Company registration number 05999991 (England and Wales)
WHITEHALL RESOURCES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
Affinia
Ground Floor
Swift House
18 Hoffmanns Way
Chelmsford
CM1 1GU
WHITEHALL RESOURCES LIMITED
COMPANY INFORMATION
Directors
Mr T Hall
Mr R Knight
Secretary
Mrs H Hall
Company number
05999991
Registered office
350 The Crescent
Colchester
Essex
C04 9AT
Auditor
Affinia (Chelmsford)
Ground Floor
Swift House
18 Hoffmanns Way
Chelmsford
CM1 1GU
WHITEHALL RESOURCES LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 10
Profit and loss account
11
Balance sheet
13
Statement of changes in equity
14
Statement of cash flows
15
Notes to the financial statements
16 - 27
WHITEHALL RESOURCES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2025
- 1 -

The directors present the strategic report for the year ended 31 May 2025.

Review of the business

The directors aim to provide a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. The review is consistent with the size and non-complex nature of the business and is written in the context of the risks and uncertainties faced.

In 2025, the technology staffing market is transitioning from the post-pandemic surge driven by government support and low interest rates to a more stabilized environment. Whitehall, with a turnover of £65m, has navigated this shift well, positioning itself strongly within the staffing supply chain. However, the industry still faces a range of risks and uncertainties, particularly related to global economic conditions, evolving talent needs, and technological disruption.

Key Trends:

1. Post-Pandemic Stabilization: The market is returning to more sustainable growth after the sharp rise in demand during the COVID-19 recovery phase. The demand for tech talent remains strong but is moderating in certain areas as digital transformation projects mature.

2. Shifting Technology Demands: Emerging technologies like AI, cybersecurity, and cloud computing continue to drive hiring, but demand is stabilizing as companies shift from project-based growth to long-term operational needs.

3. Talent Shortages in Niche Areas: Key sectors, particularly in AI and cybersecurity, continue to experience talent shortages, creating challenges for recruitment and salary inflation.

4. Remote Work and Global Talent Pools: Remote work remains prevalent, creating opportunities to source talent globally but also presenting new challenges related to compliance and management.

While the technology staffing market in 2025 presents both challenges and opportunities, Whitehall’s established market presence and proactive risk management approach position it for continued success. By adapting to changing market dynamics, investing in new technologies, and focusing on global talent sourcing, Whitehall can secure its leadership position in the staffing supply chain for the foreseeable future.

Principal risks and uncertainties

Technology staffing markets over the last 12 to 18 months has seen a dramatic drop off in project investment. Emerging from Covid saw the level of government support and lower interest rates drive a significant and rapid ramp up of staffing demands, with that followed a substantial rate and salary increase at a rate not seen through Whitehall’s history resulting in significant peaks through 2022 and 2023 alike.

With much of the shock to global markets now reduced, inflation back to targeted levels and interest rates on the decline, we are seeing areas of significant improvement. As a result, Whitehall achieved an impressively strong result of £65.1m turnover and continue to be well positioned in the market securing a dominant position in the staffing supply chain.

There are a number of risks and uncertainties that can impact the performance of Whitehall Resources, some of which are beyond our control.

We closely monitor market trends and risks on an on-going basis. These trends and risks are the focus of monthly management meetings where each business unit's performance is assessed versus budget, forecast and prior year; key performance indicators are also used to benchmark operational performance for all.

An annual assessment of trends and risks is also an integral part of each business unit's annual review of its strategic plan and budget. A combination of all of this, in what is a bottom up and top down approach, enables us to determine and assess the risk environment.

WHITEHALL RESOURCES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 2 -
Key performance indicators

The directors consider that the key performance indicators are those that communicate the financial performance and strength of the company as a whole, these being turnover and operating profit.

The turnover and operating profit of the company was as follows;

2025 20 2 4

Turnover £65,077,504 £78,403,966

Gross profit £3,692,455 £4,713,832

Gross profit margin 5.67% 6.01%

Operating profit has decreased to £1,077,010 from £1,775,457. The company's capital and reserves has decreased by £93,541 to £9,842,120.

Debtor days 56 (20 2 4: 75)

Represents the length of time the company receives payments from its debtors. Calculated by comparing how many days' billings it takes to cover the debtor balance.

The source of data and calculation methods year-on-year are on a consistent basis.

Promoting the success of the company

During the year, the Directors have acted to promote the success of the Company for the benefit of its members as a whole.

Throughout the year, while discharging their duties, section 172(1) requires a Director to have regard to, among other matters, the;

■ Likely long-term consequences of any decisions made

■ Interests of the Company’s employees

■ Business relationships with suppliers and customers

■ Impact on the community and environment of the company's operations

■ Reputation for high standards of business conduct and

■ Need to a ct fairly between members of the company

The directors act in good faith, to promote the success of the company for the benefit of its members as a whole. The continuing long-term commitment of the owners of the company favours long-term strategies. The owners of the company focus on the shareholder value both in terms of long-term investment return (the value of the business) and short-term financial performance (profitability and positive cash flows).

Managers proactively engage with employees offering support and wellbeing where required. During the year, the company provided employees with information relevant to their employment and sought their views on matters of common concern through their representatives within the management structure.

We continue to work closely with our candidates and clients to support one another to enable strong relationships and future success.

The company is committed to responsible energy management and will practice energy efficiency throughout the organisation, wherever it is cost effective. The company recognises that climate change is a primary global risk and understands its role in reducing greenhouse gas emissions.

Our business model relies upon high standards and best practice so that our reputation remains intact and appreciated by others within the industry. We want our clients and candidates to be proud of with whom they do business with.

WHITEHALL RESOURCES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 3 -

On behalf of the board

Mr T Hall
Director
16 October 2025
2025-10-16
WHITEHALL RESOURCES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2025
- 4 -

The directors present their annual report and financial statements for the year ended 31 May 2025.

Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £757,536. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr T Hall
Mr R Knight
Financial instruments

The company operates a treasury function which is responsible for managing the liquidity, interest and foreign currency risks associated with the company’s activities.

The company’s principal financial instruments include derivative financial instruments, the purpose of which is to manage currency risks and interest rate risks arising from the company’s activities, and bank overdrafts, loans and corporate bonds, the main purpose of which is to raise finance for the company’s operations. In addition, the company has various other financial assets and liabilities such as trade debtors and trade creditors arising directly from its operations. Derivative transactions which the company enters into principally comprise forward exchange contracts. In accordance with company’s treasury policy, derivative instruments are not entered into for speculative purposes.

Liquidity risk

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

Interest rate risk

The company is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans. The company uses interest rate derivatives to manage the mix of fixed and variable rate debt so as to reduce its exposure to changes in interest rates.

Foreign currency risk

The company’s principal foreign currency exposures arise from trading with overseas companies. Company policy permits but does not demand that these exposures may be hedged in order to fix the cost in sterling.

Credit risk

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Post reporting date events

Post the balance sheet date there has been a restructuring event whereby there is now a parent company, however the ultimate control of the business remains unchanged.

Auditor

The auditor, Affinia (Chelmsford), is deemed to be reappointed under section 487(2) of the Companies Act 2006.

WHITEHALL RESOURCES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 5 -
Energy and carbon report
2025
2024
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
143,347
139,096
2025
2024
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 2 - indirect emissions
- Electricity purchased
29.70
28.80
Total gross emissions
29.70
28.80
Intensity ratio
Total CO2 per £m turnover
2.55
2.03
Quantification and reporting methodology

We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in tonnes CO2 per £m turnover, the recommended ratio for the sector.

Measures taken to improve energy efficiency

To reduce companies direct energy consumption, motion sensor lighting is in us ensuring that energy is only in use where and when required, air conditioning units are on timers and turned off when not in use.

Indirect emissions relating to travel are also set to decline due to the increased usage of video conferencing technology aligned with our working from home option for which we intend to continuing using both to reduce our overall emissions.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr T Hall
Director
16 October 2025
WHITEHALL RESOURCES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MAY 2025
- 6 -

The directors are responsible for preparing the annual report 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;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- 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.

WHITEHALL RESOURCES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WHITEHALL RESOURCES LIMITED
- 7 -
Opinion

We have audited the financial statements of Whitehall Resources Limited (the 'company') for the year ended 31 May 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 31 May 2025 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 Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

WHITEHALL RESOURCES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WHITEHALL RESOURCES LIMITED (CONTINUED)
- 8 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which 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 directors' r esponsibilities s tatement, 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 is 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.

Auditor's 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 an auditor's report 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures

in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities,

including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is

detailed below.

WHITEHALL RESOURCES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WHITEHALL RESOURCES LIMITED (CONTINUED)
- 9 -

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, incorporated the following:

- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the Recruitment Sector;

- We 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, data protection, taxation legislation, employment and IR35 anti-avoidance tax legislation;

- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence;

- Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

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 as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; 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, our work included:

- Performance of analytical procedures to identify any unusual or unexpected relationships;

- Testing journal entries to identify unusual transactions. Investigated the rationale behind significant or unusual transactions;

- Observation and identification of internal controls in place, specifically around payroll and bank transactions; and

- An assessment of whether judgements and assumptions made in determining the accounting estimates around accrued income were indicative of potential bias.

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 evidence;

- Enquiring of management as to actual and potential litigation and claims; and

- Reviewing correspondence with HMRC and reviewing for evidence of correspondence with legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware 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.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

WHITEHALL RESOURCES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WHITEHALL RESOURCES LIMITED (CONTINUED)
- 10 -

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 an auditor's report 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.

Michael Warman (Senior Statutory Auditor)
For and on behalf of Affinia (Chelmsford), Statutory Auditor
Chartered Accountants
Ground Floor
Swift House
18 Hoffmanns Way
Chelmsford
CM1 1GU
21 October 2025
WHITEHALL RESOURCES LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MAY 2025
- 11 -
2025
2024
Notes
£
£
Turnover
3
65,077,504
78,403,966
Cost of sales
(61,385,049)
(73,690,134)
Gross profit
3,692,455
4,713,832
Administrative expenses
(2,615,445)
(2,991,875)
Other operating income
-
0
53,500
Operating profit
4
1,077,010
1,775,457
Interest receivable and similar income
8
7,138
4,537
Interest payable and similar expenses
9
(162,044)
(353,187)
Profit before taxation
922,104
1,426,807
Tax on profit
10
(258,109)
(354,792)
Profit for the financial year
663,995
1,072,015

The profit and loss account has been prepared on the basis that all operations are continuing operations.

WHITEHALL RESOURCES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2025
- 12 -
2025
2024
£
£
Profit for the year
663,995
1,072,015
Other comprehensive income
-
-
Total comprehensive income for the year
663,995
1,072,015
WHITEHALL RESOURCES LIMITED
BALANCE SHEET
AS AT 31 MAY 2025
31 May 2025
- 13 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
48,097
34,733
Current assets
Debtors falling due after more than one year
13
207,448
105,477
Debtors falling due within one year
13
14,150,140
16,800,295
Cash at bank and in hand
3,197,581
4,992,320
17,555,169
21,898,092
Creditors: amounts falling due within one year
14
(7,750,539)
(11,986,557)
Net current assets
9,804,630
9,911,535
Total assets less current liabilities
9,852,727
9,946,268
Provisions for liabilities
Deferred tax liability
15
10,607
10,607
(10,607)
(10,607)
Net assets
9,842,120
9,935,661
Capital and reserves
Called up share capital
17
10,000
10,000
Profit and loss reserves
9,832,120
9,925,661
Total equity
9,842,120
9,935,661
The financial statements were approved by the board of directors and authorised for issue on 16 October 2025 and are signed on its behalf by:
Mr T Hall
Director
Company registration number 05999991 (England and Wales)
WHITEHALL RESOURCES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2025
- 14 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 June 2023
10,000
10,158,944
10,168,944
Year ended 31 May 2024:
Profit and total comprehensive income
-
1,072,015
1,072,015
Dividends
11
-
(1,305,298)
(1,305,298)
Balance at 31 May 2024
10,000
9,925,661
9,935,661
Year ended 31 May 2025:
Profit and total comprehensive income
-
663,995
663,995
Dividends
11
-
(757,536)
(757,536)
Balance at 31 May 2025
10,000
9,832,120
9,842,120
WHITEHALL RESOURCES LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2025
- 15 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
2,267,920
5,185,978
Interest paid
(162,044)
(353,187)
Income taxes paid
(406,457)
(775,613)
Net cash inflow from operating activities
1,699,419
4,057,178
Investing activities
Purchase of tangible fixed assets
(41,397)
(14,902)
Interest received
7,138
4,537
Net cash used in investing activities
(34,259)
(10,365)
Financing activities
Dividends paid
(757,536)
(1,305,298)
Net cash used in financing activities
(757,536)
(1,305,298)
Net increase in cash and cash equivalents
907,624
2,741,515
Cash and cash equivalents at beginning of year
583,243
(2,158,272)
Cash and cash equivalents at end of year
1,490,867
583,243
Relating to:
Cash at bank and in hand
3,197,581
4,992,320
Bank overdrafts included in creditors payable within one year
(1,706,714)
(4,409,077)
WHITEHALL RESOURCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
- 16 -
1
Accounting policies
Company information

Whitehall Resources Limited is a private company limited by shares incorporated in England and Wales. The registered office is 350 The Crescent, Colchester, Essex, UK, CO4 9AT.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for 12 months after the date of signing the balance sheet. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured at the fair value of the consideration received, excluding discounts, rebates, value added tax and other sales taxes.

The company recognises revenue from the following major sources:

- Recruitment services

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Recruitment services

Turnover represents the provision of temporary and permanent workers to customers and clients. Turnover is recognised on the completion of approved timesheets for temporary workers and upon commencement of a placement for permanent workers. Turnover is stated as invoiced and is net of discounts and rebates and excluding VAT.

1.4
Tangible fixed assets

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

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers
3 - 5 years straight line

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.

WHITEHALL RESOURCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 17 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
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 current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

WHITEHALL RESOURCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 18 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

WHITEHALL RESOURCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 19 -
1.9
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or 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 s asset are consumed.

WHITEHALL RESOURCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 20 -
As lessor

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Accrued income & contractor costs

Due to the delay in contractor timesheets being submitted and approved, each year there is a significant adjustment made for accrued costs and income. The adjustment is calculated based on post year end invoices received in relation to pre year end time. At the point of finalising these financial statements, a judgement is made as to the level of costs & income that are still expected to be missing in order to come to the final figure to be included in the financial statements as accruals.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2025
2024
£
£
Turnover analysed by class of business
Recruitment consultancy
65,077,504
78,403,966
WHITEHALL RESOURCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
3
Turnover and other revenue
(Continued)
- 21 -
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
33,053,585
43,032,759
Overseas
32,023,919
35,371,207
65,077,504
78,403,966
2025
2024
£
£
Other revenue
Interest income
7,138
4,537
4
Operating profit
2025
2024
Operating profit for the year is stated after charging:
£
£
Exchange losses
6,341
215,644
Depreciation of owned tangible fixed assets
28,033
22,595
Operating lease charges
11,714
11,349
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
18,975
17,250
For other services
Audit-related assurance services
2,200
2,100
Taxation compliance services
1,500
1,050
3,700
3,150
WHITEHALL RESOURCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 22 -
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Sales
43
48
Administration
19
25
Directors
2
2
Total
64
75

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
3,430,234
4,029,989
Social security costs
425,643
491,003
Pension costs
158,144
162,028
4,014,021
4,683,020
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
22,450
22,450

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2024 - 2).

8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
2,356
4,537
Other interest income
4,782
-
0
Total income
7,138
4,537
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
2,356
4,537
WHITEHALL RESOURCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 23 -
9
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on invoice finance arrangements
162,044
353,187
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
233,270
354,792
Adjustments in respect of prior periods
6,435
-
0
Double tax relief
(233,270)
(357,772)
Total UK current tax
6,435
(2,980)
Foreign current tax on profits for the current period
251,674
357,772
Total current tax
258,109
354,792

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
922,104
1,426,807
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
230,526
356,702
Tax effect of expenses that are not deductible in determining taxable profit
-
0
1,816
Double tax relief
(230,526)
(357,772)
Permanent capital allowances in excess of depreciation
-
0
(3,726)
Under/(over) provided in prior years
6,435
-
0
Foreign Tax Charge
251,674
357,772
Taxation charge for the year
258,109
354,792
11
Dividends
2025
2024
£
£
Interim paid
757,536
1,305,298
WHITEHALL RESOURCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 24 -
12
Tangible fixed assets
Computers
£
Cost
At 1 June 2024
81,890
Additions
41,397
Disposals
(31,532)
At 31 May 2025
91,755
Depreciation and impairment
At 1 June 2024
47,157
Depreciation charged in the year
28,033
Eliminated in respect of disposals
(31,532)
At 31 May 2025
43,658
Carrying amount
At 31 May 2025
48,097
At 31 May 2024
34,733
13
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
9,982,987
12,816,428
Corporation tax recoverable
510,724
362,376
Other debtors
141
-
0
Prepayments and accrued income
3,656,288
3,621,491
14,150,140
16,800,295
2025
2024
Amounts falling due after more than one year:
£
£
Amounts owed by connected companies
207,448
105,477
207,448
105,477
Total debtors
14,357,588
16,905,772
WHITEHALL RESOURCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 25 -
14
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans and overdrafts
1,706,714
4,409,077
Trade creditors
4,307,948
4,951,160
Taxation and social security
223,130
307,168
Other creditors
251
159,014
Accruals and deferred income
1,512,496
2,160,138
7,750,539
11,986,557

The company has fixed, floating and negative pledge charges secured over a legal assignment of contract monies, in favour of HSBC UK Bank PLC, dated 6 December 2023.

The company has fixed, floating and negative pledge charges secured over a legal assignment of contract monies, in favour of HSBC UK Bank PLC, dated 16 March 2020.

The company has fixed, floating and negative pledge charges secured over all assets and undertaking of the company, in favour of HSBC UK Bank PLC, dated 16 March 2020.

The company has fixed, floating and negative pledge charges secured over all assets and undertaking of the company, in favour of HSBC Invoice Finance (UK) Limited, dated 14 February 2020.

15
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
10,607
10,607
There were no deferred tax movements in the year.
16
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
158,144
162,028

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

WHITEHALL RESOURCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 26 -
17
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
9,500
9,500
9,500
9,500
Ordinary A of £1 each
500
500
500
500
10,000
10,000
10,000
10,000

The two classes of ordinary shares both carry equal rights in relation to voting, participating in dividends and participating in the distribution of capital in winding up of the company. All ordinary shares rank equally with regard to the company's residual assets.

Called up share capital represents the nominal value of the shares that have been issued.

18
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within 1 year
249,996
248,823
Years 2-5
552,655
789,750
802,651
1,038,573
19
Related party transactions

At the year end, the company was owed £15,241 (2024: £13,708) by Whitehall Resources GmbH Limited, a company under common control. This amount is included within other debtors.

At the year end, the company was owed £66,270 (2024: £91,769) by Whitehall Resources US, a company under common control. This amount is included within other debtors.

During the year, Whitehall Resources paid Whitehall Global Holdings £243,000 (2024: £243,000) in rent. At the year end, the company was owed £125,937 (2024 Owed: £158,763) from Whitehall Global Holdings, a company under common control

20
Directors' transactions

The balance due to the directors at the year end was £251 (2024: £251).

21
Ultimate controlling party

The ultimate controlling party is the director, Mr T Hall, by virtue of his majority shareholding.

WHITEHALL RESOURCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 27 -
22
Post balance sheet events

Post the balance sheet date there has been a restructuring event whereby there is now a parent company, however the ultimate control of the business remains unchanged.

23
Cash generated from operations
2025
2024
£
£
Profit after taxation
663,995
1,072,015
Adjustments for:
Taxation charged
258,109
354,792
Finance costs
162,044
353,187
Investment income
(7,138)
(4,537)
Depreciation and impairment of tangible fixed assets
28,033
22,595
Movements in working capital:
Decrease in debtors
2,696,532
4,294,366
Decrease in creditors
(1,533,655)
(906,440)
Cash generated from operations
2,267,920
5,185,978
24
Analysis of changes in net funds
1 June 2024
Cash flows
31 May 2025
£
£
£
Cash at bank and in hand
4,992,320
(1,794,739)
3,197,581
Bank overdrafts
(4,409,077)
2,702,363
(1,706,714)
583,243
907,624
1,490,867
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