Silverfin false false 31/12/2023 01/01/2023 31/12/2023 M Trefgarne 17/11/2017 25 September 2024 The principal activity of the Company continued to be that of business and domestic software development. 11068862 2023-12-31 11068862 bus:Director1 2023-12-31 11068862 2022-12-31 11068862 core:CurrentFinancialInstruments 2023-12-31 11068862 core:CurrentFinancialInstruments 2022-12-31 11068862 core:ShareCapital 2023-12-31 11068862 core:ShareCapital 2022-12-31 11068862 core:RetainedEarningsAccumulatedLosses 2023-12-31 11068862 core:RetainedEarningsAccumulatedLosses 2022-12-31 11068862 core:LandBuildings 2022-12-31 11068862 core:OtherPropertyPlantEquipment 2022-12-31 11068862 core:LandBuildings 2023-12-31 11068862 core:OtherPropertyPlantEquipment 2023-12-31 11068862 core:ImmediateParent core:CurrentFinancialInstruments 2023-12-31 11068862 core:ImmediateParent core:CurrentFinancialInstruments 2022-12-31 11068862 bus:OrdinaryShareClass1 2023-12-31 11068862 2023-01-01 2023-12-31 11068862 bus:FilletedAccounts 2023-01-01 2023-12-31 11068862 bus:SmallEntities 2023-01-01 2023-12-31 11068862 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 11068862 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11068862 bus:Director1 2023-01-01 2023-12-31 11068862 core:LandBuildings core:TopRangeValue 2023-01-01 2023-12-31 11068862 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-01-01 2023-12-31 11068862 2022-01-01 2022-12-31 11068862 core:LandBuildings 2023-01-01 2023-12-31 11068862 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 11068862 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 11068862 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 11068862 (England and Wales)

GENERAL INTELLIGENCE LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

GENERAL INTELLIGENCE LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

GENERAL INTELLIGENCE LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
GENERAL INTELLIGENCE LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTOR M Trefgarne
REGISTERED OFFICE 52 Grosvenor Gardens General Intelligence Ltd
8th Floor West
London
SW1W 0AU
United Kingdom
COMPANY NUMBER 11068862 (England and Wales)
CHARTERED ACCOUNTANTS Mercer & Hole LLP
72 London Road
St Albans
Hertfordshire
AL1 1NS
GENERAL INTELLIGENCE LIMITED

BALANCE SHEET

As at 31 December 2023
GENERAL INTELLIGENCE LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 0 32,687
0 32,687
Current assets
Debtors 4 0 229,061
Cash at bank and in hand 22,060 6,581
22,060 235,642
Creditors: amounts falling due within one year 5 ( 6,268,888) ( 5,786,508)
Net current liabilities (6,246,828) (5,550,866)
Total assets less current liabilities (6,246,828) (5,518,179)
Net liabilities ( 6,246,828) ( 5,518,179)
Capital and reserves
Called-up share capital 6 0 0
Profit and loss account ( 6,246,828 ) ( 5,518,179 )
Total shareholder's deficit ( 6,246,828) ( 5,518,179)

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.

Director's responsibilities:

The financial statements of General Intelligence Limited (registered number: 11068862) were approved and authorised for issue by the Director on 25 September 2024. They were signed on its behalf by:

M Trefgarne
Director
GENERAL INTELLIGENCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
GENERAL INTELLIGENCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

General Intelligence Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 52 Grosvenor Gardens General Intelligence Ltd, 8th Floor West, London, SW1W 0AU, United Kingdom.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

As at the date of approval of these financial statements, the intention of the director is to cease trading and dissolve the Company. The Company is not currently undergoing a wind-up process but is expected to do so in the imminent future, and as such, the Company is unlikely to continue operating into the foreseeable future. These accounts are therefore not prepared on the going concern basis, and the Company's assets have been stated at their realisable value. Under this review process, the Company's fixed assets have been fully impaired from original cost to £nil. No further adjustments have been made given that no irrevocable decision to wind-up the Company was made either at the reporting date or at the approval of these financial statements.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Development expenditure

External development expenditure, and internal development expenditure, such as personnel costs relating to time spent on development activities, are both written off against profits in the year in which they are incurred.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 5 years straight line
Plant and machinery etc. 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, loans from the director, and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 6 7

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 January 2023 117,809 25,147 142,956
Disposals ( 117,809) ( 15,191) ( 133,000)
At 31 December 2023 0 9,956 9,956
Accumulated depreciation
At 01 January 2023 91,206 19,063 110,269
Charge for the financial year 26,603 3,344 29,947
Impairment losses 0 1,702 1,702
Disposals ( 117,809) ( 14,153) ( 131,962)
At 31 December 2023 0 9,956 9,956
Net book value
At 31 December 2023 0 0 0
At 31 December 2022 26,603 6,084 32,687

4. Debtors

2023 2022
£ £
Other debtors 0 229,061

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 5,013 95,982
Amounts owed to Parent undertakings 360,256 360,256
Other taxation and social security 41,822 126,923
Other creditors 5,861,797 5,203,347
6,268,888 5,786,508

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 0.01 0.01 0.01

7. Financial commitments

Commitments

2023 2022
£ £
Total future minimum lease payments under non-cancellable operating lease 0 137,616

The Company's operating leases expired within the reporting period and were not renewed.

8. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Loan to the Company 5,838,817 5,175,717

The Company's working capital requirements are, and have been, funded by the Company's director, who is also the ultimate controlling party. There are no formal terms to the loan, and as such it is deemed to be repayable on demand. No interest is charged on the loan.