Integrum Power Engineering Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 10956687 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 OCTOBER 2022 TO 7 JUNE 2023

FOR

INTEGRUM POWER ENGINEERING LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

A Geary

D M Snowball

V S Bowler

M B Hughes

SECRETARY:

M Cornwell

REGISTERED OFFICE:

Artemis House

6-8 Greek Street

Stockport

SK3 8AB

REGISTERED NUMBER:

10956687 (England and Wales)

ACCOUNTANTS:

Magma Audit LLP

Magma House

16 Davy Court

Castle Mound Way

Rugby

CV23 0UZ

FIXED ASSETS

Tangible assets

4

148,268

90,664

Investments

5

-

56

148,268

90,720

CURRENT ASSETS

Debtors

6

2,398,865

2,483,605

Cash at bank

3,248,899

468,246

5,647,764

2,951,851

CREDITORS

Amounts falling due within one year

7

(3,686,869

)

(1,190,921

)

NET CURRENT ASSETS

1,960,895

1,760,930

TOTAL ASSETS LESS CURRENT LIABILITIES

2,109,163

1,851,650

PROVISIONS FOR LIABILITIES

9

(36,522

)

(22,293

)

NET ASSETS

2,072,641

1,829,357

CAPITAL AND RESERVES

Called up share capital

8

8

Retained earnings

2,072,633

1,829,349

2,072,641

1,829,357

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 7 June 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 7 June 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 April 2024 and were signed on its behalf by:

A Geary - Director

1.	STATUTORY INFORMATION

Integrum Power Engineering Ltd is a limited company, registered in England and Wales. Its registered office address is Artemis House, 6-8 Greek Street, Stockport, SK3 8AB and the registered number is 10956687.

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.

The financial statements are presented in Sterling (£) and figures are rounded to the nearest £1.

Preparation of consolidated financial statements

The financial statements contain information about Integrum Power Engineering Ltd 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

Turnover 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:

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.

Tangible fixed assets

Tangible fixed assets 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, using a straight line basis, as indicated below.

Equipment

- 33% straight line per annum

Plant and machinery

- 10% straight line per annum

Fixtures and fittings

- 20% straight line per annum

Motor vehicles

- 10% straight line per annum

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 the profit and loss account.

Investments in subsidiaries

Investment in the subsidiary company is held at cost less accumulated impairment losses.

Financial instruments

The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances and investments are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

(ii) Financial liabilities

Basic financial liabilities, including trade creditors and other creditors are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation

The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a change 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:

- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Operating leases

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 period was 20 (2022 - 11 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 October 2022

80,222

2,770

9,000

63,117

155,109

Additions

13,546

17,366

-

61,342

92,254

Disposals

(15,324

)

-

-

-

(15,324

)

At 7 June 2023

78,444

20,136

9,000

124,459

232,039

DEPRECIATION

At 1 October 2022

27,256

1,971

3,600

31,618

64,445

Charge for period

5,716

1,459

600

14,618

22,393

Eliminated on disposal

(3,067

)

-

-

-

(3,067

)

At 7 June 2023

29,905

3,430

4,200

46,236

83,771

NET BOOK VALUE

At 7 June 2023

48,539

16,706

4,800

78,223

148,268

At 30 September 2022

52,966

799

5,400

31,499

90,664

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 October 2022

56

Disposals

(56

)

At 7 June 2023

-

NET BOOK VALUE

At 7 June 2023

-

At 30 September 2022

56

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

611,228

988,749

Other debtors

1,130,302

1,312,047

VAT

192,739

139,957

Prepayments and accrued income

464,596

42,852

2,398,865

2,483,605

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

706,381

695,802

Tax

314,304

306,747

Social security and other taxes

54,036

16,989

Wages payable

-

1,197

Other creditors

11,543

2,100

Directors' current accounts

390

164,666

Accruals and deferred income

2,600,215

3,420

3,686,869

1,190,921

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2023

2022

£

£

Within one year

239,329

124,433

Between one and five years

219,787

46,035

459,116

170,468

9.	PROVISIONS FOR LIABILITIES

2023

2022

£

£

Deferred tax

36,522

22,293

Deferred

tax

£

Balance at 1 October 2022

22,293

Charge to Profit and Loss Account during period

14,229

Balance at 7 June 2023

36,522

10.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

During the period, loan facility fees of £70,000 (2022: £nil) and interest £97,396 (2022: £nil) were charged to companies under common control in the year. At the balance sheet date, these companies were no longer under common control.

11.	POST BALANCE SHEET EVENTS

After the balance sheet date, the entire share capital of the company was acquired by OCU Services Limited. The Company's ultimate parent undertaking is Triton Managers V Limited, a company registered in Jersey, with registered address Cooil House, 5-6 Esplanade, 1st Floor, St. Helier, Jersey JE2 3 QA