Inka Petinka Limited
Unaudited Financial Statements
For the year ended 31 January 2022
Pages for filing with registrar
Company Registration No. 9944817 (England and Wales)
INKA PETINKA LIMITED
Inka Petinka Limited
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
INKA PETINKA LIMITED
Inka Petinka Limited
BALANCE SHEET
AS AT
31 JANUARY 2022
31 January 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,338
2,079
Current assets
Stocks
1,122,815
1,562,756
Debtors
4
363,201
3,298
Cash at bank and in hand
361,221
202,484
1,847,237
1,768,538
Creditors: amounts falling due within one year
5
(1,465,272)
(1,468,755)
Net current assets
381,965
299,783
Total assets less current liabilities
383,303
301,862
Creditors: amounts falling due after more than one year
6
(36,667)
(161,179)
Provisions for liabilities
(254)
(395)
Net assets
346,382
140,288
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
346,282
140,188
Total equity
346,382
140,288

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 31 January 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.

INKA PETINKA LIMITED
Inka Petinka Limited
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2022
31 January 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 6 September 2022 and are signed on its behalf by:
Mrs C Adalbert
Director
Company Registration No. 9944817
INKA PETINKA LIMITED
Inka Petinka Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
- 3 -
1
Accounting policies
Company information

Inka Petinka Limited is a private company limited by shares incorporated in England and Wales. The registered office is 18 Langton Place, Bury St Edmunds, Suffolk, IP33 1NE.

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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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.

 

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.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

IT Equipment
33% Straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.5
Cash and cash equivalents

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.

INKA PETINKA LIMITED
Inka Petinka Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable.

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.

1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
1
1
INKA PETINKA LIMITED
Inka Petinka Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2021 and 31 January 2022
2,246
Depreciation and impairment
At 1 February 2021
167
Depreciation charged in the year
741
At 31 January 2022
908
Carrying amount
At 31 January 2022
1,338
At 31 January 2021
2,079
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Corporation tax recoverable
-
0
2,381
Other debtors
363,201
917
363,201
3,298
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
6,667
6,667
Trade creditors
1,476
31,053
Corporation tax
59,593
31,252
Other taxation and social security
-
0
6,388
Other creditors
1,397,536
1,393,395
1,465,272
1,468,755

The bank loans in the company are secured by a fixed and floating charge over all assets of the company.

6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
36,667
161,179
INKA PETINKA LIMITED
Inka Petinka Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
- 6 -
7
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2022
2021
£
£
21,774
-
0
8
Called up share capital
2022
2021
£
£
Issued and fully paid
40 ordinary A shares of £1 each
40
40
20 ordinary C shares of £1 each
20
40
40 ordinary B shares of £1 each
40
20
100
100
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