REGISTERED NUMBER: 09844175 (England and Wales)

Itarmi Uk Limited

Unaudited Financial Statements

for the year ended

31 December 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

6

DIRECTOR:

J E Riley

REGISTERED OFFICE:

First Floor Manor House

Church Street

Leatherhead

Surrey

KT22 8DN

REGISTERED NUMBER:

09844175 (England and Wales)

FIXED ASSETS

Intangible assets

4

488,905

458,253

Tangible assets

5

25,808

38,423

514,713

496,676

CURRENT ASSETS

Debtors

6

1,137,066

1,192,934

Cash at bank

243,767

539,543

1,380,833

1,732,477

CREDITORS

Amounts falling due within one year

7

(3,300,544

)

(3,280,114

)

NET CURRENT LIABILITIES

(1,919,711

)

(1,547,637

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,404,998

)

(1,050,961

)

CREDITORS

Amounts falling due after more than one year

8

(11,667

)

(31,667

)

NET LIABILITIES

(1,416,665

)

(1,082,628

)

CAPITAL AND RESERVES

Called up share capital

120

120

Retained earnings

(1,416,785

)

(1,082,748

)

(1,416,665

)

(1,082,628

)

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

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

The director acknowledges her 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 25 September 2025 and were signed by:

.......................................................................................

J E Riley - Director

1.	STATUTORY INFORMATION

Itarmi Uk 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

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in according with section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements have been prepared on a going concern basis, which assumes that the company will continue in operational existence for the foreseeable future.

The Director has conducted a review of the company's financial position, taking into account:

1. Financial budgets including cash flow forecasts;

2. Investment and capital expenditure plans in the context of future funding requirements;

3. Recent investment in sales capacity;

4. The availability of continued support from the company’s parent;

5. Business developments and market conditions including plans to commence licensing the company’s proprietary software to customers and suppliers;

6. The current balance sheet financial position including the available cash position and debt repayment commitments; and

7. Mitigating actions available to management, in the event that key financial risks materialise.

Based on this review, the Director has a reasonable expectation that the Company has adequate resources to continue operating for the foreseeable future.

The Company's ability to continue as a going concern is dependent on continued parental support, its ability to generate sufficient cash flows from operations, options for securing additional funding should that become necessary, and managing its working capital effectively together with the available cash position. The Director is confident that the Company will be able to meet its financial obligations as they fall due for the foreseeable future.

While the global economic environment remains uncertain, the Director believes that the Company is well positioned to withstand potential challenges and continue its operations.

Therefore, the Director has concluded that it is appropriate to prepare the financial statements on a going concern basis.

The following principle accounting policies have been applied:

Revenue

Revenue is derived from the provision of an on demand IT services platform.

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. The following criteria must also be met before revenue is recognised:

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

1.The amount of revenue can be measured reliably;

2. It is probable that the Company will receive the consideration due under the contract;

3. The stage of completion of the contract at the end of the reporting period can be measured reliably; and

4. The costs incurred and the costs to complete the contract can be measured reliably

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

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

Fixtures and fittings

-

20% on cost

Computer equipment

-

25% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Foreign currency translation

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 that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

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.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2023 - 14 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2024

786,024

Additions

210,509

At 31 December 2024

996,533

AMORTISATION

At 1 January 2024

327,771

Charge for year

179,857

At 31 December 2024

507,628

NET BOOK VALUE

At 31 December 2024

488,905

At 31 December 2023

458,253

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2024

42,431

21,976

64,407

Additions

-

1,393

1,393

At 31 December 2024

42,431

23,369

65,800

DEPRECIATION

At 1 January 2024

15,386

10,598

25,984

Charge for year

8,485

5,523

14,008

At 31 December 2024

23,871

16,121

39,992

NET BOOK VALUE

At 31 December 2024

18,560

7,248

25,808

At 31 December 2023

27,045

11,378

38,423

6.

DEBTORS

2024

2023

£

£

Amounts falling due within one year:

Trade debtors

1,056,055

983,931

Amounts owed by group undertakings

326

326

Other debtors

3,162

97,008

Tax

-

54

Prepayments and accrued income

68,798

102,890

1,128,341

1,184,209

Amounts falling due after more than one year:

Other debtors

8,725

8,725

Aggregate amounts

1,137,066

1,192,934

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

39,769

47,230

Trade creditors

390,027

306,866

Refund liabilities

22,369

31,188

Amounts owed to group undertakings

2,424,637

2,509,250

Corporation tax

-

4,265

Social security and other taxes

30,321

22,914

VAT

67,872

-

Other creditors

2,533

2,020

Accruals and deferred income

323,016

356,381

3,300,544

3,280,114

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans - 1-2 years

11,667

31,667

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

29,085

22,379

Between one and five years

15,612

-

44,697

22,379

10.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme for the employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date, unpaid contributions of £2,482 (2023: £2,009) were due to the fund and these are included in other creditors.

11.	ULTIMATE CONTROLLING PARTY

The controlling party is Itarmi Holdco Limited.

The registered office of Itarmi Holdco Limited is First Floor Manor House, Church Street, Leatherhead, Surrey, KT22 8DN.