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Registration number: 01657524

Incatext Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Incatext Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Incatext Limited

Company Information

Directors

D V B Higgins

G E Higgins

V Y B Sinclair

M A Hill

Company secretary

D V B Higgins

Registered office

Spencer House
Morston Court
Aisecome Way
Weston-super-Mare
North Somerset
BS22 8NG

Accountants

Burton Sweet Limited
Chartered Accountants and Business Advisers
Spencer House
Morston Court
Aisecome Way
Weston-super-Mare
North Somerset
BS22 8NG

 

Incatext Limited

(Registration number: 01657524)
Balance Sheet
29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

21,300

28,400

Tangible assets

5

618,885

516,459

 

640,185

544,859

Current assets

 

Stocks

6

481,100

534,500

Debtors

7

346,456

530,126

Cash at bank and in hand

 

3,521

5,354

 

831,077

1,069,980

Creditors: Amounts falling due within one year

8

(921,411)

(1,065,353)

Net current (liabilities)/assets

 

(90,334)

4,627

Total assets less current liabilities

 

549,851

549,486

Creditors: Amounts falling due after more than one year

8

(139,802)

(166,771)

Net assets

 

410,049

382,715

Capital and reserves

 

Called up share capital

10,000

10,000

Revaluation reserve

188,295

188,295

Retained earnings

211,754

184,420

Shareholders' funds

 

410,049

382,715

 

Incatext Limited

(Registration number: 01657524)
Balance Sheet
29 February 2024

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Directors' responsibilities:

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

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

Approved and authorised by the Board on 20 November 2024 and signed on its behalf by:
 

.........................................
G E Higgins
Director

 

Incatext Limited

Notes to the Unaudited Financial Statements
Year Ended 29 February 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:
Spencer House
Morston Court
Aisecome Way
Weston-super-Mare
North Somerset
BS22 8NG

These financial statements were authorised for issue by the Board on 20 November 2024.

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 that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Incatext Limited

Notes to the Unaudited Financial Statements
Year Ended 29 February 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property (excluding land)

Zero and 3% Straight line

Plant and machinery

15% Reducing balance

Fixtures, fittings and equipment

33% Reducing balance

Motor vehicles

25% Straight line

Computer

3 Years straight line

 

Incatext Limited

Notes to the Unaudited Financial Statements
Year Ended 29 February 2024

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Development costs

Development expenditure incurred on an individual project is carried forward when its future recoverability can reasonably be regarded as assured. Any expenditure carried forward is amortised in line with the expected future sales from the related project.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% Straight line

Development costs

20% Straight line

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

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.

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.

 

Incatext Limited

Notes to the Unaudited Financial Statements
Year Ended 29 February 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Incatext Limited

Notes to the Unaudited Financial Statements
Year Ended 29 February 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 26 (2023 - 26).

4

Intangible assets

Goodwill
 £

Development costs
£

Cost or valuation

At 1 March 2023

13,114

171,624

At 29 February 2024

13,114

171,624

Amortisation

At 1 March 2023

13,114

143,224

Amortisation charge

-

7,100

At 29 February 2024

13,114

150,324

Carrying amount

At 29 February 2024

-

21,300

At 28 February 2023

-

28,400

 

Incatext Limited

Notes to the Unaudited Financial Statements
Year Ended 29 February 2024

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

571,294

71,197

346,823

3,792

280,522

1,273,628

Additions

-

10,650

67,163

1,540

100,667

180,020

Disposals

-

(62,815)

(150,619)

-

(162,000)

(375,434)

At 29 February 2024

571,294

19,032

263,367

5,332

219,189

1,078,214

Depreciation

At 1 March 2023

141,375

69,936

308,556

3,792

233,510

757,169

Charge for the year

9,396

3,800

14,627

514

36,468

64,805

Eliminated on disposal

-

(62,421)

(142,702)

-

(157,522)

(362,645)

At 29 February 2024

150,771

11,315

180,481

4,306

112,456

459,329

Carrying amount

At 29 February 2024

420,523

7,717

82,886

1,026

106,733

618,885

At 28 February 2023

429,918

1,261

38,267

-

47,013

516,459

 

Incatext Limited

Notes to the Unaudited Financial Statements
Year Ended 29 February 2024

Included within the net book value of land and buildings above is £420,524 (2023 - £429,919) in respect of freehold land and buildings.
 

 

Incatext Limited

Notes to the Unaudited Financial Statements
Year Ended 29 February 2024

6

Stocks

2024
£

2023
£

Work in progress

66,100

102,500

Other inventories

415,000

432,000

481,100

534,500

7

Debtors

2024
£

2023
£

Trade debtors

307,546

492,966

Prepayments

34,635

32,888

Other debtors

4,275

4,272

346,456

530,126

 

Incatext Limited

Notes to the Unaudited Financial Statements
Year Ended 29 February 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

98,249

104,685

Trade creditors

 

404,496

461,529

Taxation and social security

 

67,402

85,286

Accruals and deferred income

 

6,466

6,337

Other creditors

 

344,798

407,516

 

921,411

1,065,353

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

101,943

145,403

Hire purchase contracts

37,859

21,368

139,802

166,771

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

32,239

32,139

Hire purchase contracts

32,029

24,078

Other borrowings

33,981

48,468

98,249

104,685