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COMPANY REGISTRATION NUMBER: 03429029
INTELLECTUAL CAPITAL SERVICES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 December 2022
INTELLECTUAL CAPITAL SERVICES LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2022
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
INTELLECTUAL CAPITAL SERVICES LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2022
2022
2021
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
7,029
CURRENT ASSETS
Debtors
6
47,804
53,430
Cash at bank and in hand
135,129
45,786
----------
--------
182,933
99,216
CREDITORS: amounts falling due within one year
7
( 141,351)
( 96,073)
----------
--------
NET CURRENT ASSETS
41,582
3,143
--------
-------
TOTAL ASSETS LESS CURRENT LIABILITIES
48,611
3,143
--------
-------
NET ASSETS
48,611
3,143
--------
-------
CAPITAL AND RESERVES
Called up share capital
1,000
1,000
Profit and loss account
47,611
2,143
--------
-------
SHAREHOLDERS FUNDS
48,611
3,143
--------
-------
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 income and retained earnings has not been delivered.
For the year ending 31 December 2022 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 .
INTELLECTUAL CAPITAL SERVICES LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2022
These financial statements were approved by the board of directors and authorised for issue on 13 November 2023 , and are signed on behalf of the board by:
N G A Roos
Director
Company registration number: 03429029
INTELLECTUAL CAPITAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lynton House, 7 - 12 Tavistock Square, London, WC1H 9BQ.
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 is dependent on the continued support of its shareholders who have indicated willingness to continue this financial support for the foreseeable future, therefore the accounts have been prepared under the going concern basis.
Revenue recognition
Turnover is the total amount receivable by the company for management consultancy services provided, excluding VAT.
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.
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:
Leasehold property
-
Over the life of the lease
Fixtures and fittings
-
20% straight line
Computer equipment
-
50% 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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions payable for the year are charged in the profit and loss account. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayment in the balance sheet. The director is accruing benefits under a money purchase scheme.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2021: 2 ).
5. Tangible assets
Leasehold property
Fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost
At 1 January 2022
1,136
35,069
129,522
165,727
Additions
6,050
4,378
10,428
Disposals
( 1,136)
( 35,069)
( 129,522)
( 165,727)
-------
--------
----------
----------
At 31 December 2022
6,050
4,378
10,428
-------
--------
----------
----------
Depreciation
At 1 January 2022
1,136
35,069
129,522
165,727
Charge for the year
1,210
2,189
3,399
Disposals
( 1,136)
( 35,069)
( 129,522)
( 165,727)
-------
--------
----------
----------
At 31 December 2022
1,210
2,189
3,399
-------
--------
----------
----------
Carrying amount
At 31 December 2022
4,840
2,189
7,029
-------
--------
----------
----------
At 31 December 2021
-------
--------
----------
----------
6. Debtors
2022
2021
£
£
Trade debtors
39,021
51,707
Other debtors
8,783
1,723
--------
--------
47,804
53,430
--------
--------
7. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
43,578
1,919
Corporation tax
10,190
Social security and other taxes
7,932
522
Other creditors
79,651
93,632
----------
--------
141,351
96,073
----------
--------