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COMPANY REGISTRATION NUMBER: 05738834
Inhouse Communications Limited
Filleted Unaudited Financial Statements
31 March 2024
Inhouse Communications Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Inhouse Communications Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
6
309,616
384,047
Current assets
Debtors
7
1,202,475
1,143,604
Cash at bank and in hand
1,292,581
480,068
------------
------------
2,495,056
1,623,672
Creditors: amounts falling due within one year
8
932,731
411,582
------------
------------
Net current assets
1,562,325
1,212,090
------------
------------
Total assets less current liabilities
1,871,941
1,596,137
Creditors: amounts falling due after more than one year
9
124,154
124,154
------------
------------
Net assets
1,747,787
1,471,983
------------
------------
Capital and reserves
Called up share capital
120
120
Share premium account
150,000
Capital redemption reserve
86
86
Profit and loss account
1,597,581
1,471,777
------------
------------
Shareholders funds
1,747,787
1,471,983
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Inhouse Communications Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 6 November 2024 , and are signed on behalf of the board by:
Ms K L Perrior
Director
Company registration number: 05738834
Inhouse Communications Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Kings Building, 16 Smith Square, London, SW1P 3JJ, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of services is recognised when the significant risks and rewards have transferred to the buyer, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Development costs
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property
-
20% straight line
Fixtures and fittings
-
25% reducing balance
Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 27 (2023: 20 ).
5. Intangible assets
Development costs
£
Cost
At 1 April 2023 and 31 March 2024
6,000
-------
Amortisation
At 1 April 2023 and 31 March 2024
6,000
-------
Carrying amount
At 31 March 2024
-------
At 31 March 2023
-------
6. Tangible assets
Short leasehold property
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 April 2023
368,967
61,820
108,649
539,436
Additions
9,864
17,876
27,740
---------
--------
---------
---------
At 31 March 2024
368,967
71,684
126,525
567,176
---------
--------
---------
---------
Depreciation
At 1 April 2023
95,334
15,221
44,834
155,389
Charge for the year
70,878
12,158
19,135
102,171
---------
--------
---------
---------
At 31 March 2024
166,212
27,379
63,969
257,560
---------
--------
---------
---------
Carrying amount
At 31 March 2024
202,755
44,305
62,556
309,616
---------
--------
---------
---------
At 31 March 2023
273,633
46,599
63,815
384,047
---------
--------
---------
---------
7. Debtors
2024
2023
£
£
Trade debtors
972,644
765,008
Other debtors
229,831
378,596
------------
------------
1,202,475
1,143,604
------------
------------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
67,382
13,468
Corporation tax
240,000
82,208
Social security and other taxes
230,036
163,151
Other creditors
395,313
152,755
---------
---------
932,731
411,582
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
124,154
124,154
---------
---------
10. Directors' advances, credits and guarantees
During the year, a director was advanced £200,000. Interest of £260 was charged at a rate of 2.25% during the year.