Company registration number 07661373 (England and Wales)
INFUSE TECHNOLOGY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
INFUSE TECHNOLOGY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
INFUSE TECHNOLOGY LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
5
8,534
8,288
Tangible assets
6
16,602
18,773
25,136
27,061
Current assets
Stocks
18,187
43,710
Debtors
7
589,626
377,043
Cash at bank and in hand
292,772
210,923
900,585
631,676
Creditors: amounts falling due within one year
8
(702,217)
(544,825)
Net current assets
198,368
86,851
Net assets
223,504
113,912
Capital and reserves
Called up share capital
9
1
1
Profit and loss reserves
223,503
113,911
Total equity
223,504
113,912
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 22 November 2024 and are signed on its behalf by:
Mr J Bagley
Director
Company registration number 07661373 (England and Wales)
INFUSE TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
Infuse Technology Limited is a private company limited by shares incorporated in England and Wales. The registered office is Prospect House, 1 Prospect Place, Pride Park, Derby, United Kingdom, DE24 8HG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The Directors remain confident that the company is well placed to mitigate any additional risks arising. The Directors believe strong cash reserves held and additional funding available to the company are sufficient to provide additional levels of risk mitigation such that the Directors are confident that current economy will not adversely affect the on-going viability of the company.
1.2
Going concern
The directors have prepared budgets and cashflow forecasts to March 2025 on an individual and group level and up to date management accounts and consider that the group will continue to operate within its overdraft facility for 12 months from the date of signing the Balance Sheet. The overdraft facility is due for renewal in July 2025 and there is no reason to believe that it will not be extended.true
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.
Sale of goods
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on the dispatch of the goods.
Rendering of services
When the outcome of a transaction can be estimated reliably, turnover from IT support services is recognised by referenced to the stage of completion at the balance sheet date. Stage of completion is measured by reference to the extent of which the services have been supplied.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
INFUSE TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website
straight line over 10 years
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
straight line over 6-7 years
Computers
straight line over 2-12 years, reducing balance over 2-4 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Stocks
Work in progress is valued at the lower of cost and net realisable value.
Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
Loans and borrowings
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
INFUSE TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
20
18
4
Directors' remuneration and dividends
2024
2023
£
£
Remuneration paid to directors
98,790
83,787
Dividends paid to directors
42,750
25,000
INFUSE TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
4
Directors' remuneration and dividends
(Continued)
- 5 -
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).
5
Intangible fixed assets
Goodwill
Website
Total
£
£
£
Cost
At 1 April 2023
89,794
13,431
103,225
Additions
1,764
1,764
At 31 March 2024
89,794
15,195
104,989
Amortisation and impairment
At 1 April 2023
89,794
5,143
94,937
Amortisation charged for the year
1,518
1,518
At 31 March 2024
89,794
6,661
96,455
Carrying amount
At 31 March 2024
8,534
8,534
At 31 March 2023
8,288
8,288
6
Tangible fixed assets
Plant and equipment
Computers
Total
£
£
£
Cost
At 1 April 2023
11,772
49,811
61,583
Additions
51
9,700
9,751
Disposals
(1,751)
(1,751)
At 31 March 2024
11,823
57,760
69,583
Depreciation and impairment
At 1 April 2023
6,205
36,605
42,810
Depreciation charged in the year
809
9,362
10,171
At 31 March 2024
7,014
45,967
52,981
Carrying amount
At 31 March 2024
4,809
11,793
16,602
At 31 March 2023
5,567
13,206
18,773
INFUSE TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
480,422
269,078
Amounts owed by group undertakings
3,933
7,542
Other debtors
80,745
81,641
Prepayments and accrued income
24,526
18,782
589,626
377,043
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
210,421
191,185
Amounts owed to group undertakings
2,486
2,443
Corporation tax
100,558
31,724
Other taxation and social security
105,988
74,203
Other creditors
282,764
245,270
702,217
544,825
The bank facilities are secured by cross guarantees and debentures held by PKF Smith Cooper Audit Ltd, PKF Smith Cooper Holdings Ltd, SHH101 LLP and PKF Smith Cooper Systems Ltd, all of whom are either group companies or related parties.
9
Called up share capital
2024
2023
Ordinary share capital
£
£
Issued and fully paid
29 B Shares of £0.01 each
-
-
Issued and fully paid
Ordinary Share of £1 each
1
1
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Daniel Sowden
Statutory Auditor:
BHP LLP
Date of audit report:
26 November 2024
INFUSE TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
11
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.
12
Events after the reporting date
On 30th April 2024 there was a share transfer of 40 shares from SHH101 LLP to 2 retiring members of SHH101. At the point of transfer the shares converted to Ordinary B Shares.
INFUSE TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
13
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Entities with control, joint control or significant influence over the company
650,850
619,729
3,122
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
12,265
11,787
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
84,678
54,448
14
Parent company
The ultimate parent company of Infuse Technology Limited is SHH101 LLP, a limited liability partnership incorporated in England and Wales. SHH101 LLP prepares group consolidated accounts, which includes the entity's financial statements. A copy of the consolidated statements are available from the registered office of Prospect House, 1 Prospect Place, Derby, DE24 8HG.
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