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Intelect Lighting Ltd
Registered Number:11204966
For the year ended 28 February 2024
England and Wales
Unaudited Financial Statements
2
For the year ended 28 February 2024
Intelect Lighting Ltd
Contents Page
1
Statement of Financial Position
2 to 4
Notes to the Financial Statements
3
Registered Number :
11204966
As at 28 February 2024
Intelect Lighting Ltd
Statement of Financial Position
£
£
2023
2024
Notes
Fixed assets
Property, plant and equipment
12,242
15,608
2
12,242
15,608
Current assets
Inventories
14,030
16,305
3
Trade and other receivables
213,902
205,186
4
71,232
Cash and cash equivalents
111,243
332,734
299,164
Trade and other payables: amounts falling due within one year
(171,298)
(176,607)
5
127,866
156,127
Net current assets
Total assets less current liabilities
168,369
143,474
Trade and other payables: amounts falling due after more than one
year
(49,888)
(41,623)
6
126,746
Net assets
93,586
Capital and reserves
Called up share capital
67
67
Retained earnings
126,646
93,486
Other reserves
33
33
126,746
93,586
Shareholders' funds
For the year ended 28 February 2024 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2024 in accordance with Section 476 of the Companies Act 2006
The director acknowledges his responsibilities for:a) ensuring that the company keeps proper 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 Section 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.
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Mr Daniel Harrison Director
These financial statements were approved and authorised for issue by the Board on 25 November 2024 and were signed by:
The notes form part of these financial statements
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4
For the year ended 28 February 2024
Intelect Lighting Ltd
Notes to the Financial Statements
Statutory Information
Intelect Lighting Ltd is a private limited company, limited by shares, domiciled in England and Wales, registration number
11204966.
Registered address:
Unit 26 Meadowcroft Way
Leigh Business Park
Leigh
England
WN7 3XZ
The presentation currency is £ sterling.
1. Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial Reporting Standard
102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006. The
financial statements have been prepared under the historical costs convention as modified by the revaluation of certain assets.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax or other similar sales taxes.
Property, plant and equipment
Property, plant and equipment, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery
25% Reducing balance
25% Reducing balance
Computer equipment
25% Reducing balance
Motor Vehicles
25% Reducing balance
Furniture and fittings
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants received towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Statement of Financial Position date. Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and are expected to apply to the reversal of the timing difference. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will not be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it
relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the rates and laws that have been enacted or substantively enacted
by the Statement of Financial Position date.
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5
For the year ended 28 February 2024
Intelect Lighting Ltd
Notes to the Financial Statements Continued
Impairment of Assets
At each reporting date assets are reviewed to determine whether there is any indication that those assets have suffered an
impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and
compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its
recoverable amount and an impairment loss is recognised immediately in the profit or loss.
If an impairment loss is subsequently reversed, the carrying amount of the asset is increased to the revised estimate of its
recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised in
prior periods. A reversal of an impairment loss is recognised immediately in the profit or loss.
Financial Instruments
Basic financial instruments that are payable or receivable within one year, typically trade creditors and debtors, are measured
initially and subsequently at the undiscounted amount of the cash or other consideration that is expected to be paid or received
less impairment losses for bad and doubtful debts.
2. Property, plant and equipment
Total
Computer
equipment
Furniture and
fittings
Motor Vehicles
Plant and
Machinery
£
£
£
£
£
Cost or valuation
At 01 March 2023
22,692
3,180
384
18,618
510
704
252
233
-
219
Additions
At 28 February 2024
18,618
617
3,432
23,396
729
Provision for depreciation and impairment
At 01 March 2023
7,084
1,898
234
4,656
296
Charge for year
4,070
357
77
3,491
145
At 28 February 2024
11,154
2,255
311
8,147
441
At 28 February 2024
Net book value
288
10,471
306
1,177
12,242
At 28 February 2023
214
13,962
150
1,282
15,608
3. Inventories
2023
2024
£
£
Stocks
16,305
14,030
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6
For the year ended 28 February 2024
Intelect Lighting Ltd
Notes to the Financial Statements Continued
4. Trade and other receivables
2023
2024
£
£
Trade debtors
201,979
195,781
Prepayments and accrued income
3,125
3,125
Amounts owed by directors
-
14,996
Other debtors
82
-
213,902
205,186
5. Trade and other payables: amounts falling due within one year
2023
2024
£
£
Bank loans and overdraft
5,556
5,556
Trade creditors
18,897
15,043
Taxation and social security
45,770
56,712
Accruals and deferred income
1,550
1,225
Directors' loan accounts
10,349
-
Obligations under HP/Financial leases
3,717
3,717
Other creditors
90,768
89,045
176,607
171,298
6. Trade and other payables: amounts falling due after more than one year
2023
2024
£
£
Bank loans and overdraft
33,878
38,426
11,462
7,745
Obligations under HP/Financial leases
41,623
49,888
7. Related party transactions
During the year the company was advanced £1,002 from MHA Integrated Electronic Services Limited. At the year end the
company owed £88,600 (2023: £87,598) to MHA Integrated Electronic Services Limited. MHA Integrated Electronic Services
Limited is owned by the directors of Intelect Lighting Ltd and controlled by close family members of the directors.
No interest is being charged in respect of this balance.
8. Average number of persons employed
During the year the average number of employees was 4 (2023 : 4)
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