Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-012024-05-012024-05-01Tangible 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. At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.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. 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.true2023-01-0114falsefalse14true 02459918 2023-01-01 2023-12-31 02459918 2022-01-01 2022-12-31 02459918 2023-12-31 02459918 2022-12-31 02459918 2022-01-01 02459918 1 2023-01-01 2023-12-31 02459918 d:CompanySecretary1 2023-01-01 2023-12-31 02459918 d:Director3 2023-01-01 2023-12-31 02459918 d:Director3 2023-12-31 02459918 d:Director4 2023-01-01 2023-12-31 02459918 d:Director5 2023-01-01 2023-12-31 02459918 d:Director5 2023-12-31 02459918 d:RegisteredOffice 2023-01-01 2023-12-31 02459918 d:Agent1 2023-01-01 2023-12-31 02459918 c:PlantMachinery 2023-12-31 02459918 c:PlantMachinery 2022-12-31 02459918 c:OfficeEquipment 2023-01-01 2023-12-31 02459918 c:OfficeEquipment 2023-12-31 02459918 c:OfficeEquipment 2022-12-31 02459918 c:ComputerEquipment 2023-01-01 2023-12-31 02459918 c:CurrentFinancialInstruments 2023-12-31 02459918 c:CurrentFinancialInstruments 2022-12-31 02459918 c:UKTax 2023-01-01 2023-12-31 02459918 c:UKTax 2022-01-01 2022-12-31 02459918 c:ShareCapital 2023-01-01 2023-12-31 02459918 c:ShareCapital 2023-12-31 02459918 c:ShareCapital 2022-12-31 02459918 c:ShareCapital 2022-01-01 02459918 c:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 02459918 c:RetainedEarningsAccumulatedLosses 2023-12-31 02459918 c:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 02459918 c:RetainedEarningsAccumulatedLosses 2022-12-31 02459918 c:RetainedEarningsAccumulatedLosses 2022-01-01 02459918 d:OrdinaryShareClass1 2023-01-01 2023-12-31 02459918 d:OrdinaryShareClass1 2022-01-01 2022-12-31 02459918 d:FRS102 2023-01-01 2023-12-31 02459918 d:Audited 2023-01-01 2023-12-31 02459918 d:FullAccounts 2023-01-01 2023-12-31 02459918 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02459918 c:WithinOneYear 2023-12-31 02459918 c:WithinOneYear 2022-12-31 02459918 c:BetweenOneFiveYears 2023-12-31 02459918 c:BetweenOneFiveYears 2022-12-31 02459918 c:MoreThanFiveYears 2023-12-31 02459918 c:MoreThanFiveYears 2022-12-31 02459918 2 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

img0cf5.png






Financial Statements
Intuition Publishing Limited
For the year ended 31 December 2023





































Registered number: 02459918

 
Intuition Publishing Limited
 

Company Information


Directors
Anthony Rustomji (resigned 1 May 2024)
Derek Doran 
Niall Darby (appointed 1 May 2024)




Company secretary
Derek Doran



Registered number
02459918



Registered office
Sun Court
66-67 Cornhill

London EC3V 3NB




Independent auditor
Grant Thornton
Chartered Accountants &  
Statutory Auditors

13-18 City Quay

Dublin 2




Bankers
CITYBANK UK
GBP Branch

33 Canada Square

London

E14 5LB




Solicitors
William Fry
2 Grand Canal Square

Grand Canal Dock

Dublin 2
 





 
Intuition Publishing Limited
 

Contents



Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 6
Statement of comprehensive income 
7
Statement of financial position
8
Statement of changes in equity
9
Notes to the financial statements
10 - 19


 
Intuition Publishing Limited
 
 
Directors' report
For the year ended 31 December 2023

The directors present their annual report and the audited financial statements for the year ended 31 December 2023.

Principal activity

The principal activities continue to be the development, design and distribution of knowledge management software products and services.

Results and dividends

The profit for the year, after taxation, amounted to £80,094 (2022: £76,643).

The directors do not recommend payment of a dividend (2022: £Nil).

Directors

The directors who served during the year were:

Anthony Rustomji (resigned 1 May 2024)
Derek Doran 

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Events since the end of the year

There have been no significant events affecting the Company since the financial year end.

Auditor

The auditor, Grant Thorntonwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 



................................................
Niall Darby
Director
................................................
Derek Doran
Director


Date: 28 June 2024

Page 1

 
Intuition Publishing Limited
 

Directors' responsibilities statement
For the year ended 31 December 2023

The directors are responsible for preparing the Directors' report and the audited financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare audited financial statements for each financial year. Under that law the directors have elected to prepare the audited financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law, the directors must not approve the audited financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these audited financial statements, the directors are required to:

select suitable accounting policies and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether the financial statements have been prepared in accordance with applicable accounting standards, identify those standards, and note the effect and the reasons for any material departure from those standards; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

On behalf of the board on
 

................................................                                ................................................ 
Anthony Rustomji 
                                                  Derek Doran
Director                                                                    Director

Date: 28 June 2024

Page 2

 
 
img1fd6.png
 
Independent auditor's report to the members of Intuition Publishing Limited
 
Opinion


We have audited the financial statements of Intuition Publishing Limited (the "Company"), which comprise the Statement of comprehensive income, the Statement of financial position for the year ended 31 December 2023, and the related notes to the financial statements, including a summary of significant accounting policies.  

The financial reporting framework that has been applied in the preparation of the financial statements is applicable law and accounting standards issued by the Financial Reporting Council including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion, Intuition Publishing Limited's financial statements:


give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 31 December 2023 and of its financial performance for the year then ended; and


have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) ('ISAs (UK)') and applicable law. Our responsibilities under those standards are further described in the 'Responsibilities of the auditor for the audit of the financial statements' section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. We have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue.

Our responsibilities, and the responsibilities of the directors, with respect to going concern are described in the relevant sections of this report.



Page 3

 
 
img096a.png
Independent auditor's report to the members of Intuition Publishing Limited (continued)

Other information


Other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon, including the Directors' report. The directors are responsible for the other information. Our opinion on the financial statements does not cover the information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.


In connection with our audit of the financial statementsour responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:
the information given in the Directors' report for the year for which the financial statements are prepared is consistent with the financial statements, and 
the Directors' report has been prepared in accordance with applicable legal requirements. 

Matters on which we are required to report by exception


In the light of the knowledge and understanding of the company and its environment we have obtained in the course of the audit, we have not identified material misstatements in the Directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit; or

the directors were not entitled to take advantage of the small companies' exemptions from the requirement to prepare a strategic report or in preparing the Directors' report.
Page 4

 
 
img5837.png
Independent auditor's report to the members of Intuition Publishing Limited (continued)

Responsibilities of management and those charged with governance for the financial statements
 

As explained more fully in the Directors' responsibilities statement, management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
 
In preparing the financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so.


Those charged with governance are responsible for overseeing the Company's financial reporting process.

Responsibilities of the auditor for the audit of the financial statements
 

The objectives of an auditor are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes their opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of an auditor's responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK).

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with Data Privacy law and Employment law and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and local tax legislation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements.

Page 5

 
 
img329d.png
Independent auditor's report to the members of Intuition Publishing Limited (continued)

Responsibilities of the auditor for the audit of the financial statements (continued)

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud (continued)

In response to these principal risks, our audit procedures included but were not limited to:

inquiries of management on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud;
inspection and review of minutes of directors’ meetings during the year to corroborate inquiries made;
gaining an understanding of the internal controls established to mitigate risk related to fraud;
discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit;
identifying and testing journal entries to address the risk of inappropriate journals and management override of controls;
designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;
challenging assumptions and judgements made by management in their significant accounting estimates; including their impairment assessment of trade debtors; and
review of the financial statement disclosures to underlying supporting documentation and inquiries of management.

The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.

The purpose of our audit work and to whom we owe our responsibilities
 

This report is made solely to the Company’s members, as a body, in accordance with chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. 
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

 
 
Jason Crawford (Senior statutory auditor)
for and on behalf of
Grant Thornton
Chartered Accountants &
Statutory Auditors
13-18 City Quay
Dublin 2
  
Date: 28 June 2024
Page 6

 
Intuition Publishing Limited
 

Income statement
For the year ended 31 December 2023

2023
2022
Note
£
£

  

Turnover
  
2,896,667
3,034,859

Cost of sales
  
(2,469,252)
(2,931,602)

Gross profit
  
427,415
103,257

Administrative expenses
  
(334,712)
(8,757)

Operating profit
 4 
92,703
94,500

Interest receivable and similar income
 7 
12,112
63

Profit before tax
  
104,815
94,563

Tax on profit
 8 
(24,721)
(17,920)

Profit for the financial year
  
80,094
76,643

The notes on pages 10 to 19 form part of these financial statements.

Page 7

 
Intuition Publishing Limited
Registered number:02459918

Statement of financial position
As at 31 December 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 10 
2,551,241
2,540,310

Cash at bank and in hand
 11 
447,757
1,256,000

  
2,998,998
3,796,310

Current liabilities
  

Creditors: amounts falling due within one year
 12 
(1,017,443)
(1,894,849)

Net current assets
  
 
 
1,981,555
 
 
1,901,461

Net assets
  
1,981,555
1,901,461


Capital and reserves
  

Called up share capital 
 13 
2
2

Profit and loss account
 14 
1,981,553
1,901,459

Shareholders' funds
  
1,981,555
1,901,461


The financial statements have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.

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




................................................
Niall Darby
................................................
Derek Doran
Director
Director


Date: 28 June 2024

The notes on pages 10 to 19 form part of these financial statements.

Page 8

 
Intuition Publishing Limited
 

Statement of changes in equity
For the year ended 31 December 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
2
1,901,459
1,901,461


Comprehensive income for the year

Profit for the year
-
80,094
80,094


At 31 December 2023
2
1,981,553
1,981,555


Statement of changes in equity
For the year ended 31 December 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2022
2
1,824,816
1,824,818


Comprehensive income for the year

Profit for the year
-
76,643
76,643


At 31 December 2022
2
1,901,459
1,901,461


The notes on pages 10 to 19 form part of these financial statements.

Page 9

 
Intuition Publishing Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

1.


General information

Intuition Publishing Limited is a private company limited by shares which is registered and incorporated in the United Kingdom. The company's registered office is Sun Court, 66-67 Cornhill, London. The principal activity of the Company is the development, manufacture and distribution of knowledge management products and services. 

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in the process of applying the company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in note 3.
The financial statements are presented in Sterling (£).

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

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

Page 10

 
Intuition Publishing Limited
 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.4

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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.6

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 reporting 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 Statement of financial position 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.
Page 11

 
Intuition Publishing Limited
 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)


2.6
Taxation (continued)


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 reporting date.

 
2.7

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.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

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.

The estimated useful lives range as follows:

Plant and machinery
-
5
years
Office equipment
-
3
years

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.

 
2.8

 Debtors

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

 
2.9

 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.

Page 12

 
Intuition Publishing Limited
 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.10

 Creditors

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

 
2.11

 Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an 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.

Page 13

 
Intuition Publishing Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements require management to make judgments, estimates and assumptions used in the financial statements based upon management's evaluation of the relevant facts and circumstances as of the date of the financial statements. Actual results could differ from these estimates, and the effect of any change in estimates will be adjusted in the financial statements when they become reasonable determinable.

Recoverability of trade and other receivables
Receivables arising out of operations are considered by the Directors to have a low credit risk and therefore no provision for bad or doubtful debts have been made. The Directors consider that the carrying amount of receivables approximates to their fair value. All other receivables are due within one year and none are past due.

Tangible fixed assets
Tangible fixed assets, other than investments properties, are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on the number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance program are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.



4.


Operating profit

The operating profit is stated after charging/(crediting):

2023
2022
£
£

Operating lease - land and buildings
152,800
152,800

Exchange differences losses/(gains)
83,914
(190,110)

Depreciation
-
133

Audit fee
14,420
14,000


5.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Sales
13
13



Production
1
1

14
14


Page 14

 
Intuition Publishing Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

6.


Directors' remuneration

2023
2022
£
£

Directors' salaries
136,411
97,940

Directors' pension
6,280
6,280

Directors' national insurance
17,737
12,930

160,428
117,150



7.


Interest receivable

2023
2022
£
£


Bank interest receivable
12,112
63


8.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
24,721
18,085

Adjustments in respect of previous periods
-
(165)



Taxation on profit on ordinary activities
24,721
17,920
Page 15

 
Intuition Publishing Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023
 
8.Taxation (continued)


Factors affecting tax charge for the financial year

The tax assessed for the financial year is lower than (2022: lower than) the profit for the year multiplied by the standard rate of corporation tax in the UK of 23.52% (2022: 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
104,815
94,563


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022: 19%)
24,652
17,967

Effects of:


Non-deductible expenses
159
-

Depreciation in excess of capital allowances
(90)
155

Adjustments to tax charge in respect of prior periods
-
(165)

Other timing differences
-
(37)

Total tax charge for the year
24,721
17,920


Factors that may affect future tax charges

There are no factors that may affect the future tax charge.

Page 16

 
Intuition Publishing Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

9.


Tangible fixed assets





Plant and machinery
Office equipment
Total

£
£
£



Cost


At 1 January 2023
117,309
104,111
221,420



At 31 December 2023

117,309
104,111
221,420



Depreciation


At 1 January 2023
117,309
104,111
221,420



At 31 December 2023

117,309
104,111
221,420



Net book value



At 31 December 2023
-
-
-



At 31 December 2022
-
-
-


10.


Debtors: Amounts falling due within one year

2023
2022
£
£


Trade debtors
232,116
788,348

Amounts owed by group undertakings
2,115,164
1,466,816

Other debtors
17,320
17,320

Corporation tax repayable
-
12,915

Prepayments
84,688
110,805

Accrued income
101,953
144,106

2,551,241
2,540,310


Amounts owed by group undertakings are unsecured, interest free and repayable on demand. 


11.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
447,757
1,256,000


Page 17

 
Intuition Publishing Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

12.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
104,880
156,587

Amounts owed to group undertakings
-
507,064

Corporation tax
24,891
31,000

Taxation and social security
88,172
47,241

Pension accrual
8,505
12,442

Other creditors
-
9,815

Accruals
31,321
100,896

Deferred income
759,674
1,029,804

1,017,443
1,894,849


Trade and other creditors, including accruals, are payable at various dates over the coming months in accordance with the suppliers' usual and customary credit terms.
Amounts due to group undertakings are unsecured, interest free and repayable on demand.
Taxation and social insurance are payable at various dates over the coming months in accordance with applicable statutory provisions.
The terms of deferred income are based on their underlying contracts.


13.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



Ordinary shares of £1.00 each
2
2


14.


Reserves

Share capital 
Called up share capital represents the nominal value of shares that have been issued. 

Profit and loss account

Includes all current and prior period retained profits and losses.

Page 18

 
Intuition Publishing Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

15.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£



Not later than 1 year
152,800
152,800

Later than 1 year and not later than 2 years
89,133
152,800

Later than 2 year and not later than 5 years
-
89,133

241,933
394,733


16.


Related party transactions

The company has availed of the exemption provided in FRS102 Section 33, "Related Party Disclosures" not to disclose transactions entered into with fellow group companies that are wholly owned within the group of companies of which the company is a member.


17.


Events since the end of the year

There have been no significant events affecting the Company since the year end.


18.


Ultimate Controlling party

The Company is a wholly owned subsidiary of Intuition Publishing Limited, a company incorporated in Ireland. The ultimate parent company is KnowHow Holdings Limited, a company incorporated in the Isle of Man, which does not prepare consolidated financial statements.

The smallest and largest groups for which consolidated financial statements are drawn up and of which the company is a subsidiary member are those prepared by Intuition Publishing Limited, available from the Companies Registration Office at Bloom House, Gloucester Place Lower, Dublin 1.

The ultimate controlling party is Dermot Desmond.


Page 19