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REGISTERED NUMBER: 06530792 (England and Wales)
























IOCO SOLUTIONS LIMITED

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024






IOCO SOLUTIONS LIMITED (REGISTERED NUMBER: 06530792)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024










Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 4

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


IOCO SOLUTIONS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2024







DIRECTORS: M J Morey
R I Vester
Ms A Kooblall





REGISTERED OFFICE: 6-7 Castle Gate
Castle Street
Hertford
Hertfordshire
SG14 1HD





REGISTERED NUMBER: 06530792 (England and Wales)





AUDITORS: TC Group
Brightfield Business Hub
Bakewell Road
Orton Southgate
Peterborough
PE2 6XU

IOCO SOLUTIONS LIMITED (REGISTERED NUMBER: 06530792)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JULY 2024


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

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

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

M J Morey
R I Vester

Other changes in directors holding office are as follows:

Ms A Kooblall was appointed as a director after 31 July 2024 but prior to the date of this report.

B D Harding ceased to be a director after 31 July 2024 but prior to the date of this report.

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

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

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

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

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

AUDITORS
The auditors, TC Group, will be proposed for re-appointment at the forthcoming Annual General Meeting.


IOCO SOLUTIONS LIMITED (REGISTERED NUMBER: 06530792)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JULY 2024

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





M J Morey - Director


25 June 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
IOCO SOLUTIONS LIMITED


Opinion
We have audited the financial statements of iOCO Solutions Limited (the 'company') for the year ended 31 July 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 'Reduced Disclosure Framework' (United Kingdom Generally Accepted Accounting Practice).

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

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

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

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

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

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

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

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

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
IOCO SOLUTIONS LIMITED


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

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

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

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
IOCO SOLUTIONS 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:

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

Our approach was as follows:





-
We identified areas of laws and regulations that could reasonably be expected to have a material
effect on the financial statements from our general commercial and sector experience, and through
discussion with the directors and other management (as required by auditing standards), and discussed
with the directors and other management the policies and procedures regarding compliance with
laws and regulations;


-
We considered the legal and regulatory frameworks directly applicable to the financial statements
reporting framework (FRS 101 and the Companies Act 2006) and the relevant tax compliance
regulations in the UK;

-
We considered the nature of the industry, the control environment and business performance, including
the key drivers for management's remuneration;

-
We communicated identified laws and regulations throughout our team and remained alert to any
indications of non-compliance throughout the audit;


-
We considered the procedures and controls that the company has established to address risks
identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors
those programmes and controls.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely
the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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
IOCO SOLUTIONS 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.




John Grant (Senior Statutory Auditor)
for and on behalf of TC Group
Brightfield Business Hub
Bakewell Road
Orton Southgate
Peterborough
PE2 6XU

25 June 2025

IOCO SOLUTIONS LIMITED (REGISTERED NUMBER: 06530792)

STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31 JULY 2024

2024 2023
Notes £    £   

TURNOVER 4 5,488,862 4,786,576

Cost of sales 3,820,789 3,219,509
GROSS PROFIT 1,668,073 1,567,067

Administrative expenses 1,461,139 1,497,209
OPERATING PROFIT 206,934 69,858

Interest receivable and similar income 2,927 5,039
PROFIT BEFORE TAXATION 6 209,861 74,897

Tax on profit 7 53,430 17,393
PROFIT FOR THE FINANCIAL YEAR 156,431 57,504


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

156,431

57,504

IOCO SOLUTIONS LIMITED (REGISTERED NUMBER: 06530792)

BALANCE SHEET
31 JULY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 61,333 77,333
Tangible assets 10 182,199 154,358
243,532 231,691

CURRENT ASSETS
Debtors 11 3,058,959 2,758,944
Cash at bank 1,317,992 645,094
4,376,951 3,404,038
CREDITORS
Amounts falling due within one year 12 3,173,524 2,204,759
NET CURRENT ASSETS 1,203,427 1,199,279
TOTAL ASSETS LESS CURRENT LIABILITIES 1,446,959 1,430,970

CREDITORS
Amounts falling due after more than one
year

13

(39,473

)

(194,712

)

PROVISIONS FOR LIABILITIES 14 (63,859 ) (49,062 )
NET ASSETS 1,343,627 1,187,196

CAPITAL AND RESERVES
Called up share capital 15 100 100
Other reserves 1,175,316 1,175,316
Retained earnings 16 168,211 11,780
SHAREHOLDERS' FUNDS 1,343,627 1,187,196

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

The financial statements were approved by the Board of Directors and authorised for issue on 25 June 2025 and were signed on its behalf by:





M J Morey - Director


IOCO SOLUTIONS LIMITED (REGISTERED NUMBER: 06530792)

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

Called up
share Retained Other Total
capital earnings reserves equity
£    £    £    £   
Balance at 1 August 2022 100 310,276 1,175,316 1,485,692

Changes in equity
Dividends - (356,000 ) - (356,000 )
Total comprehensive income - 57,504 - 57,504
Balance at 31 July 2023 100 11,780 1,175,316 1,187,196

Changes in equity
Total comprehensive income - 156,431 - 156,431
Balance at 31 July 2024 100 168,211 1,175,316 1,343,627

IOCO SOLUTIONS LIMITED (REGISTERED NUMBER: 06530792)

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


1. STATUTORY INFORMATION

iOCO Solutions Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The principal activity of the company is that of an IT solutions provider of software and support services which include solutions to reduce IT costs, provide visibility into IT performance and reduce risk in major programmes.

The principal place of business is:

9 Greyfriars,
Reading,
Berkshire,
RG1 1NU.

2. ACCOUNTING POLICIES

Basis of preparation
These financial statements have been prepared in accordance with Financial Reporting Standard 101 "Reduced Disclosure Framework" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

In preparing these financial statements, management has made judgements, estimates and assumptions that affect the application of the Company accounting policies and the reported amount of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.

The areas where judgements and estimates have been made in preparing the financial statements and their effect are disclosed in note 3.

The Company's functional and presentational currency is GBP rounded to the nearest pound.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 101 "Reduced Disclosure Framework":

the requirements of paragraphs 45(b) and 46 to 52 of IFRS 2 Share-based Payment;
the requirements of IFRS 7 Financial Instruments: Disclosures;
the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118,
119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers;
the requirement in paragraph 38 of IAS 1 Presentation of Financial Statements to present
comparative information in respect of:
- paragraphs 53(a), (h) and (j) of IFRS 16;
- paragraph 79(a)(iv) of IAS 1;
- paragraph 73(e) of IAS 16 Property, Plant and Equipment; and
- paragraph 118(e) of IAS 38 Intangible Assets;
the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134
to 136 of IAS 1;
the requirements of
- paragraphs 1 to 44E, 44H(b)(ii) and 45 to 63 of IAS 7 Statement of Cash Flows; and
- paragraphs 44F, 44G, 44H(a), 44H(b)(i), 44H(b)(iii) and 44H(c) of IAS 7;
the requirements of paragraphs 88C and 88D of IAS 12 Income Taxes;
the requirements of paragraph 74(b) of IAS 16;
the requirements of paragraphs 17 and 18A of IAS 24 Related Party Disclosures;
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered
into between two or more members of a group;

IOCO SOLUTIONS LIMITED (REGISTERED NUMBER: 06530792)

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


2. ACCOUNTING POLICIES - continued

Turnover
The Company applies IFRS 15 'Revenue from Contracts with Customers". IFRS 15 provides a five step revenue recognition model:
- Identify the contract
- Identify separate performance obligations
- Determine the transaction price
- Allocate the transaction price to separate performance obligations
- Recognise revenue when the performance obligation is satisfied

Revenues relating to the resale of software licences are recognised net of costs at the point control of the goods passes to the customer. In instances where mandatory support services are bundled into the licence resold to the customer, if such services are mutually inclusive of the purchase, then revenue will match the treatment of the licence itself.

Revenues relating to the provision of support and platform services are recognised over the period of the agreements where management have the ability to direct and control the service offering.

The Company has taken advantage of the practical exemptions to expense the incremental costs of obtaining a contract when the amortisation period of the asset otherwise recognised would have been one year or less

Intangible assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.

Amortisation 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.

Computer software-Straight line over 5 years

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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 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.

Fixtures and fittings-Straight line over 6 years
Computer equipment-Straight line over 3-5 years

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

IOCO SOLUTIONS LIMITED (REGISTERED NUMBER: 06530792)

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


2. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets and financial liabilities are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual instrument. Financial assets and financial liabilities are only offset when there is a legally enforceable right to do so.

Financial assets
All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets.

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 amount so cash with insignificant risk of change in value.

Financial liabilities and equity
Financial liabilities and equity are classified according to the substance of the financial instruments contractual obligations, rather than it's legal form.

Financial liabilities are initially measured at their transaction price (including transaction costs) and subsequently held at amortised cost.

The Company applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on similar ageing. The Company has concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for each ageing category and customer based on historical debt trends.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 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 period end and that are expected to apply to the reversal of the timing difference.

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.

IOCO SOLUTIONS LIMITED (REGISTERED NUMBER: 06530792)

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


3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make judgements, estimates
and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet
date and the amounts reported for revenues and expenses during the year. However, the nature of
estimation means that actual outcomes could differ from those estimates. The following judgements have had the most significant effect on amounts recognised in the financial statements.

Revenue recognition
The company has determined that, when entering into a customer contracts for the provision of software licenses, they are agents in the relationship not the principal. The company has made this assessment based on the following indicative features of their customer contracts:

-The company does not have significant control of the goods that they source at any point during the contract.
-The company does not commit itself to obtaining the specified goods before entering into a contract with a customer, such as through directing the use and obtaining substantially all the remaining benefits of the goods before it is transferred to the customer.
-The company is not primarily responsible for fulfilling the promise to provide the specified good including the goods meeting customer specification.
-The company does not have full discretion in establishing price.
The company does not have full discretion in determining whether goods can be returned.
-The company does not have full discretion in determining whether warranties can be offered and fulfilled in respect of the goods supplied.

Where the company purchases goods for the customer any contract related costs on the balance sheet are not offset against any related contract revenue balances as there is no legal right to do so.

4. TURNOVER

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


2024 2023
£ £
Sale of goods784,171489,614
Services rendered4,704,6914,296,662
5,488,8624,786,576

An analysis of turnover by by geographical market is given below:


2024 2023
£ £
United Kingdom3,735,5973,367,532
Europe589,317145,237
North America47,53743,128
Rest of world1,116,4111,230,679
5,488,8624,786,576

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,128,486 1,143,795

IOCO SOLUTIONS LIMITED (REGISTERED NUMBER: 06530792)

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


5. EMPLOYEES AND DIRECTORS - continued

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

Administration 2 2
Marketing 7 7
Servicing 16 13
25 22

2024 2023
£    £   
Directors' remuneration 419,010 453,358

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

Money purchase schemes 3 3

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 233,192 261,607

6. PROFIT BEFORE TAXATION

The profit before taxation is stated after charging/(crediting):
2024 2023
£    £   
Depreciation - owned assets 55,616 53,268
Computer software amortisation 16,000 2,667
Auditors' remuneration 14,000 13,000
Foreign exchange differences 30,700 (4,764 )

7. TAXATION

Analysis of tax expense
2024 2023
£    £   
Current tax:
Corporation tax 38,635 -

Deferred tax 14,795 17,393
Total tax expense in statement of comprehensive income 53,430 17,393

IOCO SOLUTIONS LIMITED (REGISTERED NUMBER: 06530792)

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


7. TAXATION - continued

Factors affecting the tax expense
The tax assessed for the year is higher (2023 - lower) than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before income tax 209,861 74,897
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 25%)

52,465

18,724

Effects of:
Expenses not deductible for tax purposes 18,142 12,653
Capital allowances (20,864 ) (31,377 )
purposed
Utilisation of tax losses (11,103 ) -
respect of previous periods
Deferred tax movement 14,790 17,393
Tax expense 53,430 17,393

8. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Final - 356,000

9. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 August 2023
and 31 July 2024 80,000
AMORTISATION
At 1 August 2023 2,667
Amortisation for year 16,000
At 31 July 2024 18,667
NET BOOK VALUE
At 31 July 2024 61,333
At 31 July 2023 77,333

IOCO SOLUTIONS LIMITED (REGISTERED NUMBER: 06530792)

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


10. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 August 2023 1,089 294,323 295,412
Additions - 83,457 83,457
At 31 July 2024 1,089 377,780 378,869
DEPRECIATION
At 1 August 2023 157 140,897 141,054
Charge for year 182 55,434 55,616
At 31 July 2024 339 196,331 196,670
NET BOOK VALUE
At 31 July 2024 750 181,449 182,199
At 31 July 2023 932 153,426 154,358

The value of fully depreciated assets still in use during the year are £Nil (2023 : £33,305).

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,369,531 1,406,690
Amounts owed by group undertakings 868,172 503,285
Other debtors and accrued
income 821,256 848,969
3,058,959 2,758,944

Within Trade debtors there is a balance of £352,754 with a single customer, the balance consists of 12 monthly invoices from 1 August 2023 to the 31 July 2024. There has been a payment of £44,082 received since the year end and at the date of signing these accounts, £308,672 of this balance remains outstanding. The directors are working with the customer to recover the full amount and they are of the opinion that the full amount of the trade debtor will be recovered. Therefore no bad debt provision has been recognised on this debtor

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 359,315 602,397
Amounts owed to group undertakings 804,194 -
Corporation tax 13,713 -
Social security and other taxes 317,452 191,184
Other creditors 817,122 814,066
Accruals and deferred income 861,728 597,112
3,173,524 2,204,759

IOCO SOLUTIONS LIMITED (REGISTERED NUMBER: 06530792)

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


13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Accruals and deferred income 39,473 194,712

14. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 63,859 49,062

Deferred
tax
£   
Balance at 1 August 2023 49,062
Provided during year 14,797
Balance at 31 July 2024 63,859

15. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary share capital £1 100 100

16. RESERVES

Retained earnings
This reserve records the amount of accumulated profits/losses since incorporation less any distributions to shareholders.

Other reserves
These include the following:

Capital contribution
This records the amount given to the company under capital contribution agreements to reduce debt owing to EOH Mthombo (Pty) Ltd. The value of the contribution is £1,168,648. There has been no changes in the year.

Share based payment
This records the value of share based payments the company has incurred. The share options relate to 4000 equity settled options issued on 7 December 2016 to Michael Morey, in respect of the plan held in the Ultimate parent company. The fair value of the options at the grant date was £6,668. There has been no changes in the year.

IOCO SOLUTIONS LIMITED (REGISTERED NUMBER: 06530792)

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


17. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 101 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions entered into between two or more members of a group provided that any subsidiary which is a party to a transaction is wholly owned by a member.

Asset Gulf FZ LLC (a company under common control)
Sales to the company during the year were £42,956 (2023: £3,376)
The balance owed by Asset Gulf FZ LLC at the year end was £14,319 (2023: £3,376)
Purchases from the company during the year were £3,300 (2023: £6,471)
The balance due to Asset Gulf FZ LLC at the year end was £3,300 (2023: £Nil)

Key management personnel are considered to be the Directors, whose remuneration is detailed in note 5.

18. POST BALANCE SHEET EVENTS

On the 6th December 2024, the directors declared a dividend of £121,987 for the financial year ended 31/07/2024 and this was subsequently paid on the 9th December 2024.

19. ULTIMATE CONTROLLING PARTY

The immediate controlling party is EOH Mthombo (Proprietary) Limited a company incorporated in South Africa.

The ultimate parent company and controlling party is EOH Holdings Limited, a company also incorporated in South Africa. EOH Holdings Limited heads the largest and smallest group in which the results of the company are consolidated. The consolidated financial statements may be obtained from EOH Business Park, Gillooly's View, Osborne Lane, Bedfordview, 2007.