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Registration number: 08915789

Intellica Limited
Annual Report and Unaudited Financial Statements
for the Year Ended 28 February 2023

Intellica Limited

Contents

Company Information | 1
Balance Sheet | 2
Notes to the Unaudited Financial Statements | 3 to 8

Intellica Limited

Company Information

Directors | Mr Brendan Doherty Paul Bingham

Registered office | 4 St. Pauls Square 2nd Floor Liverpool L3 9SJ

Accountants | McKeague Morgan & Company 27 College Gardens Belfast BT9 6BS

Intellica Limited

(Registration number: 08915789)
Balance Sheet as at 28 February 2023

| Note | 2023 £ | 2022 £
Fixed assets |  |  |
Tangible assets | 4 | 22,073 | 17,154
Current assets |  |  |
Stocks | 5 | - | 106,314
Debtors | 6 | 1,319,915 | 696,997
Cash at bank and in hand |  | 264,457 | 13,252
|  | 1,584,372 | 816,563
Creditors: Amounts falling due within one year | 7 | (957,193) | (293,565)
Net current assets |  | 627,179 | 522,998
Total assets less current liabilities |  | 649,252 | 540,152
Creditors: Amounts falling due after more than one year | 7 | (125,000) | (166,667)
Net assets |  | 524,252 | 373,485
Capital and reserves |  |  |
Called up share capital |  | 2 | 2
Profit and loss account |  | 524,250 | 373,483
Total equity |  | 524,252 | 373,485

For the financial year ending 28 February 2023 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 accounts for the year in question in accordance with section 476; and
• | 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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

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.

Approved and authorised by the Board on 4 September 2023 and signed on its behalf by:

.........................................

Mr Brendan Doherty
Director

Intellica Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1 | General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
4 St. Pauls Square
2nd Floor
Liverpool
L3 9SJ
England

These financial statements were authorised for issue by the Board on 4 September 2023.

2 | Accounting policies

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods 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.

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.

Intellica Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

2 | Accounting policies (continued)

Tangible assets

Tangible assets are stated in the balance sheet 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
Fixtures, fittings and equipment | 20% reducing balance

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Intellica Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

2 | Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 26 (2022 - 21).

Intellica Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4 | Tangible assets

| Furniture, fittings and equipment £ | Total £
Cost or valuation
At 1 March 2022 | 29,393 | 29,393
Additions | 10,437 | 10,437
At 28 February 2023 | 39,830 | 39,830
Depreciation
At 1 March 2022 | 12,239 | 12,239
Charge for the year | 5,518 | 5,518
At 28 February 2023 | 17,757 | 17,757
Carrying amount
At 28 February 2023 | 22,073 | 22,073
At 28 February 2022 | 17,154 | 17,154

5 | Stocks

| 2023 £ | 2022 £
Work in progress | - | 106,314

6 | Debtors

| 2023 £ | 2022 £
Trade debtors | 523,452 | 232,851
Prepayments | 6,720 | 871
Other debtors | 789,743 | 463,275
| 1,319,915 | 696,997

Intellica Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

7 | Creditors

| Note | 2023 £ | 2022 £
Due within one year |  |  |
Bank loans and overdrafts | 9 | 41,667 | 41,667
Trade creditors |  | 263,157 | 97,765
Corporation tax liability |  | 64,140 | -
Taxation and social security |  | 151,439 | 100,770
Other creditors |  | 26,018 | 14,038
Loans from directors |  | 125,447 | -
Accruals and deferred income |  | 285,325 | 39,325
|  | 957,193 | 293,565
Due after one year |  |  |
Loans and borrowings | 9 | 125,000 | 166,667

8 | Share capital

Allotted, called up and fully paid shares

| 2023 | 2022
| No. | £ | No. | £
Ordinary of £1 each | 2 | 2 | 2 | 2

9 | Loans and borrowings

| 2023 £ | 2022 £
Current loans and borrowings
Bank borrowings | 41,667 | 41,667
Other borrowings | 17,517 | 10,829
| 59,184 | 52,496

| 2023 £ | 2022 £
Non-current loans and borrowings
Bank borrowings | 125,000 | 166,667

Intellica Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

10 | Parent and ultimate parent undertaking

The company's immediate parent is Intellica Group Limited, incorporated in England.