Incor North Ltd 13963736 false 2022-03-08 2023-03-31 2023-03-31 The principal activity of the company is letting of investment property. Digita Accounts Production Advanced 6.30.9574.0 true true 13963736 2022-03-08 2023-03-31 13963736 2023-03-31 13963736 core:RetainedEarningsAccumulatedLosses 2023-03-31 13963736 core:ShareCapital 2023-03-31 13963736 core:SharePremium 2023-03-31 13963736 core:CurrentFinancialInstruments 2023-03-31 13963736 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 13963736 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 13963736 core:FurnitureFittingsToolsEquipment 2023-03-31 13963736 bus:SmallEntities 2022-03-08 2023-03-31 13963736 bus:AuditExemptWithAccountantsReport 2022-03-08 2023-03-31 13963736 bus:FullAccounts 2022-03-08 2023-03-31 13963736 bus:SmallCompaniesRegimeForAccounts 2022-03-08 2023-03-31 13963736 bus:RegisteredOffice 2022-03-08 2023-03-31 13963736 bus:Director1 2022-03-08 2023-03-31 13963736 bus:PrivateLimitedCompanyLtd 2022-03-08 2023-03-31 13963736 core:FurnitureFittingsToolsEquipment 2022-03-08 2023-03-31 13963736 core:PlantMachinery 2022-03-08 2023-03-31 13963736 countries:EnglandWales 2022-03-08 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 13963736

Incor North Ltd

Unaudited Filleted Financial Statements

for the Period from 8 March 2022 to 31 March 2023

 

Incor North Ltd

(Registration number: 13963736)
Balance Sheet as at 31 March 2023

Note

2023
£

Fixed assets

 

Tangible assets

4

687

Investment property

5

3,083,248

 

3,083,935

Current assets

 

Debtors

6

3,873

Cash at bank and in hand

 

105,528

 

109,401

Creditors: Amounts falling due within one year

7

(165,750)

Net current liabilities

 

(56,349)

Total assets less current liabilities

 

3,027,586

Creditors: Amounts falling due after more than one year

7

(1,846,531)

Provisions for liabilities

(62)

Net assets

 

1,180,993

Capital and reserves

 

Called up share capital

8

199

Share premium reserve

1,199,448

Profit and loss account

(18,654)

Shareholders' funds

 

1,180,993

For the financial period ending 31 March 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 period 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 November 2023 and signed on its behalf by:
 


Mr T J Birch
Director

 

Incor North Ltd

Notes to the Unaudited Financial Statements for the Period from 8 March 2022 to 31 March 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:
Apartment 9,
77-85 Barlow Moor Road
Manchester
M20 2GN

2

Accounting policies

Basis of preparation

These financial statements have been prepared using the historical cost convention in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

The presentation currency is sterling.

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises rental income received or receivable in the ordinary course of the company's activities.

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.

Tax policies

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.
 

Deferred Tax
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated at cost, less any subsequent accumulated depreciation and 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 over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and equipment

25% straight line

 

Incor North Ltd

Notes to the Unaudited Financial Statements for the Period from 8 March 2022 to 31 March 2023

Investment property

Investment property is measured at fair value at each reporting date with changes in fair value recognised in the profit and loss account.

Cash

Cash comprises cash on hand and all deposits.

Debtors

Debtors are amounts due from tenants for rent receivable and other associated letting fees in the ordinary course of the business.

Debtors are recognised at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due.

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.

Trade creditors are recognised at the transaction price.

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.

3

Staff numbers

The average number of persons employed by the company during the period was 0.

 

Incor North Ltd

Notes to the Unaudited Financial Statements for the Period from 8 March 2022 to 31 March 2023

4

Tangible assets

Plant and equipment
 £

Total
£

Cost

Additions

749

749

At 31 March 2023

749

749

Depreciation

Charge for the period

62

62

At 31 March 2023

62

62

Net book value

At 31 March 2023

687

687

5

Investment property

2023
£

Additions (at cost)

3,083,248

At 31 March

3,083,248

The directors have reviewed the market value of the properties using current market data for similar properties in the same areas and consider that there is no significant change at the balance sheet date.

6

Debtors

2023
£

Trade debtors

381

Prepayments

3,492

 

3,873

 

Incor North Ltd

Notes to the Unaudited Financial Statements for the Period from 8 March 2022 to 31 March 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

Due within one year

Trade creditors

1,983

Taxation and social security

9,362

Other creditors

17,486

Directors' loans

126,372

Accruals

10,547

165,750

Creditors: amounts falling due after more than one year

2023
£

Due after one year

Bank loans

1,846,531

Creditors include bank loans which are secured against the properties they relate to or by a negative pledge against the company's assets in the sum of £1,846,531. Within this amount are bank loans in the sum of £1,515,211 which are repayable after more than five years, other than by instalments.

8

Share capital

Allotted, called up and fully paid shares

 

2023

 

No.

£

Ordinary class A of £0.01 each

9,850

98.50

Ordinary class B of £0.01 each

9,850

98.50

Ordinary class C of £0.01 each

10

0.10

Ordinary class D of £0.01 each

10

0.10

Ordinary class E of £0.01 each

10

0.10

Ordinary class F of £0.01 each

10

0.10

Ordinary class G of £0.01 each

10

0.10

Ordinary class H of £0.01 each

10

0.10

Ordinary class I of £0.01 each

10

0.10

Ordinary class J of £0.01 each

10

0.10

Ordinary class K of £0.01 each

10

0.10

Ordinary class L of £0.01 each

10

0.10

Ordinary class M of £0.01 each

10

0.10

Ordinary class N of £0.01 each

10

0.10

Ordinary class O of £0.01 each

10

0.10

Ordinary class P of £0.01 each

10

0.10

Ordinary class Q of £0.01 each

10

0.10

 

19,850

198.50

 

Incor North Ltd

Notes to the Unaudited Financial Statements for the Period from 8 March 2022 to 31 March 2023

9

Related party transactions

Directors' loan

The directors' provided the company with a loan on which interest was charged at a market rate.

Other related party transactions

The company has purchased an investment property business from the directors on 31 March 2022 at market value via a sale and purchase agreement.