2 false false false false false false false false false false true false false false false false false No description of principal activity 2022-08-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP SC287365 2022-08-01 2023-07-31 SC287365 2023-07-31 SC287365 2022-07-31 SC287365 2021-08-01 2022-07-31 SC287365 2022-07-31 SC287365 2021-07-31 SC287365 core:MotorVehicles 2022-08-01 2023-07-31 SC287365 bus:LeadAgentIfApplicable 2022-08-01 2023-07-31 SC287365 bus:Director2 2022-08-01 2023-07-31 SC287365 core:MotorVehicles 2022-07-31 SC287365 core:MotorVehicles 2023-07-31 SC287365 core:AfterOneYear 2023-07-31 SC287365 core:AfterOneYear 2022-07-31 SC287365 core:WithinOneYear 2023-07-31 SC287365 core:WithinOneYear 2022-07-31 SC287365 core:ShareCapital 2023-07-31 SC287365 core:ShareCapital 2022-07-31 SC287365 core:RetainedEarningsAccumulatedLosses 2023-07-31 SC287365 core:RetainedEarningsAccumulatedLosses 2022-07-31 SC287365 core:MotorVehicles 2022-07-31 SC287365 bus:SmallEntities 2022-08-01 2023-07-31 SC287365 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 SC287365 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 SC287365 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 SC287365 bus:FullAccounts 2022-08-01 2023-07-31 SC287365 core:ComputerEquipment 2022-08-01 2023-07-31 SC287365 core:ComputerEquipment 2022-07-31 SC287365 core:ComputerEquipment 2023-07-31 SC287365 core:AllUnconsolidatedStructuredEntities 2022-08-01 2023-07-31
COMPANY REGISTRATION NUMBER: SC287365
Intelligent Building System Ltd.
Filleted Unaudited Financial Statements
31 July 2023
Intelligent Building System Ltd.
Financial Statements
Year ended 31 July 2023
Contents
Page
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
Intelligent Building System Ltd.
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Intelligent Building System Ltd.
Year ended 31 July 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Intelligent Building System Ltd. for the year ended 31 July 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of Intelligent Building System Ltd., as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Intelligent Building System Ltd. and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Intelligent Building System Ltd. and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Intelligent Building System Ltd. has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Intelligent Building System Ltd.. You consider that Intelligent Building System Ltd. is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Intelligent Building System Ltd.. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
GILLILAND & COMPANY Chartered Accountants
216 West George Street Glasgow G2 2PQ
24 July 2024
Intelligent Building System Ltd.
Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
96,335
84,042
Current assets
Stocks
147,391
81,896
Debtors
6
126,186
160,984
Cash at bank and in hand
334,822
198,401
---------
---------
608,399
441,281
Creditors: amounts falling due within one year
7
504,775
303,721
---------
---------
Net current assets
103,624
137,560
---------
---------
Total assets less current liabilities
199,959
221,602
Creditors: amounts falling due after more than one year
8
130,160
191,655
Provisions
Taxation including deferred tax
13,886
---------
---------
Net assets
55,913
29,947
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
55,813
29,847
--------
--------
Shareholders funds
55,913
29,947
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Intelligent Building System Ltd.
Statement of Financial Position (continued)
31 July 2023
These financial statements were approved by the board of directors and authorised for issue on 24 July 2024 , and are signed on behalf of the board by:
Mr F C McLachlan
Director
Company registration number: SC287365
Intelligent Building System Ltd.
Notes to the Financial Statements
Year ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 216 West George Street, Glasgow, G2 2PQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change of value.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor Vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 August 2022
99,795
28,384
128,179
Additions
21,995
19,979
41,974
Disposals
( 18,850)
( 18,850)
---------
--------
---------
At 31 July 2023
102,940
48,363
151,303
---------
--------
---------
Depreciation
At 1 August 2022
31,181
12,956
44,137
Charge for the year
18,184
6,364
24,548
Disposals
( 13,717)
( 13,717)
---------
--------
---------
At 31 July 2023
35,648
19,320
54,968
---------
--------
---------
Carrying amount
At 31 July 2023
67,292
29,043
96,335
---------
--------
---------
At 31 July 2022
68,614
15,428
84,042
---------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
32,189
102,035
Other debtors
93,997
58,949
---------
---------
126,186
160,984
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
290,518
138,264
Corporation tax
69,939
60,520
Social security and other taxes
2,533
2,064
Other creditors
141,785
102,873
---------
---------
504,775
303,721
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
130,160
191,655
---------
---------
9. Directors' advances, credits and guarantees
As at the 31st July 2023, the company was owed by Mr F C McLachlan , director, £ 38,336 (2022: £20,735). As at the 31st July 2023, the company was owed by Mrs A McLachlan, director, £Nil (2022: £755).
10. Related party transactions
As at the 31st July 2023, the company was owed £37,663 (2022: £20,858) by Macintosh Homes Limited, a company in which Mrs A McLachlan, director, and Mr C F McLachlan, shareholder, have an interest. This loan is interest free and has no fixed date for repayment. During the year the company received management fees of £8,000 (2022: £12,000) from Ecohaus North Limited, a company in which the directors have an interest. As at the 31st July 2023, the company owed £8,744 (2022: £16,394) to Ecohaus North Limited, a company in which Mr C F McLachlan, director, has an interest. This loan is interest free and has no fixed date for repayment. As at the 31st July 2023, the company owed £6,199 (2022: £16,026) to Econekt Ltd., a company in which Mr C F McLachlan, director, has an interest. This loan is interest free and has no fixed date for repayment .
11. Controlling party
The company was under the control of Mr F C McLachlan and Mrs A McLachlan throughout the current and previous year.