Company registration number 06165906 (England and Wales)
INDIGO SERVICE SOLUTIONS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
INDIGO SERVICE SOLUTIONS LIMITED
COMPANY INFORMATION
Directors
Mr R Anderson
Mr I Cole-Wilkins
Ms L Gratton
Mr M W Bennett
(Appointed 20 March 2025)
Ms K M Hunston
(Appointed 20 March 2025)
Mr R G Jenkins
(Appointed 9 April 2025)
Company number
06165906
Registered office
Bradbury House
Mission Court
Newport
Gwent
NP20 2DW
Auditor
PKF Francis Clark
90 Victoria Street
Bristol
BS1 6DP
Business address
4th Floor Suite
Harlequin House
7 High Street
Teddington
TW11 8EE
INDIGO SERVICE SOLUTIONS LIMITED
CONTENTS
Page
Strategic report
1 - 5
Directors' report
6 - 7
Independent auditor's report
8 - 10
Profit and loss account
11
Statement of comprehensive income
12
Balance sheet
13
Statement of changes in equity
14
Notes to the financial statements
15 - 29
INDIGO SERVICE SOLUTIONS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -

The directors present the strategic report for the year ended 30 September 2024.

Review of the business

The principal activity of the company remained the provision of commercial subcontracting services.

The year saw continued momentum across the business, reflecting the strength of Indigo Service Solutions’ position within the commercial subcontracting sector. Growth was driven by the successful onboarding of new clients, alongside deeper engagement and increased demand from the existing customer base. This expansion was supported by a sustained focus on service quality, operational responsiveness, and delivery reliability — all of which remain central to the company’s reputation in a highly competitive market. To meet the rising volume of work, the company expanded its subcontractor base, ensuring it could maintain performance standards while scaling operations. The company’s continued development of its digital platform also contributed to improved service delivery by enhancing communication, simplifying onboarding, and streamlining engagement with both clients and subcontractors. This combination of scalable resource and technology-enabled service has further strengthened the company’s position in the market.

Several business development staff have now successfully completed their training periods and are expected to contribute to client acquisition and revenue growth in the coming year. In parallel, the synergy strategy between Indigo Service Solutions and the recently acquired BMSL Group is beginning to gather pace. The companies are increasingly working together to offer cross-services to their respective client bases, which is expected to further enhance group-wide value creation and market reach.

Turnover for the year grew to £410,885,653, a 7% increase from the prior year (2023 – £384,122,880). Profit for the year rose to £1,497,304 (2023 – £921,830), demonstrating improved trading performance.

At the balance sheet date, the company held net current assets of £10,552,754 (2023 – £2,724,891) and net assets of £11,027,588 (2023 – £12,663,388).

Going concern

The financial statements have been prepared on a going concern basis. At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. This conclusion is based on a detailed assessment of the company’s current financial position, future forecasts, liquidity requirements, and potential risks.

 

Profitability and Trading Performance
The company has continued to operate profitably, generating positive results for the year ended 30 September 2024. Since the year end, trading has remained strong and in line with expectations. The May 2025 management accounts report a 6.4% year-on-year increase in turnover and an 8.98% increase in gross profit. June 2025 was a record month for the business based on its most widely used key performance indicator, and overall profitability is currently tracking ahead of budget for the financial year to date.

 

Forecasting and Liquidity Management
Detailed budgets and financial forecasts have been prepared as part of the going concern assessment, covering a period of at least 12 months from the date of approval of the financial statements. These forecasts reflect continued revenue growth and profitability, underpinned by strong trading performance and a healthy pipeline of opportunities. Growth in operations is expected to increase working capital requirements, and the directors are actively assessing the company’s funding and operational needs to ensure appropriate resources are in place to support this expansion.

 

In addition, weekly cash flow forecasts are reviewed by management to monitor short-term liquidity and ensure that any emerging risks are identified and addressed promptly.

INDIGO SERVICE SOLUTIONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -

Funding Structure
The company is funded through a combination of retained earnings and external facilities. The directors regularly monitor the company’s liquidity position and maintain close relationships with banking partners to ensure that sufficient funding is available to support ongoing operations. As the business grows, the directors are exploring options to expand existing facilities or secure new funding arrangements to meet increasing working capital needs and maintain financial flexibility.

 

The company is also part of the ICF Group, which operates an integrated treasury function. The going concern assessment takes into account the financial position and ongoing support of the wider Group, including access to intra-group funding arrangements where required.

 

Disposals to Support Liquidity
To enhance the company’s liquidity position and reduce reliance on debt, the directors have taken active steps, including:

 

Principal Risks and Mitigating Actions
The directors acknowledge that there is inherent uncertainty in the ability to achieve forecasts. Key risks include slower-than-expected growth or unforeseen delays in customer payments. If performance were to fall significantly below forecast, the directors have identified mitigating actions which may include:

 

Assessment Period and Post-Year-End Events
The directors have considered events occurring after the reporting period up to the date of approval of these financial statements. These include the successful disposals noted above and continued positive trading performance. No events have been identified that cast significant doubt on the company’s ability to continue as a going concern.

 

Conclusion
Having assessed the company’s financial position, forecasts, and liquidity risk, the directors are satisfied that the company will be able to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements. They have therefore adopted the going concern basis in preparing the financial statements.

The directors confirm that there are no material uncertainties that would cast significant doubt on the company’s ability to continue as a going concern.

INDIGO SERVICE SOLUTIONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
Principal risks and uncertainties

There are a number of potential risks and uncertainties which could have an impact on the company’s performance. These risks and uncertainties are monitored by the Board on a regular basis.

 

The Board and management team consider the risk implications of all significant business decisions and risks are re-assessed on a regular basis to ensure that any changes in the company’s operations, or the external environment, are identified and appropriately managed. The key risks affecting the business are as follows:

 

• Economic Conditions: Market demand for subcontracting services can be affected by broader economic factors. The company continues to offer value-added services and maintains strong customer relationships to manage demand fluctuations.

• Operational Risk: Service delivery is dependent on the quality and efficiency of operations. Staff training, digital system enhancements, and investment in supply chain accessibility are key mitigants.

• Personnel Risk: High-performing, well-trained staff remain critical to success. Recruitment, retention, and succession planning are reviewed regularly, with a focus on employee wellbeing and development.

• Financial Risk: The business is exposed to risks relating to cash conversion and customer payment behaviour. Regular forecasting, group treasury support, and credit insurance are used to mitigate these risks. The company also proactively manages its gross margin and liquidity.

• Regulatory and Legal Risk: The company ensures ongoing compliance with employment laws and other regulations, working closely with its clients and subcontractors.

• Funding and Liquidity Risk: Growth has increased the need for working capital. The company monitors funding needs and is actively reviewing its financing arrangements to support future expansion.

• Labour Supply Risk: The company is highly dependent on access to a reliable and skilled subcontractor workforce. Labour shortages, increasing competition for subcontractors, or shifts in labour availability (e.g. due to immigration policy changes or macroeconomic conditions) could affect the company’s ability to fulfil client contracts on time and to expected standards.

• Compliance and Employment Status Risk: Changes in employment law or HMRC rules (e.g. IR35 legislation) relating to the status of subcontractors may impact cost structures and contractual relationships. The company monitors legal developments closely and works with advisers to remain compliant.

• Technology & Platform Risk: As the company continues to digitise client and subcontractor interactions, it becomes increasingly reliant on the availability, security, and performance of its digital platform. System outages, cyber threats, or delays in platform development could disrupt operations or damage customer relationships.

• Health & Safety and Insurance Risk: Operating in subcontracting environments can expose the company to health and safety incidents, particularly when reliant on third-party subcontractors. The company maintains strong compliance frameworks, insurance cover, and health and safety protocols, and requires equivalent standards from its subcontractors.

Key performance indicators

Financial KPIs:

 

• Turnover: £410.9m (2024), up from £384.1m in 2023 – reflecting sustained client growth and higher subcontractor engagement.

• Gross Profit: £6.79m (2024) vs £6.24m (2023) – a year-on-year increase of 9%.

• Gross Profit Margin: 1.65% (2024) vs 1.62% (2023) – a slight increase, reflecting the company’s continued commitment to offering competitive margins to customers while preserving sustainable profitability.

 

Non-financial KPIs:

 

• Platform Engagement: The year saw increased customer engagement with the company’s digital platform, contributing to more efficient service delivery and stronger client relationships.

• Staff Numbers: The average number of employees remained stable at 36 throughout the year.

• Staff Retention: Voluntary staff turnover remained low, supporting operational consistency and client satisfaction.

 

INDIGO SERVICE SOLUTIONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
Promoting the success of the company

In accordance with Section 172(1) of the Companies Act 2006, the directors have acted to promote the long-term success of the company for the benefit of its members as a whole, while having regard to the interests of employees, customers, suppliers, and other stakeholders.

 

The Board takes stakeholder interests and long-term consequences into account when making key decisions. During the year, this included:

 

• Investment into a new service sector (taxis and private hire) to diversify long-term growth opportunities

• Continued development of the company’s digital platform to improve service delivery and user experience for clients and subcontractors

• Engagement with group treasury to restructure funding arrangements and support financial flexibility

• Disposal of certain assets to strengthen liquidity and reduce risk

• Increased integration with recently acquired subsidiaries to maximise operational synergies

• Ongoing monitoring of employment practices and engagement of HR specialists to support employee wellbeing and retention

 

The Board also considers the company’s environmental and social impact as part of its wider responsibilities, alongside maintaining a reputation for high standards of business conduct.

 

The Board meets regularly to review operational performance, stakeholder feedback, and the company’s strategic direction. Decisions are taken with careful consideration of long-term impact, particularly in relation to service quality, growth sustainability, and financial resilience.

 

During the year, key Board matters included:

 

• Continuing development of the company’s digital platform to improve scalability and client experience

• A strategic review of the company’s funding structure to support future growth and working capital needs

• Investment into a new service sector — taxis and private hire — expanding the company’s addressable market

• Disposal of selected assets to enhance liquidity and reduce reliance on debt

• Increasing collaboration and operational synergy with a recently acquired group of subsidiaries within the ICF Group

• Ongoing exploration of available opportunities to support sustainable growth and long-term value creation

 

These decisions reflect the company’s commitment to innovation, financial discipline, and strategic alignment with broader group objectives.

Employee engagement

The Board is committed to fostering a high-performance and collaborative work environment. During the year:

 

• External HR specialists supported the development of compliant, modern employment policies

• Regular communications and feedback loops were embedded to strengthen employee voice and morale

• An internal community committee was introduced to further promote engagement, encourage cross-team collaboration, and provide a forum for staff-led initiatives and feedback. This initiative aims to support a positive culture, enhance inclusivity, and strengthen employee involvement in shaping the workplace environment

INDIGO SERVICE SOLUTIONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
Other stakeholder engagement

• Customer relationships remain a core priority. The increase in platform usage reflects stronger engagement, and regular client feedback informs service enhancements. Cross-functional meetings help ensure that customer needs and operational issues are escalated effectively.

• The company also maintains an active and transparent relationship with its principal banking partner, which provides key funding facilities to support working capital and growth. The Board and finance team engage regularly with the bank to review performance, liquidity needs, and potential funding requirements, helping to ensure financial flexibility and alignment with strategic objectives.

Community and environmental matters

The Board is mindful of its responsibilities to the wider community and environment. The company continues to:

 

• Support charitable causes and industry discussions on sustainability

• Review operations to manage environmental footprint and create long-term value

On behalf of the board

Mr I Cole-Wilkins
Director
15 July 2025
INDIGO SERVICE SOLUTIONS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -

The directors present their annual report and financial statements for the year ended 30 September 2024.

Principal activities

The principal activity of the company during the year remained to be commercial subcontracting.

Results and dividends

The results for the year are set out on page 11; a review of business is set out in the strategic report on page 1.

Ordinary dividends were paid amounting to £3,133,104. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr R Anderson
Mr I Cole-Wilkins
Ms L Gratton
Mr M W Bennett
(Appointed 20 March 2025)
Ms K M Hunston
(Appointed 20 March 2025)
Mr R G Jenkins
(Appointed 9 April 2025)
Post reporting date events

Subsequent to the year end, the company appointed three long-serving senior team members — Katie Hunston, Matthew Bennett, and Rhys Jenkins — to the Board of Directors. Katie and Rhys have each been with the business for 11 years, and Matthew for 8 years. These appointments reflect the company’s continued investment in leadership and operational stability, particularly within the sales and commercial functions. The promotion of these individuals has brought enhanced strategic direction, improved sales pipeline visibility, and strengthened cross-functional collaboration, supporting the business’s ongoing growth and client engagement objectives.

 

On 20 February 2025, the company sold its investment property to a related party for £900,000. See note 14 for further detail.

 

The £100,000 fixed asset investment, relating to the interest held in Who Knows Wins Ltd, this Company is currently in the process of being placed into Creditors Voluntary Liquidation. This is expected to commence on 18th July 2025 and the uncertain outcome will be decided in due course.

Auditor

PKF Francis Clark were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Energy and carbon report

As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Statement of directors' responsibilities

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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.

INDIGO SERVICE SOLUTIONS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -

In preparing these financial statements, the directors are required to:

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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of going concern, future trading, risks and uncertainties, KPIs and the decisions of the board.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr I Cole-Wilkins
Director
15 July 2025
INDIGO SERVICE SOLUTIONS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF INDIGO SERVICE SOLUTIONS LIMITED
- 8 -
Opinion

We have audited the financial statements of Indigo Service Solutions Limited (the 'company') for the year ended 30 September 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The 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:

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 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.

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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. 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.

 

In connection with our audit of the financial statements, 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

INDIGO SERVICE SOLUTIONS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF INDIGO SERVICE SOLUTIONS LIMITED
- 9 -
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 strategic report or 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement set out on page 3, 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.

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.

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.

 

As part of our planning we obtained an understanding of the legal and regulatory framework that is applicable to the company. We gained an understanding of the industry in which the company operates as part of this assessment to identify the key laws and regulations affecting the company. As part of this, we reviewed the company's website for indication of the regulations and certifications in place and discussed these with the relevant individuals responsible for compliance.

 

The key regulations we identified were employment law, health and safety regulations, tax legislation, Environmental Act 2021, and anti-bribery. We have also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the UK Generally Accepted Accounting Practice and the Companies Act 2006.

 

We discussed with management how the compliance with these laws and regulations is monitored and discussed policies and procedures in place. As part of our planning procedures, we assessed the risk of non-compliance with laws and regulations on the company's ability to continue operating and the risk of material misstatement to the accounts. Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:

 

- Enquiries of management regarding their knowledge of any non-compliance with laws and regulations that could affect the financial statements.

- Review the legal and professional costs to identify any possible non-compliance or legal costs in respect of non-compliance.

- Engaged our tax specialists to review the compliance with corporate and employment tax legislation.

INDIGO SERVICE SOLUTIONS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF INDIGO SERVICE SOLUTIONS LIMITED
- 10 -

As part of our enquiries, we discussed with management whether there had been any instances of known or alleged fraud. We remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

 

We assessed the susceptibility of the financial statements to material misstatements through management override or fraud and obtained an understanding of the controls in place to mitigate the manipulation of the financial statements. The key risk we identified was manipulation of results with the principal risks relating to the overstatement of revenue and the related impact on the profitability of the company. Based upon our understanding we designed and conducted audit procedures including:

 

- We audited the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

 

-We challenged assumptions and judgements made by management in its significant accounting estimates, in particular provisions and accruals.

 

- Performed occurrence testing on revenue recognised in the year.

 

- Investigated the rationale behind significant or unusual transactions.

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are less likely to become aware of instances of non-compliance with laws and regulations that are closely related to events and transactions reflected in the financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 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.

Paul Putnam (Senior Statutory Auditor)
For and on behalf of PKF Francis Clark, Statutory Auditor
90 Victoria Street
Bristol
BS1 6DP
15 July 2025
INDIGO SERVICE SOLUTIONS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 11 -
2024
2023
Notes
£
£
Turnover
3
410,885,653
384,122,880
Cost of sales
(404,092,992)
(377,884,301)
Gross profit
6,792,661
6,238,579
Administrative expenses
(6,055,407)
(5,810,585)
Other operating income
4
365,977
561,027
Operating profit
5
1,103,231
989,021
Income from shares in group undertakings
9
527,697
-
0
Interest payable and similar expenses
10
(61,852)
(69,572)
Profit before taxation
1,569,076
919,449
Tax on profit
11
(71,772)
2,381
Profit for the financial year
1,497,304
921,830

The profit and loss account has been prepared on the basis that all operations are continuing operations.

INDIGO SERVICE SOLUTIONS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 12 -
2024
2023
£
£
Profit for the year
1,497,304
921,830
Other comprehensive income
-
-
Total comprehensive income for the year
1,497,304
921,830
INDIGO SERVICE SOLUTIONS LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 13 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
37,697
35,462
Investment property
14
1,400,000
1,400,000
Investments
15
100,001
9,586,438
1,537,698
11,021,900
Current assets
Debtors
17
42,462,656
38,261,568
Cash at bank and in hand
1,021,423
611,382
43,484,079
38,872,950
Creditors: amounts falling due within one year
18
(32,931,325)
(36,148,059)
Net current assets
10,552,754
2,724,891
Total assets less current liabilities
12,090,452
13,746,791
Creditors: amounts falling due after more than one year
19
(945,153)
(963,377)
Provisions for liabilities
Deferred tax liability
21
117,711
120,026
(117,711)
(120,026)
Net assets
11,027,588
12,663,388
Capital and reserves
Called up share capital
23
10,000
10,000
Share premium account
24
9,994,145
9,994,145
Profit and loss reserves
1,023,443
2,659,243
Total equity
11,027,588
12,663,388
The financial statements were approved by the board of directors and authorised for issue on 15 July 2025 and are signed on its behalf by:
Mr I  Cole-Wilkins
Director
Company registration number 06165906 (England and Wales)
INDIGO SERVICE SOLUTIONS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 14 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2022
10,000
9,994,145
2,654,399
12,658,544
Year ended 30 September 2023:
Profit and total comprehensive income
-
-
921,830
921,830
Dividends
12
-
-
(916,986)
(916,986)
Balance at 30 September 2023
10,000
9,994,145
2,659,243
12,663,388
Year ended 30 September 2024:
Profit and total comprehensive income
-
-
1,497,304
1,497,304
Dividends
12
-
-
(3,133,104)
(3,133,104)
Balance at 30 September 2024
10,000
9,994,145
1,023,443
11,027,588
INDIGO SERVICE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 15 -
1
Accounting policies
Company information

Indigo Service Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bradbury House, Mission Court, Newport, Gwent, NP20 2DW and its principal place of business is 4th Floor Suite, Harlequin House, 7 High Street, Teddington, TW11 8EE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of ICF Holdings Limited. These consolidated financial statements are available from its registered office, Bradbury House, Mission Court, Newport, NP20 2DW.

Reporting period

The company's accounting reference date (ARD) is 30 September, however, the company has a weekly reporting cycle, therefore, it is practical for the financial statements to be reported in line with this business cycle; therefore the company has taken advantage of the option offered by the Companies Act 2006 to make up its accounts to a date up to 7 days either side of its ARD.

 

The current period is made up to 29/09/2024 (52 weeks); the comparative period was made up to 01/10/2023 (53 weeks).

1.2
Going concern

The financial statements have been prepared on a going concern basis. At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. This conclusion is based on a detailed assessment of the company’s current financial position, future forecasts, liquidity requirements, and potential risks.true

 

Profitability and Trading Performance
The company has continued to operate profitably, generating positive results for the year ended 30 September 2024. Since the year end, trading has remained strong and in line with expectations. The May 2025 management accounts report a 6.4% year-on-year increase in turnover and an 8.98% increase in gross profit. June 2025 was a record month for the business based on its most widely used key performance indicator, and overall profitability is currently tracking ahead of budget for the financial year to date.

INDIGO SERVICE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 16 -

Forecasting and Liquidity Management
Detailed budgets and financial forecasts have been prepared as part of the going concern assessment, covering a period of at least 12 months from the date of approval of the financial statements. These forecasts reflect continued revenue growth and profitability, underpinned by strong trading performance and a healthy pipeline of opportunities. Growth in operations is expected to increase working capital requirements, and the directors are actively assessing the company’s funding and operational needs to ensure appropriate resources are in place to support this expansion. In addition, weekly cash flow forecasts are reviewed by management to monitor short-term liquidity and ensure that any emerging risks are identified and addressed promptly.

 

Funding Structure
The company is funded through a combination of retained earnings and external facilities. The directors regularly monitor the company’s liquidity position and maintain close relationships with banking partners to ensure that sufficient funding is available to support ongoing operations. As the business grows, the directors are exploring options to expand existing facilities or secure new funding arrangements to meet increasing working capital needs and maintain financial flexibility.

 

The company is also part of the ICF Group, which operates an integrated treasury function. The going concern assessment takes into account the financial position and ongoing support of the wider Group, including access to intra-group funding arrangements where required.

 

Disposals to Support Liquidity
To enhance the company’s liquidity position and reduce reliance on debt, the directors have taken active steps, including:

 

Principal Risks and Mitigating Actions
The directors acknowledge that there is inherent uncertainty in the ability to achieve forecasts. Key risks include slower-than-expected growth or unforeseen delays in customer payments. If performance were to fall significantly below forecast, the directors have identified mitigating actions which may include:

 

Assessment Period and Post-Year-End Events
The directors have considered events occurring after the reporting period up to the date of approval of these financial statements. These include the successful disposals noted above and continued positive trading performance. No events have been identified that cast significant doubt on the company’s ability to continue as a going concern.

 

Conclusion
Having assessed the company’s financial position, forecasts, and liquidity risk, the directors are satisfied that the company will be able to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements. They have therefore adopted the going concern basis in preparing the financial statements.

The directors confirm that there are no material uncertainties that would cast significant doubt on the company’s ability to continue as a going concern.

INDIGO SERVICE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.3
Turnover

Turnover represents total recharged direct labour costs and associated administration fee, net of value added tax.

 

The company operates as a principal and therefore records its income gross, without the deduction of associated direct labour costs.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation and net of depreciation.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
10% straight line
Fixtures and fittings
25% reducing balance or 33.33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet 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.

 

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

INDIGO SERVICE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 18 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

INDIGO SERVICE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 19 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

A key area of judgement for the company is the assessment of whether it acts as principal or agent in the provision of its services. This determination involves evaluating the level of control the company has over the service before it is transferred to the customer, exposure to credit or pricing risk, and responsibility for the fulfilment of the service. This assessment has a material impact on the presentation of revenue in the financial statements.

INDIGO SERVICE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 20 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Valuation of investment properties

The company carries its investment property at fair value in accordance with FRS 102. The investment property was acquired in 2018 for £938,532; the carrying value at 30 September 2023 was estimated to be £1,400,000, The directors have concluded that there has been no change in the fair value to 30 September 2024. Changes in the fair value of investment properties are recognised in profit or loss. The valuation was carried out by the directors based on comparable market data based on prices of similar properties in the surrounding area. Clearly this involves significant judgement from the directors.

 

On 20 February 2025, the company sold its investment property to a related party for £900,000. See note 14 for further detail.

Recoverability of intercompany balances

The carrying value of amounts owed by group undertakings at the balance sheet date was £27,087,273 (2023 - £22,285,345). Balances are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit and loss account. The impairment loss is the difference between the asset’s carrying amount and the best estimate of the recoverable amount at the reporting date.

3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Rendering of services
410,885,653
384,122,880

All of the company’s turnover arises in the United Kingdom.

4
Other operating income
2024
2023
£
£
Management fees receivable
159,407
182,258
Insurance claim
78,178
236,025
Other
128,392
142,744
365,977
561,027
INDIGO SERVICE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 21 -
5
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Depreciation of owned tangible fixed assets
18,005
26,281
Profit on disposal of tangible fixed assets
(8,196)
-
Operating lease charges
340,528
298,234
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
35,000
26,000
For other services
Taxation compliance services
-
0
11,333

In the previous year, the taxation services were payable to the previous auditor UHY Hacker Young.

7
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Administrative staff
34
34
Management staff
2
2
Total
36
36

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
1,728,127
1,722,424
Social security costs
190,275
180,267
Pension costs
54,624
41,741
1,973,026
1,944,432

 

INDIGO SERVICE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 22 -
8
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
230,000
279,539
Company pension contributions to defined contribution schemes
1,320
1,761
231,320
281,300

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 2).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
230,000
168,047
9
Interest receivable and similar income
2024
2023
£
£
Income from fixed asset investments
Income from shares in group undertakings
527,697
-
0
Disclosed on the profit and loss account as follows:
Income from shares in group undertakings
527,697
-
0

During the year the company received dividend income totalling £527,697 from one of its subsidiaries.

10
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
61,852
69,572
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
74,087
-
0
INDIGO SERVICE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
11
Taxation
2024
2023
£
£
(Continued)
- 23 -
Deferred tax
Origination and reversal of timing differences
(2,315)
(2,381)
Total tax charge/(credit)
71,772
(2,381)

The actual charge/(credit) for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
1,569,076
919,449
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.01%)
392,269
202,352
Tax effect of expenses that are not deductible in determining taxable profit
76,931
77,312
Tax effect of income not taxable in determining taxable profit
(2,049)
-
0
Effect of change in corporation tax rate
-
0
(364)
Group relief
(260,598)
(282,341)
Depreciation on assets not qualifying for tax allowances
55
-
0
Dividend income
(131,924)
-
0
Other temporary timing differences
(2,912)
(796)
Effect of revaluation on investment property
-
0
1,456
Taxation charge/(credit) for the year
71,772
(2,381)
12
Dividends
2024
2023
£
£
Interim paid
3,133,104
916,986

During the year, dividends of £3,133.10 per share were paid.

 

The dividends paid on Ordinary shares were £3,133,104 and the dividends paid on Ordinary A shares were £0.

INDIGO SERVICE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 24 -
13
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Total
£
£
£
Cost
At 1 October 2023
57,880
41,340
99,220
Additions
2,330
17,929
20,259
Disposals
(12,156)
(18,820)
(30,976)
At 30 September 2024
48,054
40,449
88,503
Depreciation and impairment
At 1 October 2023
37,033
26,725
63,758
Depreciation charged in the year
4,895
13,110
18,005
Eliminated in respect of disposals
(12,153)
(18,804)
(30,957)
At 30 September 2024
29,775
21,031
50,806
Carrying amount
At 30 September 2024
18,279
19,418
37,697
At 30 September 2023
20,847
14,615
35,462
14
Investment property
2024
£
Fair value
At 1 October 2023 and 30 September 2024
1,400,000

Investment property comprises properties held by the company for capital appreciation. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors at the year end. The valuation was made on an open market value basis, this is discussed further in critical accounting judgements and estimation uncertainty in the accounting policies.

 

There was a post year end disposal to a shareholder for £900,000 and despite this being less than carrying value the directors have concluded that no impairment to the carrying value of the property was required at the year end.

 

The bank loan within the financial statements is secured against the investment property.

15
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
16
1
9,486,438
Other investments
100,000
100,000
100,001
9,586,438
INDIGO SERVICE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
15
Fixed asset investments
(Continued)
- 25 -
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 October 2023
9,486,438
100,000
9,586,438
Transfer to Parent Company
(9,486,081)
-
(9,486,081)
Disposals
(356)
-
(356)
At 30 September 2024
1
100,000
100,001
Carrying amount
At 30 September 2024
1
100,000
100,001
At 30 September 2023
9,486,438
100,000
9,586,438

The carrying value of investments of £1 (2023: £9,486,438) now only includes the investment in Indigo Tech Holdings Limited. At the start of the year it represented 85% of the shareholding in Beaver Management Services Limited acquired in 2023. This investment was transferred to the parent company ICF Holdings Limited during the year.

16
Subsidiaries

Details of the company's subsidiaries at 30 September 2024 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Indirect
Indigo Tech Holdings Limited
1
Holding company
Ordinary
100.00
-
ISCA Tech Limited
1
Non Trading
Ordinary
0
100.00

Registered office addresses:

1
Bradbury House, Mission Court, Newport, Wales, NP20 2DW

During the year, the following companies Haymans Hall Limited, ISCA Ireland Limited, Condrington Limited and Indigo Platform Ireland Limited went into liquidation resulting in a disposal of 100% of the company's investment in those entities.

 

Indigo Tech Holdings Limited and ISCA Tech Limited were dissolved post year end.

 

During the year the company transferred its 85% shareholding in Beaver Management Services Limited to ICF Holdings Limited.

INDIGO SERVICE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 26 -
17
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
5,359,149
5,089,750
Unpaid share capital
4,145
4,145
Amounts owed by group undertakings
27,087,273
22,285,345
Other debtors
1,744,423
1,670,522
Prepayments and accrued income
8,267,666
9,211,806
42,462,656
38,261,568

Included within other debtors is a loan to a related party totalling £1,744,423 (2023 - £1,670,522). This loan is interest free and repayable on demand.

18
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
20
30,034
41,136
Other borrowings
20
11,443,484
11,504,337
Trade creditors
353,673
298,800
Amounts owed to group undertakings
3,904,557
2,599,627
Corporation tax
74,087
-
0
Other taxation and social security
9,094,858
8,588,012
Other creditors
7,809,949
4,304,414
Accruals and deferred income
220,683
8,811,733
32,931,325
36,148,059
19
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
20
445,153
463,377
Other creditors
500,000
500,000
945,153
963,377

Other Creditors balance at the year end relates to the deferred contingent consideration due on the acquisition of Beaver Management Services Limited.

Amounts included above which fall due after five years are as follows:
Payable by instalments
301,158
343,021
INDIGO SERVICE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 27 -
20
Loans and overdrafts
2024
2023
£
£
Bank loans
475,187
504,513
Other loans
11,443,484
11,504,337
11,918,671
12,008,850
Payable within one year
11,473,518
11,545,473
Payable after one year
445,153
463,377

At the balance sheet date, the company had the following borrowings:

- A bank loan secured against the investment property held within the financial statements.

Post year end, on 20 February 2025, the investment property was sold and the bank loan was repaid in full.

- Borrowings secured on trade receivables. The facility is with recourse, and the associated receivables remain recognised on the balance sheet. The facility is repayable on demand and bears interest at a variable rate.

21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
5,436
4,456
Investment property
112,275
115,570
117,711
120,026
2024
Movements in the year:
£
Liability at 1 October 2023
120,026
Credit to profit or loss
(2,315)
Liability at 30 September 2024
117,711
INDIGO SERVICE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 28 -
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
54,624
41,741

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

 

At the year end the company had outstanding pension contributions of £10,166 (2023 - £5,824), this amount being included within creditors due within one year.

23
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
Ordinary 'A' shares of £1 each
9,000
9,000
9,000
9,000
10,000
10,000
10,000
10,000

Ordinary shares and Ordinary A shares are both entitled to dividends and have full voting rights.

24
Share premium account

The share premium arose when the company issued shares at fair value in exchange for shares in Credas Technologies Ltd and FRS Contractor Solutions Limited; these investments have now been transferred to the company's parent ICF Holdings Limited via intercompany.

25
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

30 September 2024
30 September        2023
£
£
Within one year
205,901
106,678
Between two and five years
89,919
51,740
295,820
158,418
INDIGO SERVICE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 29 -
26
Related party transactions

The company had an existing loan with BEMA Rail Training Limited, a subsidiary of the group. At the year end, the balance outstanding was £6,500 (2023 - £nil), with this amount being included in debtors: amounts falling due within one year.

 

The company had an existing loan with BMSL Contracting Limited, a subsidiary of the group. At the year end, the balance outstanding was £1,250 (2023 - £nil), with this amount being included in debtors: amounts falling due within one year.

 

The company had an existing loan with LEC5 Rail Personnel Limited, a subsidiary of the group. At the year end, the balance outstanding was £1,250 (2023 - £nil), with this amount being included in debtors: amounts falling due within one year.

 

The company had an existing loan from FRS Contractor Solutions Limited, a subsidiary of the group. At the year end, the balance outstanding was £2,654,941 (2023 - £1,371.494), with this amount being included in creditors: amounts falling due within one year. During the year, the company had sales of £349,058, management charges paid of £1,029,982 and expenses of £74,107 with FRS Contractor Solutions Limited.

 

The company had an existing loan from Gatsby Platform Limited, a subsidiary of the group. At the year end, the balance outstanding was £27,791 (2023 - £2,500), with this amount being included in creditors: amounts falling due within one year.

 

The company had an existing loan from Beaver Management Services Limited, a subsidiary of the group. At the year end, the balance outstanding was £1,195,638 (2023 - £1,095,732), with this amount being included in creditors: amounts falling due within one year.

 

The company had an existing loan from Manley Summers Limited, a subsidiary of the group. At the year end, the balance outstanding was £12,545 (2023 - £120,045), with this amount being included in creditors: amounts falling due within one year.

 

The company had an existing loan from UK Rail Limited, a subsidiary of the group. At the year end, the balance outstanding was £3,500 (2023 - £12,000), with this amount being included in creditors: amounts falling due within one year.

 

The company has taken advantage of the exception given by section 33.1A of FRS 102 to not disclose related party transactions with other wholly owned subsidiary companies with the group.

 

27
Parent company and ultimate controlling party

The ultimate parent company of Indigo Service Solutions Limited is ICF Holdings Limited, incorporated in England and Wales. ICF Holdings Limited is the parent undertaking of the smallest and largest group which includes the company for which group financial statements are prepared. Copies of the group financial statements of ICF Holdings Limited are available from the registered office; Bradbury House, Mission Court, Newport, NP20 2DW. Its principal place of business is 4th Floor Suite, Harlequin House, 7 High Street, Teddington, TW11 8EE.

 

There is no ultimate controlling party.

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