REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
FOR |
IN-TECH GROUP LTD |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
FOR |
IN-TECH GROUP LTD |
IN-TECH GROUP LTD (REGISTERED NUMBER: 09925569) |
CONTENTS OF THE FINANCIAL STATEMENTS |
For The Year Ended 31 December 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
IN-TECH GROUP LTD |
COMPANY INFORMATION |
For The Year Ended 31 December 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
1 Rushmills |
Bedford Road |
Northampton |
Northamptonshire |
NN4 7YB |
IN-TECH GROUP LTD (REGISTERED NUMBER: 09925569) |
BALANCE SHEET |
31 December 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
NET ASSETS/(LIABILITIES) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
The financial statements were approved by the director and authorised for issue on |
IN-TECH GROUP LTD (REGISTERED NUMBER: 09925569) |
NOTES TO THE FINANCIAL STATEMENTS |
For The Year Ended 31 December 2024 |
1. | STATUTORY INFORMATION |
In-Tech Group Ltd is a |
The company is a wholly owned subsidiary of Infosys Limited (India), a company incorporated in India who are the ultimate controlling party of the entity since it's purchase within 2024: www.infosys.com |
The company has two primary activities in the UK: |
a) To deliver software and engineering services primarily to the UK automotive sector. |
b) Acting as an offshoring location, supporting the groups' German and other global locations with software and engineering solutions for internal projects. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
There were no material departures from that standard. |
The director deems the company to be a going concern based on the financial support available from its controlling party and improved balance sheet position as a result of the sale of the Indian subsidiary. |
As at the point of authorising the accounts, and for the foreseeable future, the director consider the going concern assumption to still be appropriate. The director acknowledge that given the currently rapidly changing business and social environment, there are likely to be significant unknown factors which may present themselves. Such factors are considered by the director to represent a general inherent level of risk in relation to the going concern assumption albeit not quantifiable at this time. |
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 |
Fixtures and fittings | - |
Computer equipment | - |
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. |
IN-TECH GROUP LTD (REGISTERED NUMBER: 09925569) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 December 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 |
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. |
Going concern |
The director considers the going concern assumption to be appropriate for the foreseeable future. The director acknowledges that, with potential for rapid change in the business and social environment, there are likely to be significant unknown factors which may present themselves. Such factors are considered by the director to represent a general inherent level of risk in relation to the going concern assumption, albeit not quantifiable at this time. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2024 |
Additions |
At 31 December 2024 |
DEPRECIATION |
At 1 January 2024 |
Charge for year |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
IN-TECH GROUP LTD (REGISTERED NUMBER: 09925569) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 December 2024 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2024 |
Disposals | ( |
) |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Called up share capital not paid |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
VAT | 58,889 | 25,118 |
Other creditors | ( |
) |
Accruals and deferred income |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed to group undertakings |
9. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 3,524 | 3,017 |
IN-TECH GROUP LTD (REGISTERED NUMBER: 09925569) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 December 2024 |
9. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 January 2024 |
Charge to Income Statement during year |
Balance at 31 December 2024 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | 1 | 1 | 1 |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
12. | 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. |
13. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |
In September 2024, Infosys Limited (India) acquired 100% of the share capital of In-Tech Group Limited, making them the persons of significant control and the ultimate controlling party. |
In-Tech Group GmbH remain the parent company of In-Tech Group Limited despite the full control of the UK entity by Infosys Limited. |
14. | SALE OF IN-TECH INDIA PRIVATE LIMITED |
On the 17th July 2024, the full share capital of In-Tech Group India Private Limited was acquired by Infosys Limited. Whilst the In-Tech Group was acquired on 17th July 2024, India entity was sold on 30th August 2024. |
The entity was professionally valued and at fair value, undertaken on a going concern premise that the Company will continue to operate in future and earn cash flows. |
The entity was valued at INR 15,400,000, retranslated at the Bank of England's spot rate at the value of GBP 1,203,787 after overseas tax. |