No Value Reported iso4217:GBP xbrli:pure xbrli:shares iso4217:GBP xbrli:shares SC196645 2024-06-01 2025-05-31 SC196645 2025-05-31 SC196645 2023-06-01 2024-05-31 SC196645 2024-05-31 SC196645 bus:Director1 2024-06-01 2025-05-31 SC196645 bus:Director4 2024-06-01 2025-05-31 SC196645 bus:Director5 2024-06-01 2025-05-31 SC196645 bus:Director3 2024-06-01 2025-05-31 SC196645 bus:Director2 2024-06-01 2025-05-31 SC196645 bus:MediumEntities 2024-06-01 2025-05-31 SC196645 bus:Audited 2024-06-01 2025-05-31 SC196645 bus:FullAccounts 2024-06-01 2025-05-31 SC196645 bus:Medium-sizedCompaniesRegimeForAccounts 2024-06-01 2025-05-31 SC196645 bus:Director1 2024-06-01 2025-05-31 SC196645 2024-06-01 2025-05-31 SC196645 bus:PrivateLimitedCompanyLtd 2024-06-01 2025-05-31
Quorum Network Resources Limited
Registration Number SC196645 (Scotland)
Financial Statements
for the year ended 31 May 2025
Quorum Network Resources Limited
(Registration Number SC196645)
Financial Statements for the year ended 31 May 2025
Contents
Page
Officers and professional advisers
2
Directors' Report
3 - 5
Independent auditor's report to the members
6 - 8
Statement of Comprehensive Income
9
Statement of Financial Position
10
Statement of Changes in Equity
11
Statement of Cash Flows
12
Notes to the Financial Statements
13 - 20
Quorum Network Resources Limited
(Registration Number SC196645)
Financial Statements for the year ended 31 May 2025
Officers and professional advisers
The Board of Directors
Mr A Watson
Mrs A Clark
Mr K Inglis
Mrs R Kinnear
Mr R Prady
Mr C Scott
Mr J Frost
Mr S Fielding-Turton
Registered Office
18 Greenside Lane
Edinburgh
Midlothian
Scotland
EH1 3AH
Auditor
CT Audit Limited
Chartered Accountants & Statutory Auditor
61 Dublin Street
Edinburgh
EH3 6NL
Quorum Network Resources Limited
(Registration Number SC196645)
Financial Statements for the year ended 31 May 2025
Directors' Report
The directors present their report, which includes the strategic report, and the audited financial statements for the year ended 31 May 2025.
1.
Principal activities
The principal activity of the company during the year was that of information technology consultancy.
1.
Dividends paid and proposed
The directors do not recommend the payment of a dividend.
2.
Directors
The directors who served during the year were as follows:
Mr A Watson
Mrs A Clark
Mr K Inglis
Mrs R Kinnear
Mr R Prady
Mr C Scott
Mr J Frost
Mr S Fielding-Turton
Review of business
Services offered span modern workplace, cloud platform, data and AI, cloud development, and managed services, which are all underpinned by our security and identity services.
The directors are pleased to report that the company has achieved further growth in the year to 31 May 2025, despite some challenging macro-economic conditions. Key financial metrics include:
•
Total turnover for the year has increased by 3% to £13.9 million (2024: £13.5 million);
•
Employee numbers have increased by 2% to support increased growth;
•
Cash balance of £1.3 million provides a platform for further growth (2024: £1.1 million).
The net margin has been impacted by cost pressures primarily driven by the current cost of living crisis and related wage inflation. The Board expect net margin to recover in the year to May 2026 as billing rates increase correspondingly.
As we begin the next financial year, the company is well positioned for further growth with a highly skilled and growing workforce, a strong client base and a robust sales pipeline.
Future developments
Principal risks and uncertainties
People risk
The success of the company relies on its workforce of highly skilled and experienced technology professionals. The company is extremely focussed on employee well-being and invests significantly in ongoing training and development. The recruitment process ensures new staff have the required level of technical ability and the in-house recruitment team is continuously active in the market to ensure succession planning and growth are supported.
Quorum Network Resources Limited
(Registration Number SC196645)
Financial Statements for the year ended 31 May 2025
Directors' Report
Technological risk
As an IT consultancy, continuous learning about technological developments is an essential part of the skill base. Under the supervision of our Technical Director, employees are actively supported to build knowledge and experience relating to emerging technologies to maintain and expand on the specialisations which set us apart in this industry.
Reputational risk
The reputation of the company as a skilled and professional partner to our clients is essential to its success. The company maintains an appropriately experienced workforce to ensure that we operate to high standards and address all our corporate responsibilities across employees, customers, and supply chain. The company engages external advisors where appropriate to provide further expertise.
Economic risk
The company and its clients are not immune to the wider economic impacts of the current cost of living crisis. The directors monitor the economic environment and maintain a conservative approach to financial risk. The company has no borrowing. To manage exposure to wider economic shocks, the company maintains a varied client base across many different market sectors.
3.
Directors' responsibilities
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulation.
Company law requires the directors to prepare financial statements for each financial year. Under the law, the directors have prepared the financial statements in accordance with "FRS 102 the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland" 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 the financial statements, the directors are required to:
•
select suitable accounting policies and then apply them consistently;
•
state whether applicable United Kingdom Accounting Standards, comprising FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements;
•
make judgements and estimates that are reasonable and prudent; and
•
prepare the financial statements on a 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.
The directors 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.
Quorum Network Resources Limited
(Registration Number SC196645)
Financial Statements for the year ended 31 May 2025
Directors' Report
4.
Directors' confirmations
In the case of each director in office at the date the Directors' Report is approved:
•
so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
•
they have taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
This report was approved by the directors of the company on 30 March 2025 and signed by:
On behalf of the directors
_______________________
30 March 2025
Mr A Watson
Quorum Network Resources Limited
(Registration Number SC196645)
Financial Statements for the year ended 31 May 2025
Independent auditor's report to the members
Opinion
We have audited the financial statements of Quorum Network Resources Limited (the 'company') which comprise the statement of financial position as at 31 May 2025, and the statement of comprehensive income, the statement of changes in equity and the statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS102 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 loss for the year then ended;
•
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
•
have been properly prepared in accordance with the requirements of the Companies Act 2006.
0.1
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.
0.2
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 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 entity'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.
0.3
Other information
The other information comprises the annual report, other than the financial statements and our auditor's report thereon. 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. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
0.4
Quorum Network Resources Limited
(Registration Number SC196645)
Financial Statements for the year ended 31 May 2025
Independent auditor's report to the members
0.5
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
•
the information given in the strategic report and directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
•
the strategic report and directors' report has been prepared in accordance with applicable legal requirements.
0.6
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. 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.
0.7
Responsibilities of Directors
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.
0.8
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 and 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:
•
We gained an understanding of the legal and regulatory framework applicable to the entity and the industry in which it operates and considered the risk of acts by the entity which were contrary to applicable laws and regulations, including fraud. This included gaining an understanding of the control environment for monitoring compliance with laws and regulations.
•
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.
0.8.1
Quorum Network Resources Limited
(Registration Number SC196645)
Financial Statements for the year ended 31 May 2025
Independent auditor's report to the members
We focussed on laws and regulations that could give rise to a material misstatement in the company's financial statements. Our tests included, but were not limited to:
•
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
•
Reviewing minutes of meetings of those charged with governance;
•
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
•
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
•
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
•
Performing analytical procedures to identify any unexpected movements which may indicate irregularities and substantiated the explanations given for these movements.
•
Reviewing the accounting policies and the application of these policies to ensure compliance with the standard and consistency of application.
•
Specific consideration was given to transactions with related parties.
There are inherent limitations in an audit of financial statements and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would be to become aware of it. We also addressed the risk of management override of internal controls, including reviewing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
0.9
Use of this report
This report is made solely to the company's shareholder, 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 shareholder 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 shareholder as a body, for our audit work, for this report, or for the opinions we have formed.
.
.
.
_______________________
.
Jeremy Chittleburgh, CA (Senior Statutory Auditor)
.
For and on behalf of:
CT Audit Limited
61 Dublin Street
Edinburgh
EH3 6NL
.
31 March 2026
.
Quorum Network Resources Limited
(Registration Number SC196645)
Financial Statements for the year ended 31 May 2025
Statement of Comprehensive Income
Notes
2025 £
2024 £
Turnover
4
13,940,022
13,485,403
Cost of sales
13,416,013
12,085,241
Gross profit
524,009
1,400,162
Other operating income
5
6,172
4,043
Administrative expenses
(805,912)
(978,406)
Operating loss
6
275,731
425,799
Loss before taxation
275,731
425,799
Tax on loss
10
220,039
Loss for the year
275,731
645,838
1.
Employee Ownership Trust transactions
5,231
624,102
Total comprehensive income for the year
(280,962)
21,736
All the activities of the company are from continuing operations
The notes on pages 13 to 20 form part of these accounts.
Quorum Network Resources Limited
(Registration Number SC196645)
Financial Statements for the year ended 31 May 2025
Statement of Financial Position
Notes
2025 £
2024 £
Fixed assets
Tangible assets
11
92,594
126,654
Investments
12
101
101
92,695
126,755
Current assets
Work in progress
13
711,606
734,195
Debtors: Amounts falling due within one year
14
1,670,266
1,899,890
Cash at bank and in hand
1,335,841
1,111,134
3,717,713
3,745,219
Current liabilities
Creditors: amounts falling due within one year
15
(2,645,607)
(2,426,211)
Net current assets
1,072,106
1,319,008
Total assets less current liabilities
1,164,801
1,445,763
Net assets
1,164,801
1,445,763
Capital and reserves
Called up share capital
17
10,000
10,000
Profit and loss account
1,154,801
1,435,763
Shareholder's funds
1,164,801
1,445,763
The financial statements were approved and authorised for issue by the Directors on 30 March 2025.
Signed on behalf of the Directors
_______________________
_______________________
Mr A Watson
Mrs A Clark
The notes on pages 13 to 20 form part of these accounts.
Quorum Network Resources Limited
(Registration Number SC196645)
Financial Statements for the year ended 31 May 2025
Statement of Changes in Equity
Called up share capital £
Profit and loss account £
Total £
Balance at 1 June 2023
10,000
1,414,027
1,424,027
Changes in equity
Profit for the year
-
645,838
645,838
Other comprehensive income: Employee Ownership Trust transactions
-
(624,102)
(624,102)
Total comprehensive income
-
21,736
21,736
Balance at 31 May 2024
10,000
1,435,763
1,445,763
Balance at 01 June 2024
10,000
1,435,763
1,445,763
Changes in equity
Loss for the year
-
275,731
(275,731)
Other comprehensive income: Employee Ownership Trust transactions
-
(5,231)
(5,231)
Total comprehensive income
-
(280,962)
(280,962)
Balance at 31 May 2025
10,000
1,154,801
1,164,801
-
-
Quorum Network Resources Limited
(Registration Number SC196645)
Financial Statements for the year ended 31 May 2025
Statement of Cash Flows
2025 £
2024 £
Cash flows from operations
(Loss) / profit for the year
(275,731)
645,838
Adjustments to reconcile (loss) / profit
Adjustments for corporation tax expense
-
(220,039)
Depreciation and impairment of tangible fixed assets
68,755
85,862
Accrued (income)/expenses
37,622
(35,364)
Adjustments for decrease in inventories
22,589
115,805
Adjustments for decrease / (increase) in debtors
9,585
(520,868)
Adjustments for increase in trade accounts payable
181,774
90,396
Total adjustments to reconcile (loss) / profit
320,325
(484,208)
Net cash flows from operations
44,594
161,630
Taxation refunded
220,039
220,039
Net cash flows from operating activities
264,633
381,669
Cash flows used in investing activities
Purchase of tangible assets
34,695
(37,797)
Cash flows used in investing activities
34,695
(37,797)
Cash flows used in financing activities
Payments to Employee Ownership Trust
5,231
(624,102)
Cash flows used in financing activities
5,231
(624,102)
Net increase / (decrease) in cash and cash equivalents
224,707
(280,230)
Cash and cash equivalents at beginning of the year
1,111,134
1,391,364
Cash and cash equivalents at end of the year
1,335,841
1,111,134
Cash and cash equivalents consists of:
Cash at bank and on hand
1,335,841
1,111,134
Quorum Network Resources Limited
Financial Statements for the year ended 31 May 2025
Notes to the Financial Statements
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 18 Greenside Lane, Edinburgh, Midlothian, EH1 3AH, Scotland.
2.
Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
3.1
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
3.2
Consolidated financial statements
The financial statements present information about the company as an individual undertaking and not about its group. The company has not prepared group financial statements as it is exempt from the requirement to do so under section 402 of the Companies Act 2006 and paragraph 9.9A of FRS 102, on the grounds that all subsidiary undertakings are immaterial to the group as a whole.
3.3
Going concern
The financial statements have been prepared on a going concern basis. The directors have assessed the Company's ability to continue as a going concern and have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
3.4
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Quorum Network Resources Limited
Financial Statements for the year ended 31 May 2025
Notes to the Financial Statements
3.5
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
3.6
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
3.7
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
3.8
Research and development
Research expenditure is written off in the period in which it is incurred.
Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met:
• It is technically feasible to complete the intangible asset so that it will be available for use or sale;
• There is the intention to complete the intangible asset and use or sell it;
• There is the ability to use or sell the intangible asset;
• The use or sale of the intangible asset will generate probable future economic benefits;
• There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and
• The expenditure attributable to the intangible asset during its development can be measured reliably.
Expenditure that does not meet the above criteria is expensed as incurred.
3.9
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
All assets above £1,000 are capitalised.
Quorum Network Resources Limited
Financial Statements for the year ended 31 May 2025
Notes to the Financial Statements
3.10
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Asset class
Asset class
Fixtures and fittings
25% straight line
Computer equipment
25% - 50% straight line
Software
20% straight line
3.11
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
3.12
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
3.13
Work in progress
Work in progress represents income for which the work had been performed but which had not yet been invoiced. It is measured at its expected recoverable amount as at the balance sheet date.
3.14
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
3.15
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
Quorum Network Resources Limited
Financial Statements for the year ended 31 May 2025
Notes to the Financial Statements
4.
Turnover
The analysis of turnover by activity is as follows:
2025 £
2024 £
Sale of goods
580,226
365,614
Rendering of services
8,525,156
9,474,698
Commissions
11,419
67,988
Recharges
318,339
177,086
Resale of licenses
4,504,882
3,400,017
Total turnover
13,940,022
13,485,403
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5.
Other operating income
Operating profit or loss is stated after charging/crediting:
2025 £
2024 £
Other operating income
6,172
4,043
6.
Operating loss
Operating loss is stated after charging / (crediting):
2025 £
2024 £
Depreciation of tangible fixed assets
68,755
85,862
Impairment of trade debtors
1,090
(4,126)
7.
Auditor's remuneration
2025 £
2024 £
Fees payable for the audit of the financial statements
12,250
11,550
Fees payable to the company's auditor and its associates for other services
22,700
32,950
Quorum Network Resources Limited
Financial Statements for the year ended 31 May 2025
Notes to the Financial Statements
8.
Staff costs
The average number of persons employed by the company during the year, including directors, amounted to:
1
1
1
1
2025 Number
2024 Number
Production staff
130
127
The aggregate payroll costs incurred during the year, relating to the above, were:
2025 £
2024 £
Wages and salaries
7,402,933
7,028,711
Social security costs
844,816
778,295
Other pension costs
376,180
346,614
8,623,929
8,153,620
9.
Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2025 £
2024 £
Remuneration
834,608
903,354
Company contributions to defined contribution pension plans
66,307
65,320
900,915
968,674
Remuneration of the highest paid director in respect of qualifying services was:
2025 £
2024 £
Aggregate remuneration
150,200
174,161
Company contributions to defined contribution pension plans
12,000
10,920
162,200
185,081
Quorum Network Resources Limited
Financial Statements for the year ended 31 May 2025
Notes to the Financial Statements
10.
Tax on profit
Major components of tax income
2025 £
2024 £
Current tax:
UK current tax income
-
(220,039)
Tax on profit
-
(220,039)
Reconciliation of tax income
The tax assessed on the profit on ordinary activities for the year is lower than (2024: lower than) the standard rate of corporation tax in the UK of 25% (2024: 25%).
2025 £
2024 £
Profit on ordinary activities before taxation
(275,731)
425,799
Profit on ordinary activities by rate of tax
(68,933)
106,450
Effect of expenses not deductible for tax purposes
1,755
1,819
Other permanent differences
50
-
R&D expenditure credits
45,545
(324,928)
Deferred tax adjustments for tax rate change
-
(8,157)
Movement in deferred tax not recognised
21,583
4,777
Tax on profit
-
(220,039)
The company has an unrecognised deferred tax asset of £52,189 (2024: £30,606) which has arisen from fixed asset timing differences and losses carried forward. Its recoverability is dependent upon future capital gains arising, the likelihood of which cannot at this stage be determined with reasonable certainty.
Quorum Network Resources Limited
Financial Statements for the year ended 31 May 2025
Notes to the Financial Statements
11.
Tangible assets
Balances at year end and movements for the year
Software £
Fixtures and fittings £
Computer equipment £
Total £
Cost
At 01 June 2024
2,000,000
61,300
659,131
2,720,431
Additions
-
-
34,695
34,695
Disposals
(2,000,000)
-
-
(2,000,000)
At 31 May 2025
-
61,300
693,826
755,126
Depreciation
At 01 June 2024
(2,000,000)
(60,838)
(532,939)
(2,593,777)
Charge for the year
-
(462)
(68,293)
(68,755)
Eliminated on disposals
2,000,000
-
-
2,000,000
At 31 May 2025
-
(61,300)
(601,232)
(662,532)
Net book value
At 01 June 2024
-
462
126,192
126,654
At 31 May 2025
-
-
92,594
92,594
12.
Investments
Movement in investments
Interest in other participating interest £
Cost or valuation
At 01 June 2024 and 31 May 2025
101
Impairment
At 01 June 2024
-
Carrying amount
At 31 May 2024
101
At 31 May 2025
101
Quorum Network Resources Limited
Financial Statements for the year ended 31 May 2025
Notes to the Financial Statements
13.
Stocks
Stocks comprise:
2025 £
2024 £
Work in progress
711,606
734,195
14.
Debtors
Debtors comprise:
2025 £
2024 £
Amounts falling due within one year
Trade debtors
1,064,821
1,212,416
Other debtors
89,976
50,488
Prepayments and accrued income
515,469
416,947
Corporation tax
-
220,039
1,670,266
1,899,890
15.
Creditors: amounts falling due within one year
Trade creditors
923,558
743,208
Other creditors
8,019
18,202
Social security and other taxes
257,293
264,579
Accruals and deferred income
1,015,715
978,093
Value added tax
441,022
422,129
2,645,607
2,426,211
Employee ownership trust
On 29 March 2019, the entire issued share capital of the Company was purchased by Quorum Trustees Limited (the "Trust") on behalf of the newly established Employee Ownership Trust ("EOT"). The Company expects to benefit from the employee ownership structure through stable ownership and employee retention. In return for this corporate benefit, the Company has agreed to guarantee the obligations of the Trust arising under the terms of the Share Sale Agreement dated 29 March 2019.
The total potential liability of the Trust as at 31 May 2025 is £3,270,775 (2024: £3,248,707) and is expected to be paid by the Trust in annual instalments over a period of up to ten years, though payment may be accelerated if sufficient funds are made available to the Trustees. There is a bond and floating charge in place to protect the interests of Andrew Watson and Charles Scott until the EOT transfer is satisfied. It has been determined that the Trust has legal and beneficial ownership of the shares of Quorum Network Resources Limited because of the influence that it has over the future direction of the company. Payments made to the Trust of £5,572 (2024: £624,102) are capital contributions and are adjusted within capital and reserves in the financial statements.
Quorum Trustees Limited is a 50% subsidiary of the Company. The directors are of the opinion that de facto control of the Trust does not exist and therefore the assets and liabilities of the Trust are not included in the balance sheet in accordance with UK GAAP.
Quorum Network Resources Limited
Financial Statements for the year ended 31 May 2025
Notes to the Financial Statements
16.
Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £376,180 (2024: £346,614).
17.
Called up share capital
Authorised
2025 Number
2025 £
2024 Number
2024 £
Ordinary shares of £10 each
1,000
10,000
1,000
10,000
18.
Analysis of changes in net debt
2024 £
Cash Flows £
2025 £
Cash and cash equivalents
Cash
1,111,134
224,707
1,335,841
19.
Events after the end of the period
Sub-division of share capital
On 9 July 2025, the Company sub-divided its share capital so that each ordinary share of £10 was sub-divided into 5,000 ordinary shares of £0.002 each, resulting in 5,000,000 ordinary shares in issue at £0.002. The sub-division did not change the aggregate nominal value of the issued share capital or total shareholders' equity and there were no changes to the rights attached to the ordinary shares. This event occurred after the reporting date and does not affect the amounts recognised as at 31 May 2025.
20.
Operating leases - lessee
2025 £
2024 £
Total future minimum lease payments under non-cancellable operating leases are as follows:
Not later than one year
63,499
40,205
Later than one year and not later than five years
139,663
-
203,162
40,205
21.
Related party transactions
£44,000 (2024: £48,000) was paid to Quorum Property Ltd. for rent at 18 Greenside Lane by the company with £4,000 (2024: £Nil) still owed at year end. Quorum Property Ltd. is a company under common control. £30,000 (2024: £28,000) was paid to Aurea Consulting Ltd. for consulting services by the company. Simon Fielding Turton is also a director of Aurea Consulting Ltd.
Appendix - Additional XBRL Tags and Values
Accounting standards applied
[Current]
bus_MediumEntities
Accounts status, audited or unaudited
[Current]
bus_Audited
Accounts type
[Current]
bus_FullAccounts
Applicable legislation
[Current]
bus_Medium-sizedCompaniesRegimeForAccounts
Average number of employees during the period
[Prior]
124
Average number of employees during the period
[Current]
127
Balance sheet date
[Current]
31 May 2025
Creditors [Multiple Tags or Values]
[Prior]
2,426,211
Creditors [Multiple Tags or Values]
[Current]
2,645,607
Date of auditor's report
[Current]
0001-01-01
Date of authorisation of financial statements for issue
[Current]
30 March 2025
Description of principal activities
[Current]
That of information technology consultancy
Director signing Directors' Report
[Current]
bus_Director1
Director signing financial statements
[Current]
bus_Director1
End date for period covered by report
[Current]
31 May 2025
Entity current legal or registered name
[Current]
Quorum Network Resources Limited
Entity is dormant [true/false]
[Current]
false
Entity trading status
[Current]
[default]
Equity [Multiple Tags or Values]
[Prior]
2,891,526
Equity [Multiple Tags or Values]
[Current]
2,329,602
Legal form of entity
[Current]
bus_PrivateLimitedCompanyLtd
Name of entity auditors
[Current]
CT Audit Limited
Name of entity officer
[Current]
Mr A Watson
Name of entity officer
[Current]
Mrs R Kinnear
Name of entity officer
[Current]
Mr R Prady
Name of entity officer
[Current]
Mr K Inglis
Name of entity officer
[Current]
Mrs A Clark
Name of individual auditor
[Current]
CT Audit Limited
Name of production software
[Current]
Draftworx Cloud
Name of senior statutory auditor
[Current]
CT Audit Limited
Other operating expenses, format 2 [Multiple Tags or Values]
[Current]
805,912
Other operating expenses, format 2 [Multiple Tags or Values]
[Prior]
978,406
Own shares [Multiple Tags or Values]
[Current]
10,000
Own shares [Multiple Tags or Values]
[Prior]
10,000
Start date for period covered by report
[Current]
01 June 2024
Total assets [Multiple Tags or Values]
[Prior]
3,871,974
Total assets [Multiple Tags or Values]
[Current]
3,810,408
UK Companies House registered number
[Current]
SC196645
Version of production software
[Current]
2026.6.0.0
Appendix - Footnotes
Total current tax expense (credit)
[Current]
No Value Reported