Registration number: 05753174 (England & Wales)

ITO World Ltd

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 10

ITO World Ltd

Company Information

Directors

H A Bertram V R Smith A P Church

Company secretary

D Howe

Registered office

32 Hampstead High Street London NW3 1JQ

Accountants

Hazlewoods LLP Staverton Court Staverton Cheltenham GL51 0UX

ITO World Ltd

(Registration number: 05753174)
Balance Sheet as at 31 March 2026

	Note	2026 £	2025 £
Fixed assets
Intangible assets	4	965,562	1,931,123
Tangible assets	5	7,275	37,157
		972,837	1,968,280
Current assets
Debtors	6	1,021,893	1,254,678
Cash at bank and in hand		293,562	628,670
		1,315,455	1,883,348
Creditors: Amounts falling due within one year	7	(1,738,767)	(1,885,001)
Net current liabilities		(423,312)	(1,653)
Total assets less current liabilities		549,525	1,966,627
Creditors: Amounts falling due after more than one year	7	(697,786)	(608,707)
Net (liabilities)/assets		(148,261)	1,357,920
Capital and reserves
Called up share capital	10	2,993,045	2,989,528
Share premium reserve		3,515,899	3,515,899
Capital redemption reserve	10	2,190	2,140
Retained earnings		(6,659,395)	(5,149,647)
Shareholders' (deficit)/funds		(148,261)	1,357,920

For the financial year ending 31 March 2026 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.

Approved and authorised by the Board on 21 July 2026 and signed on its behalf by:
 

V R Smith
Director

ITO World Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

1

General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
32 Hampstead High Street
London
NW3 1JQ
United Kingdom

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

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts, cash flow projections and future trading expectations, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. In reaching this conclusion, the directors have also considered the support available to the company from its shareholders. A facility agreement is in place in respect of shareholder funding; however, there is no separate formal commitment or letter of support requiring the shareholder to provide ongoing financial support beyond the terms of that facility. The shareholder has indicated its intention to continue supporting the company as and when required. Based on these considerations, the directors are satisfied that it is appropriate to prepare the financial statements on the going concern basis, and accordingly the financial statements have been prepared on that basis.

Critical accounting judgements and 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 amounts 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 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.
 

ITO World Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

Judgements

In the application of the company's accounting policies, the directors have made the following judgements that have the most significant effect on the amounts recognised in the financial statements:

Recoverability of shareholder loan The company has recognised a shareholder loan receivable of £162,500. The directors have concluded that the balance is recoverable and therefore no impairment provision has been recognised.

Share-based payments The company operates an Enterprise Management Incentive (EMI) share option scheme. In accordance with FRS 102 Section 26, the directors have considered the requirement to measure and recognise any associated share-based payment charge in the financial statements. The directors have concluded that any adjustment arising from the scheme would not be material to the financial statements and therefore no charge has been recognised.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

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 company’s activities. 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 rates prevailing on the initial transaction dates.

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 the profit and loss account, except that a charge 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.

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
Office equipment	33% straight line

ITO World Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

Development costs

Development costs are expensed in the period in which they are incurred, unless they meet the criteria of internally generated intangible assets. Development costs which have met the criteria of internally generated intangible assets have been capitalised and 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:

Asset class	Amortisation method and rate
Development costs	33% straight line

Trade debtors

Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

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 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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

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.

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.

ITO World Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

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.

ITO World Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 45 (2025 - 53).

4

Intangible assets

	Development costs  £	Total £
Cost
At 1 April 2025	4,378,647	4,378,647
At 31 March 2026	4,378,647	4,378,647
Amortisation
At 1 April 2025	2,447,524	2,447,524
Amortisation charge	965,561	965,561
At 31 March 2026	3,413,085	3,413,085
Carrying amount
At 31 March 2026	965,562	965,562
At 31 March 2025	1,931,123	1,931,123

5

Tangible assets

	Office equipment  £	Total £
Cost
At 1 April 2025	241,488	241,488
Additions	1,557	1,557
Disposals	(27,486)	(27,486)
At 31 March 2026	215,559	215,559
Depreciation
At 1 April 2025	204,331	204,331
Charge for the year	31,439	31,439
Eliminated on disposal	(27,486)	(27,486)
At 31 March 2026	208,284	208,284
Carrying amount
At 31 March 2026	7,275	7,275
At 31 March 2025	37,157	37,157

ITO World Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

6

Debtors

	Note	2026 £	2025 £
Trade debtors		712,546	710,513
Receivables from related parties	11	162,500	162,500
Prepayments		35,154	55,973
Other debtors		111,693	325,692
		1,021,893	1,254,678

7

Creditors

	Note	2026 £	2025 £
Due within one year
Loans and borrowings	8	182,250	-
Trade creditors and accruals		177,068	316,438
Taxation and social security		89,153	239,688
Deferred income		1,282,889	1,318,853
Other creditors		7,407	10,022
		1,738,767	1,885,001