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REGISTERED NUMBER: 08623113 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 March 2023

for

Intelect Midlands Limited

Intelect Midlands Limited (Registered number: 08623113)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Intelect Midlands Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: F P Cormican
A G Shaw
R G Ratcliffe
C D Smith





REGISTERED OFFICE: Stephenson House
Intelect Court
Riverside Park
Middlesbrough
TS2 1QT





REGISTERED NUMBER: 08623113 (England and Wales)





ACCOUNTANTS: Anderson Barrowcliff LLP
Chartered Accountants
3 Kingfisher Court
Bowesfield Park
Stockton on Tees
TS18 3EX

Intelect Midlands Limited (Registered number: 08623113)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 132,344 153,476

CURRENT ASSETS
Stocks 44,955 62,177
Debtors 5 1,305,328 1,336,360
Cash at bank and in hand 157,221 72,497
1,507,504 1,471,034
CREDITORS
Amounts falling due within one year 6 1,542,497 1,075,527
NET CURRENT (LIABILITIES)/ASSETS (34,993 ) 395,507
TOTAL ASSETS LESS CURRENT
LIABILITIES

97,351

548,983

CREDITORS
Amounts falling due after more than one
year

7

(14,228

)

-

PROVISIONS FOR LIABILITIES - (2,000 )
NET ASSETS 83,123 546,983

CAPITAL AND RESERVES
Called up share capital 9 716 879
Capital redemption reserve 284 121
Retained earnings 82,123 545,983
SHAREHOLDERS' FUNDS 83,123 546,983

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Intelect Midlands Limited (Registered number: 08623113)

Balance Sheet - continued
31 March 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 November 2023 and were signed on its behalf by:





F P Cormican - Director


Intelect Midlands Limited (Registered number: 08623113)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Intelect Midlands Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The place of business is Faraday House, 16 Stanier Road, Cottage Lane Industrial Estate, Broughton Astley, Leicestershire, LE9 6TW.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated,

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Notwithstanding the company's current year loss before tax of £446,341 (2022: £100,852) and the company's net current liabilities of £34,993 at 31 March 2023 (2022: Net current asset £395,507) the financial statements have been prepared on a going concern basis. This basis assumes the continuing support of the directors.

Significant judgements and estimates
In the application of the Company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period of the revision, if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Rendering of services
When the outcome of a transaction can be estimated reliably, turnover from services is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to actual costs compared to expected total costs.

Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

Intelect Midlands Limited (Registered number: 08623113)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery - 25% reducing balance
Fixtures and fittings - 25% reducing balance
Motor Vehicles - 25% reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Intelect Midlands Limited (Registered number: 08623113)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Amounts recoverable on contracts
Amounts recoverable on contracts are stated at cost plus attributable profit to the extent that such profit is reasonably certain and after making provision for any foreseeable losses in completing the contracts, less payments on account received.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2022 - 21 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 April 2022 36,383 34,729 294,829 365,941
Additions 20,242 - 13,995 34,237
Disposals - - (9,750 ) (9,750 )
At 31 March 2023 56,625 34,729 299,074 390,428
DEPRECIATION
At 1 April 2022 30,846 22,239 159,380 212,465
Charge for year 1,938 2,598 50,833 55,369
Eliminated on disposal - - (9,750 ) (9,750 )
At 31 March 2023 32,784 24,837 200,463 258,084
NET BOOK VALUE
At 31 March 2023 23,841 9,892 98,611 132,344
At 31 March 2022 5,537 12,490 135,449 153,476

Intelect Midlands Limited (Registered number: 08623113)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2022 117,536
Transfer to ownership (15,786 )
At 31 March 2023 101,750
DEPRECIATION
At 1 April 2022 10,671
Charge for year 29,384
Transfer to ownership (12,497 )
At 31 March 2023 27,558
NET BOOK VALUE
At 31 March 2023 74,192
At 31 March 2022 106,865

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,096,557 880,548
Amounts recoverable on contract 205,067 362,066
Directors' loan accounts 2,023 10,170
Taxation - 52,126
s455 tax recoverable 1,302 1,302
Prepayments and accrued income 379 30,148
1,305,328 1,336,360

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other loans 500,000 320,000
Hire purchase contracts 13,333 3,056
Trade creditors 556,792 332,612
s455 tax payable - 1,302
Social security and other taxes 113,129 129,465
Directors' loan accounts 12,322 4,836
Accruals and deferred income 346,921 284,256
1,542,497 1,075,527

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts 14,228 -

Intelect Midlands Limited (Registered number: 08623113)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 27,561 3,056

Hire purchase liabilities are secured on the assets to which they relate.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
616 Ordinary £1 616 779
100 B Shares £1 100 100
716 879

The company purchased 163 Ordinary Shares of £1 each for a consideration of £89,180 on 3 February 2023.

10. OTHER FINANCIAL COMMITMENTS

Total financial commitments which are not included in the balance sheet amount to £105,000 (2022 - £13,018) relating to amounts payable under operating leases.

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included in debtors are the following loans to directors:


At 1 April
2022
Amount
advanced
Amount
repaid
At 31March
2023
Maximum
outstanding
£ £ £ £ £

Director 1 10,170 - (8,147 ) 2,023 10,170

Total 10,170 - (8,147 ) 2,023 10,170

The above loan is unsecured, interest free and repayable on demand.