ITAL Group Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04784751 (England and Wales)

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2018

FOR

ITAL GROUP LIMITED

Page

Company Information

1

Report of the Directors

2

Balance Sheet

3

Notes to the Financial Statements

4

DIRECTORS:

J C Mason

D J Bilsby

G D Collins

D Cross

R J Floyd

W G Hay

Mrs D Ormrod

SECRETARY:

Ms E S Hollingworth

REGISTERED OFFICE:

First Floor

Unit 2, Block A

Petersfield Office Park, Bedford Road

Petersfield

Hampshire

GU32 3QF

REGISTERED NUMBER:

04784751 (England and Wales)

AUDITORS:

Richard Edwards Group LLP

Chartered Certified Accountants

Statutory Auditors

The Maltings

Rosemary Lane

Halstead

Essex

CO9 1HZ

SOLICITORS:

Hollingworth Bissell

Albert Buildings

49 Queen Victoria Street

London

EC4N 4SA

The directors present their report with the financial statements of the company for the year ended 31 August 2018.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 September 2017 to the date of this report.

J C Mason

D J Bilsby

G D Collins

D Cross

R J Floyd

W G Hay

Mrs D Ormrod

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing 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 of the profit

or loss of the company 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;

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 statements 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.

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 company's auditors are unaware, and each director has taken all the steps that he or she ought to have

taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the

company's auditors are aware of that information.

AUDITORS

The auditors, Richard Edwards Group LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small

companies.

ON BEHALF OF THE BOARD:

J C Mason - Director

11 December 2018

FIXED ASSETS

Intangible assets

4

107,180

126,951

Tangible assets

5

1,106,732

1,085,045

1,213,912

1,211,996

CURRENT ASSETS

Stocks

18,016

33,464

Debtors

6

355,879

489,890

Cash at bank and in hand

360,924

486,551

734,819

1,009,905

CREDITORS

Amounts falling due within one year

7

897,819

1,083,343

NET CURRENT LIABILITIES

(163,000

)

(73,438

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,050,912

1,138,558

CREDITORS

Amounts falling due after more than one year

8

(148

)

(43,912

)

PROVISIONS FOR LIABILITIES

(135,718

)

(147,252

)

NET ASSETS

915,046

947,394

CAPITAL AND RESERVES

Called up share capital

11

29,000

29,000

Share premium

141,000

141,000

Retained earnings

745,046

777,394

SHAREHOLDERS' FUNDS

915,046

947,394

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 on 11 December 2018 and were signed on its behalf by:

D J Bilsby - Director

1.	STATUTORY INFORMATION

ITAL Group 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 financial statements are presented in sterling which is the functional currency of the company.

The significant accounting policies applied in the preparation of these financial statements are set out below. These

policies have been consistently applied to all years presented unless otherwise stated.

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.

Preparation of consolidated financial statements

The financial statements contain information about ITAL Group Limited as an individual company and do not contain

consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the

Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

The company's turnover represents the value, excluding value added tax, of goods and services supplied to

customers during the year.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less

any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Licenses and patents

This cost represents the amount paid in connection to the development of a bespoke operating system for the

company's software and applications. The development was completed in September 2014 and is being amortised

over its anticipated useful economic life of 10 years.

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 leasehold property

-

Straight line over the life of the lease

Furniture and fittings

-

25% on cost

Computer equipment

-

between 20% and 50% on cost

Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment

losses or fair value. Cost includes costs directly attributable to making the asset capable of operating as intended.

Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stocks 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 purchases, transport, and handling costs in

bringing stocks to their present location and condition.

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

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.

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 63 (2017 - 67 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1 September 2017

and 31 August 2018

52,615

145,106

197,721

AMORTISATION

At 1 September 2017

27,623

43,147

70,770

Charge for year

5,261

14,510

19,771

At 31 August 2018

32,884

57,657

90,541

NET BOOK VALUE

At 31 August 2018

19,731

87,449

107,180

At 31 August 2017

24,992

101,959

126,951

5.	TANGIBLE FIXED ASSETS

Improvements

to

Furniture

leasehold

and

Computer

property

fittings

equipment

Totals

£

£

£

£

COST

At 1 September 2017

125,042

80,601

1,904,469

2,110,112

Additions

1,989

-

223,565

225,554

Disposals

-

-

(13,261

)

(13,261

)

At 31 August 2018

127,031

80,601

2,114,773

2,322,405

DEPRECIATION

At 1 September 2017

125,042

78,490

821,535

1,025,067

Charge for year

265

1,248

189,093

190,606

At 31 August 2018

125,307

79,738

1,010,628

1,215,673

NET BOOK VALUE

At 31 August 2018

1,724

863

1,104,145

1,106,732

At 31 August 2017

-

2,111

1,082,934

1,085,045

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Computer

equipment

£

COST

At 1 September 2017

and 31 August 2018

80,977

DEPRECIATION

At 1 September 2017

28,751

Charge for year

22,983

At 31 August 2018

51,734

NET BOOK VALUE

At 31 August 2018

29,243

At 31 August 2017

52,226

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

177,402

338,615

Other debtors

178,477

151,275

355,879

489,890

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

110,751

49,521

Hire purchase contracts (see note 9)

16,582

26,992

Trade creditors

365,236

467,493

Taxation and social security

109,547

173,164

Other creditors

295,703

366,173

897,819

1,083,343

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts (see note 9)

148

16,730

Other creditors

-

27,182

148

43,912

9.	LEASING AGREEMENTS

The company was subject to financial commitments in respect of non-cancellable operating leases of £183,333 at the

year end (2017: £214,333).

10.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank overdrafts

110,751

49,521

Hire purchase contracts

16,730

43,722

127,481

93,243

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

29,000

Ordinary

£1

29,000

29,000

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Andrew Robert Graham Green (Senior Statutory Auditor)

for and on behalf of Richard Edwards Group LLP

13.	APB ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to

the tax authorities and assist with the preparation of the financial statements.