IRIS Accounts Production v26.1.10.61 01797927 Board of Directors Board of Directors 30.11.25 1.12.24 30.11.25 30.11.25 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. true true true false true true false false false false true false Ordinary 0 iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 01797927 2024-11-30 01797927 2025-11-30 01797927 2024-12-01 2025-11-30 01797927 2023-11-30 01797927 2023-12-01 2024-11-30 01797927 2024-11-30 01797927 ns15:EnglandWales 2024-12-01 2025-11-30 01797927 ns14:PoundSterling 2024-12-01 2025-11-30 01797927 ns10:Director1 2024-12-01 2025-11-30 01797927 ns10:Director2 2024-12-01 2025-11-30 01797927 ns10:Consolidated 2025-11-30 01797927 ns10:ConsolidatedGroupCompanyAccounts 2024-12-01 2025-11-30 01797927 ns10:PrivateLimitedCompanyLtd 2024-12-01 2025-11-30 01797927 ns10:Consolidated ns10:MediumEntities 2024-12-01 2025-11-30 01797927 ns10:Consolidated ns10:Audited 2024-12-01 2025-11-30 01797927 ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2024-12-01 2025-11-30 01797927 ns10:Medium-sizedCompaniesRegimeForAccounts 2024-12-01 2025-11-30 01797927 ns10:Consolidated 2024-12-01 2025-11-30 01797927 ns10:Consolidated ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2024-12-01 2025-11-30 01797927 ns10:Medium-sizedCompaniesRegimeForAccounts ns10:Consolidated 2024-12-01 2025-11-30 01797927 ns10:FullAccounts 2024-12-01 2025-11-30 01797927 ns5:Subsidiary1 2024-12-01 2025-11-30 01797927 ns5:Subsidiary2 2024-12-01 2025-11-30 01797927 ns10:OrdinaryShareClass1 2024-12-01 2025-11-30 01797927 ns10:Director3 2024-12-01 2025-11-30 01797927 ns10:RegisteredOffice 2024-12-01 2025-11-30 01797927 ns10:Consolidated 2023-12-01 2024-11-30 01797927 ns5:CurrentFinancialInstruments 2025-11-30 01797927 ns5:CurrentFinancialInstruments 2024-11-30 01797927 ns5:ShareCapital 2025-11-30 01797927 ns5:ShareCapital 2024-11-30 01797927 ns5:CapitalRedemptionReserve 2025-11-30 01797927 ns5:CapitalRedemptionReserve 2024-11-30 01797927 ns5:RetainedEarningsAccumulatedLosses 2025-11-30 01797927 ns5:RetainedEarningsAccumulatedLosses 2024-11-30 01797927 ns5:ShareCapital 2023-11-30 01797927 ns5:RetainedEarningsAccumulatedLosses 2023-11-30 01797927 ns5:CapitalRedemptionReserve 2023-11-30 01797927 ns5:RetainedEarningsAccumulatedLosses 2023-12-01 2024-11-30 01797927 ns5:CapitalRedemptionReserve 2023-12-01 2024-11-30 01797927 ns5:RetainedEarningsAccumulatedLosses 2024-12-01 2025-11-30 01797927 ns5:CapitalRedemptionReserve 2024-12-01 2025-11-30 01797927 ns5:LeaseholdImprovements 2024-12-01 2025-11-30 01797927 ns5:FurnitureFittings 2024-12-01 2025-11-30 01797927 ns5:MotorVehicles 2024-12-01 2025-11-30 01797927 ns5:ComputerEquipment 2024-12-01 2025-11-30 01797927 ns5:CostValuation 2024-11-30 01797927 1 ns5:Subsidiary1 2024-12-01 2025-11-30 01797927 2 ns5:Subsidiary1 2024-12-01 2025-11-30 01797927 ns5:Subsidiary1 2025-11-30 01797927 ns5:Subsidiary1 2024-11-30 01797927 ns5:Subsidiary1 2023-12-01 2024-11-30 01797927 ns5:Subsidiary2 3 2024-12-01 2025-11-30 01797927 ns5:Subsidiary2 2025-11-30 01797927 ns5:Subsidiary2 2024-11-30 01797927 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2025-11-30 01797927 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-11-30 01797927 ns10:OrdinaryShareClass1 2025-11-30 01797927 ns5:RetainedEarningsAccumulatedLosses 2024-11-30 01797927 ns5:CapitalRedemptionReserve 2024-11-30

REGISTERED NUMBER: 01797927 (England and Wales)

| ITC (HOLDINGS) LIMITED |

| GROUP STRATEGIC REPORT, |

| REPORT OF THE DIRECTORS AND |

| CONSOLIDATED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 30 NOVEMBER 2025 |

| ITC (HOLDINGS) LIMITED (REGISTERED NUMBER: 01797927) |

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS

for the Year Ended 30 November 2025

Page |

| Company Information | 1 |

| Group Strategic Report | 2 |

| Report of the Directors | 3 |

| Report of the Independent Auditors | 5 |

| Consolidated Income Statement | 9 |

| Consolidated Other Comprehensive Income | 10 |

| Consolidated Balance Sheet | 11 |

| Company Balance Sheet | 12 |

| Consolidated Statement of Changes in Equity | 13 |

| Company Statement of Changes in Equity | 14 |

| Consolidated Cash Flow Statement | 15 |

| Notes to the Consolidated Cash Flow Statement | 16 |

| Notes to the Consolidated Financial Statements | 17 |

| ITC (HOLDINGS) LIMITED |

COMPANY INFORMATION

for the Year Ended 30 November 2025

| DIRECTORS: | R Mantel

| M J Mantel

| S M Mantel

| REGISTERED OFFICE: | Unit 9

| J4 Stanhope Road

| Camberley

| Surrey

| GU15 3BW

| REGISTERED NUMBER: | 01797927 (England and Wales)

| SENIOR STATUTORY AUDITOR: | Roger Cox FCA

| AUDITORS: | Miller & Co

| Statutory Auditor

| Chartered Accountants

| 5 Imperial Court

| Laporte Way

| Luton

| Bedfordshire

| LU4 8FE

| ITC (HOLDINGS) LIMITED (REGISTERED NUMBER: 01797927) |

GROUP STRATEGIC REPORT

for the Year Ended 30 November 2025

The directors present their strategic report of the company and the group for the year ended 30 November 2025.

REVIEW OF BUSINESS

The results for the year are set out on page 9. The Group's key performance indicators are Turnover and Operating Profit.

Turnover for the year amounted to £15,245,385 (2024 £14,776,362) and is up by 3% when compared with the previous year.Turnover is now back to normal recent historical levels following a period of volatility caused by Covid and so is a comparable baseline.

Despite challenging operating costs in global trade, the company has managed to achieve a small increse in trading margins. The increased turnover and margins has meant an increase in gross profit of £613,172. This has lead to the group posting an operating profit for the year before tax of £187,561compared to £172,072 in 2024.

The group continues to have material liquid resources.

Whilst the challenging market condition continue to prevail, the directors believe the group continues to benefit from the wide range of activities it carries out and from its strong management team and are pleased with the financial performance of the group.They are looking forward to continuing to explore opportunities from their new location and larger premises.

PRINCIPAL RISKS AND UNCERTAINTIES

The principle risks and uncertainties facing the Group continue to be the impact of market share and the pressure on margins brought about by ever increasing competition and cost increases.

The Group, in an effort to manage its commercial risk, ensures that its pricing policy remains competitive and that it keeps a close relationship with its customers whose needs are treated as paramount. Due to global trade cost increases the Group has managed to increase margins to offset some of these cost increases.

The Group's credit risk is primarily attributed to its trade debtors and continues to be managed by operating strict credit checks on new customers and closely monitoring the credit limits of existing customers by reference to current financial information. The Group continues to have an increasingly diversified customer base, which helps to reduce the exposure to bad debts.

The Group's response to the current difficult economic climate continues to be to develop its sales activity.

Cash flow is closely monitored as part of the Group's day to day control procedures.

The directors continue to focus on these points in their strategy for the future.

ON BEHALF OF THE BOARD:

M J Mantel - Director

23 June 2026

| ITC (HOLDINGS) LIMITED (REGISTERED NUMBER: 01797927) |

REPORT OF THE DIRECTORS

for the Year Ended 30 November 2025

The directors present their report with the financial statements of the company and the group for the year ended 30 November 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of shipping and forwarding agents and ancillary services.

DIVIDENDS

No interim dividend was paid during the year. The directors recommend a final dividend of 255.20 per share.

The total distribution of dividends for the year ended 30 November 2025 will be £ 127,600 .

FUTURE DEVELOPMENTS

The Group continues to promote its activities, in particular its warehousing and distribution division.

The group relocated to larger premises in October 2024, and the group and its trading subsidiary, Immediate Transportation Company Limited, and continues to seek new customers and resulting from this relocation. However due to geopolitical events in the gulf since the year end the resulting spike in oil prices it remains a challenging trading environment.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 December 2024 to the date of this report.

R Mantel

M J Mantel

S M Mantel

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

- | make judgements and accounting estimates that are reasonable and prudent;

- | 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 company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

| ITC (HOLDINGS) LIMITED (REGISTERED NUMBER: 01797927) |

REPORT OF THE DIRECTORS

for the Year Ended 30 November 2025

AUDITORS

The auditors, Miller & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

M J Mantel - Director

23 June 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

ITC (HOLDINGS) LIMITED

Opinion

We have audited the financial statements of ITC (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 of the parent company affairs as at 30 November 2025 and of the group's profit for the year 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 Auditors' 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's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are 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 in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 this gives rise to a material misstatement in the financial statements themselves. 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. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

ITC (HOLDINGS) LIMITED

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

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 three, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

ITC (HOLDINGS) LIMITED

Auditors' 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 a Report of the Auditors 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements, including fraud.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to these risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- the nature of the industry, control environment and business performance;

- the results of our enquiries of management about their own identification and assessments of the risks of

irregularities;

- any matters we identified having obtained and reviewed the company's policies and procedures relating to:

o identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of

non-compliance;

o detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or

alleged fraud;

o the matters discussed among the audit engagement team regarding how and where fraud might occur in the

financial statements and any potential indicators of fraud.

In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

ITC (HOLDINGS) LIMITED

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 a Report of the Auditors 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.

Roger Cox FCA (Senior Statutory Auditor)

for and on behalf of Miller & Co

Statutory Auditor

Chartered Accountants

5 Imperial Court

Laporte Way

Luton

Bedfordshire

LU4 8FE

23 June 2026

| ITC (HOLDINGS) LIMITED (REGISTERED NUMBER: 01797927) |

CONSOLIDATED

INCOME STATEMENT

for the Year Ended 30 November 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 4 | 15,245,385 |  | 14,776,362 |  |

Cost of sales | 9,182,022 |  | 9,326,171 |  |

GROSS PROFIT | 6,063,363 |  | 5,450,191 |  |

Administrative expenses | 5,962,600 |  | 5,462,158 |  |

100,763 |  | (11,967 | ) |

Other operating income | 5 | 86,797 |  | 184,040 |  |

OPERATING PROFIT | 7 | 187,560 |  | 172,073 |  |

Interest receivable and similar income | 823 |  | 3,367 |  |

188,383 |  | 175,440 |  |

Interest payable and similar expenses | 8 | 44,344 |  | 21,518 |  |

PROFIT BEFORE TAXATION | 144,039 |  | 153,922 |  |

Tax on profit | 9 | 50,070 |  | 19,364 |  |

PROFIT FOR THE FINANCIAL YEAR | 93,969 |  | 134,558 |  |

Profit attributable to:

Owners of the parent | 93,969 |  | 134,558 |  |

| ITC (HOLDINGS) LIMITED (REGISTERED NUMBER: 01797927) |

CONSOLIDATED

OTHER COMPREHENSIVE INCOME

for the Year Ended 30 November 2025

| 2025 |  | 2024

| Notes | £ | £ |

PROFIT FOR THE YEAR | 93,969 |  | 134,558 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 93,969 |  | 134,558 |  |

Total comprehensive income attributable to:

Owners of the parent | 93,969 |  | 134,558 |  |

| ITC (HOLDINGS) LIMITED (REGISTERED NUMBER: 01797927) |

CONSOLIDATED BALANCE SHEET

30 November 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 12 | 895,898 |  | 843,665 |  |

Investments | 13 | - |  | - |  |

895,898 |  | 843,665 |  |

CURRENT ASSETS

Debtors | 14 | 2,553,059 |  | 2,760,033 |  |

Cash at bank and in hand | 334,393 |  | 515,031 |  |

2,887,452 |  | 3,275,064 |  |

CREDITORS

Amounts falling due within one year | 15 | 2,461,941 |  | 2,627,829 |  |

NET CURRENT ASSETS | 425,511 |  | 647,235 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,321,409 |  | 1,490,900 |  |

CREDITORS

Amounts falling due after more than one year | 16 | (158,039 | ) | (343,969 | ) |

PROVISIONS FOR LIABILITIES | 20 | (69,434 | ) | (19,364 | ) |

NET ASSETS | 1,093,936 |  | 1,127,567 |  |

CAPITAL AND RESERVES

Called up share capital | 21 | 500 |  | 500 |  |

Capital redemption reserve | 22 | 500 |  | 500 |  |

Other reserves | 22 | 92,963 |  | 92,963 |  |

Retained earnings | 22 | 996,598 |  | 1,030,229 |  |

SHAREHOLDERS' FUNDS | 1,090,561 |  | 1,124,192 |  |

NON-CONTROLLING INTERESTS | 23 | 3,375 |  | 3,375 |  |

TOTAL EQUITY | 1,093,936 |  | 1,127,567 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 23 June 2026 and were signed on its behalf by:

M J Mantel - Director

S M Mantel - Director

| ITC (HOLDINGS) LIMITED (REGISTERED NUMBER: 01797927) |

COMPANY BALANCE SHEET

30 November 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 12 | - |  | - |  |

Investments | 13 | 69,564 |  | 69,564 |  |

69,564 |  | 69,564 |  |

CURRENT ASSETS

Debtors | 14 | 2,886 |  | 2,886 |  |

CREDITORS

Amounts falling due within one year | 15 | 10,172 |  | 10,172 |  |

NET CURRENT LIABILITIES | (7,286 | ) | (7,286 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 62,278 |  | 62,278 |  |

CAPITAL AND RESERVES

Called up share capital | 21 | 500 |  | 500 |  |

Capital redemption reserve | 22 | 500 |  | 500 |  |

Retained earnings | 22 | 61,278 |  | 61,278 |  |

SHAREHOLDERS' FUNDS | 62,278 |  | 62,278 |  |

Company's profit for the financial year | 127,600 |  | 121,000 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 23 June 2026 and were signed on its behalf by:

M J Mantel - Director

S M Mantel - Director

| ITC (HOLDINGS) LIMITED (REGISTERED NUMBER: 01797927) |

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

for the Year Ended 30 November 2025

| Called up |  | Capital

| share |  | Retained |  | redemption

| capital |  | earnings |  | reserve

£ | £ | £ |

Balance at 1 December 2023 | 500 |  | 1,016,671 |  | 500 |  |

Changes in equity

Dividends | - |  | (121,000 | ) | - |  |

Total comprehensive income | - |  | 134,558 |  | - |  |

Balance at 30 November 2024 | 500 |  | 1,030,229 |  | 500 |  |

Changes in equity

Dividends | - |  | (127,600 | ) | - |  |

Total comprehensive income | - |  | 93,969 |  | - |  |

Balance at 30 November 2025 | 500 |  | 996,598 |  | 500 |  |

| Other |  | Non-controlling |  | Total

| reserves |  | Total |  | interests |  | equity

£ | £ | £ | £ |

Balance at 1 December 2023 | 92,963 |  | 1,110,634 |  | 3,375 |  | 1,114,009 |  |

Changes in equity

Dividends | - |  | (121,000 | ) | - |  | (121,000 | ) |

Total comprehensive income | - |  | 134,558 |  | - |  | 134,558 |  |

Balance at 30 November 2024 | 92,963 |  | 1,124,192 |  | 3,375 |  | 1,127,567 |  |

Changes in equity

Dividends | - |  | (127,600 | ) | - |  | (127,600 | ) |

Total comprehensive income | - |  | 93,969 |  | - |  | 93,969 |  |

Balance at 30 November 2025 | 92,963 |  | 1,090,561 |  | 3,375 |  | 1,093,936 |  |

| ITC (HOLDINGS) LIMITED (REGISTERED NUMBER: 01797927) |

COMPANY STATEMENT OF CHANGES IN EQUITY

for the Year Ended 30 November 2025

| Called up |  | Capital |

| share |  | Retained |  | redemption |  | Total

| capital |  | earnings |  | reserve |  | equity

£ | £ | £ | £ |

Balance at 1 December 2023 | 500 |  | 61,278 |  | 500 |  | 62,278 |  |

Changes in equity

Dividends | - |  | (121,000 | ) | - |  | (121,000 | ) |

Total comprehensive income | - |  | 121,000 |  | - |  | 121,000 |  |

Balance at 30 November 2024 | 500 |  | 61,278 |  | 500 |  | 62,278 |  |

Changes in equity

Dividends | - |  | (127,600 | ) | - |  | (127,600 | ) |

Total comprehensive income | - |  | 127,600 |  | - |  | 127,600 |  |

Balance at 30 November 2025 | 500 |  | 61,278 |  | 500 |  | 62,278 |  |

| ITC (HOLDINGS) LIMITED (REGISTERED NUMBER: 01797927) |

CONSOLIDATED CASH FLOW STATEMENT

for the Year Ended 30 November 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 378,236 |  | 115,267 |  |

Interest paid | (19,227 | ) | (12,509 | ) |

Interest element of hire purchase payments paid | (25,117 | ) | (9,009 | ) |

Tax paid | (2 | ) | - |  |

Net cash from operating activities | 333,890 |  | 93,749 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (295,616 | ) | (825,795 | ) |

Sale of tangible fixed assets | 40,100 |  | 21,500 |  |

Interest received | 823 |  | 3,367 |  |

Net cash from investing activities | (254,693 | ) | (800,928 | ) |

Cash flows from financing activities

New loans in year | - |  | 304,500 |  |

Loan repayments in year | (147,938 | ) | (23,530 | ) |

Capital repayments in year | 13,238 |  | 293,762 |  |

Amount introduced by directors | 2,465 |  | 15 |  |

Equity dividends paid | (127,600 | ) | (121,000 | ) |

Net cash from financing activities | (259,835 | ) | 453,747 |  |

Decrease in cash and cash equivalents | (180,638 | ) | (253,432 | ) |

Cash and cash equivalents at beginning of year | 2 | 515,031 |  | 768,463 |  |

Cash and cash equivalents at end of year | 2 | 334,393 |  | 515,031 |  |

| ITC (HOLDINGS) LIMITED (REGISTERED NUMBER: 01797927) |

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT

for the Year Ended 30 November 2025

1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 2025 |  | 2024

£ | £ |

| Profit before taxation | 144,039 |  | 153,922 |  |

| Depreciation charges | 238,416 |  | 90,715 |  |

| Profit on disposal of fixed assets | (35,133 | ) | (21,500 | ) |

| Finance costs | 44,344 |  | 21,518 |  |

| Finance income | (823 | ) | (3,367 | ) |

390,843 |  | 241,288 |  |

| Decrease/(increase) in trade and other debtors | 206,974 |  | (520,779 | ) |

| (Decrease)/increase in trade and other creditors | (219,581 | ) | 394,758 |  |

| Cash generated from operations | 378,236 |  | 115,267 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 30 November 2025

| 30.11.25 |  | 1.12.24

£ | £ |

| Cash and cash equivalents | 334,393 |  | 515,031 |  |

| Year ended 30 November 2024

| 30.11.24 |  | 1.12.23

£ | £ |

| Cash and cash equivalents | 515,031 |  | 768,463 |  |

3. | ANALYSIS OF CHANGES IN NET DEBT

| At 1.12.24 | Cash flow | At 30.11.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 515,031 |  | (180,638 | ) | 334,393 |  |

515,031 |  | (180,638 | ) | 334,393 |  |

| Debt

| Finance leases | (363,577 | ) | (13,238 | ) | (376,815 | ) |

| Debts falling due within 1 year | (147,938 | ) | 14,906 |  | (133,032 | ) |

| Debts falling due after 1 year | (133,032 | ) | 133,032 |  | - |  |

(644,547 | ) | 134,700 |  | (509,847 | ) |

| Total | (129,516 | ) | (45,938 | ) | (175,454 | ) |

| ITC (HOLDINGS) LIMITED (REGISTERED NUMBER: 01797927) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

for the Year Ended 30 November 2025

1. | STATUTORY INFORMATION

| ITC (Holdings) 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.

| The presentation currency of the financial statements is the Pound Sterling, rounded to the nearest £.

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" and the Companies Act 2006.

3. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| The financial statement have been prepared under the historical cost convention.

| Basis of consolidation

| The group accounts consolidate the accounts of ITC (Holdings) Limited, Immediate Transportation Company Limited, ITC (Travel) Limited and Langstafff Erembert & Company Limited, all made up to 30 November 2025.

| ITC (Holdings) Limited holds all the shares in ITC (Travel) Limited and Immediate Transportation Company Limited, which in turn holds 19,998 of the 20,000 shares in Langstaff Erembert & Company Limited. Neither ITC (Travel) Limited nor Langstaff Erembert & Company Limited traded during the year.ITC (Holdings) Limited is a holding company and Immediate Transportation Company Limited acts as shipping and forwarding agents with ancillary services.

| Parent company disclosure exemptions:

| In preparing the separate financial statements of the parent company, advantage has been taken of the following disclosure exemptions available in FRS102:

| i) No cash flow statement has been prepared for the parent company.

| ii) No disclosure has been given for the aggregate remuneration of the key management personnel of the parent company as their remuneration is included in the totals for the group as a whole.

| Significant judgements and estimates

| In the application of the Company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

| Turnover

| Turnover represents the amounts charged for services provided as Shipping and Forwarding Agents to customers, for which the company has obtained the right to consideration, net of value added tax.

| Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for services rendered, net of discounts and value added tax.

| Revenue from services is recognised on shipment of goods, when the significant risks and rewards of ownership have been transferred to the buyer, the company retains no continuing involvement or control over the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of transactions can be measured reliably.

| ITC (HOLDINGS) LIMITED (REGISTERED NUMBER: 01797927) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the Year Ended 30 November 2025

3. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

| Improvements to property | - | Over the lease term of 10 years

| Fixtures and fittings | - | 20% on cost

| Motor vehicles | - | 25% on cost

| Computer equipment | - | 25% on cost

| Financial instruments

| The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities including cash and bank balances, trade and other accounts receivable and payable and loans from banks and other third parties. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

| Basic financial assets

| Basic financial assets, which include debtors and cash balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction or debt instrument is measured at the present value of future receipts discounted at a market rate of interest. Such assets and debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

| At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.

| If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

| Basic financial liabilities

| Basic financial liabilities, which include creditors and bank loans are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction or debt instrument is measured at the present value of future receipts discounted at a market rate of interest. Such assets and debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities due within one year are not amortised.

| Taxation

| Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

| Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

| ITC (HOLDINGS) LIMITED (REGISTERED NUMBER: 01797927) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the Year Ended 30 November 2025

3. | ACCOUNTING POLICIES - continued

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Hire purchase and leasing commitments

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| In the event that lease incentives are received o enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expenses on a straight line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

| The company has taken advantage of the exemption in respect of lease incentives on leases in existence on the date of transition to FRS102 and continues to credit such lease incentives to the profit and loss account over the period to the first rent review date on which the rent is adjusted to market rates.

| Pension costs and other post-retirement benefits

| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

| Trade and other creditors

| Trade and other debtors

| Trade and other debtors that are receivable within one year and do not constitute a financing transaction are recorded at the un-discounted amount expected to be received, net of impairment. Those that are receivable after more than one year or constitute a financing transaction are recorded initially at fair value less transaction costs and subsequently at amortised cost, net of impairment.

| Trade and other creditors

| Trade and other creditors are initially recognised at the transaction price and are thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be material, in which case they are stated at cost.

4. | TURNOVER

| Turnover represents the amounts charged for services provided as Shipping and Forwarding Agents to customers, for which the company has obtained the right to consideration, net of Value Added Tax. The total charges less allowances to customers for the year amounted to £14,776,632 (2023 £13,615,284). The company did not export any goods as principal during the year.

5. | OTHER OPERATING INCOME

| 2025 |  | 2024

£ | £ |

| Services receivable | 94,700 |  | 181,250 |  |

| Exchange gains | (7,903 | ) | 2,790 |  |

86,797 |  | 184,040 |  |

| ITC (HOLDINGS) LIMITED (REGISTERED NUMBER: 01797927) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the Year Ended 30 November 2025

6. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 2,345,750 |  | 2,152,461 |  |

| Social security costs | 272,614 |  | 228,580 |  |

| Other pension costs | 181,697 |  | 178,652 |  |

2,800,061 |  | 2,559,693 |  |

| The average number of employees during the year was as follows:

| 2025 |  | 2024

| Office and Administration | 9 |  | 9 |  |

| Operational | 49 |  | 49 |  |

58 |  | 58 |  |

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 63,749 |  | 71,633 |  |

| Directors' pension contributions to money purchase schemes | 120,000 |  | 120,000 |  |

| The number of directors to whom retirement benefits were accruing was as follows:

| Money purchase schemes | 2 |  | 2 |  |

7. | OPERATING PROFIT

| The operating profit is stated after charging/(crediting):

| 2025 |  | 2024

£ | £ |

| Hire of plant and machinery | 243,140 |  | 263,090 |  |

| Other operating leases | 771,243 |  | 690,992 |  |

| Depreciation - owned assets | 59,192 |  | 21,555 |  |

| Depreciation - assets on hire purchase contracts | 179,224 |  | 69,160 |  |

| Profit on disposal of fixed assets | (35,133 | ) | (21,500 | ) |

| Auditors' remuneration | 22,950 |  | 21,800 |  |

| Foreign exchange differences | 7,903 |  | (2,790 | ) |

8. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Bank loan interest | 17,921 |  | 4,114 |  |

| Other interest | 1,306 |  | 8,395 |  |

| Hire purchase | 25,117 |  | 9,009 |  |

44,344 |  | 21,518 |  |

| ITC (HOLDINGS) LIMITED (REGISTERED NUMBER: 01797927) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the Year Ended 30 November 2025

9. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 2025 |  | 2024

£ | £ |

| Deferred tax | 50,070 |  | 19,364 |  |

| Tax on profit | 50,070 |  | 19,364 |  |

| UK corporation tax was charged at 25 %) in 2024.

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

| 2025 |  | 2024

£ | £ |

| Profit before tax | 144,039 |  | 153,922 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 25 %) | 36,010 |  | 38,481 |  |

| Effects of:

| Expenses not deductible for tax purposes | 4,742 |  | 5,009 |  |

| Capital allowances in excess of depreciation | (1,967 | ) | (125,387 | ) |

| Utilisation of tax losses | (38,785 | ) | - |  |

| Tax losses carried forward | - |  | 81,897 |  |

| Deferred tax | 50,070 |  | 19,364 |  |

| Total tax charge | 50,070 |  | 19,364 |  |

| In accordance with the company's accounting policies, no provision has been made for a deferred tax asset in respect of trading losses carried forward at the balance sheet date.

10. | INDIVIDUAL INCOME STATEMENT

| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

11. | DIVIDENDS

| 2025 |  | 2024

£ | £ |

| Ordinary shares of £1 each

| Final | 127,600 |  | 121,000 |  |

| ITC (HOLDINGS) LIMITED (REGISTERED NUMBER: 01797927) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the Year Ended 30 November 2025

12. | TANGIBLE FIXED ASSETS

| Group

| Improvements |  | Fixtures |

| to |  | and |  | Motor |  | Computer |

| property |  | fittings |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 December 2024 | 511,611 |  | 88,840 |  | 836,736 |  | 10,209 |  | 1,447,396 |  |

| Additions | 23,889 |  | 6,440 |  | 255,497 |  | 9,790 |  | 295,616 |  |

| Disposals | - |  | - |  | (111,310 | ) | - |  | (111,310 | ) |

| At 30 November 2025 | 535,500 |  | 95,280 |  | 980,923 |  | 19,999 |  | 1,631,702 |  |

| DEPRECIATION

| At 1 December 2024 | 8,248 |  | 75,461 |  | 519,809 |  | 213 |  | 603,731 |  |

| Charge for year | 53,277 |  | 4,289 |  | 178,216 |  | 2,634 |  | 238,416 |  |

| Eliminated on disposal | - |  | - |  | (106,343 | ) | - |  | (106,343 | ) |

| At 30 November 2025 | 61,525 |  | 79,750 |  | 591,682 |  | 2,847 |  | 735,804 |  |

| NET BOOK VALUE

| At 30 November 2025 | 473,975 |  | 15,530 |  | 389,241 |  | 17,152 |  | 895,898 |  |

| At 30 November 2024 | 503,363 |  | 13,379 |  | 316,927 |  | 9,996 |  | 843,665 |  |

| The net book value of tangible fixed assets includes £ 521,727 (2024 - £ 489,760 ) in respect of assets held under hire purchase contracts.

13. | FIXED ASSET INVESTMENTS

| Company

| Shares in

| group

| undertakings

£ |

| COST

| At 1 December 2024

| and 30 November 2025 | 69,564 |  |

| NET BOOK VALUE

| At 30 November 2025 | 69,564 |  |

| At 30 November 2024 | 69,564 |  |

| ITC (HOLDINGS) LIMITED (REGISTERED NUMBER: 01797927) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the Year Ended 30 November 2025

13. | FIXED ASSET INVESTMENTS - continued

| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

| Subsidiaries

| Immediate Transportation Company Limited

| Registered office: Unit 9, J4 Stanhope Road, Camberley, Surrey, GU15 3BW

| Nature of business: Shipping and Forwarding Agents

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| Preference | 77.00 |

2025 | 2024 |

£ | £ |

| Aggregate capital and reserves | 1,071,646 |  | 1,105,276 |  |

| Profit for the year | 93,970 |  | 134,557 |  |

| ITC (Travel) Limited

| Registered office: Unit 9, J4 Stanhope Road, Camberley, Surrey, GU15 3BW

| Nature of business: Dormant

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

2025 | 2024 |

£ | £ |

| Aggregate capital and reserves | 10,000 |  | 10,000 |  |

14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Trade debtors | 2,007,486 |  | 2,138,237 |  | - |  | - |  |

| Other debtors | 321,641 |  | 320,056 |  | 2,886 |  | 2,886 |  |

| VAT | 96,859 |  | 201,896 |  | - |  | - |  |

| Prepayments and accrued income | 127,073 |  | 99,844 |  | - |  | - |  |

2,553,059 |  | 2,760,033 |  | 2,886 |  | 2,886 |  |

| ITC (HOLDINGS) LIMITED (REGISTERED NUMBER: 01797927) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the Year Ended 30 November 2025

15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Bank loans and overdrafts (see note 17) | 133,032 |  | 147,938 |  | - |  | - |  |

| Hire purchase contracts (see note 18) | 218,776 |  | 152,640 |  | - |  | - |  |

| Trade creditors | 1,398,477 |  | 1,995,154 |  | - |  | - |  |

| Amounts owed to group undertakings | - |  | - |  | 10,101 |  | 10,101 |  |

| Tax | 52 |  | 54 |  | 52 |  | 52 |  |

| Social security and other taxes | 68,808 |  | 55,047 |  | - |  | - |  |

| Other creditors | 1,738 |  | 14,231 |  | 19 |  | 19 |  |

| Directors' current accounts | 2,480 |  | 15 |  | - |  | - |  |

| Accruals and deferred income | 638,578 |  | 262,750 |  | - |  | - |  |

2,461,941 |  | 2,627,829 |  | 10,172 |  | 10,172 |  |

16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| Group |

2025 | 2024 |

£ | £ |

| Bank loans (see note 17) | - |  | 133,032 |  |

| Hire purchase contracts (see note 18) | 158,039 |  | 210,937 |  |

158,039 |  | 343,969 |  |

17. | LOANS

| An analysis of the maturity of loans is given below:

| Group |

2025 | 2024 |

£ | £ |

| Amounts falling due within one year or on | demand: |

| Bank loans | 133,032 |  | 147,938 |  |

| Amounts falling due between one and two | years: |

| Bank loans - 1-2 years | - |  | 133,032 |  |

| ITC (HOLDINGS) LIMITED (REGISTERED NUMBER: 01797927) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the Year Ended 30 November 2025

18. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Group

| Hire purchase |

| contracts |

2025 | 2024 |

£ | £ |

| Gross obligations repayable:

| Within one year | 245,358 |  | 173,432 |  |

| Between one and five years | 177,381 |  | 241,818 |  |

422,739 |  | 415,250 |  |

| Finance charges repayable:

| Within one year | 26,582 |  | 20,792 |  |

| Between one and five years | 19,342 |  | 30,881 |  |

45,924 |  | 51,673 |  |

| Net obligations repayable:

| Within one year | 218,776 |  | 152,640 |  |

| Between one and five years | 158,039 |  | 210,937 |  |

376,815 |  | 363,577 |  |

| Group

| Non-cancellable |

| operating leases |

2025 | 2024 |

£ | £ |

| Within one year | 878,705 |  | 911,277 |  |

| Between one and five years | 2,558,613 |  | 2,589,756 |  |

| In more than five years | 2,366,930 |  | 2,984,332 |  |

5,804,248 |  | 6,485,365 |  |

| Each hire purchase agreement has the option to purchase the assets at the end of the agreement period. The company would intend to exercise the purchase options when due. The HP liabilities are secured on the assets being financed under the HP agreements.

| ITC (HOLDINGS) LIMITED (REGISTERED NUMBER: 01797927) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the Year Ended 30 November 2025

19. | SECURED DEBTS

| The following secured debts are included within creditors:

| Group |

2025 | 2024 |

£ | £ |

| Bank loans | 133,032 |  | 280,970 |  |

| Hire purchase contracts | 376,815 |  | 363,577 |  |

509,847 |  | 644,547 |  |

| The bank has a fixed and floating charge over the assets of Immediate Transportation Company Limited.

20. | PROVISIONS FOR LIABILITIES

| Group |

2025 | 2024 |

£ | £ |

| Deferred tax | 69,434 |  | 19,364 |  |

| Group

| Deferred |

| tax |

£ |

| Balance at 1 December 2024 | 19,364 |  |

| Provided during year | 50,070 |  |

| Balance at 30 November 2025 | 69,434 |  |

21. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 500 | Ordinary | £1 | 500 |  | 500 |  |

22. | RESERVES

| Group

| Capital |

| Retained |  | redemption |  | Other |

| earnings |  | reserve |  | reserves |  | Totals

£ | £ | £ | £ |

| At 1 December 2024 | 1,030,229 |  | 500 |  | 92,963 |  | 1,123,692 |  |

| Profit for the year | 93,969 |  | 93,969 |  |

| Dividends | (127,600 | ) | (127,600 | ) |

| At 30 November 2025 | 996,598 |  | 500 |  | 92,963 |  | 1,090,061 |  |

| ITC (HOLDINGS) LIMITED (REGISTERED NUMBER: 01797927) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the Year Ended 30 November 2025

22. | RESERVES - continued

| Company

| Capital |

| Retained |  | redemption |

| earnings |  | reserve |  | Totals

£ | £ | £ |

| At 1 December 2024 | 61,278 |  | 500 |  | 61,778 |  |

| Profit for the year | 127,600 |  | 127,600 |  |

| Dividends | (127,600 | ) | (127,600 | ) |

| At 30 November 2025 | 61,278 |  | 500 |  | 61,778 |  |

23. | NON-CONTROLLING INTERESTS

| The minority interest of £3,375 (2024 £3,375) relates to the preference shares in Immediate Transportation Company Limited held by outside shareholders.

24. | RELATED PARTY DISCLOSURES

| The company employed the spouses of two members of the key management personnel.

25. | KEY MANAGEMENT PERSONNEL COMPENSATION

| The groups key management personnel are considered to be the directors.

| Their compensation during the year was as follows:

|  | Year E nded |  |  | Year Ended |  |

|  | 30.11.25 |  |  | 30.11.24 |  |

|  | £ |  |  | £ |  |

| Short-term benefits |  | 63,749 |  |  | 71,633 |  |

| Post employment benefits |  | 120,000 |  |  | 120,000 |  |

|  | 183,749 |  |  | 191,633 |  |