Company Registration No. 04359938 (England and Wales)
INTATEC LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
INTATEC LIMITED
COMPANY INFORMATION
Directors
Mr S Gizzi
Mrs CK Fisher
Mr D Bougourd
Secretary
Company number
04359938
Registered office
c/o Intatec Ltd
Airfield Industrial Estate
Hixon
Stafford
Staffordshire
ST18 0PF
Auditor
Geens Limited
Graphic House
124 City Road
Stoke on Trent
ST4 2PH
INTATEC LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Statement of income and retained earnings
9
Balance sheet
10
Statement of cash flows
12
Notes to the financial statements
13 - 24
INTATEC 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

Intatec’s principal activities during the year continued to be the supply of components and allied products to the heating and plumbing industry.

 

The key financial and other performance indicators during the year were as follows:

 

2024

2023

% Change

 

 

 

 

Turnover

42,283,278

39,159,389

8%

 

Operating profit

 

1,300,519

 

782,410

 

66%

 

Profit after tax

 

933,960

 

522,749

 

79%

 

Equity shareholders’ funds

 

7,068,371

 

6,134,411

 

15%

 

 

 

 

Current assets as % of current liabilities ('quick ratio')

141%

144%

-3%

 

 

 

 

Average number of employees

72

67

7%

 

Turnover increased by 8% during the year primarily due to growth from the development of new product ranges. Turnover for the company in the next financial year is expected to grow between 4% and 8% through continued growth in geographical markets and product development.

 

Operating costs increased by 11.8% during the year and include investment in our people to support a changing market and operational growth and investment in our systems to aid operational performance and efficiency.

 

Through continued management and improvement of the gross margin, operating profit increased by 66% against 2023 operating profit. Profit after tax increased as a result of the increase in operating profit.

Shareholders’ funds increased by 15% due to retained earnings.

 

The company’s “quick ratio” (current assets as a percentage of current liabilities) has decreased as a result of ongoing investment in stocks supporting new product development and management of the cash cycle.

 

Customer satisfaction remains our key indicator, given the company’s steady growth with own branded and OEM products. This is monitored by informal, feedback. The results of our questionnaires showed consistency in customer satisfaction compared to last year, focus for the coming year is to move this performance to 95%.

 

The total average number of employees has increased by 7.5% from 67 to 72 employees. Employee retention continues to be a focus for the company.

 

The products sold by the company have minimal environmental impact. However, the board believes that good environmental practices support the board’s strategy by enhancing the reputation of the company, the efficiency of operations. Consequently, the company continues to put environmental responsibilities high on the agenda and increased the percentage of items recycled. In terms of a direct impact on the environment the company maintains its carbon neutral status. This was achieved by increasing energy efficiency and reducing wastage.

 

The company is committed to continuous improvement and to maintain certifications for its quality management systems under the ISO 9001:2015 (Quality Management Systems), ISO 14001:2015 (Environmental Management Systems) and ISO45001:2018 (Occupational Health and Safety Management Systems).

INTATEC LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Principal risks and uncertainties

The company has established a risk committee that meets quarterly and which evaluates the company’s risk appetite. The principal risks and uncertainties facing the company are broadly grouped as – competitive, legislative and financial instrument risk.

 

The company is reliant on certain major contracts which are subject to periodic competitive tender. Renewal of these contracts is uncertain and based on financial and performance criteria.

 

Intatec is constantly aware of changing market conditions. The company is developing new products and entering new geographical markets to guard against market fluctuations and deliver the planned increased turnover in 2025.

 

In order to manage any inflation risk, the directors review the length of contracts undertaken ensuring that suitable arrangements with the company’s supply chain are in place. The extensive list of approved subcontractors/suppliers will also mitigate against business failures.

 

In the UK and Europe, products must be manufactured to strict industry and EU standards. These standards are subject to continuous revision and any new Directive may have a material impact on the ability of the company to supply products at a profit. In addition, compliance imposes costs and failure to comply with the standards could materially affect the company’s ability to operate. The company has also looked at additional risks with legislative demands post Brexit where products need to have dual approvals.

The company monitors and responds to the increasingly complex tax, legal and regulatory requirements, ensuring that its associated companies, employees and supply chain comply with applicable laws and regulations through continuous training and communication.

 

The company has established a risk and financial management framework whose primary objectives are to protect the company from events that hinder the achievement of the company’s performance objectives.

The objectives aim to limit undue counterparty exposure, ensure sufficient working capital exists and monitor the management of risk at a business unit level.

 

The company's principal financial instruments comprise the operational bank accounts, cash and short-term deposits. The main purpose of these financial instruments is to manage the company's funding and liquidity requirements. The company has other financial assets and liabilities such as trade debtors and trade creditors, which arise directly from its operations. The directors consider the company's exposure to credit risk, liquidity risk and cash flow risk is not material for the assessment of the assets, liabilities, financial position and the profit or loss of the company.

As any significant cash funds are invested in sterling bank deposit accounts there is no price risk exposure. Any funds temporarily available are held primarily in short term variable rate deposit accounts. The directors believe that this gives them the flexibility to release cash resources at short notice and also allows them to take advantage of changing conditions in the finance markets as they arise. All deposits are with reputable UK banks.

A potential risk to which the group is exposed is exchange rate risk.

 

The company uses forward foreign currency contracts to reduce exposure to the variability of foreign exchange rates by fixing the rate of any material payments in a foreign currency.

 

 

INTATEC LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Section 172 statement

The directors consider, both individually and collectively, that in the decisions taken during the financial year they have satisfied the requirements of section 172 of the Companies Act 2006 ("s172") in performing their duties, to promote the success of the company for the benefit of its members, as a whole, and in doing so having regard to the stakeholders and matters outlined in that section which will have an impact on the long-term success of the company.

 

The directors recognise that they have an important role in assessing and monitoring that the desired culture is embedded in the values, attitudes and behaviours that the company demonstrates, including our activities and stakeholder relationships.

 

When making decisions, each director ensures that they consider, in good faith, what would most likely promote the company's success for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:

 

• the likely consequences of any decision in the long term, by setting the regular process of budgeting and forecasting over the short term in the context of the longer-term strategic plan.

 

• the interests of the company's employees, as the directors recognise that employees are fundamental and core to our business and the delivery of our strategic ambitions. The success of our business is dependent upon attracting, retaining and motivating employees and ensuring that we remain a responsible employer, from pay and benefits to our health, safety and workplace environment. The directors factor the implications of decisions on employees and the wider workforce, where relevant and feasible.

 

• the need to foster the company's business relationships with suppliers, customers and others, to develop strong, mutually beneficial relationships to deliver our strategy.

 

• the impacts of the company's operations on the community and the environment, the directors seek to recognise the effects of their long-term decisions, and the ongoing operational activities in the context of the communities in which it operates, as well as the environment in general.

 

• the desirability of the company maintaining a reputation for high standards of business conduct, and in recognising that the company needs to provide its solutions and services in ways which are economically, environmentally and socially responsible and seeks to make its long-term decisions and undertake its daily operations in that context.

 

• the need to act fairly between members of the company, and after consideration of all the relevant factors as outlined above, the directors consider which course of action best enables the delivery of their strategy through the long-term, taking into consideration the impact on stakeholders.

On behalf of the board

Mr S Gizzi
Director
30 May 2025
INTATEC LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £nil (2023: £nil).

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr S Gizzi
Mrs CK Fisher
Mr D Bougourd
Auditor

Pursuant to section 487 of the Companies Act 2006 Geens Limited will continue in office as auditors.

Intatec Limited is classified as a large unquoted company due to its size. This is the first year the company has been required to report on its energy and carbon usage.

Greenhouse gas emissions and energy use data for the year ended 31 December 2024

 

kWh

Emissions (tCO2e/Yr)

% (tCO2e)

Energy consumption used to calculate emissions

623,350

 

 

 

 

 

 

Electricity generated (Scope 1)

 

0

0%

Gas consumption (Scope 1)

 

38,966

22%

Transport (Scope 1)

 

120,851

68%

Electricity (Scope 2)

 

13,626

8%

Hybrid vehicle electricity (Scope 2)

 

2,422

1%

Transport (Scope 3)

 

2,361

1%

Total tCO2e

 

178,227

100%

 

 

 

 

Intensity ratio: tCO2e gross figure based from mandatory fields above/£1m revenue

4,215

 

Intensity ratio: tCO2e gross figure based from mandatory field above/employee

2,475

 

 

 

The energy and carbon footprint cover Scope 1, 2 and selected Scope 3 emissions for the year ended 31 December 2024. The footprint is calculated in accordance with the Greenhouse Gas (GHG) Protocol. Outputs are in kWh and CO2e using the most up to date conversion factors issued by the Department for Business, Energy and Industrial Strategy (BEIS).

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

INTATEC LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -

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:

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.

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
Mr S Gizzi
Director
30 May 2025
INTATEC LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF INTATEC LIMITED
- 6 -
Opinion

We have audited the financial statements of Intatec Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of income and retained earnings, the balance sheet, 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:

Basis for opinion

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.

Other information

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:

INTATEC LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF INTATEC LIMITED (CONTINUED)
- 7 -
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 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:

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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

INTATEC LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF INTATEC LIMITED (CONTINUED)
- 8 -

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

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. The 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 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.

Use of our report

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.

Karen Staley FCA BSc (Hons) (Senior Statutory Auditor)
For and on behalf of Geens Limited, Statutory Auditor
Chartered Accountants
Graphic House
124 City Road
Stoke on Trent
ST4 2PH
30 May 2025
INTATEC LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
42,283,278
39,159,389
Cost of sales
(34,639,192)
(32,703,245)
Gross profit
7,644,086
6,456,144
Administrative expenses
(6,343,567)
(5,673,734)
Operating profit
4
1,300,519
782,410
Interest receivable and similar income
20,035
17,879
Interest payable and similar expenses
(15,162)
-
0
Profit before taxation
1,305,392
800,289
Tax on profit
8
(371,432)
(277,540)
Profit for the financial year
933,960
522,749
Retained earnings brought forward
5,876,636
5,353,887
Retained earnings carried forward
6,810,596
5,876,636

The profit and loss account has been prepared on the basis that all operations are continuing operations.

INTATEC LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
9
539,817
489,804
Investments
10
25,400
25,400
565,217
515,204
Current assets
Stocks
12
9,043,252
7,557,079
Debtors
13
11,085,978
9,477,947
Cash at bank and in hand
2,674,670
1,834,895
22,803,900
18,869,921
Creditors: amounts falling due within one year
14
(16,168,420)
(13,131,376)
Net current assets
6,635,480
5,738,545
Total assets less current liabilities
7,200,697
6,253,749
Provisions for liabilities
Deferred tax liability
15
132,326
119,338
(132,326)
(119,338)
Net assets
7,068,371
6,134,411
Capital and reserves
Called up share capital
17
66,377
66,377
Share premium account
187,510
187,510
Capital redemption reserve
3,888
3,888
Profit and loss reserves
6,810,596
5,876,636
Total equity
7,068,371
6,134,411
The financial statements were approved by the board of directors and authorised for issue on 30 May 2025 and are signed on its behalf by:
Mr D Bougourd
Director
Company registration number 04359938 (England and Wales)
INTATEC LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 January 2023
66,377
187,510
3,888
5,353,887
5,611,662
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
522,749
522,749
Balance at 31 December 2023
66,377
187,510
3,888
5,876,636
6,134,411
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
-
933,960
933,960
Balance at 31 December 2024
66,377
187,510
3,888
6,810,596
7,068,371
INTATEC 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
22
1,505,961
1,215,362
Interest paid
(15,162)
-
0
Income taxes paid
(454,830)
(174,639)
Net cash inflow from operating activities
1,035,969
1,040,723
Investing activities
Purchase of tangible fixed assets
(216,229)
(293,635)
Interest received
20,035
17,879
Net cash used in investing activities
(196,194)
(275,756)
Net increase in cash and cash equivalents
839,775
764,967
Cash and cash equivalents at beginning of year
1,834,895
1,069,928
Cash and cash equivalents at end of year
2,674,670
1,834,895
INTATEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
1
Accounting policies
Company information

Intatec Limited is a company limited by shares incorporated in England and Wales. The registered office is c/o Intatec Ltd, Airfield Industrial Estate, Hixon, Stafford, Staffordshire, ST18 0PF.

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 on the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

 

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Intatec Limited is a wholly owned subsidiary of Ugo Benettolo S.P.A. The ultimate parent company is Palfin S.A.P.A. The results of Intatec Limited are included in the consolidated financial statements of Palfin S.A.P.A. which are available from 242 Via Del Santo, Limena (PD), Italy, 35010.

 

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

INTATEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.4
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
between 10% and 50% straight line
Fixtures, fittings & equipment
10% straight line
Computer equipment
25% straight line
Motor vehicles
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the cost and the depreciation charge, and is credited or charged to profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.6
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.

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.

1.7
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 trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs 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.

INTATEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indications of impairment at each reporting date. If objective evidence of impairment is found, an impairment loss is recognised in profit and 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.

Classification of financial liabilities
Basic financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

 

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. Trade creditors 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.

Other financial liabilities

Derivatives, including forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

INTATEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
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.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
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.

1.12
Foreign exchange

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Foreign exchange gains and losses resulting from the settlement of transactions are recognised in the profit and loss account items which most appropriately reflects the nature of the item or transaction.

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.

INTATEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 17 -
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.

Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 8 for the carrying amount of the property plant and equipment, and note 1.4 for the useful economic lives for each class of assets.

Stock provisioning

The company supplies components and allied products to the plumbing industry. As a result it is necessary to consider the recoverability of the cost of the stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability of finished goods particularly where the units have been in stock for some time.

Impairment of debtors

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 12 for the net carrying amount of the debtors and associated impairment provision.

Carriage Inwards provision

The company imports stock from Europe and Asia. As a result appropriate estimates are made as at the year end date of the associated costs to bring the appropriate stock to the company's premises.

 

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
39,173,465
35,907,705
Overseas
3,109,813
3,251,684
42,283,278
39,159,389
2024
2023
£
£
Other revenue
Interest income
20,035
17,879
INTATEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(205,246)
40,154
Depreciation of owned tangible fixed assets
166,216
170,988
Operating lease charges
385,889
280,486
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
16,000
14,950
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
72
67

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
3,125,064
2,927,162
Social security costs
304,892
318,832
Pension costs
108,741
86,160
3,538,697
3,332,154
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
405,303
341,822
Company pension contributions to defined contribution schemes
16,492
16,935
421,795
358,757

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).

INTATEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
7
Directors' remuneration
(Continued)
- 19 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
240,171
181,740
Company pension contributions to defined contribution schemes
8,722
9,235
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
319,117
158,086
Adjustments in respect of prior periods
39,327
67,064
Total current tax
358,444
225,150
Deferred tax
Origination and reversal of timing differences
12,988
52,390
Total tax charge
371,432
277,540

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
1,305,392
800,289
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
326,348
200,072
Tax effect of expenses that are not deductible in determining taxable profit
5,757
89
Permanent capital allowances in excess of depreciation
-
0
(883)
Corporation tax charged at lower rate of 19%
-
0
(9,951)
Deferred tax brought forward charged at higher rate
-
0
21,149
R & D tax credit to be repaid
-
0
67,064
Adjustment in respect of prior years
39,327
-
0
Taxation charge for the year
371,432
277,540
INTATEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
9
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
919,836
319,343
413,924
19,683
1,672,786
Additions
152,191
8,458
55,580
-
0
216,229
Disposals
(258)
-
0
(11,762)
-
0
(12,020)
At 31 December 2024
1,071,769
327,801
457,742
19,683
1,876,995
Depreciation and impairment
At 1 January 2024
756,149
127,137
292,900
6,796
1,182,982
Depreciation charged in the year
74,129
23,896
65,054
3,137
166,216
Eliminated in respect of disposals
(258)
-
0
(11,762)
-
0
(12,020)
At 31 December 2024
830,020
151,033
346,192
9,933
1,337,178
Carrying amount
At 31 December 2024
241,749
176,768
111,550
9,750
539,817
At 31 December 2023
163,687
192,206
121,024
12,887
489,804
10
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
11
25,400
25,400
11
Subsidiaries

These financial statements are separate company financial statements for Intatec Limited.

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Inta Eco Limited
England
Dormant
Ordinary
100.00
0
Solar Spares Limited
England
Dormant
Oridnary
100.00
0
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
£
£
Inta Eco Limited
25,400
Solar Spares Limited
1
INTATEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
12
Stocks
2024
2023
£
£
Finished goods and goods for resale
9,043,252
7,557,079
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
10,042,018
8,364,916
Amounts owed by group undertakings
228,006
203,412
Other debtors
46,623
118,312
Prepayments and accrued income
769,331
791,307
11,085,978
9,477,947
14
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
6,608,033
5,593,937
Amounts owed to group undertakings
3,856,344
3,700,177
Corporation tax
128,670
225,056
Other taxation and social security
1,074,747
1,090,476
Other creditors
536,492
422,820
Accruals and deferred income
3,964,134
2,098,910
16,168,420
13,131,376
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
132,326
119,338
INTATEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
15
Deferred taxation
(Continued)
- 22 -
2024
Movements in the year:
£
Liability at 1 January 2024
119,338
Charge to profit or loss
12,988
Liability at 31 December 2024
132,326
16
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
108,741
86,160

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
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
63,367
63,367
63,367
63,367
Ordinary B shares of £1 each
300
300
300
300
Ordinary D shares of £1 each
100
100
100
100
Ordinary E shares of £1 each
100
100
100
100
Ordinary G shares of £1 each
10
10
10
10
Ordinary C shares of £1 each
2,500
2,500
2,500
2,500
66,377
66,377
66,377
66,377
18
Financial commitments

The company purchases stock from suppliers in US dollars and Euros and has entered in to forward foreign currency contracts to hedge its exchange rate risk arising from these anticipated transactions. As at 31 December 2024 the company is committed to purchasing $1,400,000 (2023 - $1,400,000 ) and €600,000 (2023 - €400,000) from a financial institution. No gains or losses have been recognised in the profit and loss to reflect changes in the fair value of the hedging instrument at the period end.

INTATEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
19
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
339,837
293,227
Between two and five years
619,958
720,333
959,795
1,013,560
20
Related party transactions
Transactions with related parties

 

The company has taken advantage of exemption, under the terms of the Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with its parent company and other wholly owned subsidiaries within the group.

 

During the year the company entered into transactions with companies that share key management personnel with Intatec Limited.

 

Sales to these companies in the year - £22,543 (2023 - £18,970).

 

Purchases from these companies were as follows:

Purchases - £760,162 (2023 - £444,713);

Management charges - £312,000 (2023 - £167,701);

Rent - £229,019 (2023 - £162,104);

Consultancy fees - £56,000 (2023 - £56,000);

Overhead recharges - £28,890 (2023 - £nil).

 

Included within debtors are amounts owed to these companies of £31,775 (2023 - £71,100)

 

Included within creditors are amounts owed to these companies of £nil (2023 - £224,894).

21
Ultimate controlling party

The immediate parent company is Ugo Benettolo s.p.a. which is a company incorporated in Italy. The ultimate parent company is Palfin s.a.p.a. which is a company incorporated in Italy. Intatec Limited is included in the group accounts of Palfin s.a.p.a. which are available from the following registered office address:

 

242 Via Del Santo

Limena (PD)

Italy

35010

 

INTATEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
22
Cash generated from operations
2024
2023
£
£
Profit after taxation
933,960
522,749
Adjustments for:
Taxation charged
371,432
277,540
Finance costs
15,162
-
0
Investment income
(20,035)
(17,879)
Depreciation and impairment of tangible fixed assets
166,216
170,988
Movements in working capital:
(Increase)/decrease in stocks
(1,486,173)
329,814
(Increase)/decrease in debtors
(1,608,031)
452,753
Increase/(decrease) in creditors
3,133,430
(520,603)
Cash generated from operations
1,505,961
1,215,362
23
Analysis of changes in net funds
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
1,834,895
839,775
2,674,670
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