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Registered number: 02623876









INTELLIQ LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
INTELLIQ LIMITED
REGISTERED NUMBER: 02623876

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
-
112

Tangible assets
 5 
155,455
61,552

Investments
 6 
474,471
474,471

  
629,926
536,135

Current assets
  

Debtors: amounts falling due within one year
 7 
1,170,131
1,722,812

Cash at bank and in hand
 8 
209,282
112,199

  
1,379,413
1,835,011

Creditors: amounts falling due within one year
 9 
(2,157,260)
(2,047,910)

Net current liabilities
  
 
 
(777,847)
 
 
(212,899)

Total assets less current liabilities
  
(147,921)
323,236

Creditors: amounts falling due after more than one year
 10 
(127,509)
(142,303)

  

Net (liabilities)/assets
  
(275,430)
180,933


Capital and reserves
  

Called up share capital 
  
1,485,939
1,485,939

Share premium account
  
6,028,134
6,028,134

Profit and loss account
  
(7,789,503)
(7,333,140)

  
(275,430)
180,933


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

Page 1

 
INTELLIQ LIMITED
REGISTERED NUMBER: 02623876
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






................................................
B Katz
Director
Date: 9 September 2024

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
INTELLIQ LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

IntelliQ Limited is a company limited by shares incorporated in England and Wales. Its registered office address is Suite 14/4a Docklands Business Centre, 10-16 Tiller Road, London, E14 8PX.
The company's principal activity is the development and delivery of advanced analytical solutions.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

Post year end, the entire shareholding of the business was sold on 16 May 2024. The new shareholders and directors consider that the company has sufficient funding for the foreseeable future in the form of shareholder and director support. The financial statements have therefore been prepared as a going concern on the basis that the company is expected to continue in operational existence for the foreseeable future.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.4

Revenue

Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.
Revenue from software and services is recognised on dispatch of the software and provision of services. Revenue from service contracts is recognised proportionally over the period of the arrangement. Revenue received in advance is recorded in the balance sheet as deferred income.

Page 3

 
INTELLIQ LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
INTELLIQ LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
INTELLIQ LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.12
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20%
straight line
Computer equipment
-
33%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

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 in value.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 20 (2022 - 22).

Page 6

 
INTELLIQ LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets




Computer software

£



Cost


At 1 January 2023
4,000



At 31 December 2023

4,000



Amortisation


At 1 January 2023
3,889


Charge for the year on owned assets
111



At 31 December 2023

4,000



Net book value



At 31 December 2023
-



At 31 December 2022
112



Page 7

 
INTELLIQ LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Other fixed assets

£



Cost or valuation


At 1 January 2023
315,091


Additions
181,270



At 31 December 2023

496,361



Depreciation


At 1 January 2023
253,539


Charge for the year on owned assets
87,367



At 31 December 2023

340,906



Net book value



At 31 December 2023
155,455



At 31 December 2022
61,552


6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
474,471



At 31 December 2023
474,471




Page 8

 
INTELLIQ LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Debtors

2023
2022
£
£


Trade debtors
638,865
1,004,385

Amounts owed by group undertakings
282,208
256,620

Other debtors
66,238
201,076

Prepayments and accrued income
182,820
260,731

1,170,131
1,722,812



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
209,282
112,199

209,282
112,199



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
50,000
50,000

Trade creditors
319,073
299,320

Amounts owed to group undertakings
-
105,688

Other taxation and social security
243,173
235,675

Obligations under finance lease and hire purchase contracts
69,343
22,238

Other creditors
139,218
48,896

Accruals and deferred income
1,336,453
1,286,093

2,157,260
2,047,910


Page 9

 
INTELLIQ LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
70,833
120,833

Net obligations under finance leases and hire purchase contracts
56,676
21,470

127,509
142,303


The company's bankers have a debenture which is secured by a fixed and floating charge over all the property or undertaking of the company.


11.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
50,000
50,000


50,000
50,000

Amounts falling due 1-2 years

Bank loans
45,833
50,000

Amounts falling due 2-5 years

Bank loans
25,000
70,833


25,000
70,833


120,833
170,833


Page 10

 
INTELLIQ LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
63,343
22,238

Between 1-5 years
56,676
21,470

120,019
43,708


13.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £30,041 (2022 - £29,284). Contributions totalling £6,202 (2022 - £6,155) were payable to the fund at the balance sheet date


14.


Related party transactions

At the year end, there were net amounts due from group companies of £150,932 (2022: £21,107).


15.


Post balance sheet events

Post year end, the entire shareholding of the business was sold on 16 May 2024. 

 
Page 11