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 2021

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 A Murphy

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 2021.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 September 2020 to the date of this report.

J C Mason

D J Bilsby

G D Collins

D Cross

R J Floyd

W G Hay

Mrs A Murphy

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;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

13 April 2022

FIXED ASSETS

Intangible assets

4

3,946

9,208

Tangible assets

5

930,743

1,077,331

934,689

1,086,539

CURRENT ASSETS

Stocks

297

8,332

Debtors

6

488,677

238,942

Cash at bank and in hand

767,886

515,402

1,256,860

762,676

CREDITORS

Amounts falling due within one year

7

806,048

689,975

NET CURRENT ASSETS

450,812

72,701

TOTAL ASSETS LESS CURRENT LIABILITIES

1,385,501

1,159,240

CREDITORS

Amounts falling due after more than one year

8

(87,500

)

-

PROVISIONS FOR LIABILITIES

(93,055

)

(158,827

)

NET ASSETS

1,204,946

1,000,413

CAPITAL AND RESERVES

Called up share capital

11

29,000

29,000

Share premium

141,000

141,000

Retained earnings

1,034,946

830,413

SHAREHOLDERS' FUNDS

1,204,946

1,000,413

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 13 April 2022 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.

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 was being amortised over its anticipated useful economic life of 10 years.

An impairment loss has been recognised in the Income Statement, following an assessment at the Balance Sheet date indicating the recoverable amount was less than its carrying value.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to leasehold property

-

Straight line over the life of the lease

Furniture and fittings

-

25% on cost

Computer equipment

-

50% on cost, 20% on cost and 10% 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 45 (2020 - 54 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1 September 2020

and 31 August 2021

52,615

145,106

197,721

AMORTISATION

At 1 September 2020

43,407

145,106

188,513

Charge for year

5,262

-

5,262

At 31 August 2021

48,669

145,106

193,775

NET BOOK VALUE

At 31 August 2021

3,946

-

3,946

At 31 August 2020

9,208

-

9,208

5.	TANGIBLE FIXED ASSETS

Improvements

to

Furniture

leasehold

and

Computer

property

fittings

equipment

Totals

£

£

£

£

COST

At 1 September 2020

131,971

80,601

2,012,179

2,224,751

Additions

-

-

181,542

181,542

At 31 August 2021

131,971

80,601

2,193,721

2,406,293

DEPRECIATION

At 1 September 2020

125,772

80,601

941,047

1,147,420

Charge for year

930

-

257,200

258,130

Impairments

-

-

70,000

70,000

At 31 August 2021

126,702

80,601

1,268,247

1,475,550

NET BOOK VALUE

At 31 August 2021

5,269

-

925,474

930,743

At 31 August 2020

6,199

-

1,071,132

1,077,331

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

373,613

151,273

Other debtors

115,064

87,669

488,677

238,942

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

179,467

103,059

Trade creditors

252,799

175,131

Taxation and social security

111,095

101,051

Other creditors

262,687

310,734

806,048

689,975

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

87,500

-

9.	LEASING AGREEMENTS

The company was subject to financial commitments in respect of non-cancellable operating leases of £33,333 at the year end (2020: £83,333).

10.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank overdrafts

91,967

103,059

Bank loans

175,000

-

266,967

103,059

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

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.	FRC 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.