REGISTERED NUMBER: 06685719 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

GETMYFIRSTJOB LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

D Allison

P J Allison

H B Humphreys

SECRETARY:

Peachey & Co (Accountants) Limited

REGISTERED OFFICE:

61 Westway

Caterham

Surrey

CR3 5TQ

REGISTERED NUMBER:

06685719 (England and Wales)

AUDITORS:

Lewis Brownlee (Chichester) Limited

Statutory Auditors

Appledram Barns

Birdham Road

Chichester

West Sussex

PO20 7EQ

FIXED ASSETS

Intangible assets

4

-

52,448

Tangible assets

5

1,656

3,445

1,656

55,893

CURRENT ASSETS

Debtors

6

377,790

717,034

Cash at bank

284,224

64,258

662,014

781,292

CREDITORS

Amounts falling due within one year

7

1,297,985

1,178,079

NET CURRENT LIABILITIES

(635,971

)

(396,787

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(634,315

)

(340,894

)

CREDITORS

Amounts falling due after more than one year

8

5,177

34,743

NET LIABILITIES

(639,492

)

(375,637

)

CAPITAL AND RESERVES

Called up share capital

3,325

3,278

Share premium

3,294,473

3,294,473

Retained earnings

(3,937,290

)

(3,673,388

)

(639,492

)

(375,637

)

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 29 September 2025 and were signed on its behalf by:

D Allison - Director

1.	STATUTORY INFORMATION

Getmyfirstjob Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

The financial statements are rounded to the nearest whole pound (£).

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.

Going concern

The company continues to be actively supported by investors to enable it to respond to changing market conditions and fund ongoing product development.

As a social enterprise, the company and its investors are mindful of the unique challenges faced by people from a range of underrepresented groups, including young people, ethnic minorities, and those from lower socio-economic groups. During 2024, the business fully repaid funding previously accessed from Capchase, whilst investors extended £185k of credit to ensure the business continued to be able to extend its support for these groups. In 2025, this support continued, and an additional £400k was raised in equity.

Given the current economic climate and the nature of the Early Talent market, the business considers that it continues to have sufficient flexibility in its proposition and cost base to adapt its business model if required. The company continues to be exposed to the impact of Government changes in education and the wider policy and employment context which creates a degree of uncertainty.

The shareholders that have provided loans to the company have confirmed that they intend to continue their commitment and support for at least the period to December 2026. Included within creditors due within one year is £535k of shareholder loans. After the balance sheet date, the maturity date of these loans was extended to January 2027.

The directors believe they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and therefore continues to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:

- the amount can be reliably measured;

- it is probable the future economic benefits will flow to the entity;

- and specific criteria have been met for the company's activities.

Turnover relating to services provided over a designated period of time are deferred to the relevant period in which the services are provided.

Turnover for project based income is recognised as follows:

New clients and new project/products

30% recognised in the month of invoice to reflect the consultancy work completed to win the project. The remaining turnover is deferred and recognised over the expected economic life of the project.

Existing clients and new projects/products

20% recognised in the month of invoice to reflect a reduction in the amount of consultancy work completed to win the project. The remaining turnover is deferred and recognised over the expected economic life of the project.

Existing customers and existing project/products

10% recognised in the month of invoice to reflect the reduced level of consultancy work required to win the project. The remaining turnover is deferred and recognised over the expected economic life of the project.

Intangible assets

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

Internally generated software is being amortised evenly over its estimated useful life of three years.

Intangible assets are recognised when it is expected that the future economic benefits that are attributable to the asset will flow to the company and when the assets cost can be reliably measured.

At each balance sheet date, the company reviews the carrying amount of its intangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

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

Fixtures, fittings and equipment

-

33% on cost and 25% reducing balance

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Financial instruments

Financial instruments are classified by the director as basic or advanced following the conditions in FRS 102 section 11. Basic financial instruments are recognised at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. The company's only non-basic financial instruments relates to share based payments. This accounting policy is described below.

Share based payments

The company operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the entity. The estimated fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period. The estimated fair value of the option granted is calculated by the directors. The total amount expensed is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.

The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Income Statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

Development expenditure incurred on an individual project is carried forward when its future recoverability can reasonably be regarded as assured. Any expenditure carried forward is amortised in line with the expected future sales from the related project.

Leasing commitments

Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 51 (2023 - 51 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2024

and 31 December 2024

314,364

AMORTISATION

At 1 January 2024

261,916

Charge for year

52,448

At 31 December 2024

314,364

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

52,448

5.	TANGIBLE FIXED ASSETS

Furniture,

fittings

and

equipment

£

COST

At 1 January 2024

79,073

Additions

2,909

At 31 December 2024

81,982

DEPRECIATION

At 1 January 2024

75,628

Charge for year

4,698

At 31 December 2024

80,326

NET BOOK VALUE

At 31 December 2024

1,656

At 31 December 2023

3,445

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

134,905

578,247

Other debtors

242,885

138,787

377,790

717,034

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

10,478

10,301

Other loans

554,265

533,714

Trade creditors

43,993

44,838

Social security and other taxes

203,955

157,768

VAT

97,089

130,018

Other creditors

9,274

7,614

Accruals and deferred income

378,931

293,826

1,297,985

1,178,079

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans - 1-2 years

5,177

10,478

Bank loans - 2-5 years

-

5,000

Other loans - 1-2 years

-

19,265

5,177

34,743

9.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Other loans

535,000

350,000

Included within creditors falling due within one year is £535,000 (2023: £350,000) of loans that are secured by a fixed and floating charge over the company's assets.

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

The Report of the Auditors was unqualified.

Sam Ede BFP FCA FCCA (Senior Statutory Auditor)

for and on behalf of Lewis Brownlee (Chichester) Limited

11.	OTHER FINANCIAL COMMITMENTS

At the balance sheet date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases of £110 (2023: £110).

12.	POST BALANCE SHEET EVENTS

After the balance sheet date, there was an allotment of 183,386 R Ordinary shares with a nominal value of £0.01 per share. The shares were issued for cash at a value of £2.31 per share.

13.	PENSION COMMITMENTS

At the balance sheet date the company had an outstanding pension contributions liability of £8,074 (2023: £7,590).