Inti Limited
Unaudited Financial Statements
For the year ended 31 May 2024
Pages for filing with Registrar
Company Registration No. 03765363 (England and Wales)
Inti Limited
Company Information
Director
N Brown
Secretary
B Brown
Company number
03765363
Registered office
2 Andrews Road
London
E8 4QL
Accountants
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Inti Limited
Contents
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
Inti Limited
Balance Sheet
As at 31 May 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
6
1,239,671
1,239,671
Current assets
Debtors
7
244,994
216,086
Cash at bank and in hand
11,214
31,628
256,208
247,714
Creditors: amounts falling due within one year
8
(28,067)
(30,095)
Net current assets
228,141
217,619
Total assets less current liabilities
1,467,812
1,457,290
Creditors: amounts falling due after more than one year
9
(1,022,554)
(1,022,554)
Provisions for liabilities
(63,396)
(63,396)
Net assets
381,862
371,340
Capital and reserves
Called up share capital
11
2
2
Revaluation reserve
12
312,277
312,277
Profit and loss reserves
69,583
59,061
Total equity
381,862
371,340

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

Inti Limited
Balance Sheet (Continued)
As at 31 May 2024
Page 2

For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 16 February 2025
N Brown
Director
Company Registration No. 03765363
Inti Limited
Statement of Changes in Equity
For the year ended 31 May 2024
Page 3
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 June 2022
2
312,277
32,507
344,786
Year ended 31 May 2023:
Profit and total comprehensive income for the year
-
-
46,554
46,554
Dividends
-
-
(20,000)
(20,000)
Balance at 31 May 2023
2
312,277
59,061
371,340
Year ended 31 May 2024:
Profit and total comprehensive income for the year
-
-
43,522
43,522
Dividends
-
-
(33,000)
(33,000)
Balance at 31 May 2024
2
312,277
69,583
381,862
Inti Limited
Notes to the Financial Statements
For the year ended 31 May 2024
Page 4
1
Accounting policies
Company information

Inti Limited is a private company limited by shares domiciled & incorporated in England and Wales. The registered office is 2 Andrews Road, London, E8 4QL.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The general economic uncertainty, including rising interest rates, has not affected the company due to the nature of its business and fixed interest borrowing. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents amounts receivable for rental income in the period.

1.4
Income and expenditure

Income and expenses are included in the financial statements as they become receivable or due.

 

Expenses include VAT where applicable as the company cannot reclaim it.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
33.33% straight line
1.6
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value as the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account, and is subsequently transferred to the revaluation reserve.

 

Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.

Inti Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2024
1
Accounting policies
(Continued)
Page 5
1.7
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 current liabilities.

1.8
Financial instruments

Basic financial instruments are measured at cost. The company has no other financial instruments or basic financial instruments measured at fair value.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Inti Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2024
Page 6
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Investment Property

The revaluation of investment properties has had the most significant effect on the financial statements.

 

The company holds its investment properties at fair value. In order to arrive at this value, the company considers various factors including market evidence of transaction price of similar properties.

 

The estimates and underlying assumptions are reviewed on an ongoing basis.

3
Employees

The company did not have any employees in either year.

4
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
10,979
11,040
Adjustments in respect of prior periods
1,080
-
0
Total current tax
12,059
11,040
Inti Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2024
Page 7
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2023 and 31 May 2024
27,995
Depreciation and impairment
At 1 June 2023 and 31 May 2024
27,995
Carrying amount
At 31 May 2024
-
0
At 31 May 2023
-
0
6
Investment property
2024
£
Fair value
At 1 June 2023 and 31 May 2024
1,239,671

The freehold land and buildings were valued at £1,239,671 by the director (2023: £1,239,671). These valuations have also been used for the purposes of securing mortgages on the properties. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The historical cost for the land and buildings included at valuation is £842,289 (2023: £842,289).

7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
10,342
-
0
Other debtors
231,402
210,386
Prepayments and accrued income
3,250
5,700
244,994
216,086
Inti Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2024
Page 8
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
528
5,040
Corporation tax
10,979
9,960
Other creditors
11,100
10,055
Accruals and deferred income
5,460
5,040
28,067
30,095

 

9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,022,554
1,022,554

On 23 August 2016, the long-term loan was secured by fixed charges over the assets of the company.

10
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
63,396
63,396
11
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2
2
2
12
Revaluation reserve

Under previous UK GAAP any revaluation of investment properties was recognised in the Statement of Other Comprehensive Income. Under FRS 102, investment properties must be recognised at fair value through profit or loss. However as this relates to undistributable reserves, it has been kept in a separate revaluation reserve and not transferred to profit and loss reserves.

13
Control

The ultimate controlling party of the company is N Brown by virtue of his 100% shareholding.

Inti Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2024
Page 9
14
Related party transactions

Dividends totalling £33,000 (2023: £20,000) were paid to the director during the year.

 

Included within other debtors is an amount of £198,027 (2023: £166,669) owed from N Brown, the company director, in respect of monies loaned from the company on a short term basis. The loan carries no interest.

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