Company registration number SC192637 (Scotland)
INTELLIGENT CAPITAL LTD.
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
INTELLIGENT CAPITAL LTD.
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
3 - 9
INTELLIGENT CAPITAL LTD.
BALANCE SHEET
AS AT 31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
166,018
204,575
Tangible assets
4
3,062
9,000
Investments
5
-
0
37,404
169,080
250,979
Current assets
Debtors
6
1,051,251
305,655
Cash at bank and in hand
93,084
344,018
1,144,335
649,673
Creditors: amounts falling due within one year
7
(363,977)
(293,769)
Net current assets
780,358
355,904
Total assets less current liabilities
949,438
606,883
Capital and reserves
Called up share capital
8
2,000
2,000
Profit and loss reserves
947,438
604,883
Total equity
949,438
606,883

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.

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. SC192637
INTELLIGENT CAPITAL LTD.
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 February 2022
2,000
632,099
634,099
Year ended 31 January 2023:
Profit and total comprehensive income
-
372,784
372,784
Dividends
-
(400,000)
(400,000)
Balance at 31 January 2023
2,000
604,883
606,883
Year ended 31 January 2024:
Profit and total comprehensive income
-
342,555
342,555
Balance at 31 January 2024
2,000
947,438
949,438
INTELLIGENT CAPITAL LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information

Intelligent Capital Ltd. 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.

At 31 January 2024 the immediate parent company was Intelligent Capital Group Limited, a company registered in Scotland. The ultimate parent company at 31 January 2024 was Intelligent Capital Holdings Limited, a company registered in Scotland, with their registered office being Gresham Chambers 3rd Floor, 45 West Nile Street, Glasgow, G1 2PT.

 

On 8 April 2024 the ultimate parent company became Canaccord Genuity Group Inc.

1.2
Going concern

At the time of approving the financial statements, the directors are confident that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents commission and fees earned.

1.4
Intangible fixed assets - goodwill

Intangible assets are measured at cost less any accumulated amortisation and impairment losses. Goodwill represents the amount transferred from a fellow subsidiary in 2020, being the amount paid in connection with the acquisition of a business in 2008. It is currently being amortised evenly over over its expected useful life of 20 years from the original date of acquisition.

Goodwill was transferred from a fellow subsidiary on 1 February 2023.

1.5
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 improvements
25% straight line
Fixtures and fittings
25% straight line
Computers
25% straight line
Motor vehicles
25% straight line
INTELLIGENT CAPITAL LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -

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.

The carrying value of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

 

Equipment was transferred from a fellow subsidiary on 1 February 2023.

 

1.6
Fixed asset investments

Listed investments are stated at market value, with changes in market value being credited or charged to the profit and loss statement.

1.7
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.

1.8
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.

1.9
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.

1.10
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.

INTELLIGENT CAPITAL LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 5 -
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.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefits schemes are charged as an expense as they fall due.

1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to income 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 lease asset are consumed.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

INTELLIGENT CAPITAL LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
18
17
3
Intangible fixed assets
Goodwill
£
Cost
At 1 February 2023
323,390
Transfers
15,865
At 31 January 2024
339,255
Amortisation and impairment
At 1 February 2023
118,815
Amortisation charged for the year
54,422
At 31 January 2024
173,237
Carrying amount
At 31 January 2024
166,018
At 31 January 2023
204,575
INTELLIGENT CAPITAL LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
4
Tangible fixed assets
Leasehold improvements
Plant and machinery etc
Total
£
£
£
Cost
At 1 February 2023
65,725
110,424
176,149
Disposals
-
0
(80,244)
(80,244)
Transfers
-
0
4,744
4,744
At 31 January 2024
65,725
34,924
100,649
Depreciation and impairment
At 1 February 2023
65,725
101,424
167,149
Depreciation charged in the year
-
0
10,682
10,682
Eliminated in respect of disposals
-
0
(80,244)
(80,244)
At 31 January 2024
65,725
31,862
97,587
Carrying amount
At 31 January 2024
-
0
3,062
3,062
At 31 January 2023
-
0
9,000
9,000
5
Fixed asset investments
2024
2023
£
£
Listed investments
-
0
37,404
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 February 2023
37,404
Disposals
(37,404)
At 31 January 2024
-
Carrying amount
At 31 January 2024
-
At 31 January 2023
37,404
INTELLIGENT CAPITAL LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 8 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
12,766
11,054
Amounts owed by group undertakings
961,254
213,824
Other debtors
14,161
-
0
Prepayments and accrued income
62,029
72,978
1,050,210
297,856
Amounts falling due after one year:
Deferred tax asset
1,041
7,799
Total debtors
1,051,251
305,655
7
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under hire purchase
-
0
55,713
Trade creditors
62,254
92,254
Amounts owed to group undertakings
160,625
-
0
Corporation tax
79,876
75,356
Other taxation and social security
32,604
40,432
Other creditors
12,055
20,468
Accruals and deferred income
16,563
9,546
363,977
293,769
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2,000
2,000
2,000
2,000
9
Financial commitments, guarantees and contingent liabilities

At 31 January 2024 the company was party to a cross corporate guarantee between Intelligent Capital Holdings Limited, Intelligent Capital Group Limited, 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 Ltd, or any of the above companies, by Clydesdale Bank PLC. This charge was satisfied on 11 April 2024.

INTELLIGENT CAPITAL LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 9 -
10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases of £1,858 (2023: £3,096)

11
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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