Company Registration No. 04144158 (England and Wales)
INTEGRATED ECO TECHNOLOGIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
PAGES FOR FILING WITH REGISTRAR
INTEGRATED ECO TECHNOLOGIES LIMITED
COMPANY INFORMATION
Director
Mr D Williams
Company number
04144158
Registered office
Myers House
Corbett Business Park
Stoke Prior
Bromsgrove
Worcestershire
B60 4EA
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Lloyds Bank
First Floor Victoria House
116 Colmore Row
Birmingham
UNITED KINGDOM
B3 3BD
INTEGRATED ECO TECHNOLOGIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 11
INTEGRATED ECO TECHNOLOGIES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2021
31 March 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
5
112,027
132,915
Investments
6
63,678
63,678
175,705
196,593
Current assets
Debtors
8
2,724,580
2,611,132
Cash at bank and in hand
67,773
296,921
2,792,353
2,908,053
Creditors: amounts falling due within one year
9
(298,367)
(458,579)
Net current assets
2,493,986
2,449,474
Total assets less current liabilities
2,669,691
2,646,067
Creditors: amounts falling due after more than one year
10
(52,558)
Net assets
2,617,133
2,646,067
Capital and reserves
Called up share capital
12
456
460
Capital redemption reserve
4
Other reserves
359,940
359,940
Profit and loss reserves
2,256,733
2,285,667
Total equity
2,617,133
2,646,067
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
INTEGRATED ECO TECHNOLOGIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2021
31 March 2021
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 16 December 2021
Mr D Williams
Director
Company Registration No. 04144158
INTEGRATED ECO TECHNOLOGIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2021
- 3 -
Share capital
Capital redemption reserve
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 April 2019
460
359,940
2,227,038
2,587,438
Year ended 31 March 2020:
Profit and total comprehensive income for the year
-
-
-
144,479
144,479
Dividends
-
-
-
(85,850)
(85,850)
Balance at 31 March 2020
460
359,940
2,285,667
2,646,067
Year ended 31 March 2021:
Profit and total comprehensive income for the year
-
-
-
40,066
40,066
Dividends
-
-
-
(57,000)
(57,000)
Redemption of shares
12
(4)
4
-
(12,000)
(12,000)
Balance at 31 March 2021
456
4
359,940
2,256,733
2,617,133
Included within other reserves is a merger reserve of £359,940 arising from a share exchange which took place in the year ending 31 March 2017 as part of the acquisition of Mercury Climatic Services Limited.
INTEGRATED ECO TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
- 4 -
1
Accounting policies
Company information
Integrated Eco Technologies Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Myers House, Corbett Business Park, Stoke Prior, Bromsgrove, Worcestershire, United Kingdom, B60 4EA.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The
financial statements
present information about the company as an individual entity and not about its group
.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
Revenue from
management
services is recognised when the services are rendered, to the extent that the
company
has performed its contractual obligations in respect of that
revenue
.
Rental
income from operating leases is recognised on a straight-line basis over the lease term.
1.3
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:
Fixtures and fittings
15% reducing balance
Motor vehicles
25% reducing balance
Office equipment
15% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
INTEGRATED ECO TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 5 -
1.4
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.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
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.
INTEGRATED ECO TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 6 -
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
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
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
INTEGRATED ECO TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 7 -
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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.
1.10
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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 lease
s
asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is 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.
INTEGRATED ECO TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 8 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 10 (2020 - 11).
2021
2020
Number
Number
Total
10
11
4
Taxation
2021
2020
£
£
Current tax
UK corporation tax on profits for the current period
18,061
Adjustments in respect of prior periods
(36,149)
Total current tax
(36,149)
18,061
5
Tangible fixed assets
Fixtures and fittings
Motor vehicles
Office equipment
Total
£
£
£
£
Cost
At 1 April 2020
79,702
137,473
3,108
220,283
Additions
14,000
14,000
At 31 March 2021
79,702
151,473
3,108
234,283
Depreciation and impairment
At 1 April 2020
70,106
17,123
139
87,368
Depreciation charged in the year
1,439
33,004
445
34,888
At 31 March 2021
71,545
50,127
584
122,256
Carrying amount
At 31 March 2021
8,157
101,346
2,524
112,027
At 31 March 2020
9,596
120,350
2,969
132,915
6
Fixed asset investments
2021
2020
£
£
Investments
63,678
63,678
INTEGRATED ECO TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
6
Fixed asset investments
(Continued)
- 9 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 April 2020 & 31 March 2021
63,678
Carrying amount
At 31 March 2021
63,678
At 31 March 2020
63,678
7
Subsidiaries
Details of the company's subsidiaries at 31 March 2021 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Mercury Climatic Services Limited
England and Wales
Ordinary A
95.73
Mercury CSC Limited
England and Wales
Ordinary A
90.00
8
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
4,814
22,041
Amounts owed by group undertakings
676,587
1,029,433
Other debtors
1,891,921
1,317,457
Prepayments and accrued income
151,258
242,201
2,724,580
2,611,132
INTEGRATED ECO TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 10 -
9
Creditors: amounts falling due within one year
2021
2020
£
£
Obligations under finance leases
25,227
Trade creditors
204,320
384,655
Corporation tax
18,061
Other taxation and social security
54,073
29,696
Other creditors
278
Accruals and deferred income
14,747
25,889
298,367
458,579
Amounts due on hire purchase agreements are secured against the assets to which they relate.
10
Creditors: amounts falling due after more than one year
2021
2020
Notes
£
£
Obligations under finance leases
52,558
Amounts due on hire purchase agreements are secured against the assets to which they relate.
11
Secured debts
The following secured debts are included within creditors:
2021
2020
£
£
Hire purchase contracts
77,785
-
Hire purchase contracts are secured against the assets to which they relate.
INTEGRATED ECO TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 11 -
12
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
456
456
456
456
Ordinary B of £1 each
-
4
-
4
456
460
456
460
Ordinary A shares have the right to attend and vote at general meetings of the company, to receive dividends and in the event of winding up participate in the distribution of assets of the company.
During the year the company purchased back all of its issued £1 Ordinary B shares for a sum of £12,000. Being at a premium of £2,999 per share. The purchase of own shares was funded through the company's retained earnings.
13
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2021
2020
£
£
Within one year
295,000
Between two and five years
295,000
14
Directors' transactions
During the year, the company made advances to directors as per the table below. The closing balance represents amounts due from the directors at the year end and is included within other debtors.
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Directors loan account
-
56,053
11,018
(57,000)
10,071
56,053
11,018
(57,000)
10,071
15
Ultimate controlling party
The ultimate controlling party is Mr D R Williams.
2021-03-31
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16 December 2021
CCH Software
CCH Accounts Production 2021.300
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