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Registration number: 07977817

Intelligent Building Group Ltd

Unaudited Financial Statements

for the Year Ended 31 July 2024

 

Intelligent Building Group Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 11

 

Intelligent Building Group Ltd

(Registration number: 07977817)
Balance Sheet as at 31 July 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Intangible assets

4

1,853,270

1,525,596

Tangible assets

5

33,384

39,954

Investments

6

1,500,000

1,500,000

 

3,386,654

3,065,550

Current assets

 

Stocks

67,824

20,000

Debtors

7

548,926

599,565

Cash at bank and in hand

 

17,843

21,204

 

634,593

640,769

Creditors: Amounts falling due within one year

8

(1,200,378)

(928,566)

Net current liabilities

 

(565,785)

(287,797)

Total assets less current liabilities

 

2,820,869

2,777,753

Creditors: Amounts falling due after more than one year

8

(2,018,338)

(1,726,738)

Net assets

 

802,531

1,051,015

Capital and reserves

 

Called up share capital

803,117

803,117

Share premium reserve

1,630,000

1,630,000

Capital redemption reserve

2,883

2,883

Retained earnings

(1,633,469)

(1,384,985)

Shareholders' funds

 

802,531

1,051,015

 

Intelligent Building Group Ltd

(Registration number: 07977817)
Balance Sheet as at 31 July 2024

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 December 2024 and signed on its behalf by:
 

.........................................
Mr J F Leutton
Director

 

Intelligent Building Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit D2
Brooke Court Lower Meadow Road
Handforth
Wilmslow
Cheshire
SK9 3ND
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis. The company meets its day to day working capital requirements through funds provided by the directors. The directors consider that these facilities will continue to be made available to the company. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments which would result if the going concern basis were not appropriate.

 

Intelligent Building Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Judgements

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 in which the estimate is revised where revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Intelligent Building Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Depreciation

Depreciation is charged so as to write off the cost of assets less residual value, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

20 % reducing balance

Office equipment

20 % reducing balance

Plant and machinery

15% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Where there is an active market for an intangible asset and its valuation can be reliably measured, intangible assets are held under the revaluation model. Any revaluation increase is recorded in the statement of other comprehensive income and included in a revaluation reserve in equity, except to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss, in which case the increase is credited to profit and loss to the extent of the decrease previously expended. Decreases that offset previous increases of the same asset are charged in other comprehensive income and debited against revaluation reserve in equity; decreases exceeding the balance in revaluation reserve relating to an asset are recognised in profit or loss.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Other intangible assets

Straight line between 5 - 10 years

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Intelligent Building Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and
rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the
present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the
shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in
the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the
lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

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 in which they relate.

 

Intelligent Building Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Financial instruments


The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12
‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company’s statement of financial position when the company
becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer the discretion of the company.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 27 (2023 - 18).

 

Intelligent Building Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 August 2023

1,525,596

1,525,596

Additions

327,674

327,674

At 31 July 2024

1,853,270

1,853,270

Amortisation

Carrying amount

At 31 July 2024

1,853,270

1,853,270

At 31 July 2023

1,525,596

1,525,596

5

Tangible assets

Furniture, fittings and equipment
 £

Plant & machinery
£

Total
£

Cost or valuation

At 1 August 2023

84,916

-

84,916

Additions

95

1,582

1,677

At 31 July 2024

85,011

1,582

86,593

Depreciation

At 1 August 2023

44,962

-

44,962

Charge for the year

8,010

237

8,247

At 31 July 2024

52,972

237

53,209

Carrying amount

At 31 July 2024

32,039

1,345

33,384

At 31 July 2023

39,954

-

39,954

 

Intelligent Building Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

6

Investments

2024
£

2023
£

Investments in subsidiaries

1,500,000

1,500,000

Subsidiaries

£

Cost or valuation

At 1 August 2023

1,500,000

Carrying amount

At 31 July 2024

1,500,000

At 31 July 2023

1,500,000

7

Debtors

Current

2024
£

2023
£

Trade debtors

341,993

351,557

Prepayments

22,822

56,073

Other debtors

184,111

191,935

 

548,926

599,565

 

Intelligent Building Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

8

Creditors

Creditors: amounts falling due within one year

2024
£

(As restated)

2023
£

Due within one year

Loans and borrowings

471,739

289,110

Trade creditors

247,402

396,989

Taxation and social security

301,157

53,190

Accruals and deferred income

86,444

174,471

Other creditors

93,636

14,806

1,200,378

928,566

Included within loans and borrowings is an amount of £255,304 (2023: £79,810) in relation to an invoice discount facility which is secured by a debenture dated 21 December 2022 over all assets of the company.

2024
£

(As restated)

2023
£

Current loans and borrowings

Bank borrowings

11,440

9,800

Other borrowings

460,299

279,310

471,739

289,110

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Loans and borrowings

1,718,338

1,426,738

Other non-current financial liabilities

300,000

300,000

2,018,338

1,726,738

 

Intelligent Building Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

121,389

109,827

Later than one year and not later than five years

105,896

215,723

227,285

325,550