Company Registration No. 04144158 (England and Wales)
INTEGRATED ECO TECHNOLOGIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
INTEGRATED ECO TECHNOLOGIES LIMITED
COMPANY INFORMATION
Directors
Mr D R Williams
Mr T Knight
(Appointed 11 January 2023)
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
B3 3BD
INTEGRATED ECO TECHNOLOGIES LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
INTEGRATED ECO TECHNOLOGIES LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF INTEGRATED ECO TECHNOLOGIES LIMITED FOR THE YEAR ENDED 31 MARCH 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Integrated Eco Technologies Limited for the year ended 31 March 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of Integrated Eco Technologies Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Integrated Eco Technologies Limited and state those matters that we have agreed to state to the Board of Directors of Integrated Eco Technologies Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Integrated Eco Technologies Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Integrated Eco Technologies Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Integrated Eco Technologies Limited. You consider that Integrated Eco Technologies Limited 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 financial statements of Integrated Eco Technologies Limited. 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 financial statements.
Ormerod Rutter Limited
11 December 2023
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
INTEGRATED ECO TECHNOLOGIES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
7,716
55,711
Investments
5
63,768
63,678
71,484
119,389
Current assets
Debtors
6
2,273,001
2,841,866
Cash at bank and in hand
136,243
45,047
2,409,244
2,886,913
Creditors: amounts falling due within one year
7
(140,429)
(443,947)
Net current assets
2,268,815
2,442,966
Total assets less current liabilities
2,340,299
2,562,355
Creditors: amounts falling due after more than one year
8
(7,422)
Net assets
2,340,299
2,554,933
Capital and reserves
Called up share capital
10
456
456
Capital redemption reserve
4
4
Other reserves
359,940
359,940
Profit and loss reserves
1,979,899
2,194,533
Total equity
2,340,299
2,554,933
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has 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 2023
31 March 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 11 December 2023 and are signed on its behalf by:
Mr D R Williams
Director
Company Registration No. 04144158
INTEGRATED ECO TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 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, 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 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
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% on reducing balance
Motor vehicles
25% on reducing balance
Office equipment
15% on 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.
1.3
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.
1.4
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 2023
1
Accounting policies
(Continued)
- 5 -
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.
1.5
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
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 the profit and loss account 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 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
Exceptional costs
2023
2022
£
£
Irrecoverable loan write off
332,830
-
An irrecoverable loan due from a subsidiary company, Ambient Air Conditioning Limited, has been written off at the agreement of the directors.
INTEGRATED ECO TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 10 (2022 - 11).
4
Tangible fixed assets
Fixtures and fittings
Motor vehicles
Office equipment
Total
£
£
£
£
Cost
At 1 April 2022
79,702
99,231
3,108
182,041
Disposals
(98,731)
(98,731)
At 31 March 2023
79,702
500
3,108
83,310
Depreciation and impairment
At 1 April 2022
72,769
52,598
963
126,330
Depreciation charged in the year
1,040
2,538
322
3,900
Eliminated in respect of disposals
(54,636)
(54,636)
At 31 March 2023
73,809
500
1,285
75,594
Carrying amount
At 31 March 2023
5,893
1,823
7,716
At 31 March 2022
6,933
46,633
2,145
55,711
5
Fixed asset investments
2023
2022
£
£
Investments
63,768
63,678
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 April 2022
63,678
Additions
90
At 31 March 2023
63,768
Carrying amount
At 31 March 2023
63,768
At 31 March 2022
63,678
INTEGRATED ECO TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
24,944
11,630
Amounts owed by group undertakings
350,330
702,249
Other debtors
1,758,485
1,675,378
Prepayments and accrued income
139,242
452,609
2,273,001
2,841,866
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
20,674
330,963
Taxation and social security
100,887
61,707
Other creditors
18,868
51,277
140,429
443,947
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
7,422
9
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Hire purchase contracts
-
14,505
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 2023
- 8 -
10
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
456 Ordinary A of £1 each
456
456
456
456
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.
11
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
12
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Loan account
-
7,186
(7,186)
-
7,186
(7,186)
-
13
Ultimate controlling party
The ultimate controlling party is Mr D R Williams.
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