Company registration number SC406570 (Scotland)
INTEND BUSINESS DEVELOPMENT LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
INTEND BUSINESS DEVELOPMENT LTD
COMPANY INFORMATION
Directors
G Ferguson
J Abbing
Company number
SC406570
Registered office
Edenbank House
22 Crossgate
Cupar
Fife
KY15 5HW
Accountants
Henderson Black & Co
Edenbank House
22 Crossgate
Cupar
Fife
KY15 5HW
Business address
3 Whitehouse Road
Stirling
FK7 7SP
Bankers
Royal Bank of Scotland plc
113 - 115 South Street
St Andrews
Fife
KY16 9QB
INTEND BUSINESS DEVELOPMENT LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
INTEND BUSINESS DEVELOPMENT LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,822
1,713
Current assets
Debtors
5
22,307
68,094
Cash at bank and in hand
87,145
59,934
109,452
128,028
Creditors: amounts falling due within one year
6
(12,439)
(35,016)
Net current assets
97,013
93,012
Total assets less current liabilities
98,835
94,725
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
98,735
94,625
Total equity
98,835
94,725
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 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.
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 the provisions of FRS 102 Section 1 A - small entities.
The financial statements were approved by the board of directors and authorised for issue on 24 July 2024 and are signed on its behalf by:
G Ferguson
J Abbing
Director
Director
Company Registration No. SC406570
INTEND BUSINESS DEVELOPMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Intend Business Development Ltd is a private company limited by shares incorporated in Scotland. The registered office is Edenbank House, 22 Crossgate, Cupar, Fife, KY15 5HW.
1.1
Accounting convention
The financial statements are prepared under the historical cost convention.
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 £.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
Revenue recognition
Revenue arises primarily from consultancy contracts and is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax. Revenue grants are set against the costs to which they relate.
1.3
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:
Plant and machinery
20% on reducing balance
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.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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.
1.5
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.
INTEND BUSINESS DEVELOPMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.7
Taxation
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 taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. No deferred tax has been provided for in the period as the amount is not material.
1.8
Pension costs
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
INTEND BUSINESS DEVELOPMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
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
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
969
2,733
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
9,008
Business combinations
564
At 31 December 2023
9,572
Depreciation and impairment
At 1 January 2023
7,295
Depreciation charged in the year
455
At 31 December 2023
7,750
Carrying amount
At 31 December 2023
1,822
At 31 December 2022
1,713
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
20,523
39,419
Prepayments
1,720
19,859
Other debtors
64
8,816
22,307
68,094
INTEND BUSINESS DEVELOPMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Debtors
(Continued)
- 5 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
209
Corporation tax
969
2,733
Other taxation and social security
7,295
13,317
Directors' current accounts
-
98
Accruals
4,100
10,710
Other creditors
75
7,949
12,439
35,016
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
8
Employees
During the year the average number of employees was 3 (2021 - 3).
2023
2022
Number
Number
Total
3
3
9
Control
The company is controlled by its directors.
10
Related party relationships and transactions
The company owed £0 (2022 - £98) to directors at the year end. The amounts owed to individual directors were - G Ferguson £0 (2022 - £98) and J Abbing £0 (2022 - £0).