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REGISTERED NUMBER: 08873624 (England and Wales)











Group Strategic Report,

Report of the Director and

Consolidated Financial Statements

for the Year Ended 31 July 2024

for

ITUS Group Limited

ITUS Group Limited (Registered number: 08873624)






Contents of the Consolidated Financial Statements
for the Year Ended 31 July 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 5

Consolidated Statement of Income and Retained Earnings 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Cash Flow Statement 12

Notes to the Consolidated Cash Flow Statement 13

Notes to the Consolidated Financial Statements 14


ITUS Group Limited

Company Information
for the Year Ended 31 July 2024







DIRECTOR: R Gow





REGISTERED OFFICE: Leofric House
Binley Road
Coventry
CV3 1JN





REGISTERED NUMBER: 08873624 (England and Wales)





AUDITORS: Leigh Christou Ltd
Chartered Certified Accountants and
Statutory Auditor
Leofric House
Binley Road
Coventry
CV3 1JN

ITUS Group Limited (Registered number: 08873624)

Group Strategic Report
for the Year Ended 31 July 2024

The director presents her strategic report of the company and the group for the year ended 31 July 2024.

REVIEW OF BUSINESS
The key performance indicators during the period were are follows:
31 July 2024 31 July 2023
£ £
Turnover 5,938,774 6,930,744
Gross profit 5,073,792 5,944,477
Administrative expenses 4,697,780 4,431,721
Operating profit 614,719 1,774,621

Analysis of results
Turnover for the year amounted to £5,938,774 (2023: £6,930,744). This is decreased on the previous year. While demand remained strong, trading subsidiaries (notably Ark Insurance Group Limited) had supply constraints which limited the volume of certain types of insurance activity that could be undertaken.

The management of Ark Insurance Group Limited are working with a portfolio of insurers to boost capacity. As building such relationships can take time, the group continues to closely monitor costs while the revenue streams are built back up.

The main trading businesses of the group are Ark Insurance Group Limited and Peacock Insurance Services Limited. Other than the particular issues for certain types of insurance policies, both renewals and demand from new customers remains strong.

Administrative expenses have increased, with staff costs remaining the largest component. The headcount has decreased slightly to 75 employees (2023: 77). The group continues to pay increased salaries to retain key staff in an increasingly competitive market, while matching headcount to the level of activity.

PRINCIPAL RISKS AND UNCERTAINTIES
The group is subject to risks and uncertainties associated with economic and political conditions around the United Kingdom.

The group's operations may continue to be affected by Brexit, with the group withdrawing from activity with insurance customers based in the EU due to current regulations and uncertainties.

There is significant uncertainty in the current economic climate, with the medium to long term effects of tariffs (and potential trade wars) yet to be fully evaluated.

The group will continue to offer a mix of insurance policy types, to a diverse range of customers. The group will continue to investigate new revenue streams, and new technological developments.

Through a diverse range of customers and insurance policy types, the group aims to mitigate the risks of being overly dependent on a particular range of policies or insurers.

FUTURE DEVELOPMENTS
The group will continue to develop its existing product offerings, while looking to generate new revenue streams where appropriate.

ON BEHALF OF THE BOARD:





R Gow - Director


17 April 2025

ITUS Group Limited (Registered number: 08873624)

Report of the Director
for the Year Ended 31 July 2024

The director presents her report with the financial statements of the company and the group for the year ended 31 July 2024.

PRINCIPAL ACTIVITIES
The principal activities of the group in the year under review were those of an insurance underwriting agency, and insurance broking, as regulated by the Financial Conduct Authority (FCA).

DIVIDENDS
Interim dividends per share were paid during the year as follows:
Ordinary A. 0.01p - £9.35 - 31 March 2024
Ordinary D 0.01p - £9.47066 - 31 March 2024

The total distribution of dividends for the year ended 31 July 2024 will be £ 107,706 .

DIRECTOR
R Gow held office during the whole of the period from 1 August 2023 to the date of this report.

STREAMLINED ENERGY AND CARBON REPORTING
The group operates principally from modern premises at 1410 Spring Place, Coventry. The building is owned by the group, and has been developed to meet the needs of the business. The management team are mindful of the carbon footprint of the business, and have used energy efficient materials within the fit out of the building, in addition to energy saving measures such as motion detecting lights, LED lighting, and efficient heating.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless she is 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 director is 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 director is 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 her to ensure that the financial statements comply with the Companies Act 2006. She is 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 director is 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 she has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ITUS Group Limited (Registered number: 08873624)

Report of the Director
for the Year Ended 31 July 2024


AUDITORS
The auditors, Leigh Christou Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





R Gow - Director


17 April 2025

Report of the Independent Auditors to the Members of
ITUS Group Limited

Opinion
We have audited the financial statements of ITUS Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2024 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Balance Sheet, Company Balance Sheet, 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 31 July 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Key audit matters
Key audit matters are those matters that, in the auditor's professional judgement, were of most significance in the audit of the financial statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to fraud) identified by the auditors, including those which had the greatest effect on: the overall audit strategy; the allocation of resources in the audit; and directing the efforts of the engagement team.These matters, and any comments we make on the results of our procedures thereon, were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

This is not a complete list of all risks identified by our audit

• Valuation of investment property

• Recoverability of related party loans

• Presentation and accounting treatment of client money

• Recoverability of insurance debtors

• Compliance with Financial Conduct Authority (FCA) regulations in relation to client money

• Completeness of insurance creditors

• Completeness of liabilities

• Revenue recognition

Report of the Independent Auditors to the Members of
ITUS Group Limited


Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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 Group Strategic Report and the Report of the Director 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 Director 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 Director.

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 director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
ITUS Group Limited


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:

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain 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 purpose of expressing an opinion on the effectiveness of the internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going
concern.

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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.

Report of the Independent Auditors to the Members of
ITUS Group Limited


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.




C A Christou FCCA MAE (Senior Statutory Auditor)
for and on behalf of Leigh Christou Ltd
Chartered Certified Accountants and
Statutory Auditor
Leofric House
Binley Road
Coventry
CV3 1JN

17 April 2025

ITUS Group Limited (Registered number: 08873624)

Consolidated
Statement of Income and
Retained Earnings
for the Year Ended 31 July 2024

31.7.24 31.7.23
Notes £    £   

TURNOVER 3 5,938,774 6,930,744

Cost of sales 864,982 986,267
GROSS PROFIT 5,073,792 5,944,477

Administrative expenses 4,697,780 4,431,721
376,012 1,512,756

Other operating income 4 238,707 261,865
OPERATING PROFIT 6 614,719 1,774,621

Exceptional item 7 - 324,372
614,719 1,450,249

Interest receivable and similar income 8 117,024 34,962
731,743 1,485,211

Interest payable and similar expenses 9 82,325 82,631
PROFIT BEFORE TAXATION 649,418 1,402,580

Tax on profit 10 159,227 363,070
PROFIT FOR THE FINANCIAL YEAR 490,191 1,039,510

Retained earnings at beginning of year 5,431,962 4,417,452

Dividends 12 (107,706 ) (25,000 )

RETAINED EARNINGS FOR THE
GROUP AT END OF YEAR

5,814,447

5,431,962

Profit attributable to:
Owners of the parent 490,191 1,039,510

ITUS Group Limited (Registered number: 08873624)

Consolidated Balance Sheet
31 July 2024

31.7.24 31.7.23
Notes £    £    £   
FIXED ASSETS
Intangible assets 13 126,769 134,660
Tangible assets 14 205,962 241,324
Investments 15 - -
Investment property 16 3,609,963 3,598,244
3,942,694 3,974,228

CURRENT ASSETS
Debtors 17 3,307,400 3,416,497
Cash at bank 18 4,821,426 6,129,273
8,128,826 9,545,770
CREDITORS
Amounts falling due within one year 19 4,261,771 5,879,889
NET CURRENT ASSETS 3,867,055 3,665,881
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,809,749

7,640,109

CREDITORS
Amounts falling due after more than one
year

20

(1,834,239

)

(2,019,661

)

PROVISIONS FOR LIABILITIES 24 (122,810 ) (150,233 )
NET ASSETS 5,852,700 5,470,215

CAPITAL AND RESERVES
Called up share capital 25 3 3
Share premium 26 38,250 38,250
Retained earnings 26 5,814,447 5,431,962
SHAREHOLDERS' FUNDS 5,852,700 5,470,215

The financial statements were approved by the director and authorised for issue on 17 April 2025 and were signed by:





R Gow - Director


ITUS Group Limited (Registered number: 08873624)

Company Balance Sheet
31 July 2024

31.7.24 31.7.23
Notes £    £    £   
FIXED ASSETS
Intangible assets 13 17,000 -
Tangible assets 14 - -
Investments 15 161,402 161,402
Investment property 16 - -
178,402 161,402

CURRENT ASSETS
Debtors 17 2,628,008 2,163,280
Cash at bank 18 2,235,316 2,022,706
4,863,324 4,185,986
CREDITORS
Amounts falling due within one year 19 635,552 595,328
NET CURRENT ASSETS 4,227,772 3,590,658
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,406,174

3,752,060

CAPITAL AND RESERVES
Called up share capital 25 3 3
Share premium 26 38,250 38,250
Retained earnings 26 4,367,921 3,713,807
SHAREHOLDERS' FUNDS 4,406,174 3,752,060

Company's profit for the financial year 761,820 1,329,117

The financial statements were approved by the director and authorised for issue on 17 April 2025 and were signed by:





R Gow - Director


ITUS Group Limited (Registered number: 08873624)

Consolidated Cash Flow Statement
for the Year Ended 31 July 2024

31.7.24 31.7.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (668,586 ) 2,428,595
Interest paid (80,972 ) (81,156 )
Interest element of hire purchase payments
paid

(1,353

)

(1,475

)
Tax paid (391,514 ) (339,357 )
Net cash from operating activities (1,142,425 ) 2,006,607

Cash flows from investing activities
Purchase of intangible fixed assets (51,033 ) (55,821 )
Purchase of tangible fixed assets (33,130 ) (114,709 )
Purchase of investment property (11,719 ) (36,682 )
Sale of tangible fixed assets - 23,280
Interest received 117,024 34,962
Net cash from investing activities 21,142 (148,970 )

Cash flows from financing activities
Loan repayments in year (171,741 ) (174,437 )
Capital repayments in year (11,054 ) (12,048 )
Amount introduced by directors 616,287 -
Amount withdrawn by directors (512,350 ) (624,017 )
Equity dividends paid (107,706 ) (25,000 )
Net cash from financing activities (186,564 ) (835,502 )

(Decrease)/increase in cash and cash equivalents (1,307,847 ) 1,022,135
Cash and cash equivalents at beginning of
year

2

6,129,273

5,107,138

Cash and cash equivalents at end of year 2 4,821,426 6,129,273

ITUS Group Limited (Registered number: 08873624)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 July 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

31.7.24 31.7.23
£    £   
Profit before taxation 649,418 1,402,580
Depreciation charges 127,417 125,212
Profit on disposal of fixed assets - (13,133 )
Finance costs 82,325 82,631
Finance income (117,024 ) (34,962 )
742,136 1,562,328
Decrease/(increase) in trade and other debtors 68,316 (699,495 )
(Decrease)/increase in trade and other creditors (1,479,038 ) 1,565,762
Cash generated from operations (668,586 ) 2,428,595

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 31 July 2024
31.7.24 1.8.23
£    £   
Cash and cash equivalents 4,821,426 6,129,273
Year ended 31 July 2023
31.7.23 1.8.22
£    £   
Cash and cash equivalents 6,129,273 5,107,138


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.8.23 Cash flow At 31.7.24
£    £    £   
Net cash
Cash at bank 6,129,273 (1,307,847 ) 4,821,426
6,129,273 (1,307,847 ) 4,821,426
Debt
Finance leases (11,054 ) 11,054 -
Debts falling due within 1 year (159,194 ) (13,682 ) (172,876 )
Debts falling due after 1 year (2,019,661 ) 185,422 (1,834,239 )
(2,189,909 ) 182,794 (2,007,115 )
Total 3,939,364 (1,125,053 ) 2,814,311

ITUS Group Limited (Registered number: 08873624)

Notes to the Consolidated Financial Statements
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

ITUS Group 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 General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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 as modified by the revaluation of certain assets.

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

Income relating to insurance broking is recognised when the policy has been incepted, completed and confirmed.

Income from brokerage and fees on adjustment premiums, binding authorities and treaties are recognised on a periodic basis when the consideration due is confirmed by the third parties.

Survey fees are recognised on an accrual basis over the term of the contract.

Other fees receivable are recognised in the period to which they relate or when they can be measured with reasonable certainty.

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

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost and Straight line over 4 years

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


ITUS Group Limited (Registered number: 08873624)

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

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Insurance debtors and creditors
The company acts as agent in broking the insurable risks of clients and normally is not liable as a principal for premiums due to underwriters or for claims payable to clients. Notwithstanding the legal relationship with clients and underwriters, the company has followed generally accepted accounting practices for insurance brokers by showing debtors, creditors and cash balances relating to insurance business as assets and liabilities of the company itself. This recognises that the company is entitled to retain the investment income on any cash flows arising from these transactions.

In the ordinary course of insurance broking business, settlement is required to be made with certain market settlement bureau, insurance intermediaries or insurance companies on the basis of the net balance due to or from them rather than the amount due to or from the individual third parties which it represents.

However, assets and liabilities may not be offset unless there is a legally enforceable right to set off the recognised amounts, and therefore insurance broking debtors and creditors are shown gross within these financial statements.

ITUS Group Limited (Registered number: 08873624)

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

3. TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the group.

An analysis of turnover by class of business is given below:

31.7.24 31.7.23
£    £   
Insurance broking 5,281,765 6,132,573
Surveying services 657,009 798,171
5,938,774 6,930,744

4. OTHER OPERATING INCOME
31.7.24 31.7.23
£    £   
Rents received 233,544 259,865
Grants received 5,163 2,000
238,707 261,865

5. EMPLOYEES AND DIRECTORS
31.7.24 31.7.23
£    £   
Wages and salaries 2,355,685 2,309,829
Social security costs 225,523 226,449
Other pension costs 36,268 152,225
2,617,476 2,688,503

The average number of employees during the year was as follows:
31.7.24 31.7.23

Management 8 8
Administrative 67 69
75 77

The average number of employees by undertakings that were proportionately consolidated during the year was 75 (2023 - 77 ) .

31.7.24 31.7.23
£    £   
Director's remuneration 6,561 6,420
Director's pension contributions to money purchase schemes 5 59,991

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

During the year R Gow was the sole director of ITUS Group Limited.

ITUS Group Limited (Registered number: 08873624)

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

6. OPERATING PROFIT

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

31.7.24 31.7.23
£    £   
Other operating leases 32,830 39,585
Depreciation - owned assets 62,431 63,647
Depreciation - assets on hire purchase contracts 6,061 8,082
Profit on disposal of fixed assets - (13,133 )
Development costs amortisation 58,924 53,484
Auditors' remuneration 37,644 35,640
Auditors' remuneration for non audit work 51,453 56,850
Foreign exchange differences 1,728 329

7. EXCEPTIONAL ITEMS
31.7.24 31.7.23
£    £   
Exceptional item - (324,372 )

During the year a sum of £0 (2023: £324,372) was expensed in relation to a historic profit commission calculation dispute with an insurer. A payment in full and final settlement of the liability was made in the year.

8. INTEREST RECEIVABLE AND SIMILAR INCOME
31.7.24 31.7.23
£    £   
Deposit account interest 83,050 23,280
Other interest received 16,028 7,682
Connected company interest 15,006 -
HMRC interest received 2,940 4,000
117,024 34,962

9. INTEREST PAYABLE AND SIMILAR EXPENSES
31.7.24 31.7.23
£    £   
Bank loan interest 77,383 81,061
HMRC interest 3,589 95
Hire purchase 1,353 1,475
82,325 82,631

ITUS Group Limited (Registered number: 08873624)

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

10. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.7.24 31.7.23
£    £   
Current tax:
UK corporation tax 186,650 307,478

Deferred tax (27,423 ) 55,592
Tax on profit 159,227 363,070

UK corporation tax has been charged at 25 % (2023 - 21 %).

Reconciliation of total tax charge 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:

31.7.24 31.7.23
£    £   
Profit before tax 649,418 1,402,580
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 21 %)

162,355

294,542

Effects of:
Expenses not deductible for tax purposes 27,521 19,050
Capital allowances in excess of depreciation (12,667 ) -
Depreciation in excess of capital allowances - 20,990
Adjustments to tax charge in respect of previous periods (17,982 ) -
Change in tax rates - 28,488
Total tax charge 159,227 363,070

11. INDIVIDUAL INCOME STATEMENT

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.


12. DIVIDENDS
31.7.24 31.7.23
£    £   
Ordinary A. shares of 0.01p each
Interim 93,500 -
Ordinary D shares of 0.01p each
Interim 14,206 25,000
107,706 25,000

ITUS Group Limited (Registered number: 08873624)

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

13. INTANGIBLE FIXED ASSETS

Group
Developmen
costs
£   
COST
At 1 August 2023 304,497
Additions 51,033
At 31 July 2024 355,530
AMORTISATION
At 1 August 2023 169,837
Amortisation for year 58,924
At 31 July 2024 228,761
NET BOOK VALUE
At 31 July 2024 126,769
At 31 July 2023 134,660

Company
Development
Goodwill costs Totals
£    £    £   
COST
At 1 August 2023 500,000 - 500,000
Additions - 20,000 20,000
At 31 July 2024 500,000 20,000 520,000
AMORTISATION
At 1 August 2023 500,000 - 500,000
Amortisation for year - 3,000 3,000
At 31 July 2024 500,000 3,000 503,000
NET BOOK VALUE
At 31 July 2024 - 17,000 17,000
At 31 July 2023 - - -

ITUS Group Limited (Registered number: 08873624)

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

14. TANGIBLE FIXED ASSETS

Group
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 August 2023 8,289 144,513 130,382 319,437 602,621
Additions - 5,224 3,000 24,906 33,130
At 31 July 2024 8,289 149,737 133,382 344,343 635,751
DEPRECIATION
At 1 August 2023 3,468 49,884 55,723 252,222 361,297
Charge for year 723 14,800 19,039 33,930 68,492
At 31 July 2024 4,191 64,684 74,762 286,152 429,789
NET BOOK VALUE
At 31 July 2024 4,098 85,053 58,620 58,191 205,962
At 31 July 2023 4,821 94,629 74,659 67,215 241,324

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 August 2023 58,691
Reclassification/transfer (58,691 )
At 31 July 2024 -
DEPRECIATION
At 1 August 2023 34,447
Charge for year 6,061
Reclassification/transfer (40,508 )
At 31 July 2024 -
NET BOOK VALUE
At 31 July 2024 -
At 31 July 2023 24,244

ITUS Group Limited (Registered number: 08873624)

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

15. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertaking
£   
COST
At 1 August 2023
and 31 July 2024 161,402
NET BOOK VALUE
At 31 July 2024 161,402
At 31 July 2023 161,402

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

Subsidiaries

Peacock Insurance Services Limited
Registered office: Leofric House, 18b Binley Road, Coventry, CV3 1JN
Nature of business: Insurance broker
%
Class of shares: holding
Ordinary 100.00
31.7.24 31.7.23
£    £   
Aggregate capital and reserves 1,074,045 1,022,632
Profit for the year 256,117 454,958

Misoft Marketing Limited
Registered office: Leofric House, 18b Binley Road, Coventry, CV3 1JN
Nature of business: Software company
%
Class of shares: holding
Ordinary 100.00
31.7.24 31.7.23
£    £   
Aggregate capital and reserves 1,966 53,463
(Loss)/profit for the year (51,497 ) 19,926

Ark Insurance Group Limited
Registered office: Leofric House, 18b Binley Road, Coventry, CV3 1JN
Nature of business: Insurance broker
%
Class of shares: holding
Ordinary 100.00
31.7.24 31.7.23
£    £   
Aggregate capital and reserves 376,123 726,677
Profit for the year 149,446 504,687

ITUS Group Limited (Registered number: 08873624)

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

15. FIXED ASSET INVESTMENTS - continued

Ark Commercial Motor Limited
Registered office: Leofric House, 18b Binley Road, Coventry, CV3 1JN
Nature of business: Dormant company
%
Class of shares: holding
Ordinary 100.00
31.7.24 31.7.23
£    £   
Aggregate capital and reserves 100 100

Maxstone Commercial Property Limited
Registered office: Leofric House, 18b Binley Road, Coventry, CV3 1JN
Nature of business: Commercial property letting
%
Class of shares: holding
Ordinary 100.00
31.7.24 31.7.23
£    £   
Aggregate capital and reserves 279,079 203,715
Profit for the year 75,364 41,246

Ark Warranty Services Limited
Registered office: Leofric House, 18b Binley Road, Coventry, CV3 1JN
Nature of business: Surveying Services
%
Class of shares: holding
Ordinary 100.00
31.7.24 31.7.23
£    £   
Aggregate capital and reserves (49,473 ) 23,249
(Loss)/profit for the year (72,722 ) 14,548

ITUS Business Holdings Limited
Registered office: Leofric House, 18B Binley Road, Coventry, CV3 1JN
Nature of business: Dormant Company
%
Class of shares: holding
Ordinary 100.00
31.7.24 31.7.23
£    £   
Aggregate capital and reserves 100 100


ITUS Group Limited (Registered number: 08873624)

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

16. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 August 2023 3,598,244
Additions 11,719
At 31 July 2024 3,609,963
NET BOOK VALUE
At 31 July 2024 3,609,963
At 31 July 2023 3,598,244

Fair value at 31 July 2024 is represented by:
£   
Valuation in 2021 208,593
Cost 3,401,370
3,609,963

On 22 September 2021, a formal valuation report on the investment property at 1410 Spring Place, Herald Avenue, Coventry, CV5 6UB, was prepared by Matt Greenaway MRICS of BNP Paribas Real Estate.

The valuation of the investment property in the financial statements at the year end has been amended to reflect the update in the market value reflected in this valuation report, and subsequent property improvements.

The director has confirmed with experienced property valuers to confirm no significant change to market value since the most recent formal valuation.

17. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.7.24 31.7.23 31.7.24 31.7.23
£    £    £    £   
Client debtors 1,276,507 1,627,969 - -
Trade debtors 32,029 45,273 - -
Amounts owed by group undertakings - - 1,504,484 1,481,791
Other debtors 726,282 147,978 597,902 51,956
Accrued commission 498,155 774,170 - -
Directors' current accounts 512,350 616,287 512,350 616,287
Tax 76,000 12,844 12,844 12,844
Prepayments 186,077 191,976 428 402
3,307,400 3,416,497 2,628,008 2,163,280

ITUS Group Limited (Registered number: 08873624)

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

18. CASH AT BANK

Client bank account balances are included within Cash at Bank.

The group holds restricted client account cash balances in respect of its insurance activities. This cash is held in client money bank accounts and cannot be used for the group's working capital purposes.

2024 2023
£    £   
Client bank account 1,839,247 2,565,466

19. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.7.24 31.7.23 31.7.24 31.7.23
£    £    £    £   
Bank loans and overdrafts (see note 21) 172,876 159,194 - -
Hire purchase contracts (see note 22) - 11,054 - -
Insurance creditors 2,705,468 3,711,429 - -
Trade creditors 237,570 117,516 4,290 7,393
Amounts owed to group undertakings - - 601,702 574,209
Tax 42,688 184,396 19,039 3,398
Social security and other taxes 51,085 53,188 - -
Pension creditor 737 1,455 - -
VAT 16,247 33,307 - -
Other creditors 16,254 20,938 - -
Unearned commission 410,286 482,006 - -
Accrued expenses 608,560 1,105,406 10,521 10,328
4,261,771 5,879,889 635,552 595,328

20. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
31.7.24 31.7.23
£    £   
Bank loans (see note 21) 1,834,239 2,019,661

ITUS Group Limited (Registered number: 08873624)

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

21. LOANS

An analysis of the maturity of loans is given below:

Group
31.7.24 31.7.23
£    £   
Amounts falling due within one year or on demand:
Bank loans 172,876 159,194
Amounts falling due between one and two years:
Bank loans - 1-2 years 172,875 160,033
Amounts falling due between two and five years:
Bank loans - 2-5 years 284,081 334,201
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 1,377,283 1,525,427

22. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
31.7.24 31.7.23
£    £   
Net obligations repayable:
Within one year - 11,054

23. SECURED DEBTS

The following secured debts are included within creditors:

Group
31.7.24 31.7.23
£    £   
Bank loans 2,007,115 2,178,855
Hire purchase contracts - 11,054
2,007,115 2,189,909

Bank loans include CBILS loans, where subsidiary companies have provided a fixed and floating charge over their assets in respect of these loans.

Bank loans include a mortgage secured by a charge over the property at 1410 Spring Place, Herald Avenue, Coventry, CV5 6UB.

ITUS Group Limited (Registered number: 08873624)

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

24. PROVISIONS FOR LIABILITIES

Group
31.7.24 31.7.23
£    £   
Deferred tax
Accelerated capital allowances 70,662 92,272
Other timing differences 52,148 57,961
122,810 150,233

Group
Deferred
tax
£   
Balance at 1 August 2023 150,233
Credit to Income Statement during year (27,423 )
Balance at 31 July 2024 122,810

25. CALLED UP SHARE CAPITAL

Allotted, issued, and fully paid:
Number Class Nominal value 31.7.21 31.7.20
£    £   
10,000 Ordinary A. £0.0001 1 1
10,000 Ordinary B. £0.0001 1 1
10,000 Ordinary C. £0.0001 1 1
1,500 Ordinary D. £0.0001 - -
3 3
Ordinary D. shares are non-voting.
All other Ordinary shares have 1 vote per share.

26. RESERVES

Group
Retained Share
earnings premium Totals
£    £    £   

At 1 August 2023 5,431,962 38,250 5,470,212
Profit for the year 490,191 490,191
Dividends (107,706 ) (107,706 )
At 31 July 2024 5,814,447 38,250 5,852,697

ITUS Group Limited (Registered number: 08873624)

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

26. RESERVES - continued

Company
Retained Share
earnings premium Totals
£    £    £   

At 1 August 2023 3,713,807 38,250 3,752,057
Profit for the year 761,820 761,820
Dividends (107,706 ) (107,706 )
At 31 July 2024 4,367,921 38,250 4,406,171


27. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

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

31.7.24 31.7.23
£    £   
R Gow
Balance outstanding at start of year 616,287 (7,730 )
Amounts advanced 551,001 624,017
Amounts repaid (654,938 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 512,350 616,287

The above loan is charged at HMRC's official rate of interest and is repayable on demand.

28. 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.

During the year, total dividends of £93,500 (2023: £0) were paid to the director.

The group had a loan with Maxstone Residential Property Limited during the year, a company controlled by the director. At the start of the period the group was owed £74,794, and at the end of the period the group was owed £648,391. The loan is charged at a market rate of interest, and is repayable on demand.

29. AUDITOR LIABILITY LIMITATION AGREEMENT

Auditors liability is limited to a maximum of twenty five times the fee relating to the audit engagement.

The directors approved the agreement on 17 October 2024.

30. ULTIMATE CONTROLLING PARTY

The controlling party is R Gow.

ITUS Group Limited (Registered number: 08873624)

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

31. INSURANCE BALANCES

Insurance brokers normally act as agents in placing the insurable risks of their clients with insurers and, as such, generally are not liable for amounts arising from such transactions. Notwithstanding the legal relationships with clients and insurers, insurance brokers are entitled to retain investment income on any cashflows arising from insurance broking transactions.

It is considered that insurance receivables in respect of premiums and claims do not represent an asset of the company and should therefore not be recognised until the cash is received. Accordingly, the balance sheet reflects only insurance trust cash, with the corresponding payable included as a liability.

In certain circumstances, with approval at a senior level, the company may advance premiums to insurers and refunds or claims to clients prior to collection and these advances are also reflected as part of insurance broking receivables. Net insurance balances set out below therefore represent such advances made, together with fees and commissions earned on insurance transactions and either uncollected or not withdrawn from insurance trust bank accounts at the balance sheet date.

2024 2023
£    £   
Insurance broking receivables 1,276,507 1,627,968
Insurance trust accounts 1,839,247 2,565,466
Insurance broking payable (3,115,754 ) (4,193,434 )

NIL NIL