2021-01-012021-12-312021-12-31false08303918INTELLICOM 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INTELLICOM LIMITED

Registered Number
08303918
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2021

INTELLICOM LIMITED
Company Information
for the year from 1 January 2021 to 31 December 2021

Directors

KHOZOUIE ABYANEH, Babak

Registered Address

Global House
303 Ballards Lane
London
N12 8NP

Registered Number

08303918 (England and Wales)
INTELLICOM LIMITED
Balance Sheet as at
31 December 2021

Notes

2021

2020

£

£

£

£

Fixed assets
Intangible assets713,64315,593
Tangible assets82,4663,288
16,10918,881
Current assets
Debtors23,71833,100
Cash at bank and on hand4,65949,985
28,37783,085
Creditors amounts falling due within one year11(60,327)(134,822)
Net current assets (liabilities)(31,950)(51,737)
Total assets less current liabilities(15,841)(32,856)
Net assets(15,841)(32,856)
Capital and reserves
Called up share capital100100
Profit and loss account(15,941)(32,956)
Shareholders' funds(15,841)(32,856)
The financial statements were approved and authorised for issue by the Director on 1 September 2022, and are signed on its behalf by:
KHOZOUIE ABYANEH, Babak
Director
Registered Company No. 08303918
INTELLICOM LIMITED
Notes to the Financial Statements
for the year ended 31 December 2021

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Principal activities
The company's principal activities during the year were import and export of HDPE, PVC rolls, other belonging for waterproofing, acting as commission agents in the marketing and sale of aluminum foils and paper in packaging and provision of marketing, technical and commercial consultancy with supportive services.
4.Basis of measurement used in financial statements
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
5.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Fixtures and fittings25
Vehicles20
Intangible assets policy
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Development costs are being amortised evenly over their estimated useful life of ten years.
Taxation policy
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Employee benefits policy
Contributions to defined contribution plans are expensed in the period to which they relate.
Going concern
At the balance sheet date, the company's liabilities exceeded its assets. The company has received assurance from the directors that they will continue to give financial support to the company for twelve months from the date of signing these financial statements. On this basis, the directors consider it appropriate to prepare the accounts on a going concern basis. However, should the financial support mentioned above not be forthcoming, the going concern basis used in preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of assets to the their realisable amount and to provide for any further liabilities which might arise. The accounts do not include any adjustment to the company's assets or liabilities that might be necessary should this basis not continue to be appropriate.
6.Employee information

20212020
Average number of employees during the year22
7.Intangible assets

Total

£
Cost or valuation
At 01 January 2115,593
At 31 December 2113,643
Amortisation and impairment
Charge for year1,950
Net book value
At 31 December 2113,643
At 31 December 2015,593
8.Property, plant and equipment

Total

£
Cost or valuation
At 01 January 2112,766
At 31 December 2112,766
Depreciation and impairment
At 01 January 219,478
Charge for year822
At 31 December 2110,300
Net book value
At 31 December 212,466
At 31 December 203,288
9.Description of nature of transactions and balances with related parties
At the balance sheet date the company owed £3,992 (2020 : £22,454 owed to ) from the director which is an interest free loan with no fixed date for repayment.
10.Debtors within one year

2021

2020

££
Trade debtors / trade receivables11,3262,548
Other debtors12,39230,552
Total23,71833,100
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
11.Creditors within one year

2021

2020

££
Trade creditors / trade payables3,359232
Bank borrowings and overdrafts16,08316,816
Taxation and social security497496
Other creditors40,388117,278
Total60,327134,822
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.