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

INTEGRA TECHNICAL SERVICES (LATIN AMERICA) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07654093

Integra Technical Services (Latin America) Limited

Filleted Financial Statements

30 June 2020

Integra Technical Services (Latin America) Limited

Statement of Financial Position

30 June 2020

	2020		2019
Note	£	£	£

Current assets

Debtors	4	170,749	196,221
Cash at bank and in hand		82,149	81,971
		---------	---------
		252,898	278,192

Creditors: amounts falling due within one year	5	( 45,135)		( 47,527)
		---------		---------
Net current assets			207,763	230,665
			---------	---------
Total assets less current liabilities			207,763	230,665
			---------	---------
Net assets			207,763	230,665
			---------	---------

Capital and reserves

Called up share capital	6	1	1
Profit and loss account	7	207,762	230,664
		---------	---------
Shareholder funds		207,763	230,665
		---------	---------

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: 07654093

Integra Technical Services (Latin 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 is a going concern for the foreseeable future, being not less than one year from the date of approval of these financial statements. The company maintains a positive balance sheet, has the cash reserves to allow it to meet its ongoing obligations and is not expected to be impacted by the Covid-19 pandemic as it no longer undertakes any loss-adjusting activities in its own right but does maintain a debt ledger of recoverable trade balances that are being actively managed for collection. In addition to this, the company continues to be part of a small and supportive group. These factors support the directors decision to prepare these financial statements on the going concern basis.

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.

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. Debtors

	2020	2019
	£	£
Trade debtors	57,379	104,994
Amounts owed by group undertakings and undertakings in which the company has a participating interest	112,100	90,827
Other debtors	1,270	400
	---------	---------
	170,749	196,221
	---------	---------

5. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	5,220	–
Corporation tax	–	8,737
Other creditors	39,915	38,790
	--------	--------
	45,135	47,527
	--------	--------

6. Called up share capital

Issued, called up and fully paid

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

7. Reserves

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

8. 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 .

9. Related party transactions

Throughout the year the company continued to provide an interest free loan to fellow subsidiaries Integra Technical Services Middle East Ltd and Integra Technical Services North America Ltd. The balances outstanding as at 30 June 2020 were £39,139 and £57,060 respectively. During the year the company also made an interest free advance to fellow subsidiary Integra Technical Services Ltd. The balance outstanding as at 30 June 2020 was £15,901. All group advances are made on an interest free basis and are recoverable on demand. No other related party transactions or balances were noted for disclosure under the requirements of FRS 102 Section 1A.

10. Controlling party

The parent company of Integra Technical Services (Latin 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.