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Registered number: 05575376
IETG LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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IETG LIMITED
COMPANY INFORMATION
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Mr N Detchepare (resigned 14 October 2024)
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Mr M Marriott (appointed 14 October 2024)
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AAB Audit & Accountancy Limited
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Chartered accountants & statutory auditor
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IETG LIMITED
CONTENTS
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Directors' responsibilities statement
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Independent auditors' report
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Statement of income and retained earnings
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Statement of financial position
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Notes to the financial statements
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IETG LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their strategic report together with the audited financial statements for the year ended 31 December 2024.
During the year ending 31 December 2024 IETG continued to provide flow and water quality monitoring services to its key customers in the water industry. The final year of AMP7 resulted in increased demand for flow monitoring services as water authorities focused their efforts on reducing CSO spills and improving the quality of rivers to address the ongoing requirements of the Environment Act.
IETG continued to develop and market its Aquahawk products ahead of the expected growth in Water Quality monitoring which is expected to show strong growth in the new AMP8 period starting April 2025, supported by the Environment Act requirements and increased budgetary spend form the water companies across the UK.
Performance
The company reported an improved profit before tax of £490,390 (2023: £380,576) driven by increased revenue of £6,751,229 (2023: £6,214,321) whilst maintaining control of its operating costs.
The outlook for 2025 and beyond is very positive and the Directors are forecasting increased demand for flow and water quality monitoring as Water Companies continue to invest in their asset base to meet the ongoing requirements of the Environment Act.
The key performance indicators of the company are revenue, return on assets, operating and net profit.
We draw attention to note 2.3 in the financial statements, which explains that, following the acquisition of IETG Ltd by SOCOTEC UK on 31 October 2023 the company has been integrated into the wider SOCOTEC UK business. The trade and assets of IETG Limited were hived up into SOCOTEC UK on 31 March 2025, as a result of the hive up IETG Limited became a dormant company on 1 April 2025.
Principal risks and uncertainties
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IETG operates in regulatory markets that are driven by legislative and environmental issues as well as economic and commercial considerations. The extent to which our customer are facing budget challenges may influence their buying decisions, resulting in delayed or lost contracts, but we see this as a very low risk as 2025 is the start of the new AMP8 5-year cycle and budgets are agreed with the regulator. The company is well established in these markets it operates in and is well positioned to deal with these risks and uncertainties as they arise.
Page 1
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IETG LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Director’s statement of compliance with section 172(1)
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The board of IETG Limited consider that it has adhered to the requirements of section 172 of the Companies Act 2006 and has, in good faith, acted in a way that it considers would be most likely to promote the success of the company for the benefit of its shareholders whilst considering all stakeholders.
IETG Limited is a long-term business with long term relationships with its shareholders, employees, clients, suppliers, government bodies and accreditation bodies and consequently it takes a long-term view in its decision-making process. The Board’s business plan is designed to have a long-term beneficial impact on the company and its stakeholders and to continue to its long-term success by continuing to invest and deliver high quality services. The business plan includes:
• Investment in staff training and development, equipment, property and IT capabilities to complement and improve our service offering to customers.
• Retaining and where relevant attaining relevant accreditations to enable us to continue to service current customer needs.
• Continuing to operate efficiently and within budgetary controls and to high standards to ensure we provide our customers with high quality data.
Our employees are fundamental to the delivery of our plan. We aim to be a responsible, flexible and good employer in our approach to the pay and benefits our employees receive and their working environment and practices and the experience they have working for the company. The health, safety and well-being of our employees and our customers employees is our highest priority in the way we do business. We also plan to ensure our employees are continually trained to enable them to fulfill their responsibilities and develop their careers and provide the services expected and required by our customers.
Our plan focuses on organic growth through the development of existing services together with key strategies to capitalise on opportunities as they develop. We continue to develop and maintain strong relationships with our customers by maintaining and improving our service offering.
We also act ethically, responsibly and fairly in how we engage with out customers, suppliers and other stakeholders, including the wider communities that we work in across the UK and comply fully with our regulators and accreditation bodies, all of whom are integral to the successful delivery of our plan. The company respects and contributes to the many communities it works in.
We fully recognise that our day-to-day operations can impact the environment, and we are committed to managing and monitoring where appropriate to reduce our impact on the environment. Through ISO 14001 we employ systems and procedures that ensure the Company’s compliance with all relevant laws, regulations and other requirements relating to the environment.
The Board of Directors’ intention is always to behave responsibly and ethically and to ensure that management operate the business in a responsible and ethical manner, operating with the high standards of business conduct within our area of expertise. In doing so, this will contribute to the delivery of our plan and the long- term success of the company and its stakeholders.
This report was approved by the board on 20 May 2025 and signed on its behalf.
Page 2
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IETG LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The profit for the year, after taxation, amounted to £312,390 (2023 - £275,576).
The directors do not recommend the payment of a dividend.
The directors who served during the year and up to the date of this report were:
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Mr N Detchepare (resigned 14 October 2024)
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Mr M Marriott (appointed 14 October 2024)
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The trade and assets of IETG Limited were hived up to SOCOTEC UK on 31 March 2025, as a result of the hive up IETG Limited became a dormant company on 1 April 2025.
Disclosure of information to auditors
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Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Post balance sheet events
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Following the year end, the company has been integrated into the wider SOCOTEC UK business.
Under section 487(2) of the Companies Act 2006, AAB Audit & Accountancy Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
Page 3
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IETG LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements 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 to 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.
Page 4
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IETG LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IETG LIMITED
We have audited the financial statements of IETG Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of income and retained earnings, the Statement of financial position and the related notes, including a summary of 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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.
Emphasis of matter - financial statements prepared on a basis other than going concern
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We draw attention to note 2.3 in the financial statements, which explains that following the year end, the trade and assets of IETG Limited were hived up into SOCOTEC UK on 31 March 2025, as a result of the hive up IETG Limited became a dormant company on 1 April 2025.
As stated in note 2.3, the directors therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern.
Our opinion is not modified in respect of this matter.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Page 5
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IETG LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IETG LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
Opinion on other matters prescribed by the Companies Act 2006
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In our opinion, based on the work undertaken in the course of the 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.
Matters on which we are required to report by exception
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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 or 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
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As explained more fully in the Directors' responsibilities statement set out on page 4, 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.
Page 6
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IETG LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IETG LIMITED (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
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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 Auditors' 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:
We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements.
The laws and regulations we considered in this context were the Companies Act 2006, UK Taxation legislation, health and safety and employment law.
We identified the greatest risk of material impact on the financial statements from irregularities including fraud to be:
• Management override of controls to manipulate the company’s key performance indicators to meet targets
• Timing of revenue recognition
• Management judgement applied in calculating provisions
• Compliance with relevant laws and regulations which directly impact the financial statements and those that the company needs to comply with for the purpose of trading
Our audit procedures to respond to these risks included:
• Testing of journal entries and other adjustments for appropriateness
• Evaluating the business rationale of significant transactions outside the normal course of business
• Reviewing judgements made by management in their calculation of accounting estimates for potential management bias
• Enquiries of management about litigation and claims and inspection of relevant correspondence
• Reviewing legal and professional fees to identify indications of actual or potential litigation, claims and any non-compliance with laws and regulations
• Analytical procedures to identify any unusual or unexpected trends or relationship;
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
∙Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Page 7
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IETG LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IETG LIMITED (CONTINUED)
∙Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
∙Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
∙Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the Company to cease to continue as a going concern.
∙Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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 Auditors' 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.
Helen Daniels LLB FCA CTA (Senior statutory auditor)
for and on behalf of
AAB Audit & Accountancy Limited
Chartered accountants & statutory auditor
Gresham House
5-7 St Pauls Street
Leeds
LS1 2JG
20 May 2025
Page 8
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IETG LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Interest receivable and similar income
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Interest payable and similar expenses
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Retained earnings at the beginning of the year
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Retained earnings at the end of the year
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The notes on pages 11 to 21 form part of these financial statements.
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Page 9
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IETG LIMITED
REGISTERED NUMBER: 05575376
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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Capital redemption reserve
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The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 May 2025.
The notes on pages 11 to 21 form part of these financial statements.
Page 10
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IETG LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The company is a private company limited by shares, registered in England and Wales. The principal activity of the company is that of a multi-disciplined services business to the water industry. The address of the registered office is SOCOTEC House, Bretby Business Park, Bretby, Burton-On-Trent, England, DE15 0YZ.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
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Financial Reporting Standard 102 - reduced disclosure exemptions
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The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Sophinvest SA as at 31 December 2024 and these financial statements may be obtained from their website.
Following the acquisition of IETG Limited by SOCOTEC UK on 31 October 2023 the company has been integrated into the wider SOCOTEC UK business. The trade and assets of IETG Limited were hived up into SOCOTEC UK on 31 March 2025, as a result of the hive up IETG Limited became a dormant company on 1 April 2025.
The directors consider the values of all balances at 31 December 2024 to be recoverable at at fair value, therefore no adjustments have been made. As a result of this decision, the directors have adopted a basis other than going concern when preparing these accounts.
Page 11
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IETG LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Amounts recoverable on contracts, which are included in debtors, are stated at the net sales value of the work done less amounts received as progress payments on account.
Profit is recognised on long-term contracts if the outcome can be assessed with reasonable certainty by including in the profit and loss account turnover and related costs as contract activity progresses. Forecast losses on contracts are recognised immediately.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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.
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
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3 years straight line basis
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Page 12
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IETG LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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3-8 years straight line basis
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4 years straight line basis
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3-5 years straight line basis
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3-5 years straight line basis
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5 years straight line basis
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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Impairment of fixed assets
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A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Page 13
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IETG LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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.
Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell, which is equivalent to net realisable value. Cost includes materials only and is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.
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Defined contribution plans
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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.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
Page 14
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IETG LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Judgements in applying accounting policies and key sources of estimation uncertainty
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The preparation of the financial statements requires management to make judgements, estimates and
assumptions that affect the amounts reported. These estimates and judgements are continually reviewed
and are based on experience and other factors, including expectations of future events that are believed
to be reasonable under the circumstances.
The judgements (apart from those involving estimations) that management has made in the process of
applying the entity's accounting policies and that have the most significant effect on the amounts
recognised in the financial statements are as follows:
Revenue recognition
Determining whether to recognise revenue involves a degree of management judgement. The detailed criteria for the recognition of revenue from the sale of goods is set out in FRS102 Section 23 (Revenue) and, in particular, management must assess whether the Company had transferred to the buyer the significant risk and rewards of ownership of the goods. The directors are satisfied that the significant risks and rewards have been transferred and that recognition of the revenue in the current and prior years is appropriate.
Provision for debtors and stock
Determining whether debtor balances and stock values ar irrecoverable requires review of up to date trading information. the directors use their knowledge of the business, the trading environment and future projections to assess whether provision is necessary in these areas.
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The operating profit is stated after charging:
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Depreciation of tangible assets
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Staff costs were as follows:
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Cost of defined contribution scheme
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The average monthly number of employees, including the directors, during the year was as follows:
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Page 15
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IETG LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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The highest paid director received remuneration of £171,025 (2023 - £169,598).
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Current tax on profits for the year
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Factors affecting tax charge for the year
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The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 23.52%). The differences are explained below:
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Profit on ordinary activities before tax
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Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)
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Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
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Changes in provisions leading to an increase (decrease) in the tax charge
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Remeasurement of deferred tax for changes in tax rates
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Other differences leading to an increase (decrease) in the tax charge
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Total tax charge for the year
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Factors that may affect future tax charges
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Page 16
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IETG LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
7.Taxation (continued)
There were no factors that may affect future tax charges.
Page 17
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IETG LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 18
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IETG LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Amounts owed by group undertakings
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Prepayments and accrued income
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Amounts recoverable on contracts
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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Page 19
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IETG LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
13.Deferred taxation (continued)
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The provision for deferred taxation is made up as follows:
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Fixed asset timing differences
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Short term timing differences
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Losses and other deductions
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Allotted, called up and fully paid
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250 (2023 - 250) Ordinary shares shares of £1 each
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Called up share capital
The called up share capital represents the nominal value of the shares issued.
Profit and loss account
This reserve records retained earnings and accumulated losses.
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Commitments under operating leases
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At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Related party transactions
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As a wholly owned subsidiary, the company has taken advantage of the exemption in FRS102 Section 33 'Related Party Disclosures' from disclosing transactions with other companies in the group.
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Page 20
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IETG LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Post balance sheet events
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On 31 March 2025, the trade and assets of IETG Limited were hived up into SOCOTEC UK. As a result of the hive up, IETG Limited became a dormant company on 1 April 2025.
The ultimate controlling company of IETG Limited is Sophinvest SA, a company registered in Luxembourg and is the smallest and largest group for which consolidated accounts including the company are prepared.
Page 21
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