Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31false2023-01-01falseNo description of principal activity55falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03250985 2023-01-01 2023-12-31 03250985 2022-01-01 2022-12-31 03250985 2023-12-31 03250985 2022-12-31 03250985 c:Director1 2023-01-01 2023-12-31 03250985 d:OfficeEquipment 2023-01-01 2023-12-31 03250985 d:OfficeEquipment 2023-12-31 03250985 d:OfficeEquipment 2022-12-31 03250985 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03250985 d:CurrentFinancialInstruments 2023-12-31 03250985 d:CurrentFinancialInstruments 2022-12-31 03250985 d:Non-currentFinancialInstruments 2023-12-31 03250985 d:Non-currentFinancialInstruments 2022-12-31 03250985 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 03250985 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 03250985 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 03250985 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 03250985 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 03250985 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 03250985 d:ShareCapital 2023-12-31 03250985 d:ShareCapital 2022-12-31 03250985 d:RetainedEarningsAccumulatedLosses 2023-12-31 03250985 d:RetainedEarningsAccumulatedLosses 2022-12-31 03250985 c:FRS102 2023-01-01 2023-12-31 03250985 c:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 03250985 c:FullAccounts 2023-01-01 2023-12-31 03250985 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03250985 6 2023-01-01 2023-12-31 03250985 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 03250985









INCREDIBLES LIMITED








FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
INCREDIBLES LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF INCREDIBLES LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Incredibles Limited for the year ended 31 December 2023 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 Board of directors of Incredibles Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Incredibles Limited and state those matters that we have agreed to state to the Board of directors of Incredibles Limited, as a body, 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 Incredibles Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Incredibles 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 Incredibles Limited. You consider that Incredibles 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 Incredibles 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.

  



Sara Graff & Co
 
Chartered Accountants
  
28 Minchenden Crescent
London
N14 7EL
11 September 2024
Page 1

 
INCREDIBLES LIMITED
REGISTERED NUMBER: 03250985

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,482
933

Investments
 5 
100
100

  
1,582
1,033

Current assets
  

Stocks
  
598,286
793,941

Debtors: amounts falling due within one year
 7 
557,636
570,750

Cash at bank and in hand
 8 
185,797
133,394

  
1,341,719
1,498,085

Creditors: amounts falling due within one year
 9 
(505,138)
(562,821)

Net current assets
  
 
 
836,581
 
 
935,264

Total assets less current liabilities
  
838,163
936,297

Creditors: amounts falling due after more than one year
 10 
(149,903)
(258,820)

  

Net assets
  
688,260
677,477


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
688,160
677,377

  
688,260
677,477


The directors consider 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 directors acknowledge their 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.

Page 2

 
INCREDIBLES LIMITED
REGISTERED NUMBER: 03250985
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 September 2024.




Gabrielle Julia Kamlani
Director

The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
INCREDIBLES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The company is a private company limited by shares, incorporated in England.  The company's registered office is 28 Minchenden Crescent, London N14 7EL.

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

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 4

 
INCREDIBLES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
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.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

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.

 
2.7

Taxation

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.

Page 5

 
INCREDIBLES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
33%

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.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

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.

 
2.12

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.

Page 6

 
INCREDIBLES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2022 - 5).


4.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 January 2023
16,813


Additions
1,291



At 31 December 2023

18,104



Depreciation


At 1 January 2023
15,881


Charge for the year on owned assets
741



At 31 December 2023

16,622



Net book value



At 31 December 2023
1,482



At 31 December 2022
933

Page 7

 
INCREDIBLES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
100



At 31 December 2023
100





6.


Subsidiary company

Incredibles BV is a 100% subsidiary of Incredibles Ltd.  The company was incorporated in the Netherlands in October 2020 to protect the business from the negative implications of the departure of the United Kingdom from the EU.  The company has taken over all revenue from business generated within the EU.







7.


Debtors

2023
2022
£
£


Trade debtors
102,153
42,206

Amounts owed by group undertakings
432,752
474,964

Other debtors
22,731
49,496

Prepayments and accrued income
-
4,084

557,636
570,750



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
185,797
133,394

185,797
133,394


Page 8

 
INCREDIBLES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
99,487
99,487

Trade creditors
403,333
434,366

Corporation tax
-
4,338

Other taxation and social security
2,317
2,112

Other creditors
-
22,518

Accruals and deferred income
1
-

505,138
562,821


IIncluded in trade debtors are amounts of £32,146 (2022 £36,158) which are subject to invoice discounting.  There are no corresponding amounts in other creditors owed to the factoring company for 2023 as the company had cash in hand at the Balance Sheet Date.  The amount owed to the factoring company in 2022 was £22,518.


10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
149,903
258,820

149,903
258,820


Page 9

 
INCREDIBLES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
99,487
99,487


99,487
99,487


Amounts falling due 2-5 years

Bank loans
149,903
258,820


149,903
258,820


249,390
358,307


 
Page 10