Intuitive Solutions Ltd
Registered number: 02587920
Statement of Financial Position
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 548 1,098
Tangible assets 4 11,291 15,054
11,839 16,152
Current assets
Debtors 5 12,158 5,638
Cash at bank and in hand 134,304 107,830
146,462 113,468
Creditors: amounts falling due within one year 6 (115,490) (115,787)
Net current assets/(liabilities) 30,972 (2,319)
Total assets less current liabilities 42,811 13,833
Provisions for liabilities (2,642) (2,860)
Net assets 40,169 10,973
Capital and reserves
Called up share capital 6 6
Profit and loss account 40,163 10,967
Shareholders' funds 40,169 10,973
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 in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr P T Westwood
Director
Approved by the board on 21 November 2024
Intuitive Solutions Ltd
Notes to the Accounts
for the year ended 30 April 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 small entities, the financial reporting standard applicable in the UK and the 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 rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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:
Plant and machinery 25% reducing balance
Debtors
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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.
Provisions
Provisions are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees and directors 2024 2023
Number Number
Average number of directors and persons employed by the company 5 5
3 Intangible fixed assets £
Software:
Cost
At 1 May 2023 2,748
At 30 April 2024 2,748
Amortisation
At 1 May 2023 1,650
Provided during the year 550
At 30 April 2024 2,200
Net book value
At 30 April 2024 548
At 30 April 2023 1,098
Software is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2023 36,791
At 30 April 2024 36,791
Depreciation
At 1 May 2023 21,737
Charge for the year 3,763
At 30 April 2024 25,500
Net book value
At 30 April 2024 11,291
At 30 April 2023 15,054
5 Debtors 2024 2023
£ £
Trade debtors 7,980 1,632
Prepayments 40 238
Other debtors 4,138 3,768
12,158 5,638
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 2,073 2,168
Accruals 75,456 80,679
Corporation tax 28,032 18,792
Other taxes and social security costs 8,213 9,327
Other creditors 1,716 4,821
115,490 115,787
7 Prior year adjustment
The comparative figures have been restated to incorporate the impact of understated dividends. The change has resulted in profits available for distribution at 30 April 2023 decreasing after tax by £4,400.
Summary of prior year accounting impact:
£
Increase in other creditors 4,400
Decrease in profits available for distribution 4,400
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr M J Davies
Repayable on demand 1,422 3,000 1,422 3,000
Mrs C F Davies
Repayable on demand 1,422 - 1,422 -
2,844 3,000 2,844 3,000
9 Other information
Intuitive Solutions Ltd is a private company limited by shares and incorporated in England. Its registered office is:
269 Farnborough Road
Farnborough
Hampshire
GU14 7LY
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