Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-3112022-01-01falsereceiving royalties for use of intellectual property rights in relation to a patented modular office power system1truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 5855072 2022-01-01 2022-12-31 5855072 2021-01-01 2021-12-31 5855072 2022-12-31 5855072 2021-12-31 5855072 c:Director1 2022-01-01 2022-12-31 5855072 d:PlantMachinery 2022-01-01 2022-12-31 5855072 d:PlantMachinery 2022-12-31 5855072 d:PlantMachinery 2021-12-31 5855072 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 5855072 d:MotorVehicles 2022-01-01 2022-12-31 5855072 d:MotorVehicles 2022-12-31 5855072 d:MotorVehicles 2021-12-31 5855072 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 5855072 d:OfficeEquipment 2022-01-01 2022-12-31 5855072 d:OfficeEquipment 2022-12-31 5855072 d:OfficeEquipment 2021-12-31 5855072 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 5855072 d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 5855072 d:CurrentFinancialInstruments 2022-12-31 5855072 d:CurrentFinancialInstruments 2021-12-31 5855072 d:Non-currentFinancialInstruments 2022-12-31 5855072 d:Non-currentFinancialInstruments 2021-12-31 5855072 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 5855072 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 5855072 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 5855072 d:Non-currentFinancialInstruments d:AfterOneYear 2021-12-31 5855072 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 5855072 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2021-12-31 5855072 d:ShareCapital 2022-12-31 5855072 d:ShareCapital 2021-12-31 5855072 d:RetainedEarningsAccumulatedLosses 2022-12-31 5855072 d:RetainedEarningsAccumulatedLosses 2021-12-31 5855072 c:FRS102 2022-01-01 2022-12-31 5855072 c:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 5855072 c:FullAccounts 2022-01-01 2022-12-31 5855072 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 5855072 2 2022-01-01 2022-12-31 5855072 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 5855072 d:AcceleratedTaxDepreciationDeferredTax 2021-12-31 iso4217:GBP xbrli:pure

Registered number: 5855072










INTELLIGENT POWER LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
INTELLIGENT POWER LIMITED
REGISTERED NUMBER: 5855072

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
34,280
49,078

  
34,280
49,078

Current assets
  

Debtors
 5 
1,090,819
1,094,271

Current asset investments
 6 
208,843
208,843

Cash at bank and in hand
  
498,838
183,865

  
1,798,500
1,486,979

Creditors: amounts falling due within one year
 7 
(634,929)
(531,899)

Net current assets
  
 
 
1,163,571
 
 
955,080

Total assets less current liabilities
  
1,197,851
1,004,158

Creditors: amounts falling due after more than one year
 8 
(302,396)
(222,601)

Provisions for liabilities
  

Deferred tax
 10 
-
(482)

  
 
 
-
 
 
(482)

Net assets
  
895,455
781,075

Page 1

 
INTELLIGENT POWER LIMITED
REGISTERED NUMBER: 5855072
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
894,455
780,075

  
895,455
781,075


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The 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.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




T Sinton-Hewitt
Director

Date: 9 November 2023

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
INTELLIGENT POWER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

The company, which was incorporated and registered in England and Wales (registered number 5855072), is a privately owned company limited by shares. The registered office address is Wey Court West, Union Road, Farnham, Surrey, GU9 7PT.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
INTELLIGENT POWER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.3

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
INTELLIGENT POWER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
20% straight line
Motor vehicles
-
25% reducing balance
Office equipment
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
INTELLIGENT POWER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual
Page 6

 
INTELLIGENT POWER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.13
Financial instruments (continued)

interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2021 - 1).

Page 7

 
INTELLIGENT POWER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2022
341,662
46,734
18,756
407,152



At 31 December 2022

341,662
46,734
18,756
407,152



Depreciation


At 1 January 2022
311,123
35,644
11,307
358,074


Charge for the year on owned assets
10,180
2,773
1,845
14,798



At 31 December 2022

321,303
38,417
13,152
372,872



Net book value



At 31 December 2022
20,359
8,317
5,604
34,280



At 31 December 2021
30,539
11,090
7,449
49,078

Page 8

 
INTELLIGENT POWER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

5.


Debtors

2022
2021
£
£

Due after more than one year

Other debtors
1,000,822
872,027

1,000,822
872,027

Due within one year

Trade debtors
6,547
4,699

Prepayments and accrued income
81,185
217,545

Deferred taxation
2,265
-

1,090,819
1,094,271



6.


Current asset investments

2022
2021
£
£

Unlisted investments
208,843
208,843

208,843
208,843



7.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
25,439
15,263

Corporation tax
29,987
28,659

Other taxation and social security
35,310
2,664

Other creditors
530,258
476,241

Accruals and deferred income
13,935
9,072

634,929
531,899


Page 9

 
INTELLIGENT POWER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

8.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Other loans
302,396
222,601

302,396
222,601



9.


Loans


Analysis of the maturity of loans is given below:


2022
2021
£
£



Amounts falling due 2-5 years

Other loans
302,396
222,601


302,396
222,601


302,396
222,601


Page 10

 
INTELLIGENT POWER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

10.


Deferred taxation




2022


£






At beginning of year
(482)


Charged to profit or loss
2,747



At end of year
2,265

The deferred taxation balance is made up as follows:

2022
2021
£
£


Accelerated capital allowances
2,265
(482)

2,265
(482)

 
Page 11