Company registration number 8243986 (England and Wales)
IBEX TECHNICAL ACCESS LTD
Unaudited Financial Statements
for the Year Ended 31 December 2023
IBEX TECHNICAL ACCESS LTD
Contents
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
IBEX TECHNICAL ACCESS LTD
Company Information
- 1 -
Director
Mr S L Roberts
Company number
8243986
Registered office
Unit 18
Little Castle Business Park
Pen-Y-Parc Road
Raglan
Monmouthsire
NP15 2BX
Accountants
Mitchell Associates Ltd
The Business Park
Triangle Business Centre
Merthyr Tydfil
CF48 4TQ
IBEX TECHNICAL ACCESS LTD
Balance Sheet
As at 31 December 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
35,984
-
0
Tangible assets
4
248,897
234,111
284,881
234,111
Current assets
Debtors
5
280,468
295,017
Cash at bank and in hand
53,643
108,765
334,111
403,782
Creditors: amounts falling due within one year
6
(179,536)
(179,539)
Net current assets
154,575
224,243
Total assets less current liabilities
439,456
458,354
Creditors: amounts falling due after more than one year
7
(73,120)
(85,268)
Provisions for liabilities
(43,361)
(44,173)
Net assets
322,975
328,913
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
322,974
328,912
Total equity
322,975
328,913
IBEX TECHNICAL ACCESS LTD
Balance Sheet
As at 31 December 2023
31 December 2023
- 3 -

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved and signed by the director and authorised for issue on 9 April 2024
Mr S L Roberts
Director
Company Registration No. 8243986
IBEX TECHNICAL ACCESS LTD
Notes to the Financial Statements
For the Year Ended 31 December 2023
- 4 -
1
Accounting policies
Company information

Ibex Technical Access Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 18, Little Castle Business Park, Pen-Y-Parc Road, Raglan, Monmouthsire, NP15 2BX.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

 

The company recognises Turnover when:

The amount of Turnover can be reliably measured;

it is probable that future economic benefits will flow to the entity;

and specific criteria have been met for each of the company's activities.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
25% straight line
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

IBEX TECHNICAL ACCESS LTD
Notes to the Financial Statements
For the Year Ended 31 December 2023
1
Accounting policies
- 5 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% on cost
Fixtures and fittings
10% reducing balance
Computers
25% on cost
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

IBEX TECHNICAL ACCESS LTD
Notes to the Financial Statements
For the Year Ended 31 December 2023
1
Accounting policies
- 6 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are recognised at transaction price.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction price.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

IBEX TECHNICAL ACCESS LTD
Notes to the Financial Statements
For the Year Ended 31 December 2023
- 7 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
11
10
3
Intangible fixed assets
Software
£
Cost
At 1 January 2023
-
0
Additions
41,260
At 31 December 2023
41,260
Amortisation and impairment
At 1 January 2023
-
0
Amortisation charged for the year
5,276
At 31 December 2023
5,276
Carrying amount
At 31 December 2023
35,984
At 31 December 2022
-
0
IBEX TECHNICAL ACCESS LTD
Notes to the Financial Statements
For the Year Ended 31 December 2023
- 8 -
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
226,490
28,021
9,178
225,549
489,238
Additions
66,520
-
0
-
0
35,520
102,040
Disposals
-
0
-
0
-
0
(6,220)
(6,220)
At 31 December 2023
293,010
28,021
9,178
254,849
585,058
Depreciation and impairment
At 1 January 2023
135,976
9,637
6,467
103,047
255,127
Depreciation charged in the year
48,622
1,838
1,462
33,389
85,311
Eliminated in respect of disposals
-
0
-
0
-
0
(4,277)
(4,277)
At 31 December 2023
184,598
11,475
7,929
132,159
336,161
Carrying amount
At 31 December 2023
108,412
16,546
1,249
122,690
248,897
At 31 December 2022
90,514
18,384
2,711
122,502
234,111
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
237,609
253,163
Other debtors
42,859
41,854
280,468
295,017
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,026
9,718
Trade creditors
57,901
60,634
Taxation and social security
73,149
76,667
Other creditors
38,460
32,520
179,536
179,539
IBEX TECHNICAL ACCESS LTD
Notes to the Financial Statements
For the Year Ended 31 December 2023
- 9 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
25,014
30,103
Other creditors
48,106
55,165
73,120
85,268
8
Loans and overdrafts
2023
2022
£
£
Bank loans
35,040
39,821
Payable within one year
10,026
9,718
Payable after one year
25,014
30,103

Bank borrowings

HSBC Bounce Back Loan is denominated in GBP with a nominal interest rate of 2.5% interest free for the first 12 months, and the final instalment is due on 30 April 2030. The carrying amount at year end is £35,040 (2022 - £39,821).

 

The loan is not secured

9
Operating lease commitments
Lessee

The total amount of financial commitments not included in the balance sheet is £4,400 (2022 - £17,600). This is made up a rental lease agreement ending in 2024 with monthly payments of £1,100 per month.

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