ACCOUNTS - Final Accounts

Registered number: 04087990

SWAN IT RECRUITMENT LIMITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2025

SWAN IT RECRUITMENT LIMITED

REGISTERED NUMBER: 04087990

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2025

	2025	2025	2024	2024
Note	£	£	£	£


Current assets
Debtors: amounts falling due within one year	5	878,523		817,546
Cash at bank and in hand	6	114,020		256,186
		992,543		1,073,732
Creditors: amounts falling due within one year	7	(215,623)		(384,138)
Net current assets			776,920		689,594
Net assets			776,920		689,594

Capital and reserves
Called up share capital	1,111	1,111
Profit and loss account	775,809	688,483
	776,920	689,594

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 December 2025.

S M Gallagher

Director

The notes on pages 2 to 7 form part of these financial statements.

Page 1

SWAN IT RECRUITMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1.	General information

Swan IT Recruitment Limited ("the Company") is a private company limited by shares, incorporated in England and Wales. Its registered office address is 18 Fouberts Place, London, W1F 7PH.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

2.2

Going concern

Notwithstanding the profit before tax of £87,326 (2024 - £227,932), the company has net assets of £776,920 (2024 - £689,594) and the financial statements have been prepared on a going concern basis which the director believes to be appropriate for the following reason. The company has in place an Invoice Discounting facility which enables the company to continue in operational existence and is also supported by the company's ultimate parent company, ITHR Group Plc, which has provided the company with an undertaking that it will, for at least 12 months from the date of approval of these financial statements, continue to make such funds as are needed by the company. In addition, the ultimate parent company, ITHR Group plc has given an undertaking not to call on the outstanding intercompany balance until such time as the company has the ability to make such a repayment. The director believes that it remains appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate.

2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of income and retained earnings except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 2

SWAN IT RECRUITMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.4

Revenue

The revenue shown in the Statement of income and retained earnings account represents amounts receivable for services provided during the year in the normal course of business, net of trade discounts, VAT and other sales and related taxes.

Contract and temporary fee revenue is billed on receipt of an approved timesheet.

Permanent introduction fees are recognised for each placement with due regard to milestones agreed to with the client. These milestones generally relate to the candidate’s length of service at their placement.

2.5

Interest income

Interest income is recognised in the Statement of income and retained earnings using the effective interest method.

2.6

Finance costs

Finance costs are charged to the Statement of income and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

SWAN IT RECRUITMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment

2 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of income and retained earnings.

2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Employees

The average monthly number of employees, including directors, during the year was 7 (2024 - 6).

Page 4

SWAN IT RECRUITMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

4.	Tangible fixed assets

		Computer equipment
		£
	Cost or valuation
	At 1 April 2024	480
	At 31 March 2025	480
	Depreciation
	At 1 April 2024	480
	At 31 March 2025	480
	Net book value
	At 31 March 2025	-
	At 31 March 2024	-

Debtors

					2025	2024
					£	£


Trade debtors	436,415	600,694
Amounts owed by group undertakings	158,732	193,737
Other debtors	281,748	21,548
Prepayments and accrued income	1,628	1,567
	878,523	817,546

6.	Cash and cash equivalents
		2025	2024
		£	£

	Cash at bank and in hand	114,020	256,186

Page 5

SWAN IT RECRUITMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

7.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Trade creditors	190,622	277,064
Corporation tax	-	200
Other taxation and social security	5,086	7,894
Invoice finance	-	78,064
Other creditors	744	911
Accruals and deferred income	19,171	20,005
	215,623	384,138

Amounts owed to group undertakings are payable on demand and bear interest at a rate of 1% per annum (2024 - 1%).

The Company has a £3m invoice discounting facility with Secure Trust Bank. The amount included in debtors at the year-end was £256,445 (2024 - liability of £78,064 included in creditors). There is an unlimited inter-group cross guarantee over the assets of the group between the Company, its parent company and fellow subsidiary companies, and a personal guarantee was provided by Mr S Gallagher. At the reporting date, the group as a whole had a net debtor balance of £1,730,784 (2024 - £195,710) on the invoice discounting facility.

8.	Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £2,629 (2024 - £3,654). Contributions totalling £744 (2024 - £911) were payable to the fund at the reporting date and are included in creditors.

9.	Related party transactions
	The Company has taken advantage of the S33.1A exemption granted by FRS 102 from disclosing transactions with other wholly owned members of the group headed by ITHR Group Plc. S M Gallagher has provided a personal guarantee as part of the group’s invoice discounting facility with Secure Trust Bank.

Page 6

SWAN IT RECRUITMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

10.	Controlling party

The Company is a subsidiary undertaking of ITHR Group Plc, which is the ultimate parent company.

The largest and smallest group in which the results of the Company are consolidated is that headed by ITHR Group Plc, incorporated in the UK. The consolidated financial statements of these groups are available to the public and may be obtained from Companies House.

The ultimate controlling party is considered to be S M Gallagher, by virtue of his shareholding in ITHR Group Plc.

11.	Auditor's information

The auditor's report on the financial statements for the year ended 31 March 2025 was unqualified.

The audit report was signed on 23 December 2025 by Ricky Downey (Senior statutory auditor) on behalf of Barnes Roffe Audit Limited.

Page 7