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Registration number: 07078231

International Testing & Training Services Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

International Testing & Training Services Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

International Testing & Training Services Ltd

Company Information

Directors

Mr Tamas Legradi

Mr Giuseppe Ruggieri

Registered office

Universal Square Main Building
3rd Floor
Devonshire St. North
Manchester
M12 6JH

Accountants

Williamson Croft Accountants Limited
Chartered Certified AccountantsYork House
20 York Street
Manchester
M2 3BB

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
International Testing & Training Services Ltd
for the Year Ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of International Testing & Training Services Ltd for the year ended 31 December 2024 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of International Testing & Training Services Ltd, as a body, in accordance with the terms of our engagement letter dated 1 November 2022. Our work has been undertaken solely to prepare for your approval the accounts of International Testing & Training Services Ltd and state those matters that we have agreed to state to the Board of Directors of International Testing & Training Services Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than International Testing & Training Services Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that International Testing & Training Services Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of International Testing & Training Services Ltd. You consider that International Testing & Training Services Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of International Testing & Training Services Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Williamson Croft Accountants Limited
Chartered Certified Accountants
York House
20 York Street
Manchester
M2 3BB

27 August 2025

 

International Testing & Training Services Ltd

(Registration number: 07078231)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

636,044

607,364

Tangible assets

5

22,988

31,516

 

659,032

638,880

Current assets

 

Debtors

6

695,519

638,841

Cash at bank and in hand

 

408,144

115,340

 

1,103,663

754,181

Creditors: Amounts falling due within one year

7

(1,037,492)

(700,270)

Net current assets

 

66,171

53,911

Total assets less current liabilities

 

725,203

692,791

Creditors: Amounts falling due after more than one year

7

-

(60,946)

Provisions for liabilities

(5,747)

(7,879)

Net assets

 

719,456

623,966

Capital and reserves

 

Called up share capital

2

2

Retained earnings

719,454

623,964

Shareholders' funds

 

719,456

623,966

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

 

International Testing & Training Services Ltd

(Registration number: 07078231)
Balance Sheet as at 31 December 2024

Approved and authorised by the Board on 27 August 2025 and signed on its behalf by:
 

.........................................
Mr Giuseppe Ruggieri
Director

 

International Testing & Training Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Universal Square Main Building
3rd Floor
Devonshire St. North
Manchester
M12 6JH

These financial statements were authorised for issue by the Board on 27 August 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company.

Summary of disclosure exemptions

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

International Testing & Training Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Foreign currency transactions and balances

Foreign currency transactions are translated into the functional currency using the sport exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Income and Retained Earnings except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of Income and Retained Earnings within 'other operating income'.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

33% Straight line

Fixtures and fittings

25% Reducing balance

 

International Testing & Training Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Intangible assets

Development costs that are directly attributable to the design, development and testing of websites and software platforms controlled by the company are capitalised as intangible assets. Intangible assets are measured at cost less any accumulated amortisation and accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Internally developed software

Over 10 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

International Testing & Training Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2023 - 10).

 

International Testing & Training Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4

Intangible assets

Internally developed software
 £

Total
£

Cost or valuation

At 1 January 2024

776,595

776,595

Additions acquired separately

114,383

114,383

At 31 December 2024

890,978

890,978

Amortisation

At 1 January 2024

169,231

169,231

Amortisation charge

85,703

85,703

At 31 December 2024

254,934

254,934

Carrying amount

At 31 December 2024

636,044

636,044

At 31 December 2023

607,364

607,364

5

Tangible assets

Office Equipment
 £

Fixtures and Fittings
£

Total
£

Cost or valuation

At 1 January 2024

143,696

56,626

200,322

Additions

6,162

1,071

7,233

At 31 December 2024

149,858

57,697

207,555

Depreciation

At 1 January 2024

133,043

35,762

168,805

Charge for the year

10,345

5,417

15,762

At 31 December 2024

143,388

41,179

184,567

Carrying amount

At 31 December 2024

6,470

16,518

22,988

At 31 December 2023

10,652

20,864

31,516

 

International Testing & Training Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

6

Debtors

2024
£

2023
£

Trade debtors

250,922

380,384

Prepayments

16,606

8,041

Other debtors

427,991

250,416

695,519

638,841

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

53,745

63,756

Trade creditors

 

174,258

157,626

Taxation and social security

 

9,400

46,148

Accruals and deferred income

 

623,012

256,081

Other creditors

 

177,077

176,659

 

1,037,492

700,270

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

-

60,946

Included within loans and borrowings less than one year is £53,745 (2023: £56,645), and loans and borrowings greater than one year is £Nil (2023: £60,946). This relates to commercial loans which are secured by way of a fixed and floating charge and negative pledge.

Included within loans and borrowings less than one year is £Nil (2023: £7,111) relating to finance lease agreements. These loans are secured by a fixed charge over the asset to which they relate.

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £42,287 (2023 - £54,031). The balance relates to the undiscounted minimum future payments due under non-cancellable operating leases, no security has been provided.