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REGISTERED NUMBER: 06946307 (England and Wales)















Financial Statements for the Year Ended 31 August 2024

for

Itexact Limited

Itexact Limited (Registered number: 06946307)






Contents of the Financial Statements
for the Year Ended 31 August 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Itexact Limited

Company Information
for the Year Ended 31 August 2024







DIRECTORS: H W W Groothedde
D Longe
N A May
N J Beattie
L H Fine
S Dane





REGISTERED OFFICE: Richmond House
Lawnswood Business Park
Redvers Close
Leeds
West Yorkshire
LS16 6QY





REGISTERED NUMBER: 06946307 (England and Wales)





ACCOUNTANTS: Richard Smedley Limited
Chartered Accountants & Registered Auditors
Richmond House
Lawnswood Business Park
Redvers Close
Leeds
West Yorkshire
LS16 6QY

Itexact Limited (Registered number: 06946307)

Balance Sheet
31 August 2024

31.8.24 31.8.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 2,922,597 2,542,719
Tangible assets 5 22,414 28,247
Investments 6 1,186 1,186
2,946,197 2,572,152

CURRENT ASSETS
Debtors 7 1,276,125 1,069,058
Cash at bank 1,167,487 544,168
2,443,612 1,613,226
CREDITORS
Amounts falling due within one year 8 918,716 830,901
NET CURRENT ASSETS 1,524,896 782,325
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,471,093

3,354,477

CREDITORS
Amounts falling due after more than one year 9 (1,441,057 ) (212,082 )

PROVISIONS FOR LIABILITIES (736,253 ) (642,742 )
NET ASSETS 2,293,783 2,499,653

CAPITAL AND RESERVES
Called up share capital 2 2
Share premium 3,191,971 3,191,971
Retained earnings (898,190 ) (692,320 )
SHAREHOLDERS' FUNDS 2,293,783 2,499,653

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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.

Itexact Limited (Registered number: 06946307)

Balance Sheet - continued
31 August 2024


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 10 January 2025 and were signed on its behalf by:





N A May - Director


Itexact Limited (Registered number: 06946307)

Notes to the Financial Statements
for the Year Ended 31 August 2024

1. STATUTORY INFORMATION

Itexact 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
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the
Company and the revenue can be reliably measured. Revenue is measured as the fair value of the
consideration received or receivable, excluding discounts, rebates, value added tax and other sales
taxes.
The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are
provided in accordance with the stage of completion of the contract when all of the following
conditions are satisfied:

• the amount of revenue can be measured reliably;

• it is probable that the Company will receive the consideration due under the contract;

• the stage of completion of the contract at the end of the reporting period can be measured
reliably; and

• the costs incurred and the costs to complete the contract can be measured reliably.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Computer equipment - Straight line over 3 years

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.


Itexact Limited (Registered number: 06946307)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

2. ACCOUNTING POLICIES - continued
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.

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
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives.

If it is not possible to distinguish between the research phase and the development phase of an internal project , the expenditure is treated as if it were all incurred in the research phase only.

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

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 20 (2023 - 18 ) .

Itexact Limited (Registered number: 06946307)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

4. INTANGIBLE FIXED ASSETS
Development
costs
£   
COST OR VALUATION
At 1 September 2023 3,657,275
Additions 1,251,183
At 31 August 2024 4,908,458
AMORTISATION
At 1 September 2023 1,114,556
Amortisation for year 871,305
At 31 August 2024 1,985,861
NET BOOK VALUE
At 31 August 2024 2,922,597
At 31 August 2023 2,542,719


5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 September 2023 9,590 55,248 64,838
Additions - 12,677 12,677
At 31 August 2024 9,590 67,925 77,515
DEPRECIATION
At 1 September 2023 8,337 28,254 36,591
Charge for year 415 18,095 18,510
At 31 August 2024 8,752 46,349 55,101
NET BOOK VALUE
At 31 August 2024 838 21,576 22,414
At 31 August 2023 1,253 26,994 28,247

Itexact Limited (Registered number: 06946307)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

6. FIXED ASSET INVESTMENTS
Shares in
group
undertaking
£   
COST
At 1 September 2023
and 31 August 2024 1,186
NET BOOK VALUE
At 31 August 2024 1,186
At 31 August 2023 1,186

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

UAB Absolute Systems
Registered office: 4 Vilnius, Lithuania
Nature of business: Computer software development
%
Class of shares: holding
Ordinary shares 51.00
31.12.23 31.12.22
£    £   
Aggregate capital and reserves 23,072 25,713
(Loss)/profit for the year (374 ) 178

Surveil Inc
Registered office: 31920 Del Obispo Street, STE 180, San Juan Capistrano, California, CA92675
Nature of business: Computer software development
%
Class of shares: holding
Common Shares 100.00
31.8.24 31.8.23
£    £   
Aggregate capital and reserves - 163,591
Loss for the year - (22,220 )

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Trade debtors 887,096 576,688
Other debtors 389,029 492,370
1,276,125 1,069,058

Itexact Limited (Registered number: 06946307)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Bank loans and overdrafts 95,766 87,346
Trade creditors 66,189 117,924
Taxation and social security 237,996 187,587
Other creditors 518,765 438,044
918,716 830,901

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.8.24 31.8.23
£    £   
Bank loans 46,320 142,082
Other creditors 1,394,737 70,000
1,441,057 212,082

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.8.24 31.8.23
£    £   
Within one year 34,200 34,200