Caseware UK (AP4) 2022.0.179 2022.0.179 2023-12-312023-12-3118falsetruetruetruetruetruefalsetrue2023-01-01No description of principal activity19 11200357 2023-01-01 2023-12-31 11200357 2022-01-01 2022-12-31 11200357 2023-12-31 11200357 2022-12-31 11200357 2022-01-01 11200357 c:Director1 2023-01-01 2023-12-31 11200357 c:RegisteredOffice 2023-01-01 2023-12-31 11200357 d:Buildings d:ShortLeaseholdAssets 2023-01-01 2023-12-31 11200357 d:Buildings d:ShortLeaseholdAssets 2023-12-31 11200357 d:Buildings d:ShortLeaseholdAssets 2022-12-31 11200357 d:OfficeEquipment 2023-01-01 2023-12-31 11200357 d:OfficeEquipment 2023-12-31 11200357 d:OfficeEquipment 2022-12-31 11200357 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11200357 d:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 11200357 d:OtherPropertyPlantEquipment 2023-12-31 11200357 d:OtherPropertyPlantEquipment 2022-12-31 11200357 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11200357 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11200357 d:CurrentFinancialInstruments 2023-12-31 11200357 d:CurrentFinancialInstruments 2022-12-31 11200357 d:Non-currentFinancialInstruments 2023-12-31 11200357 d:Non-currentFinancialInstruments 2022-12-31 11200357 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 11200357 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 11200357 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 11200357 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 11200357 d:ReportableOperatingSegment1 2023-01-01 2023-12-31 11200357 d:ReportableOperatingSegment1 2022-01-01 2022-12-31 11200357 d:ShareCapital 2023-12-31 11200357 d:ShareCapital 2022-12-31 11200357 d:ShareCapital 2022-01-01 11200357 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 11200357 d:RetainedEarningsAccumulatedLosses 2023-12-31 11200357 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 11200357 d:RetainedEarningsAccumulatedLosses 2022-12-31 11200357 d:RetainedEarningsAccumulatedLosses 2022-01-01 11200357 c:OrdinaryShareClass1 2023-01-01 2023-12-31 11200357 c:OrdinaryShareClass1 2023-12-31 11200357 c:OrdinaryShareClass1 2022-12-31 11200357 c:FRS102 2023-01-01 2023-12-31 11200357 c:Audited 2023-01-01 2023-12-31 11200357 c:FullAccounts 2023-01-01 2023-12-31 11200357 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11200357 d:WithinOneYear 2023-12-31 11200357 d:WithinOneYear 2022-12-31 11200357 d:BetweenOneFiveYears 2023-12-31 11200357 d:BetweenOneFiveYears 2022-12-31 11200357 2 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 11200357









INTRATONE UK LTD









DIRECTOR'S REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
INTRATONE UK LTD
 
 
COMPANY INFORMATION


Director
R P Leclerc 




Registered number
11200357



Registered office
Power Road Studios
114 Power Road Studios

Chiswick

London

W4 5PY




Independent auditor
Adler Shine LLP
Chartered Accountants and Statutory Auditor

Aston House

Cornwall Avenue

London

N3 1LF





 
INTRATONE UK LTD
 

CONTENTS



Page
Director's Report
 
1 - 2
Independent Auditors' Report
 
3 - 6
Statement of Comprehensive Income
 
7
Balance Sheet
 
8
Statement of Changes in Equity
 
9
Notes to the Financial Statements
 
10 - 22

 
INTRATONE UK LTD
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The director presents his report and the financial statements for the year ended 31 December 2023.

Director's responsibilities statement

The director is responsible for preparing the Director's Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Director

The director who served during the year was:

R P Leclerc 

Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company's auditors are unaware, and

he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditorsAdler Shine LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 1

 
INTRATONE UK LTD
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Small companies note

In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





R P Leclerc
Director

Date: 27 February 2024

Page 2

 
INTRATONE UK LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INTRATONE UK LTD
 

Opinion


We have audited the financial statements of Intratone UK Ltd (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 Company's affairs as at 31 December 2023 and of its 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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 director's 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 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 director with respect to going concern are described in the relevant sections of this report.


Page 3

 
INTRATONE UK LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INTRATONE UK LTD (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' Report thereon.  The director is responsible for the other information contained within the Annual Report.  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. 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 course of 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.


Opinion 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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Director's Report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Director's Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the director was not entitled to take advantage of the small companies' exemptions in preparing the Director's Report and from the requirement to prepare a Strategic Report.


Responsibilities of directors
 

As explained more fully in the Director's Responsibilities Statement set out on page 1, the director is 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 director determines is 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 director is responsible for assessing the 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 director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 4

 
INTRATONE UK LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INTRATONE UK LTD (CONTINUED)


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 an Auditors' Report 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. 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. 
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have:
• considered the nature of the industry and sectors, control environment and business performance;
• made enquires of management about their own identification and assessment of the risk of irregularities; 
• performed audit work over the risk of management override of controls, including testing of journal entries 
 and other adjustments for appropriateness, and reviewing accounting estimates for bias;
• undertaken appropriate sample based testing of bank transactions;
• identified and evaluated compliance with relevant laws and regulations and made enquiries of any
 instances of non-compliance;
• discussed matters among the audit engagement team regarding how and where fraud might occur in the
 financial statements and potential indicators of fraud.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditors' Report.
Page 5

 
INTRATONE UK LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INTRATONE UK LTD (CONTINUED)


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 2006Our 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 an Auditors' Report 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.





Alexander Chrysaphiades FCA (Senior Statutory Auditor)
  
for and on behalf of
Adler Shine LLP
 
Chartered Accountants and Statutory Auditor
  
Aston House
Cornwall Avenue
London
N3 1LF

27 February 2024
Page 6

 
INTRATONE UK LTD
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

  

Turnover
 4 
2,190,896
1,672,564

Cost of sales
  
(1,318,665)
(1,023,416)

Gross profit
  
872,231
649,148

Administrative expenses
  
(2,271,841)
(2,199,991)

Other operating income
 5 
1,475,469
-

Other operating charges
  
146,559
(363,449)

Operating profit/(loss)
 6 
222,418
(1,914,292)

Interest receivable and similar income
 9 
83
-

Interest payable and similar expenses
 10 
(292,215)
(89,921)

Loss before tax
  
(69,714)
(2,004,213)

Loss for the financial year
  
(69,714)
(2,004,213)

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 10 to 22 form part of these financial statements.

Page 7

 
INTRATONE UK LTD
REGISTERED NUMBER: 11200357

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible fixed assets
 11 
167,793
180,732

  
167,793
180,732

Current assets
  

Stocks
 12 
8,452
17,523

Debtors: amounts falling due after more than one year
 13 
49,332
49,332

Debtors: amounts falling due within one year
 13 
2,080,679
581,134

Cash at bank and in hand
 14 
332,179
263,014

  
2,470,642
911,003

Creditors: amounts falling due within one year
 15 
(9,048,478)
(7,821,817)

Net current liabilities
  
 
 
(6,577,836)
 
 
(6,910,814)

Total assets less current liabilities
  
(6,410,043)
(6,730,082)

Creditors: amounts falling due after more than one year
 16 
(1,265,683)
(875,930)

  

Net liabilities
  
(7,675,726)
(7,606,012)


Capital and reserves
  

Called up share capital 
 18 
100
100

Profit and loss account
 19 
(7,675,826)
(7,606,112)

  
(7,675,726)
(7,606,012)


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




R P Leclerc
Director

Date: 27 February 2024

The notes on pages 10 to 22 form part of these financial statements.
Page 8

 
INTRATONE UK LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
100
(5,601,899)
(5,601,799)


Comprehensive income for the year

Loss for the year
-
(2,004,213)
(2,004,213)



At 1 January 2023
100
(7,606,112)
(7,606,012)


Comprehensive income for the year

Loss for the year
-
(69,714)
(69,714)


At 31 December 2023
100
(7,675,826)
(7,675,726)


The notes on pages 10 to 22 form part of these financial statements.
Page 9

 
INTRATONE UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Intratone UK Ltd is a company limited by shares incorporated in England and Wales. The registered office is Power Road Studios, 114 Power Road Studios, Chiswick, London, W4 5PY. The principal activity of the Company is that of the wholesale of electronic and telecommunications equipment.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Cogelec S.A. as at 31 December 2023 and these financial statements may be obtained from cogelec.fr/en/investors/documentations.

Page 10

 
INTRATONE UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Going concern

The financial statements have been prepared on a going concern basis which assumes that the Company will be able to continue trading for the foreseeable future. 
The Company has net current liabilities of £6,577,836 (2022 - £6,910,814) at the balance sheet date. The main form of funding for the Company’s operations is through loans from its group totalling £8,641,535 (2022 - £7,549,023) included in current liabilities. Had these loans been treated as equity, the Company would have net current assets and of £2,063,699 (2022: £638,209). 
The Group has stated that it intends, without creating a contractual obligation, to provide such support as may be necessary to the Company, and confirmed the Group’s commitment to provide funds to meet ongoing expenses for at least 12 months from the date of approval of the financial statements.
The director is therefore satisfied that the going concern basis is appropriate for the preparation of these financial statements.

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 11

 
INTRATONE UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Revenue

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

Sale of goods

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

Rendering of services

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

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Temporary rent concessions occurring as a direct consequence of the COVID-19 pandemic have been recognised on a systematic basis over the periods that the change in lease payments is intended to compensate. This is conditional on:

the change in lease payments resulting in revised consideration for the lease that is less than the consideration for the lease immediately preceding the change;
any reduction in lease payments affecting only payments originally due on or before 30 June 2022;
there being no significant change to other terms and conditions of the lease.

Page 12

 
INTRATONE UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Interest income

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

 
2.8

Finance costs

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

 
2.9

Pensions

Defined contribution pension plan

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

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

 
2.10

Tangible fixed assets

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

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

Depreciation is provided on the following basis:

Short-term leasehold property
-
Over lease term
Office equipment
-
3 years straight line
Demo stocks & Equipment
-
3 - 5 years straight line

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

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

Page 13

 
INTRATONE UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Debtors

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

 
2.13

Cash and cash equivalents

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

 
2.14

Creditors

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

 
2.15

Financial instruments

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

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the
Page 14

 
INTRATONE UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.15
Financial instruments (continued)

asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements in conformity with FRS 102 requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Although these estimates are based on management's best knowledge of the amounts, events or actions, actual results ultimately may differ from these estimates.
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 
Tangible assets
Judgements have been made in relation to the lives of intangible & tangible assets, in particular the valuation, the useful economic lives and residual values. Having made due provision for amortisation, depreciation and, where necessary, impairment, the director has concluded that the asset values at the Balance Sheet date are appropriate.
Stocks
Stocks are initially recognised at cost, and subsequently at the lower of their cost and net realisable value. There is judgement involved in assessing the level of stock provision required in respect of slow moving stock. The directors has reviewed the stock obsolescence policy and is satisfied that stock is fairly valued at year end.
Trade debtors
Judgements have been made on the recoverability of trade debtors and the valuation of provisions and the director is satisfied that debts are recoverable.

Page 15

 
INTRATONE UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Sale of goods
2,190,896
1,672,564

2,190,896
1,672,564


All turnover arose within the United Kingdom.


5.


Other operating income

2023
2022
£
£

Other operating income
1,475,469
-

1,475,469
-



6.


Operating profit/(loss)

The operating profit/(loss) is stated after charging:

2023
2022
£
£

Exchange differences
(146,559)
363,449

Other operating lease rentals
151,346
131,466


7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors and their associates:


2023
2022
£
£

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
11,900
11,350

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 16

 
INTRATONE UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Employees

Staff costs were as follows:


2023
2022
£
£

Wages and salaries
942,341
772,812

Social security costs
104,452
102,379

Cost of defined contribution scheme
36,050
32,531

1,082,843
907,722


The average monthly number of employees, including the director, during the year was as follows:


        2023
        2022
            No.
            No.







Staff
19
18


9.


Interest receivable

2023
2022
£
£


Other interest receivable
83
-

83
-


10.


Interest payable and similar expenses

2023
2022
£
£


Loans from group undertakings
292,215
89,921

292,215
89,921

Page 17

 
INTRATONE UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Tangible fixed assets





Short-term leasehold property
Office equipment
Demo Stock &  Equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
137,843
27,350
310,153
475,346


Additions
-
5,325
68,171
73,496


Disposals
-
-
(186)
(186)



At 31 December 2023

137,843
32,675
378,138
548,656



Depreciation


At 1 January 2023
119,234
18,475
156,906
294,615


Charge for the year on owned assets
7,304
4,666
74,278
86,248



At 31 December 2023

126,538
23,141
231,184
380,863



Net book value



At 31 December 2023
11,305
9,534
146,954
167,793



At 31 December 2022
18,609
8,876
153,247
180,732

Page 18

 
INTRATONE UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Stocks

2023
2022
£
£

Finished goods and goods for resale
8,452
17,523

8,452
17,523


Stock recognised in cost of sales during the year as an expense was £1,318,665 (2022 - £1,023,416).


13.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
49,332
49,332

49,332
49,332


2023
2022
£
£

Due within one year

Trade debtors
367,121
393,546

Amounts owed by group undertakings
1,475,469
-

Other debtors
8,401
7,704

Prepayments and accrued income
229,688
179,884

2,080,679
581,134



14.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
332,179
263,014

332,179
263,014


Page 19

 
INTRATONE UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
60,926
81,258

Amounts owed to group undertakings
8,641,535
7,549,023

Other taxation and social security
128,160
81,815

Other creditors
12,479
11,007

Accruals and deferred income
205,378
98,714

9,048,478
7,821,817



16.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Accruals and deferred income
1,265,683
875,930

1,265,683
875,930


The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2023
2022
£
£


Later than 1 year and not later than 2 years
120,436
83,525

Later than 2 years and not later than 5 years
240,213
167,279

Later than 5 years
905,033
625,126

1,265,682
875,930

Please provide details of the terms of payment or repayment and the rates of any interest payable on the amounts repayable more than 5 years after the balance sheet date.


17.


Deferred taxation


The deferred tax asset arising on tax losses carried forward to future periods have not been recognised.

Page 20

 
INTRATONE UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100

There is a single class of ordinary shares. There are no restriction on the distribution of dividends and repayment of capital.


19.


Reserves

Profit and loss account

The profit and loss account includes all cumulative retained profits and losses.


20.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £36,050 (2022 - £32,531). Contributions totalling £12,084 (2022 - £10,613) were payable to the fund at the reporting date and are included in other creditors.


21.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
55,634
95,372

Later than 1 year and not later than 5 years
-
55,634

55,634
151,006

Since the balance sheet date, the company has entered into negotiations with the landlord to extend the current property lease agreement. The terms of the agreement have yet to be finalised at the date of approval of these financial statements. 
The information in the table above therefore represents the lease commitments of the existing lease.
In light of the proposed lease extension, rent deposits included within debtors due after more than one year have not been reclassified to debtors due within one year. 

Page 21

 
INTRATONE UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

22.


Related party transactions

The Company has taken advantage of exemptions available in FRS102 whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary of the Group.


23.


Controlling party

The Company is under the control of Cogelec S.A., a company which is incorporated in France. The accounts of the Company are included in the consolidated financial statements of Cogelec S.A., copies of which can be obtained at cogelec.fr/en/investors/documentations.

 
Page 22