Company Registration No. 11365139 (England and Wales)
INCI EXPRESS LTD
Unaudited accounts
for the year ended 31 May 2023
INCI EXPRESS LTD
Unaudited accounts
Contents
INCI EXPRESS LTD
Company Information
for the year ended 31 May 2023
Company Number
11365139 (England and Wales)
Registered Office
100 King Edwards Road
Edmonton
London
N9 7RP
England
Accountants
DNG Associates
214 Baker Street
Enfield
London
EN1 3JT
INCI EXPRESS LTD
Statement of financial position
as at 31 May 2023
Tangible assets
15,879
17,134
Cash at bank and in hand
23,161
2,420
Creditors: amounts falling due within one year
(27,350)
(16,383)
Net current assets
60,102
38,107
Total assets less current liabilities
75,981
55,241
Creditors: amounts falling due after more than one year
(4,723)
(6,523)
Called up share capital
100
100
Profit and loss account
71,158
48,618
Shareholders' funds
71,258
48,718
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 1 July 2023 and were signed on its behalf by
Mr E Genc
Director
Company Registration No. 11365139
INCI EXPRESS LTD
Notes to the Accounts
for the year ended 31 May 2023
INCI EXPRESS LTD is a private company, limited by shares, registered in England and Wales, registration number 11365139. The registered office is 100 King Edwards Road, Edmonton, London, N9 7RP, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
18% - reducing line method
Motor vehicles
6% - reducing line method
Fixtures & fittings
18% - reducing line method
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
INCI EXPRESS LTD
Notes to the Accounts
for the year ended 31 May 2023
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 1 June 2022
1,200
17,250
1,107
19,557
At 31 May 2023
1,200
17,250
1,107
19,557
At 1 June 2022
216
2,008
199
2,423
Charge for the year
177
915
163
1,255
At 31 May 2023
393
2,923
362
3,678
At 31 May 2023
807
14,327
745
15,879
At 31 May 2022
984
15,242
908
17,134
Amounts falling due within one year
Trade debtors
28,000
45,989
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
1,800
1,800
Taxes and social security
5,938
5,942
Loans from directors
19,047
8,330
7
Creditors: amounts falling due after more than one year
2023
2022
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
9
Transactions with related parties
Included within other creditors is an amount of £19,047 (2022;£8,330) due to its directors. There are no terms as to interest or repayment in respect of this balance.
10
Average number of employees
During the year the average number of employees was 2 (2022: 3).