Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-312022-04-01falseNo description of principal activity02truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08471187 2022-04-01 2023-03-31 08471187 2021-04-01 2022-03-31 08471187 2023-03-31 08471187 2022-03-31 08471187 c:Director1 2022-04-01 2023-03-31 08471187 d:OfficeEquipment 2022-04-01 2023-03-31 08471187 d:OfficeEquipment 2023-03-31 08471187 d:OfficeEquipment 2022-03-31 08471187 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 08471187 d:CurrentFinancialInstruments 2023-03-31 08471187 d:CurrentFinancialInstruments 2022-03-31 08471187 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 08471187 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 08471187 d:ShareCapital 2023-03-31 08471187 d:ShareCapital 2022-03-31 08471187 d:RetainedEarningsAccumulatedLosses 2023-03-31 08471187 d:RetainedEarningsAccumulatedLosses 2022-03-31 08471187 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-03-31 08471187 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-03-31 08471187 c:FRS102 2022-04-01 2023-03-31 08471187 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 08471187 c:FullAccounts 2022-04-01 2023-03-31 08471187 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 08471187 2 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 08471187









ITEC GRAPHIC MACHINERY LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
ITEC GRAPHIC MACHINERY LIMITED
REGISTERED NUMBER: 08471187

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
10,801
13,021

  
10,801
13,021

Current assets
  

Debtors: amounts falling due within one year
 5 
275,906
283,132

Cash at bank and in hand
 6 
327,196
218,143

  
603,102
501,275

Creditors: amounts falling due within one year
 7 
(95,042)
(3,579)

Net current assets
  
 
 
508,060
 
 
497,696

Total assets less current liabilities
  
518,861
510,717

  

Net assets
  
518,861
510,717


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
518,761
510,617

  
518,861
510,717


Page 1

 
ITEC GRAPHIC MACHINERY LIMITED
REGISTERED NUMBER: 08471187
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 November 2023.




................................................
Aunali Hasnaini
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
ITEC GRAPHIC MACHINERY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

The company is a private company lmited by share capital, incorporated in England & Wales. The
company number and registered office address are:
Company number:              08471187
Registered office address: 120 Old Church Lane
                                          Stanmore
                                          Middx HA7 2RR
                                          England

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these 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 following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 3

 
ITEC GRAPHIC MACHINERY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
ITEC GRAPHIC MACHINERY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
over 3 to 10 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
ITEC GRAPHIC MACHINERY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 0 (2022 - 2).

Page 6

 
ITEC GRAPHIC MACHINERY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 April 2022
35,013


Additions
874



At 31 March 2023

35,887



Depreciation


At 1 April 2022
21,992


Charge for the year on owned assets
3,094



At 31 March 2023

25,086



Net book value



At 31 March 2023
10,801



At 31 March 2022
13,021


5.


Debtors

2023
2022
£
£


Trade debtors
-
9,198

Amounts owed by associated undertakings
245,259
245,259

Other debtors
30,647
28,675

275,906
283,132



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
327,196
218,143

327,196
218,143


Page 7

 
ITEC GRAPHIC MACHINERY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
28,623
466

Corporation tax
11,501
-

Other creditors
52,605
1,600

Accruals and deferred income
2,313
1,513

95,042
3,579



8.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
327,196
218,143



 
Page 8