REGISTERED NUMBER: 03295323 (England and Wales)

Agenda Resource Management Limited

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31st December 2024

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12

DIRECTORS:

Mr T A Sanders

Mr R A Millard

Mr S Kitching

Mr C J Withers

Mr H Bertrand

REGISTERED OFFICE:

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

REGISTERED NUMBER:

03295323 (England and Wales)

AUDITORS:

Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire HU2 8BA

The directors present their strategic report for the year ended 31st December 2024.

REVIEW OF BUSINESS

The company is in its eleventh year of full audit and this review is consistent with the size and nature of the business.

The company provides staffing and screening solutions and is organised into 3 core areas:

-

Life Sciences - providing support to the Life Science sector, contract staffing, permanent recruitment, facilities management solutions and for the first time an equipment distributorship.

-

Screening - pre-employment screening for a wide range of clients, including Government, public and private sector organisations.

-

Marketing & Communications - providing graphic design print, website design, e-marketing, event management and social media services.

2024 has been another year of sustained growth across its core areas as well as running a distributorship in the Life Science sector. The business delivered an exceptional result across a number of its areas. An increase in profitability within the Contracts, Facilities and Veterinary Services areas, together with the distributorship generating additional profit more than off-setting challenges in Screening and Recruitment. There was also investment in core support services and key appointments to support the company's long-term strategy.

The business delivered an Operating Profit of £753k compared to £1.1m in the prior year.

The success of the year has been the result of a clearly defined strategic path and an agile operating platform, meaning the potential of commercial opportunities have been fulfilled. We continue to work and devote our efforts to long-term growth and we are working towards successfully delivering a new 5-year strategic plan.

The business continues to be underpinned by our core values of Respect, Reputation and Responsibility and 2024 further championed our Great Place To Work initiative. Our people are at the core of everything we do and are intrinsic to the Agenda brand. Staff retention rates strengthened again in 2024. We are proud of our long-service employees as well as our commitment to invest heavily in new starters and supporting business growth.

The turnover of the company was as follows:

2024

2023

£15.7m

£15.4m

To support the growth, the business continued to invest in its employees and there was a small decrease in staff numbers from 180 in 2023 to 172 in 2024.

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the company business and the execution of the company strategies are of course subject to a number of risks.

The key business risks affecting the company are considered to relate to competition and market risks in the company's key areas of operation, together with the on-going threat presented by external economic pressures.

The company finances are well managed with an excellent relationship with its banking partner. It has minimal interest rate exposure.

The company monitors credit risk closely and considers that its current policies of finance checks on potential clients meet its objectives of managing exposure to credit risk.

KEY PERFORMANCE INDICATORS

Given the straightforward nature of the business, the directors closely monitor key performance indicators and progress towards strategic objectives; 2024 showed continued momentum towards our 2025 strategic goals.

ON BEHALF OF THE BOARD:

Mr R A Millard - Director

14th May 2025

The directors present their report with the financial statements of the company for the year ended 31st December 2024.

DIVIDENDS

The directors recommend that no final dividends be paid.

The total distribution of dividends for the year ended 31st December 2024 will be £4,000.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

The directors during the year under review were:

Mr T A Sanders

Mr R A Millard

Mr S Kitching

Mr C J Withers

Mr H Bertrand

The directors holding office at 31st December 2024 did not hold any beneficial interest in the issued share capital of the company at 1st January 2024 or 31st December 2024.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

Mr R A Millard - Director

14th May 2025

Opinion

We have audited the financial statements of Agenda Resource Management Limited (the 'company') for the year ended 31st December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, 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 Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31st December 2024 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, anti-bribery, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

-

performed analytical procedures to identify any unusual or unexpected relationships;

-

tested journal entries to identify unusual transactions;

-

assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

-

investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

-

agreeing financial statement disclosures to underlying supporting documentation;

-

reading the minutes of meetings of those charged with governance;

-

enquiring of management as to actual and potential litigation and claims; and

-

reviewing correspondence with relevant regulators and the company's legal advisors.

Due to 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 or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

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 Report of the Auditors.

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 a Report of the Auditors 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.

William Cowell ACA (Senior Statutory Auditor)

for and on behalf of Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire HU2 8BA

14th May 2025

TURNOVER

3

15,734,651

15,424,709

Cost of sales

9,784,933

9,788,438

GROSS PROFIT

5,949,718

5,636,271

Administrative expenses

5,196,265

4,474,856

753,453

1,161,415

Other operating income

67

36,093

OPERATING PROFIT

5

753,520

1,197,508

Interest payable and similar expenses

6

45,226

33,823

PROFIT BEFORE TAXATION

708,294

1,163,685

Tax on profit

7

(37,179

)

241,531

PROFIT FOR THE FINANCIAL YEAR

745,473

922,154

OTHER COMPREHENSIVE INCOME

Revaluation

479,725

-

Income tax relating to other comprehensive income

(36,779

)

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

442,946

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,188,419

922,154

FIXED ASSETS

Intangible assets

9

968,987

683,127

Tangible assets

10

1,504,614

993,789

Investments

11

-

-

2,473,601

1,676,916

CURRENT ASSETS

Stocks

12

337,504

340,246

Debtors

13

3,880,485

3,025,620

Cash at bank and in hand

408,553

205,545

4,626,542

3,571,411

CREDITORS

Amounts falling due within one year

14

3,392,790

3,310,501

NET CURRENT ASSETS

1,233,752

260,910

TOTAL ASSETS LESS CURRENT LIABILITIES

3,707,353

1,937,826

CREDITORS

Amounts falling due after more than one year

15

(563,819

)

(20,803

)

PROVISIONS FOR LIABILITIES

19

(255,905

)

(213,813

)

NET ASSETS

2,887,629

1,703,210

CAPITAL AND RESERVES

Called up share capital

20

10,000

10,000

Share premium

21

47,500

47,500

Revaluation reserve

21

623,809

183,011

Capital redemption reserve

21

2,500

2,500

Retained earnings

21

2,203,820

1,460,199

SHAREHOLDERS' FUNDS

2,887,629

1,703,210

The financial statements were approved by the Board of Directors and authorised for issue on 14th May 2025 and were signed on its behalf by:

Mr R A Millard - Director

Called up

share

Retained

Share

capital

earnings

premium

£

£

£

Balance at 1st January 2023

10,000

651,873

47,500

Changes in equity

Dividends

-

(137,308

)

-

Total comprehensive income

-

922,154

-

Transfer from revaluation

reserve

-

23,480

-

Balance at 31st December 2023

10,000

1,460,199

47,500

Changes in equity

Dividends

-

(4,000

)

-

Total comprehensive income

-

745,473

-

Transfer from revaluation

reserve

-

2,148

-

Balance at 31st December 2024

10,000

2,203,820

47,500

Capital

Revaluation

redemption

Total

reserve

reserve

equity

£

£

£

Balance at 1st January 2023

206,491

2,500

918,364

Changes in equity

Dividends

-

-

(137,308

)

Total comprehensive income

-

-

922,154

Transfer from revaluation

reserve

(23,480

)

-

-

Balance at 31st December 2023

183,011

2,500

1,703,210

Changes in equity

Dividends

-

-

(4,000

)

Total comprehensive income

442,946

-

1,188,419

Transfer from revaluation

reserve

(2,148

)

-

-

Balance at 31st December 2024

623,809

2,500

2,887,629

1.	STATUTORY INFORMATION

Agenda Resource Management Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

Agenda Resource Management Limited is a limited company incorporated in the United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements.

The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the provision of resource management, pre-employment security screening and marketing services to the customers. Turnover is shown net of Value Added Tax.

Interest receivable and other income

Interest income is recognised using the effective interest method.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Assets in the course of construction are carried at a cost less any recognised impairment loss. Amortisation of these assets commences when the assets are ready for their intended use.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Freehold property

- 2.5%, freehold land is not depreciated

Plant and machinery

- 15% - 33%

Motor vehicles

- 25% - 33%

An amount equal to the excess of the annual depreciation charge on revalued assets over the notional historical cost depreciation charge on those assets is transferred annually from the revaluation reserve to the profit and loss reserve.

Investments in subsidiaries

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks and work in progress

Stocks and work in progress are valued at the lower of cost and net realisable value. Cost of finished goods and work in progress includes overheads appropriate to the stage of completion. Net realisable value is based upon estimated selling price less further costs expected to be incurred to completion and disposal. Provision is made for obsolete and slow-moving items.

Taxation

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Leasing commitments

Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

Where goods are sold using finance leases, the entity recognises turnover from the sale of goods and the rights to receive future lease payments as a debtor. Minimum lease payments are apportioned between finance income and the reduction of the lease debtor with finance income allocated so as to produce a constant periodic rate of interest on the net investment in the finance lease.

Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Debtors and creditors receivable/payable within one year

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.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3.

TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the company.

An analysis of turnover by class of business is given below:

2024

2023

£

£

Facilities

7,919,696

6,985,061

Screening

3,692,622

3,550,294

Other

4,122,333

4,889,354

15,734,651

15,424,709

An analysis of turnover by geographical market is given below:

2024

2023

£

£

United Kingdom

15,262,283

14,639,832

Overseas

472,368

784,877

15,734,651

15,424,709

4.	EMPLOYEES AND DIRECTORS

The aggregate payroll costs of the above were:

2024

2023

£

£

Wages and salaries

5,708,741

5,370,363

Social security costs

545,684

438,208

Other pension costs

330,817

273,851

6,585,242

6,082,422

The average monthly number of employees during the year was as follows:

2024

2023

No

No

Head office

77

81

Managers

7

7

Technicians

85

88

Directors

3

4

172

180

2024

2023

£

£

Directors' remuneration

578,053

598,945

Directors' pension contributions to money purchase schemes

61,895

49,424

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

5

5

Information regarding the highest paid director is as follows:

2024

2023

£

£

Emoluments etc

140,972

171,958

Pension contributions to money purchase schemes

20,583

11,689

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024

2023

£

£

Depreciation - owned assets

71,428

75,849

Depreciation - assets on hire purchase contracts

20,107

-

(Profit)/loss on disposal of fixed assets

(8,614

)

7,046

Patents and licences amortisation

107,009

81,965

Auditors' remuneration

21,842

17,340

Auditors' remuneration for non audit work

463

4,500

Foreign exchange differences

810

1,910

Other operating lease rentals

173,478

149,817

Government grants

(67

)

(1,593

)

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Bank interest

27,910

20,587

Hire purchase

17,316

13,236

45,226

33,823

7.

TAXATION

Analysis of the tax (credit)/charge

The tax (credit)/charge on the profit for the year was as follows:

2024

2023

£

£

Current tax:

UK corporation tax

115,588

251,826

Under provision in prior years

(170,552

)

(121,635

)

Total current tax

(54,964

)

130,191

Deferred tax

17,785

111,340

Tax on profit

(37,179

)

241,531