Ignata Finance Limited

Notes to the Financial Statements
for the Year Ended 31 December 2024

1	General information

Ignata Finance Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.

2	Accounting policies

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

Summary of disclosure exemptions

The company meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its separate financial statements. The company is consolidated in the financial statements of its ultimate parent, ZRG Partners LLC, which may be obtained from 365 West Passaic Street, Suite 465, Rochelle Park, NJ 07662. Exemptions have been taken in these separate company financial statements in relation to financial instruments, presentation of a cash flow statement, transactions with group entities and remuneration of key management personnel..

Ignata Finance Limited

Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Revenue recognition

Turnover represents amounts receivable from the provision of contract, permanent, and temporary staff and related services and is shown net of value added tax.

Turnover arising from the placement of permanent candidates is recognised at the time the candidate commences full-time employment, with a specific provision for terminations occuring within the customers guarantee period.

Turnover arising from the placement of temporary contract candidates is recognised over the period that staff are provided and is recorded at the fair value of the consideration received or receivable as validated by a client approved timesheet or equivalent for temporarry placements. The amount recognised represents amounts billed for staff, including the salary costs of these staff. Accrued income is identified as those balances derived from timesheets approved and invoiced after the period end, but related to services provided within the accounting period. Accrued income is recognised as turnover and is included as part of debtors due within one period.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits
reported in the financial statements.

Property, plant and equipment

Property, plant and equipment are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Leasehold improvements	3 years straight-line method
Fixtures and fittings	3 years straight-line method
Computer equipment	3 years straight-line method

Ignata Finance Limited

Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Computer software	3 years straight-line method

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.

Receivables

Receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Receivables are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of receivables is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Payables

Payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Ignata Finance Limited

Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2023 - 16).

Ignata Finance Limited

Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)

4	Intangible assets

	Trademarks, patents and licenses  £	Total £
Cost or valuation
At 1 January 2024	9,701	9,701
At 31 December 2024	9,701	9,701
Amortisation
At 1 January 2024	9,079	9,079
Amortisation charge	622	622
At 31 December 2024	9,701	9,701
Carrying amount
At 31 December 2024	-	-
At 31 December 2023	622	622

5	Property, plant and equipment

	Land and buildings £	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 January 2024	28,243	45,210	73,453
Additions	-	2,719	2,719
At 31 December 2024	28,243	47,929	76,172
Depreciation
At 1 January 2024	6,218	13,630	19,848
Charge for the year	9,415	15,658	25,073
At 31 December 2024	15,633	29,288	44,921
Carrying amount
At 31 December 2024	12,610	18,641	31,251
At 31 December 2023	22,025	31,581	53,606

Ignata Finance Limited

Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)

5	Property, plant and equipment (continued)

Included within the net book value of land and buildings above is £28,243 (2023 - £Nil) in respect of long leasehold land and buildings and £(15,633) (2023 - £22,025) in respect of short leasehold land and buildings.
 

6	Receivables

	Note	Year ended 31 December 2024 £	53 weeks ended 31 December 2023 £
Trade receivables		281,906	328,694
Amounts owed by related parties	9	5,915	-
Other receivables		22,371	21,239
Prepayments		17,646	31,439
Accrued income		39,807	30,028
		367,645	411,400

7

Payables

Payables: amounts falling due within one year

	Year ended 31 December 2024 £	53 weeks ended 31 December 2023 £
Due within one year
Trade payables	4,890	16,418
Corporation tax	-	101,555
Social security and other taxes	72,466	122,222
Other payables	236,128	81,059
Accruals	255,685	114,823
	569,169	436,077