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Registered number: 10705197
Iotech Systems Limited
Unaudited Financial Statements
For The Year Ended 31 December 2021
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 10705197
2021 2020
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 3 88,603 133,911
Investments 4 8 8
88,611 133,919
CURRENT ASSETS
Debtors 5 538,186 533,955
Cash at bank and in hand 548,913 3,486,738
1,087,099 4,020,693
Creditors: Amounts Falling Due Within One Year 6 (198,676 ) (274,616 )
NET CURRENT ASSETS (LIABILITIES) 888,423 3,746,077
TOTAL ASSETS LESS CURRENT LIABILITIES 977,034 3,879,996
Creditors: Amounts Falling Due After More Than One Year 7 (1,916,724 ) (1,710,169 )
NET (LIABILITIES)/ASSETS (939,690 ) 2,169,827
CAPITAL AND RESERVES
Called up share capital 6,781,829 6,781,829
Other reserves 151,954 140,699
Profit and Loss Account (7,873,473 ) (4,752,701 )
SHAREHOLDERS' FUNDS (939,690) 2,169,827
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For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
S Osselton
Director
07/09/2022
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
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.
1.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 20% Straight Line
Fixtures & Fittings 33% Straight Line
1.4. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
1.5. Financial Instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.
Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes
recognised in profit and loss.
1.6. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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1.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing 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. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
1.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
1.9. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
1.10. Share based payments
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using either the fair value of the services received or the Black-Scholes model if that fair value cannot be estimated reliably. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will evetually vest. A corresponding adjustment is made to equity.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of themodification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment.

The share-based payment expense is not adjusted if the modified fair value is less than the original fair value. Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.
2. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 41 (2020: 33)
41 33
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3. Tangible Assets
Land & Property
Leasehold Fixtures & Fittings Total
£ £ £
Cost
As at 1 January 2021 63,737 129,607 193,344
Additions 1,634 6,894 8,528
As at 31 December 2021 65,371 136,501 201,872
Depreciation
As at 1 January 2021 1,062 58,371 59,433
Provided during the period 12,884 40,952 53,836
As at 31 December 2021 13,946 99,323 113,269
Net Book Value
As at 31 December 2021 51,425 37,178 88,603
As at 1 January 2021 62,675 71,236 133,911
4. Investments
Unlisted
£
Cost
As at 1 January 2021 8
As at 31 December 2021 8
Provision
As at 1 January 2021 -
As at 31 December 2021 -
Net Book Value
As at 31 December 2021 8
As at 1 January 2021 8
Investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting end date and any impairment losses or reversals of impairment losses are recognsied immediately in profit or loss.

5. Debtors
2021 2020
£ £
Due within one year
Trade debtors 214,452 107,146
Prepayments and accrued income 173,543 55,335
Other debtors 139,902 353,937
VAT 10,289 17,537
538,186 533,955
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6. Creditors: Amounts Falling Due Within One Year
2021 2020
£ £
Trade creditors 51,158 50,814
Bank loans and overdrafts 10,887 12,819
Other taxes and social security 54,375 56,555
Other creditors 27,810 26,127
Accruals and deferred income 47,449 74,773
Amounts owed to subsidiaries 6,997 53,528
198,676 274,616
7. Creditors: Amounts Falling Due After More Than One Year
2021 2020
£ £
Loans and other borrowings 1,916,724 1,710,169
1,916,724 1,710,169
8. General Information
Iotech Systems Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10705197 . The registered office is The Catalyst 3 Science Square, Newcastle Helix, Newcastle Upon Tyne, NE4 5TG.
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