REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 MAY 2023 TO 31 MAY 2024 |
FOR |
INFOTEAM INTERNATIONAL SERVICES LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 MAY 2023 TO 31 MAY 2024 |
FOR |
INFOTEAM INTERNATIONAL SERVICES LIMITED |
INFOTEAM INTERNATIONAL SERVICES LIMITED (REGISTERED NUMBER: 03316781) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 MAY 2023 TO 31 MAY 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
INFOTEAM INTERNATIONAL SERVICES LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 1 MAY 2023 TO 31 MAY 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
1 Bridge Lane |
London |
NW11 0EA |
INFOTEAM INTERNATIONAL SERVICES LIMITED (REGISTERED NUMBER: 03316781) |
BALANCE SHEET |
31 MAY 2024 |
31.5.24 | 30.4.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 9 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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. |
INFOTEAM INTERNATIONAL SERVICES LIMITED (REGISTERED NUMBER: 03316781) |
BALANCE SHEET - continued |
31 MAY 2024 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
INFOTEAM INTERNATIONAL SERVICES LIMITED (REGISTERED NUMBER: 03316781) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 MAY 2023 TO 31 MAY 2024 |
1. | STATUTORY INFORMATION |
Infoteam International Services Limited 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. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of section 1A of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
Turnover |
Turnover represents net invoiced sales of goods and services and sales of development property, excluding value added tax. |
Intangible assets |
Amortisation is provided on a straight line basis over three years in order to write off computer software over its estimated useful life. |
Tangible fixed assets |
Depreciation is provided on a straight line basis over the following periods in order to write off each asset over its estimated useful life: |
Improvements to property | 8 years |
Plant and machinery | 5 years |
Fixtures and fittings | 3 years |
Motor vehicles | 4 years |
Computer equipment | 3 years |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
Basic financial assets and liabilities, including trade debtors and creditors, other debtors and creditors and amounts with related parties are initially recognised at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets and liabilities classified as receivable or payable within one year are not amortised. |
Taxation |
Taxation for the period comprises current and deferred tax. 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 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. |
INFOTEAM INTERNATIONAL SERVICES LIMITED (REGISTERED NUMBER: 03316781) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 MAY 2023 TO 31 MAY 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 period 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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange prevailing at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange prevailing at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Operating leases |
Rentals paid under operating leases are charged to the profit and loss account as incurred. |
Pensions |
Pension contributions are charged to the profit and loss account as and when incurred. |
Investments |
The investment in a joint venture is valued at cost less impairment. |
Government grants |
Income from grants has been recognised upon receipt as there were no performance conditions. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
INFOTEAM INTERNATIONAL SERVICES LIMITED (REGISTERED NUMBER: 03316781) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 MAY 2023 TO 31 MAY 2024 |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 May 2023 |
Additions |
Disposals | ( |
) |
At 31 May 2024 |
AMORTISATION |
At 1 May 2023 |
Charge for period |
Eliminated on disposal | ( |
) |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 30 April 2023 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 May 2023 |
Additions |
At 31 May 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for period |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 30 April 2023 |
INFOTEAM INTERNATIONAL SERVICES LIMITED (REGISTERED NUMBER: 03316781) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 MAY 2023 TO 31 MAY 2024 |
6. | FIXED ASSET INVESTMENTS |
31.5.24 | 30.4.23 |
£ | £ |
Joint venture | - | 50,000 |
- | 50,000 |
On 25 August 2017, the company entered into a joint venture agreement for a residential property redevelopment. The company will take 16.84% of any profit or loss, after deducting the initial investment made by the company and the other party to the joint venture. During the year, the company disposed of its investment, as the director determined that the investment was no longer recoverable. |
7. | DEBTORS |
31.5.24 | 30.4.23 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by related parties | - | 271,484 |
Other debtors |
Amounts falling due after more than one year: |
Amounts due from holding company |
Aggregate amounts |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.24 | 30.4.23 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.5.24 | 30.4.23 |
£ | £ |
Bank loans |
Amounts owed to holding company |
INFOTEAM INTERNATIONAL SERVICES LIMITED (REGISTERED NUMBER: 03316781) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 MAY 2023 TO 31 MAY 2024 |
10. | OTHER FINANCIAL COMMITMENTS |
At the balance sheet date the company was committed to future lease payments of £302,834 for rental of premises under a lease which expires on 31 May 2027. These commitments included £104,000 to be paid in the year ended 31 May 2025. |
11. | RELATED PARTY DISCLOSURES |
During the period the company lent £nil (2023: £250,000) to Goldrose Management Ltd. As at the balance sheet date, the company was owed £nil (2023: £250,000) by Goldrose Management Ltd. |
During the period the company also lent £nil (2023: £21,484) to Rivermead Property Limited. As at the balance sheet date, the company was owed £nil (2023: £21,484) by Rivermead Property Limited. |
As at the balance sheet date the company owed £1,869,248 (2023: was owed £842,699) to the holding company Infoteam Group Limited. |
As at the balance sheet date the company was owed £nil (2023: £1,641) by the director. |
12. | ULTIMATE HOLDING COMPANY |
The ultimate holding company is Infoteam Group Limited for which the registered office is Chessington Business Centre, Cox Lane, Chessington, England, KT9 1SD. |
13. | CHANGE OF ACCOUNTING REFERENCE DATE |
The company's last accounting reference date was 30 April 2023. The accounting reference date has been changed to 31 May 2024 as the director believes the extension would adequately reflect the company's overall performance during the period. Accordingly, the current financial statements are prepared for 13 months from 1 May 2023 to 31 May 2024 and as a result, the comparative figures stated are not comparable. |