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 2019

FOR

ITAL GROUP LIMITED

Page

Company Information

1

Report of the Directors

2

Balance Sheet

4

Notes to the Financial Statements

5

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:

RE Group Accountants Limited

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 2019.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 September 2018 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, RE Group Accountants Limited, 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

28 January 2020

FIXED ASSETS

Intangible assets

4

87,342

107,180

Tangible assets

5

1,172,000

1,106,732

1,259,342

1,213,912

CURRENT ASSETS

Stocks

5,841

18,016

Debtors

6

658,770

355,879

Cash at bank and in hand

444,719

360,924

1,109,330

734,819

CREDITORS

Amounts falling due within one year

7

1,225,431

897,819

NET CURRENT LIABILITIES

(116,101

)

(163,000

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,143,241

1,050,912

CREDITORS

Amounts falling due after more than one year

8

-

(148

)

PROVISIONS FOR LIABILITIES

(154,898

)

(135,718

)

NET ASSETS

988,343

915,046

CAPITAL AND RESERVES

Called up share capital

11

29,000

29,000

Share premium

141,000

141,000

Retained earnings

818,343

745,046

SHAREHOLDERS' FUNDS

988,343

915,046

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 28 January 2020 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 57 (2018 - 63 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1 September 2018

and 31 August 2019

52,615

145,106

197,721

AMORTISATION

At 1 September 2018

32,884

57,657

90,541

Charge for year

5,262

14,576

19,838

At 31 August 2019

38,146

72,233

110,379

NET BOOK VALUE

At 31 August 2019

14,469

72,873

87,342

At 31 August 2018

19,731

87,449

107,180

5.	TANGIBLE FIXED ASSETS

Improvements

to

Furniture

leasehold

and

Computer

property

fittings

equipment

Totals

£

£

£

£

COST

At 1 September 2018

127,031

80,601

2,114,773

2,322,405

Additions

-

-

253,382

253,382

Disposals

-

-

(403,872

)

(403,872

)

At 31 August 2019

127,031

80,601

1,964,283

2,171,915

DEPRECIATION

At 1 September 2018

125,307

79,738

1,010,628

1,215,673

Charge for year

173

863

174,416

175,452

Eliminated on disposal

-

-

(391,210

)

(391,210

)

At 31 August 2019

125,480

80,601

793,834

999,915

NET BOOK VALUE

At 31 August 2019

1,551

-

1,170,449

1,172,000

At 31 August 2018

1,724

863

1,104,145

1,106,732

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

Computer

equipment

£

COST

At 1 September 2018

80,977

Transfer to ownership

(78,311

)

At 31 August 2019

2,666

DEPRECIATION

At 1 September 2018

51,734

Charge for year

21,055

Transfer to ownership

(70,419

)

At 31 August 2019

2,370

NET BOOK VALUE

At 31 August 2019

296

At 31 August 2018

29,243

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

502,423

177,402

Other debtors

156,347

178,477

658,770

355,879

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

96,409

110,751

Hire purchase contracts (see note 9)

148

16,582

Trade creditors

629,339

365,236

Taxation and social security

131,641

109,547

Other creditors

367,894

295,703

1,225,431

897,819

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Hire purchase contracts (see note 9)

-

148

9.	LEASING AGREEMENTS

The company was subject to financial commitments in respect of non-cancellable operating leases of £133,333

at the year end (2018: £183,333).

10.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank overdrafts

96,409

110,751

Hire purchase contracts

148

16,730

96,557

127,481

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

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 RE Group Accountants Limited

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.