Integra Technical Services North America Limited Filleted accounts for Companies House (small and micro)

INTEGRA TECHNICAL SERVICES NORTH AMERICA LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08081582

Integra Technical Services North America Limited

Filleted Financial Statements

30 June 2020

Integra Technical Services North America Limited

Statement of Financial Position

30 June 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	5		2,957	–

Current assets

Debtors	6	2,833,625	2,077,455
Cash at bank and in hand		306,978	201,603
		------------	------------
		3,140,603	2,279,058

Creditors: amounts falling due within one year	7	( 1,434,705)		( 1,136,841)
		------------		------------
Net current assets			1,705,898	1,142,217
			------------	------------
Total assets less current liabilities			1,708,855	1,142,217
			------------	------------
Net assets			1,708,855	1,142,217
			------------	------------

Capital and reserves

Called up share capital	8	1	1
Profit and loss account	9	1,708,854	1,142,216
		------------	------------
Shareholder funds		1,708,855	1,142,217
		------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements were approved by the board of directors and authorised for issue on 19 March 2021 , and are signed on behalf of the board by:

Mr E M Cresswell
Director

Company registration number: 08081582

Integra Technical Services North America Limited

Notes to the Financial Statements

Year ended 30 June 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 Orange Street, Haymarket, London, WC2H 7DQ.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

In the opinion of the director the company remains a going concern for the foreseeable future, being not less than one year from the date of approval of these financial statements. In forming this opinion the director has undertaken a rigorous assessment of the future trading viability of the company, considering the potential impact to business from Brexit and the global Covid-19 pandemic. The impact of Brexit is expected to be minimal and the impact of Covid-19, whilst changing the way in which the business operates at ground level, will cause both a reduction in ordinary incident claims and an increase in new incident claims. The company is well geared to adapt to new approaches to investigation and communication and sees itself in a strong position to be able to cope with the changing demands of the industry. In addition to this, the company continues to operate within a small and supportive group and maintains a positive balance sheet position. These factors together provide the director with the assurance that the company is a going concern and these financial statements are thus prepared on that basis.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover represents the amounts including recoverable expenses receivable for insurance loss adjusting services rendered during the year and is stated net of value added tax. Turnover is recognised when the right to consideration has arisen through the performance under each contract. Consideration accrues as the contract progresses by reference to the value of work performed. Turnover which has not been billed at the balance sheet date is reported as accrued income and shown within other debtors.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Office equipment	-	3 years straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2019: Nil).

5. Tangible assets

	Office equipment	Total
	£	£
Cost
At 1 July 2019	–	–
Additions	3,477	3,477
	-------	-------
At 30 June 2020	3,477	3,477
	-------	-------
Depreciation
At 1 July 2019	–	–
Charge for the year	520	520
	-------	-------
At 30 June 2020	520	520
	-------	-------
Carrying amount
At 30 June 2020	2,957	2,957
	-------	-------
At 30 June 2019	–	–
	-------	-------

6. Debtors

	2020	2019
	£	£
Trade debtors	1,696,506	1,453,264
Amounts owed by group undertakings and undertakings in which the company has a participating interest	486,057	–
Other debtors	651,062	624,191
	------------	------------
	2,833,625	2,077,455
	------------	------------

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	847,398	532,561
Amounts owed to group undertakings and undertakings in which the company has a participating interest	90,976	93,297
Corporation tax	373,028	475,752
Other creditors	123,303	35,231
	------------	------------
	1,434,705	1,136,841
	------------	------------

8. Called up share capital

Issued, called up and fully paid

	2020		2019
	No.	£	No.	£
Ordinary shares of £ 1 each	1	1	1	1
	----	----	----	----

9. Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses.

10. Summary audit opinion

The auditor's report for the year dated 26 March 2021 was unqualified.

The senior statutory auditor was Joseph Kinton , for and on behalf of Shipleys LLP .

11. Related party transactions

Throughout the year the company continued to be in receipt of interest free advances from fellow subsidiaries, Integra Technical Services Latin America Ltd and Integra Technical Services Middle East Limited. The balances outstanding as at 30 June 2020 were £57,060 and £33,917 respectively (2019: £51,688 and £41,609 respectively). During the year the company made an interest free advance to fellow subsidiary Integra Technical Services Ltd. The balance outstanding as at 30 June 2020 was £486,057. All group advances are free of interest and considered repayable or recoverable on demand. No other related party transactions or balances were noted for disclosure under the requirements of FRS 102 Section 1A.

12. Controlling party

The parent company of Integra Technical Services North America Limited is MacLean Cresswell Associates Limited , a company incorporated in England and Wales, whose accounts can be obtained from: Registrar of Companies, Companies House, Crown Way, Cardiff CF14 3UZ. The ultimate controlling party is considered to be Mr E M Cresswell , by virtue of his controlling interest in the issued share capital of MacLean Cresswell Associates Limited.