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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: S A Howitt
C C Brookes
P S Astell





REGISTERED OFFICE: Reedham House
31 King Street West
Manchester
M3 2PJ





BUSINESS ADDRESS: 4th Floor
Queens Chambers
5 John Dalton Street
Manchester
M2 6ET





REGISTERED NUMBER: 13386121 (England and Wales)





AUDITORS: Freedman Frankl & Taylor
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





S A Howitt - Director


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
S A Howitt has held office during the whole of the period from 1 January 2022 to the date of this report.

Other changes in directors holding office are as follows:

C C Brookes - appointed 27 April 2022
P Madouros - resigned 31 January 2022

P S Astell was appointed as a director after 31 December 2022 but prior to the date of this report.

R W Bell , D W Burke and S R Newton ceased to be directors after 31 December 2022 but prior to the date of this report.

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:




S A Howitt - Director


7 March 2024

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.




Adam Caplan BSC (Hons) BFP FCA (Senior Statutory Auditor)
for and on behalf of Freedman Frankl & Taylor
Statutory Auditors
Chartered Accountants
Reedham House
31 King Street West
Manchester
M3 2PJ

7 March 2024

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 (3,062,233 ) (620,247 )

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 3,620,631 3,620,631
3,620,631 3,620,631

CURRENT ASSETS
Debtors 12 38 -

CREDITORS
Amounts falling due within one year 13 1,321,806 1,321,806
NET CURRENT LIABILITIES (1,321,768 ) (1,321,806 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,298,863

2,298,825

CREDITORS
Amounts falling due after more than one year 14 1,000 1,000
NET ASSETS 2,297,863 2,297,825

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 2,297,863 2,297,825

Company's profit for the financial year - -

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

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)

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 220 - 2,297,551 - 2,297,771
Total comprehensive income - - - 54 54
Balance at 31 December 2021 220 - 2,297,551 54 2,297,825

Changes in equity
Issue of share capital 38 - - - 38
Balance at 31 December 2022 258 - 2,297,551 54 2,297,863

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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.

Other goodwill are being amortised evenly over their estimated useful life of twenty years.

Development costs are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - The period of the lease and Straight line over 3 years
Fixtures and fittings - 33% on cost, 25% on reducing balance, 25% on cost, 20% on cost and 15% on reducing balance
Motor vehicles - 25% on reducing balance, 20% on reducing balance and 20% on cost
Computer equipment - 33% on cost, 25% on reducing balance, 25% on cost, 20% on cost and 20% on reducing balance

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 128 82

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 3,620,631
NET BOOK VALUE
At 31 December 2022 3,620,631
At 31 December 2021 3,620,631

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

Intec Business Solutions Limited
Registered office: Reedham House, 31 King Street West, Manchester, United Kingdom, M3 2PJ
Nature of business: Information technology services
%
Class of shares: holding
Ordinary 100.00
Ordinary A 100.00
2022 2021
£    £   
Aggregate capital and reserves (9,165,225 ) (4,557,501 )

Intec Business Technology Limited
Registered office: Reedham House, 31 King Street West, Manchester, United Kingdom, M3 2PJ
Nature of business: Holding company
%
Class of shares: holding
Ordinary 100.00
2022 2021
£    £   
Aggregate capital and reserves (231,575 ) (168,879 )

Intec Business Communications Limited
Registered office: Reedham House, 31 King Street West, Manchester, United Kingdom, M3 2PJ
Nature of business: Holding company
%
Class of shares: holding
Ordinary 100.00
2022 2021
£    £   
Aggregate capital and reserves (11,999 ) 1

Intec Business Services Limited
Registered office: Reedham House, 31 King Street West, Manchester, United Kingdom, M3 2PJ
Nature of business: Dormat company
%
Class of shares: holding
Ordinary 100.00
2022 2021
£    £   
Aggregate capital and reserves 1 1

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

Hale Communications (Europe) Limited
Registered office: Reedham House, 31 King Street West, Manchester, United Kingdom, M3 2PJ
Nature of business: Telecommunication services
%
Class of shares: holding
Ordinary 75.00
2022 2021
£    £   
Aggregate capital and reserves 884,880 732,567

Cheshire Business Services (2008) Limited
Registered office: Reedham House, 31 King Street West, Manchester, United Kingdom, M3 2PJ
Nature of business: Telecommunication services
%
Class of shares: holding
Ordinary 100.00
2022 2021
£    £   
Aggregate capital and reserves 1,556,286 1,284,724

Twenty20 Group Limited
Registered office: Reedham House, 31 King Street West, Manchester, United Kingdom, M3 2PJ
Nature of business: Telecommunication services
%
Class of shares: holding
Ordinary 100.00
2022 2021
£    £   
Aggregate capital and reserves 341,259 241,793

Titan Network Services Limited
Registered office: Reedham House, 31 King Street West, Manchester, United Kingdom, M3 2PJ
Nature of business: Information technology services
%
Class of shares: holding
Ordinary 100.00
2022 2021
£    £   
Aggregate capital and reserves 754,599 705,376

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

Itek Computer Solutions Limited
Registered office: Reedham House, 31 King Street West, Manchester, United Kingdom, M3 2PJ
Nature of business: Information technology services
%
Class of shares: holding
Ordinary 75.00
Ordinary B 100.00
2022 2021
£    £   
Aggregate capital and reserves 2,746,835 1,829,494

Rivanet Limited
Registered office: Reedham House, 31 King Street West, Manchester, United Kingdom, M3 2PJ
Nature of business: Information technology services
%
Class of shares: holding
Ordinary 99.10
2022 2021
£    £   
Aggregate capital and reserves 1,335,528 1,114,778

Miller Waite Limited
Registered office: Reedham House, 31 King Street West, Manchester, United Kingdom, M3 2PJ
Nature of business: Information technology services
%
Class of shares: holding
Ordinary 100.00
2022 2021
£    £   
Aggregate capital and reserves 1,129,858 824,000

Firefly Enterprises Ltd.
Registered office: 2nd Floor (East) Belgrave Court, Rosehall Road, Bellshill, North Lanarkshire, Scotland, ML4 3NR
Nature of business: Telecommunications
%
Class of shares: holding
Ordinary 100.00
2022
£   
Aggregate capital and reserves 716,657

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

Opal IT Limited
Registered office: Reedham House, 31 King Street West, Manchester, United Kingdom, M3 2PJ
Nature of business: Information technology services
%
Class of shares: holding
Ordinary 100.00
2022
£   
Aggregate capital and reserves 367,347

Astec Computing (UK) Limited
Registered office: Reedham House, 31 King Street West, Manchester, United Kingdom, M3 2PJ
Nature of business: Information technology services
%
Class of shares: holding
Ordinary 90.00
2022
£   
Aggregate capital and reserves 151,849

Provident Technology Limited
Registered office: Unit 1,The CHQ Building, North Wall Quay,Dublin, D01 Y6H7, Ireland
Nature of business: Information technology services
%
Class of shares: holding
Ordinary 80.00
2022
£   
Aggregate capital and reserves 64,199


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 38 -
Prepayments and accrued income 997,545 832,360 - -
2,825,982 2,083,035 38 -

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 - - 1,321,806 1,321,806
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 1,321,806 1,321,806

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 1,000 1,000
Hire purchase contracts and finance leases (see note 16)
5,094

5,545

-

-
19,065,196 10,908,160 1,000 1,000

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 - 2,297,551 54 2,297,605
Profit for the year - -
At 31 December 2022 - 2,297,551 54 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.