Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-04-01falseNo description of principal activity2truetrue 11875341 2023-04-01 2024-03-31 11875341 2022-04-01 2023-03-31 11875341 2024-03-31 11875341 2023-03-31 11875341 c:Director1 2023-04-01 2024-03-31 11875341 d:MotorVehicles 2023-04-01 2024-03-31 11875341 d:MotorVehicles 2024-03-31 11875341 d:MotorVehicles 2023-03-31 11875341 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 11875341 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 11875341 d:FurnitureFittings 2023-04-01 2024-03-31 11875341 d:FurnitureFittings 2024-03-31 11875341 d:FurnitureFittings 2023-03-31 11875341 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 11875341 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 11875341 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 11875341 d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 11875341 d:CurrentFinancialInstruments 2024-03-31 11875341 d:CurrentFinancialInstruments 2023-03-31 11875341 d:Non-currentFinancialInstruments 2024-03-31 11875341 d:Non-currentFinancialInstruments 2023-03-31 11875341 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 11875341 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 11875341 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 11875341 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 11875341 d:ShareCapital 2024-03-31 11875341 d:ShareCapital 2023-03-31 11875341 d:RetainedEarningsAccumulatedLosses 2024-03-31 11875341 d:RetainedEarningsAccumulatedLosses 2023-03-31 11875341 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 11875341 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 11875341 c:FRS102 2023-04-01 2024-03-31 11875341 c:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 11875341 c:FullAccounts 2023-04-01 2024-03-31 11875341 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 11875341 d:HirePurchaseContracts d:WithinOneYear 2024-03-31 11875341 d:HirePurchaseContracts d:WithinOneYear 2023-03-31 11875341 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-03-31 11875341 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-03-31 11875341 2 2023-04-01 2024-03-31 11875341 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 11875341










INKED OSTEO LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
INKED OSTEO LIMITED
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF INKED OSTEO LIMITED
FOR THE YEAR ENDED 31 MARCH 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Inked Osteo Limited for the year ended 31 March 2024 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the director of Inked Osteo Limited in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Inked Osteo Limited and state those matters that we have agreed to state to the director of Inked Osteo Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Inked Osteo Limited and its director for our work or for this report. 

It is your duty to ensure that Inked Osteo Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Inked Osteo Limited. You consider that Inked Osteo Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Inked Osteo Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



MWS Chartered Accountants
 
601 London Road
Westcliff-On-Sea
Essex
SS0 9PE
18 July 2024
Page 1

 
INKED OSTEO LIMITED
REGISTERED NUMBER: 11875341

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
40,117
40,260

  
40,117
40,260

Current assets
  

Debtors: amounts falling due within one year
 5 
9,897
2,743

Cash at bank and in hand
 6 
51,325
62,299

  
61,222
65,042

Creditors: amounts falling due within one year
 7 
(18,240)
(12,372)

Net current assets
  
 
 
42,982
 
 
52,670

Total assets less current liabilities
  
83,099
92,930

Creditors: amounts falling due after more than one year
 8 
(19,232)
(23,530)

Provisions for liabilities
  

Deferred tax
 10 
(3,726)
(7,649)

  
 
 
(3,726)
 
 
(7,649)

Net assets
  
60,141
61,751


Capital and reserves
  

Called up share capital 
  
10
10

Profit and loss account
  
60,131
61,741

  
60,141
61,751


Page 2

 
INKED OSTEO LIMITED
REGISTERED NUMBER: 11875341

BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 July 2024.




A. Masters
Director

The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
INKED OSTEO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Inked Osteo Limited is a company limited by shares and was incorporated in England and Wales. 
The registered office is:
591 London Road,
Westcliff-on-Sea,
Essex,
SS0 9PQ.
The company registered number is 11875341. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
INKED OSTEO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
INKED OSTEO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
Reducing Balance
Fixtures and fittings
-
20%
Reducing Balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 6

 
INKED OSTEO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Employees

2024
£

Wages and salaries
16,599

Social security costs
180

Cost of defined contribution scheme
54

16,833


The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


4.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 April 2023
34,540
18,457
52,997


Additions
-
10,673
10,673



At 31 March 2024

34,540
29,130
63,670



Depreciation


At 1 April 2023
7,196
5,541
12,737


Charge for the year on owned assets
-
3,980
3,980


Charge for the year on financed assets
6,836
-
6,836



At 31 March 2024

14,032
9,521
23,553



Net book value



At 31 March 2024
20,508
19,609
40,117



At 31 March 2023
27,344
12,916
40,260


5.


Debtors

2024
2023
£
£


Trade debtors
-
2,609

Other debtors
9,897
134

9,897
2,743

Page 7

 
INKED OSTEO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.Debtors (continued)



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
51,325
62,299

51,325
62,299



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
2,180
2,435

Corporation tax
11,619
5,728

Obligations under finance lease and hire purchase contracts
4,299
3,771

Directors loan account
142
438

18,240
12,372



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
19,232
23,530

19,232
23,530



9.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
4,299
3,771

Between 1-5 years
19,232
23,530

23,531
27,301


10.


Deferred taxation

Page 8

 
INKED OSTEO LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
10.Deferred taxation (continued)




2024


£






At beginning of year
(7,650)


Utilised in year
3,924



At end of year
(3,726)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
3,726
7,650

3,726
7,650


11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £54 (2023 - £Nil) . Contributions totalling £143 (2023 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.


12.


Related party transactions

During the year dividends of £50,500 (2023: £53,450) were paid to the director.
During the year the company entered into the following transactions with P&W Masters, a partnership whose members are the parents of A. Masters:
Profit and loss account:
Rent £5,837 (2023 £9,188)


Page 9