IRIS Accounts Production v24.3.2.46 02230502 Board of Directors 1.4.23 31.3.24 31.3.24 to develop, distribute, and support software solutions for education, public libraries, and corporate clients. The company positions itself as a "boutique vendor" offering carefully selected best-of-breed solutions that provide excellent value. ++ The company's proprietary product portfolio includes: - On-Premise Solutions: Onelog (e-resource management), MyPC (PC reservation), and R&R (resource booking). -SaaS Cloud Products: evalyou8 (customer feedback), Willow360 (workflow automation), and MyPC Cloud ( (workspace booking). - Print/Copy/Scan Products: DocSlide and various payment gateways. ++ ITS also serves as a key distribution partner for third-party solutions, notably as the primary PaperCut authorised solution center in Europe, alongside products from Princity, Kuario, Umango, Elatec, Inepro, and others. ++ The company operates through branches in Serbia, Spain, France, Germany, and subsidiary undertakings in the USA, India and the Netherlands. Spanish branch has been converted into a subsidiary from 1st October 2023. true true false true true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh022305022023-03-31022305022024-03-31022305022023-04-012024-03-31022305022022-03-31022305022022-04-012023-03-31022305022023-03-3102230502ns15:EnglandWales2023-04-012024-03-3102230502ns14:PoundSterling2023-04-012024-03-3102230502ns10:Director12023-04-012024-03-3102230502ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3102230502ns10:FRS1022023-04-012024-03-3102230502ns10:Audited2023-04-012024-03-3102230502ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-04-012024-03-3102230502ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-04-012024-03-3102230502ns10:FullAccounts2023-04-012024-03-3102230502ns10:OrdinaryShareClass12023-04-012024-03-3102230502ns10:Director22023-04-012024-03-3102230502ns10:Director32023-04-012024-03-3102230502ns10:CompanySecretary12023-04-012024-03-3102230502ns10:RegisteredOffice2023-04-012024-03-3102230502ns10:Director42023-04-012024-03-310223050212023-04-012024-03-310223050212022-04-012023-03-3102230502ns5:CurrentFinancialInstruments2024-03-3102230502ns5:CurrentFinancialInstruments2023-03-3102230502ns5:Non-currentFinancialInstruments2024-03-3102230502ns5:Non-currentFinancialInstruments2023-03-3102230502ns5:ShareCapital2024-03-3102230502ns5:ShareCapital2023-03-3102230502ns5:FurtherSpecificReserve2ComponentTotalEquity2024-03-3102230502ns5:FurtherSpecificReserve2ComponentTotalEquity2023-03-3102230502ns5:RetainedEarningsAccumulatedLosses2024-03-3102230502ns5:RetainedEarningsAccumulatedLosses2023-03-3102230502ns5:ShareCapital2022-03-3102230502ns5:RetainedEarningsAccumulatedLosses2022-03-3102230502ns5:FurtherSpecificReserve2ComponentTotalEquity2022-03-3102230502ns5:RetainedEarningsAccumulatedLosses2022-04-012023-03-3102230502ns5:FurtherSpecificReserve2ComponentTotalEquity2022-04-012023-03-3102230502ns5:RetainedEarningsAccumulatedLosses2023-04-012024-03-3102230502ns5:FurtherSpecificReserve2ComponentTotalEquity2023-04-012024-03-310223050212023-04-012024-03-3102230502ns10:HighestPaidDirector2023-04-012024-03-3102230502ns10:HighestPaidDirector2022-04-012023-03-3102230502ns5:OwnedAssets2023-04-012024-03-3102230502ns5:OwnedAssets2022-04-012023-03-3102230502ns10:OrdinaryShareClass12022-04-012023-03-3102230502ns5:LeaseholdImprovements2023-03-3102230502ns5:FurnitureFittings2023-03-3102230502ns5:ComputerEquipment2023-03-3102230502ns5:LeaseholdImprovements2023-04-012024-03-3102230502ns5:FurnitureFittings2023-04-012024-03-3102230502ns5:ComputerEquipment2023-04-012024-03-3102230502ns5:LeaseholdImprovements2024-03-3102230502ns5:FurnitureFittings2024-03-3102230502ns5:ComputerEquipment2024-03-3102230502ns5:LeaseholdImprovements2023-03-3102230502ns5:FurnitureFittings2023-03-3102230502ns5:ComputerEquipment2023-03-3102230502ns5:CostValuation2023-03-3102230502ns5:AdditionsToInvestments2024-03-3102230502ns5:CostValuation2024-03-3102230502ns5:Subsidiary12023-04-012024-03-3102230502ns5:Subsidiary112023-04-012024-03-3102230502ns5:Subsidiary22023-04-012024-03-31022305023ns5:Subsidiary22023-04-012024-03-3102230502ns5:Subsidiary32023-04-012024-03-3102230502ns5:Subsidiary352023-04-012024-03-3102230502ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3102230502ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3102230502ns5:DeferredTaxation2023-03-3102230502ns5:DeferredTaxation2023-04-012024-03-3102230502ns5:DeferredTaxation2024-03-3102230502ns10:OrdinaryShareClass12024-03-31
REGISTERED NUMBER: 02230502 (England and Wales)













STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2024

FOR

INFO TECHNOLOGY SUPPLY LIMITED

INFO TECHNOLOGY SUPPLY LIMITED (REGISTERED NUMBER: 02230502)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Profit and loss account 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


INFO TECHNOLOGY SUPPLY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2024







DIRECTORS: F Garcia Hernandez
J R Wright
R S Kalyan





SECRETARY: P Shah





REGISTERED OFFICE: 2 Hobbs House
Harrovian Business Village
Bessborough Road
Harrow
Middlesex
HA1 3EX





REGISTERED NUMBER: 02230502 (England and Wales)





AUDITORS: Sproull & Co.
Chartered Accountants
Statutory Auditors
First Floor, Jebsen House
53-61 High Street
Ruislip
Middlesex
HA4 7BD

INFO TECHNOLOGY SUPPLY LIMITED (REGISTERED NUMBER: 02230502)

STRATEGIC REPORT
FOR THE YEAR ENDED 31ST MARCH 2024


The directors present their strategic report for the year ended 31st March 2024.

PRINCIPAL ACTIVITY
The principal activity for the year under review was development, distribution and support of software solutions for education, public libraries, and corporate clients. The company positions itself as a "boutique vendor" offering carefully selected best-of-breed solutions that provide excellent value.

The company's proprietary product portfolio includes:
- On-Premise Solutions: Onelog (e-resource management), MyPC (PC reservation), and R&R (resource
booking).
- SaaS Cloud Products: Evalyou8 (customer feedback), Willow360 (workflow automation), and MyPC
Cloud (workspace booking).
- Print/Copy/Scan Products: DocSlide and various payment gateways

ITS also serves as a key distribution partner for third-party solutions, notably as the primary PaperCut Authorised solution Center in Europe, alongside products from Princity, Kuario, Umango, Elatec, Inepro, and others.

The company operates through branches in Serbia, Spain, France, Germany, subsidiary undertakings in the USA and the Netherlands and through an associated company in India. The Spanish branch has been converted into a subsidiary from 01/10/2023.

REVIEW OF BUSINESS
In the context of evolving market conditions, the directors are pleased with the company's financial performance. The company has maintained its investment in software development, particularly in SaaS product offerings, which are becoming increasingly central to ITS's long-term strategy. The directors are confident that this investment positions the company well for continued growth in the digital market. It should be noted that due to the nature of the company's business, significant amounts of software maintenance and subscription revenue (with associated costs and profits) are deferred into future financial years. During the course of this financial year, the profit deferred into the future fell by £1,976,908, giving a total net deferral carried forward at year-end of £865,532, which will be recognised as additional net income in future years' accounts.

KEY PERFORMANCE INDICATORS
2024 2023 2022 2021

Turnover £16,251,925 £19,493,353 £15,187,213 £12,900,676
Gross Profit £6,869,404 £5,432,738 £5,990,014 £4,703,161
Gross Profit Margin % 42.27% 27.86% 39.44% 36.46%
Administrative Expenses £5,462,130 £5,364,889 £5,018,604 £4,904,462
Operating Profit £2,023,438 £230,566 £1,141,904 £129,481

PRINCIPAL RISKS AND UNCERTAINTIES
The company continues to address the need to evolve its portfolio in line with technological shifts, particularly the transition from on-premise to cloud solutions. Product development focuses on enhancing existing offerings while accelerating the development of SaaS products to meet changing market demands.

In relation to financial risks, the company remains exposed to currency fluctuations, mitigated by strong sales in the Euro zone and North America. The directors have determined that Brexit has not had a significant negative impact on operations, with logistical arrangements in place through European subsidiaries to fulfill EU orders.

To address operational risks, the company have upgraded ISO 27001:2013 to ISO 27001:2022 Information Security Management System accreditation alongside its ISO 9001:2015 Quality Management certification.

The company is currently implementing digital transformation initiatives to enhance operational efficiency and competitiveness in an AI-driven marketplace.

INFO TECHNOLOGY SUPPLY LIMITED (REGISTERED NUMBER: 02230502)

STRATEGIC REPORT
FOR THE YEAR ENDED 31ST MARCH 2024


ON BEHALF OF THE BOARD:





F Garcia Hernandez - Director


24th March 2025

INFO TECHNOLOGY SUPPLY LIMITED (REGISTERED NUMBER: 02230502)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST MARCH 2024


The directors present their report with the financial statements of the company for the year ended 31st March 2024.

DIVIDENDS
The total distribution of dividends for the year ended 31st March 2024 will be £ 310,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1st April 2023 to the date of this report.

F Garcia Hernandez
J R Wright
R S Kalyan

Other changes in directors holding office are as follows:

M K Patel - resigned 6th March 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

INFO TECHNOLOGY SUPPLY LIMITED (REGISTERED NUMBER: 02230502)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST MARCH 2024


AUDITORS
Under section 487(2) of the Companies Act 2006, Sproull & Co., Chartered Accountants and Statutory Auditors, are deemed to be reappointed as auditors.

ON BEHALF OF THE BOARD:




F Garcia Hernandez - Director


24th March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
INFO TECHNOLOGY SUPPLY LIMITED


Opinion
We have audited the financial statements of Info Technology Supply Limited (the 'company') for the year ended 31st March 2024 which comprise the Profit and loss account, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31st March 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Emphasis of matter
We draw your attention to Note 7 (Exceptional item) of the Financial Statements, which describes the effects of an incidence of financial fraud arising during the year. Our opinion is not modified in respect of this matter.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
INFO TECHNOLOGY SUPPLY LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- Through assessing our cumulative acquired knowledge and review of relevant sector information, we gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud.
- We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, Financial Reporting Standards and UK taxation legislation.
- We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial results and management bias in accounting estimates.
- We discussed among the engagement team how and where fraud might occur in the financial statements and any potential indicators of fraud. Furthermore, we communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
INFO TECHNOLOGY SUPPLY LIMITED


Based on the above, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. Our work included:

- Discussions with management and those charged with governance in relation to known or suspected instances of non-compliance with laws and regulations and fraud as well as those policies and procedures designed to detect such instances.
- Obtaining an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company's internal control.
- Evaluating the appropriateness of accounting policies used, evaluating the reasonableness and testing of significant accounting estimates and assessing whether the judgements made are indicative of a potential bias by management that represented a risk of material misstatement due to fraud.
- Testing of journal entries back to corroborating evidence.
- Reviewing the financial statement disclosures and agreeing to supporting documentation where relevant to assess compliance with relevant laws and regulations.


Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with the laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Michelle Wickwar (Senior Statutory Auditor)
for and on behalf of Sproull & Co.
Chartered Accountants
Statutory Auditors
First Floor, Jebsen House
53-61 High Street
Ruislip
Middlesex
HA4 7BD

28th March 2025

INFO TECHNOLOGY SUPPLY LIMITED (REGISTERED NUMBER: 02230502)

PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31ST MARCH 2024

2024 2023
Notes £ £ £ £

TURNOVER 16,251,925 19,493,353

Cost of sales 9,382,521 14,060,615
GROSS PROFIT 6,869,404 5,432,738

Administrative expenses 5,462,130 5,364,889
1,407,274 67,849

Other operating income 616,164 162,717
OPERATING PROFIT 5 2,023,438 230,566

Exceptional item 7 690,740 -
1,332,698 230,566

Income from shares in group undertakings - 42,835
Interest receivable and similar income 1,030 1,395
1,030 44,230
1,333,728 274,796
Loss/(gain) on sale of current investments 11,953 (7,492 )
1,345,681 267,304

Interest payable and similar expenses 8 105 259
PROFIT BEFORE TAXATION 1,345,576 267,045

Tax on profit 9 124,685 (18,125 )
PROFIT FOR THE FINANCIAL YEAR 1,220,891 285,170

INFO TECHNOLOGY SUPPLY LIMITED (REGISTERED NUMBER: 02230502)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31ST MARCH 2024

2024 2023
Notes £ £

PROFIT FOR THE YEAR 1,220,891 285,170


OTHER COMPREHENSIVE INCOME
Translation of foreign operations 4,318 964,927
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

4,318

964,927
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,225,209

1,250,097

INFO TECHNOLOGY SUPPLY LIMITED (REGISTERED NUMBER: 02230502)

BALANCE SHEET
31ST MARCH 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible assets 11 71,248 98,762
Investments 12 552,724 550,159
623,972 648,921

CURRENT ASSETS
Stocks 13 42,198 396,085
Debtors 14 9,776,331 5,513,889
Investments 15 52,995 121,919
Cash at bank 1,252,793 1,905,495
11,124,317 7,937,388
CREDITORS
Amounts falling due within one year 16 6,105,403 5,216,154
NET CURRENT ASSETS 5,018,914 2,721,234
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,642,886

3,370,155

CREDITORS
Amounts falling due after more than one
year

17

(3,964,319

)

(2,607,092

)

PROVISIONS FOR LIABILITIES 19 (18,713 ) (18,418 )
NET ASSETS 1,659,854 744,645

CAPITAL AND RESERVES
Called up share capital 20 1,000 1,000
Other reserves 458,957 454,639
Retained earnings 1,199,897 289,006
SHAREHOLDERS' FUNDS 1,659,854 744,645

The financial statements were approved by the Board of Directors and authorised for issue on 24th March 2025 and were signed on its behalf by:





F Garcia Hernandez - Director


INFO TECHNOLOGY SUPPLY LIMITED (REGISTERED NUMBER: 02230502)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31ST MARCH 2024

Called up
share Retained Other Total
capital earnings reserves equity
£ £ £ £
Balance at 1st April 2022 1,000 1,121,331 (510,288 ) 612,043

Changes in equity
Total comprehensive income - 285,170 964,927 1,250,097
Dividends - (1,117,495 ) - (1,117,495 )
Balance at 31st March 2023 1,000 289,006 454,639 744,645

Changes in equity
Total comprehensive income - 1,220,891 4,318 1,225,209
Dividends - (310,000 ) - (310,000 )
Balance at 31st March 2024 1,000 1,199,897 458,957 1,659,854

INFO TECHNOLOGY SUPPLY LIMITED (REGISTERED NUMBER: 02230502)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024


1. STATUTORY INFORMATION

Info Technology Supply 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling which is the functional currency of the company.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

The company has taken advantage of the exemption available in accordance with Financial Reporting Standards 102, Section 33.1A, 'Related Party Disclosures' not to disclose transactions entered and outstanding balances between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.

Preparation of consolidated financial statements
The financial statements contain information about Info Technology Supply Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Info Technology Supply Group Holdings Limited, 2 Hobbs House, Harrovian Business Village, Bessborough Road, Harrow, Middlesex, HA1 3EX.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.

In respect of maintenance agreements, income therefrom is released evenly over the period of the agreement.

INFO TECHNOLOGY SUPPLY LIMITED (REGISTERED NUMBER: 02230502)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Leasehold improvements- straight line over the length of the lease
Land and buildings- see below
Fixtures and fittings- 20% on reducing balance
Motor vehicles- 25% on reducing balance
Computer equipment- 33.3% on reducing balance

The above annual rates of depreciation are those rates used in the UK office. The company's branch in Spain provides depreciation on all classes of fixed assets on a straight line basis over 2 years. The branch in Serbia provides depreciation on its fixed assets at either 15% or 30% per annum, depending on the group of assets it falls within (as determined by the Serbian authorities).

Land and buildings are shown at cost less any accumulated depreciation and any accumulated impairment losses.

Land and buildings are depreciated over their estimated useful economic life after taking the residual value of the assets into consideration. The directors consider the residual value of the company's land and buildings to be in excess of the original cost and consequently no depreciation is provided.

The residual value of the company's assets and whether the value has been impaired are considered by the directors on an annual basis.

Investments in subsidiaries
Investments held as fixed assets are stated at cost less provisions for impairment. Investments are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable. Impairments are calculated such that the carrying value of the fixed asset investment is lower of its cost or recoverable amount.

Stocks
Stock and work in progress is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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.

INFO TECHNOLOGY SUPPLY LIMITED (REGISTERED NUMBER: 02230502)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


2. ACCOUNTING POLICIES - continued

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


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.

Exchange differences arising on the conversion at the balance sheet date of branches whose functional currency differs from the reporting currency are included within other reserves.

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 contributes to personal pension scheme for employees and directors. The assets of the schemes are held independently of the company by an insurance company. The amount charged to the profit and loss account is the contributions payable in the year.

Consolidation of foreign branches
The results of the foreign branches in Spain, Serbia, France and Germany are incorporated into these financial statements by translating the profit and loss account balances at the average rates of exchange throughout the accounting period and the balance sheet balances at the year end prevailing rates.

All inter-branch transactions are excluded so that only third party transactions remain within these financial statements.

Unrealised exchange differences arising on items that form part of the company's net investment in a foreign branch are recognized in the Statement of Other Comprehensive Income.

Financial instruments
Financial instruments are classified according to the substance of the financial instrument's contractual obligations, as financial assets, financial liabilities or equity instruments.

Financial instruments are initially measured at transaction price (after deducting transaction costs) and subsequently held at amortised costs.

INFO TECHNOLOGY SUPPLY LIMITED (REGISTERED NUMBER: 02230502)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The critical judgements made by management that have a significant effect on the amounts recognised in the financial statements are described below.

Tangible fixed assets
Tangible fixed assets are depreciated over their useful lives after taking into account residual value of the assets into consideration. Land and buildings are shown at cost less any accumulated depreciation and any accumulated impairment losses.

4. EMPLOYEES AND DIRECTORS
2024 2023
£ £
Wages and salaries 3,413,741 3,258,196
Social security costs 411,604 525,333
Other pension costs 144,225 128,120
3,969,570 3,911,649

The average number of employees during the year was as follows:
2024 2023

Management 3 4
Sales and Marketing 18 19
Developers and Quality Assurance 15 15
Finance and Human Resource 5 6
Sales Order Processing 10 13
Technical Services 13 21
Pre sales 6 -
70 78

2024 2023
£ £
Directors' remuneration 499,025 503,511
Directors' pension contributions to money purchase schemes 8,414 17,011

Information regarding the highest paid director is as follows:
2024 2023
£ £
Emoluments etc 183,427 168,727
Pension contributions to money purchase schemes 2,825 8,392

INFO TECHNOLOGY SUPPLY LIMITED (REGISTERED NUMBER: 02230502)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£ £
Other operating leases 191,502 205,789
Depreciation - owned assets 28,253 26,021
Loss on disposal of fixed assets - 35,976
Foreign exchange differences 74,505 (49,788 )

6. AUDITORS' REMUNERATION
2024 2023
£ £
Fees payable to the company's auditors for the audit of the company's
financial statements

36,000

14,200
Auditors' remuneration for non audit work 31,055 21,042

7. EXCEPTIONAL ITEM

During the financial year, the company identified an incident of fraud that resulted in a financial loss. The total loss incurred was £690,740 and took place in the company's branch in Serbia. Management has duly investigated and audited the fraudulent incident and have put an action plan in place to prevent a similar occurrence in the future.

Although the company has reported the fraud to the Serbian judiciary, it has been confirmed that it is not possible to recover the financial loss and therefore, it has been written off in full in the Profit and Loss account in these Financial Statements.

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£ £
Interest payable 105 259

INFO TECHNOLOGY SUPPLY LIMITED (REGISTERED NUMBER: 02230502)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


9. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2024 2023
£ £
Current tax:
UK corporation tax 78,948 (7,486 )
Corporation tax prior year adjustment 38,086 -
Total current tax 117,034 (7,486 )

Deferred tax:
Deferred tax 295 (10,639 )
Deferred tax re prior year adjustment 7,356 -
Total deferred tax 7,651 (10,639 )

Tax on profit 124,685 (18,125 )

UK corporation tax was charged at 19%) in 2023.

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£ £
Profit before tax 1,345,576 267,045
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 25%)

336,394

66,761

Effects of:
Expenses not deductible for tax purposes 194 7,971
Income not taxable for tax purposes - (8,139 )
Depreciation in excess of capital allowances 5,215 3,497
Utilisation of tax losses (117,694 ) -
Foreign taxes not subject to withholding tax (19,688 ) (530 )
Research and development enhanced deduction (204,163 ) (53,538 )
Current year tax losses carried back - (7,486 )
Foreign taxes (repayable)/paid 78,752 -
Deferred tax movement 295 (10,639 )
Tax adjustment for prior year (corporation tax and deferred tax) 45,442 -
Change in tax rate adjustment (62 ) (16,022 )
Total tax charge/(credit) 124,685 (18,125 )

INFO TECHNOLOGY SUPPLY LIMITED (REGISTERED NUMBER: 02230502)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


9. TAXATION - continued

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£ £ £
Translation of foreign operations 4,318 - 4,318

2023
Gross Tax Net
£ £ £
Translation of foreign operations 964,927 - 964,927

10. DIVIDENDS
2024 2023
£ £
Interim 310,000 1,117,495

11. TANGIBLE FIXED ASSETS
Fixtures
Improvements and Computer
to property fittings equipment Totals
£ £ £ £
COST
At 1st April 2023 43,438 144,806 155,642 343,886
Additions - 386 6,896 7,282
Transfer of ownership (group) - (8,842 ) (24,016 ) (32,858 )
At 31st March 2024 43,438 136,350 138,522 318,310
DEPRECIATION
At 1st April 2023 41,074 78,242 125,808 245,124
Charge for year 2,364 14,090 11,799 28,253
Transfer of ownership (group) - (5,464 ) (20,851 ) (26,315 )
At 31st March 2024 43,438 86,868 116,756 247,062
NET BOOK VALUE
At 31st March 2024 - 49,482 21,766 71,248
At 31st March 2023 2,364 66,564 29,834 98,762

INFO TECHNOLOGY SUPPLY LIMITED (REGISTERED NUMBER: 02230502)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


12. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£
COST
At 1st April 2023 550,159
Additions 2,565
At 31st March 2024 552,724
NET BOOK VALUE
At 31st March 2024 552,724
At 31st March 2023 550,159

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

Info Technology Supply Ltd.
Registered office: 6306 N. Cicero Ave. Chicago, IL 60646, United States of America
Nature of business: Distribution of products on behalf of the company
%
Class of shares: holding
Ordinary $10 shares 100.00

iTS Benelux B.V.
Registered office: Ruige Velddreef 135, 3831PG Leusden, Netherlands
Nature of business: Distribution of products on behalf of the company
%
Class of shares: holding
Common shares 100.00

ITS SW EU, S.L.
Registered office: Unipersonal, domiciliada actualmente en Madrid 28031, Spain
Nature of business: Distribution of products on behalf of the company
%
Class of shares: holding
Ordinary 100.00

13. STOCKS
2024 2023
£ £
Finished goods 42,198 396,085

INFO TECHNOLOGY SUPPLY LIMITED (REGISTERED NUMBER: 02230502)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


14. DEBTORS
2024 2023
£ £
Amounts falling due within one year:
Trade debtors 1,296,719 2,133,892
Amounts owed by group undertakings 774,296 358,053
Other debtors 416,870 41,413
Tax recoverable 64,109 7,486
Prepayments 60,030 33,929
Deferred purchase costs 3,381,849 1,484,808
5,993,873 4,059,581

Amounts falling due after more than one year:
Deferred purchase costs 3,782,458 1,454,308

Aggregate amounts 9,776,331 5,513,889

The amounts owed by group undertakings are interest-free, unsecured and repayable on demand.

15. CURRENT ASSET INVESTMENTS
2024 2023
£ £
Listed investments 52,995 121,919
Market value of listed investments at 31st March 2024 - £ 52,995 (2023 - £ 121,919 ).

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade creditors 1,342,134 1,191,358
Taxation 40,551 -
Social security and other taxes 90,608 121,179
VAT 346,088 213,659
Other creditors 29,546 409,656
Accrued expenses 190,956 105,838
Deferred income 4,065,520 3,174,464
6,105,403 5,216,154

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£ £
Deferred income 3,964,319 2,607,092

INFO TECHNOLOGY SUPPLY LIMITED (REGISTERED NUMBER: 02230502)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


18. FINANCIAL INSTRUMENTS

Categorisation of financial instruments
2024 2023
£ £
Financial assets that are debt instruments measured at amortised cost 3,740,678 4,438,853

Financial liabilities measured at amortised cost 1,562,636 1,706,852

Financial assets measured at amortised cost comprises cash, trade debtors, amounts owed by group undertakings and other debtors.

Financial liabilities measured at amortised cost comprises trade creditors, accrued expenses and other creditors.

19. PROVISIONS FOR LIABILITIES
2024 2023
£ £
Deferred tax
Deferred tax 18,418 29,057
Deferred taxation movement 295 (10,639 )
18,713 18,418

Deferred tax
£
Balance at 1st April 2023 18,418
Provided during year 295
Balance at 31st March 2024 18,713

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
1,000 Ordinary £1 1,000 1,000

21. ULTIMATE PARENT COMPANY

The ultimate parent company is ITS Group Holdings Limited, a company registered and located at 2 Hobbs House, Harrovian Business Village, Bessborough Road, Harrow, Middlesex, HA1 3EX.

INFO TECHNOLOGY SUPPLY LIMITED (REGISTERED NUMBER: 02230502)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


22. DEFERRED INCOME AND COSTS

In respect of sales of maintenance agreements, income is recognised evenly over the period of the agreement. At 31st March 2024, a total of £8,029,839 (2023 - £5,781,556) is being carried forward as shown in notes 16 and 17.

In respect of purchase of maintenance agreements, costs are recognised evenly over the period of the agreement. At 31st March 2024, a total of £7,164,307 (2023 - £2,939,116) is being carried forward as shown in note 14.

The net total income being carried forward at 31st March 2024 of £865,532 (2023 - £2,842,440) will be recognised in subsequent years financial statements.