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Company registration number: SC362727
Inteum International Ltd
Unaudited filleted financial statements
31 March 2024
Inteum International Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Inteum International Ltd
Directors and other information
Directors Mr David Waddell
Mr Robert Sloman
Company number SC362727
Registered office 21 Lansdowne Crescent
Edinburgh
EH12 5EH
Business address 21 Lansdowne Crescent
Edinburgh
EH12 5EH
Accountants Barrie Scott & Co.
16-18 Weir Steet
Falkirk
FK1 1RA
Inteum International Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Inteum International Ltd
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Inteum International Ltd for the year ended 31 March 2024 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of ICAS , we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the board of directors of Inteum International Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Inteum International Ltd and state those matters that we have agreed to state to the board of directors of Inteum International Ltd as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Inteum International Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Inteum International Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Inteum International Ltd. You consider that Inteum International Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Inteum International Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Barrie Scott & Co.
Accountants & Tax Advisers
16-18 Weir Steet
Falkirk
FK1 1RA
1 November 2024
Inteum International Ltd
Statement of financial position
31 March 2024
As reinstated
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 2,209 1,049
_______ _______
2,209 1,049
Current assets
Debtors 6 131,673 121,366
Cash at bank and in hand 475,152 318,666
_______ _______
606,825 440,032
Creditors: amounts falling due
within one year 7 ( 95,840) ( 62,954)
_______ _______
Net current assets 510,985 377,078
_______ _______
Total assets less current liabilities 513,194 378,127
Provisions for liabilities ( 552) ( 262)
_______ _______
Net assets 512,642 377,865
_______ _______
Capital and reserves
Called up share capital 1 1
Share premium account 20,000 20,000
Profit and loss account 492,641 357,864
_______ _______
Shareholders funds 512,642 377,865
_______ _______
For the year ending 31 March 2024 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 27 September 2024 , and are signed on behalf of the board by:
Mr David Waddell
Director
Company registration number: SC362727
Inteum International Ltd
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 21 Lansdowne Crescent, Edinburgh, EH12 5EH.
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.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2022. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.
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 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.
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 % reducing balance
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
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.
4. Staff costs
The average number of persons employed by the company during the year amounted to 9 (2023: 9 ).
The aggregate payroll costs incurred during the year were:
2024 2023
£ £
Wages and salaries 454,151 390,853
Social security costs 46,930 47,311
Other pension costs 9,640 8,982
_______ _______
510,721 447,146
_______ _______
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 April 2023 10,133 10,133
Additions 2,945 2,945
_______ _______
At 31 March 2024 13,078 13,078
_______ _______
Depreciation
At 1 April 2023 9,084 9,084
Charge for the year 1,785 1,785
_______ _______
At 31 March 2024 10,869 10,869
_______ _______
Carrying amount
At 31 March 2024 2,209 2,209
_______ _______
At 31 March 2023 1,049 1,049
_______ _______
6. Debtors
2024 2023
£ £
Trade debtors 131,673 121,366
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors - 781
Corporation tax 43,523 22,529
Social security and other taxes 34,704 35,344
Other creditors 17,613 4,300
_______ _______
95,840 62,954
_______ _______
8. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2022.
Reconciliation of equity
At 31/03/23
Reconciliation of Equity
Capital and reserves (as previously stated) 378,127
Deferred tax position 262
_______ |
Capital and reserves (as restated) 377,865
_______ |
Reconciliation of profit for the year
Profit for the year (as previously stated) 95,696
Deferred tax charge 262
_______ |
Profit for the year (as restated) 95,434
_______ |
Deferred tax is recognised under FRS 102.