INTELLIGENT FABRIC TECHNOLOGIES LIMITED - Accounts to registrar - small 17.2

REGISTERED NUMBER: 04169545 (England and Wales)

Financial Statements for the Year Ended 30 April 2017

for

INTELLIGENT FABRIC TECHNOLOGIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

G Costa

Mrs E Kyriacou

SECRETARY:

Mrs E Kyriacou

REGISTERED OFFICE:

4 Carters Row

Harfield Park

Harfield

Hertfordshire

AL9 5NB

REGISTERED NUMBER:

04169545 (England and Wales)

AUDITORS:

Faiz & Co Limited

Chartered Accountants

8B Accommodation Road

London

NW11 8ED

FIXED ASSETS

Intangible assets

5

25,414

27,564

Tangible assets

6

1,218

1,659

26,632

29,223

CURRENT ASSETS

Stocks

11,206

12,848

Debtors

7

261,426

237,671

Cash at bank and in hand

23,252

83,728

295,884

334,247

CREDITORS

Amounts falling due within one year

8

37,600

34,019

NET CURRENT ASSETS

258,284

300,228

TOTAL ASSETS LESS CURRENT LIABILITIES

284,916

329,451

CAPITAL AND RESERVES

Called up share capital

50,000

50,000

Retained earnings

234,916

279,451

SHAREHOLDERS' FUNDS

284,916

329,451

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 on 3 November 2017 and were signed on its behalf by:

G Costa - Director

1.	STATUTORY INFORMATION

INTELLIGENT FABRIC TECHNOLOGIES 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.

Intelligent Fabric Technogies Limited name was changed on 27 July 2016 from Intelligent Fabric

Technogies Plc to its current name.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are

measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

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

Plant and machinery etc

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 .

4.	AUDITORS' REMUNERATION

30/4/17

30/4/16

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

6,000

6,000

5.	INTANGIBLE FIXED ASSETS

Patents

and

licences

£

COST

At 1 May 2016

43,222

Additions

2,341

At 30 April 2017

45,563

AMORTISATION

At 1 May 2016

15,658

Amortisation for year

4,491

At 30 April 2017

20,149

NET BOOK VALUE

At 30 April 2017

25,414

At 30 April 2016

27,564

6.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 May 2016

and 30 April 2017

17,135

DEPRECIATION

At 1 May 2016

15,476

Charge for year

441

At 30 April 2017

15,917

NET BOOK VALUE

At 30 April 2017

1,218

At 30 April 2016

1,659

7.

DEBTORS

30/4/17

30/4/16

£

£

Amounts falling due within one year:

Trade debtors

64,800

165,097

Other debtors

196,626

3,303

261,426

168,400

Amounts falling due after more than one year:

Amounts owed by group undertakings

-

69,271

Aggregate amounts

261,426

237,671

£196,626 due from Dreamskin Health Ltd, a company registered in the UK. The due amount is

expected to paid back to Intelligent Fabric Technologies Limited after the year end.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/4/17

30/4/16

£

£

Bank loans and overdrafts

14

-

Trade creditors

11,925

2,525

Taxation and social security

2,010

717

Other creditors

23,651

30,777

37,600

34,019

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Behzad Faiz Mahdavi (Senior Statutory Auditor)

for and on behalf of Faiz & Co Limited

10.	RELATED PARTY DISCLOSURES

Brookshire Midland Ltd, a limited company controlled by Mr George Costa has been charged £48,000

during the year for management services. The outstanding balance due from Brookshire Midland Ltd

at the year end is £64,800 (2016: £36,000)

£196,626 due from Dreamskin Health Ltd, a company registered in the UK. The due amount is

expected to paid back to Intelligent Fabric Technologies Limited after the year end.

Intelligent Fabric Technologies Limited owes £13,500 to Mr A Wilson, director of Dreamskin Health

Limited. (2016: £13,500) No interest has been charged.

Director account balance at the year end is £88 in credit (2016: £nil)

11.	POST BALANCE SHEET EVENTS

There has been no significant event since the reporting date.

12.	ULTIMATE CONTROLLING PARTY

During the year the Company was under the control of George Costa, majority shareholder and one of

the directors of the Company.

13.	FIRST YEAR ADOPTION

The company's first year adoption of FRS 102 started on 1 May 2016. Last year figures have

converted under new standard for comparative purposes. No change in valuation of assets, liabilities

and equity as a result of the transition.