Company registration number 09938494 (England and Wales)
INTEC SELECT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
INTEC SELECT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
INTEC SELECT LIMITED (REGISTERED NUMBER: 09938494)
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
132,416
187,566
Current assets
Debtors
4
2,277,887
4,153,834
Cash at bank and in hand
1,172,089
662,967
3,449,976
4,816,801
Creditors: amounts falling due within one year
5
(2,134,066)
(3,105,341)
Net current assets
1,315,910
1,711,460
Total assets less current liabilities
1,448,326
1,899,026
Provisions for liabilities
(33,104)
(35,637)
Net assets
1,415,222
1,863,389
Capital and reserves
Called up share capital
6
182
182
Share premium account
8,650
8,650
Profit and loss reserves
1,406,390
1,854,557
Total equity
1,415,222
1,863,389
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 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.
INTEC SELECT LIMITED (REGISTERED NUMBER: 09938494)
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 21 June 2024 and are signed on its behalf by:
Mr S Kennedy
Director
INTEC SELECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Intec Select Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, Maidstone House, King Street, Maidstone, Kent, ME15 6JQ.
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 £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
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.
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:
Computers
25% and 33% Straight Line
Motor vehicles
20% 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.
1.4
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.
INTEC SELECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
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.
1.5
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
Leases
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
47
64
INTEC SELECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Tangible fixed assets
Computers
Motor vehicles
Total
£
£
£
Cost
At 1 April 2023
229,626
87,046
316,672
Additions
5,895
5,895
Disposals
(26,046)
(26,046)
At 31 March 2024
209,475
87,046
296,521
Depreciation and impairment
At 1 April 2023
96,841
32,265
129,106
Depreciation charged in the year
49,806
10,956
60,762
Eliminated in respect of disposals
(25,763)
(25,763)
At 31 March 2024
120,884
43,221
164,105
Carrying amount
At 31 March 2024
88,591
43,825
132,416
At 31 March 2023
132,785
54,781
187,566
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,067,775
3,809,898
Other debtors
210,112
343,936
2,277,887
4,153,834
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,015,906
1,988,797
Taxation and social security
560,069
766,811
Other creditors
558,091
349,733
2,134,066
3,105,341
INTEC SELECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A Shares of 1p each
6,100
10,000
61
100
Ordinary B Shares of 1p each
1,100
1,100
11
11
Ordinary C Shares of 1p each
6,200
6,200
62
62
Ordinary D Shares of 1p each
910
910
9
9
Ordinary E Shares of 1p each
3,900
-
39
-
18,210
18,210
182
182
7
Financial commitments, guarantees and contingent liabilities
A charge exists over the assets held by the Company by way of fixed and floating charge.
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
263,364
329,205
9
Related party transactions
Included in other creditors is an amount of £471,649 (2023 : £146,977) owed to a company under common control.