UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 APRIL 2024 TO 31 DECEMBER 2024

FOR

ITI NETWORK SERVICES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J D Levine

J J Levine

D S Newton

REGISTERED OFFICE:

Access House

41 Clun Street

Sheffield

South Yorkshire

S41 7JS

REGISTERED NUMBER:

03015303 (England and Wales)

ACCOUNTANTS:

Hewitt Card Limited

Chartered Certified Accountants

70-72 Nottingham Road

Mansfield

Nottinghamshire

NG18 1BN

FIXED ASSETS

Tangible assets

4

79,956

70,215

CURRENT ASSETS

Stocks

266,078

84,780

Debtors

5

1,024,275

1,085,750

Cash at bank

211,585

418,038

1,501,938

1,588,568

CREDITORS

Amounts falling due within one year

6

784,100

1,459,766

NET CURRENT ASSETS

717,838

128,802

TOTAL ASSETS LESS CURRENT LIABILITIES

797,794

199,017

CREDITORS

Amounts falling due after more than one year

7

678,095

62,500

NET ASSETS

119,699

136,517

CAPITAL AND RESERVES

Called up share capital

9

20,000

20,000

Share premium

482,999

482,999

Capital redemption reserve

11,616

11,616

Retained earnings

(394,916

)

(378,098

)

SHAREHOLDERS' FUNDS

119,699

136,517

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2025 and were signed on its behalf by:

J D Levine - Director

1.	STATUTORY INFORMATION

ITI Network Services 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 presentation currency of the financial statements is the Pound Sterling (£).

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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.

Stocks

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, 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 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.

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.

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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 22 (2024 - 33 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Long

Plant and

and

Motor

leasehold

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 April 2024

58,135

74,162

99,598

13,500

245,395

Additions

-

-

46,105

-

46,105

Disposals

-

-

-

(13,500

)

(13,500

)

At 31 December 2024

58,135

74,162

145,703

-

278,000

DEPRECIATION

At 1 April 2024

34,075

48,585

88,581

3,939

175,180

Charge for period

9,171

8,956

8,676

1,405

28,208

Eliminated on disposal

-

-

-

(5,344

)

(5,344

)

At 31 December 2024

43,246

57,541

97,257

-

198,044

NET BOOK VALUE

At 31 December 2024

14,889

16,621

48,446

-

79,956

At 31 March 2024

24,060

25,577

11,017

9,561

70,215

5.

DEBTORS

31.12.24

31.3.24

£

£

Amounts falling due within one year:

Trade debtors

547,997

630,758

Amounts owed by group undertakings

-

182

Other debtors

-

3,750

Prepayments

75,358

50,911

623,355

685,601

Amounts falling due after more than one year:

Other debtors

400,920

400,149

Aggregate amounts

1,024,275

1,085,750

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.3.24

£

£

Bank loans and overdrafts

50,730

50,000

Hire purchase contracts (see note 8)

822

9,322

Trade creditors

310,904

310,097

Amounts owed to associates

238,220

700,000

Social security and other taxes

22,060

14,940

VAT

56,051

30,106

Other creditors

14,138

30,984

Directors' current accounts

50,000

175,000

Accrued expenses

41,175

139,317

784,100

1,459,766

Other creditors include an invoice discounting arrangement balance of NIL (March 2024: £19,048), which is secured against the trade debtors to which it relates.

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.3.24

£

£

Bank loans - 1-2 years

21,729

50,000

Bank loans - 2-5 years

-

12,500

Other creditors

656,366

-

678,095

62,500

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

31.12.24

31.3.24

£

£

Net obligations repayable:

Within one year

822

9,322

Non-cancellable

operating leases

31.12.24

31.3.24

£

£

Within one year

60,000

63,287

Between one and five years

240,000

240,000

In more than five years

35,000

95,000

335,000

398,287

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.3.24

value:

£

£

20,000

Ordinary

£1

20,000

20,000

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is J D Levine.