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Iitac Limited
Unaudited Abridged Financial Accounts
for the Year Ended 31 October 2025

Registration number: 04579865

Iitac Limited

Contents

Page

Company Information | 1
Directors' Report | 2
Accountants' Report | 3
Profit and Loss Account and Statement of Retained Earnings | 4
Abridged Balance Sheet | 5
Notes to the Unaudited Abridged Financial Statements | 6 to 8

Iitac Limited

Company Information

Directors | G R Jewell S C Duffy

Company secretary | G R Jewell

Registered office | Stanmore House 64-68 Blackburn Street Radcliffe Manchester M26 2JS

Business address | 409-410 Kingfisher Centre Burnley Road Rawtenstall Rossendale Lancashire BB4 8EQ

Accountants | Gortons Chartered Accountants Stanmore House 64-68 Blackburn Street Radcliffe Manchester M26 2JS

Iitac Limited

Directors' Report for the Year Ended 31 October 2025

The directors present their report and the abridged financial accounts for the year ended 31 October 2025.

Company law requires the directors to prepare financial accounts for each financial year. Under that law the directors have elected to prepare the financial accounts 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 accounts unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial accounts, the directors are required to:

• | select suitable accounting policies and apply them consistently;

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

• | state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial accounts; and

• | prepare the financial accounts 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 transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Directors of the company

The directors who held office during the year were as follows:

G R Jewell

S C Duffy

Principal activity

The principal activity of the company is IT consultants.

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 7 July 2026, and confirmed on the Board's behalf by:

G R Jewell Director

Chartered Accountants' Report to the Board of Directors on the Preparation of the
Unaudited Statutory Accounts of Iitac Limited
for the Year Ended 31 October 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Iitac Limited for the year ended 31 October 2025 as set out on pages 4 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Iitac Limited, as a body, in accordance with the terms of our engagement letter dated 7 December 2019. Our work has been undertaken solely to prepare for your approval the accounts of Iitac Limited and state those matters that we have agreed to state to the Board of Directors of Iitac Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Iitac Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Iitac Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Iitac Limited. You consider that Iitac Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Iitac Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

Gortons
Chartered Accountants
Stanmore House
64-68 Blackburn Street
Radcliffe
Manchester
M26 2JS

7 July 2026

Iitac Limited

Profit and Loss Account and Statement of Retained Earnings for the
Year Ended 31 October 2025

| Note | 2025 £ | 2024 £
Turnover |  | 1,706,018 | 1,750,575
Cost of sales |  | (759,413) | (884,280)
Gross profit |  | 946,605 | 866,295
Administrative expenses |  | (767,986) | (584,881)
Other operating income |  | 195,000 | 70,000
Operating profit |  | 373,619 | 351,414
Other interest receivable and similar income |  | 3,106 | 5,135
Interest payable and similar charges |  | (17) | -
Profit before tax | 4 | 376,708 | 356,549
Taxation |  | (77,771) | (45,713)
Profit for the financial year |  | 298,937 | 310,836
Retained earnings brought forward |  | 66,010 | 12,175
Dividends paid |  | (75,938) | (257,001)
Contributions to Iitac Employee Ownership Trust |  | (280,100) | -
Retained earnings carried forward |  | 8,909 | 66,010

Iitac Limited

(Registration number: 04579865)
Abridged Balance Sheet as at 31 October 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Investments | 7 | 177,264 | -
Current assets |  |  |
Stocks |  | 274,387 | 22,014
Debtors |  | 55,889 | 193,378
Cash at bank and in hand |  | 232,570 | 268,106
|  | 562,846 | 483,498
Prepayments and accrued income |  | 310,355 | 81,064
Creditors: Amounts falling due within one year |  | (585,781) | (279,940)
Net current assets |  | 287,420 | 284,622
Total assets less current liabilities |  | 464,684 | 284,622
Accruals and deferred income |  | (279,201) | (218,412)
Net assets |  | 185,483 | 66,210
Capital and reserves |  |  |
Called up share capital | 9 | 196 | 179
Share premium reserve |  | 176,357 | -
Capital redemption reserve |  | 21 | 21
Retained earnings |  | 8,909 | 66,010
Shareholders' funds |  | 185,483 | 66,210

For the financial year ending 31 October 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and 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 directors have not delivered to the registrar a copy of the Profit and Loss Account and Directors' Report.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 7 July 2026, and confirmed on the Board's behalf by:

G R Jewell Director

Iitac Limited

Notes to the Unaudited Abridged Financial Statements for the
Year Ended 31 October 2025

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales, and the company's registration number is 04579865. The registered office address is Stanmore House, 64-68 Blackburn Street, Radcliffe, Manchester, M26 2JS.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial accounts are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged 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

These abridged financial statements have been prepared using the historical cost convention.

Turnover

Turnover represents the invoiced value of goods sold and services provided, net of Value Added Tax.

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 over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Computer equipment | 33% on cost
Office equipment | 33% on cost

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company 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.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2024 - 7).

Iitac Limited

Notes to the Unaudited Abridged Financial Statements for the
Year Ended 31 October 2025

4 | Profit before tax

Arrived at after charging/(crediting)

| 2025 £ | 2024 £
Depreciation expense | - | 753

5 | Intangible assets

The goodwill transferred on the incorporation of the business has been fully amortised in the accounts.

6 | Tangible assets

| Total £
Cost or valuation
At 1 November 2024 | 52,654
At 31 October 2025 | 52,654
Depreciation
At 1 November 2024 | 52,654
At 31 October 2025 | 52,654
Carrying amount
At 31 October 2025 | -

7 | Investments

| 2025 £ | 2024 £
Investment in subsidiaries | 177,264 | -

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 | Registered office | Holding | Proportion of voting rights and shares held
|  |  | 2025 | 2024
Subsidiary undertakings
Iitac (Scotland) Limited | The Stables, Standalane Farm, Saline, Fife, KY12 PLF Scotland | Ordinary | 100% | 0%

Subsidiary undertakings
Iitac (Scotland) Limited The principal activity of Iitac (Scotland) Limited is Information technology consultancy activities.

Iitac Limited

Notes to the Unaudited Abridged Financial Statements for the
Year Ended 31 October 2025

8 | Security

The company issued a debenture on 17 July 2025, granting the directors a fixed and floating charge over the company's assets as security for amounts owed to them by Iitac Trustees Limited under the Share Purchase Agreement, dated the same day.

9 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary shares of £1 each | - | - | 179 | 179
Ordinary shares of £0.01 each | 19,553 | 196 | - | -
Preference shares of £0.01 each | 2 | - | - | -
| 19,555 | 196 | 179 | 179

On 17 July 2025 the company's share capital was reclassified, and the existing 179 £1.00 Ordinary shares were converted into 17,900 £0.01 Ordinary shares. On the same day, the company issued 1,653 new shares to the directors as purchase consideration for the entire share capital of Iitac (Scotland) Limited, bringing the company's issued share capital up to 19,553 shares.
Following the above transactions, the company was sold on 17 July 2025 to a newly established Employee Ownership Trust, managed by Iitac Trustees Limited. As part of that process, the company also issued two new £0.01 Redeemable Preference shares to the existing directors.

10 | Financial commitments, guarantees and contingencies

Amounts disclosed in the balance sheet

Included in the balance sheet are employer pension contributions paid after date of £Nil (2024 - £703).

11 | Related party transactions

During the year a director had a loan with the company which was overdrawn by £10,416 at the year end (2024 - not overdrawn). Advances of £54,400 and repayments of £43,984 were made in the year. The maximum this loan was overdrawn in the year was £10,416 (2024 - not overdrawn at all in the year).
Another director had a joint loan with his wife which was overdrawn by £20,745 at the year end (2024 - not overdrawn). Advances of £53,167 and repayments of £32,422 were made in the year. The maximum this loan was overdrawn in the year was £20,745 (2024 - not overdrawn at all in the year).
Interest has been charged at a commercial basis on the above loans, and the loans are repayable on demand.
On 17 July 2025 the company purchased the entire share capital of Iitac (Scotland) Limited, making it a wholly-owned subsidiary, with the consideration being the issue of 1,653 new Ordinary shares to the directors, who were the previous owners. The share issue was based on an independent valuation of both companies.
On the same day, an Employee Ownership Trust ('EOT') was established for the benefit of employees, including the directors. The company's entire ordinary share capital was sold to the EOT for a consideration at open market value, as determined by an independent valuation. Some of the consideration was paid on completion, including to the non-director shareholder, but a large proportion remains owing to the directors from the EOT. Future payments from the EOT to the directors will be funded by ongoing contributions by the company to the EOT.
At the year end the EOT owed the company £10,330 and no interest is charged on this debt. Iitac (Scotland) Limited was owed £323,332 by the company at the year end (2024 - £172,725 owed to the company).