INCEPTION POINT SYSTEMS LTD

• ⚠

  Material uncertainty over going concern

  We draw attention to the management basis of preparation disclosure included within the going concern accounting policy note 1.4 in the financial statements which discusses the future trading position of the entity and subsidiaries within the group. This indicates that a material uncertainty exists that may cast significant doubt on the entity's ability to continue as a going concern. Our opinion is not modified in respect of this matter. The results for the year show the group made a loss of £42.8m (company only loss of £31.0m) the Balance Sheet has a net liabilities position of £10.0m (company only net asset position of £3.1m). The company continues to trade and contribute to the wider group. Following the acquisition by Symplr the direction and existence of the entity is under review, management have identified efficiencies and synergies within the wider group structure which would benefit the profitability of the trading activities within the entity, discussion indicate that the trade maybe be hived over to a group company therefore giving significant doubt over the ability of the company to continue as a going concern.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

• Turnover

  -4.8%

  £36,530,537 → £34,772,464

• Cash

  -41.6%

  £4,261,460 → £2,488,510

• Net assets

  -130.3%

  £32,891,126 → -£9,955,482

• Employees

  -16%

  187 → 157

• Operating profit

  -2,067.2%

  -£1,445,316 → -£31,322,238

• Profit before tax

  -2,757.1%

  -£1,520,405 → -£43,439,920

• Wages

  -27.1%

  £16,722,180 → £12,190,529

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Consolidated group

Auditor

Azets Audit Services Limited

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“We draw attention to the management basis of preparation disclosure included within the going concern accounting policy note 1.4 in the financial statements which discusses the future trading position of the entity and subsidiaries within the group. This indicates that a material uncertainty exists that may cast significant doubt on the entity's ability to continue as a going concern. Our opinion is not modified in respect of this matter. The results for the year show the group made a loss of £42.8m (company only loss of £31.0m) the Balance Sheet has a net liabilities position of £10.0m (company only net asset position of £3.1m). The company continues to trade and contribute to the wider group. Following the acquisition by Symplr the direction and existence of the entity is under review, management have identified efficiencies and synergies within the wider group structure which would benefit the profitability of the trading activities within the entity, discussion indicate that the trade maybe be hived over to a group company therefore giving significant doubt over the ability of the company to continue as a going concern.”

Group structure

1. INCEPTION POINT SYSTEMS LTD · parent
   1. Intellicentrics UK Ltd 100% · UK · Sale of membership services
   2. Zengine Limited 100% · UK · Software development and sale of licenses
   3. Who Are You Limited 100% · UK · Dormant company
   4. Intellicentrics Inc. 100% · USA · Sale of membership services
   5. Solutions Intellicentrics Inc. 100% · Canada · Sale of membership services
   6. USA deView Inc. 100% · USA · Holding company
   7. Status Blue LLC 100% · USA · Holding company
   8. Vendorclear.com LLC 100% · USA · Holding company

Significant events

• “On the 25th of April 2024, IntelliCentrics Global Holdings Ltd (IGH) sold all outstanding shares of ICP to Symplr Software, LLC ("Symplr"). The transaction is not expected to have a material impact on the operations of ICP. However, the subsidiaries of ICP will be impacted as they are integrated into Symplr's business processes.”
• “As part of the acquisition of the group by Symplr Software LLC in April 2024, several ongoing lease commitments held by entities within the group were terminated, with no commitment in place as at 29 June 2024 as a result.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

8

last 12 months

Capital events

2

last 24 months

Officers appointed

0

last 12 months

Officers resigned

2

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.