INETIC LIMITED

Company Registration Number:
04322550 (England and Wales)

Unaudited abridged accounts for the year ended 31 December 2022

Period of accounts

Start date: 01 January 2022

End date: 31 December 2022

INETIC LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2022

Balance sheet
Notes

INETIC LIMITED

Balance sheet

As at 31 December 2022


Notes

2022

2021


£

£
Called up share capital not paid: 0 0
Fixed assets
Intangible assets:   0 0
Tangible assets: 3 461,757 296,264
Investments:   0 0
Total fixed assets: 461,757 296,264
Current assets
Stocks: 572,693 455,899
Debtors:   1,099,770 743,794
Cash at bank and in hand: 197,248 335,769
Investments:   0 0
Total current assets: 1,869,711 1,535,462
Creditors: amounts falling due within one year:   (1,293,043) (626,901)
Net current assets (liabilities): 576,668 908,561
Total assets less current liabilities: 1,038,425 1,204,825
Creditors: amounts falling due after more than one year: 4 (557,246) (110,997)
Provision for liabilities: 0 0
Total net assets (liabilities): 481,179 1,093,828
Capital and reserves
Called up share capital: 100 99
Share premium account: 0 0
Revaluation reserve: 00
Other reserves: 0 0
Profit and loss account: 481,079 1,093,729
Shareholders funds: 481,179 1,093,828

The notes form part of these financial statements

INETIC LIMITED

Balance sheet statements

For the year ending 31 December 2022 the company was entitled to exemption 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.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 01 November 2023
and signed on behalf of the board by:

Name: Benjamin John Ballard
Status: Director

The notes form part of these financial statements

INETIC LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

2.12 Turnover and other incomeTurnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are, as follows:Sale of goodsTurnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measure reliably. This is usually on delivery of the goods.Rendering of servicesWhen the outcome of a transaction can be estimate reliably, turnover from the provision of a service is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to the stage of completion of the contract.Interest receivableShort term interest income is recognised on receipt.

Tangible fixed assets and depreciation policy

2.3 Tangible fixed assetsTangible fixed assets are stated at cost less accumulated depreciation and accumulated impairement losses, if any. Cost includes costs directly attributable to making the asset capable of operating as intended.Depreciation is provided on all tangible assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life, as follows:Long Leasehold - Over the remaining term of the lease or 50 years, if lessPlant and Machinery - 12.5% straight lineFixture and Fittings - 12.5% straight lineComputer and Equipment - 20% straight lineThe residual value, useful life and depreciation method of an asset are reviewed at least at the end of each reporting period and any changes in expectations from previous estimates are accounted for prospectively as changes in accounting estimates.The gain and loss arising to disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognized in the Statement Income and Retained Earnings.

Valuation and information policy

2.4 StocksStocks is valued at the lower of cost and net realisable value, with first in first out basis, after making due allowance for obsolete and slow moving items.The gain and loss arising on obsolete, or write down in value due to slow moving or quality degrading, would recognise the impairement or provision in income statement.

Other accounting policies

2.1 Basis of preparation of financial statementsThe Financial Statements of the Company are prepared under the historical cost convention, modified to include other bases of measurement as disclosed in other sections of the significant accounting policies, and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.The company is a subsidiary undertaking and together with its parent comprise of a small sized group. The Financial Statements present information about the company as an individual undertaking and not about its group.2.2 Going concernThese financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.2.5 Debtors receivableDebtors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.2.6 Creditors payable Creditors with no stated interest rate and payable within one year are recorded at transaction price.2.7 Loans and borrowingsLoans and borrowings are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest rate method.2.8 ImpairmentAssets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable value, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.2.9 ProvisionsProvisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.2.10 LeasesAssets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the sum of the digit’s method. The related obligations, net of future finance charges, are included in creditors.Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.2.11 TaxationCurrent tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantially enacted by the balance sheet date.Deferred tax is measured using the tax rates and laws that have been enacted or substantially enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.2.13 Government grantsGovernment grants are recognised when there is reasonable assurance that the Company will comply with the conditions attaching to the grants and that the grants will be received. Government grants are recognised in profit or loss on a systematic basis over the periods in which the Company recognises as expenses the related costs for which the grants are intended to compensate. Grants related to assets are presented in the statement of financial position as deferred income which is amortised on a straight-line basis over the estimated useful lives of the assets. Grants related to income are presented under “Grant income” in Income Statement.2.14 Employee benefitsWhen employees have rendered service to the company, short term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.2.15 Foreign currenciesAssets and liabilities in foreign currencies are translated into sterling at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating result.2.16 Pension costsThe company contributes to a defined contribution pension scheme. Contributions payable to the company’s pension scheme are charged to the profit and loss account in the period to which they relate.2.17 Research and developmentResearch expenditure is recognised in profit or loss when incurred.Expenditure incurred on projects to develop new products is capitalised and deferred only when the Company can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability of resources to complete the development and the ability to measure reliably the expenditure during the development. Product development expenditure which does not meet these criteria is recognised in profit or loss when incurred.Capitalised development expenditure, considered to have finite useful lives, is stated at cost less accumulated amortisation and accumulated impairment losses, if any. The impairment is subject to management decision upon marketability and recoverably of the subject developed technology or products. Amortisation is calculated on a straight-line basis over the estimated commercial lives of the underlying products of 3 years. The amortisation period and method are reviewed at least at the end of each reporting period and any changes in expectations from previous estimates are accounted for prospectively as changes in accounting estimates.

INETIC LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

2. Employees

2022 2021
Average number of employees during the period 31 36

INETIC LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

3. Tangible Assets

Total
Cost £
At 01 January 2022 463,095
Additions 250,927
Disposals (10,663)
At 31 December 2022 703,359
Depreciation
At 01 January 2022 166,831
Charge for year 83,874
On disposals (9,103)
At 31 December 2022 241,602
Net book value
At 31 December 2022 461,757
At 31 December 2021 296,264

INETIC LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

4. Creditors: amounts falling due after more than one year note

2021 - GBP 110,9972022 - GBP 557,246The loans was not secured against any assets of the company.

INETIC LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

5. Related party transactions

Name of the related party:
Relationship:
Ultimate Shareholder
Description of the Transaction: GH Tan is the ultimate shareholder and holding multiple companies shareholding at the same time.During the year, the company having below list of transaction with related parties which GH Tan has on interest.2021 (GBP)Sales of products: 10,523Loan repayments: 44,185Interest on loan: 7,6072022 (GBP)Interest on Loan: 12,329
£
Balance at 01 January 2022 157,073
Balance at 31 December 2022 727,308

INETIC LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

6. Post balance sheet events

The accounts take into consideration events occuring between 31 December 2022 and the date of their approval by the Board of Directors.