REGISTERED NUMBER: 13386121 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 31 December 2022 |
for |
Intec Business Holdings Limited |
REGISTERED NUMBER: 13386121 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 31 December 2022 |
for |
Intec Business Holdings Limited |
Intec Business Holdings Limited (Registered number: 13386121) |
Contents of the Consolidated Financial Statements |
for the Year Ended 31 December 2022 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Statement of Comprehensive Income | 10 |
Consolidated Balance Sheet | 12 |
Company Balance Sheet | 13 |
Consolidated Statement of Changes in Equity | 14 |
Company Statement of Changes in Equity | 15 |
Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Financial Statements | 19 |
Intec Business Holdings Limited |
Company Information |
for the Year Ended 31 December 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Chartered Accountants |
Reedham House |
31 King Street West |
Manchester |
M3 2PJ |
Intec Business Holdings Limited (Registered number: 13386121) |
Group Strategic Report |
for the Year Ended 31 December 2022 |
The directors present their strategic report of the company and the group for the year ended 31 December 2022. |
Principle Activities |
inTEC specialises in the design, implementation and support of Cloud services and business applications, including IT managed services, collaboration and communication solutions, for Sme customers. inTEC is also an end-to-end independent technology consultancy for businesses in the UK and Ireland. |
The business has fine-tuned its acquisition and integration engine to complete 14 acquisitions integrated into 3 divisions (Technology, Education and Communications) delivering organic growth. |
Business Review |
At its heart inTEC is an M&A driven business, with an established platform ready to expand further. inTEC has built the platform and proven how to integrate and stimulate organic growth from the acquired customer bases. |
inTec has established the back office resources and processes to enhance the capabilities of the acquired business. inTec has evolved central services to include, Finance, HR, Marketing, Technical Pre-Sales as well as Sales to drive efficiency through the Group. Business unit leaders now focus on account management and sales and are driven by increasing gross profit. |
The results for the period, and the financial position of the company are shown in the annexed financial statements. |
Key performance indicators |
The company regards the KPI's as turnover and profitability, both of which are stated in the financial statements. |
Principal risks and uncertainties |
The financial risks of the group are described below. |
Financial risk management |
inTec's operations are exposed to a variety of financial risks, mainly the effects of supply chain delays on some technical hardware lines. inTec has procedures in place to mitigate these by working with suppliers and distributors to monitor lead times and maintain delivery plans around forecasted supplier delivery dates. |
Other financial risk includes customer trading / liquidity in the current financial environment and pressures of increased salary expectations and difficulty in the recruitment of talent into the group. inTec is monitoring closely its debtors and costs to minimise its the exposure of the prevailing financial environment, whilst valuing current employees to retain key staff and reduce the requirement to recruit into the group given the competitive market dynamics. |
Liquidity risk |
The company seeks to manage financial risk by ensuring sufficient liquidity to meet foreseeable needs through forecasting and monitoring of costs across the group. inTec maintains close contact with its principal funders to keep them appraised of ongoing trading and market conditions. |
Interest rate risk |
inTec is not exposed to interest rate fluctuations on its borrowings as the majority of its facilities are at a fixed rates. inTec feels that its direct exposure to material interest rate change is low. |
ON BEHALF OF THE BOARD: |
Intec Business Holdings Limited (Registered number: 13386121) |
Group Strategic Report |
for the Year Ended 31 December 2022 |
7 March 2024 |
Intec Business Holdings Limited (Registered number: 13386121) |
Report of the Directors |
for the Year Ended 31 December 2022 |
The directors present their report with the financial statements of the company and the group for the year ended 31 December 2022. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2022. |
DIRECTORS |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
Intec Business Holdings Limited (Registered number: 13386121) |
Report of the Directors |
for the Year Ended 31 December 2022 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Intec Business Holdings Limited |
Opinion |
We have audited the financial statements of Intec Business Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2022 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2022 and of the group's loss for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Intec Business Holdings Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Intec Business Holdings Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. |
Identifying and assessing potential risks to irregularities |
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: |
Audit response to risks identified |
- | the nature of the industry and sector, control environment and business performance; |
- | results of enquiries of management about their own identification and assessment of the risks of irregularities; |
- | any matters we identified having obtained and reviewed the Company's documentation of their policies and procedures relating to: |
- | identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance; |
- | detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; |
- | the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; |
- | the matters discussed among the audit engagement team and involving other internal specialists including tax regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. |
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risks of management override. |
We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation. |
Audit response to risks identified |
As a result of performing the above, we did not identify any key audit matters related to the potential risk of fraud. |
Our procedures to respond to risks identified included the following: |
- | reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
- | enquiring of management concerning actual and potential litigation and claims; |
- | performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
- | obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and |
Report of the Independent Auditors to the Members of |
Intec Business Holdings Limited |
- | in addressing the risks of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditors |
Chartered Accountants |
Reedham House |
31 King Street West |
Manchester |
M3 2PJ |
Intec Business Holdings Limited (Registered number: 13386121) |
Consolidated |
Statement of Comprehensive |
Income |
for the Year Ended 31 December 2022 |
Period |
11.5.21 |
Year Ended | to |
31.12.22 | 31.12.21 |
Notes | £ | £ |
TURNOVER | 14,544,496 | 4,300,938 |
Cost of sales | 7,550,609 | 1,899,241 |
GROSS PROFIT | 6,993,887 | 2,401,697 |
Administrative expenses | 7,727,449 | 2,546,458 |
(733,562 | ) | (144,761 | ) |
Other operating income | 5,750 | 14,521 |
OPERATING LOSS | 4 | (727,812 | ) | (130,240 | ) |
Interest receivable and similar income | 1,197 | 77 |
(726,615 | ) | (130,163 | ) |
Interest payable and similar expenses | 5 | 2,341,214 | 446,964 |
LOSS BEFORE TAXATION | (3,067,829 | ) | (577,127 | ) |
Tax on loss | 6 | (5,596 | ) | 43,120 |
LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
OTHER COMPREHENSIVE INCOME |
Business acquisition | - | 3,344,292 |
Non-controlling share on acquisition | - | (1,170,830 | ) |
Income tax relating to components of other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
- |
2,173,462 |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
(3,062,233 |
) |
1,553,215 |
Loss attributable to: |
Owners of the parent | (3,407,859 | ) | (832,757 | ) |
Non-controlling interests | 345,626 | 212,510 |
(3,062,233 | ) | (620,247 | ) |
Intec Business Holdings Limited (Registered number: 13386121) |
Consolidated |
Statement of Comprehensive |
Income |
for the Year Ended 31 December 2022 |
Period |
11.5.21 |
Year Ended | to |
31.12.22 | 31.12.21 |
£ | £ |
Total comprehensive income attributable to: |
Owners of the parent | (3,407,859 | ) | 1,340,705 |
Non-controlling interests | 345,626 | 212,510 |
(3,062,233 | ) | 1,553,215 |
Intec Business Holdings Limited (Registered number: 13386121) |
Consolidated Balance Sheet |
31 December 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 | 24,892,773 | 17,411,887 |
Tangible assets | 9 | 283,008 | 236,443 |
Investments | 10 | - | - |
25,175,781 | 17,648,330 |
CURRENT ASSETS |
Stocks | 11 | 78,070 | 70,567 |
Debtors | 12 | 2,825,982 | 2,083,035 |
Cash at bank and in hand | 380,056 | 890,627 |
3,284,108 | 3,044,229 |
CREDITORS |
Amounts falling due within one year | 13 | 7,395,224 | 4,737,660 |
NET CURRENT LIABILITIES | (4,111,116 | ) | (1,693,431 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
21,064,665 |
15,954,899 |
CREDITORS |
Amounts falling due after more than one year | 14 | (19,065,196 | ) | (10,908,160 | ) |
PROVISIONS FOR LIABILITIES | 18 | (37,234 | ) | (24,869 | ) |
NET ASSETS | 1,962,235 | 5,021,870 |
CAPITAL AND RESERVES |
Called up share capital | 19 | 258 | 220 |
Share premium | 20 | 2,297,551 | 2,297,551 |
Capital redemption reserve | 20 | 54 | 54 |
Retained earnings | 20 | (1,258,223 | ) | 1,340,705 |
SHAREHOLDERS' FUNDS | 1,039,640 | 3,638,530 |
NON-CONTROLLING INTERESTS | 21 | 922,595 | 1,383,340 |
TOTAL EQUITY | 1,962,235 | 5,021,870 |
The financial statements were approved by the Board of Directors and authorised for issue on 7 March 2024 and were signed on its behalf by: |
S A Howitt - Director |
Intec Business Holdings Limited (Registered number: 13386121) |
Company Balance Sheet |
31 December 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
Investments | 10 |
CURRENT ASSETS |
Debtors | 12 |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 14 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 19 | 258 | 220 |
Share premium | 20 | 2,297,551 | 2,297,551 |
Capital redemption reserve | 20 | 54 | 54 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | - | - |
The financial statements were approved by the Board of Directors and authorised for issue on |
Intec Business Holdings Limited (Registered number: 13386121) |
Consolidated Statement of Changes in Equity |
for the Year Ended 31 December 2022 |
Called up |
share | Retained | Share |
capital | earnings | premium |
£ | £ | £ |
Changes in equity |
Issue of share capital | 220 | - | 2,297,551 |
Total comprehensive income | - | (832,757 | ) | - |
Share on acquisition | - | 2,173,462 | - |
Balance at 31 December 2021 | 220 | 1,340,705 | 2,297,551 |
Changes in equity |
Issue of share capital | 38 | - | - |
Total comprehensive income | - | (3,407,859 | ) | - |
Acquisition of non-controlling interest |
- |
808,931 |
- |
Balance at 31 December 2022 | 258 | (1,258,223 | ) | 2,297,551 |
Capital |
redemption | Non-controlling | Total |
reserve | Total | interests | equity |
£ | £ | £ | £ |
Changes in equity |
Issue of share capital | - | 2,297,771 | - | 2,297,771 |
Total comprehensive income | 54 | (832,703 | ) | 212,510 | (620,193 | ) |
Share on acquisition | - | 2,173,462 | 602,163 | 2,775,625 |
Non-controlling interest arising on business combination |
- |
- |
568,667 |
568,667 |
Balance at 31 December 2021 | 54 | 3,638,530 | 1,383,340 | 5,021,870 |
Changes in equity |
Issue of share capital | - | 38 | - | 38 |
Total comprehensive income | - | (3,407,859 | ) | 345,626 | (3,062,233 | ) |
Acquisition of non-controlling interest |
- |
808,931 |
(808,931 |
) |
- |
Non-controlling interest arising on business combination |
- |
- |
2,560 |
2,560 |
Balance at 31 December 2022 | 54 | 1,039,640 | 922,595 | 1,962,235 |
Intec Business Holdings Limited (Registered number: 13386121) |
Company Statement of Changes in Equity |
for the Year Ended 31 December 2022 |
Called up | Capital |
share | Retained | Share | redemption | Total |
capital | earnings | premium | reserve | equity |
£ | £ | £ | £ | £ |
Changes in equity |
Issue of share capital | - | - |
Total comprehensive income | - | - |
Balance at 31 December 2021 | 220 | - | 2,297,551 | 2,297,825 |
Changes in equity |
Issue of share capital | - | - |
Balance at 31 December 2022 |
Intec Business Holdings Limited (Registered number: 13386121) |
Consolidated Cash Flow Statement |
for the Year Ended 31 December 2022 |
Period |
11.5.21 |
Year Ended | to |
31.12.22 | 31.12.21 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 2,659,467 | 1,791,910 |
Interest paid | (2,320,308 | ) | (446,583 | ) |
Interest element of hire purchase and finance lease rental payments paid |
(855 |
) |
(381 |
) |
Tax paid | (114,530 | ) | (85,147 | ) |
Net cash from operating activities | 223,774 | 1,259,799 |
Cash flows from investing activities |
Purchase of intangible fixed assets | (9,326,899 | ) | (6,088,926 | ) |
Purchase of tangible fixed assets | (119,218 | ) | (38,505 | ) |
Sale of tangible fixed assets | 333 | - |
Sale of fixed asset investments | - | 297,483 |
Interest received | 171 | 77 |
Net cash from investing activities | (9,445,613 | ) | (5,829,871 | ) |
Cash flows from financing activities |
New loans in year | 8,608,800 | 5,049,000 |
Loan repayments in year | (451,314 | ) | (10,641 | ) |
Cash acquired with subsidiaries | 560,277 | 423,956 |
Capital repayments in year | (6,533 | ) | (1,836 | ) |
Share issue | 38 | 220 |
Net cash from financing activities | 8,711,268 | 5,460,699 |
(Decrease)/increase in cash and cash equivalents | (510,571 | ) | 890,627 |
Cash and cash equivalents at beginning of year |
2 |
890,627 |
- |
Cash and cash equivalents at end of year | 2 | 380,056 | 890,627 |
Intec Business Holdings Limited (Registered number: 13386121) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 31 December 2022 |
1. | RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period |
11.5.21 |
Year Ended | to |
31.12.22 | 31.12.21 |
£ | £ |
Loss before taxation | (3,067,829 | ) | (577,127 | ) |
Depreciation charges | 1,383,576 | 454,518 |
Loss on disposal of fixed assets | 9,130 | 297,483 |
Finance costs | 2,341,214 | 446,964 |
Finance income | (1,197 | ) | (77 | ) |
664,894 | 621,761 |
Decrease in stocks | 40,991 | 4,770 |
Decrease in trade and other debtors | 510,444 | 589,475 |
Increase in trade and other creditors | 1,443,138 | 575,904 |
Cash generated from operations | 2,659,467 | 1,791,910 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 December 2022 |
31.12.22 | 1.1.22 |
£ | £ |
Cash and cash equivalents | 380,056 | 890,627 |
Period ended 31 December 2021 |
31.12.21 | 11.5.21 |
£ | £ |
Cash and cash equivalents | 890,627 | - |
Intec Business Holdings Limited (Registered number: 13386121) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 31 December 2022 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.1.22 | Cash flow | At 31.12.22 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 890,627 | (510,571 | ) | 380,056 |
890,627 | (510,571 | ) | 380,056 |
Debt |
Hire purchase and finance leases | (10,297 | ) | (1,492 | ) | (11,789 | ) |
Debts falling due within 1 year | (27,778 | ) | 112 | (27,666 | ) |
Debts falling due after 1 year | (10,902,615 | ) | (8,157,487 | ) | (19,060,102 | ) |
(10,940,690 | ) | (8,158,867 | ) | (19,099,557 | ) |
Total | (10,050,063 | ) | (8,669,438 | ) | (18,719,501 | ) |
4. | BUSINESS ACQUISITION |
£ |
Tangible fixed assets | 45,732 |
Stocks | 48,494 |
Debtors | 1,254,514 |
Cash and bank | 560,277 |
Creditors | (856,952 | ) |
Corporation tax | (205,494 | ) |
Other tax and social security | (254,240 | ) |
Lease obligations | (9,098 | ) |
Provision for liabilities | (9,441 | ) |
Revaluation reserve | (822 | ) |
Business acquisition | 572,970 |
Intec Business Holdings Limited (Registered number: 13386121) |
Notes to the Consolidated Financial Statements |
for the Year Ended 31 December 2022 |
1. | STATUTORY INFORMATION |
Intec Business Holdings Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The group financial statements include the financial statements of the company and all its subsidiary undertakings. |
The results of subsidiaries acquired are consolidated from the period from which control passes. Acquisitions are accounted for in accordance with merger accounting per Companies Act 2006 S.612. |
Goodwill arising on the acquisition of subsidiary undertakings which represents the excess of cost over fair value of group share of tangible assets acquired is capitalised as an intangible asset and amortised by equal instalments against profits over its expected life of 20 years |
Related party exemption |
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. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Intec Business Holdings Limited (Registered number: 13386121) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
Significant judgements and estimates |
In applying the company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revision to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. |
Key sources of estimation uncertainty |
The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are disclosed below. |
Assessing indicators of impairment |
In assessing whether there have been any indicators of impairment assets, the directors have considered both external and internal sources of information such as market conditions and experience of recoverability. There have been no indicators of impairments identified during the current financial year. |
Tangible fixed assets |
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. |
Intangible fixed assets |
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as tecnological innovations, market available to sell and maintenance programmes are taken into account. |
Intec Business Holdings Limited (Registered number: 13386121) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Revenue comprises the fair value of consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Revenue is shown net of valued added tax, returns, rebates and discounts. |
The company recognises revenue when: |
The amount of revenue can be reliably measured; |
it is probable that future economic benefit will flow into the entity; |
and specific criteria have been met for each of the company's activities. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Improvements to property | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Tangible fixed assets are initially recorded at cost less any tax, discounts and rebates. Subsequently they are recorded at cost less accumulated depreciation and impairment. |
Government grants |
Government grants are credited to the profit and loss account as the related expenditure is incurred. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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. |
Intec Business Holdings Limited (Registered number: 13386121) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2022 |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates 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 transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Interest income |
Interest income is recognised in the statement of comprehensive income using the effective interest method. |
Going concern |
The company and group financial statements for the year ended 31 December 2022 have been prepared on a going concern basis as after making appropriate enquiries the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. |
The group meets its day-to-day working capital requirements through its operations. The group meets its interest obligations through support from lender who have indicated their continued support in the future. The group's forecast and projections, taking account of reasonably possible changes in trading performance, show that the group should be able to operate within the level of its lending facilities and support. |
Intec Business Holdings Limited (Registered number: 13386121) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2022 |
3. | EMPLOYEES AND DIRECTORS |
Period |
11.5.21 |
Year Ended | to |
31.12.22 | 31.12.21 |
£ | £ |
Wages and salaries | 4,269,770 | 1,154,731 |
Social security costs | 410,794 | 101,046 |
Other pension costs | 120,722 | 75,708 |
4,801,286 | 1,331,485 |
The average number of employees during the year was as follows: |
Period |
11.5.21 |
Year Ended | to |
31.12.22 | 31.12.21 |
Selling and administration |
The average number of employees by undertakings that were proportionately consolidated during the year was 128 (2021 - 82 ) . |
Period |
11.5.21 |
Year Ended | to |
31.12.22 | 31.12.21 |
£ | £ |
Directors' remuneration | 126,000 | 53,775 |
4. | OPERATING LOSS |
The operating loss is stated after charging: |
Period |
11.5.21 |
Year Ended | to |
31.12.22 | 31.12.21 |
£ | £ |
Hire of plant and machinery | 43,485 | 22,384 |
Depreciation - owned assets | 103,339 | 32,859 |
Depreciation - assets on hire purchase contracts and finance leases | 5,736 | 1,158 |
Loss on disposal of fixed assets | 9,130 | 297,483 |
Goodwill amortisation | 1,220,123 | 388,334 |
Other goodwill amortisation | 42,877 | 20,666 |
Development costs amortisation | 11,500 | 11,500 |
Auditors' remuneration | 87,550 | 33,811 |
Foreign exchange differences | 14,919 | - |
Intec Business Holdings Limited (Registered number: 13386121) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2022 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
11.5.21 |
Year Ended | to |
31.12.22 | 31.12.21 |
£ | £ |
Bank loan interest | 5,034 | 2,689 |
Loan interest | 2,267,792 | 418,472 |
Other interest | 67,533 | 25,422 |
Leasing | 855 | 381 |
2,341,214 | 446,964 |
6. | TAXATION |
Analysis of the tax (credit)/charge |
The tax (credit)/charge on the loss for the year was as follows: |
Period |
11.5.21 |
Year Ended | to |
31.12.22 | 31.12.21 |
£ | £ |
Current tax: |
UK corporation tax | (8,520 | ) | 40,909 |
Deferred tax | 2,924 | 2,211 |
Tax on loss | (5,596 | ) | 43,120 |
Intec Business Holdings Limited (Registered number: 13386121) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2022 |
6. | TAXATION - continued |
Reconciliation of total tax (credit)/charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
Period |
11.5.21 |
Year Ended | to |
31.12.22 | 31.12.21 |
£ | £ |
Loss before tax | (3,067,829 | ) | (577,127 | ) |
Loss multiplied by the standard rate of corporation tax in the UK of 19 % (2021 - 19 %) |
(582,888 |
) |
(109,654 |
) |
Effects of: |
Expenses not deductible for tax purposes | 29,230 | 14,434 |
Depreciation in excess of capital allowances | 234,361 | 73,224 |
Utilisation of tax losses | (18,382 | ) | (32,070 | ) |
Losses carried forward | 331,645 | 18,707 |
Disposal of investments | 1,750 | 40,509 |
Movement in timing difference | (870 | ) | 37,970 |
Overseas tax rate | (442 | ) | - |
Total tax (credit)/charge | (5,596 | ) | 43,120 |
Tax effects relating to effects of other comprehensive income |
There were no tax effects for the year ended 31 December 2022. |
11.5.21 to 31.12.21 |
Gross | Tax | Net |
£ | £ | £ |
Business acquisition | 3,344,292 | - | 3,344,292 |
Non-controlling share on acquisition | (1,170,830 | ) | - | (1,170,830 | ) |
2,173,462 | - | 2,173,462 |
From 1 April 2023, the rate of corporation tax in the United Kingdom will increase from 19% to 25%. Companies with profits of £50,000 or less will continue to be taxed at 19%, which is a new small profits rate. Where taxable profits are between £50,000 and £250,000, the higher 25% rate will apply but with a marginal relief applying as profits increase. |
7. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
Intec Business Holdings Limited (Registered number: 13386121) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2022 |
8. | INTANGIBLE FIXED ASSETS |
Group |
Other | Development |
Goodwill | goodwill | costs | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2022 | 17,391,630 | 907,551 | 57,501 | 18,356,682 |
Additions | 8,755,525 | - | - | 8,755,525 |
Disposals | (142 | ) | - | - | (142 | ) |
At 31 December 2022 | 26,147,013 | 907,551 | 57,501 | 27,112,065 |
AMORTISATION |
At 1 January 2022 | 388,334 | 544,961 | 11,500 | 944,795 |
Amortisation for year | 1,220,123 | 42,877 | 11,500 | 1,274,500 |
Eliminated on disposal | (3 | ) | - | - | (3 | ) |
At 31 December 2022 | 1,608,454 | 587,838 | 23,000 | 2,219,292 |
NET BOOK VALUE |
At 31 December 2022 | 24,538,559 | 319,713 | 34,501 | 24,892,773 |
At 31 December 2021 | 17,003,296 | 362,590 | 46,001 | 17,411,887 |
9. | TANGIBLE FIXED ASSETS |
Group |
Improvements | Fixtures |
to | and | Motor | Computer |
property | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2022 | 3,089 | 249,748 | 47,860 | 508,068 | 808,765 |
Business acquisition | 4,575 | 120,098 | 51,450 | 101,956 | 278,079 |
Additions | 6,000 | 27,546 | 6,375 | 79,297 | 119,218 |
Disposals | - | (51,479 | ) | (2,235 | ) | (257,613 | ) | (311,327 | ) |
At 31 December 2022 | 13,664 | 345,913 | 103,450 | 431,708 | 894,735 |
DEPRECIATION |
At 1 January 2022 | 686 | 154,618 | 11,443 | 405,575 | 572,322 |
Charge for year | 1,561 | 28,058 | 9,796 | 69,660 | 109,075 |
Eliminated on disposal | - | (47,820 | ) | (2,038 | ) | (252,159 | ) | (302,017 | ) |
Business acquisition | 4,300 | 102,401 | 44,343 | 81,303 | 232,347 |
At 31 December 2022 | 6,547 | 237,257 | 63,544 | 304,379 | 611,727 |
NET BOOK VALUE |
At 31 December 2022 | 7,117 | 108,656 | 39,906 | 127,329 | 283,008 |
At 31 December 2021 | 2,403 | 95,130 | 36,417 | 102,493 | 236,443 |
Intec Business Holdings Limited (Registered number: 13386121) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2022 |
9. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows: |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 1 January 2022 | 14,258 | - | 14,258 |
Business acquisition | - | 29,813 | 29,813 |
At 31 December 2022 | 14,258 | 29,813 | 44,071 |
DEPRECIATION |
At 1 January 2022 | 1,158 | - | 1,158 |
Charge for year | 2,208 | 3,528 | 5,736 |
Business acquisition | - | 21,733 | 21,733 |
At 31 December 2022 | 3,366 | 25,261 | 28,627 |
NET BOOK VALUE |
At 31 December 2022 | 10,892 | 4,552 | 15,444 |
At 31 December 2021 | 13,100 | - | 13,100 |
10. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2022 |
and 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
Intec Business Holdings Limited (Registered number: 13386121) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2022 |
10. | FIXED ASSET INVESTMENTS - continued |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Reedham House, 31 King Street West, Manchester, United Kingdom, M3 2PJ |
Nature of business: |
% |
Class of shares: | holding |
2022 | 2021 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Registered office: Reedham House, 31 King Street West, Manchester, United Kingdom, M3 2PJ |
Nature of business: |
% |
Class of shares: | holding |
2022 | 2021 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Registered office: Reedham House, 31 King Street West, Manchester, United Kingdom, M3 2PJ |
Nature of business: |
% |
Class of shares: | holding |
2022 | 2021 |
£ | £ |
Aggregate capital and reserves | ( |
) |
Registered office: Reedham House, 31 King Street West, Manchester, United Kingdom, M3 2PJ |
Nature of business: |
% |
Class of shares: | holding |
2022 | 2021 |
£ | £ |
Aggregate capital and reserves |
Intec Business Holdings Limited (Registered number: 13386121) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2022 |
10. | FIXED ASSET INVESTMENTS - continued |
Registered office: Reedham House, 31 King Street West, Manchester, United Kingdom, M3 2PJ |
Nature of business: |
% |
Class of shares: | holding |
2022 | 2021 |
£ | £ |
Aggregate capital and reserves |
Registered office: Reedham House, 31 King Street West, Manchester, United Kingdom, M3 2PJ |
Nature of business: |
% |
Class of shares: | holding |
2022 | 2021 |
£ | £ |
Aggregate capital and reserves |
Registered office: Reedham House, 31 King Street West, Manchester, United Kingdom, M3 2PJ |
Nature of business: |
% |
Class of shares: | holding |
2022 | 2021 |
£ | £ |
Aggregate capital and reserves |
Registered office: Reedham House, 31 King Street West, Manchester, United Kingdom, M3 2PJ |
Nature of business: |
% |
Class of shares: | holding |
2022 | 2021 |
£ | £ |
Aggregate capital and reserves |
Intec Business Holdings Limited (Registered number: 13386121) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2022 |
10. | FIXED ASSET INVESTMENTS - continued |
Registered office: Reedham House, 31 King Street West, Manchester, United Kingdom, M3 2PJ |
Nature of business: |
% |
Class of shares: | holding |
2022 | 2021 |
£ | £ |
Aggregate capital and reserves |
Registered office: Reedham House, 31 King Street West, Manchester, United Kingdom, M3 2PJ |
Nature of business: |
% |
Class of shares: | holding |
2022 | 2021 |
£ | £ |
Aggregate capital and reserves |
Registered office: Reedham House, 31 King Street West, Manchester, United Kingdom, M3 2PJ |
Nature of business: |
% |
Class of shares: | holding |
2022 | 2021 |
£ | £ |
Aggregate capital and reserves |
Registered office: 2nd Floor (East) Belgrave Court, Rosehall Road, Bellshill, North Lanarkshire, Scotland, ML4 3NR |
Nature of business: |
% |
Class of shares: | holding |
2022 |
£ |
Aggregate capital and reserves |
Intec Business Holdings Limited (Registered number: 13386121) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2022 |
10. | FIXED ASSET INVESTMENTS - continued |
Registered office: Reedham House, 31 King Street West, Manchester, United Kingdom, M3 2PJ |
Nature of business: |
% |
Class of shares: | holding |
2022 |
£ |
Aggregate capital and reserves |
Registered office: Reedham House, 31 King Street West, Manchester, United Kingdom, M3 2PJ |
Nature of business: |
% |
Class of shares: | holding |
2022 |
£ |
Aggregate capital and reserves |
Registered office: Unit 1,The CHQ Building, North Wall Quay,Dublin, D01 Y6H7, Ireland |
Nature of business: |
% |
Class of shares: | holding |
2022 |
£ |
Aggregate capital and reserves |
The unaudited financial statements for Provident Technology Limited have been used for consolidation purposes. |
11. | STOCKS |
Group |
2022 | 2021 |
£ | £ |
Goods for resale | 78,070 | 70,567 |
Intec Business Holdings Limited (Registered number: 13386121) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2022 |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2022 | 2021 | 2022 | 2021 |
£ | £ | £ | £ |
Trade debtors | 1,517,820 | 1,150,908 |
Other debtors | 310,617 | 99,767 |
Prepayments and accrued income | 997,545 | 832,360 |
2,825,982 | 2,083,035 |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2022 | 2021 | 2022 | 2021 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 15) | 27,666 | 27,778 |
Hire purchase contracts and finance leases (see note 16) | 6,695 |
4,752 |
Trade creditors | 1,668,978 | 1,118,113 |
Amounts owed to group undertakings | - | - |
Tax | 346,457 | 245,112 |
Social security and other taxes | 1,161,873 | 701,747 |
Other creditors | 3,112,373 | 1,883,949 |
Accruals and deferred income | 1,071,182 | 756,209 |
7,395,224 | 4,737,660 |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2022 | 2021 | 2022 | 2021 |
£ | £ | £ | £ |
Bank loans (see note 15) | 182,548 | 209,914 |
Other loans (see note 15) | 18,877,554 | 10,692,701 |
Hire purchase contracts and finance leases (see note 16) | 5,094 |
5,545 |
19,065,196 | 10,908,160 |
Intec Business Holdings Limited (Registered number: 13386121) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2022 |
15. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2022 | 2021 | 2022 | 2021 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 27,666 | 27,778 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 110,663 | 111,110 |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Other loans more 5yrs non-inst | 18,876,554 | 10,691,701 | - | - |
Preference shares | 1,000 | 1,000 | 1,000 | 1,000 |
18,877,554 | 10,692,701 | 1,000 | 1,000 |
Repayable by instalments |
Bank loans more 5 yr by instal | 71,885 | 98,804 | - | - |
Details of shares shown as liabilities are as follows: |
Redeemable Preference Shares of £1 each were issued on the 21 July 2021. These are redeemable in full on the 30th anniversary of the date of issue. |
Intec Business Holdings Limited (Registered number: 13386121) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2022 |
16. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts | Finance leases |
2022 | 2021 | 2022 | 2021 |
£ | £ | £ | £ |
Gross obligations repayable: |
Within one year | 2,281 | - | 5,596 | 5,596 |
Between one and five years | 5,090 | - | 933 | 6,529 |
7,371 | - | 6,529 | 12,125 |
Finance charges repayable: |
Within one year | 338 | - | 844 | 844 |
Between one and five years | 788 | - | 141 | 984 |
1,126 | - | 985 | 1,828 |
Net obligations repayable: |
Within one year | 1,943 | - | 4,752 | 4,752 |
Between one and five years | 4,302 | - | 792 | 5,545 |
6,245 | - | 5,544 | 10,297 |
Group |
Non-cancellable operating | leases |
2022 | 2021 |
£ | £ |
Within one year | 107,355 | 124,829 |
Between one and five years | 86,408 | 139,046 |
193,763 | 263,875 |
17. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2022 | 2021 |
£ | £ |
Loan | 18,249,000 | 9,899,000 |
Intec Business Holdings Limited (Registered number: 13386121) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2022 |
18. | PROVISIONS FOR LIABILITIES |
Group |
2022 | 2021 |
£ | £ |
Deferred tax | 37,234 | 24,869 |
Group |
Deferred |
tax |
£ |
Balance at 1 January 2022 | 24,869 |
Business acquisition | 9,441 |
Provided during year | 2,924 |
Balance at 31 December 2022 | 37,234 |
Deferred tax balance relate to capital allowances in excess of depreciation. |
19. | CALLED UP SHARE CAPITAL |
Alloted and issued: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
2,583,000 | Ordinary | .01p | 258 | 220 |
258 | 220 |
The following shares were issued during the year for cash at par: |
387,400 ordinary shares of .01p |
20. | RESERVES |
Group |
Capital |
Retained | Share | redemption |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 January 2022 | 1,340,705 | 2,297,551 | 54 | 3,638,310 |
Deficit for the year | (3,407,859 | ) | (3,407,859 | ) |
Acquisition of non-controlling interest |
808,931 |
- |
- |
808,931 |
At 31 December 2022 | (1,258,223 | ) | 2,297,551 | 54 | 1,039,382 |
Intec Business Holdings Limited (Registered number: 13386121) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2022 |
20. | RESERVES - continued |
Company |
Capital |
Retained | Share | redemption |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 January 2022 | 2,297,605 |
Profit for the year |
At 31 December 2022 | 2,297,605 |
21. | NON-CONTROLLING INTERESTS |
The non-controlling interest represent the share capital of the following companies: |
Company | Holding |
Hale Communications (Europe) Limited | 25% |
Itek Computer Solutions Limited | 25% |
Provident Technology Limited | 20% |
Astec Computing (UK) Limited | 10% |
Rivanet Limited | 0.9% |
22. | CONTINGENT LIABILITIES |
The company has guaranteed the loan facilities of a group company. The loan balance was £18,249,000 as at 31 December 2022. |
23. | RELATED PARTY DISCLOSURES |
Included within other creditors more than one year are loan notes amounting to £627,554 (2021: £701,765) issued to directors. Interest at 4% per annum has been accrued in respect of these loan notes. |
Included within other creditors more than one year are loan notes amounting to Nil (2021: £90,935) issued to companies in which certain directors of the company are also directors and shareholders. Interest at 4% per annum has been accrued in respect of these loan notes. |
24. | ULTIMATE CONTROLLING PARTY |
The company throughout the period was controlled by the shareholders. |