Company Registration No. 02761451 (England and Wales)
COMPLETE I.T. LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
COMPLETE I.T. LIMITED
COMPANY INFORMATION
Directors
C D J Blumenthal
S R Sykes
D C Cooper
Company number
02761451
Registered office
Oakingham House
Frederick Place
High Wycombe
Buckinghamshire
United Kingdom
HP11 1JU
Auditor
Azets Audit Services
Suites B & D
Burnham Yard
Beaconsfield
Bucks
HP9 2JH
COMPLETE I.T. LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Income statement
8
Statement of financial position
9
Statement of changes in equity
10
Notes to the financial statements
11 - 25
COMPLETE I.T. LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2022
- 1 -
Complete I.T. provides end-to-end managed IT support and cloud services to the SME sector, delivered efficiently through a local network of offices within the UK.
Strategy and objectives
The long term strategy of the company is to become the leading national provider of local IT support services.
Management is looking to achieve this through the strategy of both cross-selling our IT Services to the clients of our sister company Sharp Business Systems UK Plc and continuing to win other new clients. The company's quality driven approach and broad services offering presents an opportunity to drive additional spend per client over the short to medium term.
Review of business
During the period under review we have experienced the continuation of a world-wide pandemic and the restrictions and difficulties this placed on our business and that of our clients.
Despite the continuation of the pandemic (and the corresponding continuation of the adverse impact that this has caused to a number of our clients) and alongside the integration and cross-selling of our services with Sharp, the Company has continued to grow top line revenues. Compared with the turnover for the year ended 31 March 2021, year on year revenue grew by 6.8% and we are expecting continued growth into 2022/2023 and beyond. The cross-sell opportunity is particularly exciting and now contributes over 10% of our total revenues with the potential of providing our unique style of IT Services to thousands of Sharp’s UK based clients.
The increased revenue has contributed to an increase in profits, with operating profit increasing 5.7% compared with the result in the previous financial year (after adjusting the previous financial year to exclude the integration of our former subsidiaries and income relating to the Coronavirus Job Retention Scheme).
With people at the core of the business, Complete I.T. has maintained a strong focus on training and retaining our people culture, despite us currently adopting a hybrid working pattern. However, it is worth noting that talent acquisition is challenging for us and our whole market due to the scarcity of skilled technical applicants in the UK and the associated overall increase in employment costs.
Our core support services have continued to grow and we have seen an increasing demand for our Telephony, Business Applications skills and our fully managed Security Operations Centre.
At 31 March 2022, the company had cash reserves of £3,467,072. The Board is satisfied that the strong working capital profile of the business will enable the business to continue to go from strength-to-strength.
Key performance indicators
The Board and management team monitor financial and operational KPI's in real time. This includes but is not limited to, the following:
31 March 2022 31 March 2021
Number of Clients with support Agreements 851 872
Recurring revenue 73% 70%
Revenue per head £122,482 £120,362
Client retention 88%* 88%*
* this was affected due to a number of our clients that were adversely impacted by the pandemic.
COMPLETE I.T. LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 2 -
Principal risks and uncertainties
The company recognises the need to maintain a position of technical leadership and an up to date and evolving product and service delivery platform in order to protect its business model. Complete I.T. continues to ensure that it is neither reliant on any individual clients, nor specific market sectors and therefore remains a broad and well-balanced business, set for exciting future growth as part of the Sharp Group. Despite external factors such as inflationary cost pressures and operating during the continuation of the pandemic, our business remains resilient and relatively unaffected and with the pandemic having also caused a major change in UK business’s working patterns, we still remain well placed to continue to maximise revenue opportunities that this change has given rise to.
C D J Blumenthal
Director
19 August 2022
COMPLETE I.T. LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2022
- 3 -
The directors present their annual report and financial statements for the year ended 31 March 2022.
Principal activities
The principal activity of the company continued to be that of providing a complete range of outsourced IT support and cloud service primarily to the SME sector through a network of offices within the UK.
Results and dividends
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £1,585,736 (2021: £Nil). The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
C D J Blumenthal
S R Sykes
D C Cooper
A S Whatford
(Resigned 28 May 2021)
Auditor
The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
COMPLETE I.T. LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 4 -
On behalf of the board
C D J Blumenthal
Director
19 August 2022
COMPLETE I.T. LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF COMPLETE I.T. LIMITED
- 5 -
Opinion
We have audited the financial statements of Complete I.T. Limited (the 'company') for the year ended 31 March 2022 which comprise the income statement, the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 101 ‘Reduced Disclosure Framework’ (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 March 2022 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
COMPLETE I.T. LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF COMPLETE I.T. LIMITED
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors' report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
COMPLETE I.T. LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF COMPLETE I.T. LIMITED
- 7 -
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Reviewing minutes of meetings of those charged with governance;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members, as a body, for our audit work, for this report, or for the opinions we have formed.
David Green MA (Cantab) ACA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
19 August 2022
Chartered Accountants
Statutory Auditor
Suites B & D
Burnham Yard
Beaconsfield
Bucks
HP9 2JH
COMPLETE I.T. LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2022
- 8 -
2022
2021
Notes
£
£
Revenue
3
23,516,607
22,026,200
Cost of sales
(9,994,535)
(9,577,297)
Gross profit
13,522,072
12,448,903
Administrative expenses
(10,570,311)
(9,656,469)
Other operating income
3
204,381
Profit/(loss) on disposal of operations
4
-
(1,067,377)
Operating profit
5
2,951,761
1,929,438
Investment income
3/4/9
-
1,603,909
Finance costs
10
(33,136)
(38,357)
Profit before taxation
2,918,625
3,494,990
Tax on profit
11
(420,024)
(323,518)
Profit and total comprehensive income for the financial year
2,498,601
3,171,472
The income statement has been prepared on the basis that all operations are continuing operations.
COMPLETE I.T. LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2022
31 March 2022
- 9 -
2022
2021
Notes
£
£
£
£
Non-current assets
Intangible assets - goodwill
13
1,381,537
1,381,537
Other intangible assets
13
58,410
68,001
Property, plant and equipment
14
989,060
1,188,171
2,429,007
2,637,709
Current assets
Inventories
15
22,733
Trade and other receivables
16
3,608,360
3,727,932
Cash and cash equivalents
3,467,072
2,579,284
7,075,432
6,329,949
Current liabilities
17
(3,614,083)
(3,833,082)
Net current assets
3,461,349
2,496,867
Total assets less current liabilities
5,890,356
5,134,576
Non-current liabilities
17
(640,250)
(797,335)
Provisions for liabilities
Deferred tax liabilities
20
(32,473)
(32,473)
Net assets
5,217,633
4,304,768
Equity
Called up share capital
22
947
947
Share premium account
23
136,688
136,688
Capital redemption reserve
24
765
765
Retained earnings
5,079,233
4,166,368
Total equity
5,217,633
4,304,768
The financial statements were approved by the board of directors and authorised for issue on 19 August 2022 and are signed on its behalf by:
C D J Blumenthal
Director
Company Registration No. 02761451
COMPLETE I.T. LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022
- 10 -
Share capital
Share premium account
Capital redemption reserve
Retained earnings
Total
Notes
£
£
£
£
£
Balance at 1 April 2020
947
136,688
765
994,896
1,133,296
Year ended 31 March 2021:
Profit and total comprehensive income for the year
-
-
-
3,171,472
3,171,472
Balance at 31 March 2021
947
136,688
765
4,166,368
4,304,768
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
-
-
2,498,601
2,498,601
Dividends
12
-
-
-
(1,585,736)
(1,585,736)
Balance at 31 March 2022
947
136,688
765
5,079,233
5,217,633
COMPLETE I.T. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 11 -
1
Accounting policies
Company information
Complete I.T. Limited is a private company limited by shares incorporated in England and Wales. The registered office is Oakingham House, Frederick Place, High Wycombe, Buckinghamshire, United Kingdom, HP11 1JU. The company's principal activities and nature of its operations are disclosed in the directors' report.
1.1
Accounting convention
The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the following disclosure exemptions under FRS 101:
the requirements of IFRS 7 Financial Instruments: Disclosures;
the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement;
the requirement in paragraph 38 of IAS 1 ‘Presentation of Financial Statements’ to present comparative information in respect of: (i) paragraph 79(a) (iv) of IAS 1, (ii) paragraph 73(e) of IAS 16 Property Plant and Equipment (iii) paragraph 118 (e) of IAS 38 Intangibles Assets, (iv) paragraphs 76 and 79(d) of IAS 40 Investment Property and (v) paragraph 50 of IAS 41 Agriculture;
the requirements of paragraphs 10(d), 10(f), 16, 38A to 38D, 39 to 40 ,111 and 134-136 of IAS 1 Presentation of Financial Statements;
the requirements of IAS 7 Statement of Cash Flows;
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors;
the requirements of paragraph 17 of IAS 24 Related Party Disclosures;
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member ; and
the requirements of paragraphs 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets.
As permitted by FRS 101, the company has taken advantage of the disclosure exemptions available under that standard in relation to share based payments, financial instruments, capital management, presentation of a cash flow statement, presentation of comparative information in respect of certain assets, standards not yet effective, impairment of assets, business combinations, discontinued operations and related party transactions.
Where required, equivalent disclosures are given in the group accounts of Sharp Corporation. The group accounts of Sharp Corporation are available to the public and can be obtained as set out in note 26.
1.2
Going concern
The directors have at the time of approving the financial statements, a reasonable expectation that the truecompany has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
COMPLETE I.T. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 12 -
1.3
Revenue
Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. The company recognises revenue when it transfers control of a product or service to a customer. Revenue is shown exclusive of VAT.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
The company recognises revenue from the following major sources:
Provision of IT support services
Supplementary support services
Resale of hardware and software goods
1.4
Goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less impairment losses.
The gain on a bargain purchase is recognised in profit or loss in the period of the acquisition.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is subsequently reversed if, and only if, the reasons for the impairment loss have ceased to apply.
Goodwill arising on acquisitions before the date of transition to IFRS has been retained at the previous UK GAAP amounts subject to being tested for impairment at that date.
1.5
Intangible assets other than goodwill
Customer lists are stated at cost less any accumulated amortisation. Amortisation is calculated based on a 10 year useful life, allocated on a straight line basis.
1.6
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
straight line over the term of the lease
Plant and equipment
15% straight line
Computers
straight line over 2-7 years
ROU motor vehicles
straight line over the term of the lease
ROU leasehold land and buildings
straight line over the term of the lease
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.
COMPLETE I.T. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 13 -
1.7
Impairment of tangible and intangible assets
At each reporting end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Inventories
Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 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.
Inventories held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
1.9
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10
Financial assets
Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.
At initial recognition, financial assets classified as fair value through profit or loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit or loss are initially measured at fair value plus transaction costs.
COMPLETE I.T. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 14 -
Financial assets at fair value through profit or loss
When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognised initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.
Financial assets held at amortised cost
Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.
Financial assets at fair value through other comprehensive income
Debt instruments are classified as financial assets measured at fair value through other comprehensive income where the financial assets are held within the company’s business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
A debt instrument measured at fair value through other comprehensive income is recognised initially at fair value plus transaction costs directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to profit or loss when the debt instrument is derecognised.
The company has made an irrevocable election to recognise changes in fair value of investments in equity instruments through other comprehensive income, not through profit or loss. A gain or loss from fair value changes will be shown in other comprehensive income and will not be reclassified subsequently to profit or loss. Equity instruments measured at fair value through other comprehensive income are recognised initially at fair value plus transaction cost directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to retained earnings when equity instrument is derecognised or its fair value substantially decreased. Dividends are recognised as finance income in profit or loss.
Impairment of financial assets
Financial assets, other than those measured at fair value through profit or loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.
COMPLETE I.T. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 15 -
1.11
Financial liabilities
The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.
Financial liabilities at fair value through profit or loss
Financial liabilities are classified as measured at fair value through profit or loss when the financial liability is held for trading. A financial liability is classified as held for trading if:
it has been incurred principally for the purpose of repurchasing it in the near term, or
on initial recognition it is part of a portfolio of identified financial instruments that the manages together and has a recent actual pattern of short-term profit taking, or
it is a derivative that is not designated and effective hedging instrument.
Financial liabilities at fair value through profit or loss are stated at fair value with any gains or losses arising on remeasurement recognised in profit or loss.
Other financial liabilities
Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.
Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.
1.12
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.13
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability. A derivative is presented as a non-current asset or liability if the remaining maturity of the instrument is more than 12 months and it is not expected to be realised or settled within 12 months. Other derivatives are classified as current.
1.14
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
COMPLETE I.T. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 16 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.15
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of inventories or non-current assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.16
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.17
Leases
At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.
COMPLETE I.T. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 17 -
The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.
The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of other property, plant and equipment. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.
The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in: future lease payments arising from a change in an index or rate; the company's estimate of the amount expected to be payable under a residual value guarantee; or the company's assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.
The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.
1.18
Grants
Government grants are recognised when there is reasonable assurance that the grant conditions will be met and the grants will be received.
1.19
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
COMPLETE I.T. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 18 -
2
Critical accounting estimates and judgements
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.
Key sources of estimation uncertainty
Impairment of goodwill
As per FRS 101, goodwill is not amortised and is instead assessed for impairment on an annual basis. No impairment was required during the financial year.
3
Revenue
An analysis of the company's revenue is as follows:
2022
2021
£
£
Revenue analysed by class of business
HW/SW Sales
9,843,887
9,442,221
General Sales
13,240,236
12,122,139
AMC Sales
432,484
461,840
23,516,607
22,026,200
2022
2021
£
£
Other significant revenue
Dividends received
1,603,909
Grants received - Coronavirus Job Retention Scheme (CJRS)
204,381
All revenue has been generated in the UK.
4
Exceptional items
2022
2021
£
£
Write off of investments
-
1,067,377
Dividend from investments
-
(1,603,909)
COMPLETE I.T. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
4
Exceptional items
(Continued)
- 19 -
On 1 April 2020 AMA Business Systems Limited and Quorum Business Systems Limited were hived up into Complete I.T. Limited. As a result there were exceptional items in the previous year relating to the dividends received from those companies along with the write off of the investments in the companies.
5
Operating profit
2022
2021
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants - CJRS
(204,381)
Depreciation of property, plant and equipment
397,249
446,675
Profit on disposal of property, plant and equipment
(372)
Amortisation of intangible assets (included within administrative expenses)
9,591
9,590
Cost of inventories recognised as an expense
9,827,475
9,413,877
6
Auditor's remuneration
2022
2021
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
14,000
13,100
7
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Sales
23
21
Service
146
141
Admin
23
21
Total
192
183
Their aggregate remuneration comprised:
2022
2021
£
£
Wages and salaries
8,218,231
7,502,482
Social security costs
960,676
876,061
Pension costs
187,474
153,656
9,366,381
8,532,199
COMPLETE I.T. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 20 -
8
Directors' remuneration
2022
2021
£
£
Remuneration for qualifying services
249,336
302,679
Company pension contributions to defined contribution schemes
11,720
7,738
261,056
310,417
Remuneration disclosed above include the following amounts paid to the highest paid director:
Remuneration for qualifying services
224,470
195,300
Company pension contributions to defined contribution schemes
11,500
6,425
9
Investment income
2022
2021
£
£
Income from fixed asset investments
Income from shares in group undertakings
1,603,909
Total income
1,603,909
10
Finance costs
2022
2021
£
£
Interest on other financial liabilities:
Interest on lease liabilities
33,136
38,357
11
Taxation
2022
2021
£
£
Current tax
UK corporation tax on profits for the current period
420,024
323,518
COMPLETE I.T. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
11
Taxation
(Continued)
- 21 -
The charge for the year can be reconciled to the profit per the income statement as follows:
2022
2021
£
£
Profit before taxation
2,918,625
3,494,990
Expected tax charge based on a corporation tax rate of 19.00% (2021: 19.00%)
554,539
664,048
Effect of expenses not deductible in determining taxable profit
12,788
211,109
Income not taxable
(304,743)
Group relief
(140,008)
(324,184)
Depreciation in excess of capital allowances
(7,295)
77,288
Taxation charge for the year
420,024
323,518
12
Dividends
2022
2021
2022
2021
Amounts recognised as distributions:
per share
per share
Total
Total
£
£
£
£
Ordinary shares
Interim dividend paid
16.75
-
1,585,736
-
In the year, interim dividends were paid to the parent company at £16.745 per ordinary share totalling £1,585,736.
13
Intangible fixed assets
Goodwill
Customer list
Total
£
£
£
Cost
At 31 March 2021
1,381,537
77,591
1,459,128
At 31 March 2022
1,381,537
77,591
1,459,128
Amortisation and impairment
At 31 March 2021
9,590
9,590
Charge for the year
9,591
9,591
At 31 March 2022
19,181
19,181
Carrying amount
At 31 March 2022
1,381,537
58,410
1,439,947
At 31 March 2021
1,381,537
68,001
1,449,538
COMPLETE I.T. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
13
Intangible fixed assets
(Continued)
- 22 -
As at 1 April 2020 the assets in AMA Business Systems Limited and Quorum Business Systems Limited were transferred to Complete I.T. Limited at Net Book Value.
14
Property, plant and equipment
Leasehold land and buildings
Plant and equipment
Computers
ROU motor vehicles
ROU leasehold land and buildings
Total
£
£
£
£
£
£
Cost
At 31 March 2021
125,914
292,167
912,602
522,754
1,113,757
2,967,194
Additions
3,583
14,526
84,845
95,461
198,415
Disposals
(107,707)
(98,088)
(615,464)
(208,871)
(1,030,130)
At 31 March 2022
21,790
208,605
381,983
409,344
1,113,757
2,135,479
Accumulated depreciation and impairment
At 31 March 2021
115,720
199,824
847,813
318,719
296,947
1,779,023
Charge for the year
5,075
39,055
58,665
168,321
126,133
397,249
Eliminated on disposal
(107,707)
(98,088)
(615,187)
(208,871)
(1,029,853)
At 31 March 2022
13,088
140,791
291,291
278,169
423,080
1,146,419
Carrying amount
At 31 March 2022
8,702
67,814
90,692
131,175
690,677
989,060
At 31 March 2021
10,194
92,343
64,789
204,035
816,810
1,188,171
As at 1 April 2020 the assets in AMA Business Systems Limited and Quorum Business Systems Limited were transferred to Complete I.T. Limited at Net Book Value.
15
Inventories
2022
2021
£
£
Finished goods
22,733
16
Trade and other receivables
2022
2021
£
£
Trade receivables
2,506,213
3,017,785
Other receivables
3,640
5,990
Prepayments and accrued income
1,098,507
704,157
3,608,360
3,727,932
COMPLETE I.T. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
16
Trade and other receivables
(Continued)
- 23 -
Trade receivables disclosed above are classified as loans and receivables and are therefore measured at amortised cost.
17
Liabilities
Current
Non-current
2022
2021
2022
2021
Notes
£
£
£
£
Trade and other payables
18
2,542,498
2,292,530
Taxation and social security
845,029
1,260,902
Lease liabilities
19
226,556
279,650
640,250
797,335
3,614,083
3,833,082
640,250
797,335
18
Trade and other payables
2022
2021
£
£
Trade payables
1,174,765
759,019
Amounts owed to fellow group undertakings
140,008
324,184
Accruals and deferred income
1,196,468
1,183,549
Other payables
31,257
25,778
2,542,498
2,292,530
COMPLETE I.T. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 24 -
19
Lease liabilities
Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:
2022
2021
£
£
Current liabilities
226,556
279,650
Non-current liabilities
640,250
797,335
866,806
1,076,985
2022
2021
Amounts recognised in profit or loss include the following:
£
£
Interest on lease liabilities
33,136
38,357
20
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.
Accelerated capital allowances
£
Deferred tax liability at 1 April 2020
25,151
Deferred tax movements in prior year
Transfer from AMA Business Systems Limited
7,322
Deferred tax liability at 1 April 2021 and 31 March 2022
32,473
Deferred tax assets and liabilities are offset in the financial statements only where the company has a legally enforceable right to do so.
21
Retirement benefit schemes
Defined contribution schemes
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
The total costs charged to income in respect of defined contribution plans is £187,474 (2021 - £153,656).
COMPLETE I.T. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 25 -
22
Share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
94,700
94,700
947
947
23
Share premium account
2022
2021
£
£
At the beginning and end of the year
136,688
136,688
24
Capital redemption reserve
2022
2021
£
£
At the beginning and end of the year
765
765
25
Related party transactions
The Company has taken advantage of the exemption of FRS 101 not to disclose details of transactions with other wholly owned group undertakings.
26
Controlling party
The company is a wholly-owed subsidiary undertaking of Sharp Electronics (Europe) Limited, a company incorporated in England & Wales.
The ultimate parent company is Sharp Corporation, a company incorporated and registered in Japan. The Complete I.T. Limited accounts are consolidated in the Sharp Corporation financial statements. These financial statements are prepared in accordance with Japanese GAAP and are available to the public. They can be obtained from 1 Takumi-cho, Sakai-ku, Sakai City, Osaka 590-8522, Japan.
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