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Registration number: 01657524

Incatext Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 28 February 2023

 

Incatext Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 13

 

Incatext Limited

Company Information

Directors

D V B Higgins

G E Higgins

V Y B Sinclair

M A Hill

Company secretary

D V B Higgins

Registered office

Spencer House
Morston Court
Aisecome Way
Weston-super-Mare
North Somerset
BS22 8NG

Accountants

Burton Sweet Limited
Chartered Accountants and Business Advisers
Spencer House
Morston Court
Aisecome Way
Weston-super-Mare
North Somerset
BS22 8NG

 

Incatext Limited

(Registration number: 01657524)
Balance Sheet
28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

28,400

-

Tangible assets

5

516,459

536,368

 

544,859

536,368

Current assets

 

Stocks

6

534,500

495,000

Debtors

7

530,124

497,446

Cash at bank and in hand

 

5,355

142,243

 

1,069,979

1,134,689

Creditors: Amounts falling due within one year

8

(1,065,353)

(967,843)

Net current assets

 

4,626

166,846

Total assets less current liabilities

 

549,485

703,214

Creditors: Amounts falling due after more than one year

8

(166,771)

(318,630)

Net assets

 

382,714

384,584

Capital and reserves

 

Called up share capital

10,000

10,000

Revaluation reserve

188,295

188,295

Retained earnings

184,419

186,289

Shareholders' funds

 

382,714

384,584

 

Incatext Limited

(Registration number: 01657524)
Balance Sheet
28 February 2023

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 17 November 2023 and signed on its behalf by:
 

.........................................
G E Higgins
Director

 

Incatext Limited

Notes to the Unaudited Financial Statements
Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Spencer House
Morston Court
Aisecome Way
Weston-super-Mare
North Somerset
BS22 8NG

These financial statements were authorised for issue by the Board on 17 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

 

Incatext Limited

Notes to the Unaudited Financial Statements
Year Ended 28 February 2023

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property (excluding land)

Zero and 3% Straight line

 

Incatext Limited

Notes to the Unaudited Financial Statements
Year Ended 28 February 2023

Plant and machinery

15% Reducing balance

Fixtures, fittings and equipment

33% Reducing balance

Motor vehicles

25% Straight line

Computer

3 Years straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Development costs

Development expenditure incurred on an individual project is carried forward when its future recoverability can reasonably be regarded as assured. Any expenditure carried forward is amortised in line with the expected future sales from the related project.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% Straight line

Development costs

20% Straight line

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

 

Incatext Limited

Notes to the Unaudited Financial Statements
Year Ended 28 February 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

 

Incatext Limited

Notes to the Unaudited Financial Statements
Year Ended 28 February 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Incatext Limited

Notes to the Unaudited Financial Statements
Year Ended 28 February 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 26 (2022 - 27).

4

Intangible assets

Goodwill
 £

Development costs
£

Total
£

Cost or valuation

At 1 March 2022

13,114

136,124

149,238

Additions acquired separately

-

35,500

35,500

At 28 February 2023

13,114

171,624

184,738

Amortisation

At 1 March 2022

13,114

136,124

149,238

Amortisation charge

-

7,100

7,100

At 28 February 2023

13,114

143,224

156,338

Carrying amount

At 28 February 2023

-

28,400

28,400

 

Incatext Limited

Notes to the Unaudited Financial Statements
Year Ended 28 February 2023

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 March 2022

571,294

71,197

340,642

3,792

270,367

Additions

-

-

6,181

-

43,070

Disposals

-

-

-

-

(32,915)

At 28 February 2023

571,294

71,197

346,823

3,792

280,522

Depreciation

At 1 March 2022

131,690

69,316

301,803

2,528

215,587

Charge for the year

9,685

620

6,753

1,264

42,610

Eliminated on disposal

-

-

-

-

(24,687)

At 28 February 2023

141,375

69,936

308,556

3,792

233,510

Carrying amount

At 28 February 2023

429,919

1,261

38,267

-

47,012

At 28 February 2022

439,604

1,881

38,839

1,264

54,780

 

Incatext Limited

Notes to the Unaudited Financial Statements
Year Ended 28 February 2023

Total
£

Cost or valuation

At 1 March 2022

1,257,292

Additions

49,251

Disposals

(32,915)

At 28 February 2023

1,273,628

Depreciation

At 1 March 2022

720,924

Charge for the year

60,932

Eliminated on disposal

(24,687)

At 28 February 2023

757,169

Carrying amount

At 28 February 2023

516,459

At 28 February 2022

536,368

 

Incatext Limited

Notes to the Unaudited Financial Statements
Year Ended 28 February 2023

Included within the net book value of land and buildings above is £429,919 (2022 - £439,605) in respect of freehold land and buildings.
 

6

Stocks

2023
£

2022
£

Work in progress

102,500

76,000

Other inventories

432,000

419,000

534,500

495,000

7

Debtors

2023
£

2022
£

Trade debtors

492,966

466,679

Prepayments

32,886

30,767

Other debtors

4,272

-

530,124

497,446

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

104,686

111,157

Trade creditors

 

461,529

395,247

Taxation and social security

 

85,285

48,148

Other creditors

 

413,853

413,291

 

1,065,353

967,843

Due after one year

 

Loans and borrowings

9

166,771

318,630

 

Incatext Limited

Notes to the Unaudited Financial Statements
Year Ended 28 February 2023

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

145,403

99,699

Hire purchase contracts

21,368

18,931

Other borrowings

-

200,000

166,771

318,630

2023
£

2022
£

Current loans and borrowings

Bank borrowings

-

19,019

Bank overdrafts

32,139

26,124

Hire purchase contracts

24,079

26,014

Other borrowings

48,468

40,000

104,686

111,157

Bank borrowings

Barclays is denominated in £ with a nominal interest rate of 3.25%%, and the final instalment is due on 20 April 2029. The carrying amount at year end is £Nil (2022 - £112,209).

Barclays has a fixed charge over all property and assets.

Barclays is denominated in £ with a nominal interest rate of 5.25%%, and the final instalment is due on 20 July 2029. The carrying amount at year end is £Nil (2022 - £6,508).

Barclays has a fixed charge over all property and assets.