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Registered number: 05608238
INVENICA LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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INVENICA LTD
REGISTERED NUMBER: 05608238
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2026
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 2 to 8 form part of these financial statements.
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INVENICA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Invenica Ltd ("the Company") is a private company limited by shares and incorporated in England and Wales. Its registered office address is 18 Fouberts Place, London, W1F 7PH.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of income and reatined earnings except when deferred in other comprehensive income as qualifying cash flow hedges.
Contract and temporary fee revenue is billed on receipt of an approved timesheet.
Permanent introduction fees are recognised for each placement with due regard to milestones agreed to with the client. These milestones generally relate to the candidate's length of service at their placement.
The turnover shown in the retained earnings represents amounts receivable for services provided during the year in the normal course of business, net of trade discounts, VAT and other sales and related taxes.
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INVENICA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
Expenditure on research activities is recognised in the Statement of income and retained earnings account as an expense is incurred.
Expenditure on development activities may be capitalised if the product or process is technically and commercially feasible and the Company intends and has the technical ability and sufficient resources to complete development, future economic benefits are probable and if the Company can measure reliably the expenditure attributable to the intangible asset during its development. Development activities involve design for, construction or testing of the production of new or substantially improved products or processes. No expenditure has been capitalised to date.
Interest income is recognised in the Statement of income and retained earnings using the effective interest method.
Finance costs are charged to the Statement of income and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
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INVENICA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income 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 Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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INVENICA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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Judgments in applying accounting policies and key sources of estimation uncertainty
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The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported. These estimates and judgments are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Significant judgments
The directors have made no key judgments (apart from those involving estimations) in the process of applying the entity's accounting policies.
Key sources of estimation uncertainty
The key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include:
Recoverability of intercompany balances
Management regularly assess balances due from other entities within the group and whether these are recoverable. Where it is considered that the future cashflows of these debts are less than the carrying value in the books, appropriate provisions are made against these balances to reflect the recoverability of the asset.
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INVENICA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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The average monthly number of employees, including directors, during the year was 1 (2025 - 1).
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Amounts owed by group undertakings
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Amounts owed to/from group undertakings are payable on demand and bear interest at a rate of 1% per annum (2024 - 1%).
The Company has a £3m invoice discounting facility with Secure Trust Bank. The amount included in debtors at the year-end was £405,277 (2025 - £1,010,336). There is an unlimited inter-group cross guarantee over the assets of the group between the Company, its parent company and fellow subsidiary companies, and a personal guarantee was provided by Mr S Gallagher. At the reporting date, the group as a whole had a net debtor balance of £1,127,632 (2025 - £1,730,784) on the invoice discounting facility.
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INVENICA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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The deferred tax asset is made up as follows:
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Accelerated capital allowances
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The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £63,000 (2025 - £52,500). Contributions totaling £Nil (2025 - £Nil) were payable to the fund at the reporting date and are included in creditors.
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Commitments under operating leases
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At 31 March 2026 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Related party transactions
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The Company has taken advantage of the S33.1A exemption granted by FRS 102 from disclosing transactions with other wholly owned members of the group headed by ITHR Group Plc.
S M Gallagher has provided a personal guarantee as part of the group’s invoice discounting facility with Secure Trust Bank.
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INVENICA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
The Company is a subsidiary undertaking of ITHR Group Plc, which is the ultimate parent company.
The largest and smallest group in which the results of the Company are consolidated is that headed by ITHR Group Plc, incorporated in the UK. The consolidated financial statements of these groups are available to the public and may be obtained from Companies House.
The ultimate controlling party is considered to be S M Gallagher, by virtue of his shareholding in ITHR Group Plc.
The auditors' report on the financial statements for the year ended 31 March 2026 was unqualified.
The audit report was signed on 29 September 2026 by Ricky Downey (Senior statutory auditor) on behalf of Barnes Roffe Audit Limited.
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