Company registration number SC576334 (Scotland)
INTELLIGENT CAPITAL HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
INTELLIGENT CAPITAL HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
INTELLIGENT CAPITAL HOLDINGS LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
4,973,333
4,970,173
Current assets
Debtors
5
2,615
3,682
Cash at bank and in hand
104,815
101,250
107,430
104,932
Creditors: amounts falling due within one year
6
(1,120,715)
(1,157,321)
Net current liabilities
(1,013,285)
(1,052,389)
Total assets less current liabilities
3,960,048
3,917,784
Creditors: amounts falling due after more than one year
7
(494,645)
(588,178)
Net assets
3,465,403
3,329,606
Capital and reserves
Called up share capital
8
33
33
Share premium account
1,374,966
1,374,966
Capital redemption reserve
1
1
Profit and loss reserves
2,090,403
1,954,606
Total equity
3,465,403
3,329,606
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 January 2024 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.
INTELLIGENT CAPITAL HOLDINGS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024
31 January 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 4 September 2024 and are signed on its behalf by:
T D Bremner
Director
Company Registration No. SC576334
INTELLIGENT CAPITAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information
Intelligent Capital Holdings Limited is a private company limited by shares incorporated in Scotland. The registered office is Gresham Chambers, 3rd Floor, 45 West Nile Street, Glasgow, G1 2PT.
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. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
On 8 April 2024 the ultimate parent company became Canaccord Genuity Group Inc.
1.2
Going concern
The company is funded by way of intercompany borrowings administered by it's subsidiaries . As a result, the company is dependent on the ongoing support of its subsidiaries, who have pledged to not demand repayment of the short term loans for a period of at least one year from the date of signing the accounts, or accept repayment from the company if it would result in the company being unable to meet its obligations. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss. Investments are also written down to reflect the distribution of pre-acquisition reserves in accordance with FRS 102.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.4
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.
INTELLIGENT CAPITAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.5
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.
Debtors
Debtors with no stated interest rate and payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in profit or loss.
Creditors
Creditors with no stated interest rate and payable within one year are recorded at transaction price.
All interest bearing loans and borrowings which are basic financial instruments are initially recognised at the present value of cash payable. After initial recognition they are measured at amortised cost.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
INTELLIGENT CAPITAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.8
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
4,973,333
4,970,173
INTELLIGENT CAPITAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
3
Fixed asset investments
(Continued)
- 6 -
Shares in group undertakings
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 February 2023
5,644,854
Additions
3,162
Disposals
(2)
At 31 January 2024
5,648,014
Impairment
At 1 February 2023 & 31 January 2024
674,681
Carrying amount
At 31 January 2024
4,973,333
At 31 January 2023
4,970,173
4
Subsidiaries
Details of the company's subsidiaries at 31 January 2024 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office key
shares held
Direct
Indirect
Intelligent Capital Group Limited
1
Holding company
Ordinary
100
0
Intelligent Capital Ltd.*
1
Provision of independant financial advice
Ordinary
0
100
Focus Financial Management (Scotland) Limited
1
Provision of independant financial advice
Ordinary
100
0
First Financial Consulting Ltd.
1
Provision of independant financial advice
Ordinary
100
0
Registered Office addresses:
1
Gresham Chambers 3rd Floor, 45 West Nile Street, Glasgow, G1 2PT
*Wholly owned by Intelligent Capital Group Limited.
Intelligent Portfolios Limited, Intelligent Wealth Management Ltd (both fully owned by Intelligent Capital Group Limited) and Focus Financial Management Limited were subsidiaries until they were dissolved on 19 December 2023.
INTELLIGENT CAPITAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Prepayments and accrued income
2,615
3,682
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
93,498
116,995
Amounts owed to group undertakings
1,005,718
422,082
Other creditors
14,136
606,053
Accruals and deferred income
7,363
12,191
1,120,715
1,157,321
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
166,645
260,178
Other creditors
328,000
328,000
494,645
588,178
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of 1p each
3,198
3,198
32
32
F Ordinary of £1
1
1
1
1
3,199
3,199
33
33
During the previous year the company issued one F ordinary share with a par value of £1.00 for a consideration of £199,000.
9
Financial commitments, guarantees and contingent liabilities
At 31 January 2024 the company was party to a cross corporate guarantee between Intelligent Capital Group Limited, Intelligent Capital Ltd, Focus Financial Management (Scotland) Limited and First Financial Consulting Ltd. The guarantees and securities were against the sums drawn down, lent or otherwise utilised under the terms of the credit facilities offered to Intelligent Capital Holdings Limited, or any of the above companies, by Clydesdale Bank PLC. This charge was satisfied on 11 April 2024.
INTELLIGENT CAPITAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 8 -
10
Related party transactions
The directors are of the opinion that all related party transactions are conducted under normal market conditions and on an arm's length basis and therefore do not need to be disclosed under FRS 102 section 1A appendix C.
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