20 false false false false false false false false false false true false false false false false false No description of principal activity 2023-07-01 Sage Accounts Production Advanced 2024 - FRS102_2024 50,273 6,536 10,056 16,592 33,681 43,737 11,817 4,493 7,324 xbrli:pure xbrli:shares iso4217:GBP 03525459 2023-07-01 2024-06-30 03525459 2024-06-30 03525459 2023-06-30 03525459 2022-07-01 2023-06-30 03525459 2023-06-30 03525459 2022-06-30 03525459 core:FurnitureFittings 2023-07-01 2024-06-30 03525459 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 03525459 bus:Director1 2023-07-01 2024-06-30 03525459 bus:Director2 2023-07-01 2024-06-30 03525459 core:WithinOneYear 2024-06-30 03525459 core:WithinOneYear 2023-06-30 03525459 core:LandBuildings 2023-06-30 03525459 core:FurnitureFittings 2023-06-30 03525459 core:LandBuildings 2024-06-30 03525459 core:FurnitureFittings 2024-06-30 03525459 core:LandBuildings 2023-07-01 2024-06-30 03525459 core:ShareCapital 2024-06-30 03525459 core:ShareCapital 2023-06-30 03525459 core:SharePremium 2024-06-30 03525459 core:SharePremium 2023-06-30 03525459 core:CapitalRedemptionReserve 2024-06-30 03525459 core:CapitalRedemptionReserve 2023-06-30 03525459 core:RetainedEarningsAccumulatedLosses 2024-06-30 03525459 core:RetainedEarningsAccumulatedLosses 2023-06-30 03525459 core:BetweenOneFiveYears 2024-06-30 03525459 core:BetweenOneFiveYears 2023-06-30 03525459 core:DeferredTaxation 2023-07-01 2024-06-30 03525459 core:AcceleratedTaxDepreciationDeferredTax 2024-06-30 03525459 core:AcceleratedTaxDepreciationDeferredTax 2023-06-30 03525459 core:LandBuildings 2023-06-30 03525459 core:FurnitureFittings 2023-06-30 03525459 core:DeferredTaxation 2023-06-30 03525459 core:DeferredTaxation 2024-06-30 03525459 bus:SmallEntities 2023-07-01 2024-06-30 03525459 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 03525459 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 03525459 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 03525459 bus:FullAccounts 2023-07-01 2024-06-30 03525459 bus:OrdinaryShareClass1 2024-06-30 03525459 bus:OrdinaryShareClass1 2023-06-30 03525459 core:LandBuildings core:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 03525459 core:IntangibleAssetsOtherThanGoodwill 2023-07-01 2024-06-30 03525459 core:IntangibleAssetsOtherThanGoodwill 2024-06-30 03525459 core:IntangibleAssetsOtherThanGoodwill 2023-06-30 03525459 core:ComputerEquipment 2023-06-30 03525459 core:ComputerEquipment 2023-07-01 2024-06-30 03525459 core:ComputerEquipment 2024-06-30
COMPANY REGISTRATION NUMBER: 03525459
INCLUSIVE TECHNOLOGY LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 June 2024
INCLUSIVE TECHNOLOGY LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2024
Contents
Page
Balance sheet 1
Notes to the financial statements 3
INCLUSIVE TECHNOLOGY LIMITED
BALANCE SHEET
30 June 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
5
33,681
43,737
Tangible assets
6
13,018
13,187
------------
------------
46,699
56,924
Current assets
Stocks
7
353,881
347,409
Debtors
8
2,762,313
3,985,854
Cash at bank and in hand
701,626
314,335
------------
------------
3,817,820
4,647,598
Creditors: amounts falling due within one year
9
( 1,403,899)
( 1,329,590)
------------
------------
Net current assets
2,413,921
3,318,008
------------
------------
Total assets less current liabilities
2,460,620
3,374,932
Provisions
Taxation including deferred tax
10
( 7,324)
( 11,817)
------------
------------
Net assets
2,453,296
3,363,115
------------
------------
Capital and reserves
Called up share capital
12
614
614
Share premium account
24,404
24,404
Capital redemption reserve
386
386
Profit and loss account
2,427,892
3,337,711
------------
------------
Shareholders funds
2,453,296
3,363,115
------------
------------
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 profit and loss account has not been delivered.
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 .
INCLUSIVE TECHNOLOGY LIMITED
BALANCE SHEET (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 12 March 2025 , and are signed on behalf of the board by:
S S Gill P A Stephenson
Director Director
Company registration number: 03525459
INCLUSIVE TECHNOLOGY 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, registration number 03525459 . The address of the registered office is Riverside Court, Huddersfield Road, Delph, Oldham, OL3 5FZ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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, and rounded to the nearest £.
Grants
Grants of a revenue nature are recognised in the profit and loss account of the period in respect of which they are paid on an accruals basis.
Foreign currencies
Transactions in foreign currencies are translated at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities in foreign currencies are translated at the rates of exchange ruling at the balance sheet date. Where exchange differences result from the translation of foreign currency borrowings raised to acquire foreign assets they are taken to reserves and offset against the differences arising from the translation of those assets. All other exchange differences are dealt with through the profit and loss account.
Research and development
Research expenditure is written off in the period in which it is incurred.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover comprises the value of sales and royalties excluding value added tax and trade discounts.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Website
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and 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:
Leased property alterations
-
Over the period of the lease
Fixtures and fittings
-
20% straight line
Computer and office equipment
-
3 - 5 years straight line
Stocks
Stocks are stated at the lower of cost and net realisable value.
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 balance sheet 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 as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 20 (2023: 20 ).
5. Intangible assets
Website
£
Cost
At 1 July 2023 and 30 June 2024
50,273
------------
Amortisation
At 1 July 2023
6,536
Charge for the year
10,056
------------
At 30 June 2024
16,592
------------
Carrying amount
At 30 June 2024
33,681
------------
At 30 June 2023
43,737
------------
6. Tangible assets
Leased property alterations
Fixtures and fittings
Computer and office equipment
Total
£
£
£
£
Cost
At 1 July 2023
18,604
48,272
148,146
215,022
Additions
3,959
5,006
8,965
Disposals
( 10,366)
( 75,486)
( 85,852)
------------
------------
------------
------------
At 30 June 2024
18,604
41,865
77,666
138,135
------------
------------
------------
------------
Depreciation
At 1 July 2023
16,600
41,856
143,379
201,835
Charge for the year
876
3,613
4,645
9,134
Disposals
( 10,366)
( 75,486)
( 85,852)
------------
------------
------------
------------
At 30 June 2024
17,476
35,103
72,538
125,117
------------
------------
------------
------------
Carrying amount
At 30 June 2024
1,128
6,762
5,128
13,018
------------
------------
------------
------------
At 30 June 2023
2,004
6,416
4,767
13,187
------------
------------
------------
------------
7. Stocks
2024
2023
£
£
Goods for resale and consumables
353,881
347,409
------------
------------
8. Debtors
2024
2023
£
£
Trade debtors
254,643
326,364
Amounts owed by group undertakings
2,327,410
3,526,793
Corporation tax repayable
26,918
Other debtors
153,342
132,697
------------
------------
2,762,313
3,985,854
------------
------------
The group debtor balance is recoverable more than one year after the balance sheet date.
9. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
166,844
221,064
Accruals and deferred income
661,718
527,098
Corporation tax
53,094
Social security and other taxes
31,477
24,692
Other loans
543,860
503,642
------------
------------
1,403,899
1,329,590
------------
------------
10. Provisions
Deferred tax (note 11)
£
At 1 July 2023
11,817
Charge against provision
( 4,493)
------------
At 30 June 2024
7,324
------------
11. Deferred tax
The deferred tax included in the balance sheet is as follows:
2024
2023
£
£
Included in provisions (note 10)
7,324
11,817
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
7,324
11,817
------------
------------
12. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
614
614
614
614
------------
------------
------------
------------
13. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
87,994
100,722
Later than 1 year and not later than 5 years
170,511
258,505
------------
------------
258,505
359,227
------------
------------
14. Related party transactions
As at 30 June 2024 amounts owed by group companies were £ 2,327,410 (2023: £ 3,526,793 ). These loans are unsecured, repayable on demand and currently interest-free. The other loans balance at note 11 above is owed to parties connected with S S Gill . It is unsecured, has no fixed repayment date and bears interest at 8.75% pa.
15. Controlling party
The company is a 100% subsidiary of New Inclusive Limited . This company is controlled by S S Gill.
16. Guarantees
The company is party to an unlimited corporate guarantee together with other group companies in support of the group's bank facilities. The company has also provided a debenture over all of its assets in this respect.