Registration number:
IOTech Systems Limited
for the Year Ended 31 December 2020
IOTech Systems Limited
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Financial Statements |
IOTech Systems Limited
Company Information
Directors |
K R Steele A W Foster S Osselton G Adkin P Mauchard |
Registered office |
|
Accountants |
|
IOTech Systems Limited
(Registration number: 10705197)
Balance Sheet as at 31 December 2020
Note |
2020 |
2019 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Share premium reserve |
|
|
|
Other reserves |
|
|
|
Profit and loss account |
( |
( |
|
Shareholders' funds |
|
|
For the financial year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
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 in accordance with the provisions of FRS 102 Section 1A - small entities.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
IOTech Systems Limited
(Registration number: 10705197)
Balance Sheet as at 31 December 2020
Approved and authorised by the
.........................................
S Osselton
Director
IOTech Systems Limited
Notes to the Financial Statements for the Year Ended 31 December 2020
General information |
The company registered number is: 10705197
The company is a private company limited by share capital, incorporated in the United Kingdom, registered in England and Wales.
The address of its registered office is:
England
Accounting policies |
Statement of compliance
These financial statements were prepared in accordance with the provisions of FRS 102 Section 1A - small entities applicable in the UK and Republic of Ireland. There were no material departures from that standard.
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.
Basis of preparation
These financial statements were prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods, grants for research and development and 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.
Government grants
Government grants in relation to tangible fixed assets are credited to the profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited to revenue when the related expenditure is charged to profit and loss.
Foreign currency transactions and balances
IOTech Systems Limited
Notes to the Financial Statements for the Year Ended 31 December 2020
Tax
The tax expense for the period comprises current 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 statement of financial position 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 |
Furniture, Fittings and Equipment |
33% Straight Line |
Leasehold Improvements |
20% Straight Line |
Research and development costs
Expenditure on research and development is written off against profits in the year in which it is incurred.
Investments
Investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting end date and any impairment losses or reversals of impairment losses are recognsied immediately in profit or loss.
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.
IOTech Systems Limited
Notes to the Financial Statements for the Year Ended 31 December 2020
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.
Share based payments
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using either the fair value of the services received or the Black-Scholes model if that fair value cannot be estimated reliably. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will evetually vest. A corresponding adjustment is made to equity.
When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.
Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.
IOTech Systems Limited
Notes to the Financial Statements for the Year Ended 31 December 2020
Financial instruments
Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
|
Cost or valuation |
||
At 1 January 2020 |
- |
|
Additions |
|
|
At 31 December 2020 |
|
|
Depreciation |
||
At 1 January 2020 |
- |
|
Charge for the year |
|
|
At 31 December 2020 |
|
|
Carrying amount |
||
At 31 December 2020 |
|
|
At 31 December 2019 |
- |
|
Investments |
31 December |
30 April |
|
Investments in subsidiaries |
|
|
Subsidiaries |
£ |
Cost or valuation |
|
Additions |
|
Carrying amount |
|
At 31 December 2020 |
|
At 31 December 2019 |
|
IOTech Systems Limited
Notes to the Financial Statements for the Year Ended 31 December 2020
Debtors |
31 December |
30 April |
||
Trade debtors |
|
|
|
Amounts owed by group undertakings |
- |
|
|
Prepayments |
|
|
|
Other debtors |
|
|
|
|
|
Creditors |
Creditors: amounts falling due within one year
Note |
31 December |
30 April |
|
Due within one year |
|||
Bank loans and overdrafts |
|
|
|
Trade creditors |
|
|
|
Amounts owed to group |
|
- |
|
Taxation and social security |
|
|
|
Accruals and deferred income |
|
|
|
Other creditors |
|
|
|
|
|
Creditors: amounts falling due after more than one year
Note |
31 December |
30 April |
|
Due after one year |
|||
Loans and borrowings |
|
|
Creditors include net obligations under finance lease and hire purchase contracts which are secured of £20,623 (December 2019 - £35,875). These financial commitments are secured on the tangible assets to which they relate.
IOTech Systems Limited
Notes to the Financial Statements for the Year Ended 31 December 2020
Loans and borrowings |
31 December |
30 April |
|
Non-current loans and borrowings |
||
HP and finance lease liabilities |
|
|
Other borrowings |
|
|
|
|
31 December |
30 April |
|
Current loans and borrowings |
||
HP and finance lease liabilities |
|
|
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was