Registered number
02415604
Inskip Gee Architects Limited
Filleted Accounts
30 November 2023
Inskip Gee Architects Limited
Registered number: 02415604
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 5,708 6,974
Current assets
Stock and work in progress 110,726 89,257
Debtors 4 94,184 22,532
Investments held as current assets 5 99,500 99,881
Cash at bank and in hand 59,192 85,821
363,602 297,491
Creditors: amounts falling due within one year 6 (159,651) (245,417)
Net current assets 203,951 52,074
Net assets 209,659 59,048
Capital and reserves
Called up share capital 5,500 5,500
Capital redemption reserve 4,500 4,500
Profit and loss account 199,659 49,048
Shareholders' funds 209,659 59,048
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.
P T Inskip S Gee
Director Director
Approved by the board on 27 August 2024
Inskip Gee Architects Limited
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).
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 sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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:
Leasehold land and buildings over the lease term
Computer equipment 25% reducing balance
Furniture fixtures and equipment 15% reducing balance
Motor vehicles 25% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stock and work in progress
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 13 10
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 December 2022 5,587 240,122 2,500 248,209
At 30 November 2023 5,587 240,122 2,500 248,209
Depreciation
At 1 December 2022 5,586 233,742 1,907 241,235
Charge for the year - 1,118 148 1,266
At 30 November 2023 5,586 234,860 2,055 242,501
Net book value
At 30 November 2023 1 5,262 445 5,708
At 30 November 2022 1 6,380 593 6,974
4 Debtors 2023 2022
£ £
Trade debtors 79,416 8,672
Other debtors 14,768 13,860
94,184 22,532
5 Investments held as current assets 2023 2022
£ £
Fair value
Listed investments 99,500 99,881
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 756 -
Taxation and social security costs 41,692 80,103
Other creditors 117,203 165,314
159,651 245,417
7 Controlling party
Mr P T Inskip is the ultimate controlling party by virtue of his ownership of the majority of the issued share capital of the company.
8 Other information
Inskip Gee Architects Limited is a private company limited by shares and incorporated in England. Its registered office address is 19 - 23 White Lion Street, London, N1 9PD
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