REGISTERED NUMBER: 13582451 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
FOR |
ITS GROUP HOLDINGS LIMITED |
REGISTERED NUMBER: 13582451 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
FOR |
ITS GROUP HOLDINGS LIMITED |
ITS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13582451) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Profit and loss account | 9 |
Consolidated Other Comprehensive Income | 10 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Financial Statements | 18 |
ITS GROUP HOLDINGS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST MARCH 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditors |
First Floor, Jebsen House |
53-61 High Street |
Ruislip |
Middlesex |
HA4 7BD |
ITS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13582451) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31ST MARCH 2024 |
The directors present their strategic report of the company and the group 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 group positions itself as a "boutique vendor" offering carefully selected best-of-breed solutions that provide excellent value. |
The group'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 group 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 group's financial performance. The group 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 group well for continued growth in the digital market. It should be noted that due to the nature of the group'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 £1,570,041, giving a total net deferral carried forward at year-end of £2,003,693, which will be recognised as additional net income in future years' accounts. |
Key Performance Indicators |
2024 | 2023 | 2022 |
Turnover | £16,810,404 | £20,171,361 | £7,848,743 |
Gross Profit | £8,312,383 | £5,911,958 | £3,368,053 |
Gross Profit Margin % | 49.45% | 29.31% | 42.91% |
Administrative Expenses | £6,571,477 | £6,264,105 | £3,132,028 |
Operating (Loss)/Profit | £1,740,906 | (£352,147 | ) | £236,025 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The group 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 group remains exposed to currency fluctuations, mitigated by strong sales in the Eurozone 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 group has upgraded ISO 27001:2013 to ISO 27001:2022 Information Security Management System accreditation alongside its ISO 9001:2015 Quality Management certification. |
The group is currently implementing digital transformation initiatives to enhance operational efficiency and competitiveness in an AI-driven marketplace. |
ITS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13582451) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31ST MARCH 2024 |
ON BEHALF OF THE BOARD: |
ITS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13582451) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31st March 2024. |
DIVIDENDS |
The total distribution of dividends for the year ended 31st March 2024 will be £ 256,095 . |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1st April 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information. |
ITS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13582451) |
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: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ITS GROUP HOLDINGS LIMITED |
Opinion |
We have audited the financial statements of ITS Group Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st March 2024 which comprise the Consolidated Profit and loss account, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31st March 2024 and of the group's 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 group 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 group's and the parent 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 Group 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ITS GROUP HOLDINGS LIMITED |
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 Group 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 Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company 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 group's and the parent 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 group or the parent 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
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 |
ITS GROUP HOLDINGS 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. |
for and on behalf of |
Chartered Accountants |
Statutory Auditors |
First Floor, Jebsen House |
53-61 High Street |
Ruislip |
Middlesex |
HA4 7BD |
ITS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13582451) |
CONSOLIDATED PROFIT AND LOSS ACCOUNT |
FOR THE YEAR ENDED 31ST MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
TURNOVER | 4 | 16,810,404 | 20,171,361 |
Cost of sales | 8,498,021 | 14,259,403 |
GROSS PROFIT | 8,312,383 | 5,911,958 |
Administrative expenses | 6,571,477 | 6,264,105 |
OPERATING PROFIT/(LOSS) | 6 | 1,740,906 | (352,147 | ) |
Exceptional item | 7 | 690,740 | - |
1,050,166 | (352,147 | ) |
Income from shares in group undertakings | 8 | - | 1,333 |
Interest receivable and similar income | 2,163 | 2,808 |
2,163 | 4,141 |
1,052,329 | (348,006 | ) |
Gain/(loss) on revaluation of |
investments | 11,953 | (7,492 | ) |
1,064,282 | (355,498 | ) |
Interest payable and similar expenses | 9 | 1,093 | 472 |
PROFIT/(LOSS) BEFORE TAXATION | 1,063,189 | (355,970 | ) |
Tax on profit/(loss) | 10 | 77,253 | (20,963 | ) |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
( |
) |
Profit/(loss) attributable to: |
Owners of the parent | 985,936 | (335,007 | ) |
ITS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13582451) |
CONSOLIDATED OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31ST MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT/(LOSS) FOR THE YEAR | 985,936 | (335,007 | ) |
OTHER COMPREHENSIVE INCOME |
Translation of foreign operations | 292,763 | 790,843 |
Income tax relating to other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
292,763 |
790,843 |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
1,278,699 |
455,836 |
Total comprehensive income attributable to: |
Owners of the parent | 1,278,699 | 455,836 |
ITS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13582451) |
CONSOLIDATED BALANCE SHEET |
31ST MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 13 | - | - |
Tangible assets | 14 | 111,671 | 101,794 |
Investments | 15 | - | - |
111,671 | 101,794 |
CURRENT ASSETS |
Stocks | 16 | 92,205 | 396,085 |
Debtors | 17 | 10,458,789 | 5,786,964 |
Investments | 18 | 52,995 | 121,919 |
Cash at bank and in hand | 2,530,803 | 2,807,617 |
13,134,792 | 9,112,585 |
CREDITORS |
Amounts falling due within one year | 19 | 7,061,896 | 5,768,103 |
NET CURRENT ASSETS | 6,072,896 | 3,344,482 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
6,184,567 |
3,446,276 |
CREDITORS |
Amounts falling due after more than one year |
20 |
4,637,741 |
2,922,056 |
NET ASSETS | 1,546,826 | 524,220 |
CAPITAL AND RESERVES |
Called up share capital | 23 | 486,752 | 486,750 |
Capital redemption reserve | 1,283,250 | 1,283,250 |
Pre-acquisition reserves | (217,180 | ) | (217,180 | ) |
Other reserves | 1,033,668 | 740,905 |
Retained earnings | (1,039,664 | ) | (1,769,505 | ) |
SHAREHOLDERS' FUNDS | 1,546,826 | 524,220 |
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 |
ITS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13582451) |
COMPANY BALANCE SHEET |
31ST MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 13 |
Tangible assets | 14 |
Investments | 15 |
CURRENT ASSETS |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 19 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 23 |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 279,579 | 1,079,462 |
The financial statements were approved by the Board of Directors and authorised for issue on |
ITS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13582451) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31ST MARCH 2024 |
Called up | Capital |
share | Retained | redemption |
capital | earnings | reserve |
£ | £ | £ |
Balance at 1st April 2022 | 1,770,000 | 71,772 | - |
Deficit for the year | - | (335,007 | ) | - |
Other comprehensive income | - | (1,283,250 | ) | 1,283,250 |
Total comprehensive income | - | (1,618,257 | ) | 1,283,250 |
Reduction in share capital | (1,283,250 | ) | - | - |
Dividends | - | (223,020 | ) | - |
Balance at 31st March 2023 | 486,750 | (1,769,505 | ) | 1,283,250 |
Profit for the year | - | 985,936 | - |
Other comprehensive income | - | - | - |
Total comprehensive income | - | 985,936 | - |
Issue of share capital | 2 | - | - |
Dividends | - | (256,095 | ) | - |
Balance at 31st March 2024 | 486,752 | (1,039,664 | ) | 1,283,250 |
Pre-acquisition | Other | Total |
reserves | reserves | equity |
£ | £ | £ |
Balance at 1st April 2022 | (217,180 | ) | (49,938 | ) | 1,574,654 |
Deficit for the year | - | - | (335,007 | ) |
Other comprehensive income | - | 790,843 | 790,843 |
Total comprehensive income | - | 790,843 | 455,836 |
Reduction in share capital | - | - | (1,283,250 | ) |
Dividends | - | - | (223,020 | ) |
Balance at 31st March 2023 | (217,180 | ) | 740,905 | 524,220 |
Profit for the year | - | - | 985,936 |
Other comprehensive income | - | 292,763 | 292,763 |
Total comprehensive income | - | 292,763 | 1,278,699 |
Issue of share capital | - | - | 2 |
Dividends | - | - | (256,095 | ) |
Balance at 31st March 2024 | (217,180 | ) | 1,033,668 | 1,546,826 |
ITS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13582451) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31ST MARCH 2024 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1st April 2022 |
Changes in equity |
Reduction in share capital | (1,283,250 | ) | - | - | (1,283,250 | ) |
Total comprehensive income | - | ( |
) |
Dividends | - | ( |
) | - | ( |
) |
Balance at 31st March 2023 |
Changes in equity |
Issue of share capital | - | - |
Total comprehensive income | - |
Dividends | - | ( |
) | - | ( |
) |
Balance at 31st March 2024 |
ITS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13582451) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31ST MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | (308,297 | ) | 456,708 |
Interest paid | (1,093 | ) | (472 | ) |
Tax paid | (14,016 | ) | (116,897 | ) |
Net cash from operating activities | (323,406 | ) | 339,339 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (4,194 | ) | (5,768 | ) |
Sale of tangible fixed assets | - | 35,976 |
Gain/(loss) on revaluation of investment | 11,953 | (7,492 | ) |
Interest received | 2,163 | 2,808 |
Dividends received | - | 1,333 |
Net cash from investing activities | 9,922 | 26,857 |
Cash flows from financing activities |
Share buyback | 2 | (1,283,250 | ) |
Equity dividends paid | (256,095 | ) | (223,020 | ) |
Net cash from financing activities | (256,093 | ) | (1,506,270 | ) |
Decrease in cash and cash equivalents | (569,577 | ) | (1,140,074 | ) |
Cash and cash equivalents at beginning of year |
2 |
2,807,617 |
3,156,848 |
Effect of foreign exchange rate changes | 292,763 | 790,843 |
Cash and cash equivalents at end of year | 2 | 2,530,803 | 2,807,617 |
ITS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13582451) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31ST MARCH 2024 |
1. | RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit/(loss) before taxation | 1,063,189 | (355,970 | ) |
Depreciation charges | 31,152 | 30,450 |
Loss on disposal of fixed assets | - | 35,976 |
(Gain)/loss on revaluation of fixed assets | (11,953 | ) | 7,492 |
Finance costs | 1,093 | 472 |
Finance income | (2,163 | ) | (4,141 | ) |
1,081,318 | (285,721 | ) |
Decrease in stocks | 303,880 | 74,619 |
(Increase)/decrease in trade and other debtors | (4,643,088 | ) | 2,769,871 |
Increase/(decrease) in trade and other creditors | 2,949,593 | (2,102,061 | ) |
Cash generated from operations | (308,297 | ) | 456,708 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31st March 2024 |
31.3.24 | 1.4.23 |
£ | £ |
Cash and cash equivalents | 2,530,803 | 2,807,617 |
Year ended 31st March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 2,807,617 | 3,156,848 |
ITS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13582451) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31ST MARCH 2024 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
Other |
non-cash |
At 1.4.23 | Cash flow | changes | At 31.3.24 |
£ | £ | £ | £ |
Net cash |
Cash at bank |
and in hand | 2,807,617 | (276,814 | ) | 2,530,803 |
2,807,617 | (276,814 | ) | 2,530,803 |
Liquid resources |
Current asset |
investments | 121,919 | (68,924 | ) | - | 52,995 |
121,919 | (68,924 | ) | - | 52,995 |
Debt |
Finance leases | - | - | (36,835 | ) | (36,835 | ) |
- | - | (36,835 | ) | (36,835 | ) |
Total | 2,929,536 | (345,738 | ) | (36,835 | ) | 2,546,963 |
ITS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13582451) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
1. | STATUTORY INFORMATION |
ITS Group Holdings Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are prepared in sterling which is the functional currency of the company. |
Basis of consolidation |
The group financial statements consolidate the financial statements of the ITS Group Holdings Limited and all of its subsidiary undertakings using acquisition accounting at the balance sheet date. A subsidiary is an entity that is controlled by another entity, known as the parent. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The results of subsidiary undertakings acquired or disposed of during a financial period are included from, or to, the effective date of acquisition or disposal. All financial statements are made up to 30 June each year. Intra group balances, sales and profits are eliminated fully on consolidation. Uniform accounting policies have been adopted across the group. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less any accumulated impairment losses. |
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. |
Tangible fixed assets |
Leasehold improvements | - straight line over the length of the lease |
Fixtures and fittings | - 20% 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). |
The residual value of the company's assets and whether the value has been impaired are considered by the directors on an annual basis. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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. |
ITS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13582451) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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. |
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. |
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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
The company contributes to personal pension schemes 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. |
Current asset investments |
Investments held as current assets are recognised at fair value. |
Equity instruments |
Equity instruments issued by the group are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business in 2021, is being amortised evenly over its estimated useful life of ten years. |
ITS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13582451) |
NOTES TO THE CONSOLIDATED 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 taking into account residual values, where appropriate. The useful economic lives of the assets and residual values are assessed annually and may vary depending on a number of factors such as technological innovations, maintenance and projected disposal values. |
4. | TURNOVER |
The turnover and profit (2023 - loss) before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by geographical market is given below: |
2024 | 2023 |
£ | £ |
United Kingdom | 12,191,890 | 13,325,658 |
Europe | 3,279,442 | 5,258,205 |
United States of America | 1,339,072 | 1,587,498 |
16,810,404 | 20,171,361 |
5. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 4,452,184 | 3,777,937 |
Social security costs | 543,707 | 586,648 |
Other pension costs | 162,303 | 152,168 |
5,158,194 | 4,516,753 |
ITS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13582451) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
5. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
2024 | 2023 |
Management | 4 | 4 |
Sales and Marketing | 25 | 25 |
Developers and Quality Assurance | 15 | 15 |
Finance and Human Resource | 8 | 8 |
Sales Order Processing | 16 | 13 |
Technical Services | 20 | 26 |
Pre sales | 8 | - |
2024 | 2023 |
£ | £ |
Directors' remuneration | 499,025 | 337,449 |
Directors' pension contributions to money purchase schemes | 8,414 | 14,343 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 4 | 4 |
Information regarding the highest paid director is as follows: |
2024 | 2023 |
£ | £ |
Emoluments etc | 166,416 | 168,727 |
Pension contributions to money purchase schemes | - | 8,392 |
6. | OPERATING PROFIT/(LOSS) |
The operating profit (2023 - operating loss) is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Other operating leases | 217,776 | 220,626 |
Depreciation - owned assets | 31,152 | 30,450 |
Loss on disposal of fixed assets | - | 35,976 |
Auditors' remuneration for audit of the company's financial statements | 36,000 | 14,200 |
Auditors' remuneration for non audit work | 31,055 | 21,042 |
Foreign exchange differences | (182,351 | ) | (39,682 | ) |
7. | EXCEPTIONAL ITEMS |
2024 | 2023 |
£ | £ |
Exceptional item | (690,740 | ) | - |
ITS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13582451) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
During the financial year, the group identified an incident of fraud that resulted in a financial loss. The total loss incurred was £690,740 and took place in the group'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 group 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. | INCOME FROM SHARES IN GROUP UNDERTAKINGS |
2024 | 2023 |
£ | £ |
Dividends received | - | 1,333 |
9. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank interest | 385 | - |
HP interest payable | 708 | 472 |
1,093 | 472 |
10. | 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 | 85,736 | (8,192 | ) |
Corporation tax prior year adjustment | (16,134 | ) | - |
Total current tax | 69,602 | (8,192 | ) |
Deferred tax: |
Deferred tax | 295 | (12,771 | ) |
Deferred tax prior year adjustment | 7,356 | - |
Total deferred tax | 7,651 | (12,771 | ) |
Tax on profit/(loss) | 77,253 | (20,963 | ) |
ITS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13582451) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
10. | TAXATION - continued |
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/(loss) before tax | 1,063,189 | (355,970 | ) |
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19 %) |
265,797 |
(67,634 |
) |
Effects of: |
Expenses not deductible for tax purposes | 195 | 7,971 |
Income not taxable for tax purposes | - | (253 | ) |
Depreciation in excess of capital allowances | 5,215 | 4,339 |
Utilisation of tax losses | 22,889 | - |
Adjustments to tax charge in respect of previous periods | (8,778 | ) | - |
Foreign taxes (repayable)/paid | 78,752 | (2,132 | ) |
Research and development enhanced deduction | (204,163 | ) | - |
Foreign taxes not subject to withholding tax | (19,688 | ) | (530 | ) |
Deferred tax movement | (64,195 | ) | (12,771 | ) |
Other tax deductions | 1,229 | 50,047 |
Total tax charge/(credit) | 77,253 | (20,963 | ) |
Tax effects relating to effects of other comprehensive income |
2024 |
Gross | Tax | Net |
£ | £ | £ |
Translation of foreign operations | 292,763 | - | 292,763 |
2023 |
Gross | Tax | Net |
£ | £ | £ |
Translation of foreign operations | 790,843 | - | 790,843 |
11. | INDIVIDUAL PROFIT AND LOSS ACCOUNT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
ITS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13582451) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
12. | DIVIDENDS |
2024 | 2023 |
£ | £ |
A Ordinary shares of £1 each |
Interim | - | 37,170 |
B Ordinary shares of £1 each |
Interim | 93,126 | 24,780 |
C Ordinary shares of £1 each |
Interim | 23,281 | 12,390 |
D Ordinary shares of £1 each |
Interim | 93,125 | 99,120 |
E Ordinary shares of £1 each |
Interim | 46,563 | 49,560 |
256,095 | 223,020 |
13. | INTANGIBLE FIXED ASSETS |
Company |
Goodwill |
£ |
COST |
At 1st April 2023 |
and 31st March 2024 |
AMORTISATION |
At 1st April 2023 |
Amortisation for year |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
ITS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13582451) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
14. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Improvements | and | Computer |
to property | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1st April 2023 | 43,438 | 170,521 | 163,873 | 377,832 |
Additions | - | 21,289 | 19,740 | 41,029 |
At 31st March 2024 | 43,438 | 191,810 | 183,613 | 418,861 |
DEPRECIATION |
At 1st April 2023 | 41,074 | 100,925 | 134,039 | 276,038 |
Charge for year | 2,364 | 15,843 | 12,945 | 31,152 |
At 31st March 2024 | 43,438 | 116,768 | 146,984 | 307,190 |
NET BOOK VALUE |
At 31st March 2024 | - | 75,042 | 36,629 | 111,671 |
At 31st March 2023 | 2,364 | 69,596 | 29,834 | 101,794 |
15. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1st April 2023 |
Additions |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: 2 Hobbs House, Harrovian Business Village,Bessborough Road,Harrow,Middlesex, HA1 3EX |
Nature of business: |
% |
Class of shares: | holding |
ITS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13582451) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
15. | FIXED ASSET INVESTMENTS - continued |
Registered office: 6306 N. Cicero Ave. Chicago, IL 60646, United States of America |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Ruige Velddreef 135, 3831PG Leusden, Netherlands |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Unipersonal, domiciliada actualmente en Madrid 28031, Spain |
Nature of business: |
% |
Class of shares: | holding |
At the balance sheet date, the company owned 100% of the shares in Info Technology Supply Limited and its three wholly subsidiary companies, iTS Benelux B.V., Info Technology Supply Ltd. and ITS SW EU, S.L. |
16. | STOCKS |
Group |
2024 | 2023 |
£ | £ |
Finished goods | 92,205 | 396,085 |
17. | DEBTORS |
Group |
2024 | 2023 |
£ | £ |
Amounts falling due within one year: |
Trade debtors | 2,358,392 | 2,628,880 |
Other debtors | 568,479 | 44,858 |
Corporation tax recoverable | - | 35,458 |
Deferred tax asset | 101,949 | 37,754 |
Deferred purchase costs | 3,449,528 | 1,484,808 |
Prepayments | 71,465 | 100,898 |
6,549,813 | 4,332,656 |
ITS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13582451) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
17. | DEBTORS - continued |
Group |
2024 | 2023 |
£ | £ |
Amounts falling due after more than one | year: |
Deferred purchase costs | 3,908,976 | 1,454,308 |
Aggregate amounts | 10,458,789 | 5,786,964 |
Deferred tax asset |
Group |
2024 | 2023 |
£ | £ |
Deferred tax | 37,754 | 24,983 |
Deferred taxation movement | 64,195 | 12,771 |
101,949 | 37,754 |
18. | CURRENT ASSET INVESTMENTS |
Group |
2024 | 2023 |
£ | £ |
Listed investments | 52,995 | 121,919 |
Market value of listed investments held by the group at 31st March 2024 - £52,995 (2023 - £121,919). |
19. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade creditors | 1,409,661 | 1,214,915 |
Amounts owed to group undertakings | - | - |
Taxation | 23,050 | - |
Social security and other taxes | 142,044 | 133,019 |
VAT | 471,995 | 260,456 | - | - |
Other creditors | 32,066 | 422,012 |
Deferred income | 4,761,291 | 3,590,794 |
Accrued expenses | 221,789 | 146,907 |
7,061,896 | 5,768,103 |
ITS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13582451) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
20. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2024 | 2023 |
£ | £ |
Hire purchase contracts (see note 21) | 36,835 | - |
Deferred income | 4,600,906 | 2,922,056 |
4,637,741 | 2,922,056 |
21. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Between one and five years | 36,835 | - |
22. | FINANCIAL INSTRUMENTS |
Categorisation of financial instruments | Group | Company |
£ | £ |
Financial assets that are debt instruments measured at amortised cost | 5,457,674 | 566,455 |
Financial liabilities measured at amortised cost | 1,663,516 | - |
Financial assets measured at amortised cost comprises cash, trade debtors and other debtors. |
Financial liabilities measured at amortised cost comprises trade creditors, other creditors, payments received on account and accrued expenses. |
23. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
B Ordinary | £1 | 177,002 | 177,000 |
(2023 - 177,000 ) |
C Ordinary | £1 | 44,250 | 44,250 |
D Ordinary | £1 | 177,000 | 177,000 |
E Ordinary | £1 | 88,500 | 88,500 |
486,752 | 486,750 |
ITS GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 13582451) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
23. | CALLED UP SHARE CAPITAL - continued |
2 B Ordinary shares of £1 for cash of £14. |
24. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
25. | 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 £9,362,197 (2023 - £6,512,850) is being carried forward as shown in notes 19 and 20. |
In respect of purchase of maintenance agreements, costs are recognised evenly over the period of the agreement. At 31st March 2024, a total of £7,358,504 (2023 - £2,939,116) is being carried forward as shown in note 17. The net income total being carried forward at 31st March 2024 of £2,003,693 (2023 - £3,573,734) will be recognised in subsequent years financial statements. |
26. | RELATED UNDERTAKINGS |
These financial statements incorporate the financial results of the following subsidiaries. |
Name of undertaking and nature of business |
Share class |
% of share class held by group |
Registered office address |
Info Technology Supply Limited |
Nature of business: Production and distribution of advanced IT systems |
Ordinary shares |
100 | 2 Hobbs House, Harrovian Business Village, Bessborough Road, Harrow, Middlesex HA1 3EX |
iTS Benelux B.V. |
Nature of business: Distribution of products on behalf of the company |
Common shares |
100 | Ruige Velddreef 135, 3831PG Leusden, Netherlands |
Info Technology Supply Ltd. |
Nature of business: Distribution of products on behalf of the company |
Ordinary $10 shares |
100 | 6306 N. Cicero Ave. Chicago, IL 60646, United States of America |
ITS SW EU, S.L. |
Nature of business: Distribution of products on behalf of the company |
Ordinary shares |
100 | Unipersonal, domiciliada actualmente en Madrid 28031, Spain |
27. | ULTIMATE CONTROLLING PARTY |
In opinion of the members, there is no ultimate controlling party. |