Intelligent Asset Management Limited
Registered number: 04395560
Statement of Financial Position
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 791 -
Current assets
Stocks 316,712 281,239
Debtors 4 20,171 21,115
Cash at bank and in hand 55,519 46,082
392,402 348,436
Creditors: amounts falling due within one year 5 (24,723) (12,223)
Net current assets 367,679 336,213
Net assets 368,470 336,213
Capital and reserves
Called up share capital 174,981 174,981
Share premium 7,500 7,500
Profit and loss account 185,989 153,732
Shareholder's funds 368,470 336,213
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr J Gianfrancesco
Director
Approved by the board on 26 September 2024
Intelligent Asset Management Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes for services rendered. Turnover also includes revenue earned as gains on sales, interest and dividends from the management of an investment portfolio. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Inventories
Inventories are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees and directors 2023 2022
Number Number
Average number of directors and persons employed by the company 3 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
Additions 989
At 31 December 2023 989
Depreciation
Charge for the year 198
At 31 December 2023 198
Net book value
At 31 December 2023 791
4 Debtors 2023 2022
£ £
Other debtors 20,171 21,115
5 Creditors: amounts falling due within one year 2023 2022
£ £
Accruals 13,150 8,600
Corporation tax 11,385 3,560
Other creditors 188 63
24,723 12,223
6 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr J Gianfrancesco
Repayable on demand 21,115 20,171 21,115 20,171
21,115 20,171 21,115 20,171
The loan to the director was settled within nine months of the year end.
7 Other information
Intelligent Asset Management Limited is a private company limited by shares and incorporated in England. Its registered office is:
Yew Thatch
Woodhouse Lane
Homsbury St Mary
Surrey
RH5 6NN
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