Company registration number 05817522 (England and Wales)
INTRAGEN LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
INTRAGEN LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 11
INTRAGEN LIMITED
BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
5
574,820
513,241
Tangible assets
6
23,517
24,326
598,337
537,567
Current assets
Debtors
7
652,283
528,387
Cash at bank and in hand
178,886
22,072
831,169
550,459
Creditors: amounts falling due within one year
8
(610,657)
(455,542)
Net current assets
220,512
94,917
Total assets less current liabilities
818,849
632,484
Provisions for liabilities
8
(75,847)
(89,654)
Net assets
743,002
542,830
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
743,000
542,828
Total equity
743,002
542,830
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 25 July 2025 and are signed on its behalf by:
Ms L Ewings
Director
Company Registration No. 05817522
INTRAGEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
1
Accounting policies
Company information
Intragen Limited ("the company") is a private company limited by shares incorporated in England and Wales. The registered office is 146 New London Road, Chelmsford, Essex, United Kingdom, CM2 0AW.
The principal place of business is 6th Floor, Salisbury House, London Wall, London, EC2M 5SQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “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 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 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.
Intragen Limited is a wholly owned subsidiary of Intragen Holdings Limited and the results of Intragen Limited are included in the consolidated financial statements of Intragen International Limited which are available online, through Companies House.
1.2
Going concern
Atruet the time of approving the financial statements, the company's forecasts and projections, taking account of reasonably possible changes in trading performance and with ongoing parent company support, show that the company should be able to continue to operate without the requirement for external facilities. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the 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, settlement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
Software revenue is derived from the supply of either own software licences or vendor (third party) software licences. Revenue from own software licence sales is recognised in a straight line across the term of the licence. Revenue relating to vendor (third party) licence sales and the corresponding cost of sales are both recognised in full at the commencement of the licence term.
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.
INTRAGEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Costs associated with the development of internally generated intangible assets are recognised once:
• The technical feasibility of completing the asset for use or sale has been confirmed;
• There is intention and ability to use or sell the asset;
• Future economic benefits are probable;
• There is certainty regarding the ability to complete the development for use or sale; and
• The costs attributable to the development of the asset can be reliably measured.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives.
Software
7 years
1.6
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:
Leasehold improvements
50% straight line
Office equipment
20-25% 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.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
INTRAGEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
1.9
Financial instruments
Financial instruments are recognised in the company's balance sheet 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.10
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.
1.11
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.
INTRAGEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 5 -
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.
1.12
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.13
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.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
1.16
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.
INTRAGEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 6 -
1.17
The company has taken advantage of exemption under the terms of Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’, not to disclose related party transactions with wholly owned subsidiaries within the group.
2
Judgements and key sources of estimation uncertainty
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 the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Useful life of software development costs
The amortisation charge for capitalised software development costs is sensitive to changes in the estimated useful life of the asset with the useful life re-assessed at each reporting date. It is amended when necessary to reflect current estimates based on future expected income.
The director has made key assumptions regarding the useful life of capitalised software development costs and has determined that it has a useful life of 7 years.
3
Employees
The average monthly number of persons (including the directors) employed by the company during the year was:
2024
2023
Number
Number
Total
14
15
4
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
(275)
Group tax relief
77,198
Total current tax
77,198
(275)
INTRAGEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
4
Taxation
2024
2023
£
£
(Continued)
- 7 -
Deferred tax
Origination and reversal of timing differences
(11,307)
8,598
Adjustment in respect of prior periods
(2,500)
8,742
Total deferred tax
(13,807)
17,340
Total tax charge
63,391
17,065
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
263,563
28,044
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.00%)
65,891
5,609
Tax effect of expenses that are not deductible in determining taxable profit
2,000
Deferred tax adjustments in respect of prior years
(2,500)
8,742
Other items, including effect of changes in rate
1,719
Adjustments in respect of prior years
(275)
Enhanced capital allowances
(730)
Taxation charge for the year
63,391
17,065
Factors that may affect future tax charges
A rate of 25% (2023: 25%) has been used for purposes of considering the effects of deferred taxation in the current period, in line with the main rate of UK Corporation Tax effective from 1 April 2023.
INTRAGEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 8 -
5
Intangible fixed assets
Software
£
Cost
At 1 June 2023
598,781
Additions
152,544
At 31 May 2024
751,325
Amortisation and impairment
At 1 June 2023
85,540
Amortisation charged for the year
90,965
At 31 May 2024
176,505
Carrying amount
At 31 May 2024
574,820
At 31 May 2023
513,241
All intangible fixed assets held by Intragen Limited are pledged as security for the bank borrowings of Intragen International Limited group under a fixed and floating charge.
6
Tangible fixed assets
Leasehold improvements
Office Equipment
Total
£
£
£
Cost
At 1 June 2023
5,831
62,712
68,543
Additions
7,007
7,007
At 31 May 2024
5,831
69,719
75,550
Depreciation and impairment
At 1 June 2023
5,831
38,386
44,217
Depreciation charged in the year
7,816
7,816
At 31 May 2024
5,831
46,202
52,033
Carrying amount
At 31 May 2024
23,517
23,517
At 31 May 2023
24,326
24,326
All tangible fixed assets held by Intragen Limited are pledged as security for the bank borrowings of Intragen International Limited group under a fixed and floating charge.
INTRAGEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 9 -
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
64,339
77,383
Corporation tax recoverable
6,892
6,792
Amounts owed by group undertakings
487,747
386,048
Other debtors
93,305
58,164
652,283
528,387
All debtor balances held by Intragen Limited are pledged as security for the bank borrowings of Intragen International Limited group under a fixed and floating charge.
Amounts owed by group undertakings are interest free, have no fixed repayment date and are repayable on demand.
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,859
19,270
Amounts owed to group undertakings
268,734
98,436
Taxation and social security
66,017
29,473
Other creditors
274,047
308,363
610,657
455,542
Amounts owed to group undertakings are unsecured, interest free, have no fixed repayment date and are repayable on demand.
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
5,879
6,082
Tax losses
-
(2,584)
Short term timing differences in respect of pensions
(1,048)
(451)
Timing differences in respect of intangible fixed assets
71,016
86,607
75,847
89,654
INTRAGEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
9
Deferred taxation
(Continued)
- 10 -
2024
Movements in the year:
£
Liability at 1 June 2023
89,654
Credit to profit or loss
(13,807)
Liability at 31 May 2024
75,847
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Claire Clift
Statutory Auditor:
Azets Audit Services
11
Financial commitments, guarantees and contingent liabilities
The company is part of an unlimited multilateral guarantee given to the group's bankers involving certain fellow group undertakings. At 31 May 2024 the maximum extent of this guarantee amounted to £5,536,627 (2023: £N/A).
12
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
£
£
29,943
13
Related party transactions
During the year, the company incurred costs of £14,242 (2023: £Nil) from an entity under common control.
14
Events after the reporting date
After the balance sheet date and up to the date of these accounts being approved by the board, the maximum exposure of the existing guarantee (see note 11) has increased by £7,743,141 to £13,279,768 as a result of additional funding drawn down by a fellow group company.
INTRAGEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 11 -
15
Controlling party
Intragen Holdings Limited is the company's immediate parent company, whose registered office is 146 New London Road, Chelmsford, Essex, England, CM2 0AW.
The smallest and largest group of which Intragen Limited is a member and for which group accounts are prepared is Intragen International Limited. The group accounts are available online, through Companies House.
FPE II Investment GP LLP is the company's ultimate parent, a limited liability partnership whose registered office is 2nd Floor 7 Swallow Street, London, England, W1B 4DE.
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