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REGISTERED NUMBER: 13076403 (England and Wales)















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: J M Rushton-Turner : Executive Chairman
S R Hansford





REGISTERED OFFICE: Unit F
33 The Ridgeway
Iver
Buckinghamshire
SL0 9HW





REGISTERED NUMBER: 13076403 (England and Wales)





ACCOUNTANTS: Atkinson Finch & Co
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 7,535 7,535

CURRENT ASSETS
Debtors 5 4,463,706 1,888,736
Cash at bank 487,088 3,189,546
4,950,794 5,078,282
CREDITORS
Amounts falling due within one year 6 109,853 43,143
NET CURRENT ASSETS 4,840,941 5,035,139
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,848,476

5,042,674

CAPITAL AND RESERVES
Called up share capital 12,913 12,913
Share premium 5,099,208 5,099,208
Retained earnings (263,645 ) (69,447 )
4,848,476 5,042,674

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8th November 2024 and were signed on its behalf by:




J M Rushton-Turner : Executive Chairman - Director


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 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 - 2 ).

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 - 703
Prepayments 4,273 -
4,273 703

Amounts falling due after more than one year:
Itero Development Ltd - working capital 3,986,266 1,888,033
Itero Technologies BV - working capital 473,167 -
4,459,433 1,888,033

Aggregate amounts 4,463,706 1,888,736

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 22,317 -
Itero Development Limited 66,386 42,143
Accrued expenses 21,150 1,000
109,853 43,143

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.