Company registration number 03515976 (England and Wales)
INTRINSIC BUSINESS SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
INTRINSIC BUSINESS SERVICES LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
Notes to the financial statements
2 - 4
INTRINSIC BUSINESS SERVICES LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,158,794
1,157,883
Current assets
Debtors
4
45,267
149,967
Cash at bank and in hand
1,018,580
608,337
1,063,847
758,304
Creditors: amounts falling due within one year
5
(299,159)
(117,320)
Net current assets
764,688
640,984
Total assets less current liabilities
1,923,482
1,798,867
Provisions for liabilities
(4,666)
(2,939)
Net assets
1,918,816
1,795,928
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
1,918,814
1,795,926
Total equity
1,918,816
1,795,928
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 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 23 August 2024 and are signed on its behalf by:
P Long
Director
Company Registration No. 03515976
INTRINSIC BUSINESS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
1
Accounting policies
Company information
Intrinsic Business Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Clyst House, Manor Drive, Clyst St. Mary, Exeter, Devon, EX5 1GB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
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:
Leasehold land and buildings
0%
Plant and equipment
25% and 10% on cost
Computers
25% on cost
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.
1.5
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.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
INTRINSIC BUSINESS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 3 -
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 tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
3
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Computers
Total
£
£
£
£
Cost
At 1 December 2022
1,123,672
76,058
10,599
1,210,329
Additions
1,774
12,713
14,487
Disposals
(3,097)
(3,097)
At 30 November 2023
1,123,672
77,832
20,215
1,221,719
Depreciation and impairment
At 1 December 2022
46,578
5,868
52,446
Depreciation charged in the year
7,598
3,691
11,289
Eliminated in respect of disposals
(810)
(810)
At 30 November 2023
54,176
8,749
62,925
Carrying amount
At 30 November 2023
1,123,672
23,656
11,466
1,158,794
At 30 November 2022
1,123,672
29,480
4,731
1,157,883
INTRINSIC BUSINESS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
45,267
149,967
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
3,240
Corporation tax
48,168
40,548
Other taxation and social security
72,860
433
Other creditors
178,131
73,099
299,159
117,320