Caseware UK (AP4) 2023.0.135 2023.0.135 2024-12-312024-12-312025-05-112025-05-14false302024-01-01falsetrading31truetrue 00499145 2024-01-01 2024-12-31 00499145 2023-01-01 2023-12-31 00499145 2024-12-31 00499145 2023-12-31 00499145 2023-01-01 00499145 c:Director3 2024-01-01 2024-12-31 00499145 d:Buildings d:LongLeaseholdAssets 2024-01-01 2024-12-31 00499145 d:Buildings d:ShortLeaseholdAssets 2024-01-01 2024-12-31 00499145 d:Buildings d:ShortLeaseholdAssets 2024-12-31 00499145 d:Buildings d:ShortLeaseholdAssets 2023-12-31 00499145 d:PlantMachinery 2024-01-01 2024-12-31 00499145 d:PlantMachinery 2024-12-31 00499145 d:PlantMachinery 2023-12-31 00499145 d:PlantMachinery d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 00499145 d:ComputerEquipment 2024-01-01 2024-12-31 00499145 d:ComputerEquipment 2024-12-31 00499145 d:ComputerEquipment 2023-12-31 00499145 d:ComputerEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 00499145 d:OtherPropertyPlantEquipment 2024-01-01 2024-12-31 00499145 d:OtherPropertyPlantEquipment 2024-12-31 00499145 d:OtherPropertyPlantEquipment 2023-12-31 00499145 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 00499145 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 00499145 d:CurrentFinancialInstruments 2024-12-31 00499145 d:CurrentFinancialInstruments 2023-12-31 00499145 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 00499145 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 00499145 d:ShareCapital 2024-12-31 00499145 d:ShareCapital 2023-12-31 00499145 d:ShareCapital 2023-01-01 00499145 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 00499145 d:RetainedEarningsAccumulatedLosses 2024-12-31 00499145 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 00499145 d:RetainedEarningsAccumulatedLosses 2023-12-31 00499145 d:RetainedEarningsAccumulatedLosses 2023-01-01 00499145 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-12-31 00499145 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 00499145 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:ListedExchangeTraded 2024-12-31 00499145 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:ListedExchangeTraded 2023-12-31 00499145 d:AcceleratedTaxDepreciationDeferredTax 2024-12-31 00499145 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 00499145 c:OrdinaryShareClass1 2024-01-01 2024-12-31 00499145 c:OrdinaryShareClass1 2024-12-31 00499145 c:OrdinaryShareClass1 2023-12-31 00499145 c:FRS102 2024-01-01 2024-12-31 00499145 c:Audited 2024-01-01 2024-12-31 00499145 c:FullAccounts 2024-01-01 2024-12-31 00499145 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 00499145 d:Subsidiary1 2024-01-01 2024-12-31 00499145 d:Subsidiary1 1 2024-01-01 2024-12-31 00499145 d:Subsidiary2 2024-01-01 2024-12-31 00499145 d:Subsidiary2 1 2024-01-01 2024-12-31 00499145 d:WithinOneYear 2024-12-31 00499145 d:WithinOneYear 2023-12-31 00499145 d:BetweenOneFiveYears 2024-12-31 00499145 d:BetweenOneFiveYears 2023-12-31 00499145 d:MoreThanFiveYears 2024-12-31 00499145 d:MoreThanFiveYears 2023-12-31 00499145 c:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 00499145 2 2024-01-01 2024-12-31 00499145 4 2024-01-01 2024-12-31 00499145 6 2024-01-01 2024-12-31 00499145 e:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 00499145









ITAC LIMITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

 
ITAC LIMITED
REGISTERED NUMBER: 00499145

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,779,189
1,869,439

Investments
 5 
1,814,610
1,814,610

  
3,593,799
3,684,049

Current assets
  

Stocks
 6 
943,890
1,030,004

Debtors: amounts falling due within one year
 7 
5,311,801
3,309,362

Cash at bank and in hand
 8 
830,229
725,948

  
7,085,920
5,065,314

Creditors: amounts falling due within one year
 9 
(5,657,995)
(4,046,769)

Net current assets
  
 
 
1,427,925
 
 
1,018,545

Total assets less current liabilities
  
5,021,724
4,702,594

Provisions for liabilities
  

Deferred tax
 11 
(319,035)
(282,058)

  
 
 
(319,035)
 
 
(282,058)

Net assets
  
4,702,689
4,420,536


Capital and reserves
  

Called up share capital 
 12 
40,000
40,000

Profit and loss account
 13 
4,662,689
4,380,536

  
4,702,689
4,420,536


Page 1

 
ITAC LIMITED
REGISTERED NUMBER: 00499145

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
M De Rozarieux
Director

Date: 11 May 2025

The notes on pages 4 to 13 form part of these financial statements.

Page 2
 

 
ITAC LIMITED


 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024



Called up share capital
Profit and loss account
Total equity


£
£
£



At 1 January 2023
40,000
4,100,838
4,140,838



Comprehensive income for the year


Profit for the year
-
279,698
279,698





At 1 January 2024
40,000
4,380,536
4,420,536



Comprehensive income for the year


Profit for the year
-
282,153
282,153



At 31 December 2024
40,000
4,662,689
4,702,689



The notes on pages 4 to 13 form part of these financial statements.

Page 3
 
ITAC LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


GENERAL INFORMATION

ITAC Limited is a private Company limited by shares incorporated in England and Wales, United Kingdom. The address of the registered office is Bankfield Mills, Stoneclough, Radcliffe, Manchester, M26 1AS.
The principle activity of the Company continues to be that of the manufacture of adhesives, sealants and coating compounds.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

EXEMPTION FROM PREPARING CONSOLIDATED FINANCIAL STATEMENTS

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

 
2.3

GOING CONCERN

The directors have prepared projected budgets and on the basis of these budgets, the directors have considered the company to continue to operate as a going concern. The directors are confident that the company will have sufficient funds to meet its liabilities as they fall due for a period of not less than 12 months from the date of approval of these financial statements.
The directors continue to monitor cashflow closely and exercise tight credit control and, based on their forecasts and built up reserves, consider it appropriate to continue to prepare the financial statements on a going concern basis.

 
2.4

TURNOVER

Turnover comprises revenue recognised by the company in respect of goods supplied during the period, exclusive of Value Added Tax and trade discounts. Turnover is recognised when the company has transferred the significant risks and rewards of ownership to the buyer, which is upon dispatch.

 
2.5

OPERATING LEASES: THE COMPANY AS LESSEE

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

 
2.6

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 
ITAC LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.7

CORPORATION AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.8

PENSIONS

Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

 
ITAC LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.9

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold property
-
2% straight line
Plant and machinery
-
6.67% straight line
Computer equipment
-
20% straight line
Assets under construction
-
not depreciated

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. 

 
2.13

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

CREDITORS

Short-term creditors are measured at the transaction price. 

Page 6

 
ITAC LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.15

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each
reporting period for objective evidence of impairment. If objective evidence of impairment is found, an
impairment loss is recognised in the Statement of Comprehensive Income.

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3.


EMPLOYEES

The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
4
4



Administration
26
27

30
31

Page 7
 


 
ITAC LIMITED


 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


4.


TANGIBLE FIXED ASSETS






Leasehold property
Plant and machinery
Computer equipment
Assets under construction
Total

£
£
£
£
£



Cost


At 1 January 2024
240,583
3,230,966
220,772
10,778
3,703,099


Additions
330
62,544
2,581
101,755
167,210


Transfers between classes
57,510
39,423
15,600
(112,533)
-



At 31 December 2024

298,423
3,332,933
238,953
-
3,870,309



Depreciation


At 1 January 2024
57,902
1,598,391
177,367
-
1,833,660


Charge for the year on owned assets
30,492
210,940
16,028
-
257,460



At 31 December 2024

88,394
1,809,331
193,395
-
2,091,120



Net book value



At 31 December 2024
210,029
1,523,602
45,558
-
1,779,189



At 31 December 2023
182,681
1,632,575
43,405
10,778
1,869,439

Page 8
 
ITAC LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

           4.TANGIBLE FIXED ASSETS (CONTINUED)




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Short leasehold
210,029
182,681



5.


FIXED ASSET INVESTMENTS





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
1,814,610



At 31 December 2024
1,814,610





SUBSIDIARY UNDERTAKINGS


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Delvemade Limited
Bankfield Mills, M26 1AS
Ordinary
100%
Seamsil Limited (wholly owned by Delvemade Limited)
Bankfield Mills, M26 1AS
Ordinary
100%

The aggregate of the share capital and reserves as at 31 December 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Delvemade Limited
3,250,887
-

Seamsil Limited (wholly owned by Delvemade Limited)
2
-

Page 9

 
ITAC LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


STOCKS

2024
2023
£
£

Raw materials and consumables
704,578
751,271

Finished goods and goods for resale
239,312
278,733

943,890
1,030,004



7.


DEBTORS

2024
2023
£
£


Trade debtors
821,071
597,831

Amounts owed by group undertakings
4,402,669
2,627,053

Other debtors
6,454
8,499

Prepayments and accrued income
81,607
75,979

5,311,801
3,309,362



8.


CASH AND CASH EQUIVALENTS

2024
2023
£
£

Cash at bank and in hand
830,229
725,948



9.


CREDITORS: Amounts falling due within one year

2024
2023
£
£

Trade creditors
1,433,779
250,902

Amounts owed to group undertakings
3,250,886
3,250,886

Corporation tax
93,750
40,976

Other taxation and social security
483,638
231,110

Other creditors
2,993
2,196

Accruals and deferred income
392,949
270,699

5,657,995
4,046,769


All bank loans and overdrafts of the Group are secured by a fixed charge over property, plant and equipment, goodwill, share capital and stock. There is also a floating charge over any current or future assets the business owns which is not covered by the fixed charge. Security has also been provided by fellow subsidiary companies included within the Group.

Page 10

 
ITAC LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


FINANCIAL INSTRUMENTS

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
830,229
725,948

Financial assets that are debt instruments measured at amortised cost
5,230,194
3,233,383

6,060,423
3,959,331


Financial liabilities


Financial liabilities measured at amortised cost
(4,687,658)
(3,774,683)


Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


Financial assets that are debt instruments measured at amortised cost comparise trade debtors, amounts owed by group undertakings and other debtors.


Financial liabilities measured at amortised cost comparise trade creditors, amounts owed to group undertakings, other creditors and accruals.

Page 11

 
ITAC LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


DEFERRED TAXATION




2024
2023


£

£






At beginning of year
(282,058)
(285,067)


Charged to profit or loss
(36,977)
3,009



At end of year
(319,035)
(282,058)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(319,035)
(282,058)

(319,035)
(282,058)


12.


SHARE CAPITAL

2024
2023
£
£
Allotted, called up and fully paid



40,000 (2023 - 40,000) Ordinary shares of £1.00 each
40,000
40,000



13.


RESERVES

Profit and loss account

The profit and loss account represents cumulative profit or losses, net of dividends paid and other adjustments.


14.


CONTINGENT LIABILITIES

The Company has provided a cross guarantee on loans of the parent company H.D. Sharman Group Limited totalling £2,750,000 (2023 - £4,250,000). Security is held over all assets of ITAC Limited.


15.


PENSION COMMITMENTS

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independantly administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £116,827 (2023 - £103,654).
Contributions totalling £Nil (2023 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.

Page 12

 
ITAC LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

16.


COMMITMENTS UNDER OPERATING LEASES

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
97,569
105,644

Later than 1 year and not later than 5 years
291,180
295,468

Later than 5 years
10,667
79,147

399,416
480,259


17.


RELATED PARTY TRANSACTIONS

The Company has taken advantage of the exemption from the requirement to disclose transactions with wholly owned group companies.


18.


CONTROLLING PARTY

The ultimate controlling party and parent Company is H.D. Sharman Group Limited.
Consolidated financial statements for H.D. Sharman Group Limited can be obtained from High Peaks
Works, Chapel-en-le-Frith, High Peak, Derbyshire, SK23 0HW.


19.


AUDITORS' INFORMATION

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 14 May 2025 by Paul Cullen FCCA (Senior Statutory Auditor) on behalf of Price Bailey LLP.


Page 13