IRIS Accounts Production v24.2.0.383 01758490 Board of Directors 1.4.23 31.3.24 31.3.24 false true false false true false Ordinary 1.00000 C Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh017584902023-03-31017584902024-03-31017584902023-04-012024-03-31017584902022-03-31017584902022-04-012023-03-31017584902023-03-3101758490ns15:EnglandWales2023-04-012024-03-3101758490ns14:PoundSterling2023-04-012024-03-3101758490ns10:Director12023-04-012024-03-3101758490ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3101758490ns10:SmallEntities2023-04-012024-03-3101758490ns10:AuditExempt-NoAccountantsReport2023-04-012024-03-3101758490ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3101758490ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3101758490ns10:AbridgedAccounts2023-04-012024-03-3101758490ns10:OrdinaryShareClass12023-04-012024-03-3101758490ns10:OrdinaryShareClass42023-04-012024-03-3101758490ns10:Director22023-04-012024-03-3101758490ns10:RegisteredOffice2023-04-012024-03-3101758490ns5:CurrentFinancialInstruments2024-03-3101758490ns5:CurrentFinancialInstruments2023-03-3101758490ns5:Non-currentFinancialInstruments2024-03-3101758490ns5:Non-currentFinancialInstruments2023-03-3101758490ns5:ShareCapital2024-03-3101758490ns5:ShareCapital2023-03-3101758490ns5:RetainedEarningsAccumulatedLosses2024-03-3101758490ns5:RetainedEarningsAccumulatedLosses2023-03-3101758490ns5:MotorVehicles2023-04-012024-03-3101758490ns5:ComputerEquipment2023-04-012024-03-3101758490ns5:HirePurchaseContractsns5:WithinOneYear2024-03-3101758490ns5:HirePurchaseContractsns5:WithinOneYear2023-03-3101758490ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-03-3101758490ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-03-3101758490ns5:HirePurchaseContracts2024-03-3101758490ns5:HirePurchaseContracts2023-03-3101758490ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3101758490ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3101758490ns10:OrdinaryShareClass12024-03-3101758490ns10:OrdinaryShareClass42024-03-3101758490ns10:Director222023-03-3101758490ns10:Director222022-03-3101758490ns10:Director222023-04-012024-03-3101758490ns10:Director222022-04-012023-03-3101758490ns10:Director222024-03-3101758490ns10:Director222023-03-31
REGISTERED NUMBER: 01758490 (England and Wales)















Financial Statements for the Year Ended 31 March 2024

for

ITEC Climatic Solutions Ltd

ITEC Climatic Solutions Ltd (Registered number: 01758490)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


ITEC Climatic Solutions Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mr J T Jenkins
Mr A Davies





REGISTERED OFFICE: Unit 16
Lodge Forge Trading Estate
Cradley Road
Cradley Heath
West Midlands
B64 7RW





REGISTERED NUMBER: 01758490 (England and Wales)

ITEC Climatic Solutions Ltd (Registered number: 01758490)

Abridged Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 125,903 50,139

CURRENT ASSETS
Stocks 28,887 48,038
Debtors 505,570 519,131
Cash at bank and in hand 227,727 184,328
762,184 751,497
CREDITORS
Amounts falling due within one year 354,897 307,562
NET CURRENT ASSETS 407,287 443,935
TOTAL ASSETS LESS CURRENT
LIABILITIES

533,190

494,074

CREDITORS
Amounts falling due after more than one
year

(76,795

)

(52,535

)

PROVISIONS FOR LIABILITIES (18,235 ) (9,326 )
NET ASSETS 438,160 432,213

CAPITAL AND RESERVES
Called up share capital 7 4,958 4,958
Retained earnings 433,202 427,255
SHAREHOLDERS' FUNDS 438,160 432,213

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

ITEC Climatic Solutions Ltd (Registered number: 01758490)

Abridged Balance Sheet - continued
31 March 2024


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 September 2024 and were signed on its behalf by:





Mr J T Jenkins - Director


ITEC Climatic Solutions Ltd (Registered number: 01758490)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

ITEC Climatic Solutions Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Motor vehicles - 20% on cost
Computer equipment - 33% on cost

Stocks
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 items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


ITEC Climatic Solutions Ltd (Registered number: 01758490)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 12 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2023 53,919
Additions 90,856
At 31 March 2024 144,775
DEPRECIATION
At 1 April 2023 3,780
Charge for year 15,092
At 31 March 2024 18,872
NET BOOK VALUE
At 31 March 2024 125,903
At 31 March 2023 50,139

ITEC Climatic Solutions Ltd (Registered number: 01758490)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1 April 2023 49,462
Additions 90,481
At 31 March 2024 139,943
DEPRECIATION
At 1 April 2023 3,297
Charge for year 13,552
At 31 March 2024 16,849
NET BOOK VALUE
At 31 March 2024 123,094
At 31 March 2023 46,165

5. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31.3.24 31.3.23
£    £   
Gross obligations repayable:
Within one year 38,664 13,004
Between one and five years 69,449 34,676
108,113 47,680

Finance charges repayable:
Within one year 3,239 1,875
Between one and five years 5,512 4,999
8,751 6,874

Net obligations repayable:
Within one year 35,425 11,129
Between one and five years 63,937 29,677
99,362 40,806

6. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Hire purchase contracts 99,362 40,806

ITEC Climatic Solutions Ltd (Registered number: 01758490)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
3,216 Ordinary £1 3,216 3,216
1,742 C Ordinary £1 1,742 1,742
4,958 4,958

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

31.3.24 31.3.23
£    £   
Mr R E Brownlee-Garner
Balance outstanding at start of year - 208
Amounts repaid - (208 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

Mr A Davies
Balance outstanding at start of year - 662
Amounts repaid - (662 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

9. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

10. ULTIMATE CONTROLLING PARTY

The controlling party is ITEC Industrial Holdings Limited.

The ultimate controlling party is Messrs J. Jenkins and A. Davies.