REGISTERED NUMBER: 00814151 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

ITT INDUSTRIES LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

to

7

DIRECTORS:

Mr R Patel

Mr C W Sumner

Mr I Tsakalos

SECRETARY:

Mr R Patel

REGISTERED OFFICE:

Unit 4-Faraday Office Park

Rankine Road

Basingstoke

Hampshire

RG24 8QB

REGISTERED NUMBER:

00814151 (England and Wales)

AUDITORS:

Seymour Taylor Limited, Statutory Auditor

First Floor North

40 Oxford Road

High Wycombe

Buckinghamshire

HP11 2EE

FIXED ASSETS

Tangible assets

4

110

168

CURRENT ASSETS

Stocks

672

446

Debtors

5

10,656

12,220

Cash at bank

434

96

11,762

12,762

CREDITORS

Amounts falling due within one year

6

2,535

2,176

NET CURRENT ASSETS

9,227

10,586

TOTAL ASSETS LESS CURRENT LIABILITIES

9,337

10,754

PROVISIONS FOR LIABILITIES

20

5

NET ASSETS

9,317

10,749

CAPITAL AND RESERVES

Called up share capital

8

10,001

10,001

Capital redemption reserve

9

529

529

Retained earnings

9

(1,213

)

219

SHAREHOLDERS' FUNDS

9,317

10,749

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 29 September 2025 and were signed on its behalf by:

Mr R Patel - Director

1.	GENERAL INFORMATION

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.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company is dependent upon continued support from the parent company, ITT Industries Luxembourg S.A.R.L., who have provided written confirmation of their willingness to provide continued financial support to the company for the foreseeable future, defined as at least 12 months from the date of signing these financial statements. Based on this support, the directors consider it appropriate to prepare these financial statements on the going concern basis.

Turnover

Turnover represents amounts receivable for goods and services provided in the normal course of business, net of trade discounts, VAT and other sales related taxes. revenue is recognised when contractual obligations have been completed.

Commission income comprises commission received from Industrial Process around the world. This income is for the sales and technical support supplied by the Industrial UK staff to the various global businesses.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings - The period of the lease or economic life if shorter

Plant and equipment - 3 to 20 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments' of FRS 102 to all of its financial statements.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation

The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable.

Current and deferred tax is charged or credited to profit or loss, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transaction or event it relates to and is also charged or credited to other comprehensive income, or equity.

Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on the net basis or to realise the asset and settle the liability simultaneously.

Current tax is based on taxable profit for the year. Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting date.

Deferred tax

Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based on tax rates that have been enacted or substantively enacted by the reporting date.

Deferred tax liabilities are recognised in respect of all timing differences that exist at the reporting date. Timing differences are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in different periods from their recognition in the financial statements. Deferred tax assets are recognised only to the extent that it is probable that they will be recovered by the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination and the amounts that can be deducted or assessed for tax. The deferred tax recognised is adjusted against goodwill.

Foreign exchange

Transactions in currencies other than the functional currency (foreign currency) are initially recorded at the exchange rate prevailing on the date of the transaction.

Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date of the transaction, or, if the asset or liability is measured at fair value, the rate when that fair value was determined.

Leases

Rentals payable under operating leases, including any lease incentives received, are charged to the profit or loss on a straight line basis over the term of the relevant lease.

Retirement benefits

For defined contribution schemes the amount charged to profit or loss is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments.

Cash and cash equivalents

Cash and cash equivalents are basic financial instruments and include cash in hand and deposits held at call with banks.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Provisions

Provision is made on a current basis for any anticipated losses on incomplete contracts. Amounts provided for such anticipated losses in excess of related work-in-progress are deducted from stocks and work-in-progress in accordance with FRS 102 Sections 13 and 21. Warranty provisions are included in provisions for liabilities and charges.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 46 (2023 - 43 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£'000

£'000

£'000

COST

At 1 January 2024

519

836

1,355

Additions

16

-

16

At 31 December 2024

535

836

1,371

DEPRECIATION

At 1 January 2024

422

765

1,187

Charge for year

41

33

74

At 31 December 2024

463

798

1,261

NET BOOK VALUE

At 31 December 2024

72

38

110

At 31 December 2023

97

71

168

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£'000

£'000

Trade debtors

510

423

Amounts owed by group undertakings

10,117

11,648

Other debtors

29

149

10,656

12,220

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£'000

£'000

Trade creditors

798

284

Amounts owed to group undertakings

1,030

532

Taxation and social security

121

106

Other creditors

586

1,254

2,535

2,176

7.	LEASING AGREEMENTS

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

2024

2023

£'000

£'000

Within one year

394

306

Between one and five years

386

507

In more than five years

72

103

852

916

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

10,001,000

Ordinary shares of £1 each

1

10,001,000

10,001,000

9.

RESERVES

Capital redemption reserve

The nominal value of shares repurchased and still held at the end of the reporting period.

Retained earnings

Retained earnings relates to the cumulative effects of profits and losses of the entity.

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Joanne Kingsnorth FCA (Senior Statutory Auditor)

for and on behalf of Seymour Taylor Limited, Statutory Auditor

11.	ULTIMATE CONTROLLING PARTY

As at 31 December 2024, the company was a wholly owned subsidiary of ITT Industries Holdings Limited, a limited company incorporated in the United Kingdom, registered office Unit 4-Faraday Office Park, Rankine Road, Basingstoke, Hampshire, England, RG24 8QB .

The ultimate parent and controlling party is ITT Inc. a public company listed on the United States Securities and Exchange Commission Washington D.C. 20549.

The largest and smallest group which these financial statements are consolidated is that of the ultimate holding company, ITT Inc. The financial statements of that company are available from 1133 Westchester Avenue, White Plains, NY 10604, USA.