ACCOUNTS - Final Accounts

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:

Company registration number: 09264169

	FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 DECEMBER 2024

	ITC GLOBAL (UK) LIMITED


ITC GLOBAL (UK) LIMITED

COMPANY INFORMATION

Directors	E L G Ceuppens
	H C M Nays
	A D Luca


Registered number	09264169


Registered office	Menzies LLP
	Magna House
	18-32 London Road
	Staines-upon-Thames
	Surrey
	TW18 4BP


Independent auditor	Menzies LLP
	Chartered Accountants & Statutory Auditor
	Magna House
	18-32 London Road
	Staines-Upon-Thames
	Surrey
	TW18 4BP


ITC GLOBAL (UK) LIMITED

CONTENTS

	Page
Statement of Financial Position	1
Notes to the Financial Statements	2 - 6


ITC GLOBAL (UK) LIMITED REGISTERED NUMBER:09264169

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£


Fixed assets
Tangible assets	4		103,650		23,085
			103,650		23,085
Current assets
Debtors: amounts falling due within one year	5	5,496,075		9,159,913
Cash at bank and in hand		10,000		10,000
		5,506,075		9,169,913
Creditors: amounts falling due within one year	6	(3,304,432)		(6,981,063)
Net current assets			2,201,643		2,188,850
Total assets less current liabilities			2,305,293		2,211,935

Provisions for liabilities
Other provisions	7	-		(91,447)
			-		(91,447)

Net assets			2,305,293		2,120,488

Capital and reserves
Called up share capital	125	125
Profit and loss account	2,305,168	2,120,363
	2,305,293	2,120,488

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 comprehensive income 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:

H C M Nays

Director

Date: 28 August 2025

The notes on pages 2 to 6 form part of these financial statements.

Page 1


ITC GLOBAL (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

ITC Global (UK) Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office is given in the company information page of these financial statements. The principal place of business is Unit 1, Minto Commercial Park, Minto Place, Altens Industrial Estate, Aberdeen, AB12 3SN.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

2.2

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP, rounded to the nearest pound sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Intercompany revenue is recognised in line with agreed group recharge policies for all applicable recharged costs. Third party revenue is recognised at the time that the service has been provided or goods delivered.

2.4

Operating leases

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

2.5

Finance costs

Finance costs are recognised in profit or loss in the year in which they are incurred.

Page 2


ITC GLOBAL (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.6

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 profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

2.7

Taxation

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 income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.

2.8

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:

Office equipment	-	25%	Straight line
Computer equipment	-	25%	Straight line
Network infrastructure	-	33%	Straight line

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.

Page 3


ITC GLOBAL (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.9

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.

2.10

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.

Employees

The average monthly number of employees, including directors, during the year was 51 (2023 - 48).

4.	Tangible fixed assets

	Office equipment	Computer equipment	Network infrastructure	Total
	£	£	£	£
Cost or valuation
At 1 January 2024	123,139	104,827	-	227,966
Additions	-	-	93,343	93,343
At 31 December 2024	123,139	104,827	93,343	321,309
Depreciation
At 1 January 2024	120,146	84,735	-	204,881
Charge for the year on owned assets	1,156	11,198	424	12,778
At 31 December 2024	121,302	95,933	424	217,659
Net book value
At 31 December 2024	1,837	8,894	92,919	103,650
At 31 December 2023	2,993	20,092	-	23,085

Page 4


ITC GLOBAL (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Debtors

					2024	2023
					£	£


Trade debtors	3,113,163	3,986,376
Amounts owed by group undertakings	1,757,190	4,939,403
Other debtors	558,642	160,514
Prepayments and accrued income	67,080	73,620
	5,496,075	9,159,913

6.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	95,551	78,237
Amounts owed to group undertakings	2,573,746	6,126,679
Corporation tax	-	251,542
Other taxation and social security	94,800	91,477
Other creditors	44,205	58,384
Accruals and deferred income	496,130	374,744
	3,304,432	6,981,063

7.	Provisions

		Dilapidation provision
		£

	At 1 January 2024	91,447
	Released to profit or loss	(91,447)
	At 31 December 2024	-

Page 5


ITC GLOBAL (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Not later than 1 year	170,000	162,431
Later than 1 year and not later than 5 years	642,694	-
	812,694	162,431

9.	Parent company

The parent company of the smallest group for which consolidated financial statements are drawn up is ITC Global Inc. The address of the registered office is 3520 S. Sam Houston Parkway E., Suite #400, Houston, TX 77047.
The company's ultimate parent company is Venga TopCo Sarl, a company registered in Luxembourg and its results are consolidated in the financial statements of the parent company for the year. The consolidated financial statements of Venga TopCo Sarl can be obtained from Rue Dicks no 18 - L-1417, Luxembourg.

10.	Auditor's information

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

The audit report was signed on 29 August 2025 by Sophie Said FCA (Senior Statutory Auditor) on behalf of Menzies LLP.

Page 6