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REGISTERED NUMBER: 10900306 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

IOTHIC LIMITED

IOTHIC LIMITED (REGISTERED NUMBER: 10900306)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


IOTHIC LIMITED

COMPANY INFORMATION
for the Year Ended 31 December 2024







DIRECTOR: C P Autry





REGISTERED OFFICE: 54 Sun Street
Waltham Abbey
Essex
EN9 1EJ





REGISTERED NUMBER: 10900306 (England and Wales)





ACCOUNTANTS: KNIGHT WHEELER LIMITED
Chartered Accountants
54 Sun Street
Waltham Abbey
Essex
EN9 1EJ

IOTHIC LIMITED (REGISTERED NUMBER: 10900306)

BALANCE SHEET
31 December 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 4,189 9,344

CURRENT ASSETS
Debtors 5 1,426,291 1,368,278
Cash at bank 52,846 154,362
1,479,137 1,522,640
CREDITORS
Amounts falling due within one year 6 (47,367 ) (32,210 )
NET CURRENT ASSETS 1,431,770 1,490,430
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,435,959

1,499,774

CREDITORS
Amounts falling due after more than one
year

7

(37,323

)

-
NET ASSETS 1,398,636 1,499,774

CAPITAL AND RESERVES
Called up share capital 1,024 505
Share premium 7,427,197 6,895,716
Retained earnings (6,029,585 ) (5,396,447 )
1,398,636 1,499,774

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 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.

IOTHIC LIMITED (REGISTERED NUMBER: 10900306)

BALANCE SHEET - continued
31 December 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 10 March 2025 and were signed by:





C P Autry - Director


IOTHIC LIMITED (REGISTERED NUMBER: 10900306)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Iothic 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 statement is the Pound Sterling (£) which is the functional currency of the company and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant & equipment - 20% on cost
Computer equipment - 20% on cost

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.

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.

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.

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.

IOTHIC LIMITED (REGISTERED NUMBER: 10900306)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Going concern
The company is continuing to pursue ongoing sales opportunities with businesses engaged in cyber security. As a consequence the directors believe that the company is well placed to manage its business risks successfully despite the current economic outlook.

After making enquiries, the directors have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future pending the successful outcome of the latest launch of the Iothic software. Accordingly, he has adopted the going concern basis in preparing these accounts.

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and any short term deposits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 9 ) .

4. TANGIBLE FIXED ASSETS
Plant & Computer
equipment equipment Totals
£    £    £   
COST
At 1 January 2024
and 31 December 2024 12,254 13,520 25,774
DEPRECIATION
At 1 January 2024 8,869 7,561 16,430
Charge for year 2,451 2,704 5,155
At 31 December 2024 11,320 10,265 21,585
NET BOOK VALUE
At 31 December 2024 934 3,255 4,189
At 31 December 2023 3,385 5,959 9,344

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by participating interests 1,288,396 1,118,212
Directors' current accounts 2,238 32,384
Tax 128,541 206,223
VAT 6,847 11,190
Prepayments 269 269
1,426,291 1,368,278

IOTHIC LIMITED (REGISTERED NUMBER: 10900306)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 8,222 -
Trade creditors 1,557 2,343
Social security and other taxes 28,834 26,667
Other creditors 5,604 -
Accrued expenses 3,150 3,200
47,367 32,210

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 8,222 -
Bank loans - 2-5 years 24,666 -
Bank loans more 5 yr by instal 4,435 -
37,323 -

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 4,435 -

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

2024 2023
£    £   
C P Autry
Balance outstanding at start of year 32,384 18,634
Amounts advanced 2,238 32,384
Amounts repaid (32,384 ) (18,634 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 2,238 32,384

The above directors loan account balance will be repaid on or before 1 October 2025.

9. RELATED PARTY DISCLOSURES

During the year, the company made loans/advances amounting to £64,015 to a related company in Canada, Iothic Cyber Security Limited, and also £106,169 to a related company in Singapore, Iothic PTE Limited, for working capital purposes. The monies were advanced on an interest free basis with no fixed repayment term. As at 31 December 2024, the company was owed the following amounts: Iothic Cyber Security £816,458; Iothic PTE Limited £471,938.