Registered number
10604561
Ince.IO Limited
Filleted Accounts
30 June 2023
Ince.IO Limited
Registered number: 10604561
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 12,541 11,744
Current assets
Debtors 4 15,848 4,000
Cash at bank and in hand 14,176 75,823
30,024 79,823
Creditors: amounts falling due within one year 5 (10,765) (31,461)
Net current assets 19,259 48,362
Net assets 31,800 60,106
Capital and reserves
Called up share capital 100 100
Profit and loss account 31,700 60,006
Shareholders' funds 31,800 60,106
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Can Ince
Director
Approved by the board on 12 September 2023
Ince.IO Limited
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2022 15,068
Additions 3,180
At 30 June 2023 18,248
Depreciation
At 1 July 2022 3,324
Charge for the year 2,383
At 30 June 2023 5,707
Net book value
At 30 June 2023 12,541
At 30 June 2022 11,744
4 Debtors 2023 2022
£ £
Customers 15,826 4,000
Gear4music 22 -
15,848 4,000
5 Creditors: amounts falling due within one year 2023 2022
£ £
Suppliers 496 944
Taxation and social security costs 10,270 30,517
Other creditors (1) -
10,765 31,461
6 Other information
Ince.IO Limited is a private company limited by shares and incorporated in England. Its registered office is:
565 Green Lanes
Haringey
London
N8 0RL
Ince.IO Limited 10604561 false 2022-07-01 2023-06-30 2023-06-30 VT Final Accounts April 2022 Mr Can Ince No description of principal activity 10604561 2021-07-01 2022-06-30 10604561 core:WithinOneYear 2022-06-30 10604561 core:ShareCapital 2022-06-30 10604561 core:RetainedEarningsAccumulatedLosses 2022-06-30 10604561 2022-07-01 2023-06-30 10604561 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 10604561 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 10604561 bus:Director40 2022-07-01 2023-06-30 10604561 1 2022-07-01 2023-06-30 10604561 2 2022-07-01 2023-06-30 10604561 core:PlantMachinery 2022-07-01 2023-06-30 10604561 countries:England 2022-07-01 2023-06-30 10604561 bus:FRS102 2022-07-01 2023-06-30 10604561 bus:FullAccounts 2022-07-01 2023-06-30 10604561 2023-06-30 10604561 core:WithinOneYear 2023-06-30 10604561 core:ShareCapital 2023-06-30 10604561 core:RetainedEarningsAccumulatedLosses 2023-06-30 10604561 core:PlantMachinery 2023-06-30 10604561 2022-06-30 10604561 core:PlantMachinery 2022-06-30 iso4217:GBP xbrli:pure