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Registered number: 05977454
Inchmead Accountants Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Inchmead Accountants Limited
100 Berkshire Place
Winnersh
Wokingham
RG41 5RD
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 05977454
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 13,131 658
13,131 658
CURRENT ASSETS
Debtors 5 49,991 81,012
Investments 6 778,410 778,410
Cash at bank and in hand 120,279 112,648
948,680 972,070
Creditors: Amounts Falling Due Within One Year 7 (20,495 ) (110,573 )
NET CURRENT ASSETS (LIABILITIES) 928,185 861,497
TOTAL ASSETS LESS CURRENT LIABILITIES 941,316 862,155
NET ASSETS 941,316 862,155
CAPITAL AND RESERVES
Called up share capital 8 401,200 401,200
Profit and Loss Account 540,116 460,955
SHAREHOLDERS' FUNDS 941,316 862,155
Page 1
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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 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.
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 Graham Arnott
Director
12 March 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
Inchmead Accountants Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05977454 . The registered office is Inchmead Accountants Limited , 100 Berkshire Place , Winnersh , Wokingham, RG41 5RD.
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 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the work. The stage of completion of work is measured by comparing the time incurred for work performed to date to the total estimated time.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. 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:
Fixtures & Fittings 5 years straight line
Computer Equipment 5 years straight line
2.4. 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: 17)
5 17
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4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 January 2023 18,068 39,064 57,132
Additions - 13,131 13,131
As at 31 December 2023 18,068 52,195 70,263
Depreciation
As at 1 January 2023 18,068 38,406 56,474
Provided during the period - 658 658
As at 31 December 2023 18,068 39,064 57,132
Net Book Value
As at 31 December 2023 - 13,131 13,131
As at 1 January 2023 - 658 658
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 41,447 78,732
Prepayments and accrued income 6,264 -
Other debtors 2,280 2,280
49,991 81,012
6. Current Asset Investments
2023 2022
£ £
Shares in subsidiaries 731,110 731,100
Unlisted investments 47,300 47,310
778,410 778,410
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors - (1 )
Corporation tax 2,928 11,534
Other taxes and social security 1,471 -
VAT 2,281 3,286
Directors' loan accounts 13,815 95,754
20,495 110,573
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8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 401,200 401,200
Page 5