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REGISTERED NUMBER: 07490636 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Intelect Engineering Limited

Intelect Engineering Limited (Registered number: 07490636)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Intelect Engineering Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: F P Cormican
A G Shaw
R D S Mortimore





REGISTERED OFFICE: Unit 6 Omega Business Park
Estate Road No 6
South Humberside Industrial Estate
Grimsby
N E Lincolnshire
DN31 2TG





REGISTERED NUMBER: 07490636 (England and Wales)





ACCOUNTANTS: Anderson Barrowcliff Limited
Chartered Accountants
3 Kingfisher Court
Bowesfield Park
Stockton on Tees
TS18 3EX

Intelect Engineering Limited (Registered number: 07490636)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 3 36,573 64,245

CURRENT ASSETS
Debtors 4 2,527,453 1,893,618
Cash at bank 917,212 34,592
3,444,665 1,928,210
CREDITORS
Amounts falling due within one year 5 3,051,268 1,688,309
NET CURRENT ASSETS 393,397 239,901
TOTAL ASSETS LESS CURRENT
LIABILITIES

429,970

304,146

PROVISIONS FOR LIABILITIES 4,300 -
NET ASSETS 425,670 304,146

CAPITAL AND RESERVES
Called up share capital 6 506 506
Capital redemption reserve 494 494
Retained earnings 424,670 303,146
SHAREHOLDERS' FUNDS 425,670 304,146

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Intelect Engineering Limited (Registered number: 07490636)

Balance Sheet - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 October 2024 and were signed on its behalf by:





A G Shaw - Director


Intelect Engineering Limited (Registered number: 07490636)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
Intelect Engineering Limited is a private limited company limited by shares incorporated in England, United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements.

The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 Section 1A "The Financial Reporting Standard applicable in the UK and the Republic of Ireland" (FRS102 Section 1A) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound.

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

Significant judgements and estimates
In the application of the Company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period of the revision, if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold property improvements - 20% on cost
Plant and machinery - 25% on cost
Motor vehicles - 25% on cost

Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Intelect Engineering Limited (Registered number: 07490636)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

1. ACCOUNTING POLICIES - continued

Amounts recoverable on contracts
Amounts recoverable on contracts are stated at cost plus attributable profit to the extent that such profit is reasonably certain and after making provision for any foreseeable losses in completing the contracts, less payments on account received.

Grants
The company received government grants in respect of the Coronavirus Job Retention Scheme. These grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attached to them. The grants were received using the accrual model

Capital based grants are included in the balance sheet as a deferred credit and released to the profit and loss in equal instalments over the estimated useful lives of the related assets. Amounts not yet released to the profit and loss are included in the balance sheet as deferred income. Revenue based grants are credited to the profit and loss when receivable.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 42 (2023 - 44 ) .

3. TANGIBLE FIXED ASSETS
Leasehold
property Plant and Motor
improvements machinery vehicles Totals
£    £    £    £   
COST
At 1 April 2023 212,928 189,022 139,440 541,390
Additions - 8,084 4,200 12,284
Disposals - - (7,350 ) (7,350 )
At 31 March 2024 212,928 197,106 136,290 546,324
DEPRECIATION
At 1 April 2023 212,928 156,076 108,141 477,145
Charge for year - 27,866 11,784 39,650
Eliminated on disposal - - (7,044 ) (7,044 )
At 31 March 2024 212,928 183,942 112,881 509,751
NET BOOK VALUE
At 31 March 2024 - 13,164 23,409 36,573
At 31 March 2023 - 32,946 31,299 64,245

Intelect Engineering Limited (Registered number: 07490636)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 1,688,261 1,295,478
Amounts recoverable on contracts 792,772 539,224
Directors' current accounts 12,375 12,375
S455 tax recoverable 255 244
Prepayments 1,079 1,586
2,494,742 1,848,907

Amounts falling due after more than one year:
Directors' loan accounts 32,711 44,711

Aggregate amounts 2,527,453 1,893,618

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 384,231 391,456
Taxation 8,873 -
Social security and other taxes 204,615 178,163
Other creditors 461 200,362
Directors' current accounts 1,472 1,471
Accruals and deferred income 2,451,616 916,857
3,051,268 1,688,309

6. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
440 Ordinary £1 440 440
66 Ordinary 'B' £1 66 66
506 506

7. OTHER FINANCIAL COMMITMENTS

Total financial commitments which are not included in the balance sheet amount to £156,059 (2023 - £264,607) relating to amounts payable under operating leases.

Intelect Engineering Limited (Registered number: 07490636)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The movements in the loans to directors during the year are shown below:


At 1 April
2023
Amount
advanced
Amount
repaid
At 31March
2024
Maximum
outstanding
£ £ £ £ £

Director 1 57,086 - 12,000 45,086 57,086
Total 57,086 - 12,000 45,086 57,086

The above loans were unsecured, interest free and repayable on demand.

Related Party Disclosure
A company under common control has the following related party transactions during the year ended 31 March 2024:

£   
Trade debtors outstanding as at 31 March 2024 327,125
Trade creditors outstanding as at 31 March 2024 (43,410 )
Sales in the year to 31 March 2024 803,368
Purchases in the year to 31 March 2024 (515,174 )