Company Registration No. 3445979 (England and Wales)
Integrated Technology Corporation Limited
Unaudited accounts
for the year ended 31 December 2023
Integrated Technology Corporation Limited
Statement of financial position
as at 31 December 2023
Tangible assets
1,055
1,364
Cash at bank and in hand
648,881
492,954
Creditors: amounts falling due within one year
(597,304)
(525,262)
Net current assets
445,606
381,103
Net assets
446,661
382,467
Called up share capital
10,000
10,000
Profit and loss account
436,661
372,467
Shareholders' funds
446,661
382,467
For the year ending 31 December 2023 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2024 and were signed on its behalf by
Dean Morris
Director
Company Registration No. 3445979
Integrated Technology Corporation Limited
Notes to the Accounts
for the year ended 31 December 2023
Integrated Technology Corporation Limited is a private company, limited by shares, registered in England and Wales, registration number 3445979. The registered office is Fanz House, 4th Floor, 99 Grays Inn Road, London, WC1X 8TY, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Tangible fixed assets and depreciation
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures & fittings
20% reducing balance basis
Computer equipment
33% reducing balance basis
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all material timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Integrated Technology Corporation Limited
Notes to the Accounts
for the year ended 31 December 2023
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
The accounts are presented in £ sterling.
The company has no one controlling party
Integrated Technology Corporation Limited is a private company limited by shares and incorporated in England. Its registered office is:
Fanz House
4th Floor
99 Grays Inn Road
London
WC1X 8TY
Integrated Technology Corporation Limited
Notes to the Accounts
for the year ended 31 December 2023
4
Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 January 2023
18,116
21,641
39,757
At 31 December 2023
18,116
21,641
39,757
At 1 January 2023
17,038
21,355
38,393
Charge for the year
215
94
309
At 31 December 2023
17,253
21,449
38,702
At 31 December 2023
863
192
1,055
At 31 December 2022
1,078
286
1,364
Amounts falling due within one year
Trade debtors
325,546
396,258
Accrued income and prepayments
68,483
13,939
6
Creditors: amounts falling due within one year
2023
2022
Trade creditors
402,222
410,847
Taxes and social security
175,360
103,981
Other creditors
5,081
7,099
Contributions to defined contribution plans are expensed in the period to which they relate.
8
Operating lease commitments
2023
2022
At 31 December 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
36,000
36,000
Later than one year and not later than five years
94,846
130,846
The company has no one controlling party
Integrated Technology Corporation Limited
Notes to the Accounts
for the year ended 31 December 2023
10
Average number of employees
During the year the average number of employees was 7 (2022: 7).