ACCOUNTS - Final Accounts preparation

INFORMATION RESOURCES (HOLDINGS) LIMITED - Company Information

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Registered number: 03926632

INFORMATION RESOURCES (HOLDINGS) LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

INFORMATION RESOURCES (HOLDINGS) LIMITED

COMPANY INFORMATION

Directors	R Gillespie (resigned 1 March 2021)
	D Vermeer (resigned 1 March 2021)
	H Holman (appointed 1 March 2021)
	K O'Brien (appointed 1 March 2021)


Company secretary	S J Gilpin


Registered number	03926632


Registered office	3rd Floor (South)
	200 Aldersgate Street
	London
	EC1A 4HD


Independent auditors	Ryecroft Glenton
	Chartered Accountants & Statutory Auditors
	32 Portland Terrace
	Newcastle upon Tyne
	NE2 1QP

INFORMATION RESOURCES (HOLDINGS) LIMITED

CONTENTS

	Page
Directors' Report	1 - 2
Independent Auditors' Report	3 - 6
Statement of Comprehensive Income	7
Balance Sheet	8
Statement of Changes in Equity	9
Notes to the Financial Statements	10 - 14

INFORMATION RESOURCES (HOLDINGS) LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2020

The directors present their report and the financial statements for the year ended 31 December 2020.

Principal activity

The company is an investment holding company whose sole business is the holding of an investment in its wholly owned subsidiary, Information Resources (Bournemouth) Limited. Information Resources (Bournemouth) Limited entered into a contract with Bournemouth Borough Council on 23 August 2000 to design, construct, finance, commission and maintain a new library and provide operating services for a period of 32 years.

Directors

The directors who served during the year were:

R Gillespie (resigned 1 March 2021)

D Vermeer (resigned 1 March 2021)

Directors' responsibilities statement

The directors are responsible for preparing the 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

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

The directors are 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 to enable them to ensure that the financial statements comply with the Companies Act 2006. They are 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.

Page 1

INFORMATION RESOURCES (HOLDINGS) LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

Going concern

The Company's forecasts and projections taking account of reasonably possible changes in trading performance show that the Company should be able to operate within the level of its current resources.
Based on this review and the future business prospects of the Company, despite the current economic conditions (which include the impact of Covid-19 and Brexit) the Directors believe the Company will be able to meet its liabilities as they fall due and as such do not expect to be significantly affected by these events.
After making enquiries, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly they adopt the going concern basis in preparing the annual report and accounts.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditors, Ryecroft Glenton, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 27 May 2021 and signed on its behalf.

H Holman

Director

Page 2

INFORMATION RESOURCES (HOLDINGS) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INFORMATION RESOURCES (HOLDINGS) LIMITED

Opinion

We have audited the financial statements of Information Resources (Holdings) Limited (the 'Company') for the year ended 31 December 2020, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, 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 Company's affairs as at 31 December 2020 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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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 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 directors with respect to going concern are described in the relevant sections of this report.

Page 3

INFORMATION RESOURCES (HOLDINGS) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INFORMATION RESOURCES (HOLDINGS) LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are 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.

Opinion on other matters prescribed by the Companies Act 2006

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

∙the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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 Directors' 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 directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit; or

∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.

Page 4

INFORMATION RESOURCES (HOLDINGS) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INFORMATION RESOURCES (HOLDINGS) LIMITED (CONTINUED)

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 1, 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 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 Company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 Auditors' 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.

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:

• Enquiries of management about their own identification and assessment of the risks of irregularities;
• Sample testing on the posting of journals;
• Enquiries of management and those charged with governance around actual and potential litigation and claims;
• Reviewing material financial statement disclosures and testing to supporting documentation to assess complaince with applicable laws and regulations, and;
• Evaluating the business rationale of significant transactions outside the normal course of business.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Page 5

INFORMATION RESOURCES (HOLDINGS) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INFORMATION RESOURCES (HOLDINGS) LIMITED (CONTINUED)

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 Auditors' 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.

Grahame Maughan (Senior Statutory Auditor)

for and on behalf of

Ryecroft Glenton

Chartered Accountants

Statutory Auditors

32 Portland Terrace

Newcastle upon Tyne

NE2 1QP

27 May 2021

Page 6

INFORMATION RESOURCES (HOLDINGS) LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2020

	2020	2019
Note	£	£


Income from fixed assets investments		222,000	231,000
Interest receivable and similar income	4	197,898	202,987
Interest payable and similar expenses	5	(197,898)	(202,987)
Profit before tax		222,000	231,000
Profit for the financial year		222,000	231,000

There was no other comprehensive income for 2020 (2019:£NIL).

The notes on pages 10 to 14 form part of these financial statements.

Page 7

INFORMATION RESOURCES (HOLDINGS) LIMITED

REGISTERED NUMBER: 03926632

BALANCE SHEET

AS AT 31 DECEMBER 2020

		2020		2019
Note		£		£

Fixed assets
Investments	7		1,353,363		1,389,676
			1,353,363		1,389,676
Current assets
Debtors: amounts falling due within one year	8	65,175		67,063
		65,175		67,063
Creditors: amounts falling due within one year	9	(65,175)		(67,063)
Net current assets			-		-
Total assets less current liabilities			1,353,363		1,389,676
Creditors: amounts falling due after more than one year	10		(1,253,363)		(1,289,676)

Net assets			100,000		100,000

Capital and reserves
Called up share capital	100,000	100,000
	100,000	100,000

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 were approved and authorised for issue by the board and were signed on its behalf on 27 May 2021.

H Holman

Director

The notes on pages 10 to 14 form part of these financial statements.

Page 8

INFORMATION RESOURCES (HOLDINGS) LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2020

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2019	100,000	-	100,000
Comprehensive income for the year
Profit for the year	-	231,000	231,000
Dividends: Equity capital	-	(231,000)	(231,000)

At 1 January 2020	100,000	-	100,000

Profit for the year	-	222,000	222,000
Dividends: Equity capital	-	(222,000)	(222,000)
At 31 December 2020	100,000	-	100,000

The notes on pages 10 to 14 form part of these financial statements.

Page 9

INFORMATION RESOURCES (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

1.	General information

Information Resources (Holdings) Limited is a company limited by shares and is incorporated in England and Wales (registered number 03926632). The Registered office is 3rd Floor (South), 200 Aldersgate Street, London, EC1A 4HD.
The principal activity of the company is set out in the Directors Report.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

2.3

Going concern

2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.5

Finance costs

Finance costs are charged to profit or loss 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.

2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

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INFORMATION RESOURCES (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

2.Accounting policies (continued)

2.7

Debtors

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.

2.8

Creditors

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.

2.9

Financial instruments

The company classifies financial instruments, or their component parts, on initial recognition as a financial asset, a financial liability or an equity instrument in accordance with the substance of the contractual arrangement.
Financial instruments are recognised on the trade date when the company becomes a party to the contractual provisions of the instrument. Financial instruments are recognised initially at fair value plus in the case of a financial instrument not at fair value through profit and loss, transaction costs that are directly attributable to the acquisition or issue of the financial instrument.
Financial instruments are derecognised on trade date when the company is no longer a party to the contractual provisions of the instrument.

2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Employees

The Company has no employees other than the directors, who did not receive any remuneration (2019 - £NIL).

4.	Interest receivable
		2020	2019
		£	£

	Interest receivable from subsidiaries	197,898	202,987
		197,898	202,987

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INFORMATION RESOURCES (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

5.	Interest payable and similar expenses
		2020	2019
		£	£

	Interest payable to parent undertaking	197,898	202,987
		197,898	202,987

6.	Dividends
		2020	2019
		£	£

	Interim dividends paid	222,000	231,000
		222,000	231,000

7.	Fixed asset investments

	Investments in subsidiary companies	Loans to subsidiaries	Total
	£	£	£
Cost or valuation
At 1 January 2020	100,000	1,289,676	1,389,676
Disposals	-	(36,313)	(36,313)
At 31 December 2020	100,000	1,253,363	1,353,363

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INFORMATION RESOURCES (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020


Subsidiary undertaking
The following was a subsidiary undertaking of the Company:
Name	Registered office	Class of shares	Holding

Information Resources (Bournemouth) Limited

3rd Floor (South), 200 Aldersgate Street, London, EC1A 4HD

Ordinary

100%

	The aggregate of the share capital and reserves as at 31 December 2020 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:
	Name	Aggregate of share capital and reserves	Total Comprehensive Income

Information Resources (Bournemouth) Limited

(1,374,439)

647,023

Debtors

					2020	2019
					£	£


Amounts owed by group undertakings	65,175	67,063
	65,175	67,063

9.	Creditors: Amounts falling due within one year
		2020	2019
		£	£

Amounts owed to group undertakings	65,175	67,063
	65,175	67,063

Page 13

INFORMATION RESOURCES (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

10.	Creditors: Amounts falling due after more than one year
		2020	2019
		£	£

Amounts owed to group undertakings	1,253,363	1,289,676
	1,253,363	1,289,676

Borrowings: unsecured subordinated loan stock
The Unsecured Subordinated 15.6% Loan Stock 2032 is held by the Company's parent undertakings in the same proportion as their shareholdings. It is repayable by March 2032.

11.	Related party transactions
	The company has taken advantage of the exemption provided in FRS 102 not to disclose transactions with companies within the group which it is a member, where these transactions occur between entities which are 100% owned members of that group.

12.	Controlling party

The Company's immediate parent company is Equitix Education 2 Limited, a company incorporated in the United Kingdom. The Company's ultimate parent and controlling entity, is Equitix Fund II LP, an English limited partnership.

Page 14