Registration number:
for the
Year Ended 31 December 2025
Doherty IT Solutions Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Consolidated Profit and Loss Account |
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Consolidated Statement of Comprehensive Income |
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Consolidated Balance Sheet |
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Balance Sheet |
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Consolidated Statement of Changes in Equity |
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Statement of Changes in Equity |
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Consolidated Statement of Cash Flows |
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Notes to the Financial Statements |
Doherty IT Solutions Limited
Company Information
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Directors |
T Doherty A Mitchell J Mitchell A Haywood |
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Company secretary |
A Haywood |
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Registered office |
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Auditors |
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Doherty IT Solutions Limited
Strategic Report for the Year Ended 31 December 2025
The directors present their strategic report for the year ended 31 December 2025.
Fair review of the business
The results for the year which are set out in the profit and loss account show an increase in turnover of 13% to £14,573,833 (2024 - £12,904,364) and an operating profit increase of 220% to £1,619,978 (2024 - £505,941). At 31 December 2025, the group had net assets of £2,505,679 (2024 - £1,603,743).
Turnover growth during the year was supported by strong performance across consultancy services, Microsoft Cloud Solution Provider revenues and recurring support and managed services, reflecting sustained client demand. The group's gross margin improved to 27% (2024 - 23%), while administrative expenses were well controlled despite inflationary pressures, assisted by a reduction in advertising and marketing costs as business development was focused on targeted industry segments.
The directors consider the performance for the year and the financial position at the year-end to be in line with expectations and that good progress continued to be made in 2025.
Principal risks and uncertainties
The directors consider that the principal risks and uncertainties facing the group arise primarily from its operating environment, in the following key areas:
Client retention and market competition
The group operates in a competitive technology services sector, where maintaining long-term client relationships and winning new business are key to continued growth. The directors seek to mitigate this risk through the delivery of high-quality services, investment in client relationships, and the development of a broad portfolio of managed IT, cybersecurity and AI solutions.
Cybersecurity and technology risk
As a provider of managed technology services, the group is exposed to risks associated with cyber threats, data security incidents and technology failures. The group maintains appropriate security policies, technical controls, employee training programmes and monitoring processes designed to protect both its own systems and those of its clients.
People and skills
The success of the group depends on its ability to attract, develop and retain skilled employees in a competitive labour market. The group continues to invest in recruitment, professional development, technical certification programmes and employee engagement initiatives to support the retention and development of its workforce.
Dependence on strategic technology partners
The group delivers a significant proportion of its services through technologies and platforms provided by major software vendors and cloud service providers. Changes in vendor strategy, pricing structures or product availability could affect the group's operations. The directors actively manage these relationships and monitor developments within the technology sector to reduce potential impacts.
Financial instruments and financial risk
The group does not actively use financial instruments as part of its financial risk management. The group is exposed to normal commercial risks associated with trade receivables and cash management. Credit risk is managed through established credit control procedures, regular monitoring of customer balances and ongoing assessment of customer payment performance. The directors consider the group's exposure to liquidity and financing risk to be low, due to its strong cash position and limited external borrowing.
Doherty IT Solutions Limited
Strategic Report for the Year Ended 31 December 2025
Going concern
At the year end, the group has net assets of £2,505,679 (2024 - £1,603,743). The directors have prepared detailed cash flow forecasts for the group for more than 12 months from the approval of these financial statements.
These forecasts are based on the key assumption that our strong client retention record will continue, driven by our ability to consistently deliver high-quality, industry-leading service levels and a diverse portfolio of sector-specific services and products. The directors are confident that our robust financial management processes—specifically, the focus on departmental and product-level accountability—will continue to support sustained profitability, optimise operational efficiency, and maintain effective cost control. These measures ensure a resilient and scalable business model, well-positioned for future growth and strategic opportunities.
These forecasts indicate the group can operate within its facilities and meet its liabilities as they fall due. On the basis of the points above, the directors are satisfied that it is appropriate to prepare the financial statements on a going concern basis.
Approved by the
Director
Doherty IT Solutions Limited
Directors' Report for the Year Ended 31 December 2025
The directors present their report and the for the year ended 31 December 2025.
Principal activity
The principal activity of the group and company continued to be that of the provision of information technology, consultancy and related computer services.
Directors of the company
The directors who held office during the year were as follows:
Future developments - 2026 Outlook
The directors remain committed to delivering long-term value for clients, employees and shareholders through disciplined execution and a sustained focus on service quality. Our strategy is organised around three pillars: managed IT support, managed cybersecurity and managed AI, delivered as an integrated service under a single accountable partner. In June 2026, the group was named UK Best Managed IT Service Provider at the Drawdown Awards, marking the third such win in four years.
Our 2026 priorities are outlined below.
• Managed AI. We help clients adopt AI within their Microsoft 365 environments, with governance, data protection and return on investment at the centre of each engagement. Engagements typically begin with a proof of concept and, where value is demonstrated, progress to durable solutions under a single governance framework. Work across our IT and cybersecurity pillars addresses AI-specific risks, including prompt injection and ungoverned AI use, and prepares clients to manage agent identities.
• Managed Cybersecurity. AI is increasing the pace at which vulnerabilities are discovered and exploited, and patching alone is no longer sufficient for smaller and mid-market firms. Our focus in 2026 is on broader vulnerability management, spanning discovery, prioritisation, remediation, and verification, supported by our Resilience Scorecard, which gives clients a consolidated view of the resilience of their IT estate, and by 24/7 security operations delivered from London and Kuala Lumpur.
• Targeted Automation. We will extend our automation platform to high-volume activities across the service desk, monitoring, alerting and billing, applying AI where it improves triage and resolution quality. The objectives are faster response times, higher first-time fix rates, more consistent service and improved operating efficiency. Investment decisions are subject to defined return-on-investment and service-quality criteria.
• Our People, Our Clients. We continue to invest in structured certification pathways, in delivery quality across professional services and managed support, and in embedding AI into everyday ways of working, with client outcome measures included in development plans across the group. Continued investment in Kuala Lumpur supports 24/7 coverage and controlled scalability.
Taken together, these priorities support the continued diversification of our client base and service portfolio, and the directors expect them to underpin sustainable growth and resilient profitability in the year ahead.
Disclosure of information to the auditor
Each director has taken 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 group's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Doherty IT Solutions Limited
Directors' Report for the Year Ended 31 December 2025
Reappointment of auditors
Hazlewoods LLP have expressed their willingness to continue in office.
Approved by the
Director
Doherty IT Solutions Limited
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards 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 group and company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
• | select suitable accounting policies and apply them consistently; |
• | make judgements and accounting estimates that are reasonable and prudent; |
• | state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Doherty IT Solutions Limited
Independent Auditor's Report to the Members of Doherty IT Solutions Limited
Opinion
We have audited the financial statements of Doherty IT Solutions Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, 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 Financial Reporting Standard 102 '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 group's and the parent company's affairs as at 31 December 2025 and of the group's profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
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 responsibilities for the audit of the financial statements section of our report. We are independent of the group 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.
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 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 group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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.
Other information
The directors are responsible for the other information. The other information comprises the information included in 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 material 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.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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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 |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Doherty IT Solutions Limited
Independent Auditor's Report to the Members of Doherty IT Solutions Limited
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 Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the parent company 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. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 6, 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 group’s and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.
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.
Extent to which the audit was capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, 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 considered the nature of the group’s industry and its control environment and reviewed the groups’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.
We obtained an understanding of the legal and regulatory framework that the group operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the group’s ability to operate or to avoid a material penalty.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
Doherty IT Solutions Limited
Independent Auditor's Report to the Members of Doherty IT Solutions Limited
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgments made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:
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reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
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performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud; |
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enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and |
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reading minutes of meetings of those charged with governance. |
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. There are inherent limitations in the audit procedures performed 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 are to become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the company’s members, 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 members 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 members as a body, for our audit work, for this report, or for the opinions we have formed.
For and on behalf of
Staverton Court
Staverton
GL51 0UX
Doherty IT Solutions Limited
Consolidated Profit and Loss Account for the Year Ended 31 December 2025
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Note |
2025 |
2024 |
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|
Turnover |
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|
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Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Other operating income |
|
|
|
|
Operating profit |
|
|
|
|
Interest receivable and similar income |
|
|
|
|
Interest payable and similar expenses |
( |
( |
|
|
Profit before tax |
|
|
|
|
Tax on profit |
( |
( |
|
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
Doherty IT Solutions Limited
Consolidated Statement of Comprehensive Income for the Year Ended 31 December 2025
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2025 |
2024 |
|
|
Profit for the year |
|
|
|
Foreign currency translation gains |
|
|
|
Total comprehensive income for the year |
|
|
Doherty IT Solutions Limited
(Registration number: 02678057)
Consolidated Balance Sheet as at 31 December 2025
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Note |
2025 |
2024 |
|
|
Fixed assets |
|||
|
Intangible assets |
|
|
|
|
Tangible assets |
|
|
|
|
|
|
||
|
Current assets |
|||
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
- |
( |
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
100 |
100 |
|
|
Retained earnings |
2,505,579 |
1,603,643 |
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|
Equity attributable to owners of the company |
2,505,679 |
1,603,743 |
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|
Shareholders' funds |
2,505,679 |
1,603,743 |
Approved and authorised by the
Director
Doherty IT Solutions Limited
(Registration number: 02678057)
Balance Sheet as at 31 December 2025
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Note |
2025 |
2024 |
|
|
Fixed assets |
|||
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Intangible assets |
|
|
|
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Tangible assets |
|
|
|
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Investments |
|
|
|
|
|
|
||
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Current assets |
|||
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Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
|
|
|
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Total assets less current liabilities |
|
|
|
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Creditors: Amounts falling due after more than one year |
- |
( |
|
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Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
100 |
100 |
|
|
Retained earnings |
2,548,148 |
1,674,016 |
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Shareholders' funds |
2,548,248 |
1,674,116 |
The company made a profit after tax for the financial year of £1,157,796 (2024 - profit of £433,172).
Approved and authorised by the
Director
Doherty IT Solutions Limited
Consolidated Statement of Changes in Equity for the Year Ended 31 December 2025
Equity attributable to the parent company
|
Share capital |
Retained earnings |
Total |
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|
At 1 January 2024 |
|
|
|
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Profit for the year |
- |
|
|
|
Other comprehensive income |
- |
|
|
|
Total comprehensive income |
- |
|
|
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Dividends |
- |
( |
( |
|
At 31 December 2024 |
100 |
1,603,643 |
1,603,743 |
|
Share capital |
Retained earnings |
Total |
|
|
At 1 January 2025 |
|
|
|
|
Profit for the year |
- |
|
|
|
Other comprehensive income |
- |
|
|
|
Total comprehensive income |
- |
|
|
|
Dividends |
- |
( |
( |
|
At 31 December 2025 |
|
|
|
Doherty IT Solutions Limited
Statement of Changes in Equity for the Year Ended 31 December 2025
|
Share capital |
Retained earnings |
Total |
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|
At 1 January 2024 |
|
|
|
|
Profit for the year |
- |
|
|
|
Dividends |
- |
( |
( |
|
At 31 December 2024 |
100 |
1,674,016 |
1,674,116 |
|
Share capital |
Retained earnings |
Total |
|
|
At 1 January 2025 |
|
|
|
|
Profit for the year |
- |
|
|
|
Dividends |
- |
( |
( |
|
At 31 December 2025 |
|
|
|
Doherty IT Solutions Limited
Consolidated Statement of Cash Flows for the Year Ended 31 December 2025
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Note |
2025 |
2024 |
|
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Cash flows from operating activities |
|||
|
Profit for the year |
|
|
|
|
Adjustments to cash flows from non-cash items |
|||
|
Depreciation and amortisation |
|
|
|
|
Loss on disposal of tangible assets |
|
- |
|
|
Finance income |
( |
( |
|
|
Finance costs |
|
|
|
|
Income tax expense |
|
|
|
|
Foreign exchange gains/losses |
6,836 |
7,738 |
|
|
|
|
||
|
Working capital adjustments |
|||
|
(Increase)/decrease in debtors |
( |
|
|
|
Increase/(decrease) in creditors |
|
( |
|
|
Cash generated from operations |
|
|
|
|
Income taxes (paid)/received |
( |
|
|
|
Net cash flow from operating activities |
|
|
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
|
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Acquisition of intangible assets |
( |
( |
|
|
Net cash flows from investing activities |
( |
( |
|
|
Cash flows from financing activities |
|||
|
Interest paid |
( |
( |
|
|
Repayment of bank borrowing |
( |
( |
|
|
Dividends paid |
( |
( |
|
|
Net cash flows from financing activities |
( |
( |
|
|
Net increase in cash and cash equivalents |
|
|
|
|
Cash and cash equivalents at 1 January |
|
|
|
|
Cash and cash equivalents at 31 December |
3,393,484 |
2,066,944 |
|
Doherty IT Solutions Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is pounds sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest pound.
Summary of disclosure exemptions
The company has taken advantage of the following disclosure exemptions available to qualifying entities in preparing
its separate financial statements, as permitted by FRS 102:
• the requirements of Section 7 Statement of Cash Flows;
• the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
• the requirements of Section 33 Related Party Disclosures paragraph 33.7; and
• the requirements of certain paragraphs within Sections 11 and 12 relating to Financial Instruments..
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2025.
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Doherty IT Solutions Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Going concern
At the year end, the group has net assets of £2,505,679 (2024 - £1,603,743). The directors have prepared detailed cash flow forecasts for the group for more than 12 months from the approval of these financial statements. These forecasts indicate the group is able to operate within its facilities and meet its liabilities as they fall due. On the basis of the points above, the directors are satisfied that it is appropriate to prepare the financial statements on a going concern basis.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Judgements
No significant judgements have been made by management in preparing these financial statements. |
Key sources of estimation uncertainty
No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.
The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.
Doherty IT Solutions Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements and on unused tax losses or tax credits in the group. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Land and buildings |
Straight line over term of lease |
|
Furniture, fittings and equipment |
2 to 5 years straight line |
Intangible assets
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquiring entity and revalued to the closing rate at each reporting period date.
Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.
Development costs (including software) are recognised at fair value at the acquisition date.
Development costs (including software) have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Computer software consists of perpetual licences that are not depreciated, as these will be used in the foreseeable future.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
|
Asset class |
Amortisation method and rate |
|
Internally generated software development costs |
3 years |
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Doherty IT Solutions Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the debtors.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Doherty IT Solutions Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
Financial instruments
Classification
Recognition and measurement
Impairment
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Doherty IT Solutions Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Turnover |
The analysis of the group's Turnover for the year from continuing operations is as follows:
|
2025 |
2024 |
|
|
Rendering of services |
|
|
The analysis of the group's Turnover for the year by market is as follows:
|
2025 |
2024 |
|
|
UK |
|
|
|
Europe |
|
|
|
Rest of world |
|
|
|
|
|
|
Operating profit |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
|
Research and development cost |
|
|
|
Foreign exchange losses |
|
|
|
Operating lease expense - property |
|
|
|
Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Interest on borrowings |
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
Doherty IT Solutions Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
6 |
Staff costs (continued) |
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Production |
|
|
|
Administration and support |
|
|
|
|
|
Company
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Production |
|
|
|
Administration and support |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
450,315 |
420,442 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2025 |
2024 |
|
|
Received or were entitled to receive shares under long term incentive schemes |
|
|
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Company contributions to money purchase pension schemes |
|
|
Doherty IT Solutions Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Auditors' remuneration |
|
2025 |
2024 |
|
|
Audit of these financial statements |
16,900 |
16,088 |
|
Audit of the financial statements of subsidiaries of the company pursuant to legislation |
1,595 |
1,552 |
|
|
|
|
|
Other fees to auditors |
||
|
All other non-audit services |
|
|
|
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
UK corporation tax adjustment to prior periods |
|
|
|
448,230 |
56,676 |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
( |
|
Arising from previously unrecognised tax loss, tax credit or temporary difference of prior periods |
(2,214) |
704 |
|
Total deferred taxation |
|
( |
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2024 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
2024 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Increase in UK and foreign current tax from adjustment for prior periods |
|
- |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Effect of foreign tax rates |
( |
( |
|
Deferred tax (credit)/expense from unrecognised temporary difference from a prior period |
( |
|
|
Increase in UK and foreign current tax from unrecognised temporary difference from a prior period |
- |
|
|
Tax increase from effect of capital allowances and depreciation |
|
|
|
Tax decrease from effect of adjustment in research and development tax credit |
- |
( |
|
Total tax charge |
|
|
Doherty IT Solutions Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
9 |
Taxation (continued) |
Deferred tax
Group
Deferred tax assets and liabilities
|
2025 |
Liability |
|
Fixed asset timing differences |
|
|
Short term timing differences |
( |
|
|
|
2024 |
Liability |
|
Fixed asset timing differences |
|
|
Short term timing differences |
( |
|
|
Company
Deferred tax assets and liabilities
|
2025 |
Liability |
|
Fixed asset timing differences |
|
|
Short term timing differences |
( |
|
|
|
2024 |
Liability |
|
Fixed asset timing differences |
|
|
Short term timing differences |
( |
|
|
The deferred liability as at 31 December 2025 has been calculated based on the rate of 25% (2024 - 25%).
Doherty IT Solutions Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Intangible assets |
Group
|
Goodwill |
Computer software |
Internally generated software development costs |
Total |
|
|
Cost |
||||
|
At 1 January 2025 |
|
|
|
|
|
Additions |
- |
- |
|
|
|
At 31 December 2025 |
|
|
|
|
|
Amortisation |
||||
|
At 1 January 2025 |
|
|
|
|
|
Amortisation charge |
|
- |
|
|
|
At 31 December 2025 |
|
|
|
|
|
Carrying amount |
||||
|
At 31 December 2025 |
|
|
|
|
|
At 31 December 2024 |
|
|
|
|
Company
|
Computer software |
Internally generated software development costs |
Total |
|
|
Cost |
|||
|
At 1 January 2025 |
|
|
|
|
Additions |
- |
|
|
|
At 31 December 2025 |
|
|
|
|
Amortisation |
|||
|
At 1 January 2025 |
|
|
|
|
Amortisation charge |
- |
|
|
|
At 31 December 2025 |
|
|
|
|
Carrying amount |
|||
|
At 31 December 2025 |
|
|
|
|
At 31 December 2024 |
|
|
|
Doherty IT Solutions Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Tangible assets |
Group
|
Leasehold improvements |
Furniture, fittings and equipment |
Total |
|
|
Cost |
|||
|
At 1 January 2025 |
|
|
|
|
Additions |
- |
|
|
|
Disposals |
- |
( |
( |
|
At 31 December 2025 |
|
|
|
|
Depreciation |
|||
|
At 1 January 2025 |
|
|
|
|
Charge for the year |
- |
|
|
|
Eliminated on disposal |
- |
( |
( |
|
At 31 December 2025 |
|
|
|
|
Carrying amount |
|||
|
At 31 December 2025 |
- |
|
|
|
At 31 December 2024 |
- |
|
|
Company
|
Leasehold improvements |
Furniture, fittings and equipment |
Total |
|
|
Cost |
|||
|
At 1 January 2025 |
|
|
|
|
Additions |
- |
|
|
|
Disposals |
- |
( |
( |
|
At 31 December 2025 |
|
|
|
|
Depreciation |
|||
|
At 1 January 2025 |
|
|
|
|
Charge for the year |
- |
|
|
|
Eliminated on disposal |
- |
( |
( |
|
At 31 December 2025 |
|
|
|
|
Carrying amount |
|||
|
At 31 December 2025 |
- |
|
|
|
At 31 December 2024 |
- |
|
|
Doherty IT Solutions Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Investments |
Company
|
2025 |
2024 |
|
|
Investments in subsidiaries |
|
|
|
Subsidiaries |
£ |
|
Cost |
|
|
At 1 January 2025 and at 31 December 2025 |
|
|
Carrying amount |
|
|
At 31 December 2024 and at 31 December 2025 |
|
Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2025 |
2024 |
|||
|
Subsidiary undertakings |
||||
|
|
No. 308, Block A (3rd Floor), Kelana Business Centre, No. 97, Jalan SS7/2, Kelana Jaya, 47301 Petaling Jaya, Selangor Darul Ehsan. |
|
|
|
The principal activities of the subsidiary company are to provide consultation services on IT support, IT outsourcing, administration and marketing services.
|
Debtors |
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Trade debtors |
|
|
|
|
|
Other debtors |
|
|
|
|
|
Prepayments |
|
|
|
|
|
|
|
|
|
|
Doherty IT Solutions Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Cash and cash equivalents |
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Cash on hand |
|
|
- |
- |
|
Cash at bank |
|
|
|
|
|
|
|
|
|
|
|
Creditors |
|
Group |
Company |
||||
|
Note |
2025 |
2024 |
2025 |
2024 |
|
|
Due within one year |
|||||
|
Loans and borrowings |
|
|
|
|
|
|
Trade creditors |
|
|
|
|
|
|
Amounts due to subsidiary undertaking |
- |
- |
|
|
|
|
Social security and other taxes |
|
|
|
|
|
|
Other creditors |
|
|
|
|
|
|
Accruals |
|
|
|
|
|
|
Corporation tax liability |
425,278 |
42,338 |
421,626 |
40,582 |
|
|
Deferred income |
|
|
|
|
|
|
|
|
|
|
||
|
Due after one year |
|||||
|
Loans and borrowings |
- |
|
- |
|
|
|
Loans and borrowings |
Current loans and borrowings
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Bank borrowings |
|
|
|
|
Non-current loans and borrowings
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Bank borrowings |
- |
|
- |
|
|
Pension and other schemes |
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £405,859 (2024 - £197,270).
Doherty IT Solutions Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
100 |
|
100 |
|
Obligations under leases and hire purchase contracts |
Company
Operating leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
- |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
|
Share-based payments |
Scheme details and movements
Doherty IT Solutions Limited operates equity-settled share-based remuneration schemes for its employees which are Enterprise Management Incentive ("EMI") schemes.
The options have no vesting period, but cannot be exercised until the Group is listed on an exchange or the shares in the Group are sold such that control of the Group changes.
The fair value of the equity instruments granted was determined using the Black Scholes Model. This model was selected as it is an industry standard model. The share-remuneration expense for the year is not considered to be material and has not been recognised.
The movements in the number of share options during the year were as follows:
|
2025 |
2024 |
|
|
Outstanding, start of period |
1,670 |
1,670 |
|
Expired during the period |
(350) |
- |
|
Outstanding, end of period |
1,320 |
1,670 |
|
|
||
The movements in the weighted average exercise price of share options during the year were as follows:
|
2025 |
2024 |
|
|
Outstanding, start of period |
300.00 |
300.00 |
|
Expired during the period |
(300.00) |
- |
|
Outstanding, end of period |
300.00 |
300.00 |
|
|
||
Doherty IT Solutions Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
20 |
Share-based payments (continued) |
Effect of share-based payments on profit or loss and financial position
No expense has been recognised in the profit and loss for the year or liability arising from share based payments included on the balance on the basis that neither are considered material to the results for the year or financial position at the year end.
|
Related party transactions |
Group
Key management compensation
|
2025 |
2024 |
|
|
Salaries and other short term employee benefits |
|
|
|
Post-employment benefits |
|
|
|
|
|
Company
Summary of transactions with key management
Transactions with directors
During the year dividends of £283,664 (2024 - £372,548) were paid to shareholding directors of the company. All other shareholders waived their rights to any dividend.
|
Parent and ultimate parent undertaking |
The ultimate controlling party is T Doherty by virtue of his majority shareholding.