Company registration number SC694097 (Scotland)
INTELLIGENT SEAS GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
INTELLIGENT SEAS GROUP LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
INTELLIGENT SEAS GROUP LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
4
1,598,932
218,073
Tangible assets
5
3,517
3,744
1,602,449
221,817
Current assets
Debtors
6
17,223
30,931
Cash at bank and in hand
177
11,768
17,400
42,699
Creditors: amounts falling due within one year
7
(314,965)
(73,898)
Net current liabilities
(297,565)
(31,199)
Total assets less current liabilities
1,304,884
190,618
Creditors: amounts falling due after more than one year
8
(210,105)
(130,059)
Net assets
1,094,779
60,559
Capital and reserves
Called up share capital
9
8,771
7,388
Share premium account
89,348
-
0
Revaluation reserve
1,580,492
-
0
Profit and loss reserves
(583,832)
53,171
Total equity
1,094,779
60,559

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

INTELLIGENT SEAS GROUP LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2022
31 December 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 6 March 2024 and are signed on its behalf by:
M White
Director
Company Registration No. SC694097
INTELLIGENT SEAS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
1
Accounting policies
Company information

Intelligent Seas Group Limited is a private company limited by shares incorporated in Scotland. The registered office is , 133 Finnieston Street, Glasgow, G3 8HB.

1.1
Reporting period

This reporting period covers a full 12 months from 1 January 2022 to 31 December 2022. The prior reporting period was the first financial reporting period of Intelligent Seas Group Limited, and therefore covered from the date of incorporation on 31 March 2021 to the period end date 31 December 2021. The results of these two periods will therefore not be directly comparable.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Prior period error

In the comparative period intangible assets were incorrectly disclosed as tangible assets. The comparative figures have been restated to disclose these correctly as intangible assets, with all related accounting policy disclosures included. The restatement has resulted in no change to profit/loss or retained earnings, and the balance sheet total remains the same.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Portfolio Licences
5 years
Bespoke Portfolio Licences
5 years
INTELLIGENT SEAS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -

Intangible fixed assets are measured at fair value and revalued through profit and loss. Fair value is considered annually and applied consistently across all categories of intangible fixed assets.

 

Fair value is determined by valuing the asset on the basis of the amount of economic income that the asset is expected to generate, adjusted to its present day value.

 

This method involves projecting the revenue flow generated by the asset over its remaining useful life. Offset against this is costs related directly to the asset such as labour, materials, required investment and any appropriate economic rents or capital charges. To take account of risk the value is then discounted to a present day value using the discount rate or the capitalisation rate.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers
33.3% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

INTELLIGENT SEAS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -
1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

INTELLIGENT SEAS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 6 -
1.14
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
10
8
INTELLIGENT SEAS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
4
Intangible fixed assets
Portfolio Licences
Bespoke Portfolio Licences
Total
£
£
£
Cost
At 1 January 2022
147,202
78,492
225,694
Additions
21,663
155,231
176,894
Revaluation
1,574,346
(1,475)
1,572,871
At 31 December 2022
1,743,211
232,248
1,975,459
Amortisation and impairment
At 1 January 2022
6,967
654
7,621
Amortisation charged for the year
347,264
29,263
376,527
Eliminated on revaluation
(6,967)
(654)
(7,621)
At 31 December 2022
347,264
29,263
376,527
Carrying amount
At 31 December 2022
1,395,947
202,985
1,598,932
At 31 December 2021
140,235
77,838
218,073
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2022
4,337
Additions
1,757
At 31 December 2022
6,094
Depreciation and impairment
At 1 January 2022
593
Depreciation charged in the year
1,984
At 31 December 2022
2,577
Carrying amount
At 31 December 2022
3,517
At 31 December 2021
3,744
INTELLIGENT SEAS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 8 -
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
13,105
14,399
Other debtors
4,118
16,532
17,223
30,931
7
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
30,294
4,598
Trade creditors
78,149
9,851
Corporation tax
12,244
11,546
Other taxation and social security
107,695
32,138
Other creditors
86,583
15,765
314,965
73,898
8
Creditors: amounts falling due after more than one year
2022
2021
£
£
Other creditors
210,105
130,059
9
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
8,771
7,388
8,771
7,388

During the year, the company issued 1,383 shares of £1 each. Any excess paid above par value for the shares has been taken to share premium.

10
Prior period adjustment

In the comparative period intangible assets were incorrectly disclosed as tangible assets. The comparative figures have been restated to disclose these correctly as intangible assets, with all related accounting policy disclosures included. The restatement has resulted in no change to profit/loss or retained earnings, and the balance sheet total remains the same.

INTELLIGENT SEAS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
10
Prior period adjustment
(Continued)
- 9 -
Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 Dec 2021
£
£
£
Fixed assets
Other intangibles
-
218,073
218,073
Tangible assets
221,817
(218,073)
3,744
Net assets
60,559
-
60,559
Capital and reserves
Total equity
60,559
-
60,559
Reconciliation of changes in equity
The prior period adjustments do not give rise to any effect upon equity.
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