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REGISTERED NUMBER: 07490636 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 March 2023

for

Intelect Engineering Limited

Intelect Engineering Limited (Registered number: 07490636)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Intelect Engineering Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: F P Cormican
A G Shaw
R D S Mortimore





REGISTERED OFFICE: Unit 6 Omega Business Park
Estate Road No 6
South Humberside Industrial Estate
Grimsby
N E Lincolnshire
DN31 2TG





REGISTERED NUMBER: 07490636 (England and Wales)





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

Intelect Engineering Limited (Registered number: 07490636)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 3 64,245 112,972

CURRENT ASSETS
Debtors 4 1,893,618 1,333,486
Cash at bank and in hand 34,592 178,512
1,928,210 1,511,998
CREDITORS
Amounts falling due within one year 5 1,688,309 934,178
NET CURRENT ASSETS 239,901 577,820
TOTAL ASSETS LESS CURRENT
LIABILITIES

304,146

690,792

CAPITAL AND RESERVES
Called up share capital 6 506 800
Capital redemption reserve 494 200
Retained earnings 303,146 689,792
SHAREHOLDERS' FUNDS 304,146 690,792

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.

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 17 November 2023 and were signed on its behalf by:





F P Cormican - Director


Intelect Engineering Limited (Registered number: 07490636)

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

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
Intelect Engineering Limited is a private limited company limited by shares incorporated in England, United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements.

The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 Section 1A "The Financial Reporting Standard applicable in the UK and the Republic of Ireland" (FRS102 Section 1A) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound.

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.

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, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold property improvements - 20% on cost
Plant and machinery - 25% on cost
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

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. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Intelect Engineering Limited (Registered number: 07490636)

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

1. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

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.

Grants
The company received government grants in respect of the Coronavirus Job Retention Scheme. These grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attached to them. The grants were received using the accrual model

Capital based grants are included in the balance sheet as a deferred credit and released to the profit and loss in equal instalments over the estimated useful lives of the related assets. Amounts not yet released to the profit and loss are included in the balance sheet as deferred income. Revenue based grants are credited to the profit and loss when receivable.

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.

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.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 44 (2022 - 51 ) .

Intelect Engineering Limited (Registered number: 07490636)

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

3. TANGIBLE FIXED ASSETS
Leasehold Fixtures
property Plant and and
improvements machinery fittings
£    £    £   
COST
At 1 April 2022 212,928 356,022 7,896
Additions - - -
Disposals - (167,000 ) (7,896 )
At 31 March 2023 212,928 189,022 -
DEPRECIATION
At 1 April 2022 212,928 259,551 7,021
Charge for year - 62,081 213
Eliminated on disposal - (165,556 ) (7,234 )
At 31 March 2023 212,928 156,076 -
NET BOOK VALUE
At 31 March 2023 - 32,946 -
At 31 March 2022 - 96,471 875

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2022 103,495 33,843 714,184
Additions 35,945 - 35,945
Disposals - (33,843 ) (208,739 )
At 31 March 2023 139,440 - 541,390
DEPRECIATION
At 1 April 2022 90,225 31,487 601,212
Charge for year 17,916 693 80,903
Eliminated on disposal - (32,180 ) (204,970 )
At 31 March 2023 108,141 - 477,145
NET BOOK VALUE
At 31 March 2023 31,299 - 64,245
At 31 March 2022 13,270 2,356 112,972

Intelect Engineering Limited (Registered number: 07490636)

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

4. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 1,295,478 739,471
Amounts recoverable on contracts 539,224 477,802
Other debtors - 1,643
Directors' current accounts 12,375 750
Taxation - 66,572
S455 tax recoverable 244 6,705
Prepayments 1,586 40,543
1,848,907 1,333,486

Amounts falling due after more than one year:
Directors' loan accounts 44,711 -

Aggregate amounts 1,893,618 1,333,486

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 391,456 228,667
Social security and other taxes 178,163 140,039
Other creditors 200,362 170,000
Directors' current accounts 1,471 1,847
Accruals and deferred income 916,857 393,625
1,688,309 934,178

6. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
440 Ordinary £1 440 730
66 Ordinary 'B' £1 66 70
506 800

The company purchased 100 Ordinary A shares and 4 B Shares from Mr Johnson on 3 February 2023. The company also purchased 190 Ordinary A shares from Mr Thompson on 3 February 2023.

7. OTHER FINANCIAL COMMITMENTS

Total financial commitments which are not included in the balance sheet amount to £265,302 (2022 - £46,228) relating to amounts payable under operating leases.

Intelect Engineering Limited (Registered number: 07490636)

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

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The movements in the loans to directors during the year are shown below:


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

Director 1 750 - (750 ) - 750
Director 2 - 56,711 - 56,711 56,711
Director 3 - 375 - 375 375
Total 750 57,086 (750 ) 57,086 57,836

The above loans were unsecured, interest free and repayable on demand.

Related Party Disclosure
During the year due to changes in ownership a related party disclosure is now required.

A company in which the director of Intelect Engineering Limited has common control by virtue of his shareholding has the following related party trading as at 31 March 2023:

£   
Trade debtors outstanding as at 31 March 2023 62,689
Trade creditors outstanding as at 31 March 2023 (238,493 )
Sales in the year to 31 March 2023 259,729
Purchases in the year to 31 March 2023 (434,716 )