ET Resource Holdings Ltd - Limited company accounts 25.1

REGISTERED NUMBER: 12155253 (England and Wales)

REPORT OF THE DIRECTORS AND

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

FOR

ET RESOURCE HOLDINGS LTD

Page

Company Information

1

Report of the Directors

2

Consolidated Income Statement

3

Consolidated Balance Sheet

4

Company Balance Sheet

6

Notes to the Consolidated Financial Statements

8

DIRECTORS:

C Briggs

J F Brown

K M Burrows

M A Ludlam

R L Parton

D N Norvock

REGISTERED OFFICE:

Linley House

Dickinson Street

Manchester

M1 4LF

REGISTERED NUMBER:

12155253 (England and Wales)

ACCOUNTANTS:

Strathmore Accountants Limited

3rd Floor, Ivy Mill,

Crown Street,

Failsworth

Manchester

M35 9BG

The directors present their report with the financial statements of the company and the group for the year ended 31 October 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of the provision of higher education services.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 November 2024 to the date of this report.

C Briggs

J F Brown

K M Burrows

M A Ludlam

R L Parton

Other changes in directors holding office are as follows:

D N Norvock - appointed 3 December 2024

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

J F Brown - Director

18 June 2026

TURNOVER

5,409,069

2,436,944

Cost of sales

(1,155,635

)

(476,175

)

GROSS PROFIT

4,253,434

1,960,769

Administrative expenses

(3,968,017

)

(1,809,024

)

OPERATING PROFIT

4

285,417

151,745

Interest receivable and similar income

9,232

2,051

294,649

153,796

Interest payable and similar expenses

(7,983

)

(1,576

)

PROFIT BEFORE TAXATION

286,666

152,220

Tax on profit

(32,477

)

(25,602

)

PROFIT FOR THE FINANCIAL YEAR

254,189

126,618

Profit attributable to:

Owners of the parent

254,189

126,618

FIXED ASSETS

Intangible assets

6

2,483,445

2,284,801

Tangible assets

7

75,834

97,080

Investments

8

-

2,559,279

2,381,881

CURRENT ASSETS

Debtors

9

1,475,122

875,218

Cash at bank and in hand

123,849

223,602

1,598,971

1,098,820

CREDITORS

Amounts falling due within one year

10

(1,109,443

)

(791,048

)

NET CURRENT ASSETS

489,528

307,772

TOTAL ASSETS LESS CURRENT
LIABILITIES

3,048,807

2,689,653

CREDITORS

Amounts falling due after more than one
year

11

(32,250

)

(45,150

)

PROVISIONS FOR LIABILITIES

(434,139

)

(316,274

)

NET ASSETS

2,582,418

2,328,229

CAPITAL AND RESERVES

Called up share capital

99

Share premium

99,990

Retained earnings

966,087

711,898

1,066,176

811,987

NON-CONTROLLING INTERESTS

12

1,516,242

TOTAL EQUITY

2,582,418

2,328,229

The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2025.

The members have not required the company and the group to obtain an audit of its financial statements for the year ended 31 October 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the group 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 and the group as at the end of each financial year and of the group's 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 and the group.

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

The financial statements were approved by the Board of Directors and authorised for issue on 18 June 2026 and were signed on its behalf by:

J F Brown - Director

FIXED ASSETS

Intangible assets

6

-

Tangible assets

7

-

Investments

8

385,059

CURRENT ASSETS

Debtors

9

629,250

380,250

Cash at bank

984

-

630,234

380,250

CREDITORS

Amounts falling due within one year

10

(916,000

)

(666,000

)

NET CURRENT LIABILITIES

(285,766

)

(285,750

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

99,293

99,309

CAPITAL AND RESERVES

Called up share capital

99

Share premium

99,990

Retained earnings

(796

)

(780

)

99,293

99,309

Company's loss for the financial year

(16

)

-

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 18 June 2026 and were signed on its behalf by:

J F Brown - Director

1.	STATUTORY INFORMATION

ET Resource Holdings Ltd 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 General 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.

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2019 and a second business in 2024, is being amotised 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.

Development costs are being amortised evenly over their 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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 82 (2024 - 31 ) .

4.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

Depreciation - owned assets

31,232

32,862

Goodwill amortisation

25,201

15,317

Development costs amortisation

345,744

288,785

5.	INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

6.	INTANGIBLE FIXED ASSETS

Group

Other

intangible

Goodwill

assets

Totals

£

COST

At 1 November 2024

252,010

2,887,851

3,139,861

Additions

-

569,589

At 31 October 2025

252,010

3,457,440

3,709,450

AMORTISATION

At 1 November 2024

79,138

775,922

855,060

Charge for year

25,201

345,744

370,945

At 31 October 2025

104,339

1,121,666

1,226,005

NET BOOK VALUE

At 31 October 2025

147,671

2,335,774

2,483,445

At 31 October 2024

172,872

2,111,929

2,284,801

7.	TANGIBLE FIXED ASSETS

Group

Plant and

machinery

etc

£

COST

At 1 November 2024

342,153

Additions

26,111

At 31 October 2025

368,264

DEPRECIATION

At 1 November 2024

245,073

Charge for year

47,357

At 31 October 2025

292,430

NET BOOK VALUE

At 31 October 2025

75,834

At 31 October 2024

97,080

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 November 2024

and 31 October 2025

64,500

DEPRECIATION

At 1 November 2024

9,406

Charge for year

16,125

At 31 October 2025

25,531

NET BOOK VALUE

At 31 October 2025

38,969

At 31 October 2024

55,094

8.	FIXED ASSET INVESTMENTS

Company

Shares in

group

undertakings

£

COST

At 1 November 2024

and 31 October 2025

385,059

NET BOOK VALUE

At 31 October 2025

385,059

At 31 October 2024

385,059

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group

Company

2025

2024

2025

2024

£

Trade debtors

705,905

444,981

-

Other debtors

769,217

430,237

629,250

380,250

1,475,122

875,218

629,250

380,250

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group

Company

2025

2024

2025

2024

£

Hire purchase contracts

12,900

-

Trade creditors

132,135

56,370

-

Taxation and social security

157,567

131,890

-

Other creditors

806,841

589,888

916,000

666,000

1,109,443

791,048

916,000

666,000

11.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group

2025

2024

£

Hire purchase contracts

32,250

45,150

12.	NON-CONTROLLING INTERESTS

Non-controlling interest in one of the subsidiary entities represents preference shares held by 3 common directors whom between them also have a significant control shareholding of the parent.