Registered number
11686880
Incus Latam Ltd
Unaudited Filleted Accounts
30 November 2023
Incus Latam Ltd
Registered number: 11686880
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 11,700 14,040
Tangible assets 4 869 907
12,569 14,947
Current assets
Debtors 5 47,850 45,740
Cash at bank and in hand 16 257
47,866 45,997
Creditors: amounts falling due within one year 6 (39,825) (42,121)
Net current assets 8,041 3,876
Total assets less current liabilities 20,610 18,823
Creditors: amounts falling due after more than one year 7 (18,149) (14,649)
Provisions for liabilities (165) (172)
Net assets 2,296 4,002
Capital and reserves
Called up share capital 4 4
Profit and loss account 2,292 3,998
Shareholders' funds 2,296 4,002
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr A Maxwell
Director
Approved by the board on 30 August 2024
Incus Latam Ltd
Notes to the Accounts
for the year ended 30 November 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). The financial statements are presented in sterling which is the functional currency of the company and are rounded to the nearest £.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 4 years
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable and payable within one year are recorded at transaction price. Any losses from impairment are recognised in the profit and loss account in other administrative expenses.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 December 2022 23,400
At 30 November 2023 23,400
Amortisation
At 1 December 2022 9,360
Provided during the year 2,340
At 30 November 2023 11,700
Net book value
At 30 November 2023 11,700
At 30 November 2022 14,040
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2022 2,809
Additions 519
At 30 November 2023 3,328
Depreciation
At 1 December 2022 1,902
Charge for the year 557
At 30 November 2023 2,459
Net book value
At 30 November 2023 869
At 30 November 2022 907
5 Debtors 2023 2022
£ £
Other debtors 47,850 45,740
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts - 4,664
Trade creditors 16,736 16,434
Taxation and social security costs 23,089 21,023
39,825 42,121
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 18,149 14,649
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Directors
Interest charged at the HMRC official rate, repayable on demand 38,260 32,681 (31,575) 39,366
38,260 32,681 (31,575) 39,366
9 Other information
Incus Latam Ltd is a private company limited by shares and incorporated in England. Its registered office is:
15 Trafalgar Road
Exeter
Devon
EX2 7GF
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