Company No:
Contents
2024 | 2023 | |||
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Current assets | ||||
Stocks |
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Debtors | 4 |
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Cash at bank and in hand |
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303,956 | 230,563 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current assets | 20,611 | 16,962 | ||
Total assets less current liabilities | 20,611 | 16,962 | ||
Net assets |
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Reserves | ||||
Profit and loss account |
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Total reserves |
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Directors' responsibilities:
The financial statements of Incose UK (registered number:
P M Savvides
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Incose UK (the Company) is a private company, limited by guarantee, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 21 The Dyers Building, 21 Silver Street, Ilminster, TA19 0DH, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
The company is exempt from corporation tax, it being a company not carrying on a business for the purposes or making a profit.
Other intangible assets |
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At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Other intangible assets | Total | ||
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Cost | |||
At 01 April 2023 |
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At 31 March 2024 |
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Accumulated amortisation | |||
At 01 April 2023 |
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At 31 March 2024 |
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Net book value | |||
At 31 March 2024 |
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At 31 March 2023 |
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2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Trade creditors |
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Other creditors |
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The members of the Incose UK have undertaken to contribute a sum not exceeding £1 each to meet the liabilities of the Company if it should be wound up.