Caseware UK (AP4) 2022.0.179 2022.0.179 2023-06-302023-06-302022-07-01false1616truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10253996 2022-07-01 2023-06-30 10253996 2021-07-01 2022-06-30 10253996 2023-06-30 10253996 2022-06-30 10253996 2021-07-01 10253996 c:Director1 2022-07-01 2023-06-30 10253996 d:PlantMachinery 2022-07-01 2023-06-30 10253996 d:PlantMachinery 2023-06-30 10253996 d:PlantMachinery 2022-06-30 10253996 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 10253996 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-07-01 2023-06-30 10253996 d:MotorVehicles 2022-07-01 2023-06-30 10253996 d:MotorVehicles 2023-06-30 10253996 d:MotorVehicles 2022-06-30 10253996 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 10253996 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-07-01 2023-06-30 10253996 d:FurnitureFittings 2022-07-01 2023-06-30 10253996 d:FurnitureFittings 2023-06-30 10253996 d:FurnitureFittings 2022-06-30 10253996 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 10253996 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2022-07-01 2023-06-30 10253996 d:OfficeEquipment 2022-07-01 2023-06-30 10253996 d:OfficeEquipment 2023-06-30 10253996 d:OfficeEquipment 2022-06-30 10253996 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 10253996 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2022-07-01 2023-06-30 10253996 d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 10253996 d:LeasedAssetsHeldAsLessee 2022-07-01 2023-06-30 10253996 d:CurrentFinancialInstruments 2023-06-30 10253996 d:CurrentFinancialInstruments 2022-06-30 10253996 d:Non-currentFinancialInstruments 2023-06-30 10253996 d:Non-currentFinancialInstruments 2022-06-30 10253996 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 10253996 d:CurrentFinancialInstruments d:WithinOneYear 2022-06-30 10253996 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 10253996 d:Non-currentFinancialInstruments d:AfterOneYear 2022-06-30 10253996 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-06-30 10253996 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-06-30 10253996 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-06-30 10253996 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-06-30 10253996 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-06-30 10253996 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-06-30 10253996 d:ShareCapital 2023-06-30 10253996 d:ShareCapital 2022-06-30 10253996 d:RetainedEarningsAccumulatedLosses 2023-06-30 10253996 d:RetainedEarningsAccumulatedLosses 2022-06-30 10253996 d:AcceleratedTaxDepreciationDeferredTax 2023-06-30 10253996 d:AcceleratedTaxDepreciationDeferredTax 2022-06-30 10253996 d:TaxLossesCarry-forwardsDeferredTax 2023-06-30 10253996 d:TaxLossesCarry-forwardsDeferredTax 2022-06-30 10253996 d:RetirementBenefitObligationsDeferredTax 2023-06-30 10253996 d:RetirementBenefitObligationsDeferredTax 2022-06-30 10253996 c:OrdinaryShareClass1 2022-07-01 2023-06-30 10253996 c:OrdinaryShareClass1 2023-06-30 10253996 c:OrdinaryShareClass1 2022-06-30 10253996 c:FRS102 2022-07-01 2023-06-30 10253996 c:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 10253996 c:FullAccounts 2022-07-01 2023-06-30 10253996 c:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 10253996 d:HirePurchaseContracts d:WithinOneYear 2023-06-30 10253996 d:HirePurchaseContracts d:WithinOneYear 2022-06-30 10253996 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-06-30 10253996 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-06-30 10253996 2 2022-07-01 2023-06-30 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 10253996









INTRINSIC FIRE PROTECTION LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2023

 
INTRINSIC FIRE PROTECTION LIMITED
REGISTERED NUMBER: 10253996

BALANCE SHEET
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
11,430
28,414

  
11,430
28,414

Current assets
  

Stocks
  
28,584
15,716

Debtors: amounts falling due within one year
 5 
586,838
541,571

  
615,422
557,287

Creditors: amounts falling due within one year
 6 
(843,060)
(718,480)

Net current liabilities
  
 
 
(227,638)
 
 
(161,193)

Total assets less current liabilities
  
(216,208)
(132,779)

Creditors: amounts falling due after more than one year
 7 
(40,247)
(60,631)

  

Net liabilities
  
(256,455)
(193,410)


Capital and reserves
  

Called up share capital 
 11 
135
135

Profit and loss account
  
(256,590)
(193,545)

  
(256,455)
(193,410)


Page 1

 
INTRINSIC FIRE PROTECTION LIMITED
REGISTERED NUMBER: 10253996

BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 February 2024.

C S Spruce
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
INTRINSIC FIRE PROTECTION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

Intrinsic Fire Protection Limited is a private Company limited by shares incorporated in England, within the United Kingdom. The address of the registered office is Causeway House, 1 Dane Street, Bishops
Stortford, Hertfordshire, CM23 3BT. The Company is not part of a group.

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 Section 1A of 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 judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company has been badly affected by restrictions caused by the COVID-19 pandemic over the last 3 years with many delayed contracts, most of which are now underway.
With a full order book, the Company, with the continued support of the Directors and Shareholders, are confident to prepare the financial statements as an on-going concern basis and remain committed to the growth and success over the coming years.

Page 3

 
INTRINSIC FIRE PROTECTION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.3

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.

 
2.4

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:

Plant and machinery
-
2 years straight line
Motor vehicles
-
4 years straight line
Fixtures and fittings
-
2 years straight line
Office equipment
-
2 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 the Statement of Income and Retained Earnings.

Page 4

 
INTRINSIC FIRE PROTECTION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.5

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 the Statement of Income and Retained Earnings.

 
2.6

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.

 
2.7

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
 

Page 5

 
INTRINSIC FIRE PROTECTION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)


2.7
Financial instruments (continued)

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.8

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.

 
2.9

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed
assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of Income and Retained Earnings so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 6

 
INTRINSIC FIRE PROTECTION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.10

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 the Statement of Income and Retained Earnings 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.

 
2.11

Interest income

Interest income is recognised in the Statement of Income and Retained Earnings using the effective interest method.

 
2.12

Borrowing costs

All borrowing costs are recognised in the Statement of Income and Retained Earnings in the year in which they are incurred.

 
2.13

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 16 (2022 - 16).

Page 7

 
INTRINSIC FIRE PROTECTION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 July 2022
500
66,007
5,944
9,251
81,702


Additions
-
-
343
708
1,051



At 30 June 2023

500
66,007
6,287
9,959
82,753



Depreciation


At 1 July 2022
500
38,833
5,163
8,792
53,288


Charge for the year on owned assets
-
-
852
681
1,533


Charge for the year on financed assets
-
16,502
-
-
16,502



At 30 June 2023

500
55,335
6,015
9,473
71,323



Net book value



At 30 June 2023
-
10,672
272
486
11,430



At 30 June 2022
-
27,174
781
459
28,414


5.


Debtors

2023
2022
£
£


Trade debtors
363,095
280,515

Other debtors
-
14,413

Prepayments and accrued income
143,365
203,748

Tax recoverable
4,011
4,034

Deferred taxation
76,367
38,861

586,838
541,571


Page 8

 
INTRINSIC FIRE PROTECTION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
39,093
18,903

Bank loans
12,432
11,959

Other loans
311,689
254,073

Trade creditors
106,729
47,442

Corporation tax
-
4,034

Other taxation and social security
333,616
289,016

Obligations under finance lease and hire purchase contracts
7,638
17,788

Other creditors
24,887
39,885

Accruals and deferred income
6,976
35,380

843,060
718,480


The following liabilities were secured:
Obligations under finance lease and hire purchase contracts amounting to £13,050 (2022: £31,187) are
secured on the assets concerned. 
Bank loans and overdrafts amounting to £56,455 (2022: £38,421) are secured via a fixed and floating
charge over the Company's assets.








7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
34,835
47,232

Net obligations under finance leases and hire purchase contracts
5,412
13,399

40,247
60,631


Page 9

 
INTRINSIC FIRE PROTECTION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

8.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
12,432
11,959

Other loans
311,689
254,073


324,121
266,032

Amounts falling due 1-2 years

Bank loans
12,909
12,432

Amounts falling due 2-5 years

Bank loans
18,891
28,486

Amounts falling due after more than 5 years

Bank loans
3,035
6,314

358,956
313,264



9.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
8,007
13,136

Between 1-5 years
4,956
2,974

12,963
16,110
Page 10

 
INTRINSIC FIRE PROTECTION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

10.


Deferred taxation




2023
2022


£

£






At beginning of year
38,861
81


Charged to profit or loss
37,506
38,780



At end of year
76,367
38,861

The deferred tax asset is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(2,857)
(5,399)

Tax losses carried forward
79,028
44,112

Pension surplus
196
148

76,367
38,861


11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



135 (2022 - 135) Ordinary shares of £1.00 each
135
135



12.


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 £9,886 (2022 - £10,351). Contributions totalling £2,098 (2022 - £2,078) were payable to the fund at the balance sheet date and are included in creditors.


13.


Related party transactions

During the year the Company operated a loan account with one of the shareholders. The amount owed to the shareholder at the year end amounted to £311,689 (2022: £254,073). The loan is interest free and repayable on demand.
At the year end, the Company owed an amount of £12,335 (2022: £10,543) to the directors of the Company. The loan is repayable on demand. Interest of £248 (2022: £251) has been charged at the approved HMRC rates.


Page 11