Intelliqa Limited
Unaudited Financial Statements
For the year ended 30 April 2024
Pages for Filing with Registrar
Company Registration No. 07594665 (England and Wales)
Intelliqa Limited
Company Information
Director
P Kaye
Secretary
J Kaye
Company number
07594665
Registered office
4 Victoria Square
St Albans
Hertfordshire
AL1 3TF
Accountants
Moore Kingston Smith LLP
4 Victoria Square
St Albans
Hertfordshire
AL1 3TF
Business address
Bayfordbury Science Building
Lower Hatfield Road
Bayfordbury
Hertford
SG13 8LD
Intelliqa Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
Intelliqa Limited
Balance Sheet
As at 30 April 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
9,849
18,226
Current assets
Stock
22,974
22,974
Debtors
4
453,167
409,958
Cash at bank and in hand
60,124
221,802
536,265
654,734
Creditors: amounts falling due within one year
5
(338,667)
(487,687)
Net current assets
197,598
167,047
Total assets less current liabilities
207,447
185,273
Creditors: amounts falling due after more than one year
6
(111,829)
(47,667)
Net assets
95,618
137,606
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
95,518
137,506
Total equity
95,618
137,606
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Intelliqa Limited
Balance Sheet (Continued)
As at 30 April 2024
Page 2
The financial statements were approved and signed by the director and authorised for issue on 28 March 2025
P Kaye
Director
Company Registration No. 07594665
Intelliqa Limited
Notes to the Financial Statements
For the year ended 30 April 2024
Page 3
1
Accounting policies
Company information
Intelliqa Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4 Victoria Square, St Albans, England, AL1 3TF
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 section 1A “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
The Directors have also considered the impact of the cost of living crisis in the UK and its impact on the IT consultancy industry. The company currently has a strong net asset and cash position at the time of approval of these financial statements. Having made enquiries, the Directors have concluded that there is a reasonable expectation that with the support of the funders, the company has adequate resources to continue in operational existence for at least 12 months from the date of signing of these financial statements. The company therefore continues to adopt the going concern basis in preparing its financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% reducing balance
Computers
3 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Intelliqa Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
1
Accounting policies
(Continued)
Page 4
1.6
Stock
Stock and work in progress are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stock to their present location and condition.
1.7
Financial instruments
The company has only basic financial instruments measured at amortised cost, with no financial instruments classified as other, or basic financial instruments measured at fair value.
1.8
Equity instruments
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 at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
The company has tax losses of £281,493 (2023: £214,963) that are available to carry forward against future trading profits. A deferred tax asset of £70,373 (2023: £47,125) has not been recognised due to uncertainty of future profits arising.
Intelliqa Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
1
Accounting policies
(Continued)
Page 5
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. The assets of the pension scheme are held separately from the company.
1.12
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
7
7
Intelliqa Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
Page 6
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2023 and 30 April 2024
75,006
Depreciation and impairment
At 1 May 2023
56,780
Depreciation charged in the year
8,377
At 30 April 2024
65,157
Carrying amount
At 30 April 2024
9,849
At 30 April 2023
18,226
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
222,364
202,614
Corporation tax recoverable
63,454
30,449
Other debtors
126,414
135,960
412,232
369,023
Included within other debtors is a loan to the director of £125,954 (2023: £125,954). The loan to the director is unsecured, interest-free and repayable on demand.
Amounts falling due after more than one year:
Corporation tax recoverable
40,935
40,935
Total debtors
453,167
409,958
Intelliqa Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
Page 7
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
60,007
36,790
Trade creditors
205,024
393,268
Other taxation and social security
6,870
13,311
Other creditors
66,766
44,318
338,667
487,687
The company has a fixed and floating charge over the assets of the company.
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
111,829
47,667
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
The share capital is made up of 50 Ordinary A shares of £1 each and 50 Ordinary B shares of £1 each, which rank pari passu in all respects.
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
65,966
35,616
9
Related party transactions
An amount of £125,954 (2023: £125,954) was due from P Kaye, a director of the company, at the reporting end date.
Intelliqa Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
Page 8
10
Control
The company's controlling party is Mr Paul Kaye by virtue of his ownership of the issued share capital in the company.