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REGISTERED NUMBER: 01797927 (England and Wales)














ITC (HOLDINGS) LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023






ITC (HOLDINGS) LIMITED (REGISTERED NUMBER: 01797927)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
for the Year Ended 30 November 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 17


ITC (HOLDINGS) LIMITED

COMPANY INFORMATION
for the Year Ended 30 November 2023







DIRECTORS: R Mantel
M J Mantel
S M Mantel



REGISTERED OFFICE: 2A/B Ridgeway Distribution Centre
The Ridgeway
Iver
Buckinghamshire
SL10 9JQ



REGISTERED NUMBER: 01797927 (England and Wales)



SENIOR STATUTORY AUDITOR: Roger Cox FCA



AUDITORS: Miller & Co
Statutory Auditor
Chartered Accountants
5 Imperial Court
Laporte Way
Luton
Bedfordshire
LU4 8FE

ITC (HOLDINGS) LIMITED (REGISTERED NUMBER: 01797927)

GROUP STRATEGIC REPORT
for the Year Ended 30 November 2023

The directors present their strategic report of the company and the group for the year ended 30 November 2023.

REVIEW OF BUSINESS
The results for the year are set out on page 9. The Group's key performance indicators are Turnover and Operating Profit.

Group turnover for the year amounted to £13,615,284 (2022 £19,937,240) and is down by 32% when compared with the previous year. In 2022 turnover was up by 31% compared to 2021 so turnover is back to normal historical levels. Last years results were driven by additional work from existing customers arising from Brexit and the post covid surge in international trade.

Following increased operating costs in global trade and the anticipated reduction in turnover for the year, the group's trading subsidiary increased its margins on sales during the year. This has gone someway towards the group keeping pace with cost increases and therefore being able to post a profit for the year after tax of £207,179. The profit for 2022 was £647,055.

The Group continues to have significant liquid resources and has no external borrowing.

The directors are pleased that they have managed to stabilize the Goup's fortunes after a period of volatility. The directors believe the Group continues to benefit from the wide range of activities it carries out and from its strong management team and are pleased with the financial performance of the Group.

PRINCIPAL RISKS AND UNCERTAINTIES
The principle risks and uncertainties facing the Group continue to be the impact of market share and the pressure on margins brought about by ever increasing competition and cost increases.

The Group, in an effort to manage its commercial risk, ensures that its pricing policy remains competitive and that it keeps a close relationship with its customers whose needs are treated as paramount. Due to global trade cost increases the Group has managed to increase margins to offset some of these cost increases.

The Group's credit risk is primarily attributed to its trade debtors and continues to be managed by operating strict credit checks on new customers and closely monitoring the credit limits of existing customers by reference to current financial information. The Group continues to have an increasingly diversified customer base, which helps to reduce the exposure to bad debts.

The Group's response to the current difficult economic climate continues to be to develop its sales activity.

Cash flow is closely monitored as part of the Group's day to day control procedures.

The directors continue to focus on these points in their strategy for the future.

Despite initial Brexit problems, the directors are pleased that the additional paperwork and processes arising from Brexit offer the Group an additional revenue stream in providing the services to deal with this bureaucracy.

ON BEHALF OF THE BOARD:





M J Mantel - Director


13 August 2024

ITC (HOLDINGS) LIMITED (REGISTERED NUMBER: 01797927)

REPORT OF THE DIRECTORS
for the Year Ended 30 November 2023

The directors present their report with the financial statements of the company and the group for the year ended 30 November 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of shipping and forwarding agents and ancillary services.

DIVIDENDS
The directors do not recommend the payment of a dividend on the Ordinary Shares (2022 £Nil).

FUTURE DEVELOPMENTS
The Group continues to promote its activities, in particular its warehousing and distribution division.

The Group and its trading subsidiary, Immediate Transportation Company Limited, is currently exploring opportunities to relocate to larger premises in nearby locations which will expand its warehousing and distribution capabilities.

The Group is hoping to take advantage of any opportunities that may result from any relocation.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 December 2022 to the date of this report.

R Mantel
M J Mantel
S M Mantel

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 company and the group 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 then apply them consistently;
- make judgements 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ITC (HOLDINGS) LIMITED (REGISTERED NUMBER: 01797927)

REPORT OF THE DIRECTORS
for the Year Ended 30 November 2023


AUDITORS
The auditors, Miller & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





M J Mantel - Director


13 August 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ITC (HOLDINGS) LIMITED

Opinion
We have audited the financial statements of ITC (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 of the parent company affairs as at 30 November 2023 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 Auditors' 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 and the parent 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 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 the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ITC (HOLDINGS) LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

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 three, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ITC (HOLDINGS) LIMITED


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 a Report of the Auditors 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:

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, including fraud.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to these risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- the nature of the industry, control environment and business performance;
- the results of our enquiries of management about their own identification and assessments of the risks of
irregularities;
- any matters we identified having obtained and reviewed the company's policies and procedures relating to:

o identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of
non-compliance;
o detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or
alleged fraud;
o the matters discussed among the audit engagement team regarding how and where fraud might occur in the
financial statements and any potential indicators of fraud.

In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override.

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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ITC (HOLDINGS) LIMITED


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 a Report of the Auditors 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.




Roger Cox FCA (Senior Statutory Auditor)
for and on behalf of Miller & Co
Statutory Auditor
Chartered Accountants
5 Imperial Court
Laporte Way
Luton
Bedfordshire
LU4 8FE

13 August 2024

ITC (HOLDINGS) LIMITED (REGISTERED NUMBER: 01797927)

CONSOLIDATED
INCOME STATEMENT
for the Year Ended 30 November 2023

2023 2022
Notes £    £   

TURNOVER 4 13,615,284 19,937,240

Cost of sales 8,259,258 14,293,577
GROSS PROFIT 5,356,026 5,643,663

Administrative expenses 5,369,806 5,246,471
(13,780 ) 397,192

Other operating income 5 224,772 262,631
OPERATING PROFIT 7 210,992 659,823

Interest receivable and similar income 5,849 86
216,841 659,909

Interest payable and similar expenses 8 9,662 12,855
PROFIT BEFORE TAXATION 207,179 647,054

Tax on profit 9 - -
PROFIT FOR THE FINANCIAL YEAR 207,179 647,054
Profit attributable to:
Owners of the parent 207,179 647,054

ITC (HOLDINGS) LIMITED (REGISTERED NUMBER: 01797927)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
for the Year Ended 30 November 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 207,179 647,054


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

207,179

647,054

Total comprehensive income attributable to:
Owners of the parent 207,179 647,054

ITC (HOLDINGS) LIMITED (REGISTERED NUMBER: 01797927)

CONSOLIDATED BALANCE SHEET
30 November 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 108,585 62,852
Investments 12 - -
108,585 62,852

CURRENT ASSETS
Stocks 13 - 40,660
Debtors 14 2,239,254 2,725,675
Cash at bank and in hand 768,463 1,363,965
3,007,717 4,130,300
CREDITORS
Amounts falling due within one year 15 1,978,224 3,194,008
NET CURRENT ASSETS 1,029,493 936,292
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,138,078

999,144

CREDITORS
Amounts falling due after more than one
year

16

24,069

17,315
NET ASSETS 1,114,009 981,829

CAPITAL AND RESERVES
Called up share capital 19 500 750
Capital redemption reserve 20 500 250
Other reserves 20 92,963 92,963
Retained earnings 20 1,016,671 884,491
SHAREHOLDERS' FUNDS 1,110,634 978,454

NON-CONTROLLING INTERESTS 21 3,375 3,375
TOTAL EQUITY 1,114,009 981,829

The financial statements were approved by the Board of Directors and authorised for issue on 13 August 2024 and were signed on its behalf by:




M J Mantel - Director



S M Mantel - Director


ITC (HOLDINGS) LIMITED (REGISTERED NUMBER: 01797927)

COMPANY BALANCE SHEET
30 November 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 - -
Investments 12 69,564 69,564
69,564 69,564

CURRENT ASSETS
Debtors 14 2,886 77,785

CREDITORS
Amounts falling due within one year 15 10,172 10,071
NET CURRENT (LIABILITIES)/ASSETS (7,286 ) 67,714
TOTAL ASSETS LESS CURRENT
LIABILITIES

62,278

137,278

CAPITAL AND RESERVES
Called up share capital 19 500 750
Capital redemption reserve 20 500 250
Retained earnings 20 61,278 136,278
SHAREHOLDERS' FUNDS 62,278 137,278

Company's profit for the financial year - -

The financial statements were approved by the Board of Directors and authorised for issue on 13 August 2024 and were signed on its behalf by:




M J Mantel - Director



S M Mantel - Director


ITC (HOLDINGS) LIMITED (REGISTERED NUMBER: 01797927)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the Year Ended 30 November 2023

Called up Capital
share Retained redemption
capital earnings reserve
£    £    £   
Balance at 1 December 2021 750 237,437 250

Changes in equity
Total comprehensive income - 647,054 -
Balance at 30 November 2022 750 884,491 250

Changes in equity
Reduction in share capital (250 ) - -
Total comprehensive income - 132,179 250
Balance at 30 November 2023 500 1,016,670 500
Other Non-controlling Total
reserves Total interests equity
£    £    £    £   
Balance at 1 December 2021 92,963 331,400 3,375 334,775

Changes in equity
Total comprehensive income - 647,054 - 647,054
Balance at 30 November 2022 92,963 978,454 3,375 981,829

Changes in equity
Reduction in share capital - (250 ) - (250 )
Total comprehensive income - 132,429 - 132,429
Balance at 30 November 2023 92,963 1,110,633 3,375 1,114,008

ITC (HOLDINGS) LIMITED (REGISTERED NUMBER: 01797927)

COMPANY STATEMENT OF CHANGES IN EQUITY
for the Year Ended 30 November 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 December 2021 750 136,278 250 137,278

Changes in equity
Balance at 30 November 2022 750 136,278 250 137,278

Changes in equity
Reduction in share capital (250 ) - - (250 )
Total comprehensive income - (75,000 ) 250 (74,750 )
Balance at 30 November 2023 500 61,278 500 62,278

ITC (HOLDINGS) LIMITED (REGISTERED NUMBER: 01797927)

CONSOLIDATED CASH FLOW STATEMENT
for the Year Ended 30 November 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (320,293 ) 892,544
Interest paid (6,975 ) (6,086 )
Interest element of hire purchase payments
paid

(2,687

)

(6,769

)
Tax paid 2 -
Net cash from operating activities (329,953 ) 879,689

Cash flows from investing activities
Purchase of tangible fixed assets (147,882 ) (34,890 )
Sale of tangible fixed assets 47,999 35,496
Interest received 5,849 86
Net cash from investing activities (94,034 ) 692

Cash flows from financing activities
Capital repayments in year 34,984 (38,493 )
Amount introduced by directors - 256,500
Amount withdrawn by directors (131,500 ) (125,000 )
Share buyback (75,000 ) -
Other 1 (1 )
Net cash from financing activities (171,515 ) 93,006

(Decrease)/increase in cash and cash equivalents (595,502 ) 973,387
Cash and cash equivalents at beginning of
year

2

1,363,965

390,578

Cash and cash equivalents at end of year 2 768,463 1,363,965

ITC (HOLDINGS) LIMITED (REGISTERED NUMBER: 01797927)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
for the Year Ended 30 November 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 207,179 647,054
Depreciation charges 77,038 55,772
Profit on disposal of fixed assets (22,888 ) (35,496 )
Finance costs 9,662 12,855
Finance income (5,849 ) (86 )
265,142 680,099
Decrease/(increase) in stocks 40,660 (40,660 )
Decrease in trade and other debtors 486,421 44,201
(Decrease)/increase in trade and other creditors (1,112,516 ) 208,904
Cash generated from operations (320,293 ) 892,544

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 November 2023
30.11.23 1.12.22
£    £   
Cash and cash equivalents 768,463 1,363,965
Year ended 30 November 2022
30.11.22 1.12.21
£    £   
Cash and cash equivalents 1,363,965 390,578


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.12.22 Cash flow At 30.11.23
£    £    £   
Net cash
Cash at bank and in hand 1,363,965 (595,502 ) 768,463
1,363,965 (595,502 ) 768,463
Debt
Finance leases (34,831 ) (34,984 ) (69,815 )
(34,831 ) (34,984 ) (69,815 )
Total 1,329,134 (630,486 ) 698,648

ITC (HOLDINGS) LIMITED (REGISTERED NUMBER: 01797927)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

ITC (Holdings) Limited is a private Company, limited by shares, registered in England and Wales. The Company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling, rounded to the nearest £.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102. "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statement have been prepared under the historical cost convention.

Basis of consolidation
The group accounts consolidate the accounts of ITC (Holdings) Limited, Immediate Transportation Company Limited, ITC (Travel) Limited and Langstafff Erembert & Company Limited, all made up to 30 November 2023.

ITC (Holdings) Limited holds all the shares in ITC (Travel) Limited and Immediate Transportation Company Limited, which in turn holds 19,998 of the 20,000 shares in Langstaff Erembert & Company Limited. Neither ITC (Travel) Limited nor Langstaff Erembert & Company Limited traded during the year.ITC (Holdings) Limited is a holding company and Immediate Transportation Company Limited acts as shipping and forwarding agents with ancillary services.

Parent company disclosure exemptions:

In preparing the separate financial statements of the parent company, advantage has been taken of the following disclosure exemptions available in FRS102:

i) No cash flow statement has been prepared for the parent company.
ii) No disclosure has been given for the aggregate remuneration of the key management personnel of the parent company as their remuneration is included in the totals for the group as a whole.

Significant judgements and estimates
In the application of the Company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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.

Turnover
Turnover represents the amounts charged for services provided as Shipping and Forwarding Agents to customers, for which the company has obtained the right to consideration, net of value added tax.

Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for services rendered, net of discounts and value added tax.

Revenue from services is recognised on shipment of goods, when the significant risks and rewards of ownership have been transferred to the buyer, the company retains no continuing involvement or control over the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of transactions can be measured reliably.

ITC (HOLDINGS) LIMITED (REGISTERED NUMBER: 01797927)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 November 2023

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities including cash and bank balances, trade and other accounts receivable and payable and loans from banks and other third parties. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets
Basic financial assets, which include debtors and cash balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction or debt instrument is measured at the present value of future receipts discounted at a market rate of interest. Such assets and debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 the Statement of Comprehensive Income.

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.

Basic financial liabilities
Basic financial liabilities, which include creditors and bank loans are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction or debt instrument is measured at the present value of future receipts discounted at a market rate of interest. Such assets and debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities due within one year are not amortised.

Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

ITC (HOLDINGS) LIMITED (REGISTERED NUMBER: 01797927)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 November 2023

3. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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

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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

In the event that lease incentives are received o enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expenses on a straight line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

The company has taken advantage of the exemption in respect of lease incentives on leases in existence on the date of transition to FRS102 and continues to credit such lease incentives to the profit and loss account over the period to the first rent review date on which the rent is adjusted to market rates.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Trade and other creditors
Trade and other debtors
Trade and other debtors that are receivable within one year and do not constitute a financing transaction are recorded at the un-discounted amount expected to be received, net of impairment. Those that are receivable after more than one year or constitute a financing transaction are recorded initially at fair value less transaction costs and subsequently at amortised cost, net of impairment.

Trade and other creditors
Trade and other creditors are initially recognised at the transaction price and are thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be material, in which case they are stated at cost.

4. TURNOVER

Turnover represents the amounts charged for services provided as Shipping and Forwarding Agents to customers, for which the company has obtained the right to consideration, net of Value Added Tax. The total charges less allowances to customers for the year amounted to £13,615,284 (2022 £19,937,240). The company did not export any goods as principal during the year.

5. OTHER OPERATING INCOME
2023 2022
£    £   
Services receivable 201,450 165,300
Grants received - 111,616
Exchange gains 23,322 (14,285 )
224,772 262,631

ITC (HOLDINGS) LIMITED (REGISTERED NUMBER: 01797927)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 November 2023

6. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 2,247,643 2,285,046
Social security costs 238,588 241,703
Other pension costs 147,410 85,610
2,633,641 2,612,359

The average number of employees during the year was as follows:
2023 2022

Office and Administration 8 8
Operational 56 59
64 67

2023 2022
£    £   
Directors' remuneration 238,645 200,126
Directors' pension contributions to money purchase schemes 91,667 17,814

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 121,509 94,140
Pension contributions to money purchase schemes 46,667 15,076

7. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Hire of plant and machinery 304,577 297,550
Other operating leases 560,012 538,045
Depreciation - owned assets 31,071 48,321
Depreciation - assets on hire purchase contracts 45,967 7,450
Profit on disposal of fixed assets (22,888 ) (35,496 )
Auditors' remuneration 21,270 20,750
Foreign exchange differences (23,322 ) 14,285

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Other interest 6,975 6,086
Hire purchase 2,687 6,769
9,662 12,855

ITC (HOLDINGS) LIMITED (REGISTERED NUMBER: 01797927)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 November 2023

9. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 30 November 2023 nor for the year ended 30 November 2022.

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 207,179 647,054
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2022 - 19 %)

51,795

122,940

Effects of:
Expenses not deductible for tax purposes 2,131 3,692
Capital allowances in excess of depreciation (25,792 ) (1,802 )
Utilisation of tax losses (28,134 ) (124,830 )

Total tax charge - -

In accordance with the company's accounting policies, no provision has been made for a deferred tax asset in respect of trading losses carried forward at the balance sheet date.

10. INDIVIDUAL INCOME STATEMENT

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


ITC (HOLDINGS) LIMITED (REGISTERED NUMBER: 01797927)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 November 2023

11. TANGIBLE FIXED ASSETS

Group
Fixtures
Short and Motor
leasehold fittings vehicles Totals
£    £    £    £   
COST
At 1 December 2022 107,127 117,973 609,465 834,565
Additions - - 147,882 147,882
Disposals - - (91,706 ) (91,706 )
At 30 November 2023 107,127 117,973 665,641 890,741
DEPRECIATION
At 1 December 2022 107,127 98,784 565,802 771,713
Charge for year - 11,780 65,258 77,038
Eliminated on disposal - - (66,595 ) (66,595 )
At 30 November 2023 107,127 110,564 564,465 782,156
NET BOOK VALUE
At 30 November 2023 - 7,409 101,176 108,585
At 30 November 2022 - 19,189 43,663 62,852

The net book value of tangible fixed assets includes £ 74,900 (2022 - £ 86,878 ) in respect of assets held under hire purchase contracts.

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 December 2022
and 30 November 2023 69,564
NET BOOK VALUE
At 30 November 2023 69,564
At 30 November 2022 69,564

ITC (HOLDINGS) LIMITED (REGISTERED NUMBER: 01797927)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 November 2023

12. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Immediate Transportation Company Limited
Registered office: 2A/B, Ridgeway Distribution Centre, The Ridgeway, Iver, Bucks SL0 9JQ
Nature of business: Shipping and Forwarding Agents
%
Class of shares: holding
Ordinary 100.00
Preference 77.00
2023 2022
£    £   
Aggregate capital and reserves 1,091,719 884,540
Profit for the year 207,179 647,054

ITC (Travel) Limited
Registered office: 2A/B, Ridgeway Distribution Centre, The Ridgeway, Iver, Bucks SL0 9JQ
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 10,000 10,000


13. STOCKS

Group
2023 2022
£    £   
Stocks - 40,660

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 1,784,683 2,322,171 - -
Amounts owed by group undertakings - - - 74,899
Other debtors 16,989 12,726 2,886 2,886
VAT 145,222 155,017 - -
Prepayments and accrued income 292,360 235,761 - -
2,239,254 2,725,675 2,886 77,785

ITC (HOLDINGS) LIMITED (REGISTERED NUMBER: 01797927)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 November 2023

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Hire purchase contracts (see note 17) 45,746 17,516 - -
Trade creditors 1,742,236 2,902,233 - -
Amounts owed to group undertakings - - 10,101 -
Amounts owed to participating interests - - - 10,000
Tax 54 52 52 52
Social security and other taxes 70,668 72,444 - -
Other creditors 533 43 19 19
Directors' current accounts - 131,500 - -
Accruals and deferred income 118,987 70,220 - -
1,978,224 3,194,008 10,172 10,071

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
2023 2022
£    £   
Hire purchase contracts (see note 17) 24,069 17,315

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Gross obligations repayable:
Within one year 50,205 19,542
Between one and five years 26,212 19,287
76,417 38,829

Finance charges repayable:
Within one year 4,459 2,026
Between one and five years 2,143 1,972
6,602 3,998

Net obligations repayable:
Within one year 45,746 17,516
Between one and five years 24,069 17,315
69,815 34,831

ITC (HOLDINGS) LIMITED (REGISTERED NUMBER: 01797927)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 November 2023

17. LEASING AGREEMENTS - continued

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 756,574 533,594
Between one and five years - 377,467
756,574 911,061

18. SECURED DEBTS

The following secured debts are included within creditors:

Group
2023 2022
£    £   
Hire purchase contracts 69,815 34,861

The bank has a fixed and floating charge over the assets of Immediate Transportation Company Limited.

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
500 Ordinary £1 500 750

20. RESERVES

Group
Capital
Retained redemption Other
earnings reserve reserves Totals
£    £    £    £   

At 1 December 2022 884,492 250 92,963 977,705
Profit for the year 207,179 207,179
Purchase of own shares (75,000 ) 250 - (74,750 )
At 30 November 2023 1,016,671 500 92,963 1,110,134

ITC (HOLDINGS) LIMITED (REGISTERED NUMBER: 01797927)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 November 2023

20. RESERVES - continued

Company
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 December 2022 136,278 250 136,528
Profit for the year - -
Purchase of own shares (75,000 ) 250 (74,750 )
At 30 November 2023 61,278 500 61,778


21. NON-CONTROLLING INTERESTS

The minority interest of £3,375 (2022 £3,375) relates to the preference shares in Immediate Transportation Company Limited held by outside shareholders.

22. RELATED PARTY DISCLOSURES

At 30 November 2023, a member of the key management personnel was owed £Nil (30 November 2022 £131,500), in respect of monies loaned to the company. During the year, to 30 November 2023 £131,500, (2022 £125,000l) was repaid to that member of the key management personnel. There are no specific repayment terms and no interest is payable.

The company employed the spouses of two members of the key management personnel.

23. KEY MANAGEMENT PERSONNEL COMPENSATION

The groups key management personnel are considered to be the directors.

Their compensation during the year was as follows:

Year Ended Year Ended
30.11.23 30.11.22
£ £
Short-term benefits 238,645 200,126
Post employment benefits 91,667 17,814
330,312 217,940