REGISTERED NUMBER: 05723976 (England and Wales)

Unaudited Financial Statements

for the Year Ended 28 February 2025

for

ITC Service Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C G Potts

L Potts

SECRETARY:

C G Potts

REGISTERED OFFICE:

9 Merchant Court

Monkton Business Park South

Hebburn

United Kingdom

NE31 2EX

REGISTERED NUMBER:

05723976 (England and Wales)

ACCOUNTANTS:

Clive Owen LLP

Chartered Accountants

140 Coniscliffe Road

DARLINGTON

Co Durham

DL3 7RT

FIXED ASSETS

Tangible assets

4

160,534

196,594

CURRENT ASSETS

Stocks

5

81,573

160,915

Debtors

6

1,016,726

1,283,929

Cash at bank

4,415,730

1,587,026

5,514,029

3,031,870

CREDITORS

Amounts falling due within one year

7

(3,047,407

)

(1,054,692

)

NET CURRENT ASSETS

2,466,622

1,977,178

TOTAL ASSETS LESS CURRENT LIABILITIES

2,627,156

2,173,772

PROVISIONS FOR LIABILITIES

9

(36,533

)

(7,416

)

NET ASSETS

2,590,623

2,166,356

CAPITAL AND RESERVES

Called up share capital

10

10

10

Retained earnings

11

2,590,613

2,166,346

SHAREHOLDERS' FUNDS

2,590,623

2,166,356

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 November 2025 and were signed on its behalf by:

C G Potts - Director

1.	STATUTORY INFORMATION

ITC Service Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

There were no material departures from that standard.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Income recognition

Turnover is recognised when the goods have been despatched or service works have been completed.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

15% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments

Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 49 (2024 - 47 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 March 2024

118,176

11,256

79,943

89,552

298,927

Additions

-

3,845

-

15,743

19,588

Disposals

-

-

(11,191

)

(5,108

)

(16,299

)

At 28 February 2025

118,176

15,101

68,752

100,187

302,216

DEPRECIATION

At 1 March 2024

22,158

5,577

26,838

47,760

102,333

Charge for year

24,004

2,201

12,799

12,982

51,986

Eliminated on disposal

-

-

(8,805

)

(3,832

)

(12,637

)

At 28 February 2025

46,162

7,778

30,832

56,910

141,682

NET BOOK VALUE

At 28 February 2025

72,014

7,323

37,920

43,277

160,534

At 29 February 2024

96,018

5,679

53,105

41,792

196,594

5.

STOCKS

2025

2024

as restated

£

£

Stocks

25,360

20,507

Work-in-progress

56,213

140,408

81,573

160,915

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

as restated

£

£

Trade debtors

840,136

844,608

Other debtors

53,634

424,067

Prepayments and accrued income

122,956

15,254

1,016,726

1,283,929

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

as restated

£

£

Trade creditors

263,105

138,151

Amounts owed to group undertakings

1,732,856

-

Taxation and social security

501,736

485,576

Other creditors

12,343

46,038

Accruals and deferred income

537,367

384,927

3,047,407

1,054,692

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2024

as restated

£

£

Within one year

40,000

40,000

Between one and five years

160,000

160,000

In more than five years

143,333

183,333

343,333

383,333

9.	PROVISIONS FOR LIABILITIES

2025

2024

as restated

£

£

Deferred tax

36,533

7,416

Deferred

tax

£

Balance at 1 March 2024

7,416

Provided during year

29,117

Balance at 28 February 2025

36,533

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

as restated

£

£

10

Ordinary

£1

10

10

11.

RESERVES

Retained

earnings

£

At 1 March 2024

2,551,273

Prior year adjustment

(384,927

)

2,166,346

Profit for the year

1,132,575

Dividends

(708,308

)

At 28 February 2025

2,590,613

12.	ULTIMATE CONTROLLING PARTY

ITC Service Limited is a wholly owned subsidiary of ITCSH Limited, a company registered in England. The registered office of ITCSH Limited is 9 Merchant Court, Monkton Business Park South, Hebburn, England, NE31 2EX, which is also the company's principal place of business.

The ultimate controlling party is ITCGH Limited, a company incorporated in England whose registered office address is 9 Merchant Court, Monkton Business Park South, Hebburn, England, NE31 2EX.

13.	PRIOR YEAR ADJUSTMENT

Adjustments have been made to the prior year accounts in respect of the following:

The prior year accounts have been restated to correct for overstated sales and understated deferred income. The impact of the prior year adjustment is a decrease in sales of £384,927 and an increase in deferred income of £384,927.

The overall impact on retained earnings was £384,927.

2023 Adjustments

Adjustments were made to the 2023 accounts in respect of the following:

The 2023 accounts have been restated to correct for overstated sales and understated deferred income. The impact of the prior year adjustment is a decrease in sales of £267,099 and an increase in deferred income of £267,099.

The overall impact on retained earnings was £267,099.