IRIS Accounts Production v22.1.4.3 03488300 director 1.2.21 31.1.22 31.1.22 false true false false true false Fair value model Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure034883002021-01-31034883002022-01-31034883002021-02-012022-01-31034883002020-01-31034883002020-02-012021-01-31034883002021-01-3103488300ns16:EnglandWales2021-02-012022-01-3103488300ns15:PoundSterling2021-02-012022-01-3103488300ns11:Director12021-02-012022-01-3103488300ns11:PrivateLimitedCompanyLtd2021-02-012022-01-3103488300ns11:SmallEntities2021-02-012022-01-3103488300ns11:AuditExempt-NoAccountantsReport2021-02-012022-01-3103488300ns11:SmallCompaniesRegimeForDirectorsReport2021-02-012022-01-3103488300ns11:SmallCompaniesRegimeForAccounts2021-02-012022-01-3103488300ns11:FullAccounts2021-02-012022-01-3103488300ns11:OrdinaryShareClass12021-02-012022-01-3103488300ns11:RegisteredOffice2021-02-012022-01-3103488300ns6:CurrentFinancialInstruments2022-01-3103488300ns6:CurrentFinancialInstruments2021-01-3103488300ns6:ShareCapital2022-01-3103488300ns6:ShareCapital2021-01-3103488300ns6:RevaluationReserve2022-01-3103488300ns6:RevaluationReserve2021-01-3103488300ns6:RetainedEarningsAccumulatedLosses2022-01-3103488300ns6:RetainedEarningsAccumulatedLosses2021-01-3103488300ns6:WithinOneYearns6:CurrentFinancialInstruments2022-01-3103488300ns6:WithinOneYearns6:CurrentFinancialInstruments2021-01-3103488300ns11:OrdinaryShareClass12022-01-3103488300ns6:RevaluationReserve2021-01-31
REGISTERED NUMBER: 03488300 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2022

FOR

INCA PROPERTIES LIMITED

INCA PROPERTIES LIMITED (REGISTERED NUMBER: 03488300)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


INCA PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2022







DIRECTOR: Mrs S Bird





REGISTERED OFFICE: The Maltings
Rosemary Lane
Halstead
Essex
CO9 1HZ





REGISTERED NUMBER: 03488300 (England and Wales)





ACCOUNTANTS: RE Group Accountants Limited
Chartered Certified Accountants
The Maltings
Rosemary Lane
Halstead
Essex
CO9 1HZ

INCA PROPERTIES LIMITED (REGISTERED NUMBER: 03488300)

BALANCE SHEET
31 JANUARY 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 725,000 725,000

CURRENT ASSETS
Debtors 5 1,500 30,754
Cash at bank 3,234 6,303
4,734 37,057
CREDITORS
Amounts falling due within one year 6 16,735 15,659
NET CURRENT (LIABILITIES)/ASSETS (12,001 ) 21,398
TOTAL ASSETS LESS CURRENT LIABILITIES 712,999 746,398

PROVISIONS FOR LIABILITIES 6,486 6,486
NET ASSETS 706,513 739,912

CAPITAL AND RESERVES
Called up share capital 7 2 2
Revaluation reserve 8 263,699 263,699
Retained earnings 442,812 476,211
SHAREHOLDERS' FUNDS 706,513 739,912

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

INCA PROPERTIES LIMITED (REGISTERED NUMBER: 03488300)

BALANCE SHEET - continued
31 JANUARY 2022


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 July 2022 and were signed by:





Mrs S Bird - Director


INCA PROPERTIES LIMITED (REGISTERED NUMBER: 03488300)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022

1. STATUTORY INFORMATION

Inca Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents net invoiced rents charged, excluding value added tax.

When the outcome of a transaction can be estimated reliably, turnover from the rendering of services is recognised by reference to the stage of completion at the balance sheet date.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2021 - 1 ) .

INCA PROPERTIES LIMITED (REGISTERED NUMBER: 03488300)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2022

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2021
and 31 January 2022 725,000
NET BOOK VALUE
At 31 January 2022 725,000
At 31 January 2021 725,000

The investment property is currently shown at fair value. The valuation was carried out by professional valuers for probate purposes.

Fair value at 31 January 2022 is represented by:
£   
Valuation in 2010 178,014
Valuation in 2015 211,172
Valuation in 2017 (119,000 )
Cost 454,814
725,000

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Amounts owed by group undertakings 1,500 -
Other debtors - 30,754
1,500 30,754

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade creditors 7,272 -
Amounts owed to group undertakings - 107
Tax 141 5,565
Social security and other taxes - 512
VAT 3,197 4,320
Directors' current accounts 466 -
Accrued expenses 5,659 5,155
16,735 15,659

7. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2022 2021
value: £    £   
2 Share capital 1 1 2 2

INCA PROPERTIES LIMITED (REGISTERED NUMBER: 03488300)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2022

8. RESERVES
Revaluation
reserve
£   
At 1 February 2021
and 31 January 2022 263,699