Intelect Engineering Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07490636 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2019

for

Intelect Engineering Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R Johnson

F P Cormican

A G Shaw

J P Thompson

REGISTERED OFFICE:

Unit 6 Omega Business Park

Estate Road No 6

South Humberside Industrial Estate

Grimsby

N E Lincolnshire

DN31 2TG

REGISTERED NUMBER:

07490636 (England and Wales)

ACCOUNTANTS:

Anderson Barrowcliff LLP

Chartered Accountants

3 Kingfisher Court

Bowesfield Park

Stockton on Tees

TS18 3EX

FIXED ASSETS

Tangible assets

3

187,042

234,687

CURRENT ASSETS

Debtors

4

2,490,693

1,180,977

Cash at bank and in hand

4,052

15,060

2,494,745

1,196,037

CREDITORS

Amounts falling due within one year

5

1,678,259

909,045

NET CURRENT ASSETS

816,486

286,992

TOTAL ASSETS LESS CURRENT LIABILITIES

1,003,528

521,679

CREDITORS

Amounts falling due after more than one year

6

(51,226

)

-

PROVISIONS FOR LIABILITIES

(8,600

)

-

ACCRUALS AND DEFERRED INCOME

(17,254

)

(26,797

)

NET ASSETS

926,448

494,882

CAPITAL AND RESERVES

Called up share capital

8

800

900

Capital redemption reserve

200

100

Retained earnings

925,448

493,882

SHAREHOLDERS' FUNDS

926,448

494,882

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 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.

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 on 12 December 2019 and were signed on its behalf by:

J P Thompson - Director

F P Cormican - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

Intelect Engineering Limited is a private limited company limited by shares incorporated in England, United

Kingdom. The address of the registered office is given in the company information on page 1 of these financial

statements.

The financial statements have been prepared in accordance with applicable accounting standards including

Financial Reporting Standard 102 Section 1A "The Financial Reporting Standard applicable in the UK and the

Republic of Ireland" (FRS102 Section 1A) and the Companies Act 2006. The financial statements have been

prepared on a going concern basis under the historical cost convention. The financial statements are presented in

sterling which is the functional currency of the company and rounded to the nearest pound.

The significant accounting policies applied in the preparation of these financial statements are set out below.

These policies have been consistently applied to all years presented unless otherwise stated.

Significant judgements and estimates

In the application of the Company's accounting policies, the directors are required to make judgements, estimates

and assumptions about the carrying amounts 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 of the revision, if the revision affects only that period, or in the period of revision

and future periods if the revision affects both current and future periods.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Leasehold property improvements

-

25% on cost

Plant and machinery

-

25% on cost

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on cost

Computer equipment

-

33% on cost

Taxation

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the

current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax

rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial

statements of current and previous periods. It is recognised in respect of all timing differences, with certain

exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated

in the financial statements that arise from the inclusion of income and expense in tax assessments in periods

different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the

balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued

non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that

apply to the sale of the asset.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

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.

Amounts recoverable on contracts

Amounts recoverable on contracts are stated at cost plus attributable profit to the extent that such profit is

reasonably certain and after making provision for any foreseeable losses in completing the contracts, less

payments on account received.

Grants

Capital based grants are included in the balance sheet as a deferred credit and released to the profit and loss in

equal instalments over the estimated useful lives of the related assets. Amounts not yet released to the profit and

loss are included in the balance sheet as deferred income. Revenue based grants are credited to the profit and loss

when receivable.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account in other

administrative expenses.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance

sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is

estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an

impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the

impairment loss is a revaluation decrease.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 52 (2018 - 49 ) .

3.	TANGIBLE FIXED ASSETS

Leasehold

Fixtures

property

Plant and

and

improvements

machinery

fittings

£

£

£

COST

At 1 April 2018

212,928

212,246

7,896

Additions

-

23,202

-

At 31 March 2019

212,928

235,448

7,896

DEPRECIATION

At 1 April 2018

50,993

157,153

5,172

Charge for year

43,719

19,988

569

At 31 March 2019

94,712

177,141

5,741

NET BOOK VALUE

At 31 March 2019

118,216

58,307

2,155

At 31 March 2018

161,935

55,093

2,724

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 April 2018

82,145

29,237

544,452

Additions

-

412

23,614

At 31 March 2019

82,145

29,649

568,066

DEPRECIATION

At 1 April 2018

69,879

26,568

309,765

Charge for year

5,921

1,062

71,259

At 31 March 2019

75,800

27,630

381,024

NET BOOK VALUE

At 31 March 2019

6,345

2,019

187,042

At 31 March 2018

12,266

2,669

234,687

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 April 2018

70,145

Transfer to ownership

(70,145

)

At 31 March 2019

-

DEPRECIATION

At 1 April 2018

57,881

Transfer to ownership

(57,881

)

At 31 March 2019

-

NET BOOK VALUE

At 31 March 2019

-

At 31 March 2018

12,264

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

1,472,360

941,703

Amounts recoverable on contracts

696,665

237,178

Other debtors

1,163

1,163

Directors' loan accounts

19,880

-

Taxation

266,006

-

S455 tax recoverable

6,461

-

Prepayments

28,158

933

2,490,693

1,180,977

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

225,993

-

Hire purchase contracts

1,996

3,236

Trade creditors

669,217

264,793

S455 tax payable

6,461

-

Social security and other taxes

160,126

175,956

Other creditors

60,000

-

Accruals and deferred income

554,466

465,060

1,678,259

909,045

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans - 1-2 years

51,226

-

7.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank overdraft

152,196

-

Bank loans

125,023

-

Hire purchase contracts

1,996

3,236

279,215

3,236

Assets acquired under hire purchase agreements are secured against the asset to which they relate.

The bank holds a debenture over all assets of the company.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

730

Ordinary

£1

730

759

70

Ordinary 'B'

£1

70

141

800

900

9.	OTHER FINANCIAL COMMITMENTS

Total financial commitments which are not included in the balance sheet amount to £185,268 (2018 - £197,945)

relating to amounts payable under operating leases.

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included in debtors are the following loans to directors:

At 1 April 2018

Amount advanced

Amount repaid

At 31March 2019

Maximum outstanding

£

£

£

£

£

Director 1

-

4,653

-

4,653

4,653

Director 2

-

6,485

-

6,485

6,485

Director 3

-

5,076

-

5,076

5,076

Director 4

-

3,666

-

3,666

3,666

Total

-

19,880

-

19,880

19,880

The above loan is unsecured, interest free and repayable on demand.