Acorah Software Products - Accounts Production 15.0.500 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 10982417 Mr A Akawi Mr R J Corder Mr T J Spencer-Davies ITP Holdings Inc iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 10982417 frs-core:CurrentFinancialInstruments frs-core:WithinOneYear 2023-12-31 10982417 frs-core:Non-currentFinancialInstruments frs-core:BetweenOneFiveYears 2023-12-31 10982417 2022-12-31 10982417 2023-12-31 10982417 2023-01-01 2023-12-31 10982417 frs-core:CurrentFinancialInstruments 2023-12-31 10982417 frs-core:Non-currentFinancialInstruments 2023-12-31 10982417 frs-core:ComputerEquipment 2023-12-31 10982417 frs-core:ComputerEquipment 2023-01-01 2023-12-31 10982417 frs-core:ComputerEquipment 2022-12-31 10982417 frs-core:FurnitureFittings 2023-12-31 10982417 frs-core:FurnitureFittings 2023-01-01 2023-12-31 10982417 frs-core:FurnitureFittings 2022-12-31 10982417 frs-core:PlantMachinery 2023-12-31 10982417 frs-core:PlantMachinery 2023-01-01 2023-12-31 10982417 frs-core:PlantMachinery 2022-12-31 10982417 frs-core:OtherReservesSubtotal 2023-01-01 2023-12-31 10982417 frs-core:OtherReservesSubtotal 2023-12-31 10982417 frs-core:ShareCapital 2023-12-31 10982417 frs-core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 10982417 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 10982417 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10982417 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 10982417 frs-bus:SmallEntities 2023-01-01 2023-12-31 10982417 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 10982417 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 10982417 frs-bus:Director1 2023-01-01 2023-12-31 10982417 frs-bus:Director2 2023-01-01 2023-12-31 10982417 frs-bus:Director3 2023-01-01 2023-12-31 10982417 frs-bus:Director4 2023-01-01 2023-12-31 10982417 frs-countries:EnglandWales 2023-01-01 2023-12-31 10982417 frs-core:CurrentFinancialInstruments frs-core:WithinOneYear 2022-12-31 10982417 frs-core:Non-currentFinancialInstruments frs-core:BetweenOneFiveYears 2022-12-31 10982417 2021-12-31 10982417 2022-12-31 10982417 2022-01-01 2022-12-31 10982417 frs-core:CurrentFinancialInstruments 2022-12-31 10982417 frs-core:Non-currentFinancialInstruments 2022-12-31 10982417 frs-core:OtherReservesSubtotal 2021-12-31 10982417 frs-core:OtherReservesSubtotal 2022-12-31 10982417 frs-core:ShareCapital 2021-12-31 10982417 frs-core:ShareCapital 2022-12-31 10982417 frs-core:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 10982417 frs-core:RetainedEarningsAccumulatedLosses frs-core:PreviouslyStatedAmount 2021-12-31 10982417 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 10982417
ITP Promedia Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Statement of Changes in Equity 3
Notes to the Financial Statements 4—7
Page 1
Balance Sheet
Registered number: 10982417
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 17,040 17,054
17,040 17,054
CURRENT ASSETS
Debtors 5 1,200,034 1,226,591
Cash at bank and in hand 423,427 116,986
1,623,461 1,343,577
Creditors: Amounts Falling Due Within One Year 6 (532,460 ) (418,235 )
NET CURRENT ASSETS (LIABILITIES) 1,091,001 925,342
TOTAL ASSETS LESS CURRENT LIABILITIES 1,108,041 942,396
Creditors: Amounts Falling Due After More Than One Year 7 (61,355 ) (209,173 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (4,259 ) (907 )
NET ASSETS 1,042,427 732,316
CAPITAL AND RESERVES
Called up share capital 9 100 100
Other reserves - (570,645 )
Profit and Loss Account 1,042,327 1,302,861
SHAREHOLDERS' FUNDS 1,042,427 732,316
Page 1
Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr T J Spencer-Davies
Director
31st July 2024
The notes on pages 4 to 7 form part of these financial statements.
Page 2
Page 3
Statement of Changes in Equity
Share Capital Other reserves Profit and Loss Account Total
£ £ £ £
As at 1 January 2022 100 (570,645 ) 738,911 168,366
Profit for the year and total comprehensive income - - 563,950 563,950
As at 31 December 2022 and 1 January 2023 100 (570,645 ) 1,302,861 732,316
Profit for the year and total comprehensive income - - 310,111 310,111
Transfer to/from Other Reserves - - (570,645) (570,645)
Transfer to/from Profit & Loss Account - 570,645 - 570,645
As at 31 December 2023 100 - 1,042,327 1,042,427
Page 3
Page 4
Notes to the Financial Statements
1. General Information
ITP Promedia Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10982417 . The registered office is 7 Bell Yard, London, WC2A 2JR.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery Straight line over 3 years
Fixtures & Fittings Straight line over 3 years
Computer Equipment Straight line over 3 years
2.4. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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.
...CONTINUED
Page 4
Page 5
2.5. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.6. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme. At the balance sheet date unpaid contributions of £3,918 (2022: £4,035) were due to the fund. They are included in Other Creditors.
2.7. Presentation currency
The accounts are presented in £ sterling.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 18 (2022: 16)
18 16
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2023 13,999 1,920 11,003 26,922
Additions 4,075 - 3,615 7,690
As at 31 December 2023 18,074 1,920 14,618 34,612
Depreciation
As at 1 January 2023 778 163 8,927 9,868
Provided during the period 5,276 660 1,768 7,704
As at 31 December 2023 6,054 823 10,695 17,572
Net Book Value
As at 31 December 2023 12,020 1,097 3,923 17,040
As at 1 January 2023 13,221 1,757 2,076 17,054
Page 5
Page 6
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 388,210 420,047
Prepayments and accrued income 17,476 -
Other debtors 53,157 65,353
458,843 485,400
Due after more than one year
Other debtors 741,191 741,191
741,191 741,191
1,200,034 1,226,591
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 250,012 170,356
Bank loans and overdrafts 9,950 -
Corporation tax 108,390 78,499
Other taxes and social security 37,517 20,250
VAT 4,195 3,506
Other creditors 17,730 80,724
Accruals and deferred income 104,666 64,900
532,460 418,235
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 22,387 42,287
Accruals and deferred income 38,968 166,886
61,355 209,173
Page 6
Page 7
8. Loans
An analysis of the maturity of loans is given below:
2023 2022
£ £
Amounts falling due within one year or on demand:
Bank loans 9,950 -
9,950 -
2023 2022
£ £
Amounts falling due between one and five years:
Bank loans 22,387 42,287
22,387 42,287
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
Page 7