ITHQ Holdings Ltd Group accounts (Group and Company)

COMPANY REGISTRATION NUMBER: 06606867

ITHQ Holdings Ltd

Unaudited Financial Statements

31 March 2025

ITHQ Holdings Ltd

Financial Statements

Year ended 31 March 2025

Contents	Page

Strategic report	1

Directors' report	3

Consolidated statement of comprehensive income	4

Consolidated statement of financial position	5

Company statement of financial position	7

Consolidated statement of changes in equity	9

Company statement of changes in equity	10

Consolidated statement of cash flows	11

Notes to the financial statements	12

ITHQ Holdings Ltd

Strategic Report

Year ended 31 March 2025

The Board of Directors (the "Board") of ITHQ Holdings LTD (the "Company") present their report together with the consolidated unaudited financial statement of the Company and its subsidiary undertakings (the "Group") for the year ended 31 March 2025. The company prepares these financial statements under Financial Reporting Standard 102 ("FRS 102"). Directors The Directors in office at the time the financial statements were approved are: Scott Nursten Chief Executive Appointed 1 April 2011 Dale Nursten Chief Financial Officer Appointed 30 September 2009 Sally Nursten Chief Marketing Officer Appointed 15 June 2015 Diane Nursten Head of Administration Appointed 30 May 2008

Activities The principal activity of the Group during the year was the strategy-led delivery of technological & operational resilience solutions that address the most important technical challenges. Results The results of the year are set out in the consolidated income statement. For the year, the Group made a profit of £424,346 (2024: profit of £260,322).

Statement of directors' responsibilities The directors are responsible for preparing the report and accounts in accordance with applicable law and regulations. Company law requires the directors to prepare accounts for each financial year. Under that law, the directors have elected to prepare the accounts 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 accounts 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 accounts, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgements and estimates that are reasonable and prudent; - prepare the accounts 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 accounts 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.

This report was approved by the board of directors on 12 September 2025 and signed on behalf of the board by:

Mr Dale Callum Peter Nursten

Director

Registered office:

B1 Vantage Park

Gloucester Road

Hambrook

Bristol

BS161GW

ITHQ Holdings Ltd

Directors' Report

Year ended 31 March 2025

The directors present their report and the unaudited financial statements of the group for the year ended 31 March 2025 .

Principal activities

The principal activity of the Group during the year was the strategy-led delivery of technological & operational resilience solutions that address the most important technical challenges. These services continue as the Board also continues to pursue any new opportunities within this area. The Board continues to focus on the subsidiary ITHQ Ltd and its specialist strategic IT solutions.

Directors

The directors who served the company during the year were as follows:

Mr Dale Callum Peter Nursten
Ms Diane Kim Nursten
Ms Sally Nursten
Mr Scott Malcolm Erwin Nursten

Dividends

The directors do not recommend the payment of a dividend.

This report was approved by the board of directors on 12 September 2025 and signed on behalf of the board by:

Mr Dale Callum Peter Nursten

Director

Registered office:

B1 Vantage Park

Gloucester Road

Hambrook

Bristol

BS161GW

ITHQ Holdings Ltd

Consolidated Statement of Comprehensive Income

Year ended 31 March 2025

		2025	2024
Note		£	£
Turnover	4	5,035,295	4,120,432

Cost of sales	2,767,778	2,483,255
	------------	------------
Gross profit	2,267,517	1,637,177

Administrative expenses		1,842,837	1,396,118
		------------	------------
Operating profit	5	424,680	241,059

Income from other fixed asset investments	8	96,010	60,844
Other interest receivable and similar income	9	28,705	5,612
Interest payable and similar expenses	10	11,438	13,030
		------------	------------
Profit before taxation		537,957	294,485

Tax on profit	11	109,689	29,666
		---------	---------
Profit after taxation		428,268	264,819

Other taxes not shown under the above	3,922	4,497
	---------	---------
Profit for the financial year	424,346	260,322
	---------	---------

Revaluation of tangible assets	–	72,972
Fair value adjustments	45,931	166,334
	--------	---------
Other comprehensive income for the year	45,931	239,306
	---------	---------
Total comprehensive income for the year	470,277	499,628
	---------	---------

All the activities of the group are from continuing operations.

ITHQ Holdings Ltd

Consolidated Statement of Financial Position

31 March 2025

	2025	2024
Note	£	£

Fixed assets

Intangible assets	12	40,670	39,542
Tangible assets	13	279,184	270,732
Investments	14	947,208	975,699
		------------	------------
		1,267,062	1,285,973

Current assets

Stocks	15	58,397	55,298
Debtors	16	1,060,872	583,948
Cash at bank and in hand		829,077	597,889
		------------	------------
		1,948,346	1,237,135

Creditors: amounts falling due within one year	17	1,313,987	1,057,269
		------------	------------
Net current assets		634,359	179,866
		------------	------------
Total assets less current liabilities		1,901,421	1,465,839

Creditors: amounts falling due after more than one year	18	50,573	82,697
		------------	------------
Net assets		1,850,848	1,383,142
		------------	------------

Capital and reserves

Called up share capital	19	882,680	882,680
Share premium account	20	26,330	28,901
Revaluation reserve	20	154,507	108,576
Profit and loss account	20	787,331	362,985
		------------	------------
Shareholders funds		1,850,848	1,383,142
		------------	------------

For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

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

ITHQ Holdings Ltd

Consolidated Statement of Financial Position (continued)

31 March 2025

These financial statements were approved by the board of directors and authorised for issue on 12 September 2025 , and are signed on behalf of the board by:

Mr Dale Callum Peter Nursten

Director

Company registration number: 06606867

ITHQ Holdings Ltd

Company Statement of Financial Position

31 March 2025

	2025	2024
Note	£	£

Fixed assets

Tangible assets	13	200,139	205,772
Investments	14	10,400	210,400
		---------	---------
		210,539	416,172

Current assets

Debtors	16	1,273,651	1,155,881
Cash at bank and in hand		14,085	15,552
		------------	------------
		1,287,736	1,171,433

Creditors: amounts falling due within one year	17	135,183	375,920
		------------	------------
Net current assets		1,152,553	795,513
		------------	------------
Total assets less current liabilities		1,363,092	1,211,685

Creditors: amounts falling due after more than one year	18	10,495	18,815
		------------	------------
Net assets		1,352,597	1,192,870
		------------	------------

Capital and reserves

Called up share capital	19	882,680	882,680
Revaluation reserve	20	72,972	72,972
Profit and loss account	20	396,945	237,218
		------------	------------
Shareholders funds		1,352,597	1,192,870
		------------	------------

The profit for the financial year of the parent company was £ 159,727 (2024: £ 91,877 ).

For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

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

ITHQ Holdings Ltd

Company Statement of Financial Position (continued)

31 March 2025

These financial statements were approved by the board of directors and authorised for issue on 12 September 2025 , and are signed on behalf of the board by:

Mr Dale Callum Peter Nursten

Director

Company registration number: 06606867

ITHQ Holdings Ltd

Consolidated Statement of Changes in Equity

Year ended 31 March 2025

			Called up share capital	Share premium account	Revaluation reserve	Profit and loss account	Total
Note			£	£	£	£	£
At 1 April 2023			882,680	1,229	( 130,730)	102,663	855,842

Profit for the year						260,322	260,322
Other comprehensive income for the year:
	Revaluation of tangible assets	13	–	–	72,972	–	72,972
	Fair value adjustments		–	–	166,334	–	166,334
			---------	-------	---------	---------	---------
Total comprehensive income for the year			–	–	239,306	260,322	499,628

Issue of shares			–	27,672	–	–	27,672
			---------	--------	---------	---------	---------
Total investments by and distributions to owners			–	27,672	–	–	27,672

At 31 March 2024			882,680	28,901	108,576	362,985	1,383,142

Profit for the year						424,346	424,346
Other comprehensive income for the year:
	Fair value adjustments		–	–	45,931	–	45,931
			---------	--------	---------	---------	------------
Total comprehensive income for the year			–	–	45,931	424,346	470,277

Redemption of shares			–	( 2,571)	–	–	( 2,571)
			----	-------	----	----	-------
Total investments by and distributions to owners			–	( 2,571)	–	–	( 2,571)

			---------	--------	---------	---------	------------
At 31 March 2025			882,680	26,330	154,507	787,331	1,850,848
			---------	--------	---------	---------	------------

ITHQ Holdings Ltd

Company Statement of Changes in Equity

Year ended 31 March 2025

			Called up share capital	Revaluation reserve	Profit and loss account	Total
Note			£	£	£	£
At 1 April 2023			882,680	–	145,341	1,028,021

Profit for the year					91,877	91,877
Other comprehensive income for the year:
	Revaluation of tangible assets	13	–	72,972	–	72,972
			---------	--------	---------	------------
Total comprehensive income for the year			–	72,972	91,877	164,849

At 31 March 2024			882,680	72,972	237,218	1,192,870

Profit for the year					159,727	159,727
			---------	--------	---------	------------
Total comprehensive income for the year			–	–	159,727	159,727

			---------	--------	---------	------------
At 31 March 2025			882,680	72,972	396,945	1,352,597
			---------	--------	---------	------------

ITHQ Holdings Ltd

Consolidated Statement of Cash Flows

Year ended 31 March 2025

	2025	2024
	£	£

Cash flows from operating activities

Profit for the financial year	424,346	260,322

Adjustments for:
Depreciation of tangible assets	28,810	13,804
Amortisation of intangible assets	19,564	1,130
Income from other fixed asset investments	( 96,010)	( 60,844)
Other interest receivable and similar income	( 28,705)	( 5,612)
Interest payable and similar expenses	11,438	13,030
Tax on profit	109,689	29,666
Accrued (income)/expenses	( 59,657)	151,429
Other operating cash flow adjustment	(2)	(2)

Changes in:
Stocks	( 3,099)	( 55,298)
Trade and other debtors	( 476,924)	8,114
Trade and other creditors	508,904	41,077
	---------	---------
Cash generated from operations	438,354	396,816

Interest paid	( 11,438)	( 13,030)
Interest received	28,705	5,612
Tax paid	( 17,341)	( 12,325)
	---------	---------
Net cash from operating activities	438,280	377,073
	---------	---------

Cash flows from investing activities

Purchase of tangible assets	( 37,368)	( 66,116)
Proceeds from sale of tangible assets	108	–
Purchase of intangible assets	( 20,692)	( 40,672)
Purchases of other investments	(368,910)	(271,312)
Proceeds from sale of other investments	443,332	269,726
Purchase of futures contracts, forward contracts, option contracts and swap contracts	24,115	14,354
Dividends received	71,895	46,490
	---------	---------
Net cash from/(used in) investing activities	112,480	( 47,530)
	---------	---------

Cash flows from financing activities

Proceeds from issue of ordinary shares	–	27,672
Purchase of own shares	( 2,571)	–
Proceeds from borrowings	( 317,001)	146,229
	---------	---------
Net cash (used in)/from financing activities	( 319,572)	173,901
	---------	---------

Net increase in cash and cash equivalents	231,188	503,444
Cash and cash equivalents at beginning of year	597,889	94,445
	---------	---------
Cash and cash equivalents at end of year	829,077	597,889
	---------	---------

ITHQ Holdings Ltd

Notes to the Financial Statements

Year ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is B1 Vantage Park, Gloucester Road, Hambrook, Bristol, BS161GW.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

After reviewing the Group's forecasts and projections, the Board have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. The Group therefore continues to adopt the going concern basis in preparing its financial statements.

Accounting estimates

The preparation of financial statements requires the use of certain accounting estimates. Accounting estimates involve management's judgement of expected future benefits and obligations relating to assets and liabilities (and associated expenses and income) based on information that best reflects the conditions and circumstances that exist at the the reporting date. There have been no changes to the Group's accounting estimates from the previous financial period.

Inventories

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Disclosure exemptions

The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:

(a) Disclosures in respect of each class of share capital have not been presented.

(b) No cash flow statement has been presented for the company.

(c) Disclosures in respect of financial instruments have not been presented.

(d) No disclosure has been given for the aggregate remuneration of key management personnel.

Work in progress

The Group enter into contracts to provide services and the revenue associated with the transaction is recognised by reference to the stage of completion at the reporting period using the percentage completed method.

Provisions

Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

Consolidation

The financial statements consolidate the financial statements of ITHQ Holdings Ltd and all of its subsidiary undertakings.

The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.

The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.

Investment in subsidiary

The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Group (its subsidiaries). Control is achieved where the Group has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in total comprehensive income from the effective date of acquisition and up to the effective date of disposal as appropriate using accounting policies consistent with those of the parent. All intragroup transactions, balances, income and expenses are eliminated in full on consolidations.

Investments in subsidiaries accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Where merger relief is applicable the cost of the investment in a subsidiary undertaking is measured at the nominal value of the shares issued together with the fair value of any additional consideration paid.

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured.

Share based payments

Long Term Investment Plan (LTIP)

The Group operates a LTIP in ITHQ for key employees of those companies. The LTIP currently comprises 20% of the share equity in ITHQ made up of 250,000 authorised Class B Shares ('LTIP Pool'). At the beginning of each financial year, each member is set targets which if achieved will result in a LTIP bonus which will be awarded as an allocation of shares from the LTIP Pool at the end of the financial year. The awards will vest over the subsequent 3 financial years conditional upon continued employment with the Group. The Group accrues for the cost of the awarded shares when they vest and are issued to the employee.

Intangible assets

Intangible assets are measured on initial recognition at cost. Following initial recognition, intangible assets are carried at cost less accumulated amortisation and accumulated impairment losses, if any. Intangible assets with a finite useful life are assessed for impairment whenever there is an indication that the intangible asset may be impaired.

Goodwill is recognised on any excess of the cost of the business combination over the acquirer's interest in the net fair vale of the identifiable assets and liabilities. if the net fair value of the identifiable assets and liabilities exceeds the cost of the business combination the excess is recognised separately on the face of the Consolidated Statement of Financial Position immediately before goodwill. Useful life is determined by reference to the period over which the values of the underlying businesses are expected to exceed the values of their identifiable net assets. Goodwill is reviewed for impairment if events or changes in circumstances indicate that the carrying value may not be recoverable.

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. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Development costs	-	3 Years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Research and development

Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Equipment	-	`3 Years`

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate.

Investments in joint ventures

Investments in joint ventures are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the joint venture.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Turnover

Turnover arises from:

	2025	2024
	£	£
Turnover from ordinary operating activities	5,035,295	4,120,432
	------------	------------

The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.

5. Operating profit

Operating profit or loss is stated after charging/crediting:

	2025	2024
	£	£
Amortisation of intangible assets	19,564	1,130
Depreciation of tangible assets	28,810	13,804
Impairment of trade debtors	(13)	1,619
Foreign exchange differences	6,186	1,911
	--------	--------

6. Staff costs

The average number of persons employed by the group during the year, including the directors, amounted to:

	2025	2024
	No.	No.
Administrative staff	2	2
Number of services staff	10	11
Number of sales and marketing staff	7	2
	----	----
	19	15
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2025	2024
	£	£
Wages and salaries	1,134,783	870,016
	------------	---------

The figures above include the total cost of Directors' remuneration.

7. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	2025	2024
	£	£
Remuneration	41,290	44,520
	--------	--------

8. Income from other fixed asset investments

	2025	2024
	£	£
Dividends from other fixed asset investments	71,895	46,490
Other income from other fixed asset investments	24,115	14,354
	--------	--------
	96,010	60,844
	--------	--------

9. Other interest receivable and similar income

	2025	2024
	£	£
Interest receivable	28,705	5,612
	--------	-------

10. Interest payable and similar expenses

	2025	2024
	£	£
Other interest payable and similar charges	11,438	13,030
	--------	--------

11. Tax on profit

Major components of tax expense

	2025	2024
	£	£

Current tax:

UK current tax expense	109,689	29,666
Tax on profit	109,689	29,666
	---------	--------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is lower than (2024: lower than) the standard rate of corporation tax in the UK of 25 % (2024: 19 %).

	2025	2024
	£	£
Profit on ordinary activities before taxation	537,957	294,485
	---------	---------
Profit on ordinary activities by rate of tax	134,489	55,952
Effect of capital allowances and depreciation	( 2,421)	( 26,286)
Other tax adjustment to increase/(decrease) tax liability	(22,379)	–
	---------	---------
Tax on profit	109,689	29,666
	---------	---------

12. Intangible assets

Group	Development costs
	£
Cost
At 1 April 2024	40,672
Additions	20,692
	--------
At 31 March 2025	61,364
	--------
Amortisation
At 1 April 2024	1,130
Charge for the year	19,564
	--------
At 31 March 2025	20,694
	--------
Carrying amount
At 31 March 2025	40,670
	--------
At 31 March 2024	39,542
	--------

The company has no intangible assets.

13. Tangible assets

Group	Freehold property	Equipment	Total
	£	£	£
Cost
At 1 April 2024	194,679	101,773	296,452
Additions	–	37,368	37,368
Disposals	–	( 1,916)	( 1,916)
	---------	---------	---------
At 31 March 2025	194,679	137,225	331,904
	---------	---------	---------
Depreciation
At 1 April 2024	–	25,718	25,718
Charge for the year	–	28,810	28,810
Disposals	–	( 1,808)	( 1,808)
	---------	---------	---------
At 31 March 2025	–	52,720	52,720
	---------	---------	---------
Carrying amount
At 31 March 2025	194,679	84,505	279,184
	---------	---------	---------
At 31 March 2024	194,679	76,055	270,734
	---------	---------	---------

Company	Freehold property	Equipment	Total
	£	£	£
Cost
At 1 April 2024	194,679	21,077	215,756
Additions	–	666	666
	---------	--------	---------
At 31 March 2025	194,679	21,743	216,422
	---------	--------	---------
Depreciation
At 1 April 2024	–	9,984	9,984
Charge for the year	–	6,299	6,299
	---------	--------	---------
At 31 March 2025	–	16,283	16,283
	---------	--------	---------
Carrying amount
At 31 March 2025	194,679	5,460	200,139
	---------	--------	---------
At 31 March 2024	194,679	11,093	205,772
	---------	--------	---------

14. Investments

Group	Shares in group undertakings	Other investments other than loans	Total
	£	£	£
Cost
At 1 April 2024	396	939,699	940,095
Additions	–	368,910	368,910
Disposals	–	( 443,332)	( 443,332)
	----	---------	---------
At 31 March 2025	396	865,277	865,673
	----	---------	---------
Impairment
At 1 April 2024	–	( 35,604)	( 35,604)
Revaluations	–	( 45,931)	( 45,931)
	----	---------	---------
At 31 March 2025	–	( 81,535)	( 81,535)
	----	---------	---------

Carrying amount
At 31 March 2025	396	946,812	947,208
	----	---------	---------
At 31 March 2024	396	975,303	975,699
	----	---------	---------

Company	Shares in group undertakings
	£
Cost
At 1 April 2024	210,400
Other movements	( 200,000)
	---------
At 31 March 2025	10,400
	---------
Impairment
At 1 April 2024 and 31 March 2025	–
	---------

Carrying amount
At 31 March 2025	10,400
	---------
At 31 March 2024	210,400
	---------

Subsidiaries, associates and other investments

Details of the investments in which the group and the parent company have an interest of 20% or more are as follows:

	Class of share	Percentage of shares held
Subsidiary undertakings
ITHQ Ltd, B1 Vantage Park, Gloucester Road, Hambrook, Bristol, BS16 1GW	Ordinary	92.98
Stride PIV LTD, B1 Vantage Park, Gloucester Road, Hambrook, Bristol, BS16 1GW	Ordinary	100

15. Stocks

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Work in progress	58,397	55,298	–	–
	--------	--------	----	----

16. Debtors

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Trade debtors	980,313	495,760	198,539	198,539
Amounts owed by group undertakings	–	–	1,067,998	951,381
Prepayments and accrued income	72,655	79,310	5,179	5,208
Other debtors	7,904	8,878	1,935	753
	------------	---------	------------	------------
	1,060,872	583,948	1,273,651	1,155,881
	------------	---------	------------	------------

17. Creditors: amounts falling due within one year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Bank loans and overdrafts	25,944	18,824	3,697	–
Trade creditors	455,027	203,854	9,203	6,657
Accruals and deferred income	160,792	220,449	–	–
Corporation tax	109,689	17,341	54,517	9,500
Social security and other taxes	63,662	58,677	–	–
Director loan accounts	67,766	359,763	67,766	359,763
Other creditors	431,107	178,361	–	–
	------------	------------	---------	---------
	1,313,987	1,057,269	135,183	375,920
	------------	------------	---------	---------

18. Creditors: amounts falling due after more than one year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Bank loans and overdrafts	50,573	82,697	10,495	18,815
	--------	--------	--------	--------

19. Called up share capital

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 1 each	882,680	882,680	882,680	882,680
	---------	---------	---------	---------

20. Reserves

Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. Profit and loss account - This reserve records retained earnings and accumulated losses.

21. Capital commitments

As at 31 March 2025, the Group had £0 capital commitments (2024: £0).

22. Ultimate controlling party

There is no ultimate controlling party.

23. Post balance sheet events

There have been no significant events affecting the Group since year end.

24. Analysis of changes in net debt

	At 1 Apr 2024	Cash flows	At 31 Mar 2025
	£	£	£
Cash at bank and in hand	597,889	231,188	829,077
Debt due within one year	(378,587)	284,877	(93,710)
Debt due after one year	(82,697)	32,124	(50,573)
	---------	---------	---------
	136,605	548,189	684,794
	---------	---------	---------

25. Operating leases

As lessor

The total future minimum lease payments receivable under non-cancellable operating leases are as follows:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Not later than 1 year	47,734	28,735	31,484	23,310
Later than 1 year and not later than 5 years	95,545	14,823	30,545	14,823
	---------	--------	--------	--------
	143,279	43,558	62,029	38,133
	---------	--------	--------	--------