REGISTERED NUMBER: 03716186 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 MARCH 2025

FOR

I.T. RESOURCE MANAGEMENT LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

D O White

REGISTERED OFFICE:

1st Floor

86 Great Portland Street

London

W1W 7LT

REGISTERED NUMBER:

03716186 (England and Wales)

ACCOUNTANTS:

Galloways Accounting (Horsham) Limited

Ridgeland House

15 Carfax

Horsham

West Sussex

RH12 1ER

FIXED ASSETS

Intangible assets

3

505,951

615,843

Tangible assets

4

61,912

57,589

567,863

673,432

CURRENT ASSETS

Debtors

5

828,015

909,544

Cash at bank and in hand

35,745

3

863,760

909,547

CREDITORS

Amounts falling due within one year

6

(1,078,550

)

(1,156,963

)

NET CURRENT LIABILITIES

(214,790

)

(247,416

)

TOTAL ASSETS LESS CURRENT LIABILITIES

353,073

426,016

CREDITORS

Amounts falling due after more than one year

7

(63,962

)

(100,024

)

PROVISIONS FOR LIABILITIES

(13,741

)

-

NET ASSETS

275,370

325,992

CAPITAL AND RESERVES

Called up share capital

3,000

3,000

Retained earnings

272,370

322,992

275,370

325,992

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 March 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 22 December 2025 and were signed by:

D O White - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

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

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

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.

Computer software is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

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

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

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 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 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.

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 payments 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. Amounts 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

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.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 42 (2024 - 45 ) .

3.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 31 March 2024

and 30 March 2025

1,098,922

AMORTISATION

At 31 March 2024

483,079

Charge for year

109,892

At 30 March 2025

592,971

NET BOOK VALUE

At 30 March 2025

505,951

At 30 March 2024

615,843

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 31 March 2024

290,458

-

83,575

374,033

Additions

-

22,808

-

22,808

At 30 March 2025

290,458

22,808

83,575

396,841

DEPRECIATION

At 31 March 2024

271,566

-

44,878

316,444

Charge for year

4,723

3,801

9,961

18,485

At 30 March 2025

276,289

3,801

54,839

334,929

NET BOOK VALUE

At 30 March 2025

14,169

19,007

28,736

61,912

At 30 March 2024

18,892

-

38,697

57,589

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

581,163

578,626

Bad debt provision

(5,080

)

(5,080

)

Other debtors

64,608

43,635

Directors' current accounts

182,953

157,188

Deferred tax asset

-

29,862

Prepayments and accrued income

4,371

105,313

828,015

909,544

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts (see note 8)

49,992

245,508

Hire purchase contracts (see note 9)

4,399

-

Trade creditors

348,521

443,362

Tax

27,992

9,014

Social security and other taxes

71,744

36,030

VAT

155,810

135,663

Other creditors

46,151

10,000

Credit card

20,815

20,382

Pension creditor

13,802

7,864

Accruals and deferred income

339,324

249,140

1,078,550

1,156,963

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans (see note 8)

50,032

100,024

Hire purchase contracts (see note 9)

13,930

-

63,962

100,024

8.

LOANS

An analysis of the maturity of loans is given below:

2025

2024

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

-

195,516

Bank loans

49,992

49,992

49,992

245,508

Amounts falling due between one and two years:

Bank loans - 1-2 years

50,032

49,992

Amounts falling due between two and five years:

Bank loans - 2-5 years

-

50,032

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2025

2024

£

£

Net obligations repayable:

Within one year

4,399

-

Between one and five years

13,930

-

18,329

-

Non-cancellable

operating leases

2025

2024

£

£

Within one year

36,000

96,000

10.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Bank loans

100,024

150,016

The company has a fixed and floating charge from National Westminster Bank Plc over all of the company assets.

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 March 2025 and 30 March 2024:

2025

2024

£

£

D O White

Balance outstanding at start of year

157,188

95,045

Amounts advanced

165,765

156,356

Amounts repaid

(140,000

)

(94,213

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

182,953

157,188

The loan is interest free and repayable on demand.

12.	RELATED PARTY DISCLOSURES

During the year the company paid £58,558 (2024: £60,000) in rent to Mr D White, a director and sole shareholder of the company, and £100,000 (2024: nil) management charge to DL I.T. Solutions Limited, a company in which Mr D White is the sole director and shareholder.