Registration number: 6824757

ECX.IO Ltd

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 8

ECX.IO Ltd

Company Information

Director

Aidan James Moran

Registered office

2 Arlington Square Downshire Way Bracknell Berkshire RG12 1WA

Auditors

Carbon Accountancy Limited Chartered Accountants and Registered Auditors 80-83 Long Lane London EC1A 9ET

ECX.IO Ltd

(Registration number: 6824757)
Balance Sheet as at 31 December 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	10,640	15,892
Current assets
Debtors	5	798,076	881,307
Cash at bank and in hand		517,067	581,901
		1,315,143	1,463,208
Creditors: Amounts falling due within one year	6	(591,692)	(908,084)
Net current assets		723,451	555,124
Total assets less current liabilities		734,091	571,016
Provisions for liabilities		-	(86)
Net assets		734,091	570,930
Capital and reserves
Called up share capital	7	10,000	10,000
Retained earnings		724,091	560,930
Shareholders' funds		734,091	570,930

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 2 June 2026
 

......................................... Aidan James Moran Director

ECX.IO Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
2 Arlington Square
Downshire Way
Bracknell
Berkshire
RG12 1WA

These financial statements were authorised for issue by the director on 2 June 2026.

2	Accounting policies

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

As a private limited company incorporated and domiciled in United Kingdom and registered in England and Wales under the Companies Act 2006, its financial statements have been prepared under the historical cost convention as disclosed in the accounting policies below.

The principal accounting policies adopted in the preparation of the financial statements are set out below. The accounting policies have been applied consistently, other than where new policies have been adopted, to all years presented. The preparation of financial statements in compliance with FRS 102 Section 1A requires the use of certain critical accounting estimates. It also requires management to exercise judgement in the process of applying the company's accounting policies.

Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements. which is considered to be appropriate as company retains support from ultimate parent undertaking International Business Machines (IBM) Corporation who have indicated their intention to continue to make available such funds as are needed by the company for a period of at least 12 months from the date of approval of these financial statements.

Prior period adjustments

Fee earner staff costs and management fees totalling £2,847,019 have more appropriately been treated as direct rather than administrative expenses, with comparative figures restated.

Page 3

ECX.IO Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

2	Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of digital change services to IBM group companies. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when: the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

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 and deferred 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 company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the 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.

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
Computer equipment	33% per annum on cost

ECX.IO Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

2	Accounting policies (continued)

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 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 company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company 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.

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.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 39 (2024 - 40).

ECX.IO Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 January 2025	106,498	106,498
Additions	11,048	11,048
At 31 December 2025	117,546	117,546
Depreciation
At 1 January 2025	90,606	90,606
Charge for the year	16,300	16,300
At 31 December 2025	106,906	106,906
Carrying amount
At 31 December 2025	10,640	10,640
At 31 December 2024	15,892	15,892

5

Debtors

Current	Note	2025 £	2024 £
Amounts owed by group undertakings	9	755,374	823,633
Other debtors		42,702	57,674
		798,076	881,307

6

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Trade creditors		39,222	49,818
Amounts owed to group undertakings	9	218,997	587,471
Taxation and social security		227,930	146,814
Other creditors		105,543	123,981
		591,692	908,084

ECX.IO Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

7	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary shares of £1 each	10,000	10,000	10,000	10,000

8	Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

	2025 £	2024 £
Not later than one year	55,297	165,891
Later than one year and not later than five years	-	55,297
	55,297	221,188

The amount of non-cancellable operating lease payments recognised as an expense during the year was £167,246 (2024 - £163,126).

9	Related party transactions

Under FRS 102, details are not given in respect of transactions entered into between two or more members of the group to which the company belongs as all subsidiaries are wholly owned by the parent undertaking International Business Machines Corporation.
 

10	Ultimate parent undertaking

The company's immediate parent is ECX International GmbH, incorporated in Germany. The ultimate parent is International Business Machines Corporation, incorporated in USA.

 The most senior parent entity producing publicly available financial statements is International Business Machines Corporation. These financial statements are available upon request from 1 Orchard Road, Armonk, New York, 10504-1722, USA.


 

ECX.IO Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

Notes to the Financial Statements (continued)

11	Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The Independent Auditor's Report was unqualified.

The name of the Senior Statutory Auditor who signed the audit report on 2 June 2026 was John Leyden FCA , who signed for and on behalf of Carbon Accountancy Limited.

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