Directors

The directors who served during the period were:

J D Rose (appointed 7 October 2022)
M Freier (appointed 28 April 2022, resigned 3 May 2023)
J M Geoghegan (resigned 28 April 2022)
D J Smith (resigned 7 October 2022)

Post year end, on 17 February 2025 E Chandler was appointed as a director.

- 1 -

 
EOL IT SERVICES LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023

Going concern

EOL IT Services Ltd is part of the Renaissance Topco Limited group, which includes Tier 1 Asset Management Limited.  As such, going concern is assessed on a group wide basis.
The Board assess going concern on the current financial position, the likely future financial performance and prospects of the group and the expected future cash flows combined with considering the key risks facing the group and other factors that could impact the future performance and financial position of the group.
As part of the process adopted by the Board to reach a conclusion on both the appropriateness of preparing the financial statements on a going concern basis and on the viability of the business, the following matters were assessed:
 
1.Principal risks facing the group in particular those that would threaten the current business strategy and model.
 
2.The future performance and prospects of the group; and
 
3.The solvency and liquidity of the group.
 
As part of the Board’s assessment of the matters set out consideration has been given to the following:
 
1.The financial position and the projected cash flow forecasts. In May 2024 the group received £1.5m in cash in the form of a loan note from Bridges Fund Management the major shareholders of the ultimate parent company Renaissance TopCo Limited. In addition to the £1.5m investment there is also a further £1m cash investment approved for working capital purposes if needed. The combination of the cash injection of £1.5m in May 2024, the restructuring and significant reduction of the cost base, combined with a focus on the commercial activities of the group, should ensure the Company has sufficient working capital to continue as a going concern.
 
2.Consideration has also been given to the potential impact primarily on cash flows from principal risks and the Board have concluded that these do not threaten the group's ability to continue as a going concern.
 
The Group in which the Company is part of makes use of a £7m external loan facility which is committed until 30 March 2028. This facility has three financial covenants – Cashflow Cover, Adjusted Leverage and Minimum Liquidity. The Minimum Liquidity covenant is forecast to be met on an ongoing basis for the entire covenant testing period. The lender has agreed a deferral of testing for both the Cashflow Cover and Adjusted Leverage covenants for a 10-month period from the date of the Amendment and Restatement Deed, as these are forecast to show breaches during this period. As such, the next testing period for these two covenants is 31 March 2026. However, from this date, on the basis of the current forecasts, the group is expected to continue to breach these two covenants.

As a result, the Directors are in the process of renegotiating the current covenants with the lender. However, due to the uncertain economic outlook, there is a material uncertainty as to the ability of the group to successfully renegotiate these at commercially acceptable terms.
The above material uncertainty may cast significant doubt on the Company’s ability to continue as a going concern and therefore realise its assets and discharge its liabilities in the normal course of business. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate.
The Board have a reasonable expectation that the Company has adequate resources to continue its operational existence for the foreseeable future and for a period of at least 12 months from the date that these financial statements are approved. Accordingly, the Board continue to adopt and consider appropriate the going concern basis in preparing the financial statements.
- 2 -

 
EOL IT SERVICES LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023


Economic impact of global events

UK businesses are currently facing many uncertainties such as the consequences of Brexit, COVID-19, environmental sustainability and geopolitical events such as the Russian invasion of Ukraine. These uncertainties have contributed to an environment where there exists a range of issues and risks, including inflation, rising interest rates, labour shortages, disrupted supply chains and new ways of working.
The Directors have carried out an assessment of the potential impact of these uncertainties on the business, including the impact of mitigation measures, and have concluded that the greatest impact on the business is expected to be from the economic ripple effect on the global economy. The Directors have taken account of these potential impacts in their going concern assessment.
EOL IT Services Ltd  continues to work with its partners to minimise any impacts of these events and maximise the realisation of any opportunities they may provide to the business. 

Disclosure of information to auditor

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

the directors have taken all the steps that ought to have been taken as directors in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

On 1 April 2024, the Company transferred all trade and fixed assets to Tier 1 Asset Management Limited, a fellow group entity.  

Auditor

Forvis Mazars LLP were appointed as the auditor during the period and will 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 10 June 2025 and signed on its behalf.
 





E Chandler
Director

- 3 -

 
EOL IT SERVICES LTD
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EOL IT SERVICES LTD
 

Qualified Opinion

We have audited the financial statements of EOL IT Services Ltd (the ‘Company’) for the period ended 31 March 2023 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the 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 FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the effects of the matter described in the “Basis for Qualified Opinion” section of our report, the financial statements: 

give a true and fair view of the state of the Company’s affairs as at 31 March 2023 and of its profit for the period 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 qualified opinion

We were unable to obtain sufficient appropriate audit evidence regarding the revenue cut-off as at 31 March 2023. The company did not provide adequate documentation to substantiate the recognition of revenue for sales transactions occurring close to the end of the financial period. Owing to the nature of the company’s records, we were unable to obtain sufficient appropriate audit evidence regarding the revenue cut-off by using other audit procedures. Consequently, we were unable to determine whether any adjustments to turnover, trade receivables, and retained earnings were necessary.
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 "Auditor’s 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.

Material uncertainty relating to going concern

We draw attention to note 2.3 in the financial statements which describes the directors’ assessment of the company’s ability to continue as a going concern and the actions that the Renaissance Topco Group has taken post year end to improve the financial viability of the business. This note also indicates that the Renaissance Topco Group may not be able to successfully renegotiate the existing financial covenants in place and would therefore mean that the Renaissance Topco Group would be in breach of those currently present should this renegotiation not be agreed by 31 March 2026.
As stated in note 2.3, these events or conditions, along with the other matters as set forth in this note to the financial statements, indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

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. 


- 4 -

 
EOL IT SERVICES LTD
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EOL IT SERVICES LTD
 

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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. 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.
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.

As described in the “Basis for Qualified Opinion” section of our report, our audit opinion is qualified as we were unable to satisfy ourselves concerning the revenue cut-off as at 31 March 2023. We have concluded that where the other information refers to turnover or related balances such as trade debtors, and the impact on other balances such as operating profit, they may be materially misstated for the same reason.

Opinions on other matters prescribed by the Companies Act 2006

Except for the possible effects of the matter described in the “Basis for Qualified Opinion” section of our report, 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 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.
Arising solely of the limitation on the scope of our work relating to revenue cut-off, as set out in the “Basis for Qualified Opinion” section of our report:
 we have not obtained all the information and explanations that we considered necessary for the purpose    of our audit; and
 we were unable to determine whether adequate accounting records had been kept. 

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:

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
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemption in preparing the Directors' Report and from the requirement to prepare a Strategic Report.

- 5 -

 
EOL IT SERVICES LTD
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EOL IT SERVICES LTD
 

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 intend either to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor’s 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 our procedures are capable of detecting irregularities, including fraud is detailed below.
 
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. 

Based on our understanding of the Company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, anti-money laundering regulation.

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
Inquiring of management and, where appropriate, those charged with governance, as to whether the Company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
Considering the risk of acts by the Company which were contrary to applicable laws and regulations, including fraud.  

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as  tax legislation, pensions legislation and the Companies Act 2006.
- 6 -

 
EOL IT SERVICES LTD
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EOL IT SERVICES LTD
 

In addition, we evaluated the directors' and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks were related to: revenue recognition (which we pinpointed to the cut-off assertion), posting manual journal entries to manipulate financial performance, management bias through judgments and assumptions in significant accounting estimates and significant one-off or unusual transactions.

Our audit procedures in relation to fraud included but were not limited to:
Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
Gaining an understanding of the internal controls established to mitigate risks related to fraud;
Discussing amongst the engagement team the risks of fraud; and
Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

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 auditor’s report.

Use of the audit 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 an auditor's 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.




Christopher Martin (Senior Statutory Auditor)

  
for and on behalf of Forvis Mazars LLP


Chartered Accountants and Statutory Auditor 
One St. Peter's Square
Manchester
M2 3DE

10 June 2025
- 7 -

 
EOL IT SERVICES LTD
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 MARCH 2023

15 months ended
31 March
31 December
2023
2021
Note
£
£

  

Turnover
  
10,917,881
6,859,979

Cost of sales
  
(6,558,380)
(3,150,888)

Gross profit
  
4,359,501
3,709,091

Administrative expenses
  
(2,729,825)
(1,832,436)

Exceptional administrative expenses
 9 
(150,423)
-

Other operating income
  
2,611
7,077

Operating profit
  
1,481,864
1,883,732

Interest receivable and similar income
 5 
5,731
117

Interest payable and similar expenses
 6 
(10)
(11,062)

Profit before tax
  
1,487,585
1,872,787

Tax on profit
 7 
(359,697)
(295,168)

Profit for the financial period
  
1,127,888
1,577,619

There were no recognised gains and losses for 2023 or 2021 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2023 (2021:£NIL).

The notes on pages 11 to 30 form part of these financial statements.

- 8 -

 
EOL IT SERVICES LTD
REGISTERED NUMBER: 03596433

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

31 March
31 December
2023
2021
Note
£
£

Fixed assets
  

Intangible assets
 10 
287,863
339,219

Tangible assets
 11 
688,413
759,041

  
976,276
1,098,260

Current assets
  

Debtors: amounts falling due within one year
 12 
2,296,443
1,186,287

Cash at bank and in hand
 13 
2,189,963
1,789,196

  
4,486,406
2,975,483

Creditors: amounts falling due within one year
 14 
(1,980,641)
(1,388,215)

Net current assets
  
 
 
2,505,765
 
 
1,587,268

Total assets less current liabilities
  
3,482,041
2,685,528

Creditors: amounts falling due after more than one year
 15 
-
(350,000)

Provisions for liabilities
  

Deferred tax
 17 
(105,487)
(86,862)

Net assets
  
3,376,554
2,248,666


Capital and reserves
  

Called up share capital 
 18 
800
800

Capital redemption reserve
 19 
200
200

Profit and loss account
 19 
3,375,554
2,247,666

  
3,376,554
2,248,666


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 10 June 2025.

E Chandler
Director

The notes on pages 11 to 30 form part of these financial statements.

- 9 -

 
EOL IT SERVICES LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2021
800
200
954,347
955,347


Comprehensive income for the year

Profit for the year
-
-
1,577,619
1,577,619
Total comprehensive income for the year
-
-
1,577,619
1,577,619


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(284,300)
(284,300)


Total transactions with owners
-
-
(284,300)
(284,300)



At 1 January 2022
800
200
2,247,666
2,248,666


Comprehensive income for the period

Profit for the period
-
-
1,127,888
1,127,888
Total comprehensive income for the period
-
-
1,127,888
1,127,888


At 31 March 2023
800
200
3,375,554
3,376,554


The notes on pages 11 to 30 form part of these financial statements.

- 10 -

 
EOL IT SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

1.


General information

EOL IT Services Ltd ("the Company") is a private company, limited by shares incorporated in England and Wales, registered number 03596433. The registered office is 1-3 Baltic Wharf, Station Road, Maldon, Essex, CM9 4LQ.
The principal activity of the Company continued to be that of IT project management, secure data destruction, asset disposal and other IT related services.
The financial statements have been presented in Pound Sterling as this is currency of the primary economic environment in which the Company operates and is rounded to the nearest pound.
The current year financial statements have been prepared on a 15 month period to 31 March 2023 and so the figures are not directly comparable.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Renaissance Topco Limited as at 31 March 2023 and these financial statements may be obtained from 59 Stanley Road, Whitefield, Manchester, M45 8GZ.

- 11 -

 
EOL IT SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.3

Going concern

EOL IT Services Ltd is part of the Renaissance Topco Limited group, which includes Tier 1 Asset Management Limited.  As such, going concern is assessed on a group wide basis.
The Board assess going concern on the current financial position, the likely future financial performance and prospects of the group and the expected future cash flows combined with considering the key risks facing the group and other factors that could impact the future performance and financial position of the group.
As part of the process adopted by the Board to reach a conclusion on both the appropriateness of preparing the financial statements on a going concern basis and on the viability of the business, the following matters were assessed
 
1.Principal risks facing the group in particular those that would threaten the current business strategy and model.
 
2.The future performance and prospects of the group; and
 
3.The solvency and liquidity of the group.
 
As part of the Board’s assessment of the matters set out consideration has been given to the following:
 
1.The financial position and the projected cash flow forecasts. In May 2024 the group received £1.5m in cash in the form of a loan note from Bridges Fund Management the major shareholders of the ultimate parent company Renaissance TopCo Limited. In addition to the £1.5m investment there is also a further £1m cash investment approved for working capital purposes if needed. The combination of the cash injection of £1.5m in May 2024, the restructuring and significant reduction of the cost base, combined with a focus on the commercial activities of the group, should ensure the Company has sufficient working capital to continue as a going concern.
 
2.Consideration has also been given to the potential impact primarily on cash flows from principal risks and the Board have concluded that these do not threaten the group's ability to continue as a going concern.
 
The Group in which the Company is part of makes use of a £7m external loan facility which is committed until 30 March 2028. This facility has three financial covenants – Cashflow Cover, Adjusted Leverage and Minimum Liquidity. The Minimum Liquidity covenant is forecast to be met on an ongoing basis for the entire covenant testing period. The lender has agreed a deferral of testing for both the Cashflow Cover and Adjusted Leverage covenants for a 10-month period from the date of the Amendment and Restatement Deed, as these are forecast to show breaches during this period. As such, the next testing period for these two covenants is 31 March 2026. However, from this date, on the basis of the current forecasts, the group is expected to continue to breach these two covenants.

As a result, the Directors are in the process of renegotiating the current covenants with the lender. However, due to the uncertain economic outlook, there is a material uncertainty as to the ability of the group to successfully renegotiate these at commercially acceptable terms.
 
- 12 -

 
EOL IT SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.3
Going concern (continued)


The above material uncertainty may cast significant doubt on the Company’s ability to continue as a going concern and therefore realise its assets and discharge its liabilities in the normal course of business. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate.
The Board have a reasonable expectation that the company has adequate resources to continue its operational existence for the foreseeable future and for a period of at least 12 months from the date that these financial statements are approved. Accordingly, the Board continue to adopt and consider appropriate the going concern basis in preparing the financial statements.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

- 13 -

 
EOL IT SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.7

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.8

Interest income

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

 
2.9

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.

 
2.10

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

- 14 -

 
EOL IT SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.11

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.12

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.13

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

- 15 -

 
EOL IT SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.14

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:


Database & Digital Transformation Programme - 8 years straight line

 
2.15

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Land and buildings Leasehold
-
 Straight line over the life of the lease
Plant and machinery
-
 15 years straight line
Motor vehicles
-
 25% reducing balance
Fixtures and fittings
-
 25% reducing balance
Computer equipment
-
 25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.16

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.

 
2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

- 16 -

 
EOL IT SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.18

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.

 
2.19

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

 
2.20

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities 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 receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly
- 17 -

 
EOL IT SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.20
Financial instruments (continued)

traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
 
- 18 -

 
EOL IT SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.20
Financial instruments (continued)


Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.21

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.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported. These estimates and judgments are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Critical judgments in applying the Company's accounting policies
The critical judgments that the Director has made in the process of applying the Company's accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below.
Assessing indicators of impairment
In assessing whether there have been any indicators of impaired assets, the Directors has considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability.
 
- 19 -

 
EOL IT SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

3.Judgments in applying accounting policies (continued)


Key sources of estimation uncertainty
The key assumptions concerning the future and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
Recoverability of receivables
The Company establishes a provision for receivables that are estimated not to be recoverable. When assessing recoverability the Director considers factors such as the aging of the receivables, past experience of recoverability and the credit profile of individual or groups of customers.
Determining residual values and useful economic lives of tangible fixed assets
The Company depreciates tangible assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes.
Judgment is applied by management when determining the residual values for plant, machinery and equipment. When determining the residual value, management aim to assess the amount that the Company would currently obtain for the disposal of the asset if it were already of the condition expected at the end of its useful economic life. Where possible this is done with reference to external market prices.


4.


Employees

The average monthly number of employees, including the directors, during the period was as follows:


  15 months ended
       31 March
      31 December
        2023
        2021
            No.
            No.







Production
51
49


5.


Interest receivable

15 months ended
31 March
31 December
2023
2021
£
£


Other interest receivable
5,731
117

- 20 -

 
EOL IT SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

6.


Interest payable and similar expenses

15 months ended
31 March
31 December
2023
2021
£
£


Bank interest payable
10
11,062


7.


Taxation


15 months ended
31 March
31 December
2023
2021
£
£

Corporation tax


Current tax on profits for the year
272,222
308,761

Adjustments in respect of previous periods
68,850
(41,211)


Total current tax
341,072
267,550

Deferred tax


Origination and reversal of timing differences
(9,841)
27,618

Adjustments in respect of prior periods
787
-

Effects of changes in tax rates
27,679
-

Total deferred tax
18,625
27,618


Taxation on profit on ordinary activities
359,697
295,168
- 21 -

 
EOL IT SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
 
7.Taxation (continued)


Factors affecting tax charge for the period/year

The tax assessed for the period/year is higher than (2021 - lower than) the standard rate of corporation tax in the UK of 19% (2021 - 19%). The differences are explained below:

15 months ended
31 March
31 December
2023
2021
£
£


Profit on ordinary activities before tax
1,487,585
1,872,787


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2021 - 19%)
282,641
355,830

Effects of:


Fixed asset differences
(2,394)
-

Expenses not deductible for tax 
purposes
136
31,926

Group relief surrendered/(claimed)
(15,640)
-

Adjustments to tax charge in respect of previous periods
68,850
-

Adjustments to tax charge in respect of 
previous periods - deferred tax
787
-

Remeasurement of deferred tax for
 changes in tax rates
25,317
-

Adjustments to tax charge in respect of prior periods
-
(41,211)

Capital allowances
-
(51,377)

Total tax charge for the period/year
359,697
295,168


Factors that may affect future tax charges

From 1 April 2023, the rate of corporation tax in the United Kingdom increased from 19% to 25%. Companies with profits of £50,000 or less will continue to be taxed at 19%, which is a new small profits rate. Where taxable profits are between £50,000 and £250,000, the higher 25% rate will apply but with a marginal relief applying as profits increase.

- 22 -

 
EOL IT SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

8.


Dividends

31 March
31 December
2023
2021
£
£


Interim dividend
-
284,300


9.


Exceptional items

15 months ended
31 March
31 December
2023
2021
£
£


Redundancy
150,423
-

150,423
-

- 23 -

 
EOL IT SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

10.


Intangible assets






Database & Digital Transformation Programme

£



Cost


At 1 January 2022
497,913



At 31 March 2023

497,913



Amortisation


At 1 January 2022
158,694


Charge for the period
51,356



At 31 March 2023

210,050



Net book value



At 31 March 2023
287,863



At 31 December 2021
339,219



- 24 -

 
EOL IT SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

11.


Tangible fixed assets







Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£
£



Cost 


At 1 January 2022
455,061
543,463
17,050
344,199
110,631
1,470,404


Additions
30,461
29,823
7,068
2,709
2,401
72,462


Disposals
-
(59,249)
-
-
-
(59,249)



At 31 March 2023

485,522
514,037
24,118
346,908
113,032
1,483,617



Depreciation


At 1 January 2022
169,996
143,926
1,066
318,616
77,759
711,363


Charge for the period
43,164
38,591
5,794
8,195
10,596
106,340


Disposals
-
(22,499)
-
-
-
(22,499)



At 31 March 2023

213,160
160,018
6,860
326,811
88,355
795,204



Net book value



At 31 March 2023
272,362
354,019
17,258
20,097
24,677
688,413



At 31 December 2021
285,065
399,537
15,984
25,583
32,872
759,041

- 25 -

 
EOL IT SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

12.


Debtors

31 March
31 December
2023
2021
£
£


Trade debtors
470,990
313,214

Amounts owed by group undertakings
1,620,701
-

Other debtors
11,304
776,876

Prepayments and accrued income
193,448
96,197

2,296,443
1,186,287


Amounts owed by group undertakings are interest free and repayable on demand. 


13.


Cash and cash equivalents

31 March
31 December
2023
2021
£
£

Cash at bank and in hand
2,189,963
1,789,196



14.


Creditors: Amounts falling due within one year

31 March
31 December
2023
2021
£
£

Bank loans
-
100,000

Trade creditors
1,390,046
249,243

Corporation tax
315,618
267,551

Other taxation and social security
132,423
178,111

Other creditors
19,367
31,715

Accruals and deferred income
123,187
561,595

1,980,641
1,388,215


- 26 -

 
EOL IT SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

15.


Creditors: Amounts falling due after more than one year

31 March
31 December
2023
2021
£
£

Bank loans
-
350,000



16.


Loans


Analysis of the maturity of loans is given below:


31 March
31 December
2023
2021
£
£

Amounts falling due within one year

Bank loans
-
100,000

Amounts falling due 1-2 years

Bank loans
-
350,000



-
450,000


- 27 -

 
EOL IT SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

17.


Deferred taxation






2023
2021


£

£






At beginning of year
(86,862)
(86,862)


Charged to profit or loss
(18,625)
-



At end of year
(105,487)
(86,862)

The provision for deferred taxation is made up as follows:

31 March
31 December
2023
2021
£
£


Fixed asset differences
(106,300)
(86,862)

Short term timing differences
813
-

(105,487)
(86,862)


18.


Share capital

31 March
31 December
2023
2021
£
£
Allotted, called up and fully paid



Nil (2021 - 460) Ordinary A shares of £1.00 each
-
460
Nil (2021 - 100) Ordinary B shares of £1.00 each
-
100
Nil (2021 - 30) Ordinary C shares of £1.00 each
-
30
Nil (2021 - 60) Ordinary D shares of £1.00 each
-
60
Nil (2021 - 30) Ordinary E shares of £1.00 each
-
30
Nil (2021 - 40) Ordinary F shares of £1.00 each
-
40
Nil (2021 - 80) Ordinary G shares of £1.00 each
-
80
800 (2021 - Nil) Ordinary shares of £1.00 each
800
-

800

800

On 28 April 2022 all Ordinary A, B, C, D, E, F and G shares were acquired by Renaissance Bidco Limited and were subsequently redesignated as Ordinary shares.


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EOL IT SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

19.


Reserves

Capital redemption reserve

The capital redemption reserve represents the value of the Company's own shares which have been repurchased.

Profit and loss account

This reserve includes the cumulative profits or losses less dividends.


20.


Financial commitments, guarantees and contingent liabilities

The Company has granted fixed and floating charges over its property, undertakings and assets to secure loan facilities provided to Renaissance Midco Limited. As at 31 March 2023, the amount secured is £22,977,301 which is due for repayment on maturity.


21.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £50,907 (2021 - £39,157). Contributions totalling £7,588 (2021 - £8,390) were payable to the fund at the reporting date and are included in creditors.


22.


Commitments under operating leases

At 31 March 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

31 March
31 December
2023
2021
£
£


Not later than 1 year
157,228
155,000

Later than 1 year and not later than 5 years
258,333
620,000

Later than 5 years
-
607,083

415,561
1,382,083

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EOL IT SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

23.


Related party transactions

The Company is a wholly owned subsidiary of the group headed by Renaissance Topco Limited and as such has taken advantage of the exemption permitted by Section 33 'Related Party Disclosures' not to provide disclosures of transactions entered into with wholly owned subsidiaries within the group.


24.


Post balance sheet events

On 1 April 2024, the Company transferred all trade and fixed assets to Tier 1 Asset Management Limited, a fellow group entity.


25.


Controlling party

The immediate parent company is Renaissance Bidco Limited, a company registered in England and Wales, registered number 13686319. The ultimate parent company is Renaissance Topco Limited, a company registered in England and Wales, registered number 13685901. Renaissance Topco Limited heads the smallest and largest group into which the Company's result are consolidated.

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