Company Registration No. 07137343 (England and Wales)
ICTS Havant Ltd
Unaudited accounts
for the year ended 31 January 2023
ICTS Havant Ltd
Unaudited accounts
Contents
ICTS Havant Ltd
Statement of financial position
as at 31 January 2023
Tangible assets
25,598
32,422
Cash at bank and in hand
-
2,253
Creditors: amounts falling due within one year
(152,433)
(181,416)
Net current assets
51,983
79,920
Total assets less current liabilities
77,581
112,342
Creditors: amounts falling due after more than one year
(24,167)
(36,094)
Provisions for liabilities
Called up share capital
100
100
Profit and loss account
53,199
75,069
Shareholders' funds
53,299
75,169
For the year ending 31 January 2023 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 director acknowledges his 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 13 October 2023 and were signed on its behalf by
David Anthony Glover
Director
Company Registration No. 07137343
ICTS Havant Ltd
Notes to the Accounts
for the year ended 31 January 2023
ICTS Havant Ltd is a private company, limited by shares, registered in England and Wales, registration number 07137343. The registered office is 22A Rake Industries, Canhouse Lane, Petersfield, GU31 5DU.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% on the reducing balance
Motor vehicles
25% on the reducing balance
Computer equipment
25% on the reducing balance
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing or completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Government grants in relation to expenditure are credited when the expenditure is charged to profit and loss.
ICTS Havant Ltd
Notes to the Accounts
for the year ended 31 January 2023
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
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Tangible fixed assets
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 February 2022
24,457
83,708
1,400
109,565
At 31 January 2023
24,457
83,708
3,108
111,273
At 1 February 2022
14,542
61,201
1,400
77,143
Charge for the year
2,479
5,626
427
8,532
At 31 January 2023
17,021
66,827
1,827
85,675
At 31 January 2023
7,436
16,881
1,281
25,598
At 31 January 2022
9,915
22,507
-
32,422
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Motor vehicles
5,594
7,459
Raw materials
23,500
25,000
Work in progress
35,100
36,718
ICTS Havant Ltd
Notes to the Accounts
for the year ended 31 January 2023
Amounts falling due within one year
Trade debtors
102,853
153,398
Accrued income and prepayments
2,670
-
Amounts falling due after more than one year
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
20,521
10,000
Obligations under finance leases and hire purchase contracts
1,923
5,120
Trade creditors
98,599
147,939
Taxes and social security
1,349
171
Other creditors
5,720
2,961
Loans from directors
16,554
195
The obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.
8
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
-
1,923
The obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.
9
Deferred taxation
2023
2022
Accelerated capital allowances
115
1,079
Provision at start of year
1,079
-
(Credited)/charged to the profit and loss account
(964)
1,079
Provision at end of year
115
1,079
ICTS Havant Ltd
Notes to the Accounts
for the year ended 31 January 2023
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
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Operating lease commitments
2023
2022
At 31 January 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
22,740
20,640
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Average number of employees
During the year the average number of employees was 6 (2022: 5).