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 2020

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

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

50,601

21,144

CURRENT ASSETS

Debtors

5

1,696,520

1,609,331

Cash at bank and in hand

769,845

611,789

2,466,365

2,221,120

CREDITORS

Amounts falling due within one year

6

1,686,369

1,435,163

NET CURRENT ASSETS

779,996

785,957

TOTAL ASSETS LESS CURRENT LIABILITIES

830,597

807,101

CREDITORS

Amounts falling due after more than one year

7

(22,584

)

(12,700

)

PROVISIONS FOR LIABILITIES

(9,614

)

(4,017

)

NET ASSETS

798,399

790,384

CAPITAL AND RESERVES

Called up share capital

104

104

Retained earnings

798,295

790,280

SHAREHOLDERS' FUNDS

798,399

790,384

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2020 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 2 November 2020 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.

Plant and machinery etc

-

33% on cost and 25% on reducing balance

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 enrolment legislation.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2019 - 12 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 February 2019

61,166

Additions

51,220

Disposals

(27,668

)

At 31 January 2020

84,718

DEPRECIATION

At 1 February 2019

40,022

Charge for year

9,533

Eliminated on disposal

(15,438

)

At 31 January 2020

34,117

NET BOOK VALUE

At 31 January 2020

50,601

At 31 January 2019

21,144

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

Plant and

machinery

etc

£

COST

At 1 February 2019

27,285

Additions

28,500

Disposals

(27,285

)

At 31 January 2020

28,500

DEPRECIATION

At 1 February 2019

15,135

Charge for year

1,781

Eliminated on disposal

(15,135

)

At 31 January 2020

1,781

NET BOOK VALUE

At 31 January 2020

26,719

At 31 January 2019

12,150

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

2,182

3,222

Amounts owed by group undertakings

827

-

Amounts recoverable on

contracts

1,652,957

1,371,537

Other debtors

40,554

234,572

1,696,520

1,609,331

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Hire purchase contracts

4,333

3,532

Trade creditors

1,492,841

1,193,608

Taxation and social security

112,031

172,368

Other creditors

77,164

65,655

1,686,369

1,435,163

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Hire purchase contracts

22,584

12,700

8.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Hire purchase contracts

26,917

16,232

9.	OTHER FINANCIAL COMMITMENTS

At 31st January 2020, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £79,739, (2019: £93,815).

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 January 2020 and 31 January 2019:

2020

2019

£

£

Mr G Larkin

Balance outstanding at start of year

5,878

4,032

Amounts advanced

-

5,878

Amounts repaid

(5,878

)

(4,032

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

5,878

Mr C Connor Jnr

Balance outstanding at start of year

57,500

-

Amounts advanced

-

57,500

Amounts repaid

(57,500

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

57,500

Mr B Atkinson

Balance outstanding at start of year

33,330

-

Amounts advanced

-

33,330

Amounts repaid

(33,330

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

33,330

Monies were loaned to the directors @ 2.5% interest. These were all 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 and reflected in current liabilities at 31st January 2020 :£60,129, (2019: £60,189).

12.	ULTIMATE CONTROLLING PARTY

The controlling party is Intex Holdings (Yorkshire) Ltd:Company no: 11942209 England.

Monies were loaned to this company on an interest free basis. The balance reflected in current assets at 31st January 2020: £827, (2019: £ Nil).