REGISTERED NUMBER: 03660868 (England and Wales)

Strategic Report, Directors' Report and

Financial Statements for the Year Ended 31 December 2024

for

Managed Information Technologies Limited

Page

Company Information

1

Strategic Report

2

Directors' Report

4

Independent Auditors' Report

6

Statement of Comprehensive Income

10

Statement of Financial Position

11

Statement of Changes in Equity

12

Statement of Cash Flows

13

Notes to the Statement of Cash Flows

14

Notes to the Financial Statements

15

DIRECTORS:

P Critchley

A D Caceres

REGISTERED OFFICE:

147a High Street

Waltham Cross

Hertfordshire

EN8 7AP

REGISTERED NUMBER:

03660868 (England and Wales)

AUDITORS:

Thickbroom Coventry

Chartered Accountants

and Statutory Auditors

147a High Street

Waltham Cross

EN8 7AP

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

The principal activity of the company is that of the installation of digital signage and provision of digital experiences.

The company continues to set itself the goal to provide a high standard of product and service through the continued investment in the best technology and people.

The directors are satisfied with the results and performance of the company during the year ended 31 December 2024.

PRINCIPAL RISKS AND UNCERTAINTIES

The company's principal financial instruments comprise bank balances, trade creditors, trade debtors, loans to the company and finance lease agreements. The main purpose of these instruments is to raise funds for the company's operations and to finance the company's operations. The company is not reliant on bank loans and has had no bank loans during the year.

Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is shown below.

In respect of bank balances the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts.

In respect of the loan from the parent company the interest rate and the monthly repayments are fixed. The company manages the liquidity risk by ensuring there are sufficient funds to meet the payments.

The company is a lessee in respect of finance-leased assets. The liquidity risk in respect of these is managed in the same way as the loan above.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

KEY PERFORMANCE INDICATORS

The company tracks its performance using a series of financial and non-financial key performance indicators (KPIs). Non-financial KPIs monitor health and safety, people and happiness scores, and client satisfaction. Our financial KPIs include, but are not limited to, those listed below:

2024

2023

Turnover

£10.92m

£10.42m

Gross margin %

48%

45%

Turnover growth

£0.5m

£2.61m

Turnover growth %

5%

33%

ON BEHALF OF THE BOARD:

P Critchley - Director

28 April 2025

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

DIVIDENDS

No dividends will be distributed for the year ended 31 December 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 January 2024 to the date of this report.

P Critchley

A D Caceres

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Directors' Report 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;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Thickbroom Coventry, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

P Critchley - Director

28 April 2025

Opinion

We have audited the financial statements of Managed Information Technologies Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 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 Strategic Report and the Directors' Report, but does not include the financial statements and our Auditors' Report 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 Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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.

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 an Auditors' Report 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:

We obtained an understanding of the legal and regulatory framework applicable to the company and the sector in which the operate. We determined that the following laws and regulations were most significant; the Companies Act 2006 and UK corporate taxation laws.

We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making inquiries to the management. We corroborated our inquiries through our review of board minutes and papers provided by those charged with governance.

We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team include:

- identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;

- understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

- challenging assumptions and judgements made by management in its significant accounting estimates;

- identifying and testing journal entries, in particular and journal entries posted with unusual account combinations; and

- assessing the extent of compliance with the relevant laws and regulations.

We have reviewed the financial statements and considered whether they are consistent with our understanding of the entity or indicate a previously unrecognised risk of material misstatement that could be due to fraud.

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 Auditors' Report.

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 an Auditors' Report 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.

Joseph Illes FCA (Senior Statutory Auditor)

for and on behalf of Thickbroom Coventry

Chartered Accountants

and Statutory Auditors

147a High Street

Waltham Cross

EN8 7AP

28 April 2025

TURNOVER

3

10,920,758

10,419,965

Cost of sales

(5,663,669

)

(5,692,386

)

GROSS PROFIT

5,257,089

4,727,579

Administrative expenses

(3,809,732

)

(3,172,565

)

1,447,357

1,555,014

Other operating income

45,022

-

OPERATING PROFIT

5

1,492,379

1,555,014

Interest receivable and similar income

39,261

4,400

1,531,640

1,559,414

Interest payable and similar expenses

6

(59,617

)

(9,674

)

PROFIT BEFORE TAXATION

1,472,023

1,549,740

Tax on profit

7

(400,569

)

(372,053

)

PROFIT FOR THE FINANCIAL YEAR

1,071,454

1,177,687

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,071,454

1,177,687

FIXED ASSETS

Tangible assets

8

326,622

174,322

CURRENT ASSETS

Stocks

9

315,138

339,073

Debtors

10

5,559,971

3,833,380

Cash at bank and in hand

818,768

922,183

6,693,877

5,094,636

CREDITORS

Amounts falling due within one year

11

(1,823,661

)

(2,136,892

)

NET CURRENT ASSETS

4,870,216

2,957,744

TOTAL ASSETS LESS CURRENT LIABILITIES

5,196,838

3,132,066

CREDITORS

Amounts falling due after more than one year

12

(1,079,495

)

(86,177

)

PROVISIONS FOR LIABILITIES

15

(42,204

)

(42,204

)

NET ASSETS

4,075,139

3,003,685

CAPITAL AND RESERVES

Called up share capital

16

100

100

Retained earnings

17

4,075,039

3,003,585

SHAREHOLDERS' FUNDS

4,075,139

3,003,685

The financial statements were approved by the Board of Directors and authorised for issue on 28 April 2025 and were signed on its behalf by:

P Critchley - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

100

1,825,898

1,825,998

Changes in equity

Total comprehensive income

-

1,177,687

1,177,687

Balance at 31 December 2023

100

3,003,585

3,003,685

Changes in equity

Total comprehensive income

-

1,071,454

1,071,454

Balance at 31 December 2024

100

4,075,039

4,075,139

Cash flows from operating activities

Cash generated from operations

1

(322,841

)

1,036,869

Interest paid

(56,969

)

-

Interest element of hire purchase payments paid

(2,648

)

(9,674

)

Tax paid

(507,164

)

(443,416

)

Net cash from operating activities

(889,622

)

583,779

Cash flows from investing activities

Purchase of tangible fixed assets

(247,032

)

(175,812

)

Interest received

39,261

4,400

Net cash from investing activities

(207,771

)

(171,412

)

Cash flows from financing activities

Loan repayments in year

-

(162,879

)

Capital repayments in year

60,925

115,221

Due to subsidiaries

952,247

-

Due from subsidiaries

(19,194

)

(168,383

)

Net cash from financing activities

993,978

(216,041

)

(Decrease)/increase in cash and cash equivalents

(103,415

)

196,326

Cash and cash equivalents at beginning of year

2

922,183

725,857

Cash and cash equivalents at end of year

2

818,768

922,183

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

2024

2023

£

£

Profit before taxation

1,472,023

1,549,740

Depreciation charges

94,731

43,954

Finance costs

59,617

9,674

Finance income

(39,261

)

(4,400

)

1,587,110

1,598,968

Decrease/(increase) in stocks

23,935

(39,094

)

Increase in trade and other debtors

(1,707,397

)

(927,009

)

(Decrease)/increase in trade and other creditors

(226,489

)

404,004

Cash generated from operations

(322,841

)

1,036,869

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2024

31/12/24

1/1/24

£

£

Cash and cash equivalents

818,768

922,183

Year ended 31 December 2023

31/12/23

1/1/23

£

£

Cash and cash equivalents

922,183

725,857

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/24

Cash flow

At 31/12/24

£

£

£

Net cash

Cash at bank and in hand

922,183

(103,415

)

818,768

922,183

(103,415

)

818,768

Debt

Finance leases

(115,221

)

(60,925

)

(176,146

)

(115,221

)

(60,925

)

(176,146

)

Total

806,962

(164,340

)

642,622

1.	STATUTORY INFORMATION

Managed Information Technologies 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Critical accounting judgements and key sources of estimation uncertainty

Tangible assets

Fixtures and fittings and motor vehicles are depreciated based on their useful lives. Depreciation is recognised on a reducing balance basis over their estimated useful lives. The company estimates useful lives based on various factors, including technological obsolescence and the expected usage of the asset. The useful life of these assets are regularly reviewed for signs of impairment. Where an impairment is identified, the asset value is impaired, with a charge to the profit and loss account.

The company assesses tangible fixed assets where there are indications that the assets could be impaired. Indicators of impairment include factors both inside and outside the organisation, which give indication of a reduction in value. Where there are indicators of a reduction in the carrying value of the asset, the company estimates the recoverable amount of the cash generating unit to which the asset belongs.

Debtors

The directors assess the recoverability of the amounts outstanding at the balance sheet date, undertaking a review of the age profile of the debt, historic collection rates and the nature and class of the debt.

Work in progress

The directors assess the time and expenses as incurred in respect of ongoing projects. Where time spent has not been billed at the balance sheet date, and is recoverable in line with underlying projects, accrued work in progress is included in revenue based on underlying costs incurred and stage of completion.

Revenue recognition

Revenue from projects is recognised by reference to the time and costs as incurred where this is recoverable in line with underlying contracts.

Turnover

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

5 - 15 years straight line

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

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

Financial instruments

The company's principal financial instruments comprise bank balances, trade creditors, trade debtors and finance lease agreements. The main purpose of these instruments is to raise funds for the company's operations and to finance the company's operations.

Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is shown below.

In respect of bank balances the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts.

The company is a lessee in respect of finance-leased assets. The liquidity risk in respect of these is managed in the same way as the loan above.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

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 or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

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

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

Foreign currencies

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

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2024

2023

£

£

United Kingdom

8,504,655

8,085,844

Europe

2,187,703

1,587,857

Rest of World

228,400

746,264

10,920,758

10,419,965

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

2,365,805

2,095,773

Social security costs

246,657

224,649

Other pension costs

39,531

36,343

2,651,993

2,356,765

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

2024

2023

Administration

9

6

Technical

50

49

59

55

2024

2023

£

£

Directors' remuneration

105,000

105,000

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

Money purchase schemes

1

-

During the year directors received benefits in kind amounting to £1,163 (2023: £2,050).

5.	OPERATING PROFIT

The operating profit is stated after charging:

2024

2023

£

£

Hire of plant and machinery

8,457

8,828

Other operating leases

34,240

37,224

Depreciation - owned assets

94,732

43,954

Auditors' remuneration

10,000

7,000

Other non- audit services

32,335

8,391

Foreign exchange differences

20,875

455

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Interest payable Corporation tax

18,229

-

Interest on VAT

38,740

-

Hire purchase interest

2,648

9,674

59,617

9,674

7.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2024

2023

£

£

Current tax:

UK corporation tax

400,569

339,000

Deferred tax

-

33,053

Tax on profit

400,569

372,053

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024

2023

£

£

Profit before tax

1,472,023

1,549,740

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 25%)

368,006

387,435

Effects of:

Expenses not deductible for tax purposes

15,603

4,994

Capital allowances in excess of depreciation

(7,698

)

(33,053

)

Change in rate of tax

-

(21,267

)

Deferred tax provided

8,551

33,053

Over provision

16,107

891

Total tax charge

400,569

372,053