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REGISTERED NUMBER: SC364988 (Scotland)















Unaudited Financial Statements for the Year Ended 30 September 2023

for

Innes Associates Ltd

Innes Associates Ltd (Registered number: SC364988)






Contents of the Financial Statements
for the Year Ended 30 September 2023




Page

Balance Sheet 1

Notes to the Financial Statements 2


Innes Associates Ltd (Registered number: SC364988)

Balance Sheet
30 September 2023

30.9.23 30.9.22
Notes £    £   
FIXED ASSETS
Tangible assets 4 16,973 22,630

CURRENT ASSETS
Debtors 5 278,887 572,186
Cash at bank 164,749 275,407
443,636 847,593
CREDITORS
Amounts falling due within one year 6 (105,425 ) (514,036 )
NET CURRENT ASSETS 338,211 333,557
TOTAL ASSETS LESS CURRENT
LIABILITIES

355,184

356,187

PROVISIONS FOR LIABILITIES (3,225 ) (4,300 )
NET ASSETS 351,959 351,887

CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings 351,759 351,687
351,959 351,887

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 February 2024 and were signed on its behalf by:



Mr S I Thomson - Director


Innes Associates Ltd (Registered number: SC364988)

Notes to the Financial Statements
for the Year Ended 30 September 2023

1. STATUTORY INFORMATION

Innes Associates Ltd is a private company, limited by shares, domiciled in Scotland, registration number SC364988. The registered office is Algo Business Centre, Glenearn Road, Perth, PH2 0NJ.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of goods and services in respect of chartered building surveyors, excluding value added tax. Sales are recognised at the point at which the goods are delivered or the service is complete.

Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed assets are depreciated to nil value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Innes Associates Ltd (Registered number: SC364988)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

2. ACCOUNTING POLICIES - continued

Provisions
Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 10 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 October 2022
and 30 September 2023 44,399
DEPRECIATION
At 1 October 2022 21,769
Charge for year 5,657
At 30 September 2023 27,426
NET BOOK VALUE
At 30 September 2023 16,973
At 30 September 2022 22,630

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.23 30.9.22
£    £   
Trade debtors 261,562 534,544
Amounts owed by related parties 17,190 17,190
Other debtors 135 20,452
278,887 572,186

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.23 30.9.22
£    £   
Amounts owed to group undertakings - 145,000
Taxation and social security 103,090 365,439
Other creditors 2,335 3,597
105,425 514,036

Innes Associates Ltd (Registered number: SC364988)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

7. DIRECTORS' TRANSACTIONS

The following advances and credits to directors subsisted during the years ended 30 September 2023 and 30 September 2022:

30.9.23 30.9.22
£    £   
Mr S I Thomson
Balance outstanding at start of year 68 68
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 68 68

Mrs E M Thomson
Balance outstanding at start of year 67 67
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 67 67

8. RELATED PARTY DISCLOSURES

At the balance sheet date, the company was due £17,190 (2022: £17,190) from Eske Properties Limited in respect of a loan. Eske Properties Limited is a company controlled by S I and E M Thomson. The loan is interest free, unsecured and is payable on demand.