Registered number
12388545
Intuety Ltd
Unaudited Filleted Accounts
31 January 2024
Intuety Ltd
Registered number: 12388545
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 4 89,024 89,024
Tangible assets 5 5,643 8,450
94,667 97,474
Current assets
Debtors 6 95,401 97,501
Cash at bank and in hand 170,045 490
265,446 97,991
Creditors: amounts falling due within one year 7 (393,529) (94,084)
Net current (liabilities)/assets (128,083) 3,907
Total assets less current liabilities (33,416) 101,381
Creditors: amounts falling due after more than one year 8 (133,501) (148,679)
Net liabilities (166,917) (47,298)
Capital and reserves
Called up share capital 3 3
Share premium 703,750 457,929
Profit and loss account (870,670) (505,230)
Shareholders' funds (166,917) (47,298)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Simon Wright
Director
Approved by the board on 26 March 2024
Intuety Ltd
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
2 Going concern
The financial statements have been prepared on a going concern basis. There was a net deficiency of assets of £166,917 at the balance sheet date, however the directors and investors have confirmed continued support and consider the company retains sufficient working capital to continue trading for the foreseeable future. The Directors and investors consider that this is in line with all the company plans and forecasts, as the company builds for the future.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
3 Employees 2024 2023
Number Number
Average number of persons employed by the company 13 13
4 Intangible fixed assets £
Development Costs:
Cost
At 1 February 2023 89,024
At 31 January 2024 89,024
Amortisation
At 31 January 2024 -
Net book value
At 31 January 2024 89,024
At 31 January 2023 89,024
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
5 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2023 11,755
Additions 565
At 31 January 2024 12,320
Depreciation
At 1 February 2023 3,305
Charge for the year 3,372
At 31 January 2024 6,677
Net book value
At 31 January 2024 5,643
At 31 January 2023 8,450
6 Debtors 2024 2023
£ £
Trade debtors 95,400 97,500
Other debtors 1 1
95,401 97,501
7 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 5,840 13,398
Trade creditors 72,094 27,670
Taxation and social security costs 8,516 (49,265)
Other creditors 307,079 102,281
393,529 94,084
8 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 133,501 148,679
9 Other information
Intuety Ltd is a private company limited by shares and incorporated in England & Wales. Its registered office is:
Unit 1
Baglan Bay Innovation Centre
Baglan Energy Park        
Port Talbot
SA12 7AX
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