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COMPANY REGISTRATION NUMBER: 06253300
INTELLIGENT POSITIONING LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2021
INTELLIGENT POSITIONING LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2021
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
INTELLIGENT POSITIONING LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
G C Titterton
D C Titterton
J M Earnshaw
S C Silverwood-Cope
R C Titterton-Manos
C C Dobson
P J Tuffin
Dr M R King
Mr R A Dowson
Mr R Tuscano
Registered office
2nd Floor Chandos House
26 North Street
Brighton
East Sussex
BN1 1EB
Accountants
UHY Hacker Young
Chartered Accountants
168 Church Road
Hove
BN3 2DL
INTELLIGENT POSITIONING LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2021
2021
2020
Note
£
£
Fixed assets
Intangible assets
5
560,972
534,455
Tangible assets
6
21,028
52,342
----------
----------
582,000
586,797
Current assets
Debtors
7
774,881
988,781
Cash at bank and in hand
718,254
383,882
-------------
-------------
1,493,135
1,372,663
Creditors: amounts falling due within one year
8
717,572
555,670
-------------
-------------
Net current assets
775,563
816,993
-------------
-------------
Total assets less current liabilities
1,357,563
1,403,790
Creditors: amounts falling due after more than one year
9
68,333
88,333
Provisions
Taxation including deferred tax
3,483
8,786
Other provisions
( 38)
( 38)
-------
-------
3,445
8,748
-------------
-------------
Net assets
1,285,785
1,306,709
-------------
-------------
Capital and reserves
Called up share capital
10
4,765,000
4,365,000
Profit and loss account
( 3,479,215)
( 3,058,291)
-------------
-------------
Shareholders funds
1,285,785
1,306,709
-------------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
INTELLIGENT POSITIONING LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2021
For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 31 August 2022 , and are signed on behalf of the board by:
D C Titterton
Director
Company registration number: 06253300
INTELLIGENT POSITIONING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The registered office and trading address is 2nd Floor Chandos House, 26 North Street, Brighton, East Sussex, BN1 1EB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company made use of the government's furlough scheme during the year, and received a loan under the government's Coronavirus Business Interruption Loan Scheme last year, as a result of the COVID-19 pandemic. The directors have confirmed that, in their opinion, the pandemic will not affect the company's ability to continue in business as a going concern for the foreseeable future.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Development costs
-
over 3 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
20% straight line
Computer equipment
-
33% straight line
Software costs
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 34 (2020: 41 ).
5. Intangible assets
Development costs
£
Cost
At 1 January 2021
2,896,218
Additions
401,731
-------------
At 31 December 2021
3,297,949
-------------
Amortisation
At 1 January 2021
2,361,763
Charge for the year
375,214
-------------
At 31 December 2021
2,736,977
-------------
Carrying amount
At 31 December 2021
560,972
-------------
At 31 December 2020
534,455
-------------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Equipment
Software costs
Total
£
£
£
£
£
Cost
At 1 January 2021
2,472
31,474
49,504
158,817
242,267
Additions
3,897
6,913
10,810
-------
---------
---------
----------
----------
At 31 December 2021
2,472
35,371
56,417
158,817
253,077
-------
---------
---------
----------
----------
Depreciation
At 1 January 2021
2,031
27,295
46,039
114,560
189,925
Charge for the year
110
3,422
3,228
35,364
42,124
-------
---------
---------
----------
----------
At 31 December 2021
2,141
30,717
49,267
149,924
232,049
-------
---------
---------
----------
----------
Carrying amount
At 31 December 2021
331
4,654
7,150
8,893
21,028
-------
---------
---------
----------
----------
At 31 December 2020
441
4,179
3,465
44,257
52,342
-------
---------
---------
----------
----------
7. Debtors
2021
2020
£
£
Trade debtors
455,732
503,189
Amounts owed by group undertakings
4,151
871
Prepayments and accrued income
83,419
37,329
Other debtors
231,579
447,392
----------
----------
774,881
988,781
----------
----------
8. Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
20,000
11,667
Trade creditors
29,161
30,178
Amounts owed to group undertakings
321,782
248,033
Accruals and deferred income
192,774
72,698
Social security and other taxes
138,618
185,442
Director loan accounts
2,221
1,638
Other creditors
6,901
Other creditors
6,115
6,014
----------
----------
717,572
555,670
----------
----------
9. Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
68,333
88,333
---------
---------
10. Called up share capital
Issued, called up and fully paid
2021
2020
No.
£
No.
£
Ordinary shares of £ 1 each
4,765,000
4,765,000
4,365,000
4,365,000
-------------
-------------
-------------
-------------
Share movements
No.
£
Ordinary
At 1 January 2021
4,365,000
4,365,000
Issue of shares
400,000
400,000
-------------
-------------
At 31 December 2021
4,765,000
4,765,000
-------------
-------------
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2021
2020
£
£
Not later than 1 year
72,589
46,613
Later than 1 year and not later than 5 years
185,782
26,087
----------
---------
258,371
72,700
----------
---------
12. Related party transactions
The ultimate parent undertaking is Ton UK Ltd, a company incorporated in England and Wales. At the balance sheet date the company owed £321,782 to Ton UK Ltd (2020: £240,078). At the balance sheet date the company were owed £871 from Blenheim Digital Ltd (2020: £871), a wholly owned subsidiary of Ton UK Ltd. At the balance sheet date the company were owed £3,280 from Intelligent Positioning Inc, a wholly owned subsidiary of Blenheim Digital Ltd (2020: £7,955 creditor).