Company Registration No. 05264494 (England and Wales)
INTRA LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
INTRA LIMITED
COMPANY INFORMATION
Directors
J Battista Jr
J Shaw
J Battista III
Company number
05264494
Registered office
c/o Birketts LLP
Brierly Place
160 - 162 New London Road
Chelmsford
Essex
CM2 0AP
Auditor
Rickard Luckin Limited
1st Floor
County House
100 New London Road
Chelmsford
Essex
CM2 0RG
Business address
25/27 Wilbury Way
Hitchin
Hertfordshire
SG4 0TS
INTRA LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 11
INTRA LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
5
2,569
3,089
Tangible assets
6
333,132
287,927
335,701
291,016
Current assets
Stocks
3,226,179
1,797,160
Debtors
7
3,278,384
2,589,287
Cash at bank and in hand
2,088,415
1,738,591
8,592,978
6,125,038
Creditors: amounts falling due within one year
8
(5,907,491)
(4,411,581)
Net current assets
2,685,487
1,713,457
Total assets less current liabilities
3,021,188
2,004,473
Creditors: amounts falling due after more than one year
9
(70,000)
(122,000)
Provisions for liabilities
10
(137,173)
(125,536)
Net assets
2,814,015
1,756,937
Capital and reserves
Called up share capital
13
1,000,001
1,000,001
Capital redemption reserve
78,049
78,049
Profit and loss reserves
11
1,735,965
678,887
Total equity
2,814,015
1,756,937

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

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 by the board of directors and authorised for issue on 3 June 2024 and are signed on its behalf by:
J Battista Jr
Director
Company Registration No. 05264494
INTRA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Intra Limited is a private company limited by shares incorporated in England and Wales. The registered office is Brierly Place, 160 - 162 New London Road, Chelmsford, Essex, CM2 0AP.

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. The principal accounting policies adopted are set out below.

1.2
Going concern

The financial statements are prepared on a going concern basis. trueAt the time of approving these financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for at least the next 12 months. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for sale of goods and services in the ordinary nature of the business. Turnover is shown net of Value Added Tax of goods sold and services provided to customers.

Revenue from contracts are recognised by reference to the stage of completion as set out in note 1.9 to the financial statements.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
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.

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:

Development Costs
5 years
1.6
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.

INTRA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -

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 machinery
Straight line over 3 to 10 years
Fixtures, fittings & equipment
Straight line over 3 years

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.

1.7
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.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Long term contracts

Where the outcome of a long term contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a long term contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

INTRA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -

The “percentage of completion method” is used to determine the appropriate amount of turnover and costs to recognise in a given period. The stage of completion is measured by the actual hours worked on a contract at the year end, compared to the total budgeted hours estimated to complete the contract.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

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 initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

INTRA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.13
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 taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes.  The deferred tax balance has not been discounted.

Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available from which the reversal of the underlying timing differences can be utilised.  Deferred tax assets are not discounted.
1.14
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.15
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.

1.16
Retirement benefits
The pension costs charged in the financial statements represent the contributions payable by the company during the period to defined contribution schemes.  Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet.
INTRA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.17
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.

1.18
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.19
Product warranty

Warranties are granted on the company's products and provisions are made for these where there is an expectation that a claim will be made on these.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Long-term contracts

Profits on long-term contracts are recognised as they progress. Estimation is involved in arriving at labour hours required to complete a job which is used to estimate the percentage of completion on contracts and therefore the level of profits to be recognised on those contracts.

3
Employees

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

2023
2022
Number
Number
Total
28
31
INTRA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
4
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
316,062
9,775
Deferred tax
Origination and reversal of timing differences
11,637
136,633
Total tax charge
327,699
146,408
5
Intangible fixed assets
Other
£
Cost
At 1 January 2023 and 31 December 2023
3,640
Amortisation and impairment
At 1 January 2023
551
Amortisation charged for the year
520
At 31 December 2023
1,071
Carrying amount
At 31 December 2023
2,569
At 31 December 2022
3,089
INTRA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
6
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
572,171
Additions
117,676
Disposals
(30,500)
At 31 December 2023
659,347
Depreciation and impairment
At 1 January 2023
284,244
Depreciation charged in the year
44,171
Eliminated in respect of disposals
(2,200)
At 31 December 2023
326,215
Carrying amount
At 31 December 2023
333,132
At 31 December 2022
287,927
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,594,721
1,642,849
Other debtors
683,663
946,438
3,278,384
2,589,287
INTRA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
1,112,593
629,444
Trade creditors
1,495,809
1,400,171
Corporation tax
316,038
9,775
Other taxation and social security
69,240
72,218
Other creditors
2,913,811
2,299,973
5,907,491
4,411,581

Included within other creditors is a director's loan which is secured by a fixed and floating charge over the assets of the company.

 

HM Revenue and Customs have a guarantee in place that they may call on for an amount up to £22,000 over the company's bank account in the event that the company does not settle its liabilities with HM Revenue & Customs on time.

Stock includes raw materials and finished goods that are subject to reservation of title until they have been fully paid for.

 

Two of the bank loans are secured over the intellectual property and equipment of the company.

9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
70,000
122,000
10
Provisions for liabilities
2023
2022
£
£
Warranty provision
18,000
18,000
Dilapidation provision
40,000
40,000
58,000
58,000
Deferred tax liabilities
79,173
67,536
137,173
125,536
Movements on provisions apart from deferred tax liabilities:
Warranty provision
Dilapidation provision
Total
£
£
£
At 1 January 2023 and 31 December 2023
18,000
40,000
58,000
INTRA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
11
Profit and loss reserves

The profit and loss reserves are wholly distributable.

12
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Joanna Southon
Statutory Auditor:
Rickard Luckin Limited
Date of audit report:
3 June 2024
13
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
1,000,001 Ordinary shares of £1 each
1,000,001
1,000,001
14
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:

2023
2022
£
£
103,937
75,340
15
Directors' transactions

At the year end, the company owed a director £1,124,824 (2022: £1,170,798) and this balance is included within creditors. Interest of £115,809 (2022: £114,372) was charged on this loan by the director.

 

During the year, dividends of £Nil (2022: £250,138) were paid to a director of the company.

INTRA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
16
Related party transactions

During the year the company undertook transactions with companies under common control. These transactions comprised of purchases and management charges from a related company totalling £4,245,746 (2022: £924,438) and sales to a related company of £478,909 (2022: £743,518). As at 31 December 2023 the company was owed £131,150 (2022: -£12,995) by this related company. This balance is included within debtors. The company also owed this related company £852,652 (2022: £64,056). This balance is included within creditors.

 

During the year, the company undertook transactions with another company under common control. These transactions comprised of purchases and management charges from this related company totalling £311,492 (2022: £165,996). As at 31 December 2023, the company owed a net balance to this related company of £168,291 (2022: £179,694).

 

During the year, the company undertook transactions with a third company under common control. These transactions comprised of a loan of £243,747 (2022: £nil) to the related company. As at 31 December 2023, the company was owed £81,249 (2022: £nil) by this related company.

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