Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31No description of principal activitytrue2023-04-01false1313trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 02237405 2023-04-01 2024-03-31 02237405 2022-04-01 2023-03-31 02237405 2024-03-31 02237405 2023-03-31 02237405 c:Director1 2023-04-01 2024-03-31 02237405 d:CurrentFinancialInstruments 2024-03-31 02237405 d:CurrentFinancialInstruments 2023-03-31 02237405 d:Non-currentFinancialInstruments 2024-03-31 02237405 d:Non-currentFinancialInstruments 2023-03-31 02237405 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 02237405 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 02237405 d:ShareCapital 2024-03-31 02237405 d:ShareCapital 2023-03-31 02237405 d:CapitalRedemptionReserve 2023-04-01 2024-03-31 02237405 d:CapitalRedemptionReserve 2024-03-31 02237405 d:CapitalRedemptionReserve 2023-03-31 02237405 d:RevaluationReserve 2023-04-01 2024-03-31 02237405 d:RevaluationReserve 2024-03-31 02237405 d:RevaluationReserve 2023-03-31 02237405 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 02237405 d:RetainedEarningsAccumulatedLosses 2024-03-31 02237405 d:RetainedEarningsAccumulatedLosses 2023-03-31 02237405 c:FRS102 2023-04-01 2024-03-31 02237405 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 02237405 c:FullAccounts 2023-04-01 2024-03-31 02237405 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 02237405 2 2023-04-01 2024-03-31 02237405 5 2023-04-01 2024-03-31 02237405 6 2023-04-01 2024-03-31 02237405 d:OtherDeferredTax 2024-03-31 02237405 d:OtherDeferredTax 2023-03-31 02237405 1 2024-03-31 02237405 1 2023-03-31 02237405 f:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 02237405









ITS (UK) LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
ITS (UK) LIMITED
REGISTERED NUMBER: 02237405

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Fixed asset investments
  
470,176
311,767

  
470,176
311,767

Current assets
  

Stocks
  
76,992
83,992

Debtors
 5 
756,728
951,880

Cash at bank and in hand
 6 
330,479
391,464

  
1,164,199
1,427,336

Creditors: amounts falling due within one year
 7 
(257,210)
(416,411)

Net current assets
  
 
 
906,989
 
 
1,010,925

Total assets less current liabilities
  
1,377,165
1,322,692

Provisions for liabilities
  

Deferred tax
 8 
(41,198)
(27,386)

  
 
 
(41,198)
 
 
(27,386)

Net assets
  
1,335,967
1,295,306


Capital and reserves
  

Called up share capital 
  
5,100
5,100

Revaluation reserve
 9 
129,680
88,245

Capital redemption reserve
 9 
4,900
4,900

Profit and loss account
 9 
1,196,287
1,197,061

  
1,335,967
1,295,306


Page 1

 
ITS (UK) LIMITED
REGISTERED NUMBER: 02237405
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 September 2024.




................................................
A C Parsons
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
ITS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

ITS (U.K.) Limited is a private company, limited by shares, registered in England and Wales and the principal place of business is situated at Farnborough Business Centre, Eelmoor Road, Farnborough, Hampshire GU14 7XA.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
ITS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 
ITS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.8

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

Page 5

 
ITS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 6

 
ITS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 13 (2023 - 13).


4.


Fixed asset investments





Listed investments

£



Cost or valuation


At 1 April 2023
311,767


Additions
103,163


Revaluations
55,246



At 31 March 2024
470,176






Net book value



At 31 March 2024
470,176



At 31 March 2023
311,767

Page 7

 
ITS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Debtors


2024
2023
£
£

Due after more than one year

Other debtors
20,000
20,000

20,000
20,000

Due within one year

Trade debtors
637,428
810,628

Other debtors
50,461
79,077

Prepayments and accrued income
48,839
42,175

756,728
951,880



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
330,479
391,464

330,479
391,464



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
178,731
339,200

Corporation tax
58,363
59,717

Other taxation and social security
17,433
15,752

Other creditors
1,283
340

Accruals and deferred income
1,400
1,402

257,210
416,411


Page 8

 
ITS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Deferred taxation




2024


£






At beginning of year
(27,386)


Charged to other comprehensive income
(13,812)



At end of year
(41,198)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Revaluation surplus
(41,198)
(27,386)

(41,198)
(27,386)


9.


Reserves

Revaluation reserve

Revaluation reserve represents unrealised surplus/defecit on valuation of assets net of attributable deferred tax charged to income statement or to chaerged to other comprehensive income.

Capital redemption reserve

A statutory non-distributable reserve into which amounts are transferred following the redemption or purchase of its own shares in accordance with the provision of section 733 of the Companies Act 2006.

Profit and loss account

Profit and loss reserve represents the company’s accumulated realised profits after deducting all accumulated realised losses so far as not previously used by distribution or capitalisation.


10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £50,610 (2023 - £47,403). Contributions totalling £0 (2023 - £0) were payable to the fund at the reporting date and are included in creditors.

 
Page 9