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Company Registration No. NI641058 (Northern Ireland)
Inclutech Ltd Unaudited accounts for the year ended 31 March 2024
Inclutech Ltd Unaudited accounts Contents
Page
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Inclutech Ltd Company Information for the year ended 31 March 2024
Directors
Leslie Hume Rebecca Amy Hume
Company Number
NI641058 (Northern Ireland)
Registered Office
The Mount Business Centre Woodstock Link Belfast BT6 8DD Northern Ireland
Accountants
Collective Concepts Accounting Ltd
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Inclutech Ltd Statement of financial position as at 31 March 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Intangible assets
347,809 
65,734 
Tangible assets
9,968 
- 
Investments
270 
- 
358,047 
65,734 
Current assets
Debtors
53,272 
4,599 
Cash at bank and in hand
46,337 
8,592 
99,609 
13,191 
Creditors: amounts falling due within one year
(44,380)
(2,459)
Net current assets
55,229 
10,732 
Total assets less current liabilities
413,276 
76,466 
Creditors: amounts falling due after more than one year
- 
(50,000)
Net assets
413,276 
26,466 
Capital and reserves
Called up share capital
108 
1 
Share premium
110,264 
- 
Profit and loss account
302,904 
26,465 
Shareholders' funds
413,276 
26,466 
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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 10 September 2024 and were signed on its behalf by
Rebecca Amy Hume Director Company Registration No. NI641058
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Inclutech Ltd Notes to the Accounts for the year ended 31 March 2024
1
Statutory information
Inclutech Ltd is a private company, limited by shares, registered in Northern Ireland, registration number NI641058. The registered office is The Mount Business Centre, Woodstock Link, Belfast, BT6 8DD, Northern Ireland.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard. These financial statements for the year ended 31 March 2024 are the first financial statements of Inclutech Ltd prepared in accordance with FRS 102. The financial statements for the year ended 31 March 2023 were prepared in accordance with FRS 105.
3
Accounting policies
These financial statements for the year ended 31 March 2024 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 April 2022
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
20% straight line
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Research and development
Expenditure on new product development, which meets the criteria within section 18 of FRS102 for deferral to future period, is capitalised as an intangible fixed asset and amortised from the date on which the asset is available for use. Development activities involve a plan or design for the production of new or substantially improved products or processes. The expenditure capitalised include direct labour and an appropriate portion of subcontractors and software expenses. General expenditure on research and development which does not meet the criteria is written off in the year in which it is incurred.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
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Inclutech Ltd Notes to the Accounts for the year ended 31 March 2024
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 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.
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation. Amortised over 10 years
4
Intangible fixed assets
Other 
£ 
Cost
At 1 April 2023
73,038 
Additions
329,648 
At 31 March 2024
402,686 
Amortisation
At 1 April 2023
7,304 
Charge for the year
47,573 
At 31 March 2024
54,877 
Net book value
At 31 March 2024
347,809 
At 31 March 2023
65,734 
5
Tangible fixed assets
Computer equipment 
£ 
Cost or valuation
At cost 
At 1 April 2023
- 
Additions
11,668 
At 31 March 2024
11,668 
Depreciation
Charge for the year
1,700 
At 31 March 2024
1,700 
Net book value
At 31 March 2024
9,968 
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Inclutech Ltd Notes to the Accounts for the year ended 31 March 2024
6
Investments
Subsidiary undertakings 
£ 
Valuation at 1 April 2023
- 
Additions
270 
Valuation at 31 March 2024
270 
The company had interests in the following subsidiary, Tapsos Ltd. The proportion of shares held is 100%, the country of incorporation is UK and the nature of business is a business and domestic software development.
7
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Amounts due from group undertakings etc.
3,788 
1,876 
Accrued income and prepayments
684 
- 
Other debtors
48,800 
2,723 
53,272 
4,599 
8
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
VAT
15,190 
(1,850)
Trade creditors
8,207 
1,759 
Taxes and social security
11,253 
(597)
Other creditors
6,109 
1,647 
Loans from directors
1,921 
- 
Accruals
1,700 
1,500 
44,380 
2,459 
9
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Other creditors
- 
50,000 
10
Average number of employees
During the year the average number of employees was 7 (2023: 1).
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Inclutech Ltd Notes to the Accounts for the year ended 31 March 2024
11
Reconciliations on adoption of FRS 102
Reconciliation of profit or loss for the year
31 March 2023 
£ 
Profit for the year (as previously stated)
(39,269)
Wages & salaries
10,620 
Software costs
62,418 
Amortisation
(7,304)
Profit for the year (as restated)
26,465 
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