Intelligent Decisioning Ltd Filleted accounts for Companies House (small and micro)

INTELLIGENT DECISIONING LTD - Company Information

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COMPANY REGISTRATION NUMBER: 03334833

Intelligent Decisioning Ltd

Filleted Unaudited Financial Statements

31 December 2022

Intelligent Decisioning Ltd

Statement of Financial Position

31 December 2022

	2022		2021
Note	£	£	£

Fixed assets

Intangible assets	5	281,478	312,754
Tangible assets	6	4,237	2,242
		---------	---------
		285,715	314,996

Current assets

Work in progress		67,302	81,405
Debtors	7	141,928	154,918
Cash at bank and in hand		92,191	84,223
		---------	---------
		301,421	320,546

Creditors: amounts falling due within one year	8	93,583		126,702
		---------		---------
Net current assets			207,838	193,844
			---------	---------
Total assets less current liabilities			493,553	508,840

Creditors: amounts falling due after more than one year	9		38,787	40,074

Provisions

Taxation including deferred tax	71,429	426
	---------	---------
Net assets	383,337	468,340
	---------	---------

Capital and reserves

Called up share capital	20,000	20,000
Capital redemption reserve	20,000	20,000
Profit and loss account	343,337	428,340
	---------	---------
Shareholders funds	383,337	468,340
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Intelligent Decisioning Ltd

Statement of Financial Position (continued)

31 December 2022

These financial statements were approved by the board of directors and authorised for issue on 26 June 2023 , and are signed on behalf of the board by:

Mr A Pounder

Director

Company registration number: 03334833

Intelligent Decisioning Ltd

Notes to the Financial Statements

Year ended 31 December 2022

1. General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Lyndhurst, 1 Cranmer Street, Long Eaton, Nottingham, NG10 1NJ.

2. Statement of compliance

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

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date. Internally-generated software development costs qualify for capitalisation when the company can demonstrate all of the following: - The technical feasibility of completing the intangible asset so that it will be available for use or sale; - Its intention to complete the intangible asset and use or sell it; - Its ability to use or sell the intangible asset; - How the intangible asset will generate probable future economic benefits; - The existence of a market or, if it is to be used internally, the usefulness of the intangible asset; - The availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and - Its ability to measure reliably the expenditure attributable to the intangible asset during development. Costs which are incurred after the general release of internally-generated software or costs which are incurred in order to enhance existing products are expensed in the period in which they are incurred and included within research and development expense in the financial statements.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Development costs	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Computer equipment	-	25% straight line
Plant & machinery	-	25% straight line
Fixtures & fittings	-	25% straight line

Impairment of fixed assets

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Work in progress

In determining the amount of revenue to be recognised on incomplete contracts, it is necessary to estimate their stage of completion, the remaining time and costs to be incurred and the amounts that will be paid for the services provided. These estimates are made on a contract by contract basis and a different assessment of any of these factors would result in a change to the amount of revenue recognised.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

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, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

Defined contribution plans

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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 11 (2021: 11 ).

5. Intangible assets

	Development costs
	£
Cost
At 1 January 2022 and 31 December 2022	312,754
	---------
Amortisation
Charge for the year	31,276
	---------
At 31 December 2022	31,276
	---------
Carrying amount
At 31 December 2022	281,478
	---------
At 31 December 2021	312,754
	---------

6. Tangible assets

	Computer equipment	Plant and machinery	Fixtures and fittings	Total
	£	£	£	£
Cost
At 1 January 2022	87,345	1,502	13,520	102,367
Additions	3,734	–	–	3,734
	--------	-------	--------	---------
At 31 December 2022	91,079	1,502	13,520	106,101
	--------	-------	--------	---------
Depreciation
At 1 January 2022	85,310	1,502	13,313	100,125
Charge for the year	1,637	–	102	1,739
	--------	-------	--------	---------
At 31 December 2022	86,947	1,502	13,415	101,864
	--------	-------	--------	---------
Carrying amount
At 31 December 2022	4,132	–	105	4,237
	--------	-------	--------	---------
At 31 December 2021	2,035	–	207	2,242
	--------	-------	--------	---------

7. Debtors

	2022	2021
	£	£
Trade debtors	98,927	115,761
Amounts owed by group undertakings and undertakings in which the company has a participating interest	1,376	663
Other debtors	41,625	38,494
	---------	---------
	141,928	154,918
	---------	---------

8. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	5,000	8,333
Trade creditors	809	–
Corporation tax	763	–
Social security and other taxes	39,916	41,734
Other creditors	47,095	76,635
	--------	---------
	93,583	126,702
	--------	---------

9. Creditors: amounts falling due after more than one year

	2022	2021
	£	£
Bank loans and overdrafts	38,787	40,074
	--------	--------

10. Prior period errors

During 2021, the company completed development of software in which it had incurred wages, salaries and pension costs for the prior 3 years. These costs should have been capitalised and, as a consequence, wages, salaries and pension costs had been overstated and intangible assets had been understated. The errors have been corrected by restating each of the affected financial statement line items for prior periods.

11. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2022
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr A Pounder	9,128	54,000	( 54,312)	8,816
Mr A Smith	9,128	54,000	( 54,312)	8,816
	--------	---------	---------	--------
	18,256	108,000	( 108,624)	17,632
	--------	---------	---------	--------

	2021
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr A Pounder	9,564	–	( 436)	9,128
Mr A Smith	9,564	–	( 436)	9,128
	--------	----	----	--------
	19,128	–	( 872)	18,256
	--------	----	----	--------

The directors loans are interest free and repayable on demand.