ACCOUNTS - Final Accounts

Commitments under operating leases

At 31 December 2022 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

INTERCOMP EUROPE LIMITED - Company Information

Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-3152022-01-01false5truetrue 04158258 2022-01-01 2022-12-31 04158258 2021-01-01 2021-12-31 04158258 2022-12-31 04158258 2021-12-31 04158258 c:Director1 2022-01-01 2022-12-31 04158258 d:PlantMachinery 2022-01-01 2022-12-31 04158258 d:PlantMachinery 2022-12-31 04158258 d:PlantMachinery 2021-12-31 04158258 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 04158258 d:CurrentFinancialInstruments 2022-12-31 04158258 d:CurrentFinancialInstruments 2021-12-31 04158258 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 04158258 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 04158258 d:ShareCapital 2022-12-31 04158258 d:ShareCapital 2021-12-31 04158258 d:RetainedEarningsAccumulatedLosses 2022-12-31 04158258 d:RetainedEarningsAccumulatedLosses 2021-12-31 04158258 c:FRS102 2022-01-01 2022-12-31 04158258 c:Audited 2022-01-01 2022-12-31 04158258 c:FullAccounts 2022-01-01 2022-12-31 04158258 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 04158258 d:WithinOneYear 2022-12-31 04158258 d:WithinOneYear 2021-12-31 04158258 d:BetweenOneFiveYears 2022-12-31 04158258 d:BetweenOneFiveYears 2021-12-31 04158258 c:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure

Registered number: 04158258

INTERCOMP EUROPE LIMITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

INTERCOMP EUROPE LIMITED

REGISTERED NUMBER: 04158258

BALANCE SHEET

AS AT 31 DECEMBER 2022

		2022		2021
Note		£		£

Fixed assets
Tangible assets	4		20		126
Current assets
Stocks	5	99,536		90,677
Debtors: amounts falling due within one year	6	40,982		49,336
Cash at bank and in hand		189,501		163,256
		330,019		303,269
Creditors: amounts falling due within one year	7	(130,893)		(122,920)
Net current assets			199,126		180,349
Total assets less current liabilities			199,146		180,475

Net assets			199,146		180,475

Capital and reserves
Called up share capital	1,001	1,001
Profit and loss account	198,145	179,474
	199,146	180,475

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

W Kroll

Director

Date: 14 September 2023

The notes on pages 2 to 6 form part of these financial statements.

Page 1

INTERCOMP EUROPE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

1.	General information

Intercomp Europe Limited is a private company limited by shares and is incorporated in England and Wales. The registered office address is 52 New Town, Uckfield, East Sussex, TN22 5DE. The company's registered number is 04158258.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

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INTERCOMP EUROPE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery

25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 3

INTERCOMP EUROPE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.8

Debtors

Short term debtors are measured at transaction price, less any impairment.

2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

2.10

Creditors

Short term creditors are measured at the transaction price.

2.11

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

Employees

The average monthly number of employees, including directors, during the year was 5 (2021 - 5).

Page 4

INTERCOMP EUROPE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

4.	Tangible fixed assets

		Plant and machinery
		£
	Cost
	At 1 January 2022	8,782
	At 31 December 2022	8,782
	Depreciation
	At 1 January 2022	8,656
	Charge for the year on owned assets	106
	At 31 December 2022	8,762
	Net book value
	At 31 December 2022	20
	At 31 December 2021	126

5.	Stocks
		2022	2021
		£	£

	Finished goods and goods for resale	99,536	90,677

Debtors

					2022	2021
					£	£


Trade debtors	35,393	36,044
Other debtors	3,656	11,358
Prepayments and accrued income	1,933	1,934
	40,982	49,336

Page 5

INTERCOMP EUROPE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

7.	Creditors: Amounts falling due within one year
		2022	2021
		£	£

Trade creditors	903	1,136
Amounts owed to group undertakings	67,930	44,418
Corporation tax	4,405	5,639
Other taxation and social security	6,871	11,349
Other creditors	24,326	29,537
Accruals and deferred income	26,458	30,841
	130,893	122,920

Not later than 1 year	16,992	-
Later than 1 year and not later than 5 years	16,992	-
	33,984	-

9.	Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2022 was unqualified.

The audit report was signed on 14 September 2023 by Daryush Farshchi-Heidari (Senior statutory auditor) on behalf of Simmons Gainsford LLP.

Page 6