Company Registration No. SC234318 (Scotland)
INTELLIGENCE NETWORKING LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2015
INTELLIGENCE NETWORKING LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 4
INTELLIGENCE NETWORKING LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 DECEMBER 2015
31 December 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Intangible assets
2
441,000
504,000
Tangible assets
2
5,206
10,752
446,206
514,752
Current assets
Debtors
3
1,498,214
1,040,262
Cash at bank and in hand
436
671
1,498,650
1,040,933
Creditors: amounts falling due within one year
(845,602)
(915,093)
Net current assets
653,048
125,840
Total assets less current liabilities
1,099,254
640,592
Creditors: amounts falling due after more than one year
(375,000)
-
724,254
640,592
Capital and reserves
Called up share capital
4
1
1
Revaluation reserve
354,456
506,365
Profit and loss account
369,797
134,226
Shareholders' funds
724,254
640,592
INTELLIGENCE NETWORKING LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2015
31 December 2015
- 2 -
For the financial year ended 31 December 2015 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 29 September 2016
Mr N Ritchie
Director
Company Registration No. SC234318
INTELLIGENCE NETWORKING LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015
- 3 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold land and buildings and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.
1.3
Intangible Assets
Intangible assets comprise the cost of intellectual property which are initially recorded at cost.
The company undertakes a periodical impairment reviews of its intangible assets. Revaluation gains and losses are recognised in the revaluation reserve.
The directors' are aware that this is a departure from the requirements of Financial Reporting Standard for Smaller Entities (effective April 2008) but consider that such treatment is required in order that the Financial Statements show a true and fair view.
Amortisation 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:
Intellectual Property - over 10 years
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:
Equipment
33% straight line
Fixtures & fittings
33% straight line
The part of the annual depreciation charge on revalued assets which relates to the revaluation surplus is transferred from the revaluation reserve to the profit and loss account.
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charges to the profit and loss account.
1.5
Deferred taxation
Deferred tax
is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date, except that the recognition of deferred tax assets is limited to the extent that the company anticipates making sufficient taxable profits in the future to absorb the reversal of the underlying timing differences.
1.6
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
INTELLIGENCE NETWORKING LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2015
- 4 -
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost or valuation
At 1 January 2015
630,000
227,525
857,525
Additions
-
1,834
1,834
At 31 December 2015
630,000
229,359
859,359
Depreciation
At 1 January 2015
126,000
216,773
342,773
Charge for the year
63,000
7,380
70,380
At 31 December 2015
189,000
224,153
413,153
Net book value
At 31 December 2015
441,000
5,206
446,206
At 31 December 2014
504,000
10,752
514,752
3
Debtors
Debtors include an amount of £1,040,971 (2014 - £262,271) which is due after more than one year.
4
Share capital
2015
2014
£
£
Allotted, called up and fully paid
1 Ordinary share of £1 each
1
1
5
Ultimate parent company
The ultimate parent company is
MIRN
Limited, a company registered in
Scotland
.