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REGISTERED NUMBER: 05191397 (England and Wales)















Financial Statements

for the Year Ended 30 June 2023

for

INTELLIGENT RETAIL LIMITED

INTELLIGENT RETAIL LIMITED (REGISTERED NUMBER: 05191397)

Contents of the Financial Statements
for the year ended 30 June 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


INTELLIGENT RETAIL LIMITED

Company Information
for the year ended 30 June 2023







Directors: J T O’Hagan
I C Whiting





Secretary: B J Dowling





Registered office: Consort House
42 Bone Lane
Newbury
Berkshire
RG14 5SD





Registered number: 05191397 (England and Wales)





Auditors: Haines Watts
Northern Assurance Buildings
9-21 Princess Street
Manchester
M2 4DN

INTELLIGENT RETAIL LIMITED (REGISTERED NUMBER: 05191397)

Balance Sheet
30 June 2023

2023 2022
Notes £ £
Current assets
Stocks 8,469 4,974
Debtors 7 498,904 586,246
Cash at bank 10,077 3,866
517,450 595,086
Creditors
Amounts falling due within one year 8 2,054,725 1,717,125
Net current liabilities (1,537,275 ) (1,122,039 )
Total assets less current liabilities (1,537,275 ) (1,122,039 )

Creditors
Amounts falling due after more than one
year

9

(19,987

)

(29,764

)

Provisions for liabilities (10,000 ) (10,000 )
Net liabilities (1,567,262 ) (1,161,803 )

Capital and reserves
Called up share capital 11 2 2
Retained earnings (1,567,264 ) (1,161,805 )
Shareholders' funds (1,567,262 ) (1,161,803 )

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 March 2024 and were signed on its behalf by:





I C Whiting - Director


INTELLIGENT RETAIL LIMITED (REGISTERED NUMBER: 05191397)

Notes to the Financial Statements
for the year ended 30 June 2023


1. Statutory information

Intelligent Retail 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.

2. Statement of compliance

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.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Going concern
We confirm that the parent company will provide financial support as is necessary to enable Intelligent Retail Limited to meet its liabilities as and when they fall due, for a period of at least twelve months from the date the financial statements for the year ended 30/06/2023 of Intelligent Retail Limited are approved by the board of directors. Thus the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Preparation of consolidated financial statements
The financial statements contain information about Intelligent Retail Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are not considered to be any critical judgements in applying the company's accounting policies. The company makes estimates and assumptions concerning the future. The resulting accounting estimates will by definition, seldom equal the actual results. There are no estimates or assumptions which give a significant risk of causing a material adjustment to the carrying amounts of assets or liabilities within the next financial year.

Turnover
Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of value added tax and trade discounts.

Turnover in relation to support services is recognised in equal instalments over the period of service provision.

Turnover in respect of other services is recognised on delivery of those services.

Turnover in relation to software licenses is recognised at a point in time when the software license is transferred to the customer and set-up so that the customer has the unrestricted ability to use it.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of 10 years.

Development costs are being amortised evenly over their estimated useful life of 10 years.

INTELLIGENT RETAIL LIMITED (REGISTERED NUMBER: 05191397)

Notes to the Financial Statements - continued
for the year ended 30 June 2023


3. 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.
Fixtures and fittings - 25% straight line
Computer equipment - 25% straight line

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets
Basic financial assets, including trade and other debtors and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment.The impairment loss is recognised in the profit or loss.

There are no assets which are initially measured at fair value.

Financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans and amounts owed to group undertakings, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

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

Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


INTELLIGENT RETAIL LIMITED (REGISTERED NUMBER: 05191397)

Notes to the Financial Statements - continued
for the year ended 30 June 2023


3. Accounting policies - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

4. Employees and directors

The average number of employees during the year was 22 (2022 - 23 ) .

5. Intangible fixed assets
Other
intangible
assets
£
Cost
At 1 July 2022
and 30 June 2023 869,985
Amortisation
At 1 July 2022
and 30 June 2023 869,985
Net book value
At 30 June 2023 -
At 30 June 2022 -

INTELLIGENT RETAIL LIMITED (REGISTERED NUMBER: 05191397)

Notes to the Financial Statements - continued
for the year ended 30 June 2023


6. Tangible fixed assets
Plant and
Land and machinery
buildings etc Totals
£ £ £
Cost
At 1 July 2022
and 30 June 2023 35,116 137,227 172,343
Depreciation
At 1 July 2022
and 30 June 2023 35,116 137,227 172,343
Net book value
At 30 June 2023 - - -

7. Debtors: amounts falling due within one year
2023 2022
£ £
Trade debtors 46,116 44,852
Amounts owed by group undertakings 408,996 473,873
Other debtors 43,792 67,521
498,904 586,246

8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 10,011 10,000
Trade creditors 56,955 52,739
Amounts owed to group undertakings 1,883,231 1,533,409
Taxation and social security 50,680 44,748
Other creditors 53,848 76,229
2,054,725 1,717,125

9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans 19,987 29,764

The bank loan was taken out in May 2020 and is secured by the UK Government. For the first 12 months the bank loan was interest and repayment free. Subsequent to the first 12 months, interest is charged at 2.5% and the loan is repayable by instalments with the final repayment being due in May 2026.

10. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£ £
Within one year 48,500 40,000
Between one and five years 36,375 70,000
84,875 110,000

INTELLIGENT RETAIL LIMITED (REGISTERED NUMBER: 05191397)

Notes to the Financial Statements - continued
for the year ended 30 June 2023


11. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
2 Ordinary shares £ 2 2

12. Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the Auditors was unqualified.

Antony Sassen (Senior Statutory Auditor)
for and on behalf of Haines Watts

13. Contingent liabilities

The company has provided a guarantee, secured by a fixed and floating charge over its assets, in respect of bank borrowings taken out by other group companies. Group bank borrowings covered by this guarantee amount to £nil (2022: £2,372,000).

14. Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independent administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £18,429 (2022: £21,264). Contributions totalling £3,448 (2022: £1,773) were payable to the fund at the Statement of Financial Position date and are included in creditors.