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REGISTERED NUMBER: 10148775 (England and Wales)














Financial Statements

for the Year Ended 31 December 2022

for

Intec Business Solutions Limited

Intec Business Solutions Limited (Registered number: 10148775)






Contents of the Financial Statements
for the Year Ended 31 December 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Intec Business Solutions Limited

Company Information
for the Year Ended 31 December 2022







DIRECTORS: S A Howitt
P S Astell





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





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





REGISTERED NUMBER: 10148775 (England and Wales)





AUDITORS: Freedman Frankl & Taylor
Statutory Auditors
Chartered Accountants
Reedham House
31 King Street West
Manchester
M3 2PJ

Intec Business Solutions Limited (Registered number: 10148775)

Balance Sheet
31 December 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 98,786 76,997

CURRENT ASSETS
Debtors 5 20,638,763 12,291,707
Cash at bank 5,542 289,415
20,644,305 12,581,122
CREDITORS
Amounts falling due within one year 6 10,939,034 6,483,449
NET CURRENT ASSETS 9,705,271 6,097,673
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,804,057

6,174,670

CREDITORS
Amounts falling due after more than one year 7 18,911,692 10,732,171
NET LIABILITIES (9,107,635 ) (4,557,501 )

CAPITAL AND RESERVES
Called up share capital 274 274
Share premium 804,353 804,353
Retained earnings (9,912,262 ) (5,362,128 )
SHAREHOLDERS' FUNDS (9,107,635 ) (4,557,501 )

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

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 Solutions Limited (Registered number: 10148775)

Notes to the Financial Statements
for the Year Ended 31 December 2022

1. STATUTORY INFORMATION

Intec Business Solutions 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 Company 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 entities within the group.

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.

Intec Business Solutions Limited (Registered number: 10148775)

Notes to the 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 sales/value 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 33% on cost and 15% on reducing balance
Computer equipment - 33% on cost and 20% on cost

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.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

Hire purchase and leasing commitments
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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Intec Business Solutions Limited (Registered number: 10148775)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

2. ACCOUNTING POLICIES - continued

Going concern
The company's 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 company meets its day-to-day working capital requirements through its operation and support from group companies. The company meets its interest obligations through support from lender who have indicated their continued support in the future. The company's forecast and projections, taking account of reasonably possible changes in trading performance, show that the company should be able to operate within the level of its lending facilities and support.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 31 (2021 - 19 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 January 2022 8,368 234,868 243,236
Additions 4,493 68,480 72,973
Disposals (1,818 ) - (1,818 )
At 31 December 2022 11,043 303,348 314,391
DEPRECIATION
At 1 January 2022 2,406 163,833 166,239
Charge for year 2,569 48,247 50,816
Eliminated on disposal (1,450 ) - (1,450 )
At 31 December 2022 3,525 212,080 215,605
NET BOOK VALUE
At 31 December 2022 7,518 91,268 98,786
At 31 December 2021 5,962 71,035 76,997

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 17,277 100,891
Amounts owed by group undertakings 20,243,910 11,930,222
Other debtors 377,576 260,594
20,638,763 12,291,707

Intec Business Solutions Limited (Registered number: 10148775)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 5,444 5,556
Trade creditors 197,454 344,722
Amounts owed to group undertakings 10,426,438 5,874,333
Taxation and social security 110,441 109,515
Other creditors 199,257 149,323
10,939,034 6,483,449

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2021
£    £   
Bank loans 35,138 40,470
Other creditors 18,876,554 10,691,701
18,911,692 10,732,171

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

Repayable by instalments
Bank loans more 5 yr by instal 13,363 18,248

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2022 2021
£    £   
Within one year 17,510 17,253
Between one and five years 21,888 39,398
39,398 56,651

9. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
£    £   
Other creditors 18,249,000 9,899,000

Intec Business Solutions Limited (Registered number: 10148775)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Adam Caplan BSc (Hons) BFP FCA (Senior Statutory Auditor)
for and on behalf of Freedman Frankl & Taylor

11. 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 charged in respect of these loan notes.

12. ULTIMATE CONTROLLING PARTY

The company's parent undertaking at the balance sheet date was Intec Business Holdings Limited, a company incorporated and registered in England.

Registered OfficeReedham House
31 King Street West
Manchester
United Kingdom
M3 2PJ