REGISTERED NUMBER: 03836029 (England and Wales)

Financial Statements for the Year Ended 30th September 2025

for

Chorus IT Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

A Sherry

M Taylor

N Saner

R Hill

REGISTERED OFFICE:

1 Serbert Way

Portishead

Bristol

City of Bristol

BS20 7GD

REGISTERED NUMBER:

03836029 (England and Wales)

SENIOR STATUTORY AUDITOR:

Lisa White FCCA

INDEPENDENT AUDITORS:

Dunkley's,

Statutory Auditor

Chartered Certified Accountants

Woodlands Grange

Woodlands Lane

Bradley Stoke

Bristol

BS32 4JY

FINANCIER:

Beach Point Capital

32 Molesworth Street

Dublin 2

DO2 Y512

Ireland

FIXED ASSETS

Intangible assets

5

109,100

165,751

Tangible assets

6

48,687

76,288

157,787

242,039

CURRENT ASSETS

Stocks

2,467

3,520

Debtors

7

1,412,903

1,788,422

Cash at bank and in hand

488,796

436,165

1,904,166

2,228,107

CREDITORS

Amounts falling due within one year

8

1,803,133

1,681,606

NET CURRENT ASSETS

101,033

546,501

TOTAL ASSETS LESS CURRENT LIABILITIES

258,820

788,540

CREDITORS

Amounts falling due after more than one year

9

(1,850,959

)

(2,351,427

)

PROVISIONS FOR LIABILITIES

(39,271

)

(60,281

)

NET LIABILITIES

(1,631,410

)

(1,623,168

)

CAPITAL AND RESERVES

Called up share capital

12

21

21

Capital redemption reserve

13

79

79

Retained earnings

13

(1,631,510

)

(1,623,268

)

(1,631,410

)

(1,623,168

)

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19th June 2026 and were signed on its behalf by:

R Hill - Director

1.	STATUTORY INFORMATION

Chorus IT Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	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.

These financial statements have been prepared on a going concern basis. The directors have assessed the company's financial position, banking facilities and cash flow forecasts and have concluded that the going concern basis remains appropriate.

Critical accounting judgements and key sources of estimation uncertainty

The most significant judgement relates to the assessment of going concern. In making this assessment, the directors have considered the company’s net liability position, its forecast cash flows and the continued support of its lender. The financial statements have been prepared on a going concern basis on the expectation that this support will continue.

The key estimate relates to the recognition of deferred tax assets based on expected future profitability.

Turnover

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

Managed service contracts: revenue is recognised over time on a straight-line basis over the contract term.

Project services: recognised over time based on stage of completion where outcomes can be reliably measured; otherwise at completion.

Software/licence resale: recognised at a point in time when control transfers.

Sale of goods: revenue is recognised at a point in time when control of the goods passes to the customer, typically upon delivery or collection, depending on contractual terms.

The company operates in a single business class, and all revenue is generated within the United Kingdom.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of ten years.

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 five years.

Tangible fixed assets

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

Long leasehold

-

Straight line over 5 - 10 years and Straight line over 4 years

Fixtures and fittings

-

Straight line over 5 years

Motor vehicles

-

25% on reducing balance

Computer equipment

-

Straight line over 3 years

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

Functional and presentation currency

The company's functional and presentation currency is pounds sterling (£). All amounts are presented in pounds and rounded to the nearest pound.

Financial instruments

Financial assets and liabilities are recognised when the company becomes party to contractual provisions of the instrument. They are initially measured at the transaction price, including transaction costs, unless the arrangement constitutes a financing transaction.

Basic financial instruments, such as trade debtors, cash, trade creditors and simple loans, are subsequently measured at amortised cost (or cost less impairment for short-term balances where the impact of discounting is immaterial).

At each reporting date, the company assesses whether there is objective evidence of impairment of financial assets held at amortised cost. Impairment losses are recognised in profit or loss.

Financial assets are derecognised when contractual rights to cash flows expire or substantially all risks and rewards are transferred. Financial liabilities are derecognised when the obligation is extinguished.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 95 (2024 - 93 ) .

4.	AUDITORS' REMUNERATION

30.9.25

30.9.24

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

11,050

12,500

Auditors' remuneration for non audit work

2,310

2,200

5.	INTANGIBLE FIXED ASSETS

Computer

Goodwill

software

Totals

£

£

£

COST

At 1st October 2024

and 30th September 2025

59,650

283,254

342,904

AMORTISATION

At 1st October 2024

59,650

117,503

177,153

Amortisation for year

-

56,651

56,651

At 30th September 2025

59,650

174,154

233,804

NET BOOK VALUE

At 30th September 2025

-

109,100

109,100

At 30th September 2024

-

165,751

165,751

6.	TANGIBLE FIXED ASSETS

Fixtures

Long

and

Motor

Computer

leasehold

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1st October 2024

179,310

72,786

58,688

346,735

657,519

Additions

-

1,135

-

11,748

12,883

Disposals

-

-

-

(9,308

)

(9,308

)

At 30th September 2025

179,310

73,921

58,688

349,175

661,094

DEPRECIATION

At 1st October 2024

178,394

58,661

40,141

304,035

581,231

Charge for year

207

5,280

4,637

30,321

40,445

Eliminated on disposal

-

-

-

(9,269

)

(9,269

)

At 30th September 2025

178,601

63,941

44,778

325,087

612,407

NET BOOK VALUE

At 30th September 2025

709

9,980

13,910

24,088

48,687

At 30th September 2024

916

14,125

18,547

42,700

76,288

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.25

30.9.24

£

£

Trade debtors

682,110

943,018

Amounts owed by group undertakings

149,670

292,541

Other debtors

1,516

1,481

Directors' current accounts

57,242

-

Tax

19,319

-

Prepayments and accrued income

503,046

551,382

1,412,903

1,788,422

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.25

30.9.24

£

£

Other loans

760,725

601,844

Trade creditors

305,595

413,305

Amounts owed to group undertakings

46,049

-

Tax

19,319

-

Social security and other taxes

125,770

124,847

VAT

204,977

208,984

Other creditors

29,072

40,065

Accruals and deferred income

311,626

292,561

1,803,133

1,681,606

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.25

30.9.24

£

£

Other loans - 1-2 years

865,730

684,918

Other loans - 2-5 years

985,229

1,666,509

1,850,959

2,351,427

10.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

30.9.25

30.9.24

£

£

Within one year

150,000

150,000

Between one and five years

450,000

600,000

600,000

750,000

11.	SECURED DEBTS

The following secured debts are included within creditors:

30.9.25

30.9.24

£

£

Other loans

2,611,684

2,953,271

The company loans are secured through fixed and floating charges over the company assets.

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number

Class

Nominal value

30.9.25

30.9.24

104

Ordinary A

0.20p

20.80

20.80

1

Ordinary D

0.20p

0.20

0.20

1

Ordinary E

0.20p

0.20

0.20

1

Ordinary F

0.20p

0.20

0.20

13.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

£

£

At 1st October 2024

(1,623,268

)

79

(1,623,189

)

Deficit for the year

(8,242

)

(8,242

)

At 30th September 2025

(1,631,510

)

79

(1,631,431

)

14.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Lisa White FCCA (Senior Statutory Auditor)

for and on behalf of Dunkley's,

15.	PENSION COMMITMENTS

During the year, the company operated a defined contribution pension scheme through an external provider.

Employer contributions to the scheme for the year totalled £126,448 (2024- £113,514).

Accrued pension contributions outstanding at the balance sheet date totalled £9,996 (2024 - £9,742).

16.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30th September 2025 and 30th September 2024:

30.9.25

30.9.24

£

£

A Sherry

Balance outstanding at start of year

-

-

Amounts advanced

28,620

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

28,620

-

M Taylor

Balance outstanding at start of year

-

-

Amounts advanced

28,620

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

28,620

-

Interest is charged on the loan at 3.25% per annum. The loan is unsecured and repayable on demand.

17.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

The parent of the smallest and largest group for which consolidated financial statements are drawn up of which this company is a member is Chorus Global Holdings Ltd (registered in United Kingdom). The registered office is 1 Serbert Way, Portishead, Bristol United Kingdom, BS20 7GD.

18.	FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

19.	ULTIMATE CONTROLLING PARTY

Chorus Global Holdings Limited owns 97% of the issued share capital and is the ultimate controlling party.

20.	CONTINGENT LIABILITIES

The company has no contingent liabilities or capital commitments at the year end.

21.	EVENTS AFTER REPORTING DATE

There have been no events after the reporting date requiring adjustment or disclosure.