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Registered number: 12426332
Integrated Fencing Ltd
Unaudited Financial Statements
For The Year Ended 31 January 2024
Xeinadin South Wales & West Limited
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 12426332
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 418,053 335,858
418,053 335,858
CURRENT ASSETS
Stocks 5 6,500 6,500
Debtors 6 1,009,109 1,117,590
Cash at bank and in hand 806,204 759,172
1,821,813 1,883,262
Creditors: Amounts Falling Due Within One Year 7 (1,128,155 ) (1,182,678 )
NET CURRENT ASSETS (LIABILITIES) 693,658 700,584
TOTAL ASSETS LESS CURRENT LIABILITIES 1,111,711 1,036,442
Creditors: Amounts Falling Due After More Than One Year 8 (303,478 ) (250,792 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (63,530 ) (63,813 )
NET ASSETS 744,703 721,837
CAPITAL AND RESERVES
Called up share capital 10 90 90
Profit and Loss Account 744,613 721,747
SHAREHOLDERS' FUNDS 744,703 721,837
Page 1
Page 2
For the year ending 31 January 2024 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 Hywel Davies
Director
Mr Richard Salmon
Director
Mr Adrian Thomas
Director
24/04/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Integrated Fencing Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12426332 . The registered office is Ty Menter, Navation Park, Abercynon, Rhondda Cynon Taf, CF45 4SN.
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.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
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 20% Straight Line Method
Motor Vehicles 20% Straight Line Method
Computer Equipment 33% Straight Line Method
The depreciation policy on Computer Equipment was changed during the year from 25% straight line method to 33% straight line method.
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. 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 year 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.
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 asset reflects 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.
2.7. 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.
2.8. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 14 (2023: 14)
14 14
4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 February 2023 291,927 97,337 6,644 395,908
Additions 4,017 174,395 1,162 179,574
As at 31 January 2024 295,944 271,732 7,806 575,482
Depreciation
As at 1 February 2023 38,602 17,108 4,340 60,050
Provided during the period 58,687 36,638 2,054 97,379
As at 31 January 2024 97,289 53,746 6,394 157,429
...CONTINUED
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Page 5
Net Book Value
As at 31 January 2024 198,655 217,986 1,412 418,053
As at 1 February 2023 253,325 80,229 2,304 335,858
5. Stocks
2024 2023
£ £
Stock 6,500 6,500
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 786,915 836,311
Prepayments and accrued income 30,561 2,539
Retention 148,139 214,057
VAT 43,494 64,683
1,009,109 1,117,590
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 102,467 54,878
Trade creditors 591,439 503,551
Bank loans and overdrafts 16,583 28,402
Corporation tax - 119,909
Other taxes and social security 25,363 20,433
Pension Payable 1,106 1,047
Deferred income 11,176 37,000
Accrued expenses 122,693 126,116
Directors' loan accounts 157,418 191,432
Amounts owed to group undertakings 99,910 99,910
1,128,155 1,182,678
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 277,981 216,617
Bank loans 25,497 34,175
303,478 250,792
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9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 102,467 54,878
Later than one year and not later than five years 277,981 216,617
380,448 271,495
380,448 271,495
10. Share Capital
2024 2023
Allotted, called up and fully paid £ £
90 Ordinary Shares of £ 1.000 each 90 90
11. Related Party Transactions
During the year, the directors used the company current account to record amounts due to them and drawn by them. At the year end, the balance owed by the company was £157,418 (2023: £191,432).
12. Ultimate Controlling Party
The company's controlling party is Integrated Group Holding Ltd (13736131) registered at Ty Menter, Navigation Park, Abercynon, Mid Glamorgan, United Kingdom, CF45 4SN. The company's ultimate controlling party is the directors (jointly).
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