Intex Systems Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08373902 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 January 2019

for

Intex Systems Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr C Connor

Mr C Connor Jnr

Mr G Larkin

REGISTERED OFFICE:

Unit 5, Nine Trees Trading Estate

Morthen Road

Thurcroft

Rotherham

S66 9JG

REGISTERED NUMBER:

08373902 (England and Wales)

ACCOUNTANT:

PKN Accountants Ltd

Chartered Accountants

63 Bawtry Road

Bramley

Rotherham

South Yorkshire

S66 2TN

FIXED ASSETS

Tangible assets

4

21,144

22,965

CURRENT ASSETS

Debtors

5

1,609,331

1,011,891

Cash at bank and in hand

611,789

37,897

2,221,120

1,049,788

CREDITORS

Amounts falling due within one year

6

1,435,163

692,485

NET CURRENT ASSETS

785,957

357,303

TOTAL ASSETS LESS CURRENT LIABILITIES

807,101

380,268

CREDITORS

Amounts falling due after more than one year

7

(12,700

)

(16,232

)

PROVISIONS FOR LIABILITIES

(4,017

)

(4,363

)

NET ASSETS

790,384

359,673

CAPITAL AND RESERVES

Called up share capital

104

104

Retained earnings

790,280

359,569

SHAREHOLDERS' FUNDS

790,384

359,673

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2019 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 on 31 October 2019 and were signed on its behalf by:

Mr C Connor Jnr - Director

1.	STATUTORY INFORMATION

Intex Systems Ltd 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.

Turnover

Turnover represents invoiced sales and applications.

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.

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

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.

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 makes contributions in accordance with pension auto enrolement legislation.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2018 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 February 2018

3,796

27,285

22,055

53,136

Additions

7,172

-

858

8,030

At 31 January 2019

10,968

27,285

22,913

61,166

DEPRECIATION

At 1 February 2018

2,287

11,085

16,799

30,171

Charge for year

2,170

4,050

3,631

9,851

At 31 January 2019

4,457

15,135

20,430

40,022

NET BOOK VALUE

At 31 January 2019

6,511

12,150

2,483

21,144

At 31 January 2018

1,509

16,200

5,256

22,965

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

Motor

vehicles

£

COST

At 1 February 2018

and 31 January 2019

27,285

DEPRECIATION

At 1 February 2018

11,085

Charge for year

4,050

At 31 January 2019

15,135

NET BOOK VALUE

At 31 January 2019

12,150

At 31 January 2018

16,200

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

1,176,010

794,806

Amounts recoverable on contract

198,749

183,000

Other debtors

234,572

34,085

1,609,331

1,011,891

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Hire purchase contracts

3,532

3,532

Trade creditors

1,193,608

571,725

Amounts owed to group undertakings

-

10

Taxation and social security

172,368

37,158

Other creditors

65,655

80,060

1,435,163

692,485

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Hire purchase contracts

12,700

16,232

8.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Hire purchase contracts

16,232

19,764

9.	OTHER FINANCIAL COMMITMENTS

At 31st January 2019, the company had total commitments under non-cancellable operating leases over the

remaining life of those leases of £93,815, (2018: £24,264).

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the year ended 31 January 2019 and the period

ended 31 January 2018:

2019

2018

£

£

Mr G Larkin

Balance outstanding at start of year

4,032

-

Amounts advanced

5,878

4,032

Amounts repaid

(4,032

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

5,878

4,032

Mr C Connor Jnr

Balance outstanding at start of year

-

-

Amounts advanced

57,500

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

57,500

-

Mr B Atkinson

Balance outstanding at start of year

-

-

Amounts advanced

33,330

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

33,330

-

Monies were loaned to the directors @ 2.5% interest. These have all been repaid by 31st October 2019.

11.	RELATED PARTY DISCLOSURES

Intex Facades and Maintenance Ltd

A company in which Mr C Connor is a shareholder.

Monies were loaned between the companies on an interest free basis, the amount owing to this company at 31st

March 2019 :£60,189, (2018: £78,361).

12.	ULTIMATE CONTROLLING PARTY

The controlling party is Intex Group Ltd: Company number:097576155.

Monies were loaned between the companies on an interest free basis £Nil was owing to the parent company at

31st January 2019, (2018: £10).