Company registration number 07351167 (England and Wales)
INCOMMSEC LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
INCOMMSEC LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
INCOMMSEC LTD (REGISTERED NUMBER: 07351167)
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
50,557
53,942
Current assets
Debtors
4
42,427
6,516
Cash at bank and in hand
105,500
152,642
147,927
159,158
Creditors: amounts falling due within one year
5
(125,248)
(100,221)
Net current assets
22,679
58,937
Total assets less current liabilities
73,236
112,879
Creditors: amounts falling due after more than one year
6
(65,431)
(74,208)
Provisions for liabilities
(6,498)
(10,249)
Net assets
1,307
28,422
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
1,207
28,322
Total equity
1,307
28,422
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
INCOMMSEC LTD (REGISTERED NUMBER: 07351167)
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2023
31 August 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 23 January 2024 and are signed on its behalf by:
Mr M Hainsworth
Director
INCOMMSEC LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 3 -
1
Accounting policies
Company information
Incommsec Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 19-21 Swan Street, West Malling, Kent, ME19 6JU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% reducing balance
Computer equipment
33% straight line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
INCOMMSEC LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.5
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.6
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
INCOMMSEC LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 5 -
3
Tangible fixed assets
Plant and machinery
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 September 2022 and 31 August 2023
2,136
8,140
64,494
74,770
Depreciation and impairment
At 1 September 2022
2,004
1,692
17,132
20,828
Depreciation charged in the year
33
2,713
639
3,385
At 31 August 2023
2,037
4,405
17,771
24,213
Carrying amount
At 31 August 2023
99
3,735
46,723
50,557
At 31 August 2022
132
6,448
47,362
53,942
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
25,402
5,269
Other debtors
17,025
1,247
42,427
6,516
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
3,349
4,745
Trade creditors
38,755
34,186
Taxation and social security
7,659
Other creditors
83,144
53,631
125,248
100,221
INCOMMSEC LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 6 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
28,222
30,176
Other creditors
37,209
44,032
65,431
74,208
7
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
6,824
6,823
In two to five years
37,209
44,032
44,033
50,855
Finance lease payments represent rentals payable by the company for motor vehicles. Leases include purchase options at the end of the lease period. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
45
45
45
45
Ordinary B shares of £1 each
45
45
45
45
Ordinary C shares of £1 each
10
10
10
10
100
100
100
100
9
Financial commitments, guarantees and contingent liabilities
During a previous year the company borrowed £50,000 from its bankers for a bounce back loan. As part of its loan scheme the UK government has guaranteed the advance and will pay the interest and fees for the first 12 months. The balance outstanding at the balance sheet date is £31,572
.
10
Directors' transactions
At the year end, included within other debtors, is a balance of £3,825 (2022: NIL) owed from the directors of the company. This balance is cleared shortly after the year end.