Intuitive Solutions Ltd
Registered number: 02587920
Statement of Financial Position
as at 30 April 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 1,098 1,648
Tangible assets 4 15,054 11,053
16,152 12,701
Current assets
Debtors 5 5,638 8,530
Cash at bank and in hand 107,830 99,662
113,468 108,192
Creditors: amounts falling due within one year 6 (111,387) (118,787)
Net current assets/(liabilities) 2,081 (10,595)
Total assets less current liabilities 18,233 2,106
Provisions for liabilities (2,860) (2,100)
Net assets 15,373 6
Capital and reserves
Called up share capital 6 6
Profit and loss account 15,367 -
Shareholders' funds 15,373 6
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr P T Westwood
Director
Approved by the board on 2 October 2023
Intuitive Solutions Ltd
Notes to the Accounts
for the year ended 30 April 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
Turnover
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 rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Inventories
Inventories are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction 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.
Creditors
Short term creditors are measured at transaction 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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2 Employees and directors 2023 2022
Number Number
Average number of directors and persons employed by the company 5 5
3 Intangible fixed assets £
Software
Cost
At 1 May 2022 2,748
At 30 April 2023 2,748
Amortisation
At 1 May 2022 1,100
Provided during the year 550
At 30 April 2023 1,650
Net book value
At 30 April 2023 1,098
At 30 April 2022 1,648
Software is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2022 27,771
Additions 9,020
At 30 April 2023 36,791
Depreciation
At 1 May 2022 16,718
Charge for the year 5,019
At 30 April 2023 21,737
Net book value
At 30 April 2023 15,054
At 30 April 2022 11,053
5 Debtors 2023 2022
£ £
Trade debtors 1,632 2,411
Prepayments 238 431
Other debtors 3,768 5,688
5,638 8,530
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 2,168 2,496
Accruals 80,679 89,916
Corporation tax 18,792 12,876
Other taxes and social security costs 9,327 11,870
Other creditors 421 1,629
111,387 118,787
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr P T Westwood
Repayable on demand 1,422 - 1,422 -
Mr M J Davies
Repayable on demand 1,422 - - 1,422
Mrs P M Westwood
Repayable on demand 1,422 - 1,422 -
Mrs C F Davies
Repayable on demand 1,422 - - 1,422
5,688 - 2,844 2,844
8 Other information
Intuitive Solutions Ltd is a private company limited by shares and incorporated in England. Its registered office is:
269 Farnborough Road
Farnborough
Hampshire
GU14 7LY
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