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REGISTERED NUMBER: 09925569 (England and Wales)
























FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

IN-TECH GROUP LTD

IN-TECH GROUP LTD (REGISTERED NUMBER: 09925569)

CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 December 2021










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


IN-TECH GROUP LTD

COMPANY INFORMATION
For The Year Ended 31 December 2021







DIRECTOR: M Ostermair





REGISTERED OFFICE: Lake View House
Tournament Fields
Warwickshire
CV34 6RG





REGISTERED NUMBER: 09925569 (England and Wales)





AUDITORS: Fortus Audit LLP
1 Rushmills
Bedford Road
Northampton
Northamptonshire
NN4 7YB

IN-TECH GROUP LTD (REGISTERED NUMBER: 09925569)

BALANCE SHEET
31 December 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 8,322 1,817

CURRENT ASSETS
Debtors 5 35,186 2,541
Cash at bank 37,203 9,109
72,389 11,650
CREDITORS
Amounts falling due within one year 6 30,332 4,845
NET CURRENT ASSETS 42,057 6,805
TOTAL ASSETS LESS CURRENT LIABILITIES 50,379 8,622

CREDITORS
Amounts falling due after more than
one year

7

(309,000

)

(135,665

)

PROVISIONS FOR LIABILITIES 8 (1,510 ) (424 )
NET LIABILITIES (260,131 ) (127,467 )

CAPITAL AND RESERVES
Called up share capital 9 1 1
Retained earnings (260,132 ) (127,468 )
SHAREHOLDERS' FUNDS (260,131 ) (127,467 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 and authorised for issue on 8 July 2022 and were signed by:





M Ostermair - Director


IN-TECH GROUP LTD (REGISTERED NUMBER: 09925569)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 December 2021


1. STATUTORY INFORMATION

In-Tech Group Ltd 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.

The company is a wholly owned subsidiary of Friedrich & Wagner Holding GmbH, a company incorporated in Germany. The ultimate controlling party is in-tech GmbH a company owned by Friedrich & Wagner Holding GmbH, a company registered in Germany and operate the in-tech brand.
www.in-tech.com

The company has two primary activities in the UK:
a) To deliver software and engineering services primarily to the UK automotive sector.
b) Acting as an offshoring location, supporting the groups' German and other global locations with software and engineering solutions for internal projects.

2. ACCOUNTING POLICIES

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

There were no material departures from that standard.

The directors deem the company to be a going concern based on the continued financial support from its controlling party and the confirmation its loan with in-tech GmbH will continue to be supported and is not due for repayment within 12 months from the approval of these financial statements.

The directors have considered the impact of COVID-19 in relation to their assessment of going concern and in their opinion have taken all reasonable steps to mitigate these factors. As at the point of authorising the accounts, and for the foreseeable future, the directors consider the going concern assumption to still be appropriate. The directors acknowledge that given the currently rapidly changing business and social environment, there are likely to be significant unknown factors which may present themselves. Such factors are considered by the directors to represent a general inherent level of risk in relation to the going concern assumption albeit not quantifiable at this time.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 10% on cost
Computer equipment - 33% on cost

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.

IN-TECH GROUP LTD (REGISTERED NUMBER: 09925569)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2021


2. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2020 - 1 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 January 2021 2,465 1,588 4,053
Additions 2,875 5,504 8,379
At 31 December 2021 5,340 7,092 12,432
DEPRECIATION
At 1 January 2021 715 1,521 2,236
Charge for year 397 1,477 1,874
At 31 December 2021 1,112 2,998 4,110
NET BOOK VALUE
At 31 December 2021 4,228 4,094 8,322
At 31 December 2020 1,750 67 1,817

IN-TECH GROUP LTD (REGISTERED NUMBER: 09925569)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2021


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade debtors 6,700 -
Other debtors 14,204 -
Tax - 335
VAT 2,738 2,205
Called up share capital not paid 1 1
Prepayments and accrued income 11,543 -
35,186 2,541

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade creditors 7,460 845
Social security and other taxes 16,872 -
Accruals and deferred income 6,000 4,000
30,332 4,845

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2021 2020
£    £   
Amounts owed to group undertakings 309,000 135,665

8. PROVISIONS FOR LIABILITIES
2021 2020
£    £   
Deferred tax 1,510 424

Deferred
tax
£   
Balance at 1 January 2021 424
Provided during year 1,086
Balance at 31 December 2021 1,510

9. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 2021 2020
value: £    £   
1 Ordinary 1 1 1

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

The Report of the Auditors was unqualified.

Emma Jones FCCA (Senior Statutory Auditor)
for and on behalf of Fortus Audit LLP

IN-TECH GROUP LTD (REGISTERED NUMBER: 09925569)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2021


11. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

12. ULTIMATE CONTROLLING PARTY

The controlling party is Friedrich and Wagner Asia PacificGmbh.

The ultimate controlling party is Friedrich & Wagner Holding GmbH.

In January 2022, Deutsche Beteiligungs AG (DBAG) acquired a majority stake in in-tech, with the remaining 30% still held by Friedrich & Wagner Holding GmbH by the two company founders.