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Registered number: 08430274
Incotec Profiles Limited
Financial Statements
For The Year Ended 31 December 2023
Four Accountancy
4 Tinshill Lane
Leeds
West Yorkshire
LS16 7AP
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08430274
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 59,049 65,610
Tangible Assets 5 174,186 169,774
233,235 235,384
CURRENT ASSETS
Stocks 6 1,000 1,000
Debtors 7 4,875 35,745
Cash at bank and in hand 65,045 77,942
70,920 114,687
Creditors: Amounts Falling Due Within One Year 8 (23,893 ) (50,329 )
NET CURRENT ASSETS (LIABILITIES) 47,027 64,358
TOTAL ASSETS LESS CURRENT LIABILITIES 280,262 299,742
Creditors: Amounts Falling Due After More Than One Year 9 (24,930 ) (34,820 )
NET ASSETS 255,332 264,922
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 255,232 264,822
SHAREHOLDERS' FUNDS 255,332 264,922
Page 1
Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Richard Firth
Director
29 February 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Incotec Profiles Limited Registered number 08430274 is a limited by shares company incorporated in England & Wales. The Registered Office is 4 Tinshill Lane, Leeds, LS16 7AP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Computer Equipment 33% straight line
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2022: 6)
5 6
Page 3
Page 4
4. Intangible Assets
Goodwill
£
Cost
As at 1 January 2023 90,000
As at 31 December 2023 90,000
Amortisation
As at 1 January 2023 24,390
Provided during the period 6,561
As at 31 December 2023 30,951
Net Book Value
As at 31 December 2023 59,049
As at 1 January 2023 65,610
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2023 115,000 113,585 27,445 1,068 257,098
Additions - 18,362 - - 18,362
As at 31 December 2023 115,000 131,947 27,445 1,068 275,460
Depreciation
As at 1 January 2023 - 76,308 10,292 724 87,324
Provided during the period - 9,319 4,288 343 13,950
As at 31 December 2023 - 85,627 14,580 1,067 101,274
Net Book Value
As at 31 December 2023 115,000 46,320 12,865 1 174,186
As at 1 January 2023 115,000 37,277 17,153 344 169,774
6. Stocks
2023 2022
£ £
Stock 1,000 1,000
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 4,875 35,745
4,875 35,745
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Page 5
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 3,989 2
Corporation tax 5,702 18,457
Other taxes and social security 3,741 4,202
VAT 10,454 27,290
Light & heat - other creditors - 371
Director's loan account 7 7
23,893 50,329
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 24,930 34,820
24,930 34,820
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
Page 5