Company registration number 05264494 (England and Wales)
INTRA LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
INTRA LIMITED
COMPANY INFORMATION
Directors
J Battista Jr
J Shaw
J Battista III
Company number
05264494
Registered office
c/o Birketts LLP
Brierly Place
160 - 162 New London Road
Chelmsford
Essex
CM2 0AP
Auditor
Rickard Luckin Limited
1st Floor
County House
100 New London Road
Chelmsford
Essex
CM2 0RG
Business address
25/27 Wilbury Way
Hitchin
Hertfordshire
SG4 0TS
INTRA LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 25
INTRA LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The directors present the strategic report for the year ended 31 December 2024.
Review of the business
The principal activity of the company continued to be that of design, manufacture, installation and test of quality control machinery and equipment for the automotive and aerospace industries.
The company produced an excellent performance across all operations in 2024, resulting in the outstanding financial results presented in this report.
Turnover at £15.5m is a record level for the company and represents 19% year-on-year growth (2023 £12.5m). The increase in turnover is primarily driven by success in export markets as the company’s reputation for technical excellence has established Intra Limited as market leader in the Noise, Vibration and Harshness (NVH) inspection of transmission gears for electric vehicles.
Cash inflow from operations was strong enabling the company to significantly reduce indebtedness and invest in new manufacturing capacity and capability.
Principal risks and uncertainties
Competitive Risks – The global automotive industry remains intensely competitive in all aspects of technical capability, price and delivery timescale. The company’s strategy is to maintain market leadership through relentless development and product improvements supported by our commitment to growing in-house capability through employee training and advancement.
Currency Risk – The foreign currency risk faced by the business is mitigated by operating multi-currency bank accounts which allows more timely control over currency forecasting and reducing the number of transactions requiring exchange rate exposure.
Credit Risk – The company operates appropriate trade finance procedures and credit insurance policies to mitigate the additional credit risk inherent in an export-oriented business.
Geopolitical Risks – While the company has little direct exposure to the US automotive market the tariff policy of the US Government, coupled with uncertainty around Net-Zero legislation in Europe, increases the risk of a downturn in the sector. The company seeks to mitigate this risk through maintaining flexible operations and minimising fixed costs, such that the cost base can remain responsive to changes in demand.
Key performance indicators
The company’s key financial and other performance indicators during the year were as follows:
2024 2023
Turnover £15.5m £12.5m
Gross profit £3.7m £2.9m
Gross profit percentage 23.8% 22.9%
Profit after tax £1.2 £1.1
Average number of employees 29 28
Net cashflow from operating activities £887k (£7k)
INTRA LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
J Battista Jr
Director
30 April 2025
INTRA LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
The directors present their annual report and financial statements for the year ended 31 December 2024.
Principal activities
The principal activity of the company continued to be that of design, manufacture, installation and test of quality control machinery and equipment for the automotive and aerospace industries.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
J Battista Jr
J Shaw
J Battista III
Results and dividends
The results for the year are set out on page 9.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Auditor
In accordance with the company's articles, a resolution proposing that Rickard Luckin Limited be reappointed as auditor of the company will be put at a General Meeting.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of financial risk disclosures.
INTRA LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
J Battista Jr
Director
30 April 2025
INTRA LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF INTRA LIMITED
- 5 -
Opinion
We have audited the financial statements of Intra Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
INTRA LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF INTRA LIMITED
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit;
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Capability of the audit in detecting irregularity, including fraud.
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our: general commercial and sector experience; through verbal and written communications with those charged with governance and other management; and via inspection of the company’s regulatory and legal correspondence.
We discussed with those charged with governance and other management the policies and procedures regarding compliance with laws and regulations.
We communicated identified laws and regulations to our team and remained alert to any indicators of non-compliance throughout the audit, we also specifically considered where and how fraud may occur within the company.
The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the company is subject to laws and regulations that directly affect the financial statements, including: the company’s constitution, relevant financial reporting standards; company law; tax legislation and distributable profits legislation and we assess the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
INTRA LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF INTRA LIMITED
- 7 -
Secondly the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on the amounts or disclosures in the financial statements, for instance through the imposition of fines and penalties, or through losses arising from litigations. We identified the following areas as those most likely to have such an affect: waste carriers licence; employment legislation; health and safety legislation; trade and export legislation; data protection legislation and anti-bribery and anti-corruption legislation.
ISAs (UK) limit the required procedures to identify non-compliance with these laws and regulations and no procedures over and above those already noted are required. These limited procedures did not identify any actual or suspected non-compliance with laws and regulations that could have a material impact on the financial statements.
In relation to fraud, we performed the following specific procedures in addition to those already noted:
Challenging assumptions made by management in its significant accounting estimates in particular: percentage of completion on long-term contracts; loss-making contracts; depreciation; warranty and dilapidation provisions;
Identifying and testing journal entries during the year and around the year end, in particular any entries posted with unusual nominal ledger account combinations and journal entries crediting any revenue account;
Performing analytical procedures to identify unexpected movements in account balances which may be indicative of fraud;
Ensuring that testing undertaken on both the performance statement, and the Balance Sheet includes a number of items selected on a random basis;
Discussions with management.
These procedures did not identify any actual or suspected fraudulent irregularity that could have a material impact on the financial statements.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with ISAs (UK). For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the procedures that we are required to undertake would identify it. In addition, as with any audit, there remains a high risk of non-detection of irregularities, as these might involve collusion, forgery, intentional omissions, misrepresentation, or the override of internal controls. We are not responsible for preventing non-compliance with laws and regulations or fraud, and cannot be expected to detect non-compliance with all laws and regulations or every incidence of fraud.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
INTRA LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF INTRA LIMITED
- 8 -
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Joanna Southon
Senior Statutory Auditor
For and on behalf of Rickard Luckin Limited
30 April 2025
Chartered Accountants
Statutory Auditor
1st Floor
County House
100 New London Road
Chelmsford
Essex
CM2 0RG
INTRA LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
15,511,110
12,507,099
Cost of sales
(11,824,598)
(9,643,544)
Gross profit
3,686,512
2,863,555
Distribution costs
(377,600)
(367,066)
Administrative expenses
(1,631,644)
(967,864)
Other operating income
33,327
3,776
Operating profit
4
1,710,595
1,532,401
Interest receivable and similar income
31,629
16,796
Interest payable and similar expenses
7
(200,305)
(164,421)
Profit before taxation
1,541,919
1,384,776
Tax on profit
8
(386,907)
(327,699)
Profit for the financial year
1,155,012
1,057,077
The profit and loss account has been prepared on the basis that all operations are continuing operations.
INTRA LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
9
2,047
2,569
Tangible assets
10
447,511
333,132
449,558
335,701
Current assets
Stocks
11
2,383,380
3,226,179
Debtors
12
4,955,885
3,278,384
Cash at bank and in hand
2,167,441
2,088,414
9,506,706
8,592,977
Creditors: amounts falling due within one year
13
(5,861,313)
(5,907,491)
Net current assets
3,645,393
2,685,486
Total assets less current liabilities
4,094,951
3,021,187
Creditors: amounts falling due after more than one year
14
(18,000)
(70,000)
Provisions for liabilities
Provisions
17
58,000
Deferred tax liability
15
107,925
79,173
(107,925)
(137,173)
Net assets
3,969,026
2,814,014
Capital and reserves
Called up share capital
19
1,000,001
1,000,001
Capital redemption reserve
78,049
78,049
Profit and loss reserves
18
2,890,976
1,735,964
Total equity
3,969,026
2,814,014
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 30 April 2025 and are signed on its behalf by:
J Battista Jr
Director
Company registration number 05264494 (England and Wales)
INTRA LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2023
1,000,001
78,049
678,887
1,756,937
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
1,057,077
1,057,077
Balance at 31 December 2023
1,000,001
78,049
1,735,964
2,814,014
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
1,155,012
1,155,012
Balance at 31 December 2024
1,000,001
78,049
2,890,976
3,969,026
INTRA LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
1,383,365
166,774
Interest paid
(200,305)
(164,421)
Income taxes paid
(316,218)
(9,799)
Net cash inflow/(outflow) from operating activities
866,842
(7,446)
Investing activities
Purchase of tangible fixed assets
(224,157)
(117,676)
Proceeds from disposal of tangible fixed assets
27,000
Interest received
31,629
16,796
Net cash used in investing activities
(192,528)
(73,880)
Financing activities
Repayment of bank loans
(595,287)
431,149
Net cash (used in)/generated from financing activities
(595,287)
431,149
Net increase in cash and cash equivalents
79,027
349,823
Cash and cash equivalents at beginning of year
2,088,414
1,738,591
Cash and cash equivalents at end of year
2,167,441
2,088,414
INTRA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
1
Accounting policies
Company information
Intra Limited is a private company limited by shares incorporated in England and Wales. The registered office is Brierly Place, 160 - 162 New London Road, Chelmsford, Essex, CM2 0AP.
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.
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.
1.2
Going concern
The financial statements are prepared on a going concern basis. trueAt the time of approving these financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for at least the next 12 months. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for sale of goods and services in the ordinary nature of the business. Turnover is shown net of Value Added Tax of goods sold and services provided to customers.
Revenue from contracts are recognised by reference to the stage of completion as set out in note 1.9 to the financial statements.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.5
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.
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:
Development Costs
5 years
INTRA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.6
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 machinery
Straight line over 3 to 10 years
Fixtures, fittings & equipment
Straight line over 3 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.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
INTRA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.9
Long term contracts
Where the outcome of a long term contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.
When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.
Where the outcome of a long term contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.
The “percentage of completion method” is used to determine the appropriate amount of turnover and costs to recognise in a given period. The stage of completion is measured by the actual hours worked on a contract at the year end, compared to the total budgeted hours estimated to complete the contract.
1.10
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.
1.11
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs 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 classified as receivable within one year are not amortised.
INTRA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans 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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.12
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
INTRA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available from which the reversal of the underlying timing differences can be utilised. Deferred tax assets are not discounted.
1.14
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.15
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.16
Retirement benefits
The pension costs charged in the financial statements represent the contributions payable by the company during the period to defined contribution schemes. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet.
1.17
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.18
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.
1.19
Product warranty
Warranties are granted on the company's products and provisions are made for these where there is an expectation that a claim will be made on these.
INTRA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
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.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Long-term contracts
Profits on long-term contracts are recognised as they progress. Estimation is involved in arriving at labour hours required to complete a job which is used to estimate the percentage of completion on contracts and therefore the level of profits to be recognised on those contracts.
Project cost hold backs
Estimates are made in calculating the costs to accrue for projects in progress at the year end.
Obsolete and slow moving stock
In determining the recoverable amount of stock, the directors have to make estimates to arrive at net realisable value.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2024
2023
£
£
Turnover analysed by class of business
Sales of machines
15,511,110
12,507,099
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
5,459,574
4,410,843
Europe
557,908
2,240,479
Far East
9,111,651
5,257,724
RoW
381,977
598,053
15,511,110
12,507,099
2024
2023
£
£
Other revenue
Interest income
31,629
16,796
INTRA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(32,168)
(141,947)
Fees payable to the company's auditor for the audit of the company's financial statements
39,000
37,500
Depreciation of owned tangible fixed assets
109,778
44,171
(Profit)/loss on disposal of tangible fixed assets
-
1,300
Amortisation of intangible assets
522
520
Operating lease charges
138,257
130,521
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Staff included in cost of sales
25
25
Staff included in administrative expenses
4
3
Total
29
28
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
1,681,215
1,568,410
Social security costs
218,868
176,383
Pension costs
145,576
147,875
2,045,659
1,892,668
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
139,076
156,298
Company pension contributions to defined contribution schemes
10,920
10,877
149,996
167,175
INTRA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
7
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
86,625
48,612
Other interest on financial liabilities
113,680
115,809
200,305
164,421
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
357,975
316,062
Adjustments in respect of prior periods
180
Total current tax
358,155
316,062
Deferred tax
Origination and reversal of timing differences
28,752
11,637
Total tax charge
386,907
327,699
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
1,541,919
1,384,776
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
385,480
346,194
Tax effect of expenses that are not deductible in determining taxable profit
1,247
1,552
Effect of change in corporation tax rate
(19,881)
Permanent capital allowances in excess of depreciation
(166)
Under/(over) provided in prior years
180
Taxation charge for the year
386,907
327,699
INTRA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
9
Intangible fixed assets
Development Costs
£
Cost
At 1 January 2024 and 31 December 2024
3,640
Amortisation and impairment
At 1 January 2024
1,071
Amortisation charged for the year
522
At 31 December 2024
1,593
Carrying amount
At 31 December 2024
2,047
At 31 December 2023
2,569
10
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 January 2024
561,631
97,716
659,347
Additions
199,224
24,933
224,157
Disposals
(53,703)
(28,003)
(81,706)
At 31 December 2024
707,152
94,646
801,798
Depreciation and impairment
At 1 January 2024
239,859
86,356
326,215
Depreciation charged in the year
99,782
9,996
109,778
Eliminated in respect of disposals
(53,703)
(28,003)
(81,706)
At 31 December 2024
285,938
68,349
354,287
Carrying amount
At 31 December 2024
421,214
26,297
447,511
At 31 December 2023
321,772
11,360
333,132
11
Stocks
2024
2023
£
£
Work in progress
1,485,288
2,525,433
Finished goods and goods for resale
898,092
700,746
2,383,380
3,226,179
INTRA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,266,725
2,594,721
Gross amounts owed by contract customers
390,140
510,507
Other debtors
218,860
121,640
Prepayments and accrued income
80,160
51,516
4,955,885
3,278,384
13
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
569,306
1,112,593
Trade creditors
1,826,348
1,495,809
Corporation tax
357,975
316,038
Other taxation and social security
216,450
69,240
Other creditors
1,135,668
1,126,341
Accruals and deferred income
1,755,566
1,787,470
5,861,313
5,907,491
Included within other creditors is a director's loan which is secured by a fixed and floating charge over the assets of the company.
HM Revenue and Customs have a guarantee in place that they may call on for an amount up to £22,000 over the company's bank account in the event that the company does not settle its liabilities with HM Revenue & Customs on time.
Stock includes raw materials and finished goods that are subject to reservation of title until they have been fully paid for.
Two of the bank loans are secured over the intellectual property and equipment of the company.
14
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
18,000
70,000
INTRA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
15
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
110,252
81,301
Retirement benefit obligations
(2,327)
(2,128)
107,925
79,173
2024
Movements in the year:
£
Liability at 1 January 2024
79,173
Charge to profit or loss
28,752
Liability at 31 December 2024
107,925
The deferred tax liability set out above is not expected to reverse within 12 months.
16
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
145,576
147,875
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
17
Provisions for liabilities
2024
2023
£
£
Warranty provision
-
18,000
Dilapidation provision
-
40,000
58,000
18
Profit and loss reserves
The profit and loss reserves are wholly distributable.
INTRA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
19
Share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
1,000,001 Ordinary shares of £1 each
1,000,001
1,000,001
20
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
162,326
136,295
Between two and five years
226,678
124,595
389,004
260,890
21
Directors' transactions
At the year end, the company owed a director £1,135,668 (2023: £1,124,824) and this balance is included within creditors. Interest of £113,680 (2023: £115,809) was charged on this loan by the director.
During the year, dividends of £Nil (2023: £Nil) were paid to a director of the company.
INTRA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
22
Related party transactions
During the year the company undertook transactions with companies under common control. These transactions comprised of purchases and management charges from a related company totalling £2,630,165 (2023: £4,245,746) and sales to a related company of £152,310 (2023: £478,909). As at 31 December 2024 the company was owed £25,205 (2023: £131,150) by this related company. This balance is included within debtors. The company also owed this related company £846,399 (2023: £721,502). This balance is included within creditors.
During the year, the company undertook transactions with another company under common control. These transactions comprised of purchases and management charges from this related company totalling £332,766 (2023: £311,492). As at 31 December 2024, the company owed a net balance to this related company of £170,950 (2023: £168,291).
During the year, the company undertook a transaction with a third company under common control. This transaction was an additional advance of £137,611 on an existing loan . As at 31 December 2024, the company was owed £218,860 (2023: £81,249) by this related company.
23
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
1,155,012
1,057,077
Adjustments for:
Taxation charged
386,907
327,699
Finance costs
200,305
164,421
Investment income
(31,629)
(16,796)
(Gain)/loss on disposal of tangible fixed assets
-
1,300
Amortisation and impairment of intangible assets
522
520
Depreciation and impairment of tangible fixed assets
109,778
44,171
Decrease in provisions
(58,000)
-
Movements in working capital:
Decrease/(increase) in stocks
842,799
(1,429,019)
Increase in debtors
(1,677,501)
(689,097)
Increase in creditors
455,172
706,498
Cash generated from operations
1,383,365
166,774
24
Analysis of changes in net funds
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
2,088,414
79,027
2,167,441
Borrowings excluding overdrafts
(1,182,593)
595,287
(587,306)
905,821
674,314
1,580,135
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