Year Ended
Registration number:
Intec Printing Solutions Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Intec Printing Solutions Limited
Company Information
Director |
I P Melville |
Registered office |
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Accountants |
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Page 1 |
Intec Printing Solutions Limited
Balance Sheet
31 October 2019
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2019 |
2018 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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Page 2 |
Intec Printing Solutions Limited
Balance Sheet
31 October 2019
For the financial year ending 31 October 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 03126582
Page 3 |
Intec Printing Solutions Limited
Notes to the Financial Statements
Year Ended 31 October 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including Section 1A and the Companies Act 2006.
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.
These financial statements have been prepared using pound sterling (£) and rounded to the nearest whole pound.
Exemption from preparing group accounts
In the opinion of the director, the company and its subsidiary undertaking comprise a small group. The company has therefore taken advantage of the exemption provided by Section 398 if the Companies Act 2006 not to prepare group accounts.
Revenue recognition
Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.
Page 4 |
Intec Printing Solutions Limited
Notes to the Financial Statements
Year Ended 31 October 2019
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 corporation 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.
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 |
Leasehold property |
Straight line over term of the lease |
Fixtures and fittings |
25% straight line basis |
Office equipment |
20% straight line basis |
Computer equipment |
50% straight line basis |
Motor vehicles |
25% straight line basis |
Telephones |
33% straight line basis |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Page 5 |
Intec Printing Solutions Limited
Notes to the Financial Statements
Year Ended 31 October 2019
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress 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, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
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.
Financial instruments
Classification
• Short term trade and other debtors and creditors; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Page 6 |
Intec Printing Solutions Limited
Notes to the Financial Statements
Year Ended 31 October 2019
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 November 2018 |
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Additions |
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At 31 October 2019 |
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Depreciation |
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At 1 November 2018 |
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Charge for the year |
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At 31 October 2019 |
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Carrying amount |
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At 31 October 2019 |
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At 31 October 2018 |
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Included within the net book value of land and buildings above is £3,086 (2018 - £3,384) in respect of long leasehold land and buildings.
Page 7 |
Intec Printing Solutions Limited
Notes to the Financial Statements
Year Ended 31 October 2019
Investments |
2019 |
2018 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 November 2018 |
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Revaluation |
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At 31 October 2019 |
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Provision |
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Carrying amount |
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At 31 October 2019 |
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At 31 October 2018 |
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Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2019 |
2018 |
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Subsidiary undertakings |
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Ordinary |
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The principal activity of Intec Printing Solutions Corporation (a US Subsidiary) is the supply of printing equipment.
Stocks |
2019 |
2018 |
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Other inventories |
604,783 |
474,508 |
Page 8 |
Intec Printing Solutions Limited
Notes to the Financial Statements
Year Ended 31 October 2019
Debtors |
2019 |
2018 |
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Trade debtors |
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Amounts due from group undertakings |
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Other debtors |
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Prepayments |
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Creditors |
Creditors: amounts falling due within one year
2019 |
2018 |
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Due within one year |
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Trade creditors |
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Corporation tax |
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10,108 |
Social security and other taxes |
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Accrued expenses |
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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 £
Page 9 |