Intuitive Systems and Networks Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 06641941 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

FOR

INTUITIVE SYSTEMS AND NETWORKS LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr S B Rance

Mr J M Broadway

Mr R Titheradge

REGISTERED OFFICE:

Arrowsmith Court

Station Approach

Broadstone

Dorset

BH18 8AT

REGISTERED NUMBER:

06641941 (England and Wales)

ACCOUNTANTS:

Newton Magnus

Chartered Certified Accountants

Arrowsmith Court

Station Approach

Broadstone

Dorset

BH18 8AT

FIXED ASSETS

Intangible assets

3

-

34,013

Tangible assets

4

52,737

58,496

52,737

92,509

CURRENT ASSETS

Debtors

2,458,618

2,388,090

Cash at bank

599,337

827,867

3,057,955

3,215,957

CREDITORS

Amounts falling due within one year

(2,736,773

)

(2,780,390

)

NET CURRENT ASSETS

321,182

435,567

TOTAL ASSETS LESS CURRENT LIABILITIES

373,919

528,076

CREDITORS

Amounts falling due after more than one year

(52,000

)

(112,000

)

PROVISIONS FOR LIABILITIES

(12,499

)

(12,094

)

NET ASSETS

309,420

403,982

CAPITAL AND RESERVES

Called up share capital

833

833

Share premium

49,917

49,917

Retained earnings

258,670

353,232

SHAREHOLDERS' FUNDS

309,420

403,982

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 July 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 November 2024 and were signed on its behalf by:

Mr R Titheradge - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents the value of goods and services supplied during the year, excluding value added tax.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

25% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Goodwill

Goodwill , being the amount paid in connection with the acquisition of a business in 2011, is now being amortised over its estimated useful life of nine years from 1st August 2017. The underlying product this relates to has now finished and the remaining goodwill has been written down.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 47 (2023 - 46 ) .

3.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 August 2023

and 31 July 2024

154,030

AMORTISATION

At 1 August 2023

120,017

Amortisation for year

34,013

At 31 July 2024

154,030

NET BOOK VALUE

At 31 July 2024

-

At 31 July 2023

34,013

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 August 2023

158,627

Additions

9,224

At 31 July 2024

167,851

DEPRECIATION

At 1 August 2023

100,131

Charge for year

14,983

At 31 July 2024

115,114

NET BOOK VALUE

At 31 July 2024

52,737

At 31 July 2023

58,496