Company registration number 10610109 (England and Wales)
Ineco Solutions Limited
Unaudited financial statements
For the year ended 28 February 2023
Ineco Solutions Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
Ineco Solutions Limited
Statement of financial position
As at 28 February 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
4,520
5,650
Tangible assets
4
28,768
26,298
33,288
31,948
Current assets
Debtors
5
17,860
25,006
Cash at bank and in hand
28,167
35,940
46,027
60,946
Creditors: amounts falling due within one year
6
(62,347)
(66,301)
Net current liabilities
(16,320)
(5,355)
Total assets less current liabilities
16,968
26,593
Creditors: amounts falling due after more than one year
7
(18,619)
(26,565)
Provisions for liabilities
(5,500)
(3,700)
Net liabilities
(7,151)
(3,672)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(7,251)
(3,772)
Total equity
(7,151)
(3,672)

The director of the company has elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his 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.

Ineco Solutions Limited
Statement of financial position (continued)
As at 28 February 2023
28 February 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 10 October 2023
Mr M A Ryan
Director
Company Registration No. 10610109
Ineco Solutions Limited
Notes to the financial statements
For the year ended 28 February 2023
- 3 -
1
Accounting policies
Company information

Ineco Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Glades, Festival Way, Festival Park, Stoke-on-Trent, Staffordshire, ST1 5SQ.

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 measured at the fair value of the consideration received or receivable, after discounts, returns and rebates, excluding value added tax and other sales taxes.

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
Intangible fixed assets - goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of ten years.

1.4
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:

Fixtures and fittings
20% on reducing balance
Computers equipment
33% on reducing balance
Motor vehicles
25% on reducing balance

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.

1.5
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.

Ineco Solutions Limited
Notes to the financial statements (continued)
For the year ended 28 February 2023
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 statement of financial position 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.

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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Ineco Solutions Limited
Notes to the financial statements (continued)
For the year ended 28 February 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, 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.

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 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 income statement 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 income statement, 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.

Ineco Solutions Limited
Notes to the financial statements (continued)
For the year ended 28 February 2023
1
Accounting policies
(Continued)
- 6 -
1.9
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.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

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

2023
2022
Number
Number
Total
8
8
3
Intangible fixed assets
Goodwill
£
Cost
At 1 March 2022 and 28 February 2023
11,300
Amortisation and impairment
At 1 March 2022
5,650
Amortisation charged for the year
1,130
At 28 February 2023
6,780
Carrying amount
At 28 February 2023
4,520
At 28 February 2022
5,650
Ineco Solutions Limited
Notes to the financial statements (continued)
For the year ended 28 February 2023
- 7 -
4
Tangible fixed assets
Fixtures and fittings
Computers equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 March 2022
2,446
625
54,700
57,771
Additions
-
0
-
0
12,000
12,000
At 28 February 2023
2,446
625
66,700
69,771
Depreciation and impairment
At 1 March 2022
1,444
542
29,487
31,473
Depreciation charged in the year
200
27
9,303
9,530
At 28 February 2023
1,644
569
38,790
41,003
Carrying amount
At 28 February 2023
802
56
27,910
28,768
At 28 February 2022
1,002
83
25,213
26,298
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
17,860
23,920
Other debtors
-
0
1,086
17,860
25,006
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
7,945
7,749
Taxation and social security
11,760
16,051
Other creditors
42,642
42,501
62,347
66,301
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
18,619
26,565
2023-02-282022-03-01false10 October 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityMr Marc Adam Ryan106101092022-03-012023-02-28106101092023-02-28106101092022-02-2810610109core:Goodwill2023-02-2810610109core:Goodwill2022-02-2810610109core:FurnitureFittings2023-02-2810610109core:ComputerEquipment2023-02-2810610109core:MotorVehicles2023-02-2810610109core:FurnitureFittings2022-02-2810610109core:ComputerEquipment2022-02-2810610109core:MotorVehicles2022-02-2810610109core:CurrentFinancialInstrumentscore:WithinOneYear2023-02-2810610109core:CurrentFinancialInstrumentscore:WithinOneYear2022-02-2810610109core:Non-currentFinancialInstrumentscore:AfterOneYear2023-02-2810610109core:Non-currentFinancialInstrumentscore:AfterOneYear2022-02-2810610109core:CurrentFinancialInstruments2023-02-2810610109core:CurrentFinancialInstruments2022-02-2810610109core:ShareCapital2023-02-2810610109core:ShareCapital2022-02-2810610109core:RetainedEarningsAccumulatedLosses2023-02-2810610109core:RetainedEarningsAccumulatedLosses2022-02-2810610109bus:Director12022-03-012023-02-2810610109core:Goodwill2022-03-012023-02-2810610109core:FurnitureFittings2022-03-012023-02-2810610109core:ComputerEquipment2022-03-012023-02-2810610109core:MotorVehicles2022-03-012023-02-28106101092021-03-012022-02-2810610109core:Goodwill2022-02-2810610109core:FurnitureFittings2022-02-2810610109core:ComputerEquipment2022-02-2810610109core:MotorVehicles2022-02-28106101092022-02-2810610109core:WithinOneYear2023-02-2810610109core:WithinOneYear2022-02-2810610109core:Non-currentFinancialInstruments2023-02-2810610109core:Non-currentFinancialInstruments2022-02-2810610109bus:PrivateLimitedCompanyLtd2022-03-012023-02-2810610109bus:SmallCompaniesRegimeForAccounts2022-03-012023-02-2810610109bus:FRS1022022-03-012023-02-2810610109bus:AuditExemptWithAccountantsReport2022-03-012023-02-2810610109bus:FullAccounts2022-03-012023-02-28xbrli:purexbrli:sharesiso4217:GBP