1 February 2025 v2026.38.1 limited_company_frs_102_section_1a_v1_1_4 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP105869202025-02-012026-01-31105869202026-01-31105869202025-01-3110586920core:WithinOneYear2026-01-3110586920core:WithinOneYear2025-01-3110586920core:ShareCapital2026-01-3110586920core:ShareCapital2025-01-3110586920core:RetainedEarningsAccumulatedLosses2026-01-3110586920core:RetainedEarningsAccumulatedLosses2025-01-3110586920bus:Director12025-02-012026-01-3110586920bus:RegisteredOffice2025-02-012026-01-3110586920core:PlantMachinery2025-02-012026-01-31105869202024-02-012025-01-3110586920core:PlantMachinery2026-01-3110586920core:PlantMachinery2025-02-0110586920core:PlantMachinery2025-01-311058692012025-02-012026-01-3110586920countries:EnglandWales2025-02-012026-01-3110586920bus:AuditExempt-NoAccountantsReport2025-02-012026-01-3110586920bus:PrivateLimitedCompanyLtd2025-02-012026-01-3110586920bus:SmallEntities2025-02-012026-01-3110586920bus:FullAccounts2025-02-012026-01-31
Company registration number:
10586920
Intelistyle Ltd
Unaudited Filleted Financial Statements for the year ended
31 January 2026
Intelistyle Ltd
Report to the board of directors on the preparation of the unaudited statutory financial statements of Intelistyle Ltd
Year ended
31 January 2026
As described on the statement of financial position, the Board of Directors of
Intelistyle Ltd
are responsible for the preparation of the
financial statements
for the year ended
31 January 2026
, which comprise the income statement, statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions I have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to me.
Intelistyle Ltd
Statement of Financial Position
31 January 2026
20262025
Note££
Fixed assets    
Tangible assets 5 -  
911
 
Current assets    
Debtors 6
36,798
 
90,301
 
Cash at bank and in hand
172,819
 
182,434
 
209,617
 
272,735
 
Creditors: amounts falling due within one year 7
(127,910
 )
(241,418
 )
Net current assets
81,707
 
31,317
 
Total assets less current liabilities 81,707   32,228  
Capital and reserves    
Called up share capital
100
 
100
 
Profit and loss account
81,607
 
32,128
 
Shareholders funds
81,707
 
32,228
 
For the year ending
31 January 2026
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
  • 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;
  • The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
1 October 2026
, and are signed on behalf of the board by:
K Koukoravas
Director
Company registration number:
10586920
Intelistyle Ltd
Notes to the Financial Statements
Year ended
31 January 2026

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
128 City Road
,
London
,
EC1V 2NX
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts are rounded to the nearest pound.

Going concern

The financial statements have been prepared on a going concern basis. The director has considered the company's cash flow forecasts for a period of at least twelve months from the date of approval of these financial statements. At the reporting date the company held cash of £172,819 and had net current assets of £81,707, and its cash balances are sufficient to repay the convertible loan note should repayment be demanded. On this basis the director is satisfied that the company has adequate resources to continue in operation for the foreseeable future.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for services provided in the normal course of business, net of discounts and Value Added Tax.
Revenue from software subscriptions and related services is recognised over the period in which the service is provided. Amounts invoiced to customers in advance of the service being delivered are carried forward as deferred income and released to turnover as the service is provided.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets are initially measured at cost and are subsequently measured at cost less accumulated depreciation and any accumulated impairment losses.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Plant and machinery
30% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

Foreign currency and convertible loan note

Foreign currency: transactions in currencies other than sterling are recorded at the rate of exchange on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange at the reporting date, and exchange differences are recognised in profit or loss.
Convertible loan note: the convertible loan note is a basic financial liability measured at amortised cost. Interest is accrued at the contractual rate and the liability, which is denominated in US dollars, is retranslated at the rate of exchange at the reporting date.

4 Average number of employees

The average number of persons employed by the company during the year was
3
(2025:
5
).

5 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 February 2025
and
31 January 2026
5,950
 
Depreciation  
At
1 February 2025
5,039
 
Charge
911
 
At
31 January 2026
5,950
 
Carrying amount  
At
31 January 2026
 -  
At 31 January 2025
911
 

6 Debtors

20262025
££
Trade debtors
33,240
 
87,114
 
Other debtors
3,558
 
3,187
 
36,798
 
90,301
 

7 Creditors: amounts falling due within one year

20262025
££
Trade creditors
3,501
 
1,097
 
Taxation and social security
3,484
 
26,432
 
Other creditors
120,925
 
213,889
 
127,910
 
241,418
 

8 Prior period adjustment

The comparative figures have been restated to correct an error in the recognition of turnover under a customer contract with Yoox Net-A-Porter. Amounts invoiced in advance of the service being delivered had been recognised as turnover when invoiced, rather than being deferred and recognised as the service was provided.
The effect on the year ended 31 January 2025 is to increase turnover and profit for the financial year by £812, from £432,435 to £433,247 and from £72,928 to £73,740 respectively. Deferred income at 31 January 2025 has increased by £50,000, which reduces net assets from £82,228 to £32,228 and the profit and loss account from £82,128 to £32,128. The profit and loss account at 1 February 2024 has been reduced by £50,812.Turnover for the current year includes £50,000 which was invoiced and taxed in the year ended 31 January 2025 under the previous basis of recognising revenue when invoiced. To avoid the same income being taxed twice, £50,000 has been deducted in the corporation tax computation for the current year as a change of basis adjustment under Chapter 14 of Part 3 of the Corporation Tax Act 2009. This is the principal reason for the tax charge of £111 for the year.

9 Creditors

Other creditors include the convertible loan note of £99,804 (2025: £109,736) and deferred income of £18,300 (2025: £50,000 as restated). Taxation and social security includes corporation tax of £110 (2025: £23,263).

10 Convertible loan note

On 14 September 2018 the company issued a convertible loan note of USD 100,000 to Techstars Montreal 2018 L.P. The note carries simple interest at 5% per annum, payable only on redemption, and matured on 14 September 2020. It has not been redeemed or converted and is repayable on demand, so it is shown within creditors falling due within one year. The holder may elect to convert the note into ordinary shares.
The liability comprises the principal and accrued interest, retranslated at the year end rate of exchange, and is carried at £99,804 (2025: £109,736). Interest of £3,644 was charged in the year.

11 Share options and equity rights

At 31 January 2026 there were 3,688 share options outstanding and exercisable (2025: 3,688), with an exercise price of £0.01 per share. No share based payment expense has been recognised in the year (2025: £nil).
An agreement is in place which entitles a loan provider to 6% of the equity of the company in the event of a qualifying financing, liquidity or dissolution event, and to 6% of any cash dividend or other cash distribution made before the issue of subscription shares.

12 Greek branch

The profit and loss account includes income amounting to £18,900 (2025: £30,888) and expenditure amounting to £18,900 (2025: £30,888) in relation to the company's Greek branch. As such, the loss attributable to the branch is £Nil (2025: £Nil). Included in the average number of employees (note 5), is 1 employee employed by the Greek branch (2025: 1).