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REGISTERED NUMBER: 07626861 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 May 2024

for

INCONEL NETWORKS LIMITED

INCONEL NETWORKS LIMITED (REGISTERED NUMBER: 07626861)






Contents of the Financial Statements
for the year ended 31 May 2024




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


INCONEL NETWORKS LIMITED

Company Information
for the year ended 31 May 2024







DIRECTOR: S Mills





REGISTERED OFFICE: 11 Laura Place
Bath
BA2 4BL





REGISTERED NUMBER: 07626861 (England and Wales)





ACCOUNTANTS: Richardson Swift
Chartered Accountants
11 Laura Place
Bath
BA2 4BL

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
Inconel Networks Limited

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Inconel Networks Limited for the year ended 31 May 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Inconel Networks Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Inconel Networks Limited and state those matters that we have agreed to state to the director of Inconel Networks Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Inconel Networks Limited and its director for our work or for this report.

It is your duty to ensure that Inconel Networks 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 Inconel Networks Limited. You consider that Inconel Networks Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Inconel Networks 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.






Richardson Swift
Chartered Accountants
11 Laura Place
Bath
BA2 4BL


19 September 2024

INCONEL NETWORKS LIMITED (REGISTERED NUMBER: 07626861)

Balance Sheet
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 47,551 37,381

CURRENT ASSETS
Debtors 5 41,992 28,268
Cash at bank 27,497 49,170
69,489 77,438
CREDITORS
Amounts falling due within one year 6 53,245 69,637
NET CURRENT ASSETS 16,244 7,801
TOTAL ASSETS LESS CURRENT
LIABILITIES

63,795

45,182

CREDITORS
Amounts falling due after more than one
year

7

(53,386

)

(44,186

)

PROVISIONS FOR LIABILITIES 8 (9,838 ) (1,477 )
NET ASSETS/(LIABILITIES) 571 (481 )

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 471 (581 )
SHAREHOLDERS' FUNDS 571 (481 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

INCONEL NETWORKS LIMITED (REGISTERED NUMBER: 07626861)

Balance Sheet - continued
31 May 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 31 August 2024 and were signed by:





S Mills - Director


INCONEL NETWORKS LIMITED (REGISTERED NUMBER: 07626861)

Notes to the Financial Statements
for the year ended 31 May 2024

1. STATUTORY INFORMATION

Inconel Networks Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Going concern
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements for the year have been prepared on a going concern basis, on the understanding that the director will financially support the business.

Critical accounting estimates and uncertainties
No significant judgements or key assumptions have had to be made by the directors in preparing these financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

INCONEL NETWORKS LIMITED (REGISTERED NUMBER: 07626861)

Notes to the Financial Statements - continued
for the year ended 31 May 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, loans from banks and other third parties.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Hire purchase and lease
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 June 2023 5,697 37,990 17,950 61,637
Additions 1,705 50,215 4,378 56,298
Disposals - (37,990 ) - (37,990 )
At 31 May 2024 7,402 50,215 22,328 79,945
DEPRECIATION
At 1 June 2023 2,175 9,498 12,583 24,256
Charge for year 784 12,554 4,298 17,636
Eliminated on disposal - (9,498 ) - (9,498 )
At 31 May 2024 2,959 12,554 16,881 32,394
NET BOOK VALUE
At 31 May 2024 4,443 37,661 5,447 47,551
At 31 May 2023 3,522 28,492 5,367 37,381

INCONEL NETWORKS LIMITED (REGISTERED NUMBER: 07626861)

Notes to the Financial Statements - continued
for the year ended 31 May 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,304 21,120
Other debtors 39,688 7,148
41,992 28,268

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 3,600 3,600
Hire purchase contracts 8,164 6,968
Trade creditors 576 -
Taxation and social security 16,939 35,215
Other creditors 23,966 23,854
53,245 69,637

Included within bank loans and overdrafts due in less than one year is a £3,600 bounce back loan (2023: £3,600) secured by HSBC and in part by the HM Government Guarantee.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 15,737 18,150
Hire purchase contracts 37,649 26,036
53,386 44,186

Included within bank loans and overdrafts due in more than one year is a £15,737 bounce back loan (2023 of £18,151.56)

8. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 9,838 1,477

Deferred
tax
£   
Balance at 1 June 2023 1,477
Accelerated capital allowances 8,361
Balance at 31 May 2024 9,838

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

INCONEL NETWORKS LIMITED (REGISTERED NUMBER: 07626861)

Notes to the Financial Statements - continued
for the year ended 31 May 2024

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At the balance sheet date a Director owed the Company £39,688 (2022: £7,148). During the year £32,540 was advanced (2022: £7,397).