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Registration number: 04475521

Intelligent Distributed Controls Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Intelligent Distributed Controls Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Financial Statements

5 to 10

 

Intelligent Distributed Controls Limited

Company Information

Directors

S Barnett

K Buckley

L Smallwood

R Towne

A Joseph

Company secretary

J A Buckley

Registered office

5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG

Bankers

HSBC plc
1 St Peters Street
Derby
Derbyshire
DE1 2AE

Accountants

Ashgates Corporate Services Limited
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Intelligent Distributed Controls Limited
for the Year Ended 31 December 2021

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Intelligent Distributed Controls Limited for the year ended 31 December 2021 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/ en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of Intelligent Distributed Controls Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Intelligent Distributed Controls Limited and state those matters that we have agreed to state to the Board of Directors of Intelligent Distributed Controls Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/ Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Intelligent Distributed Controls Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Intelligent Distributed Controls Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Intelligent Distributed Controls Limited. You consider that Intelligent Distributed Controls Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Intelligent Distributed Controls Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

............................................................

Ashgates Corporate Services Limited
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG

11 July 2022

 

Intelligent Distributed Controls Limited

(Registration number: 04475521)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

28,996

44,558

Current assets

 

Stocks

46,199

10,631

Debtors

5

841,272

638,668

Cash at bank and in hand

 

567,067

1,159,946

 

1,454,538

1,809,245

Creditors: Amounts falling due within one year

6

(690,509)

(769,786)

Net current assets

 

764,029

1,039,459

Total assets less current liabilities

 

793,025

1,084,017

Creditors: Amounts falling due after more than one year

6

(10,442)

(13,623)

Provisions for liabilities

-

(1,873)

Net assets

 

782,583

1,068,521

Capital and reserves

 

Called up share capital

780

780

Capital redemption reserve

220

220

Profit and loss account

781,583

1,067,521

Total equity

 

782,583

1,068,521

 

Intelligent Distributed Controls Limited

(Registration number: 04475521)
Balance Sheet as at 31 December 2021

For the financial year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 11 July 2022 and signed on its behalf by:
 

.........................................
K Buckley
Director

 

Intelligent Distributed Controls Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of the registered office is given in the company information on page 1 of the financial statements.

The principal place of business is in Derby, Derbyshire.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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

Going concern

The global pandemic known as Covid-19 is causing uncertainty throughout the UK and global economy. The Directors have assessed a potential range of impacts that this pandemic may have on the Company. Consideration has been given to the risks of reduced turnover, slow payment or non-payment of debts, the value of stock and other assets owned by the company.

Financial performance and budgets continues to be monitored. Having assessed all available information at the date of approving the accounts, the Directors are confident that the business is well placed to manage the situation and to continue trading as a going concern.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants are recognised in profit or loss on a systematic basis over the periods in which the entity recognises expenses for the related costs for which the grants are intended to compensate, which in the case of grants related to assets requires setting up the grant as deferred income.

 

Intelligent Distributed Controls Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

Foreign currency transactions and balances

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange prevailing at the accounting date. Transactions in foreign currencies are recorded at the date of the transactions. All differences are taken to the Profit and Loss account.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

25%, 30% and 50% reducing balance

Motor vehicles

30% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.


Research and development
Reseach and development expenditure is written off as incurred.

 

Intelligent Distributed Controls Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss when they are incurred.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Intelligent Distributed Controls Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 19 (2020 - 15).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2021

77,589

49,792

127,381

Additions

6,708

-

6,708

Disposals

(60,979)

-

(60,979)

At 31 December 2021

23,318

49,792

73,110

Depreciation

At 1 January 2021

55,766

27,057

82,823

Charge for the year

8,270

6,821

15,091

Eliminated on disposal

(53,800)

-

(53,800)

At 31 December 2021

10,236

33,878

44,114

Carrying amount

At 31 December 2021

13,082

15,914

28,996

At 31 December 2020

21,823

22,735

44,558

 

Intelligent Distributed Controls Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

5

Debtors

2021
£

2020
£

Trade debtors

462,625

613,717

Other debtors

378,647

24,951

841,272

638,668

6

Creditors

2021
£

2020
£

Due within one year

 

Loans and borrowings

7

3,472

3,472

Trade creditors

 

465,883

86,812

Taxation and social security

 

27,084

154,215

Other creditors

 

194,070

525,287

 

690,509

769,786

Due after one year

 

Loans and borrowings

7

10,442

13,623

 

Intelligent Distributed Controls Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

7

Loans and borrowings

2021
£

2020
£

Non-current loans and borrowings

Finance lease liabilities

10,442

13,623

2021
£

2020
£

Current loans and borrowings

Finance lease liabilities

3,472

3,472

Liabilities in respect of finance leases of £13,914 are secured against the assets that they relate to.

8

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary shares of £1 each

780

780

780

780

         

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £92,691 (2020 - £90,787).