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COMPANY REGISTRATION NUMBER: 08028966
Innception Limited
Unaudited Financial Statements
31 March 2024
Innception Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Director's report
1
Statement of income and retained earnings
2
Statement of financial position
3
Notes to the financial statements
4
Innception Limited
Director's Report
Year ended 31 March 2024
The director presents her report and the unaudited financial statements of the company for the year ended 31 March 2024 .
Director
The director who served the company during the year was as follows:
Ms S Donaldson
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 5 August 2024 and signed on behalf of the board by:
Ms S Donaldson
Director
Registered office:
Suites C
The Quadrant
99 Parkway Avenue
Sheffield
South Yorkshire
S9 4WG
Innception Limited
Statement of Income and Retained Earnings
Year ended 31 March 2024
2024
2023
Note
£
£
Turnover
9,001
1,296
-------
-------
Gross profit
9,001
1,296
Administrative expenses
32,641
32,680
--------
--------
Operating loss
( 23,640)
( 31,384)
Interest payable and similar expenses
8,517
7,336
--------
--------
Loss before taxation
( 32,157)
( 38,720)
Tax on loss
--------
--------
Loss for the financial year and total comprehensive income
( 32,157)
( 38,720)
--------
--------
Dividends paid and payable
( 13,676)
Retained earnings at the start of the year
541,353
593,749
---------
---------
Retained earnings at the end of the year
509,196
541,353
---------
---------
All the activities of the company are from continuing operations.
Innception Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Current assets
Debtors
5
593,152
588,893
Cash at bank and in hand
23,014
99,796
---------
---------
616,166
688,689
Creditors: amounts falling due within one year
6
20,204
20,569
---------
---------
Net current assets
595,962
668,120
---------
---------
Total assets less current liabilities
595,962
668,120
Creditors: amounts falling due after more than one year
7
86,666
126,667
---------
---------
Net assets
509,296
541,453
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
509,196
541,353
---------
---------
Shareholders funds
509,296
541,453
---------
---------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 5 August 2024 , and are signed on behalf of the board by:
Ms S Donaldson
Director
Company registration number: 08028966
Innception Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suites C, The Quadrant, 99 Parkway Avenue, Sheffield, South Yorkshire, S9 4WG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
-
25% reducing balance
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. Compound instruments Compound instruments comprise both a liability and an equity component. At date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar debt instrument. The liability component is accounted for as a financial liability. The residual is the difference between the net proceeds of issue and the liability component (at time of issue). The residual is the equity component, which is accounted for as an equity instrument. The interest expense on the liability component is calculated applying the effective interest rate for the liability component of the instrument. The difference between this amount and any repayments is added to the carrying amount of the liability in the balance sheet.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Debtors
2024
2023
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
593,152
588,152
Other debtors
741
---------
---------
593,152
588,893
---------
---------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
11,650
11,649
Social security and other taxes
6,723
7,111
Other creditors
1,831
1,809
--------
--------
20,204
20,569
--------
--------
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
86,666
126,667
--------
---------
8. Financial instruments
For financial instruments measured at fair value, the basis for determining fair value must be disclosed. When a valuation technique is used, the assumptions applied in determining fair value for each class of financial assets or financial liabilities must be disclosed. If a reliable measure of fair value is no longer available for ordinary or preference shares measured at fair value through profit or loss, this must also be disclosed.
9. Related party transactions
The company was under the control of Ms S Donaldson throughout the current and previous year. Ms S Donaldson is the managing director and majority shareholder.