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Registration number: 08832088

Intelligent Lilli Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Intelligent Lilli Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 10

 

Intelligent Lilli Ltd

Company Information

Directors

K Hudson

Dr L Anderson

H Mancey

N Weston

S Vartak

F Brown

Registered office

17k Solent House
Lansbury Estate
Lower Guildford Road
Knaphill
Woking
GU21 2EP

Accountants

MG Group (Professional Services) Limited
166 College Road
Harrow
Middlesex
HA1 1BH

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Intelligent Lilli Ltd
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Intelligent Lilli Ltd for the year ended 31 December 2023 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Intelligent Lilli Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Intelligent Lilli Ltd and state those matters that we have agreed to state to the Board of Directors of Intelligent Lilli Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Intelligent Lilli Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Intelligent Lilli Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Intelligent Lilli Ltd. You consider that Intelligent Lilli Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Intelligent Lilli Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

MG Group (Professional Services) Limited
166 College Road
Harrow
Middlesex
HA1 1BH

19 September 2024

 

Intelligent Lilli Ltd

(Registration number: 08832088)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

3,339,011

2,321,641

Tangible assets

5

605,568

620,768

 

3,944,579

2,942,409

Current assets

 

Debtors

6

850,633

701,799

Cash at bank and in hand

 

1,020,695

2,786,097

 

1,871,328

3,487,896

Creditors: Amounts falling due within one year

7

(298,540)

(143,547)

Net current assets

 

1,572,788

3,344,349

Net assets

 

5,517,367

6,286,758

Capital and reserves

 

Called up share capital

8

12,957

12,288

Share premium reserve

10,945,487

9,769,080

Profit and loss account

(5,441,077)

(3,494,610)

Total equity

 

5,517,367

6,286,758

For the financial year ending 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 19 September 2024 and signed on its behalf by:
 

.........................................
K Hudson
Director

 

Intelligent Lilli Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
17k Solent House
Lansbury Estate
Lower Guildford Road
Knaphill
Woking
GU21 2EP
England

These financial statements were authorised for issue by the Board on 19 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Intelligent Lilli Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Monitoring devices

25% on straight line basis

Computer and office equipment

25% on reducing balance

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Development costs are capitalised and are carried at cost less accumulated amortisation and any accumulated impairment losses.

 

Intelligent Lilli Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Patents and licences

Evenly over their estimated useful life of 10 years

Development costs

Evenly over the expected useful life of 10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Intelligent Lilli Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Share based payments

The company operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the entity. The fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period. The estimated fair value of the option granted is calculated using the Black Scholes option pricing model. The total amount expensed is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.

The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 27 (2022 - 23).

 

Intelligent Lilli Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Patents and licences
£

Development costs
£

Total
£

Cost or valuation

At 1 January 2023

73,303

2,720,696

2,793,999

Additions

8,927

1,257,864

1,266,791

At 31 December 2023

82,230

3,978,560

4,060,790

Amortisation

At 1 January 2023

22,175

450,183

472,358

Amortisation charge

7,730

241,691

249,421

At 31 December 2023

29,905

691,874

721,779

Carrying amount

At 31 December 2023

52,325

3,286,686

3,339,011

At 31 December 2022

51,128

2,270,513

2,321,641

5

Tangible assets

Monitoring devices
£

Fixtures, fittings and equipment
£

Total
£

Cost or valuation

At 1 January 2023

592,609

62,731

655,340

Additions

374

10,358

10,732

Disposals

(824)

-

(824)

At 31 December 2023

592,159

73,089

665,248

Depreciation

At 1 January 2023

12,687

21,885

34,572

Charge for the year

13,663

11,622

25,285

Eliminated on disposal

(177)

-

(177)

At 31 December 2023

26,173

33,507

59,680

Carrying amount

At 31 December 2023

565,986

39,582

605,568

At 31 December 2022

579,922

40,846

620,768

 

Intelligent Lilli Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

165,600

7,600

Prepayments

60,221

10,165

Other debtors

624,812

684,034

685,033

694,199

 

850,633

701,799

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

79,782

42,074

Taxation and social security

74,396

77,434

Accruals and deferred income

137,205

15,967

Other creditors

7,157

8,072

298,540

143,547

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share capital of £0.002 each

6,454,339

12,909

6,119,997

12,240

Deferred share capital of £0.002 each

24,000

48

24,000

48

 

6,478,339

12,957

6,143,997

12,288

 

Intelligent Lilli Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

9

Share-based payments

The company operates an equity-settled, share-based compensation plan, under which the entity receives services from employees and consultants as consideration for equity instruments (options) of the entity.

At the start of the year 1,601,772 share options were outstanding. During the year 6,823 share options were granted and 0 share options were forfeited. At the end of the year 1,608,595 share options were outstanding.

No share options were exercisable at the end of the period.

The share options had a weighted average exercise price of £0.33 per share option.