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Registration number: 08915789

Intellica Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Intellica Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Intellica Limited

Company Information

Directors

Mr Brendan Doherty

Paul Bingham

Registered office

The Royal Liver Building
Suite 15-16 Mezzanine Floor
Liverpool
L3 1HU

Accountants

McKeague Morgan & Company
27 College Gardens
Belfast
BT9 6BS

 

Intellica Limited

(Registration number: 08915789)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

200,000

-

Tangible assets

5

84,104

22,073

 

284,104

22,073

Current assets

 

Debtors

6

1,674,560

1,319,915

Cash at bank and in hand

 

739,927

264,457

 

2,414,487

1,584,372

Creditors: Amounts falling due within one year

7

(1,302,882)

(957,193)

Net current assets

 

1,111,605

627,179

Total assets less current liabilities

 

1,395,709

649,252

Creditors: Amounts falling due after more than one year

7

(136,159)

(125,000)

Net assets

 

1,259,550

524,252

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

1,259,548

524,250

Total equity

 

1,259,550

524,252

For the financial year ending 29 February 2024 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 and the option not to file the Profit and Loss Account has been taken.

 

Intellica Limited

(Registration number: 08915789)
Balance Sheet as at 29 February 2024

Approved and authorised by the Board on 2 August 2024 and signed on its behalf by:
 

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

Mr Brendan Doherty
Director

 

Intellica Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
The Royal Liver Building
Suite 15-16 Mezzanine Floor
Liverpool
L3 1HU
England

These financial statements were authorised for issue by the Board on 2 August 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.

 

Intellica Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

2

Accounting policies (continued)

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

Fixtures, fittings and equipment

20% reducing balance

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

Development costs

33% straight line

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.

 

Intellica Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

2

Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

 

Intellica Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Intellica Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

2

Accounting policies (continued)

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 38 (2023 - 26).

 

Intellica Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

Additions acquired separately

300,000

300,000

At 29 February 2024

300,000

300,000

Amortisation

Amortisation charge

100,000

100,000

At 29 February 2024

100,000

100,000

Carrying amount

At 29 February 2024

200,000

200,000

 

Intellica Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

39,830

-

39,830

Additions

16,152

71,365

87,517

At 29 February 2024

55,982

71,365

127,347

Depreciation

At 1 March 2023

17,757

-

17,757

Charge for the year

7,645

17,841

25,486

At 29 February 2024

25,402

17,841

43,243

Carrying amount

At 29 February 2024

30,580

53,524

84,104

At 28 February 2023

22,073

-

22,073

6

Debtors

2024
£

2023
£

Trade debtors

910,593

523,452

Prepayments

18,763

6,720

Other debtors

745,204

789,743

1,674,560

1,319,915

 

Intellica Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

9

41,666

41,667

HP and finance lease liabilities

 

11,039

-

Trade creditors

 

206,225

263,157

Corporation tax liability

 

218,098

64,140

Taxation and social security

 

245,190

151,439

Other creditors

 

23,705

26,018

Loans from directors

 

87,589

125,447

Accruals and deferred income

 

469,370

285,325

 

1,302,882

957,193

Due after one year

 

Loans and borrowings

9

83,333

125,000

Obligations under finance leases

 

52,826

-

 

136,159

125,000

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

         

9

Loans and borrowings

 

Intellica Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

9

Loans and borrowings (continued)

2024
£

2023
£

Current loans and borrowings

Bank borrowings

41,666

41,667

Hire purchase contracts

11,039

-

Other borrowings

-

17,517

52,705

59,184

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

83,333

125,000

Hire purchase contracts

52,826

-

136,159

125,000

10

Parent and ultimate parent undertaking

The company's immediate parent is Intellica Group Limited, incorporated in England.