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Registration number: 07317928

Ingenuiti Ltd

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 July 2023

 

Ingenuiti Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 8

 

Ingenuiti Ltd

Company Information

Directors

Mr C Wilton

Mrs N Wilton

Registered office

12 Fyfield Close
Whiteley
Fareham
Hampshire
PO15 7ES

Accountants

Pyatt & Pyatt
Chartered Certified Accountants
36 St Thomas Street
Lymington
Hampshire
SO41 9NE

 

Ingenuiti Ltd

(Registration number: 07317928)
Abridged Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

6,486

7,660

Current assets

 

Debtors

32,690

13,323

Cash at bank and in hand

 

9,417

45,176

 

42,107

58,499

Creditors: Amounts falling due within one year

(32,942)

(47,317)

Net current assets

 

9,165

11,182

Total assets less current liabilities

 

15,651

18,842

Creditors: Amounts falling due after more than one year

(14,125)

(17,509)

Accruals and deferred income

 

(950)

(800)

Net assets

 

576

533

Capital and reserves

 

Called up share capital

5

4

2

Retained earnings

572

531

Shareholders' funds

 

576

533

For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Ingenuiti Ltd

(Registration number: 07317928)
Abridged Balance Sheet as at 31 July 2023

Approved and authorised by the Board on 17 April 2024 and signed on its behalf by:
 

.........................................
Mr C Wilton
Director

.........................................
Mrs N Wilton
Director

 
     
 

Ingenuiti Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
12 Fyfield Close
Whiteley
Fareham
Hampshire
PO15 7ES

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Ingenuiti Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% reducing balance

Office equipment

20% straight line

Vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Ingenuiti Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Ingenuiti Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2022

12,172

13,515

9,796

35,483

Additions

373

1,021

-

1,394

At 31 July 2023

12,545

14,536

9,796

36,877

Depreciation

At 1 August 2022

8,369

10,648

8,806

27,823

Charge for the year

1,044

1,276

248

2,568

At 31 July 2023

9,413

11,924

9,054

30,391

Carrying amount

At 31 July 2023

3,132

2,612

742

6,486

At 31 July 2022

3,803

2,867

990

7,660

5

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

Ordinary B shares of £1 (2022 - £0) each

2

2

-

-

 

4

4

2

2

6

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £35,000.00 (2022 - £33,000.00) per each Ordinary shares

 

70,000

 

66,000

         
 

Ingenuiti Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023

7

Related party transactions

Transactions with directors

2023

At 1 August 2022
£

Advances to director
£

At 31 July 2023
£

Mr C Wilton

Loan to director on 31/07/2023 paid back by 30/04/2024

-

31,250

31,250

       
     

 

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

9,096

8,912

Contributions paid to money purchase schemes

1,200

100

10,296

9,012