Company registration number 10506383 (England and Wales)
INCEPTO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
PAGES FOR FILING WITH REGISTRAR
INCEPTO LIMITED
COMPANY INFORMATION
Directors
Mr D M Thomas
Mr D M McKernan
Mr M Rixham
Company number
10506383
Registered office
269 Coleford Road
Sheffield
South Yorkshire
S9 5NF
Accountants
Brearley & Co Accountants Limited
39/43 Bridge Street
Swinton
Mexborough
South Yorkshire
S64 8AP
Business address
269 Coleford Road
Sheffield
South Yorkshire
S9 5NF
Bankers
Natwest Bank Plc
42 High Street
Sheffield
South Yorkshire
S1 2GE
INCEPTO LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
INCEPTO LIMITED
BALANCE SHEET
AS AT
30 APRIL 2022
30 April 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investment properties
3
324,840
303,130
Current assets
Debtors
4
4,344
529
Cash at bank and in hand
7,242
2,950
11,586
3,479
Creditors: amounts falling due within one year
5
(36,767)
(53,527)
Net current liabilities
(25,181)
(50,048)
Total assets less current liabilities
299,659
253,082
Creditors: amounts falling due after more than one year
6
(181,812)
(156,988)
Net assets
117,847
96,094
Capital and reserves
Called up share capital
7
7
1
Profit and loss reserves
117,840
96,093
Total equity
117,847
96,094
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 30 August 2022 and are signed on its behalf by:
Mr D M Thomas
Mr D M McKernan
Director
Director
Company Registration No. 10506383
INCEPTO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
- 2 -
1
Accounting policies
Company information
Incepto Limited is a private company limited by shares incorporated in England and Wales. The registered office is 269 Coleford Road, Sheffield, South Yorkshire, S9 5NF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
INCEPTO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
INCEPTO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
1
Accounting policies
(Continued)
- 4 -
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
3
3
3
Investment property
2022
£
Fair value
At 1 May 2021
303,130
Additions
21,710
At 30 April 2022
324,840
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
2,806
528
Other debtors
1,538
1
4,344
529
Other debtors of £1,538 (2021 - £1) includes £1,538 (2021 - £1) prepayments.
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
5,081
22,407
Trade creditors
453
Taxation and social security
12,185
3,231
Other creditors
19,048
27,889
36,767
53,527
Other creditors of £19,048 (2021 - £27,889) includes £3,342 (2021 - £11,235) accruals, £Nil (2021 - £16,654) amount due to a connected company and £15,706 (2021 - £Nil) directors' loan accounts.
INCEPTO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
- 5 -
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
43,711
156,988
Other creditors
138,101
181,812
156,988
Natwest bank have a charge over the land and property at 269 Coleford Road, Sheffield, S9 5PA.
Other creditors of £138,101 (2021 - £Nil) includes £138,101 (2021 - £Nil) directors' loan accounts.
Creditors which fall due after five years are as follows:
2022
2021
£
£
Payable by instalments
95,754
-
7
Called up share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary Shares of 1p each
1
1
1 Ordinary 'A' Share of £1 each
1
-
1 Ordinary 'B' Share of £1 each
1
-
1 Ordinary 'C' Share of £1 each
1
-
1 Ordinary 'D' Share of £1 each
1
-
1 Ordinary 'E' Share of £1 each
1
-
1 Ordinary 'F' Share of £1 each
1
-
7
1
During the period, the company issued 1 ordinary 'A' share, 1 ordinary 'B' share, 1 ordinary 'C' share, 1 ordinary 'D' share, 1 Ordinary 'E' share and 1 ordinary 'F' share at par value for cash consideration.