Company Registration No. 04013409 (England and Wales)
INTELLIGENCE RESEARCH LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
INTELLIGENCE RESEARCH LIMITED
COMPANY INFORMATION
Directors
J K C de Courcy
Mr P M H de Courcy
Company number
04013409
Registered office
5th Floor
167-169 Great Portland Street
London
W1W 5PF
Accountants
James Holyoak & Parker Limited
1 Knights Court
Archers Way
Battlefield Enterprise Park
Shrewsbury
SY1 3GA
Business address
5th Floor
167-169 Great Portland Street
London
W1W 5PF
INTELLIGENCE RESEARCH LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4 - 5
Statement of cash flows
7
Notes to the financial statements
8 - 13
INTELLIGENCE RESEARCH LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The directors present their annual report and financial statements for the year ended 31 March 2025.

Principal activities

The principal activity of the company continued to be that of an internet and paper based subscriber information service.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

J K C de Courcy
Mr P M H de Courcy
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr P M H de Courcy
Director
28 October 2025
INTELLIGENCE RESEARCH LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF INTELLIGENCE RESEARCH LIMITED FOR THE YEAR ENDED 31 MARCH 2025
- 2 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Intelligence Research Limited for the year ended 31 March 2025 set out on pages 3 to 13 from the company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the b oard of d irectors of Intelligence Research Limited, as a body, in accordance with the terms of our current engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Intelligence Research Limited and state those matters that we have agreed to state to the b oard of d irectors of Intelligence Research Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Intelligence Research Limited and its b oard of d irectors as a body, for our work or for this report.

It is your duty to ensure that Intelligence Research Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Intelligence Research Limited. You consider that Intelligence Research Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Intelligence Research Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory f inancial statements.

James Holyoak & Parker Limited
Chartered Accountants
1 Knights Court
Archers Way
Battlefield Enterprise Park
Shrewsbury
SY1 3GA
28 October 2025
INTELLIGENCE RESEARCH LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
2025
2024
£
£
Gross profit
714,744
717,575
Distribution costs
(388,098)
(369,465)
Administrative expenses
(281,214)
(264,462)
Operating profit
45,432
83,648
Interest receivable and similar income
10,477
1,960
Profit before taxation
55,909
85,608
Tax on profit
-
0
-
0
Profit for the financial year
55,909
85,608

The profit and loss account has been prepared on the basis that all operations are continuing operations.

INTELLIGENCE RESEARCH LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 4 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
24,544
8,123
24,544
8,123
Current assets
Stocks
750
750
Debtors
45,356
37,527
Cash at bank and in hand
424,835
386,027
470,941
424,304
Creditors: amounts falling due within one year
Loans and overdrafts
107,500
128,000
Taxation and social security
8,228
6,088
Other creditors
74,203
67,281
Deferred income
5
431,767
413,180
621,698
614,549
Net current liabilities
(150,757)
(190,245)
Total assets less current liabilities
(126,213)
(182,122)
Capital and reserves
Called up share capital
6
286,351
286,351
Share premium account
1,136,302
1,136,302
Profit and loss reserves
(1,548,866)
(1,604,775)
Total equity
(126,213)
(182,122)

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

T he 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 in accordance with the provisions applicable to companies subject to the small companies regime.

INTELLIGENCE RESEARCH LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2025
31 March 2025
- 5 -
The financial statements were approved by the board of directors and authorised for issue on 28 October 2025 and are signed on its behalf by:
Mr P M H de Courcy
Director
Company Registration No. 04013409
INTELLIGENCE RESEARCH LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2023
286,351
1,136,302
(1,690,383)
(267,730)
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
85,608
85,608
Balance at 31 March 2024
286,351
1,136,302
(1,604,775)
(182,122)
Year ended 31 March 2025:
Profit and total comprehensive income for the year
-
-
55,909
55,909
Balance at 31 March 2025
286,351
1,136,302
(1,548,866)
(126,213)
INTELLIGENCE RESEARCH LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
8
74,885
83,984
Investing activities
Purchase of tangible fixed assets
(26,054)
(10,095)
Interest received
10,477
1,960
Net cash used in investing activities
(15,577)
(8,135)
Financing activities
Repayment of borrowings
(20,500)
(1,480)
Net cash used in financing activities
(20,500)
(1,480)
Net increase in cash and cash equivalents
38,808
74,369
Cash and cash equivalents at beginning of year
386,027
311,658
Cash and cash equivalents at end of year
424,835
386,027
INTELLIGENCE RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
1
Accounting policies
Company information

Intelligence Research Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5th Floor, 167-169 Great Portland Street, London, W1W 5PF.

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 a mounts 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

Although the company is in a net current deficit position the directors believe the company will continue as a going concern for the foreseeable future. The true number of subscriber s continues to increase and the company has further reduced costs since the year end. The director Mr P. de Courcy does not require repayment of h is loan, in the amount of £1 07,500 for the foreseeable future, albeit no formal loan documentation is in place and it is thus disclosed as due on demand. The company has a healthy cash position and continues to meet its debts as they fall due.

1.3
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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 are recover able.

1.4
Intangible fixed assets - Newsletter Titles

The acquired i ntangible asset is recognised at cost and is subsequently written off in equal annual instalments over its remaining estimated useful life of 5 years.

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.

INTELLIGENCE RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 9 -

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:

Computer and equipment
25% straight line
Website
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.

1.6
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.

Where a reasonable and consistent basis of allocation can be identified, assets are allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.

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.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks

Stocks 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 stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.8
Cash at bank and in hand

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.

INTELLIGENCE RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 10 -
1.9
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 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 paymen ts 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. A m ounts 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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

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.

INTELLIGENCE RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 11 -
1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 8 (2024 - 9).

2025
2024
Number
Number
Total
8
9
3
Intangible fixed assets
Newsletter Titles
£
Cost
At 1 April 2024 and 31 March 2025
690,283
Amortisation and impairment
At 1 April 2024 and 31 March 2025
690,283
Carrying amount
At 31 March 2025
-
0
At 31 March 2024
-
0
4
Tangible fixed assets
Computer and equipment
Website
Total
£
£
£
Cost
At 1 April 2024
96,518
123,715
220,233
Additions
-
0
26,054
26,054
At 31 March 2025
96,518
149,769
246,287
Depreciation and impairment
At 1 April 2024
95,923
116,187
212,110
Depreciation charged in the year
595
9,038
9,633
At 31 March 2025
96,518
125,225
221,743
INTELLIGENCE RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
4
Tangible fixed assets
Computer and equipment
Website
Total
£
£
£
(Continued)
- 12 -
Carrying amount
At 31 March 2025
-
0
24,544
24,544
At 31 March 2024
595
7,528
8,123
5
Deferred income
2025
2024
£
£
Arising from Newsletter Subscriptions
431,767
413,180
6
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
286,351
286,351
286,351
286,351
7
Directors' transactions

At the balance sheet date, the company owed the director Mr P. de Courcy, £107,500 (20 24: Mr P. de Courcy £128,000) this is included in loans and overdrafts due within one year. Mr de Courcy has indicated that he does not require repayment of this loan for the foreseeable but as no formal loan documentation is in place it is technically repayable on demand and included in current liabilities. Interest charged on this loan amounted to £nil (2024: £nil).

8
Cash generated from operations
2025
2024
£
£
Profit for the year after tax
55,909
85,608
Adjustments for:
Investment income
(10,477)
(1,960)
Depreciation and impairment of tangible fixed assets
9,633
3,205
Movements in working capital:
(Increase) in debtors
(7,829)
(20,273)
Increase in creditors
9,062
9,615
Increase in deferred income
18,587
7,789
Cash generated from operations
74,885
83,984
INTELLIGENCE RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
9
Analysis of changes in net funds
1 April 2024
Cash flows
31 March 2025
£
£
£
Cash at bank and in hand
386,027
38,808
424,835
Borrowings excluding overdrafts
(128,000)
20,500
(107,500)
258,027
59,308
317,335
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