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Registered number: 06913828










IN2ITIVE BUSINESS SOLUTIONS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

 
IN2ITIVE BUSINESS SOLUTIONS LIMITED
REGISTERED NUMBER:06913828

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
474
592

Current assets
  

Debtors: amounts falling due within one year
 6 
17,943
23,736

Cash at bank and in hand
  
13,073
57,064

  
31,016
80,800

Creditors: amounts falling due within one year
 7 
(191,529)
(196,615)

Net current liabilities
  
 
 
(160,513)
 
 
(115,815)

Total assets less current liabilities
  
(160,039)
(115,223)

Creditors: amounts falling due after more than one year
 8 
(28,357)
(33,628)

  

Net liabilities
  
(188,396)
(148,851)


Capital and reserves
  

Called up share capital 
  
8
8

Profit and loss account
  
(188,404)
(148,859)

  
(188,396)
(148,851)


Page 1

 
IN2ITIVE BUSINESS SOLUTIONS LIMITED
REGISTERED NUMBER:06913828
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mr D Humber
Director

Date: 27 February 2025

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
IN2ITIVE BUSINESS SOLUTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

In2itive Business Solutions Limited (“the Company”) is a private company limited by shares, incorporated in England and Wales under the Companies Act.
The registered number and address of the registered office is given in the Company information. 
The functional and presentational currency of the Company is pounds sterling (£) and rounded to the nearest whole pound.  

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends upon an improvement in the company's trading position and continued financial support from its directors and shareholders. The financial statements do not include any adjustments that would result if such support is not continuing.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
IN2ITIVE BUSINESS SOLUTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.4

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method and reducing balance method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20% reducing balance
Computer equipment
-
33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 4

 
IN2ITIVE BUSINESS SOLUTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

  
2.10

Pensions

Defined contribution pension plan
The Company operates a defined contribution plan for its employees and directors. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in other creditors as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.11

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.12

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.13

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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



3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2023 - 6).

Page 5

 
IN2ITIVE BUSINESS SOLUTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

4.


Intangible assets




Goodwill

£



Cost


At 1 June 2023
30,000



At 31 May 2024

30,000



Amortisation


At 1 June 2023
30,000



At 31 May 2024

30,000



Net book value



At 31 May 2024
-



At 31 May 2023
-



Page 6

 
IN2ITIVE BUSINESS SOLUTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

5.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost 


At 1 June 2023
5,307
15,252
20,559



At 31 May 2024

5,307
15,252
20,559



Depreciation


At 1 June 2023
4,715
15,252
19,967


Charge for the year on owned assets
118
-
118



At 31 May 2024

4,833
15,252
20,085



Net book value



At 31 May 2024
474
-
474



At 31 May 2023
592
-
592


6.


Debtors

2024
2023
£
£


Trade debtors
16,882
13,554

Other debtors
-
9,003

Prepayments and accrued income
1,061
1,179

17,943
23,736


Page 7

 
IN2ITIVE BUSINESS SOLUTIONS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
6,210
6,211

Trade creditors
22,987
26,990

Other taxation and social security
17,268
15,343

Other creditors
77,053
84,244

Accruals and deferred income
68,011
63,827

191,529
196,615



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
28,357
33,628

28,357
33,628



9.


Pension commitments

The company contributes to a defined contribution scheme for its employees and directors. At the balance sheet date there were outstanding contributions of £427 (2023: £403). This amount is included within other creditors.


10.


Related party transactions

The Company was under the control of Mr J S Lenton and his family throughout the current and previous year due to their majority shareholding. 
At the year end the company owed Mr J S Lenton £75,649 (2023: £82,649). This balance is shown within other creditors. The loan is unsecured, interest free and repayable on demand.
During the year the company paid rent amounting to £7,252(2023: £12,000)  to JSL-LPL LLP, an entity  in which Mr J S Lenton and his wife are designated members. No amounts were outstanding at the balance sheet date. 

Page 8