REGISTERED NUMBER: 15192363 (England and Wales)

Financial Statements

for the period

6 October 2023 to 31 December 2024

for

ITS (MIDCO) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Directors:

D A S Baythorpe

K D Gaskell

D G Murphy

I Shervell

Secretary:

C S Kameen

Registered office:

6600 Cinnabar Court

Daresbury Park

Daresbury

Warrington

WA4 4GE

Registered number:

15192363 (England and Wales)

Auditors:

S&W Audit

Northern Assurance Buildings

9-21 Princess Street

Manchester

M2 4DN

Fixed assets

Investments

5

8,859,800

Current assets

Debtors

6

264,298,815

Creditors

Amounts falling due within one year

7

214,542,904

Net current assets

49,755,911

Total assets less current liabilities

58,615,711

Creditors

Amounts falling due after more than one year

8

58,615,709

Net assets

2

Capital and reserves

Called up share capital

9

1

Retained earnings

1

Shareholders' funds

2

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 December 2025 and were signed on its behalf by:

D A S Baythorpe - Director

1.	Statutory information

ITS (Midco) 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.	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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	Accounting policies

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Going concern

These financial statements have been prepared on the going concern basis.

As at 31 December 2024 the Group incurred losses before tax and had net liabilities. The group's activities are funded through a combination of debt facilities and ongoing financial support from its investors.

In assessing the Group's ability to continue as a going concern, the directors have prepared a detailed cash flow forecast for a period of 12 months from the date of approval of these financial statements. These forecasts assume continuation of existing funding arrangements and continued financial support from the Group's ultimate parent undertaking.

The directors have received a letter of support from the ultimate parent undertaking confirming its intention to provide financial support to enable the Group to meet its liabilities as they fall due for a period of 12 months from the date of approval of these financial statements.

On this basis, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future and therefore continue to adopt the going concern basis in preparing these financial statements.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

4.	Employees and directors

The average number of employees during the period was NIL.

5.	Fixed asset investments

Shares in

group

undertakings

£

Cost

Additions

8,859,800

At 31 December 2024

8,859,800

Net book value

At 31 December 2024

8,859,800

6.

Debtors: amounts falling due within one year

£

Amounts owed by group undertakings

264,298,815

7.

Creditors: amounts falling due within one year

£

Amounts owed to group undertakings

214,542,904

8.

Creditors: amounts falling due after more than one year

£

Bank loans - 2-5 years

58,615,709

9.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

value:

£

1

Ordinary

£1

1

10.	Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the Auditors was unqualified.

David M Fort FCA (Senior Statutory Auditor)

for and on behalf of S&W Audit