Company registration number 06759772 (England and Wales)
MY ITECH SERVICES LTD (FORMERLY KINETIQ CLAIMS LTD)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MY ITECH SERVICES LTD (FORMERLY KINETIQ CLAIMS LTD)
COMPANY INFORMATION
Directors
D Thompson
(Appointed 10 October 2023)
P G Dodds
Company number
06759772
Registered office
5 Technology Park
Colindeep Lane
London
United Kingdom
NW9 6BX
Accountants
Grunberg & Co Limited
5 Technology Park
Colindeep Lane
Colindale
London
United Kingdom
NW9 6BX
MY ITECH SERVICES LTD (FORMERLY KINETIQ CLAIMS LTD)
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
MY ITECH SERVICES LTD (FORMERLY KINETIQ CLAIMS LTD)
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
907
1,353
Tangible assets
4
25,837
27,631
26,744
28,984
Current assets
Debtors
5
55,186
63,520
Cash at bank and in hand
9,458
5,962
64,644
69,482
Creditors: amounts falling due within one year
6
(125,957)
(165,993)
Net current liabilities
(61,313)
(96,511)
Net liabilities
(34,569)
(67,527)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(34,570)
(67,528)
Total equity
(34,569)
(67,527)

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 December 2023 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.

The financial statements were approved by the board of directors and authorised for issue on 15 August 2024 and are signed on its behalf by:
P G Dodds
Director
Company registration number 06759772 (England and Wales)
MY ITECH SERVICES LTD (FORMERLY KINETIQ CLAIMS LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

My Itech Services Ltd (Formerly Kinetiq Claims Ltd) is a private company limited by shares incorporated in England and Wales. The registered office is 5 Technology Park, Colindeep Lane, London, United Kingdom, NW9 6BX.

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

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and confirm that the company will be supported by its parent company and fellow group subsidiaries. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents net commissions receivable on the administration of motor vehicle claims, excluding value added tax. Turnover on commissions receivable is recognised at the successful conclusion of a motor vehicle claim.

1.4
Intangible fixed assets other than goodwill

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any 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:

Computer software
33.33% on reducing balance
1.5
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:

Short leasehold
over the lease period
Fixtures and fittings
20% on reducing balance
Computers
33% on 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.

MY ITECH SERVICES LTD (FORMERLY KINETIQ CLAIMS LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
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.

 

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.

1.7
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.

1.8
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 statement of financial position 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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

MY ITECH SERVICES LTD (FORMERLY KINETIQ CLAIMS LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.9
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.

1.10
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 income statement 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 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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

 

1.11
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.

2
Employees

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

2023
2022
Number
Number
Total
3
2
MY ITECH SERVICES LTD (FORMERLY KINETIQ CLAIMS LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Intangible fixed assets
Computer software
£
Cost
At 1 January 2023 and 31 December 2023
10,020
Amortisation and impairment
At 1 January 2023
8,667
Amortisation charged for the year
446
At 31 December 2023
9,113
Carrying amount
At 31 December 2023
907
At 31 December 2022
1,353
4
Tangible fixed assets
Short leasehold
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 January 2023
33,398
11,949
-
0
45,347
Additions
-
0
-
0
3,211
3,211
At 31 December 2023
33,398
11,949
3,211
48,558
Depreciation and impairment
At 1 January 2023
11,273
6,443
-
0
17,716
Depreciation charged in the year
3,340
1,101
564
5,005
At 31 December 2023
14,613
7,544
564
22,721
Carrying amount
At 31 December 2023
18,785
4,405
2,647
25,837
At 31 December 2022
22,125
5,506
-
0
27,631
MY ITECH SERVICES LTD (FORMERLY KINETIQ CLAIMS LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
20,326
63,093
Prepayments and accrued income
3,625
427
23,951
63,520
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset
31,235
-
0
Total debtors
55,186
63,520

Included within trade debtors is an amount of £8,354 (2022 - £57,846) owed by related parties in which a director has a material interest or is able to execute significant control.

6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
161
-
0
Amounts owed to group undertakings
116,606
149,833
Taxation and social security
2,863
10,160
Other creditors
327
-
0
Accruals and deferred income
6,000
6,000
125,957
165,993
7
Security

The company is subject to a charge dated 2 November 2020 which covers all group entities and contains both fixed and floating charges over its assets.

8
Related party transactions

Amount due to and from group companies are unsecured, interest free and repayable on demand.

9
Ultimate controlling party

The ultimate parent company is CoverMy Group Limited. The ultimate controller is P Dodds, by virtue of his holding of share capital of the parent company.

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