Silverfin false false 31/03/2024 01/04/2023 31/03/2024 I N Gibson 05/11/2024 20/11/2018 A J Pearce 18/04/2023 A J Pemberton 23/11/2022 P M Savvides 15/11/2016 M J Hall Thomas 16/11/2020 H A Woodcock 05/11/2024 20 November 2024 The principal activity of the company during the financial year was activities of professional membership organisations. 03641046 2024-03-31 03641046 bus:Director1 2024-03-31 03641046 bus:Director2 2024-03-31 03641046 bus:Director3 2024-03-31 03641046 bus:Director4 2024-03-31 03641046 bus:Director5 2024-03-31 03641046 bus:Director6 2024-03-31 03641046 2023-03-31 03641046 core:CurrentFinancialInstruments 2024-03-31 03641046 core:CurrentFinancialInstruments 2023-03-31 03641046 core:RetainedEarningsAccumulatedLosses 2024-03-31 03641046 core:RetainedEarningsAccumulatedLosses 2023-03-31 03641046 core:OtherResidualIntangibleAssets 2023-03-31 03641046 core:OtherResidualIntangibleAssets 2024-03-31 03641046 2023-04-01 2024-03-31 03641046 bus:FilletedAccounts 2023-04-01 2024-03-31 03641046 bus:SmallEntities 2023-04-01 2024-03-31 03641046 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 03641046 bus:CompanyLimitedByGuarantee 2023-04-01 2024-03-31 03641046 bus:Director1 2023-04-01 2024-03-31 03641046 bus:Director2 2023-04-01 2024-03-31 03641046 bus:Director3 2023-04-01 2024-03-31 03641046 bus:Director4 2023-04-01 2024-03-31 03641046 bus:Director5 2023-04-01 2024-03-31 03641046 bus:Director6 2023-04-01 2024-03-31 03641046 core:OtherResidualIntangibleAssets core:TopRangeValue 2023-04-01 2024-03-31 03641046 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Company No: 03641046 (England and Wales)

INCOSE UK

(A company limited by guarantee)

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

INCOSE UK

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

INCOSE UK

BALANCE SHEET

As at 31 March 2024
INCOSE UK

BALANCE SHEET (continued)

As at 31 March 2024
2024 2023
£ £
Current assets
Stocks 5,124 5,000
Debtors 4 28,293 33,109
Cash at bank and in hand 270,539 192,454
303,956 230,563
Creditors: amounts falling due within one year 5 ( 283,345) ( 213,601)
Net current assets 20,611 16,962
Total assets less current liabilities 20,611 16,962
Net assets 20,611 16,962
Reserves
Profit and loss account 20,611 16,962
Total reserves 20,611 16,962

For the financial 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 financial statements of Incose UK (registered number: 03641046) were approved and authorised for issue by the Board of Directors on 20 November 2024. They were signed on its behalf by:

P M Savvides
Director
INCOSE UK

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
INCOSE UK

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

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.

General information and basis of accounting

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 £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

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

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

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.

Taxation

Current tax
The company is exempt from corporation tax, it being a company not carrying on a business for the purposes or making a profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 3 years straight line
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 5 5

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 April 2023 34,125 34,125
At 31 March 2024 34,125 34,125
Accumulated amortisation
At 01 April 2023 34,125 34,125
At 31 March 2024 34,125 34,125
Net book value
At 31 March 2024 0 0
At 31 March 2023 0 0

4. Debtors

2024 2023
£ £
Trade debtors 6,873 21,719
Other debtors 21,420 11,390
28,293 33,109

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 112,114 36,423
Other creditors 171,231 177,178
283,345 213,601

6. Liability of members

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.