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Company registration number: 2658829
Industrial Technology Systems Limited
Unaudited filleted financial statements
31 October 2023
Industrial Technology Systems Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Industrial Technology Systems Limited
Directors and other information
Directors Mr M Knott
Mr G Ives (Resigned 31 July 2023)
Mr S M Close
Dr S Higgins OBE
Mr M Taylor (Resigned 12 July 2024)
Mr G Ritchie MBE
Mr A I Mills (Appointed 24 January 2024)
Secretary Mr S M Close
Company number 2658829
Registered office ITS House
High Force Road
Riverside Park
Middlesbrough
TS2 1RH
Accountants Censis
Exchange Building
66 Church Street
Hartlepool
TS24 7DN
Industrial Technology Systems Limited
Statement of financial position
31 October 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 148,477 71,115
_______ _______
148,477 71,115
Current assets
Stocks 139,926 198,144
Debtors 6 874,132 917,965
Cash at bank and in hand 481,744 464,375
_______ _______
1,495,802 1,580,484
Creditors: amounts falling due
within one year 7 ( 1,042,454) ( 723,678)
_______ _______
Net current assets 453,348 856,806
_______ _______
Total assets less current liabilities 601,825 927,921
Creditors: amounts falling due
after more than one year 8 ( 17,133) ( 27,118)
_______ _______
Net assets 584,692 900,803
_______ _______
Capital and reserves
Called up share capital 5,000 5,000
Share premium account 49,500 49,500
Capital redemption reserve 5,500 5,500
Profit and loss account 524,692 840,803
_______ _______
Shareholders funds 584,692 900,803
_______ _______
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 22 August 2024 , and are signed on behalf of the board by:
Mr M Knott
Director
Company registration number: 2658829
Industrial Technology Systems Limited
Notes to the financial statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is ITS House, High Force Road, Riverside Park, Middlesbrough, TS2 1RH.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % straight line
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 35 (2022: 46 ).
5. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 November 2022 867,967 24,773 892,740
Additions 122,609 - 122,609
Disposals - ( 8,091) ( 8,091)
_______ _______ _______
At 31 October 2023 990,576 16,682 1,007,258
_______ _______ _______
Depreciation
At 1 November 2022 796,852 24,773 821,625
Charge for the year 45,247 - 45,247
Disposals - ( 8,091) ( 8,091)
_______ _______ _______
At 31 October 2023 842,099 16,682 858,781
_______ _______ _______
Carrying amount
At 31 October 2023 148,477 - 148,477
_______ _______ _______
At 31 October 2022 71,115 - 71,115
_______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 727,024 787,733
Other debtors 147,108 130,232
_______ _______
874,132 917,965
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 8,737 8,737
Trade creditors 98,708 71,615
Social security and other taxes 96,401 176,875
Other creditors 838,608 466,451
_______ _______
1,042,454 723,678
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 17,133 27,118
_______ _______
9. Controlling party
During the year the company was under the control of M Knott, a director.