The director presents the strategic report for the year ended 31 March 2025.

Vector Resourcing Limited (VRL) is a recruitment specialist, providing IT, business systems and technology resources on both a contract and permanent basis to clients in the UK and Europe.

Vector Resourcing Limited (VRL) has now been operating successfully as an Employee-Owned Trust for the past two years.

This has given opportunity for various staff members to undertake additional roles within the organisation, be members of the EOT Board, as well as opportunities for staff to actively participate in decision-making, policy creating and open discussion in working practices and processes. This, alongside more transparency of roles, accountability of performance and improved relationships between departments and a greater understanding of the inter-dependency of roles within the company.

Vector Resourcing Ltd continues to specialise primarily in providing business systems and information technology professionals to clients.

Candidates are typically highly trained and skilled IT contractors, providing contractor solutions in areas such as business change and continuity, project management and development. Supply of IT contractors, for both short- and long-term engagements remains the primary focus of the business and accounts for around 98% of the company’s turnover. The majority of these engagements are based within the UK, however VRL also provides services in Europe, comprising 2% of turnover.

Vector Resourcing also provides recruitment services for clients who wish to engage staff on a permanent basis; primarily the focus of the permanent recruitment area is with candidates of a high calibre, highly skilled background to fulfil a client’s requirement. Revenue generated from this area of the business accounts for around 4% of turnover. Vector is currently seeing an increase in demand for permanent staffing solutions.

Both the permanent and contractor recruitment consultants within VRL work together to present and provide the best option to fulfil a client brief. Clients are therefore provided with the opportunity to engage the best resource as presented to them and opens discussion regarding engagement of both contractor and permanent resources. Where there is demand for specifically a permanent resource, VRL has a permanent recruitment team to specialise in this area and provide a tailormade service to fulfil the client brief.

VRL prides itself on the calibre and capabilities of its consultant and resourcing staff who are highly experienced in identifying and qualifying the suitability of candidates presented to clients.

VRL is invested in building and maintaining long term client relationships, which provides organic growth across the business. Working closely alongside clients to understand their business model, culture, budgets, requirements and appreciate their brief allows VRL to efficiently source and provide suitable candidates.

VRL is committed to and continues to deliver a high level of service to its clients, supported across the business by consultants as well as a dedicated back office administrative function. A collaborative working approach allows for sharing knowledge and expertise across all levels and areas of the business. With the recent EOT arrangement, this year has started to build more upon collaboration between the sales and back office functions and allows for greater sharing of area-specific knowledge between all parties in order to deliver the best outcome for all clients and candidates alike. There will be continued development of these relationships to underpin the successful daily operations of the organisation as well as continued investment in the development of our internal, bespoke web-based CRM systems to streamline processes and portals for timesheet and contract management, to provide a greater user experience when onboarding new clients and suppliers and throughout the user journey.

Furthermore, continued development of in-house systems allows for greater colleague collaboration and understanding of the operational aspects of the business. These help to align processes, provide an efficient, visible and documented approach to administrative procedures and compliance.

In line with a collaborative working environment approach, feedback of using these systems is regularly welcomed to further develop and enhance the user experience. Similarly, feedback from external parties is also taken on board and systems developed to incorporate additional new and useful features.

VRL will continue to support and develop its staff members, with progression recognised in all areas. Where staff members have also been engaged as members of the EOT board, we have already seen how their broader knowledge of more operational areas of the business has helped deliver in areas such as cost management and sales performance. Several members of staff have already benefited from attendance on external training courses, bringing with them the skills they have learnt into the workplace. This in turn further supports junior members of staff and helps develop their skillset and broaden their capabilities.

VRL continues to operate from several locations, notably the East Sussex head office and the permanent recruitment team based in Gloucestershire. Over the years, VRL has found that having the permanent consultant team based in the South West better suits the requirements of clients in the same region. The proximity to the clients in this area helps foster better relationships with clients and candidates alike.

However, with the widely accepted shift towards remote working practices, geographical location has become less of an issue with regards to short term contractors, therefore allowing the client to have more resources presented to them, with more clients satisfied with a contractor working remotely during an engagement.

VRL is determined to continue its focus on maintaining high standards of resourcing and service delivery, whilst performing strongly within its field.

Whilst mention has been made of its approach to maintaining long-term client relationships, VRL also actively seeks out new opportunities and new business opportunities remain a strong focus.

VRL acknowledges the economic challenges currently being faced by many companies at present, and since the post Brexit and Covid eras. However, remains positive that it will continue to perform well. It has been evident that the market conditions are challenging, however it has showed a consistent performance year on year, with increased turnover reflecting the determination of the company to succeed despite the external environment.

Economic:

In the current economic climate there still appears to be some uncertainty and political instability with conditions remaining challenging. The aftermath of Brexit, Covid and change in government and its taxations remains evident, along with a reticence of companies to undertake IT projects and increase workforce.

Steps are taken to minimize our exposure to credit risk and VRL continues to work closely with its clients to monitor their credit position and payment cycles in order to mitigate potential cash flow issues or non-payment.

Credit:

VRL takes steps to minimize the risk that a party will cause financial loss by failing to discharge its obligations by way of trade credit insurance, as well as undertaking credit risk assessments of any potential new client before engaging with them. VRL will work with clients to ensure that payment of invoices is made promptly, and the terms of contracts are adhered to.

Liquidity:

VRL has adequate cash reserves and holds a short-term financing facility with its bank NatWest Group plc to draw upon should it be required.

Foreign Exchange:

VRL mostly has UK based clients who transact in GBP and therefore there is no exposure to foreign exchange loss. However, VRL does transact with both clients and suppliers in Euros. By way of ensuring both parties transact in the same currency, exposure of exchange gain/loss translation is minimal and by way of a natural hedge.

Cyber:

VRL holds Cyber Essentials and Essentials Plus certifications, undertaking rigorous testing of our IT systems. VRL is aware of the ongoing threat of cyber-fraud. Furthermore, VRL requires staff to undertake regular IT security training, as well as being reminded of staying vigilant to potential targeted fraudulent communications. VRL takes steps to mitigate any financial risk by having a robust and transparent sign-off and approval process in place for all transactions. VRL encourages and supports open lines of communication with staff to report any suspicious activity. Internal and external IT support is readily available.

Laws and Regulations:

VRL operates in accordance with English law.

The primary KPI remains its gross profit margin, which remains consistently around 23%.

The company continues to measure its performance by way of its gross profit margin. Sales performance is of course, key, with a focus on growing new business and maintaining its core competencies and the same high level of service.

As VRL continues through the transition of its corporate structure, opportunity has arisen for the company to undertake transformation of its corporate branding, engaging with an external agency to capture and build on both its heritage and values, alongside capturing its core beliefs, identity and enhancing its presence in the marketplace. The aim being to create increased visibility externally, as well as building stronger relationships around partnerships within to help promote a renewed and refreshed brand identity.

Staff are actively encouraged to pursue their own personal growth and achievements as well as the growth of the company as a whole.

Sales staff will remain fully supported by a back-office administration team and together, staff will remain committed to future growth and to share in the future success as part of the EOT structure.

VRL recognizes the importance of sustainable development goals and its environmental contribution. The company is continually taking steps towards improving its green credentials. This is by way of a significant reduction in using paper and striving to be a paperless office (by way of digital contacts for example) and using recycled materials where possible. VRL also promotes responsible consumption of resources, such as recycling wherever possible and encouraging reusability. Furthermore, where appropriate, company cars will be a hybrid or electric vehicle.

On behalf of the board

The director presents her annual report and financial statements for the year ended 31 March 2025.

The principal activity of the company during the year under review was that of the supply of contract and permanent staff.

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £1,221,045. The director does not recommend payment of a final dividend.

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Perrys Audit Limited has indicated its willingness to be reappointed for another term and appropriate arrangements have been put in place for it to be deemed reappointed as auditor in the absence of an Annual General Meeting.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the director is required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. She is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

Vector Resourcing Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Castle Farm Barn, Hartfield, East Sussex, TN7 4JD.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The truedirector has considered the results for the year, together with post year end results to date and forecasts for the next 12 months. In the event that activity decreases, the company can reduce its variable costs to sustain profitability. The company has existing banking facilities available to support the management and control of its working capital.

The director has prepared the financial statements on a going concern basis because she believes that the company will have adequate resources to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements.

Turnover represents amounts receivable from customers for the provision of services undertaken by contractors and for recruitment services provided for the placement of permanent staff. Turnover is recognised as services are provided and are shown net of value added tax.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable.

Current and deferred tax is charged or credited to the profit or loss, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transaction or event it relates to and is also charged or credited to other comprehensive income, or equity.

Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on the net basis or to realise the asset and settle the liability simultaneously.

Current tax is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. Current tax assets and liabilities are calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax is recognised in respect of all timing differences that have originated but not been reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.

Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

For defined contribution schemes the amount charged to profit or loss is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

An analysis of the company's turnover is as follows:

The average monthly number of persons (including directors) employed by the company during the year was:

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2024 - 1).

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

Trade debtors have been assigned as security under an invoice discounting facility with non-recourse and are shown gross.

Within other creditors is an amount of £510,515 (2024: £428,158) which represents advances to the company under a confidential invoice discounting arrangement. This is secured against the company's trade debtors.

The RBS invoicing agreement is secured by fixed and floating charges over the company's assets both present and future.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

The deferred tax asset set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period, and pension contributions unpaid at the year end.

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

The company has taken advantage of the exemption within FRS 102 from the requirement to disclose transactions entered into between two or more members of a group provided that any subsidiary which is party to the transaction is wholly owned by such a member.true

The immediate controlling party of Vector Resourcing Ltd is Vector Resourcing Holdings Limited, a private company registered in England and Wales.

The ultimate controlling party is Vector Resourcing (EOT) Limited as trustee of Vector Resourcing Employee Ownership Trust.

We have audited the financial statements of Vector Resourcing Ltd (the 'company') for the year ended 31 March 2025 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 company's affairs as at 31 March 2025 and of its 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's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

• the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the director's report have been prepared in accordance with applicable legal requirements.

In the light of the 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 or the director's report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of director's remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud.

We designed audit procedures to respond to the risk, 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 or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management.

We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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.