Company No: 09913450 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Intangible assets	4	18,348		27,642
Tangible assets	5	4,962		6,556
		23,310		34,198
Current assets
Debtors	6	1,005,574		677,712
Cash at bank and in hand		1,058		4,997
		1,006,632		682,709
Creditors: amounts falling due within one year	7	( 998,064)		( 644,760)
Net current assets		8,568		37,949
Total assets less current liabilities		31,878		72,147
Creditors: amounts falling due after more than one year	8	( 13,097)		( 23,260)
Provision for liabilities		( 222)		( 222)
Net assets		18,559		48,665
Capital and reserves
Called-up share capital	9	100		100
Profit and loss account		18,459		48,565
Total shareholders' funds		18,559		48,665

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Abacus Resource Solutions Limited (registered number: 09913450) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

P J Bromwich Director

30 September 2025

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Abacus Resource Solutions Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is Walbrook Wharf, 78-83 Upper Thames Street, London, EC4R 3TD, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover comprises recharges to group companies for services provided and costs incurred. It is recognised when the service is delivered or the cost is incurred, in line with intercompany agreements. Revenue is measured at the fair value of consideration receivable, excluding VAT.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Computer software

3 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery

3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

2. Prior year adjustment

During the year, management identified a misclassification in the prior year’s financial statements relating to gross wages of £99,951. These wages, which were incurred in respect of the outsourced team based in South Africa, were incorrectly classified under cost of sales. Following a review, it was determined that these costs should have been presented within administrative expenses, as they do not directly relate to the delivery of services.

A correcting journal entry has been posted in the prior year to reclassify the amount from cost of sales to administrative expenses. This adjustment has been made to ensure consistency and comparability of the financial statements.

There is no impact on the net profit or net assets of the company for the prior year as a result of this reclassification.

		As previously reported		Adjustment		As restated
Year ended 31 December 2023		£		£		£
Cost of sales		99,951		(99,951)		0
Administration expenses		1,604,691		99,951		1,704,642

3. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the company during the year, including directors	10		11

4. Intangible assets

	Computer software		Total
	£		£
Cost
At 01 January 2024	31,019		31,019
Additions	5,265		5,265
At 31 December 2024	36,284		36,284
Accumulated amortisation
At 01 January 2024	3,377		3,377
Charge for the financial year	14,559		14,559
At 31 December 2024	17,936		17,936
Net book value
At 31 December 2024	18,348		18,348
At 31 December 2023	27,642		27,642

5. Tangible assets

	Plant and machinery		Total
	£		£
Cost
At 01 January 2024	25,311		25,311
Additions	2,305		2,305
At 31 December 2024	27,616		27,616
Accumulated depreciation
At 01 January 2024	18,755		18,755
Charge for the financial year	3,899		3,899
At 31 December 2024	22,654		22,654
Net book value
At 31 December 2024	4,962		4,962
At 31 December 2023	6,556		6,556

6. Debtors

	2024		2023
	£		£
Amounts owed by parent undertakings	45,133		45,000
Amounts owed by associates	948,623		625,666
Other debtors	11,818		7,046
	1,005,574		677,712

7. Creditors: amounts falling due within one year

	2024		2023
	£		£
Bank loans	10,204		9,952
Trade creditors	48,593		37,440
Amounts owed to associates	722,347		356,341
Amounts owed to directors	0		25,758
Accruals	98,938		67,778
Taxation and social security	116,251		145,717
Other creditors	1,731		1,774
	998,064		644,760

8. Creditors: amounts falling due after more than one year

	2024		2023
	£		£
Bank loans	13,097		23,260

There are no amounts included above in respect of which any security has been given by the small entity.

9. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
2,750 A Ordinary shares of £ 0.01 each (2023: nil shares)	27.50		0
7,250 B Ordinary shares of £ 0.01 each (2023: nil shares)	72.50		0
Nil Ordinary shares (2023: 100 shares of £ 1.00 each)	0		100.00
	100.00		100.00

During the year the Company redesignated 2,750 ordinary shares of £0.01 each to 2,750 A ordinary shares of £0.01 each.

During the year the Company redesignated 7,250 ordinary shares of £0.01 each to 7,250 B ordinary shares of £0.01 each.

The total issued share capital remains unchanged.

The A ordinary and B ordinary shares carry the same rights as the ordinary shares from which they were redesignated, including voting rights and rights to payment of dividends and distributions.

10. Related party transactions

Transactions with owners holding a participating interest in the entity

Amounts owed by parent undertakings of £45,133 (2023: £45,000) are unsecured, interest free and are repayable on demand.

Transactions with the entity's directors

Included within other creditors are amounts due to directors of £Nil (2023: £25,758). This was repaid during the year.

Other related party transactions

Included within amounts owed by associates are amounts of £859,724 (2023: £548,103) owed by companies with common directors.

Included within amounts owed by associates are amounts of £88,899 (2023: £77,563) owed by companies under common control.

Included within amounts owed to associates are amounts of £722,347 (2023: £356,341) owed to companies under common control.

11. Ultimate controlling party

Parent Company:

Recruitment Investment Group Limited

The ultimate controlling party is P J Bromwich.