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Company registration number: 05487078
Invictacut Limited
Unaudited filleted financial statements
30 June 2024
Invictacut Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Invictacut Limited
Directors and other information
Directors A M Sales
G M Sales
Secretary G M Sales
Company number 05487078
Registered office Unit C2, Chaucer Business Park
Watery Lane
Kemsing, Sevenoaks
Kent
TN15 6YT
Business address Unit C2, Chaucer Business Park
Watery Lane
Kemsing, Sevenoaks
Kent
TN15 6YT
Accountants Mitchells
The Old Stables
Foxhole Lane
Wadhurst
East Sussex
TN5 6NB
Bankers Barclays Bank PLC
Invictacut Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Invictacut Limited
Year ended 30 June 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Invictacut Limited for the year ended 30 June 2024 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Invictacut Limited, as a body, in accordance with the terms of our engagement letter dated 4 July 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Invictacut Limited and state those matters that we have agreed to state to the board of directors of Invictacut Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Invictacut Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Invictacut Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Invictacut Limited. You consider that Invictacut Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Invictacut Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Mitchells
Chartered Accountants
The Old Stables
Foxhole Lane
Wadhurst
East Sussex
TN5 6NB
28 January 2025
Invictacut Limited
Statement of financial position
30 June 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 95,260 118,516
Investments 6 201,000 201,000
_______ _______
296,260 319,516
Current assets
Stocks 18,320 12,730
Debtors 7 271,490 256,088
Cash at bank and in hand 178,072 246,886
_______ _______
467,882 515,704
Creditors: amounts falling due
within one year 8 ( 185,499) ( 201,710)
_______ _______
Net current assets 282,383 313,994
_______ _______
Total assets less current liabilities 578,643 633,510
Creditors: amounts falling due
after more than one year 9 - ( 15,750)
Provisions for liabilities 10 ( 22,629) ( 21,559)
_______ _______
Net assets 556,014 596,201
_______ _______
Capital and reserves
Called up share capital 12 2 2
Profit and loss account 556,012 596,199
_______ _______
Shareholders funds 556,014 596,201
_______ _______
For the year ending 30 June 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.
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.
These financial statements were approved by the board of directors and authorised for issue on 28 January 2025 , and are signed on behalf of the board by:
A M Sales
Director
Company registration number: 05487078
Invictacut Limited
Statement of changes in equity
Year ended 30 June 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 July 2022 2 484,793 484,795
Profit for the year 200,406 200,406
_______ _______ _______
Total comprehensive income for the year - 200,406 200,406
Dividends paid and payable ( 89,000) ( 89,000)
_______ _______ _______
Total investments by and distributions to owners - ( 89,000) ( 89,000)
_______ _______ _______
At 30 June 2023 and 1 July 2023 2 596,199 596,201
Profit for the year 13,813 13,813
_______ _______ _______
Total comprehensive income for the year - 13,813 13,813
Dividends paid and payable ( 54,000) ( 54,000)
_______ _______ _______
Total investments by and distributions to owners - ( 54,000) ( 54,000)
_______ _______ _______
At 30 June 2024 2 556,012 556,014
_______ _______ _______
Invictacut Limited
Notes to the financial statements
Year ended 30 June 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 Unit C2, Chaucer Business Park, Watery Lane, Kemsing, Sevenoaks, Kent, TN15 6YT.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); 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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and 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:
Plant and machinery - 20 % straight line
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
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 in finance costs 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 18 (2023: 20 ).
5. Tangible assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 July 2023 434,392 26,793 461,185
Additions 3,107 - 3,107
_______ _______ _______
At 30 June 2024 437,499 26,793 464,292
_______ _______ _______
Depreciation
At 1 July 2023 319,201 23,468 342,669
Charge for the year 23,038 3,325 26,363
_______ _______ _______
At 30 June 2024 342,239 26,793 369,032
_______ _______ _______
Carrying amount
At 30 June 2024 95,260 - 95,260
_______ _______ _______
At 30 June 2023 115,191 3,325 118,516
_______ _______ _______
6. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 July 2023 - -
Disposals 201,000 201,000
_______ _______
At 30 June 2024 201,000 201,000
_______ _______
Impairment
At 1 July 2023 and 30 June 2024 - -
_______ _______
Carrying amount
At 30 June 2024 201,000 201,000
_______ _______
At 30 June 2023 - -
_______ _______
7. Debtors
2024 2023
£ £
Trade debtors 233,453 218,125
Other debtors 38,037 37,963
_______ _______
271,490 256,088
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 97,109 80,580
Amounts owed to group undertakings and undertakings in which the company has a participating interest 926 -
Corporation tax 12,329 45,629
Social security and other taxes 18,000 18,409
Other creditors 57,135 57,092
_______ _______
185,499 201,710
_______ _______
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Other creditors - 15,750
_______ _______
10. Provisions
Deferred tax (note 11)
£
At 1 July 2023 21,559
Additions 1,070
_______
At 30 June 2024 22,629
_______
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024 2023
£ £
Included in provisions (note 10) 22,629 21,559
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2024 2023
£ £
Accelerated capital allowances 22,629 21,559
_______ _______
12. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 2 2 2 2
_______ _______ _______ _______
13. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
A M Sales ( 15,750) 15,750 -
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
A M Sales ( 96,270) 80,520 ( 15,750)
_______ _______ _______
The above loan has no fixed repayment terms and the rate of interest charged is 0%. At the balance sheet date, the loan is presented within creditors: amounts falling due after more than one year.
14. Controlling party
The company is under the control of the directors by way of their 100% (2023 - 100%) shareholding.