2022-06-012023-05-312023-05-31false03043507IDENTEC 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IDENTEC LIMITED

Registered Number
03043507
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2023

IDENTEC LIMITED
Company Information
for the year from 1 June 2022 to 31 May 2023

Directors

HUGGINS, Christopher
MORRIS, Lynn
VASEY, Gary

Registered Address

Mercantile Road
Rainton Bridge Industrial Estate
Houghton Le Spring
DH4 5PH

Registered Number

03043507 (England and Wales)
IDENTEC LIMITED
Statement of Financial Position
31 May 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets64,2514,912
Investments731,25031,250
35,50136,162
Current assets
Stocks10274,578194,137
Debtors1174,49045,556
Cash at bank and on hand314,221341,948
663,289581,641
Creditors amounts falling due within one year12(123,981)(122,685)
Net current assets (liabilities)539,308458,956
Total assets less current liabilities574,809495,118
Provisions for liabilities13(1,055)(1,217)
Net assets573,754493,901
Capital and reserves
Called up share capital1,0001,000
Profit and loss account572,754492,901
Shareholders' funds573,754493,901
The financial statements were approved and authorised for issue by the Board of Directors on 13 February 2024, and are signed on its behalf by:
VASEY, Gary
Director
Registered Company No. 03043507
IDENTEC LIMITED
Notes to the Financial Statements
for the year ended 31 May 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Basis of measurement used in financial statements
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
3.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Property, plant and equipment policy
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows. Computer equipment, included in fixtures, fittings and equipment is depreciated over 3 years on a straight line basis.

Reducing balance (%)
Land and buildings25
Plant and machinery20
Fixtures and fittings20
Intangible assets policy
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Stocks policy
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete the sale. The impairment loss is recognised immediately in the Income Statement
Taxation policy
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Foreign currency translation and operations policy
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Leases policy
Lease payments are recognised as an expense over the lease term on a straight line basis.
Investments policy
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Employee benefits policy
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 obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Valuation of financial instruments policy
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4.Employee information

20232022
Average number of employees during the year66
5.Intangible assets
The intangible assets below consists of the domain name.

Other

Total

££
Cost or valuation
At 01 June 227,5007,500
At 31 May 237,5007,500
Amortisation and impairment
At 01 June 227,5007,500
At 31 May 237,5007,500
Net book value
At 31 May 23--
At 31 May 22--
6.Property, plant and equipment

Land & buildings

Plant & machinery

Office Equipment

Total

££££
Cost or valuation
At 01 June 224,54762,96863,063130,578
Additions-5647031,267
At 31 May 234,54763,53263,766131,845
Depreciation and impairment
At 01 June 224,50659,82261,338125,666
Charge for year107421,1761,928
At 31 May 234,51660,56462,514127,594
Net book value
At 31 May 23312,9681,2524,251
At 31 May 22413,1461,7254,912
Land and buildings represent leasehold property improvements.
7.Fixed asset investments
The unlisted investment represents a 33 1/3% interest in the registered share capital of NingBo Sun Electronics Technology Company Limited.

Other investments1

Total

££
Cost or valuation
At 01 June 2231,25031,250
At 31 May 2331,25031,250
Net book value
At 31 May 2331,25031,250
At 31 May 2231,25031,250

Notes

1Other investments other than loans
8.Description of financial commitments other than capital commitments
At 31 May 2022, the company had total commitments under non-cancellable operating leases over the remaining life of the lease of £44,950 (2022: £9,042).
9.Description of nature of transactions and balances with related parties
Identec Limited owns 33 1/3% of the ordinary share capital of NingBo Sun Electronics Company Limited. Transactions with this company during the year were sales of £101,431 (2022: £92,429) and purchases of £230,741 (2022: £161,851).
10.Stocks

2023

2022

££
Raw materials and consumables274,578194,137
Total274,578194,137
11.Debtors

2023

2022

££
Trade debtors / trade receivables61,29837,397
Prepayments and accrued income13,1928,159
Total74,49045,556
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
12.Creditors within one year

2023

2022

££
Trade creditors / trade payables35,39427,168
Taxation and social security53,70561,746
Other creditors34,88233,771
Total123,981122,685
13.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)1,0551,217
Total1,0551,217