Italtec Energy Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 05064634 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2017

FOR

ITALTEC ENERGY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Report of the Accountant

5

DIRECTOR:

Khalid Azam

REGISTERED OFFICE:

164-166 High Road

Ilford

Essex

IG1 1LL

REGISTERED NUMBER:

05064634 (England and Wales)

ACCOUNTANT:

J R Accounts

Chartered Certified Accountants

164-166 High Road

Ilford

Essex

IG1 1LL

CURRENT ASSETS

Cash at bank

581,710

489,763

CREDITORS

Amounts falling due within one year

4

536,566

396,466

NET CURRENT ASSETS

45,144

93,297

TOTAL ASSETS LESS CURRENT LIABILITIES

45,144

93,297

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

5

45,143

93,296

45,144

93,297

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 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 director on 29 March 2018 and were signed by:

Khalid Azam - Director

1.	STATUTORY INFORMATION

Italtec Energy 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.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 .

4.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.17

31.8.16

£

£

Bank loans and overdrafts

303,536

303,536

Amounts due to related company

134,789

-

Directors' current accounts

88,041

84,530

Accrued expenses

10,200

8,400

536,566

396,466

5.

RESERVES

Retained

earnings

£

At 1 September 2016

93,296

Deficit for the year

(8,153

)

Dividends

(40,000

)

At 31 August 2017

45,143

6.	RELATED PARTY DISCLOSURES

Modern Technology and Consultants Limited

The Company is a related party of Modern Technology and Consultants Limited incorporated and existing under

the laws of Isle of Man by the common directorship of Mr K Azam. Modern Technology and Consultants

Limited have entered into a sales agreement whereby Italtec Energy Limited act as a sales agent for Modern

Technology and Consultants Limited. During the year in question £24,618 (2016: £12,718) agent's commission

was earned by Italtec Energy Limited.

31.8.17

31.8.16

£

£

Amount due to related party at balance sheet date

Modern Technology and Consultants Limited

134,789

-

The following reproduces the text of the report prepared for the director in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Director are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 August 2017 set out on pages nil to nil and you consider that the company is exempt from an audit.

In accordance with your instructions, I have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to me.

J R Accounts

Chartered Certified Accountants

164-166 High Road

Ilford

Essex

IG1 1LL

Date: .............................................