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REGISTERED NUMBER: 04541808 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Itility Limited

Itility Limited (Registered number: 04541808)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Itility Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: Mr I Kara





SECRETARY: Mr I Kara





REGISTERED OFFICE: Elizabeth House
Victoria Street
Manchester
M11 2NX





REGISTERED NUMBER: 04541808 (England and Wales)






Itility Limited (Registered number: 04541808)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 3,600,000 3,600,000
Tangible assets 5 12,120,292 12,141,520
Investments 6 55,000 55,000
15,775,292 15,796,520

CURRENT ASSETS
Debtors 7 4,003,374 8,809,577
Investments 8 9,610,405 6,676,985
Cash at bank 129,794 82,067
13,743,573 15,568,629
CREDITORS
Amounts falling due within one year 9 298,960 35,080
NET CURRENT ASSETS 13,444,613 15,533,549
TOTAL ASSETS LESS CURRENT
LIABILITIES

29,219,905

31,330,069

CREDITORS
Amounts falling due after more than one
year

10

14,481,557

16,532,973
NET ASSETS 14,738,348 14,797,096

CAPITAL AND RESERVES
Called up share capital 11 400,000 400,000
Revaluation reserve 12 14,254,384 14,254,384
Retained earnings 83,964 142,712
SHAREHOLDERS' FUNDS 14,738,348 14,797,096

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Itility Limited (Registered number: 04541808)

Balance Sheet - continued
31 December 2023


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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 December 2024 and were signed by:





Mr I Kara - Director


Itility Limited (Registered number: 04541808)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Itility 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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets haver been revalued using best estimates by the IT director.

After initial recognition, intangible assets are measured at cost less any accumulated amortisation.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

Itility Limited (Registered number: 04541808)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST OR VALUATION
At 1 January 2023
and 31 December 2023 3,600,000
NET BOOK VALUE
At 31 December 2023 3,600,000
At 31 December 2022 3,600,000

Cost or valuation at 31 December 2023 is represented by:

Other
intangible
assets
£   
Valuation in 2017 1,500,000
Valuation in 2022 2,100,000
3,600,000

The company purchased 120,000 IP addresses which have been valued at £30 each at £3,600,000.

They were valued by the director based on the current price.

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
COST OR VALUATION
At 1 January 2023
and 31 December 2023 12,000,000 290,610 112,915 12,403,525
DEPRECIATION
At 1 January 2023 - 174,933 87,072 262,005
Charge for year - 17,352 3,876 21,228
At 31 December 2023 - 192,285 90,948 283,233
NET BOOK VALUE
At 31 December 2023 12,000,000 98,325 21,967 12,120,292
At 31 December 2022 12,000,000 115,677 25,843 12,141,520

Itility Limited (Registered number: 04541808)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 December 2023 is represented by:

Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
Valuation in 2017 7,000,000 106,939 112,915 7,219,854
Valuation in 2018 - 183,671 - 183,671
Valuation in 2022 5,000,000 - - 5,000,000
12,000,000 290,610 112,915 12,403,525

The freehold property was revalued by the directors' based on current market value.

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 January 2023
and 31 December 2023 55,000
NET BOOK VALUE
At 31 December 2023 55,000
At 31 December 2022 55,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 2,617,308 5,697,558
Other debtors 1,386,066 3,112,019
4,003,374 8,809,577

8. CURRENT ASSET INVESTMENTS
31.12.23 31.12.22
£    £   
Unlisted investments 9,610,405 6,676,985

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Taxation and social security 2,088 7,580
Other creditors 296,872 27,500
298,960 35,080

Itility Limited (Registered number: 04541808)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Other creditors 14,481,557 16,532,973

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
400,000 Ordinary £1 400,000 400,000

12. RESERVES
Revaluation
reserve
£   
At 1 January 2023
and 31 December 2023 14,254,384

13. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr Umer Suleman Kara a 100% shareholder.