REGISTERED NUMBER: |
ITERO TECHNOLOGIES LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
REGISTERED NUMBER: |
ITERO TECHNOLOGIES LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
ITERO TECHNOLOGIES LIMITED (REGISTERED NUMBER: 13076403) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
ITERO TECHNOLOGIES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST MARCH 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Central Chambers |
45-47 Albert Street |
Rugby |
Warwickshire |
CV21 2SG |
ITERO TECHNOLOGIES LIMITED (REGISTERED NUMBER: 13076403) |
BALANCE SHEET |
31ST MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings | ( |
) | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
ITERO TECHNOLOGIES LIMITED (REGISTERED NUMBER: 13076403) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
1. | STATUTORY INFORMATION |
Itero Technologies Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
The company has two direct wholly owned subsidiaries: Itero Development Limited (registered in England and Wales with Company No: 07406161) and Itero Technologies Netherlands BV (registered in the Netherlands with KVK No: 85190756) |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Tax losses are recognised only to the extent that it is probable that they will be recovered including through repayable research and development tax credits. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Research and development |
The company's activity is principally as a holding company for its subsidiaries through which the group conducts the principal business of developing its proprietary technology for chemical recycling of plastic waste feedstock for commercial deployment. The company holds granted patents registered at the UK Intellectual Property Office and has been granted patents, and has filed for grant, in various other countries further to the Patent Co-Operation Treaty. Expenditure on research and development is incurred in its subsidiaries. |
Pension costs and other post-retirement benefits |
All group employees are employed by Itero Development Limited. That company operates a defined contribution pension scheme. Contributions payable to that company's pension scheme are charged to profit or loss in the period to which they relate. |
ITERO TECHNOLOGIES LIMITED (REGISTERED NUMBER: 13076403) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - |
4. | FIXED ASSET INVESTMENTS |
The company directly holds the entire share capital in its two subsidiaries at cost. |
2023 | 2022 |
Company Name | £ | £ |
Itero Development Limited (IDL) (Company No: 07406161): 6,700 Ordinary Shares of £1 each |
6,700 |
6,700 |
Itero Technologies Netherlands BV (ITN) (KVK No: 85190756): 1,000 Ordinary Shares of €1 each |
835 |
835 |
7,535 | 7,535 |
The company has provided working capital to each subsidiary by way of intercompany advances (see note 6 below). |
5. | DEBTORS |
2024 | 2023 |
£ | £ |
Amounts falling due within one year: |
Itero Technologies Netherlands BV |
Prepayments |
Amounts falling due after more than one year: |
Itero Development Ltd - working capital |
Itero Technologies BV - working capital |
Aggregate amounts |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Itero Development Limited |
Accrued expenses |
ITERO TECHNOLOGIES LIMITED (REGISTERED NUMBER: 13076403) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
7. | GUARANTEES |
2024 | 2023 |
£ | £ |
2022 Tranche Loan Agreement (TLA) - Itero Development Limited | 2,729,582 | 3,243,916 |
The holder of the TLA is Mr Rushton-Turner, who is a significant shareholder in the company and its executive chairman. |
The company has guaranteed the obligations of Itero Development Limited under the 2022 TLA including the final repayment obligation on the Maturity Date (being 31st March 2028) or following any acceleration on earlier events of default. |
The TLA is not currently interest bearing and prepayments and repayments prior to maturity or acceleration are limited in recourse to tax repayments or set-offs obtained in the group. The TLA balance becomes interest bearing and entitled to accelerated prepayments from successful commissioning of the first commercial plant of the Group. |
The 31st March 2024 accounts of Itero Development Limited provide further detail on the TLA. |
Itero Development Limited is performing its obligations under the TLA and there is no expectation or circumstance pending that indicate any likelihood of a call under the guarantee. Accordingly the liability is considered contingent (and is not provided against) not recognised as a creditor of the company. |
8. | CAPITAL AND RESERVES |
2024 | 2023 |
£ | £ |
Share capital |
Class A Shares | 6,802 | 6,802 |
Class B Shares | 4,534 | 4,534 |
Class C1 shares | 442 | 442 |
Class C2 shares | 1,135 | 1,135 |
12,913 | 12,913 |
Share premium | 5,099,208 | 5,099,208 |
Retained reserves |
Prior year deficit brought forward | (69,447 | ) | (1,299 | ) |
Loss for the current financial period (see also note 4) | (194,198 | ) | (68,148 | ) |
(263,645 | ) | (69,447 | ) |
Total Capital and Reserves | 4,848,476 | 5,042,674 |
The company issued the Class B, Class C1 and Class C2 shares entirely for cash consideration in July 2022 and the share premium is entirely attributable to this aggregate issuance. |