Company Registration No. 12967317 (England and Wales)
ITPS TOPCO LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 MAY 2022
The Courtyard
Shoreham Road
Upper Beeding
Steyning
West Sussex
BN44 3TN
ITPS TOPCO LIMITED
CONTENTS
Page
Company information
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 18
ITPS TOPCO LIMITED
COMPANY INFORMATION
- 1 -
Directors
J Harris
A Harris
(Appointed 3 March 2021)
L Harris
(Appointed 3 March 2021)
P Hatton
(Appointed 3 March 2021)
G Sheriff
(Appointed 3 March 2021)
Company number
12967317
Registered office
Angel House
Unit 5 Drum Industrial Estate
Chester Le Street
DH2 1AQ
Auditor
TC Group
The Courtyard
Shoreham Road
Upper Beeding
Steyning
West Sussex
BN44 3TN
ITPS TOPCO LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 MAY 2022
- 2 -
The directors present their annual report and financial statements for the period ended 31 May 2022.
Principal activities
The principal activity of the company continued to be that of a holding company.
Results and dividends
The results for the period are set out on page 8.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the period and up to the date of signature of the financial statements were as follows:
J Harris
A Harris
(Appointed 3 March 2021)
L Harris
(Appointed 3 March 2021)
P Hatton
(Appointed 3 March 2021)
G Sheriff
(Appointed 3 March 2021)
Auditor
In accordance with the company's articles, a resolution proposing that TC Group be reappointed as auditor of the company will be put at a General Meeting.
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
J Harris
Director
23 February 2023
ITPS TOPCO LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 MAY 2022
- 3 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
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:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
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.
ITPS TOPCO LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ITPS TOPCO LIMITED
- 4 -
Opinion
We have audited the financial statements of ITPS Topco Limited (the 'company') for the period ended 31 May 2022 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity 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 FRS 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:
-
give a true and fair view of the state of the company's affairs as at 31 May 2022 and of its loss for the period then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
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.
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.
ITPS TOPCO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ITPS TOPCO LIMITED
- 5 -
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the directors'
r
eport for the financial period for which the financial statements are prepared is consistent with the financial statements
; and
-
the directors' report has been prepared in accordance with applicable legal requirements.
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 identifie
d
material misstatements in the directors'
r
eport
.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of
remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit; or
-
the company is not entitled to claim exemption in preparing a strategic report due to it being a member of an ineligible group.
Responsibilities of directors
As explained more fully in the directors'
r
esponsibilities
s
tatement, 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. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Extent to which the audit was considered capable of detecting irregularities, including fraud
The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.
ITPS TOPCO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ITPS TOPCO LIMITED
- 6 -
Our approach was as follows:
-
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations;
-
We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK;
-
We considered the nature of the industry, the control environment and business performance, including the key drivers for management’s remuneration;
-
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;
-
We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at:
https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx
. This description forms part of our auditor’s report.
ITPS TOPCO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ITPS TOPCO LIMITED
- 7 -
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.
Chris Checkley FCCA (Senior Statutory Auditor)
For and on behalf of TC Group
Statutory Auditor
23 February 2023
Office: Steyning
ITPS TOPCO LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 MAY 2022
- 8 -
Period
Year
ended
ended
31 May
28 February
2022
2021
Notes
£
£
Interest payable and similar expenses
4
(69,966)
Loss before taxation
(69,966)
Tax on loss
5
Loss for the financial period
(69,966)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
The notes on pages 12 to 18 form part of these financial statements
ITPS TOPCO LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 MAY 2022
- 9 -
Period
Year
ended
ended
31 May
28 February
2022
2021
£
£
Loss for the period
(69,966)
Other comprehensive income
-
-
Total comprehensive income for the period
(69,966)
The notes on pages 12 to 18 form part of these financial statements
ITPS TOPCO LIMITED
BALANCE SHEET
AS AT 31 MAY 2022
31 May 2022
- 10 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investments
6
3
Current assets
Debtors
8
1,457,234
1
Creditors: amounts falling due within one year
9
(220,952)
Net current assets
1,236,282
1
Total assets less current liabilities
1,236,285
1
Creditors: amounts falling due after more than one year
10
(1,181,250)
Net assets
55,035
1
Capital and reserves
Called up share capital
12
125,001
1
Profit and loss reserves
(69,966)
Total equity
55,035
1
The financial statements were approved by the board of directors and authorised for issue on 23 February 2023 and are signed on its behalf by:
J Harris
Director
Company Registration No. 12967317
The notes on pages 12 to 18 form part of these financial statements
ITPS TOPCO LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MAY 2022
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 22 October 2020
Year ended 28 February 2021:
Profit and total comprehensive income for the year
-
Other movements
1
-
1
Balance at 28 February 2021
1
1
Period ended 31 May 2022:
Loss and total comprehensive income for the period
-
(69,966)
(69,966)
Other movements
125,000
-
125,000
Balance at 31 May 2022
125,001
(69,966)
55,035
The notes on pages 12 to 18 form part of these financial statements
ITPS TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2022
- 12 -
1
Accounting policies
Company information
ITPS Topco Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Angel House, Unit 5 Drum Industrial Estate, Chester Le Street, DH2 1AQ.
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 a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
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
.
ITPS Topco Limited is a wholly owned subsidiary of JTL Group Holdings Limited and the results of ITPS Topco Limited are included in the consolidated financial statements of JTL Group Holdings Limited which are available from Angel House, Unit 5 Drum Industrial Estate, Chester Le Street, DH2 1AQ.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Reporting period
The reporting period has been extended to 31 May 2022 to be co-terminus with the group's year end.
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.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
ITPS TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2022
1
Accounting policies
(Continued)
- 13 -
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.5
Cash and cash equivalents
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.
1.6
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
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.
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 indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
ITPS TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2022
1
Accounting policies
(Continued)
- 14 -
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
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.
Other financial liabilities
Derivatives, including interest rate swaps and 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
s
ubsequently 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, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as
being measured at
fair value th
r
ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.7
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.
ITPS TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2022
1
Accounting policies
(Continued)
- 15 -
1.8
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
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.
In the opinion of the directors there are no significant judgements or areas of estimation uncertainty.
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2022
2021
Number
Number
5
4
Interest payable and similar expenses
2022
2021
£
£
Other interest on financial liabilities
69,966
ITPS TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2022
- 16 -
5
Taxation
The actual charge for the period can be reconciled to the expected credit for the period based on the profit or loss and the standard rate of tax as follows:
2022
2021
£
£
Loss before taxation
(69,966)
Expected tax credit based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
(13,294)
Unutilised tax losses carried forward
3,755
Group relief
9,539
Taxation charge for the period
-
-
6
Fixed asset investments
2022
2021
Notes
£
£
Investments in subsidiaries
7
3
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 March 2021
-
Additions
3
At 31 May 2022
3
Carrying amount
At 31 May 2022
3
At 28 February 2021
-
7
Subsidiaries
Details of the company's subsidiaries at 31 May 2022 are as follows:
ITPS TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2022
7
Subsidiaries
(Continued)
- 17 -
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
ITPS Midco Limited
England and Wales
Holding company
Ordinary
100.00
-
ITPS Bidco Limited
England and Wales
Holding company
Ordinary
0
100.00
ITPS Holdings Limited
England and Wales
Holding company
Ordinary
0
100.00
I.T. Professional Services Limited
England and Wales
Provision of IT, Data Centre and Communications services
Ordinary
0
100.00
8
Debtors
2022
2021
Amounts falling due within one year:
£
£
Unpaid share capital
125,001
1
Amounts owed by group undertakings
1,332,233
1,457,234
1
9
Creditors: amounts falling due within one year
2022
2021
£
£
Amounts owed to group undertakings
209,948
Other creditors
11,004
220,952
-
10
Creditors: amounts falling due after more than one year
2022
2021
Notes
£
£
Other borrowings
11
1,181,250
ITPS TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2022
- 18 -
11
Loans and overdrafts
2022
2021
£
£
Other loans
1,181,250
Payable after one year
1,181,250
The long-term loans are secured by fixed and floating charges over all the property of the company.
The loans bear interest at a rate of 5%. Interest on these loans for the first year is rolled into the loan amount.
12
Share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary A1 of £1 each
96,876
1
96,776
1
Ordinary A2 of £1 each
6,250
-
6,250
-
Ordinary A3 of £1 each
6,250
-
6,250
-
Ordinary B of £1 each
12,500
-
12,500
-
Ordinary C1 of £1 each
100
-
100
-
Ordinary C2 of £1 each
3,125
-
3,125
-
125,101
1
125,001
1
2022-05-31
2021-03-01
false
CCH Software
CCH Accounts Production 2022.300
J Harris
A Harris
L Harris
P Hatton
G Sheriff
12967317
2021-03-01
2022-05-31
12967317
bus:Director1
2021-03-01
2022-05-31
12967317
bus:Director2
2021-03-01
2022-05-31
12967317
bus:Director3
2021-03-01
2022-05-31
12967317
bus:Director4
2021-03-01
2022-05-31
12967317
bus:Director5
2021-03-01
2022-05-31
12967317
bus:RegisteredOffice
2021-03-01
2022-05-31
12967317
2022-05-31
12967317
2020-10-22
2021-02-28
12967317
core:RetainedEarningsAccumulatedLosses
2020-10-22
2021-02-28
12967317
core:RetainedEarningsAccumulatedLosses
2021-03-01
2022-05-31
12967317
2021-02-28
12967317
core:CurrentFinancialInstruments
core:WithinOneYear
2022-05-31
12967317
core:CurrentFinancialInstruments
core:WithinOneYear
2021-02-28
12967317
core:Non-currentFinancialInstruments
core:AfterOneYear
2022-05-31
12967317
core:Non-currentFinancialInstruments
core:AfterOneYear
2021-02-28
12967317
core:ShareCapital
2022-05-31
12967317
core:ShareCapital
2021-02-28
12967317
core:RetainedEarningsAccumulatedLosses
2022-05-31
12967317
core:RetainedEarningsAccumulatedLosses
2021-02-28
12967317
core:ShareCapital
2020-10-21
12967317
core:RetainedEarningsAccumulatedLosses
2020-10-21
12967317
2020-10-21
12967317
core:ShareCapitalOrdinaryShares
2022-05-31
12967317
core:ShareCapitalOrdinaryShares
2021-02-28
12967317
core:UKTax
2021-03-01
2022-05-31
12967317
core:UKTax
2020-10-22
2021-02-28
12967317
core:Non-currentFinancialInstruments
2022-05-31
12967317
core:Non-currentFinancialInstruments
2021-02-28
12967317
core:Subsidiary1
2021-03-01
2022-05-31
12967317
core:Subsidiary2
2021-03-01
2022-05-31
12967317
core:Subsidiary3
2021-03-01
2022-05-31
12967317
core:Subsidiary4
2021-03-01
2022-05-31
12967317
core:Subsidiary1
1
2021-03-01
2022-05-31
12967317
core:Subsidiary2
2
2021-03-01
2022-05-31
12967317
core:Subsidiary3
3
2021-03-01
2022-05-31
12967317
core:Subsidiary4
4
2021-03-01
2022-05-31
12967317
core:CurrentFinancialInstruments
2022-05-31
12967317
core:CurrentFinancialInstruments
2021-02-28
12967317
bus:PrivateLimitedCompanyLtd
2021-03-01
2022-05-31
12967317
bus:FRS102
2021-03-01
2022-05-31
12967317
bus:Audited
2021-03-01
2022-05-31
12967317
bus:FullAccounts
2021-03-01
2022-05-31
xbrli:pure
xbrli:shares
iso4217:GBP