IRIS Accounts Production v24.2.0.383 04230278 Board of Directors 1.1.23 31.12.23 31.12.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh042302782022-12-31042302782023-12-31042302782023-01-012023-12-31042302782021-12-31042302782022-01-012022-12-31042302782022-12-3104230278ns15:EnglandWales2023-01-012023-12-3104230278ns14:PoundSterling2023-01-012023-12-3104230278ns10:Director12023-01-012023-12-3104230278ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3104230278ns10:SmallEntities2023-01-012023-12-3104230278ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-3104230278ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3104230278ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3104230278ns10:FullAccounts2023-01-012023-12-3104230278ns10:Director22023-01-012023-12-3104230278ns10:Director32023-01-012023-12-3104230278ns10:Director42023-01-012023-12-3104230278ns10:CompanySecretary12023-01-012023-12-3104230278ns10:RegisteredOffice2023-01-012023-12-3104230278ns5:CurrentFinancialInstruments2023-12-3104230278ns5:CurrentFinancialInstruments2022-12-3104230278ns5:Non-currentFinancialInstruments2023-12-3104230278ns5:Non-currentFinancialInstruments2022-12-3104230278ns5:ShareCapital2023-12-3104230278ns5:ShareCapital2022-12-3104230278ns5:SharePremium2023-12-3104230278ns5:SharePremium2022-12-3104230278ns5:RetainedEarningsAccumulatedLosses2023-12-3104230278ns5:RetainedEarningsAccumulatedLosses2022-12-3104230278ns5:LeaseholdImprovements2022-12-3104230278ns5:FurnitureFittings2022-12-3104230278ns5:MotorVehicles2022-12-3104230278ns5:ComputerEquipment2022-12-3104230278ns5:LeaseholdImprovements2023-01-012023-12-3104230278ns5:FurnitureFittings2023-01-012023-12-3104230278ns5:MotorVehicles2023-01-012023-12-3104230278ns5:ComputerEquipment2023-01-012023-12-3104230278ns5:LeaseholdImprovements2023-12-3104230278ns5:FurnitureFittings2023-12-3104230278ns5:MotorVehicles2023-12-3104230278ns5:ComputerEquipment2023-12-3104230278ns5:LeaseholdImprovements2022-12-3104230278ns5:FurnitureFittings2022-12-3104230278ns5:MotorVehicles2022-12-3104230278ns5:ComputerEquipment2022-12-3104230278ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3104230278ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3104230278ns5:WithinOneYear2023-12-3104230278ns5:WithinOneYear2022-12-3104230278ns5:BetweenOneFiveYears2023-12-3104230278ns5:BetweenOneFiveYears2022-12-3104230278ns5:AllPeriods2023-12-3104230278ns5:AllPeriods2022-12-31
REGISTERED NUMBER: 04230278 (England and Wales)












IN-TECH TELECOM LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






IN-TECH TELECOM LIMITED (REGISTERED NUMBER: 04230278)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


IN-TECH TELECOM LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: R P Lewington
M J Chant
C Grant
C O Thompson



SECRETARY: R P Lewington



REGISTERED OFFICE: 1 Victory Close
Chandler's Ford
Eastleigh
Hampshire
SO53 4BU



REGISTERED NUMBER: 04230278 (England and Wales)



BANKERS: National Westminster Bank plc
Southampton Customer Service Centre
Brunswick Gate
23 Brunswick Place
Southampton
Hampshire
SO15 2AQ

IN-TECH TELECOM LIMITED (REGISTERED NUMBER: 04230278)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £ £
FIXED ASSETS
Tangible assets 4 37,405 5,284
Investments 5 250 250
37,655 5,534

CURRENT ASSETS
Stocks 7,133 7,133
Debtors 6 1,332,235 1,238,094
Cash at bank 87,630 96,700
1,426,998 1,341,927
CREDITORS
Amounts falling due within one year 7 (441,438 ) (389,912 )
NET CURRENT ASSETS 985,560 952,015
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,023,215

957,549

CREDITORS
Amounts falling due after more than one
year

8

(15,217

)

(25,649

)

PROVISIONS FOR LIABILITIES (8,211 ) -
NET ASSETS 999,787 931,900

CAPITAL AND RESERVES
Called up share capital 30,076 30,076
Share premium 6,428 6,428
Retained earnings 963,283 895,396
SHAREHOLDERS' FUNDS 999,787 931,900

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

IN-TECH TELECOM LIMITED (REGISTERED NUMBER: 04230278)

BALANCE SHEET - continued
31 DECEMBER 2023


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 15 August 2024 and were signed on its behalf by:





M J Chant - Director


IN-TECH TELECOM LIMITED (REGISTERED NUMBER: 04230278)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

In-Tech Telecom 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 "The Financial Reporting Standards 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, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Turnover
Turnover represents sales of goods and services net of VAT and trade discounts. Turnover is recognised when the goods are physically dispatched to the customer or for services to the extent that there is a right to consideration, recorded at the value of the consideration due.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Website development - 25% Straight Line
Fixtures and fittings - 25% Reducing balance or 25% Straight Line
Office equipment - 25% Reducing balance or 33% Reducing balance
Motor vehicles - 25% Straight Line

The profit 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 recognised in the income statement.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.


IN-TECH TELECOM LIMITED (REGISTERED NUMBER: 04230278)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 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 pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Investments
Investments are valued at the lower of cost or net realisable value, after making allowance for any required impairment.

Financial instruments
Financial assets
Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, which include trade and other receivables 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 financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Financial liabilities
Basic financial liabilities which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct issue costs. Dividend's payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2022 - 13 ) .

IN-TECH TELECOM LIMITED (REGISTERED NUMBER: 04230278)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. TANGIBLE FIXED ASSETS
Fixtures
Website and Motor Office
development fittings vehicles equipment Totals
£ £ £ £ £
COST
At 1 January 2023 1,500 11,140 - 39,491 52,131
Additions - 1,092 38,000 4,101 43,193
At 31 December 2023 1,500 12,232 38,000 43,592 95,324
DEPRECIATION
At 1 January 2023 1,500 9,505 - 35,842 46,847
Charge for year - 1,182 5,542 4,348 11,072
At 31 December 2023 1,500 10,687 5,542 40,190 57,919
NET BOOK VALUE
At 31 December 2023 - 1,545 32,458 3,402 37,405
At 31 December 2022 - 1,635 - 3,649 5,284

5. FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:
2023 2022
£ £
Investments 250 250

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 80,980 74,228
Amounts owed by group undertakings 876,587 858,461
Other debtors 374,668 305,405
1,332,235 1,238,094

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 133,407 127,348
Taxation and social security 144,369 122,216
Other creditors 153,662 130,348
441,438 389,912

IN-TECH TELECOM LIMITED (REGISTERED NUMBER: 04230278)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£ £
Bank loans 15,217 25,649

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£ £
Within one year 65,057 26,942
Between one and five years 140,910 7,807
205,967 34,749

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year, advances totalling £18,657 (2022: £51,679) were made to the company’s directors. £6,052 (2022: £nil) was repaid during the year. The balance outstanding at the year-end was £67,185 (2022: £54,580).

No interest was charged on the loans to directors during the year and the loans are repayable upon demand.

11. RELATED PARTY DISCLOSURES

Mrs S Lewington
Wife of Mr R Lewington, a director of the company.

At the balance sheet date, the company was owed £79,551 (2022: £74,414) by Mrs S Lewington.

No interest has been charged on this balance and the loan is repayable upon demand.

12. ULTIMATE PARENT COMPANY

In-Tech Telecom Holdings Limited is the company's immediate and ultimate parent company. The parent company's registered office is 1 Victory Close, Chandler's Ford, Eastleigh, Hampshire, SO43 4BU.