Company Registration No. 10605207 (England and Wales)
Intuitive Learning Limited
Unaudited accounts
for the year ended 31 December 2020
Intuitive Learning Limited
Unaudited accounts
Contents
Intuitive Learning Limited
Company Information
for the year ended 31 December 2020
Directors
Jonathan Jerome
Evan Ritchie
Michael Routledge
Andrew Cope
Company Number
10605207 (England and Wales)
Registered Office
The Leeming Building
Vicar Lane
Leeds
LS2 7JF
Accountants
Accounts Lab Ltd
The Leeming Building
Vicar Lane
Leeds
West Yorkshire
LS2 7JF
Intuitive Learning Limited
Statement of financial position
as at 31 December 2020
Tangible assets
5,272
3,319
Cash at bank and in hand
293,641
53,129
Creditors: amounts falling due within one year
(224,879)
(220,048)
Net current assets/(liabilities)
104,317
(79,552)
Total assets less current liabilities
109,589
(76,233)
Creditors: amounts falling due after more than one year
(45,287)
-
Net assets/(liabilities)
64,302
(76,233)
Called up share capital
257
238
Share premium
274,937
99,957
Profit and loss account
(210,892)
(176,428)
Shareholders' funds
64,302
(76,233)
For the year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 19 March 2021 and were signed on its behalf by
Jonathan Jerome
Director
Company Registration No. 10605207
Intuitive Learning Limited
Notes to the Accounts
for the year ended 31 December 2020
Intuitive Learning Limited is a private company, limited by shares, registered in England and Wales, registration number 10605207. The registered office is The Leeming Building, Vicar Lane , Leeds , LS2 7JF.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
3 years over useful life
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Expenditure on research and development is written off in the year in which it is incurred.
Intuitive Learning Limited
Notes to the Accounts
for the year ended 31 December 2020
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
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Tangible fixed assets
Computer equipment
Trade debtors
34,305
74,700
Deferred tax asset
-
11,417
Total debtors less than one year
35,555
75,950
Total debtors
35,555
87,367
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Creditors: amounts falling due within one year
2020
2019
Bank loans and overdrafts
4,713
-
Trade creditors
1,892
8,281
Taxes and social security
9,072
14,798
Loans from directors
172,474
168,983
Intuitive Learning Limited
Notes to the Accounts
for the year ended 31 December 2020
7
Creditors: amounts falling due after more than one year
2020
2019
Allotted, called up and fully paid:
24,797 Ordinary shares of £0.01 each
247.97
228.57
978 Ordinary B shares of £0.01 each
9.78
9.78
Shares issued during the period:
1,940 Ordinary shares of £0.01 each
19
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Average number of employees
During the year the average number of employees was 7 (2019: 5).
