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REGISTERED NUMBER: 05412348 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Intelect Mechanical Limited

Intelect Mechanical Limited (Registered number: 05412348)






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 Mechanical Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: J S Gent
K Thomas
F P Cormican
A G Shaw





REGISTERED OFFICE: Stephenson House
Intelect Court
Riverside Park
Middlesbrough
TS2 1QT





REGISTERED NUMBER: 05412348 (England and Wales)





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

Intelect Mechanical Limited (Registered number: 05412348)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 3 1,160,056 1,196,735

CURRENT ASSETS
Debtors 4 580,195 579,075
Cash at bank and in hand 398,325 464,193
978,520 1,043,268
CREDITORS
Amounts falling due within one year 5 624,347 939,134
NET CURRENT ASSETS 354,173 104,134
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,514,229

1,300,869

CREDITORS
Amounts falling due after more than one
year

6

-

(55,419

)

PROVISIONS FOR LIABILITIES (69,000 ) (73,000 )
NET ASSETS 1,445,229 1,172,450

CAPITAL AND RESERVES
Called up share capital 8 1,010 1,010
Revaluation reserve 9 25,841 25,841
Capital redemption reserve 9 190 190
Retained earnings 9 1,418,188 1,145,409
SHAREHOLDERS' FUNDS 1,445,229 1,172,450

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 Mechanical Limited (Registered number: 05412348)

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 Mechanical Limited (Registered number: 05412348)

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

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
Intelect Mechanical 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 net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Rendering of services
When the outcome of a transaction can be estimated reliably, turnover from services is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to actual costs compared to expected total costs.

Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost and not provided
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.


Intelect Mechanical Limited (Registered number: 05412348)

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

1. ACCOUNTING POLICIES - continued
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

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.

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.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

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 24 (2023 - 24 ) .

Intelect Mechanical Limited (Registered number: 05412348)

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

3. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 April 2023 1,117,914 487,965 32,950 143,633 1,782,462
Additions - 13,750 - 4,250 18,000
Disposals - - - (6,350 ) (6,350 )
At 31 March 2024 1,117,914 501,715 32,950 141,533 1,794,112
DEPRECIATION
At 1 April 2023 20,787 436,755 28,209 99,976 585,727
Charge for year 20,787 16,933 1,410 15,305 54,435
Eliminated on disposal - - - (6,106 ) (6,106 )
At 31 March 2024 41,574 453,688 29,619 109,175 634,056
NET BOOK VALUE
At 31 March 2024 1,076,340 48,027 3,331 32,358 1,160,056
At 31 March 2023 1,097,127 51,210 4,741 43,657 1,196,735

Included in cost or valuation of land and buildings is freehold land of £ 100,000 (2023 - £ 100,000 ) which is not depreciated.

Cost or valuation at 31 March 2024 is represented by:

Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
Valuation in 2017 25,841 - - - 25,841
Cost 1,092,073 501,715 32,950 141,533 1,768,271
1,117,914 501,715 32,950 141,533 1,794,112

If the Freehold property had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 1,092,073 1,092,073
Aggregate depreciation 187,840 167,570

Value of land in freehold land and buildings 904,233 924,503

Freehold property was valued by the directors on a fair value basis on transition to FRS 102. This valuation has been treated as deemed cost and is being depreciated in line with the accounting policy from the date of transition.

Intelect Mechanical Limited (Registered number: 05412348)

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

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 410,093 377,535
Amounts recoverable on contract 122,176 110,095
Other debtors 35,664 26,382
Directors' current accounts 12,097 15,966
Prepayments 165 49,097
580,195 579,075

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts - 23,497
Trade creditors 150,651 174,166
Taxation 162,079 62,801
Social security and other taxes 90,001 84,489
Directors' current accounts 354 2,636
Accruals and deferred income 221,262 591,545
624,347 939,134

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 55,419

7. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans - 78,916

The bank loans are secured by a floating charge over all the assets of the company.

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
810 Ordinary £1 810 810
200 Ordinary B £1 200 200
1,010 1,010

Intelect Mechanical Limited (Registered number: 05412348)

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

9. RESERVES
Capital
Retained Revaluation redemption
earnings reserve reserve Totals
£    £    £    £   

At 1 April 2023 1,145,409 25,841 190 1,171,440
Profit for the year 451,279 451,279
Dividends (178,500 ) (178,500 )
At 31 March 2024 1,418,188 25,841 190 1,444,219

Retained earnings
Retained earnings represents cumulative profits and losses net of dividends and other adjustments.

Revaluation reserve
The revaluation reserve represents the effect of revaluations of the freehold property on transition to FRS102.

Capital redemption reserve
A statutory, non distributable reserve into which amounts are transferred following redemption on purchase of a company's own shares out of distributable profits.

In the prior year the company purchased 190 Ordinary A Shares for a consideration of £120,080.

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included in debtors are the following loans to directors:



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

Director 1 15,966 22 (3,891 ) 12,097
Total 15,966 22 (3,891 ) 12,097

The above loan is unsecured, interest free and repayable on demand.