Registration number:
for the Period from 24 March 2024 to
IZIT Group Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Consolidated Profit and Loss Account |
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Consolidated Balance Sheet |
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Parent Balance Sheet |
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Consolidated Statement of Changes in Equity |
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Parent Statement of Changes in Equity |
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Consolidated Statement of Cash Flows |
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Notes to the Financial Statements |
IZIT Group Limited
Company Information
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Directors |
Mr P Bailey Mr M Thurgood Mr P Taylor Mr M Hepworth Mr J Marwood Mr J Thomson |
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Registered office |
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Auditors |
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IZIT Group Limited
Strategic Report for the period from 24 March 2024 to 22 March 2025
The directors present their strategic report for the period from 24 March 2024 to 22 March 2025.
Principal activity
The principal activities of the group are the provision of merchandising, compliance audits and supply chain management services to the retail sector.
Fair review of the business
The Group’s turnover increased by 34.3% year on year due the acquisition of new clients and also the inflationary impact of circa 6.6% arising from the 9.7% increase in the NMLW.
Despite the aggregate 28% increase in the NMLW across three years and continuing resource challenges in the economy, the business has performed well through the year with service being maintained to a high standard.
The operating profit for the year was £486k (2024: £166k) which was lower than it would otherwise have been due to costs incurred to in growing the business significantly during the year.
The Group has a healthy balance sheet and strong liquidity with net assets of £2,419k (2024 - £2,130k).
Principal risks and uncertainties
The primary risk to the business remains the relative size of certain key contracts, but also the increased cost base due legislative changes, notably Employer’s National Insurance.
The contract risk is mitigated by entering into multiple year contract agreements, and managed by working closely with clients, continuously enhancing services and maintaining service levels.
As a general case, the Government tax and other legislative cost increases have resulted in individual clients reducing their volume and consequently the work available for our employees, but the macro impact is to increase the attractiveness to clients of the eXPD8 flexible resource solution.
The upcoming Workers Rights Act will further damage employment across the economy and will be both challenging and costly for the company. However, it is believed that the macro impact will once again favour eXPD8 relative to other less flexible solutions.
Approved by the
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IZIT Group Limited
Directors' Report for the Period from 24 March 2024 to 22 March 2025
The directors present their report and the for the period from 24 March 2024 to 22 March 2025.
Directors of the group
The directors who held office during the period were as follows:
Dividends
The directors recommend a final dividend payment of £Nil be made in respect of the financial period ended 22 March 2025 (2024 - £Nil).
Financial instruments
The group has procedures to identify risk and manage risks that may hinder its financial performance objectives. The group does not consider it necessary to employ derivatives to manage risk based on the current activities of the company.
Objectives and policies
The group's objectives are to operate in a profitable manner in the United Kingdom.
Price risk, credit risk, liquidity risk and cash flow risk
The group's activities expose it to a number of financial risks. The directors review the risk management strategies regularly.
Price risk
The group is exposed to price risk as a result of its operations. However sale prices are agreed by management before any work is undertaken and management also have a good knowledge of how long jobs take which means they are able to control the main cost of the group.
Credit risk
The group is exposed to credit risk and management ensure credit checks are completed or references received on all new customers and chase debts as soon as they are overdue.
Liquidity risk
The group's exposure to liquidity risk is minimal and the group has adequate net current assets and no short term borrowings.
Cashflow risk
The group is exposed to cash flow risk as a result of the timing between paying staff wages and the receipt of monies from customers. However the risk is managed by the financial support of the group’s main customer who provide an invoice discounting facility.
IZIT Group Limited
Directors' Report for the Period from 24 March 2024 to 22 March 2025
Employment of disabled persons
The IZIT Group of companies is committed to employment policies that provide and promote equal employment and advancement opportunities and to provide an environment that ensures tolerance and respect for all employees. Specifically with respect to disabled persons, eXPD8 has recently achieved ‘Disability Confident Leader’ status, the highest level possible in the Government’s Disability Confident campaign. The group policy is that no employee will be treated less favourable, victimised or harassed on the grounds of their disability, gender, marital or civil partnership status, race nationality, colour, ethnicity, sexual orientation, age or any other class protected by applicable law.
Employee involvement
IZIT Group Limited recognises the importance of engaging with and developing employees for both enhancing the performance of the business and in achieving and maintaining the highest standards in the workplace. This objective is achieved through a number of means. Notably, the company regularly convenes the Employee Representative Group, it uses social media very actively and leverages the Tablet infrastructure to share information. The company continues to invest in people, processes and technology in order to deliver on its core people values.
Future developments
25/26 is expected to show an increase in turnover in circa of 10%, but this is due primarily to inflationary increases in the cost base i.e. NMLW and National Insurance. Underlying volumes are likely to show only a small increase, but this disguises reductions in volume for existing clients as a consequence of additional cost offset by new business wins.
The Group will achieve a significantly higher Operating Profit in 25/26 compared to that in 24/25 because of reduced cost of change.
The major driver of future growth will continue to be large whole category focussed contracts of which there are several in the new business pipeline.
In common with many other businesses, employing and retaining quality colleagues and therefore maintaining service levels is difficult, but the Group has a program in place to tackle these challenges.
Looking further forwards, the trend to whole category solutions continues and the Group is in a strong position to continue growth by deploying it’s unique agile local dedicated resource model and by leveraging its enhanced IT development capability.
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Reappointment of auditors
The auditors ML Audit LLP are deemed to be reappointed under section 487(2) of the Companies Act 2006.
IZIT Group Limited
Directors' Report for the Period from 24 March 2024 to 22 March 2025
Approved by the
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IZIT Group Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual 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 group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
IZIT Group Limited
Independent Auditor's Report to the Members of IZIT Group Limited
Opinion
We have audited the financial statements of IZIT Group Limited (the 'parent company') and its subsidiaries (the 'group') for the period from 24 March 2024 to 22 March 2025, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Parent Balance Sheet, Consolidated Statement of Changes in Equity, Parent Statement of Changes in Equity, Consolidated Statement of Cash Flows, and 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 group's and the parent company's affairs as at 22 March 2025 and of the group's profit for the period 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements were 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 included in the annual report, other than the financial statements and our auditor’s 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
IZIT Group Limited
Independent Auditor's Report to the Members of IZIT Group Limited
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and 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 our knowledge and understanding of the group and parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the parent company 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 6, 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 is 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 group’s and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.
IZIT Group Limited
Independent Auditor's Report to the Members of IZIT Group Limited
Auditor’s 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 auditor’s 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.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:
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obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the group and the parent company operates in and how the group and the parent company is complying with the legal and regulatory framework; |
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inquired of management, and those charged with governance, about their own identification and assessment of the risks or irregularities, including known and actual, suspected or alleged instances of fraud; |
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discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud; |
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undertaken a review of manual journals processed in the accounting system, applying professional scepticism to ensure they are in line with our expectation that they are not unusual in the normal course of business. |
However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity’s operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s 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 auditor’s 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.
For and on behalf of
Statutory Auditors
Freshford House
Redcliffe Way
BS1 6NL
IZIT Group Limited
Consolidated Profit and Loss Account for the Period from 24 March 2024 to 22 March 2025
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Note |
24 March 2024 to 22 March 2025 |
26 March 2023 to 23 March 2024 |
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Turnover |
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Cost of sales |
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Gross profit |
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Administrative expenses |
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( |
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Operating profit |
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Interest payable and similar expenses |
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( |
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Profit before tax |
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Tax on profit |
( |
( |
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Profit for the financial period |
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Profit/(loss) attributable to: |
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Owners of the group |
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The above results were derived from the group's continuing operations.
The group has no recognised gains or losses for the period other than the results above and therefore a separate statement of other comprehensive income has not been presented.
IZIT Group Limited
(Registration number: 06906414)
Consolidated Balance Sheet as at 22 March 2025
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Note |
22 March 2025 |
23 March 2024 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Equity attributable to owners of the group |
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Total equity |
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Approved and authorised by the
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IZIT Group Limited
(Registration number: 06906414)
Parent Balance Sheet as at 22 March 2025
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Note |
22 March 2025 |
23 March 2024 |
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Fixed assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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The company made a loss after tax for the financial period of £30 (2024 - loss of £30).
Approved and authorised by the
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IZIT Group Limited
Consolidated Statement of Changes in Equity for the Period from 24 March 2024 to 22 March 2025
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Share capital |
Profit and loss account |
Total |
Total equity |
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At 24 March 2024 |
1,040 |
2,129,085 |
2,130,125 |
2,130,125 |
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Profit for the period |
- |
289,794 |
289,794 |
289,794 |
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Total comprehensive income |
- |
289,794 |
289,794 |
289,794 |
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At 22 March 2025 |
1,040 |
2,418,879 |
2,419,919 |
2,419,919 |
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Share capital |
Profit and loss account |
Total |
Total equity |
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At 26 March 2023 |
1,040 |
2,117,148 |
2,118,188 |
2,118,188 |
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Profit for the period |
- |
11,937 |
11,937 |
11,937 |
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Total comprehensive income |
- |
11,937 |
11,937 |
11,937 |
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At 23 March 2024 |
1,040 |
2,129,085 |
2,130,125 |
2,130,125 |
IZIT Group Limited
Parent Statement of Changes in Equity for the Period from 24 March 2024 to 22 March 2025
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Share capital |
Profit and loss account |
Total |
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At 26 March 2023 |
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Loss for the period |
- |
( |
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At 23 March 2024 |
1,040 |
737,907 |
738,947 |
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Share capital |
Profit and loss account |
Total |
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At 24 March 2024 |
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Loss for the period |
- |
( |
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At 22 March 2025 |
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IZIT Group Limited
Consolidated Statement of Cash Flows for the Period from 24 March 2024 to 22 March 2025
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Note |
24 March 2024 to 22 March 2025 |
26 March 2023 to 23 March 2024 |
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Cash flows from operating activities |
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Profit for the period |
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Adjustments to cash flows from non-cash items |
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Depreciation and amortisation |
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Finance costs |
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Income tax expense |
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Working capital adjustments |
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Increase in debtors |
( |
( |
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Increase in creditors |
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Decrease in deferred income, including government grants |
( |
( |
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Cash generated from operations |
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Income taxes paid |
( |
( |
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Net cash flow from operating activities |
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Cash flows from investing activities |
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Acquisitions of tangible assets |
( |
( |
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Acquisition of intangible assets |
( |
( |
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Net cash flows from investing activities |
( |
( |
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Cash flows from financing activities |
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Interest paid |
( |
( |
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Net increase/(decrease) in cash and cash equivalents |
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( |
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Cash and cash equivalents at 23 March 2024 |
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Cash and cash equivalents at 22 March 2025 |
1,126,458 |
389,437 |
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IZIT Group Limited
Notes to the Financial Statements for the Period from 24 March 2024 to 22 March 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of the company's registered office and principle place of business is:
These financial statements were authorised for issue by the
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Accounting policies |
Statement of compliance
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.
Basis of preparation
These financial statements have been prepared using the historical cost convention modified to include the revaluation of certain fixed assets, except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Summary of disclosure exemptions
The Company is a qualifying entity for the purposes of FRS 102 and has elected to take the exemption under FRS 102. para 1.12(b) not to present the Company Statement of Cash Flows.
IZIT Group Limited
Notes to the Financial Statements for the Period from 24 March 2024 to 22 March 2025
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 22 March 2025.
No Profit and Loss Account is presented for the company as permitted by section 408 of the Companies Act 2006. The company made a loss after tax for the financial period of £30 (2024 - loss of £30).
A subsidiary is an entity controlled by the company. Control is achieved where the company 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 the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Disclosure of long or short period
Going concern
The directors are confident that the group has adequate resources, as does the parent company through support of the trading subsidiaries despite having net current liabilities, and accordingly the group and parent company has continued to prepare its financial statements on a going concern basis.
IZIT Group Limited
Notes to the Financial Statements for the Period from 24 March 2024 to 22 March 2025
Key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Group’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating intra-group sales.
The Group recognises revenue when all of the following conditions are satisfied:
- the amount of revenue can be reliably measured;
- all of the significant risks and rewards of ownership have been transferred to the customer;
- the entity retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the costs incurred or to be incurred in respect of the transaction can be measured reliably;
- it is probable that future economic benefits will flow to the entity; and
- specific criteria have been met for each of the Group's activities.
Finance income and costs policy
Interest income and expenses are recognised using the effective interest rate method.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.
IZIT Group Limited
Notes to the Financial Statements for the Period from 24 March 2024 to 22 March 2025
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Negative goodwill
Negative goodwill is included within fixed assets and released to the profit and loss account in the periods in which the fair values of the non-monetary assets purchased on the same acquisition are recovered, whether through sale or depreciation.
If a subsidiary, associate or business is subsequently sold or closed, any goodwill arising on acquisition that was written off directly to reserves or that has not been amortised through the profit and loss account is taken into account in determining the profit or loss on sale or closure.
Intangible assets
Intangible assets are stated in the balance sheet at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
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Asset class |
Amortisation method and rate |
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Goodwill |
5 years |
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Negative goodwill |
1 year |
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Software development costs |
5 years |
IZIT Group Limited
Notes to the Financial Statements for the Period from 24 March 2024 to 22 March 2025
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Furniture, fittings and equipment |
Straight line over 2 to 5 years |
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
IZIT Group Limited
Notes to the Financial Statements for the Period from 24 March 2024 to 22 March 2025
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
|
Turnover |
The analysis of the group's turnover for services provided in the period by market is as follows:
|
24 March 2024 to 22 March 2025 |
26 March 2023 to 23 March 2024 |
|
|
UK |
|
|
|
Operating profit |
Arrived at after charging/(crediting)
|
24 March 2024 to 22 March 2025 |
26 March 2023 to 23 March 2024 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
|
Operating lease expense - property |
|
|
|
Operating lease expense - plant and machinery |
|
- |
IZIT Group Limited
Notes to the Financial Statements for the Period from 24 March 2024 to 22 March 2025
|
Interest payable and similar expenses |
|
24 March 2024 to 22 March 2025 |
26 March 2023 to 23 March 2024 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Foreign exchange losses |
|
|
|
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
24 March 2024 to 22 March 2025 |
26 March 2023 to 23 March 2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Other employee expense |
|
|
|
|
|
The average number of persons employed by the group (including directors) during the period, analysed by category was as follows:
|
24 March 2024 to 22 March 2025 |
26 March 2023 to 23 March 2024 |
|
|
Administration and support |
|
|
|
Other departments |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the period was as follows:
|
24 March 2024 to 22 March 2025 |
26 March 2023 to 23 March 2024 |
|
|
Remuneration |
|
|
IZIT Group Limited
Notes to the Financial Statements for the Period from 24 March 2024 to 22 March 2025
|
Auditors' remuneration |
|
24 March 2024 to 22 March 2025 |
26 March 2023 to 23 March 2024 |
|
|
Audit of these financial statements |
5,000 |
4,700 |
|
Audit of the subsidiary financial statements |
10,000 |
9,400 |
|
|
|
|
Taxation |
Tax charged/(credited) in the income statement
|
24 March 2024 to 22 March 2025 |
26 March 2023 to 23 March 2024 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
UK corporation tax adjustment to prior periods |
( |
- |
|
113,722 |
46,284 |
The tax on profit before tax for the period is the same as the standard rate of corporation tax in the UK (2024 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
24 March 2024 to 22 March 2025 |
26 March 2023 to 23 March 2024 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Effect of expense not deductible in determining taxable profit/(loss) |
|
|
|
Deferred tax expense relating to changes in tax rates or laws |
- |
|
|
Corporation tax not recognised |
- |
|
|
Deferred tax not recognised |
|
( |
|
Tax decrease arising from group relief |
( |
- |
|
Total tax charge |
|
|
IZIT Group Limited
Notes to the Financial Statements for the Period from 24 March 2024 to 22 March 2025
|
Intangible assets |
Group
|
Goodwill |
Software development costs |
Total |
|
|
Cost |
|||
|
At 24 March 2024 |
|
|
|
|
Additions acquired separately |
- |
|
|
|
At 22 March 2025 |
|
|
|
|
Amortisation |
|||
|
At 24 March 2024 |
|
|
|
|
Amortisation charge |
|
|
|
|
At 22 March 2025 |
|
|
|
|
Carrying amount |
|||
|
At 22 March 2025 |
- |
|
|
|
At 23 March 2024 |
|
|
|
The amortisation of intangible assets is recognised in Administrative expenses in the Consolidated Profit and Loss Account.
Individually material intangible assets
|
|
|
|
IZIT Group Limited
Notes to the Financial Statements for the Period from 24 March 2024 to 22 March 2025
|
Tangible assets |
Group
|
Furniture, fittings and equipment |
Total |
|
|
Cost or valuation |
||
|
At 24 March 2024 |
|
|
|
Additions |
|
|
|
At 22 March 2025 |
|
|
|
Depreciation |
||
|
At 24 March 2024 |
|
|
|
Charge for the period |
|
|
|
At 22 March 2025 |
|
|
|
Carrying amount |
||
|
At 22 March 2025 |
|
|
|
At 23 March 2024 |
|
|
|
Investments |
Company
|
22 March 2025 |
23 March 2024 |
|
|
Investments in subsidiaries |
|
|
|
Subsidiaries |
£ |
|
Cost |
|
|
At 24 March 2024 |
|
|
At 22 March 2025 |
|
|
Carrying amount |
|
|
At 22 March 2025 |
|
|
At 23 March 2024 |
|
IZIT Group Limited
Notes to the Financial Statements for the Period from 24 March 2024 to 22 March 2025
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Address of the registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2025 |
2024 |
|||
|
Subsidiary undertakings |
||||
|
|
Spectrum Building
|
Ordinary |
|
|
|
England |
||||
|
|
Spectrum Building
|
Ordinary |
|
|
|
England |
||||
|
|
Spectrum Building
|
Ordinary |
|
|
|
England |
||||
|
|
Devonshire Business Centre
|
Ordinary |
|
|
|
England |
||||
|
The principal activity of eXPD8 Limited is |
|
The principal activity of eXPD8 FM Limited is |
|
The principal activity of eXPD8 UK Limited is |
|
The principal activity of eXPD8 Solutions Ltd is |
|
|
|
|
|
|
|
|
For the period ended 22 March 2025, the subsidiary eXPD8 Solutions Ltd was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.
IZIT Group Limited
Notes to the Financial Statements for the Period from 24 March 2024 to 22 March 2025
|
Debtors |
|
Group |
Company |
|||
|
22 March 2025 |
23 March 2024 |
22 March 2025 |
23 March 2024 |
|
|
Trade debtors |
|
|
- |
- |
|
Other debtors |
|
|
|
|
|
Prepayments |
|
|
- |
- |
|
Accrued income |
|
|
- |
- |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
Group |
Company |
|||
|
22 March 2025 |
23 March 2024 |
22 March 2025 |
23 March 2024 |
|
|
Cash at bank |
|
|
|
|
|
Creditors |
|
Group |
Company |
|||
|
22 March 2025 |
23 March 2024 |
22 March 2025 |
23 March 2024 |
|
|
Due within one year |
||||
|
Trade creditors |
|
|
- |
- |
|
Amounts due to related parties |
- |
- |
|
|
|
Social security and other taxes |
|
|
- |
- |
|
Outstanding defined contribution pension costs |
|
|
- |
- |
|
Other creditors |
|
|
- |
- |
|
Accruals |
|
|
- |
- |
|
Corporation tax liability |
137,868 |
46,284 |
- |
- |
|
Deferred income |
|
|
- |
- |
|
|
|
|
|
|
IZIT Group Limited
Notes to the Financial Statements for the Period from 24 March 2024 to 22 March 2025
|
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension charge for the period represents contributions payable by the group to the scheme and amounted to £
Contributions including those on behalf of employees totalling £
|
Share capital |
Authorised, allotted, called up and fully paid shares
|
22 March 2025 |
23 March 2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
789 |
|
789 |
|
|
|
251 |
|
251 |
|
|
|
|
|
|
Rights, preferences and restrictions
|
Ordinary A shares have the following rights, preferences and restrictions: |
|
Ordinary B shares have the following rights, preferences and restrictions: |
|
Reserves |
Group
Profit and loss
This reserve represents accumulated profits net of any distributions made to shareholders.
Company
Profit and loss
This reserve represents accumulated profits net of any distributions made to shareholders.
IZIT Group Limited
Notes to the Financial Statements for the Period from 24 March 2024 to 22 March 2025
|
Obligations under leases and hire purchase contracts |
Group
Operating leases
The total of future minimum lease payments is as follows:
|
22 March 2025 |
23 March 2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the period was £
|
Analysis of changes in net debt |
Group
|
At 24 March 2024 |
Financing cash flows |
At 22 March 2025 |
|
|
Cash and cash equivalents |
|||
|
Cash |
389,437 |
737,021 |
1,126,458 |
|
|
|||
|
|
|
|
|
|
Related party transactions |
Group
Key management personnel
The remuneration of key management personnel, including the directors and members of the management teams of its subsidiaries, is as follows:
Key management compensation
|
2025 |
2024 |
|
|
Salaries and other short term employee benefits |
|
|
|
Post-employment benefits |
|
|
|
|
|
Summary of transactions with all subsidiaries
IZIT Group Limited
Notes to the Financial Statements for the Period from 24 March 2024 to 22 March 2025
Company
Summary of transactions with all subsidiaries