IGNITION TECHNOLOGY LTD

Company Registration Number:
09380523 (England and Wales)

Unaudited statutory accounts for the year ended 31 December 2023

Period of accounts

Start date: 1 January 2023

End date: 31 December 2023

IGNITION TECHNOLOGY LTD

Contents of the Financial Statements

for the Period Ended 31 December 2023

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

IGNITION TECHNOLOGY LTD

Directors' report period ended 31 December 2023

The directors present their report with the financial statements of the company for the period ended 31 December 2023

Principal activities of the company

The principal activity of the company in the year under review was that of distribution of cybersecurity, networking and infrastructure technologies.

Political and charitable donations

The company has made no political donations during the current and prior year.

Additional information

Employee Consultation The company places considerable value on the involvement of its employees and has continued to keep them informed on matters affecting them as employees and on several factors affecting the performance of the company. This is achieved by holding regular meetings with staff and production of an internal company newsletter. An annual staff survey is held to collect employee's feedback. The results of this feedback are discussed at the company board meeting and appropriate actions taken. The feedback from this annual survey is also made available to staff. Energy & Carbon Reporting The company’s offices are leased from QinetiQ Ltd so the scope for environmental action is limited. However, it wholeheartedly subscribes to QinetiQ’s Corporate Responsibility & Sustainability Policy, specifically the Net-Zero plan to reduce greenhouse gas emissions, environmental & waste management. The company consumed less than 40,000 kWh of energy in the United Kingdom during the year in respect of which the directors’ report is prepared, and hence the information related to Greenhouse gas emissions, energy consumption and energy efficiency action reporting is not disclosed for that reason.



Directors

The directors shown below have held office during the whole of the period from
1 January 2023 to 31 December 2023

Peter Ledger
Graham Aynsley
Jesper Trolle


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
9 September 2024

And signed on behalf of the board by:
Name: Peter Ledger
Status: Director

IGNITION TECHNOLOGY LTD

Profit And Loss Account

for the Period Ended 31 December 2023

2023 2022


£

£
Turnover: 74,150,586 56,816,800
Cost of sales: ( 67,087,507 ) ( 49,993,534 )
Gross profit(or loss): 7,063,079 6,823,266
Distribution costs: 0 0
Administrative expenses: ( 5,121,805 ) ( 4,264,879 )
Other operating income: 0
Operating profit(or loss): 1,941,274 2,558,387
Interest receivable and similar income: 250,487 3,058
Interest payable and similar charges: 0 0
Profit(or loss) before tax: 2,191,761 2,561,445
Tax: ( 527,849 ) ( 504,969 )
Profit(or loss) for the financial year: 1,663,912 2,056,476

IGNITION TECHNOLOGY LTD

Balance sheet

As at 31 December 2023

Notes 2023 2022


£

£
Fixed assets
Intangible assets: 3 20,085 6,413
Tangible assets: 4 189,212 26,564
Investments:   0 0
Total fixed assets: 209,297 32,977
Current assets
Stocks:   0 0
Debtors: 5 16,509,522 14,961,716
Cash at bank and in hand: 9,734,747 6,383,559
Investments:   0 0
Total current assets: 26,244,269 21,345,275
Prepayments and accrued income: 0 0
Creditors: amounts falling due within one year: 6 ( 21,282,970 ) ( 17,536,507 )
Net current assets (liabilities): 4,961,299 3,808,768
Total assets less current liabilities: 5,170,596 3,841,745
Creditors: amounts falling due after more than one year: 7 ( 678,254 ) ( 6,051 )
Provision for liabilities: ( 7,264 )
Accruals and deferred income: 0
Total net assets (liabilities): 4,492,342 3,828,430
Capital and reserves
Called up share capital: 9,675 9,675
Share premium account: 118,607 118,607
Other reserves: 0 0
Profit and loss account: 4,364,060 3,700,148
Total Shareholders' funds: 4,492,342 3,828,430

The notes form part of these financial statements

IGNITION TECHNOLOGY LTD

Balance sheet statements

For the year ending 31 December 2023 the company was entitled to exemption 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.

This report was approved by the board of directors on 9 September 2024
and signed on behalf of the board by:

Name: Peter Ledger
Status: Director

The notes form part of these financial statements

IGNITION TECHNOLOGY LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

    Tangible fixed assets depreciation policy

    Tangible fixed assets are initially measured at cost and subsequently measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is recognised to write off the cost of assets less their residual values over their useful lives on the following bases: Leasehold land and buildings - 10% Straight line Fixtures and fittings - 25% Straight line Computers - 33% Straight line 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.

    Intangible fixed assets amortisation policy

    Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity. Amortisation is recognised to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Patents, trademarks & royalties - 10% Straight line Software - 25% Straight line

    Other accounting policies

    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, 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. 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 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 profit and loss account, 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. 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. 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 re-translated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

IGNITION TECHNOLOGY LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 49 43

IGNITION TECHNOLOGY LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

3. Intangible assets

Goodwill Other Total
Cost £ £ £
At 1 January 2023 36,284 36,284
Additions 15,889 15,889
Disposals 0 0
Revaluations 0 0
Transfers 0 0
At 31 December 2023 52,173 52,173
Amortisation
At 1 January 2023 29,871 29,871
Charge for year 2,217 2,217
On disposals 0 0
Other adjustments 0 0
At 31 December 2023 32,088 32,088
Net book value
At 31 December 2023 20,085 20,085
At 31 December 2022 6,413 6,413

IGNITION TECHNOLOGY LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

4. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 January 2023 9,203 32,925 68,482 110,610
Additions 156,651 47,918 4,324 208,893
Disposals 0 0 0 0
Revaluations 0 0 0 0
Transfers 0 0 0 0
At 31 December 2023 165,854 80,843 72,806 319,503
Depreciation
At 1 January 2023 9,203 28,341 46,502 84,046
Charge for year 23,497 10,580 12,168 46,245
On disposals 0 0 0 0
Other adjustments 0 0 0 0
At 31 December 2023 32,700 38,921 58,670 130,291
Net book value
At 31 December 2023 133,154 41,922 14,136 189,212
At 31 December 2022 0 4,584 21,980 26,564

IGNITION TECHNOLOGY LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

5. Debtors

2023 2022
£ £
Trade debtors 15,809,050 12,650,045
Prepayments and accrued income 682,490 136,333
Other debtors 17,982 2,175,338
Total 16,509,522 14,961,716

IGNITION TECHNOLOGY LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

6. Creditors: amounts falling due within one year note

2023 2022
£ £
Trade creditors 17,610,161 14,044,349
Taxation and social security 2,110,583 1,736,068
Accruals and deferred income 1,426,971 1,756,090
Other creditors 135,255
Total 21,282,970 17,536,507

IGNITION TECHNOLOGY LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

7. Creditors: amounts falling due after more than one year note

2023 2022
£ £
Other creditors 678,254 6,051
Total 678,254 6,051