REGISTERED NUMBER: 05710515 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

IT FARM LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M D Allen

P J Smith

REGISTERED OFFICE:

30 - 32 Hanover House

Charlotte Street

Manchester

M1 4FD

REGISTERED NUMBER:

05710515 (England and Wales)

AUDITORS:

Goldwyns Limited

Statutory Auditors and Chartered Accountants

Rutland House

90-92 Baxter Avenue

Southend on Sea

Essex

SS2 6HZ

FIXED ASSETS

Tangible assets

4

37,011

92,217

CURRENT ASSETS

Debtors

5

2,596,292

1,605,844

Cash at bank

178,357

13,512

2,774,649

1,619,356

CREDITORS

Amounts falling due within one year

6

1,903,293

1,602,725

NET CURRENT ASSETS

871,356

16,631

TOTAL ASSETS LESS CURRENT LIABILITIES

908,367

108,848

PROVISIONS FOR LIABILITIES

7

26,533

95,934

NET ASSETS

881,834

12,914

CAPITAL AND RESERVES

Called up share capital

150

150

Retained earnings

881,684

12,764

881,834

12,914

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2025 and were signed on its behalf by:

M D Allen - Director

1.	STATUTORY INFORMATION

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on cost

Fixtures and fittings

-

25% on reducing balance

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 January 2024

and 31 December 2024

405,309

45,988

451,297

DEPRECIATION

At 1 January 2024

316,722

42,358

359,080

Charge for year

52,485

2,721

55,206

At 31 December 2024

369,207

45,079

414,286

NET BOOK VALUE

At 31 December 2024

36,102

909

37,011

At 31 December 2023

88,587

3,630

92,217

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

575,249

358,906

Amounts owed by group undertakings

2,009,255

1,238,242

Other debtors

11,788

8,696

2,596,292

1,605,844

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

109,420

131,254

Amounts owed to group undertakings

856,816

870,847

Taxation and social security

275,581

190,671

Other creditors

661,476

409,953

1,903,293

1,602,725

7.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

19,800

19,800

Other provisions

6,733

76,134

26,533

95,934

Deferred

Other

tax

provisions

£

£

Balance at 1 January 2024

19,800

76,134

Utilised during year

-

(69,401

)

Balance at 31 December 2024

19,800

6,733

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

The Report of the Auditors was unqualified.

Robert Howe BEng FCA (Senior Statutory Auditor)

for and on behalf of Goldwyns Limited

9.	CONTINGENT LIABILITIES

The company has given cross-guarantees is respect of its parent company's debts. At the balance sheet date, these liabilities totalled £9,837,500 (2023 - £7,484,811).

10.	ULTIMATE PARENT COMPANY

As at the balance sheet date, the directors consider the ultimate parent company to be Managed IT Services Group Limited, a company registered in England and Wales.