Inicio Design Limited 14956719 false 2023-06-23 2024-01-31 2024-01-31 The principal activity of the company is buying and selling of own real estate Digita Accounts Production Advanced 6.30.9574.0 true true 14956719 2023-06-23 2024-01-31 14956719 2024-01-31 14956719 core:CurrentFinancialInstruments 2024-01-31 14956719 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 14956719 bus:SmallEntities 2023-06-23 2024-01-31 14956719 bus:AuditExemptWithAccountantsReport 2023-06-23 2024-01-31 14956719 bus:FullAccounts 2023-06-23 2024-01-31 14956719 bus:SmallCompaniesRegimeForAccounts 2023-06-23 2024-01-31 14956719 bus:RegisteredOffice 2023-06-23 2024-01-31 14956719 bus:Director1 2023-06-23 2024-01-31 14956719 bus:PrivateLimitedCompanyLtd 2023-06-23 2024-01-31 14956719 core:ParentEntities 2023-06-23 2024-01-31 14956719 countries:EnglandWales 2023-06-23 2024-01-31 iso4217:GBP xbrli:pure

Registration number: 14956719

Prepared for the registrar

Inicio Design Limited

Annual Report and Unaudited Financial Statements

for the Period from 23 June 2023 to 31 January 2024

 

Inicio Design Limited

(Registration number: 14956719)
Balance Sheet as at 31 January 2024

Note

2024
£

Current assets

 

Stocks

555,577

Debtors

4

336

Cash at bank and in hand

 

14,745

 

570,658

Creditors: Amounts falling due within one year

5

(572,263)

Net liabilities

 

(1,605)

Capital and reserves

 

Called up share capital

100

Profit and loss account

(1,705)

Shareholders' deficit

 

(1,605)

For the financial period ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 16 October 2024
 


P D Cross
Director

 

Inicio Design Limited

Notes to the Unaudited Financial Statements for the Period from 23 June 2023 to 31 January 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
7 Sandy Lane Road
Charlton Kings
Cheltenham
Gloucestershire
GL53 9DB
United Kingdom

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Group accounts not prepared

The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small group.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Judgements

No significant judgements have been made by management in preparing these financial statements.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

Inicio Design Limited

Notes to the Unaudited Financial Statements for the Period from 23 June 2023 to 31 January 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 1.

 

4

Debtors

31 January 2024
 £

Prepayments

336

 

336

 

5

Creditors

Note

31 January 2024
 £

Due within one year

 

Trade creditors

 

1,018

Other creditors

 

569,901

Accrued expenses

 

1,344

 

572,263

 

6

Related party transactions

Summary of transactions with parent

At 31 January 2024, the company owed £569,901 to Packaging and Property Limited, its parent company, in the form of a loan. The loan is unsecured, repayable on demand and interest free.