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REGISTERED NUMBER: 08746894 (England and Wales)




















Unaudited Financial Statements

for the Year Ended 30 November 2023

for

indTech Limited

indTech Limited (Registered number: 08746894)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


indTech Limited

Company Information
for the Year Ended 30 November 2023







DIRECTORS: F J Tracey
G G Tarrant





REGISTERED OFFICE: Hermes House
Fire Fly Avenue
Swindon
Wiltshire
SN2 2GA





REGISTERED NUMBER: 08746894 (England and Wales)

indTech Limited (Registered number: 08746894)

Balance Sheet
30 November 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 70,265 62,617

CURRENT ASSETS
Stocks 148,178 172,178
Debtors 5 431,449 487,839
Cash at bank and in hand 1,732,869 1,719,383
2,312,496 2,379,400
CREDITORS
Amounts falling due within one year 6 675,654 867,067
NET CURRENT ASSETS 1,636,842 1,512,333
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,707,107

1,574,950

PROVISIONS FOR LIABILITIES 7,000 9,491
NET ASSETS 1,700,107 1,565,459

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,700,007 1,565,359
1,700,107 1,565,459

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 August 2024 and were signed on its behalf by:




F J Tracey - Director


indTech Limited (Registered number: 08746894)

Notes to the Financial Statements
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

indTech Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the company and value added taxes.

Where the consideration receivable in cash or cash equivalents is deferred, and the arrangement constitutes a financing transactions, the fair value of the consideration is measured as the present value of all future receipts using the inputed rate of interest.

The Company recognises revenue when the following conditions are satisfied:
i. the Company has transferred to the buyer the significant risks and rewards of ownership of the goods;
ii. the Company retains neither continuing managerial involvement to the degree associated with ownership nor effective control over the goods sold;
iii. the amount of revenue can be measured reliably;
iv. it is probable that the economic benefits associated with the transaction can be measured reliably.

Sale of goods and services
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the balance sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the balance sheet date. Where payments are received from customer in advance of services provided the amounts are recorded as deferred income and included as part of creditors due within one year.

Interest receivable
Interest income is recognised using the effective interest method.

indTech Limited (Registered number: 08746894)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs and borrowing costs capitalised.

Depreciation and residual values
Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life as follows:

Leasehold - 5% Straight line
Improvement to Property - 10% Straight line
Plant and machinery and tools - 25% Straight line
Fixtures and fittings - 25% Straight line
Computer equipment - 15% Straight line
Motor vehicles - 20% Straight line

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any changes is accounted for prospectively.

Subsequent additions and major components
Subsequent costs are included in the assets carrying amount or recognised as a separate asset, as appropriate, only when it is probable that economic benefits associated with the item will flow to the company and the cost can be measured reliably.

The carrying amount of any replaced component is derecognised. Major components are treated as a separate asset when they have significantly different patterns of consumption of economic benefits and are depreciated separately over its useful life.

Repairs and maintenance costs are expensed as incurred.

Assets in the course of construction
Assets in the course of construction are stated at cost. These assets are not depreciated until they are available for use.

Stocks
Stock is stated at the lower of cost and estimated selling price less costs to complete and sell. Stock is recognised as an expense in the period in which the related revenue is recognised.

At the end of each reporting period stock is assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment is recognised in the profit and loss account. Where a reversal of the impairment is recognised the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


indTech Limited (Registered number: 08746894)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
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 obligations are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 8 ) .

4. TANGIBLE FIXED ASSETS
Improvements
Long to Plant and
leasehold property machinery
£    £    £   
COST
At 1 December 2022 27,660 - 37
Additions - 18,478 -
At 30 November 2023 27,660 18,478 37
DEPRECIATION
At 1 December 2022 4,149 - 37
Charge for year 1,383 1,848 -
At 30 November 2023 5,532 1,848 37
NET BOOK VALUE
At 30 November 2023 22,128 16,630 -
At 30 November 2022 23,511 - -

indTech Limited (Registered number: 08746894)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

4. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 December 2022 45,022 46,270 17,020 136,009
Additions 666 7,000 - 26,144
At 30 November 2023 45,688 53,270 17,020 162,153
DEPRECIATION
At 1 December 2022 23,628 31,213 14,365 73,392
Charge for year 9,038 5,759 468 18,496
At 30 November 2023 32,666 36,972 14,833 91,888
NET BOOK VALUE
At 30 November 2023 13,022 16,298 2,187 70,265
At 30 November 2022 21,394 15,057 2,655 62,617

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 380,247 459,600
Amounts owed by group undertakings 44,802 21,839
Other debtors 6,400 6,400
431,449 487,839

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 166,145 195,213
Amounts owed to group undertakings 29,740 29,740
Tax 33,656 173,748
VAT 28,906 37,697
Other creditors 1,454 946
Directors' current accounts 411,588 426,333
Accrued expenses 4,165 3,390
675,654 867,067