ITAL Group Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 04784751 (England and Wales)

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2022

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

R Leather

SECRETARY:

Ms E S Hollingworth

REGISTERED OFFICE:

Unit 44-47 Ground Floor, Building 1000

Lakeside North Harbour

Western Road

Portsmouth

Hampshire

PO6 3EZ

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 2022.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 September 2021 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

Other changes in directors holding office are as follows:

R Leather was appointed as a director after 31 August 2022 but prior to the date of this report.

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

17 May 2023

FIXED ASSETS

Intangible assets

4

-

3,946

Tangible assets

5

947,999

930,743

947,999

934,689

CURRENT ASSETS

Stocks

-

297

Debtors

6

298,247

488,677

Cash at bank and in hand

776,831

767,886

1,075,078

1,256,860

CREDITORS

Amounts falling due within one year

7

810,783

806,048

NET CURRENT ASSETS

264,295

450,812

TOTAL ASSETS LESS CURRENT LIABILITIES

1,212,294

1,385,501

CREDITORS

Amounts falling due after more than one year

8

(14,583

)

(87,500

)

PROVISIONS FOR LIABILITIES

(47,946

)

(93,055

)

NET ASSETS

1,149,765

1,204,946

CAPITAL AND RESERVES

Called up share capital

11

29,000

29,000

Share premium

141,000

141,000

Retained earnings

979,765

1,034,946

SHAREHOLDERS' FUNDS

1,149,765

1,204,946

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 17 May 2023 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.

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, has been 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 has been amortised over its anticipated useful economic life of 10 years.

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

-

10% - 33.3% straight line

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.

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.

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 35 (2021 - 45 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1 September 2021

and 31 August 2022

52,615

145,106

197,721

AMORTISATION

At 1 September 2021

48,669

145,106

193,775

Charge for year

3,946

-

3,946

At 31 August 2022

52,615

145,106

197,721

NET BOOK VALUE

At 31 August 2022

-

-

-

At 31 August 2021

3,946

-

3,946

5.	TANGIBLE FIXED ASSETS

Improvements

to

Furniture

leasehold

and

Computer

property

fittings

equipment

Totals

£

£

£

£

COST

At 1 September 2021

131,971

80,601

2,193,721

2,406,293

Additions

-

-

212,679

212,679

At 31 August 2022

131,971

80,601

2,406,400

2,618,972

DEPRECIATION

At 1 September 2021

126,702

80,601

1,268,247

1,475,550

Charge for year

5,269

-

190,154

195,423

At 31 August 2022

131,971

80,601

1,458,401

1,670,973

NET BOOK VALUE

At 31 August 2022

-

-

947,999

947,999

At 31 August 2021

5,269

-

925,474

930,743

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

151,826

373,613

Other debtors

146,421

115,064

298,247

488,677

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

87,500

179,467

Trade creditors

317,112

252,799

Taxation and social security

81,919

111,095

Other creditors

324,252

262,687

810,783

806,048

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

14,583

87,500

9.	LEASING AGREEMENTS

The company was subject to financial commitments in respect of non-cancellable operating leases of £147,716 at the year end (2021: £33,333).

10.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank overdraft

-

91,967

Bank loans

102,083

175,000

102,083

266,967

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

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 FCCA (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.