Registered number
07215890
INTELLISPHERE LIMITED
Financial Statements
For the Year Ended
31 March 2024
INTELLISPHERE LIMITED
Company Information
Directors
A.Mudd
T.Mudd
Secretary
T.Mudd
Accountants
RJT Accountancy Limited
4 Woodridge Avenue
Allesley Green
Coventry
CV5 7PN
Bankers
Lloyds Bank plc
30 High Street
Coventry
CV1 5RA
Registered office
The Technocentre
Puma Way
Coventry
CV1 2TT
Registered number
07215890
INTELLISPHERE LIMITED
Registered number: 07215890
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 342 1,376
Tangible assets 4 4,889 7,331
5,231 8,707
Current assets
Stocks 6,805 8,706
Debtors 5 18,748 4,567
Cash at bank and in hand 6,852 4,208
32,405 17,481
Creditors: amounts falling due within one year 6 (109,967) (87,635)
Net current liabilities (77,562) (70,154)
Total assets less current liabilities (72,331) (61,447)
Creditors: amounts falling due after more than one year 7 (12,500) (25,000)
Net liabilities (84,831) (86,447)
Capital and reserves
Called up share capital 2 2
Profit and loss account (84,833) (86,449)
Shareholders' funds (84,831) (86,447)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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 and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The directors report and profit and loss account have not been delivered to the Registrar of Companies.
A.Mudd
Director
Approved by the board on 21 October 2024
INTELLISPHERE LIMITED
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102- Section 1A, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Office Equipment 25% on reducing balance
Computer Equipment over 3 years
Stocks
Stocks 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.
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.
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 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Website
Cost
At 1 April 2023 44,298
At 31 March 2024 44,298
Amortisation
At 1 April 2023 42,922
Provided during the year 1,034
At 31 March 2024 43,956
Net book value
At 31 March 2024 342
At 31 March 2023 1,376
Intangibles are being written off in equal annual instalments over their estimated economic life of 3 years.
4 Tangible fixed assets
Plant and machinery
£
Cost
At 1 April 2023 44,257
At 31 March 2024 44,257
Depreciation
At 1 April 2023 36,926
Charge for the year 2,442
At 31 March 2024 39,368
Net book value
At 31 March 2024 4,889
At 31 March 2023 7,331
5 Debtors 2024 2023
£ £
Trade debtors 13,208 -
Other debtors 5,540 4,567
18,748 4,567
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 15,371 12,105
Trade creditors 21,444 8,945
Corporation tax 16,009 17,795
Other taxes and social security costs 29,237 29,757
Other creditors 27,906 19,033
109,967 87,635
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 12,500 25,000
8 Controlling party
The company is under the control of A.A.Mudd.
9 Other information
INTELLISPHERE LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
The Technocentre
Puma Way
Coventry
CV1 2TT
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