Intec Office Systems Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04421235

INTEC OFFICE SYSTEMS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2020

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

R S Thompson

Mrs L Stacey

SECRETARY:

Mrs L Stacey

REGISTERED OFFICE:

Unit 3 Yorkshire Way

West Moor Park

Armthorpe

Doncaster

South Yorkshire

DN3 3FD

REGISTERED NUMBER:

04421235

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

531,895

549,214

531,895

549,214

CURRENT ASSETS

Stocks

4,911

4,722

Debtors

6

168,797

213,008

Cash at bank and in hand

71,224

112

244,932

217,842

CREDITORS

Amounts falling due within one year

7

275,298

339,670

NET CURRENT LIABILITIES

(30,366

)

(121,828

)

TOTAL ASSETS LESS CURRENT LIABILITIES

501,529

427,386

CREDITORS

Amounts falling due after more than one year

8

(276,980

)

(160,141

)

PROVISIONS FOR LIABILITIES

(23,200

)

(25,054

)

NET ASSETS

201,349

242,191

CAPITAL AND RESERVES

Called up share capital

100

100

Revaluation reserve

10

94,480

94,480

Retained earnings

106,769

147,611

SHAREHOLDERS' FUNDS

201,349

242,191

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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 3 March 2021 and were signed on its behalf by:

R S Thompson - Director

1.	STATUTORY INFORMATION

Intec Office Systems Limited is a private company, limited by shares , registered in Not specified/Other. 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2009, 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.

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.

Freehold property

-

not provided

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on cost

Stocks

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

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Land and buildings

No depreciation is provided on freehold land and buildings which is a departure from the requirements of the Companies Act 1985, which requires all properties to be depreciated. The directors consider depreciation not to be appropriate because it is only one of many factors reflected in the annual valuation and the amount of depreciation which might have been charged cannot be separately identified or quantified. The directors consider that this policy results in the accounts giving a true and fair view.

Going concern

The accounts have been prepared on a going concern basis. At 31 July 2019, the company had net current liabilities of £30,366 (2019: £121,828). The directors consider the basis of the preparation to be appropriate based on the support from the finance company.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2019 - 15 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 August 2019

and 31 July 2020

17,870

AMORTISATION

At 1 August 2019

and 31 July 2020

17,870

NET BOOK VALUE

At 31 July 2020

-

At 31 July 2019

-

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 August 2019

469,623

221,191

690,814

Additions

-

845

845

At 31 July 2020

469,623

222,036

691,659

DEPRECIATION

At 1 August 2019

-

141,600

141,600

Charge for year

-

18,164

18,164

At 31 July 2020

-

159,764

159,764

NET BOOK VALUE

At 31 July 2020

469,623

62,272

531,895

At 31 July 2019

469,623

79,591

549,214

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

Plant and

machinery

etc

£

COST

At 1 August 2019

and 31 July 2020

50,521

DEPRECIATION

At 1 August 2019

11,484

Charge for year

9,759

At 31 July 2020

21,243

NET BOOK VALUE

At 31 July 2020

29,278

At 31 July 2019

39,037

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

152,038

183,162

Other debtors

16,759

29,846

168,797

213,008

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

49,146

56,599

Hire purchase contracts

9,737

10,716

Trade creditors

145,824

176,566

Taxation and social security

45,949

68,676

Other creditors

24,642

27,113

275,298

339,670

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

267,913

141,337

Hire purchase contracts

9,067

18,804

276,980

160,141

Amounts falling due in more than five years:

Repayable by instalments

Bank loans due after 5 years

72,255

80,694

Creditors over 1 year are due for settlement in under 5 years.

9.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

317,059

157,811

Hire purchase contracts

18,804

29,520

335,863

187,331

10.

RESERVES

Revaluation

reserve

£

At 1 August 2019

and 31 July 2020

94,480

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

R S Thompson has provided a personal guarantee in respect of the company's bank loan.