Company Registration No. SC735406 (Scotland)
INICIO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
James Hair & Co
59 Bonnygate
CUPAR
Fife
UK
KY15 4BY
INICIO LIMITED
BALANCE SHEET
- 1 -
2024
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,320
1,760
Current assets
Debtors
4
154,461
36,981
Cash at bank and in hand
34,636
87
189,097
37,068
Creditors: amounts falling due within one year
5
(79,438)
(16,634)
Net current assets
109,659
20,434
Total assets less current liabilities
110,979
22,194
Capital and reserves
Called up share capital
6
20
20
Profit and loss reserves
110,959
22,174
Total equity
110,979
22,194
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
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 by the board of directors and authorised for issue on 31 March 2025 and are signed on its behalf by:
Mr John McGuigan
Director
Company Registration No. SC735406
INICIO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information
Inicio Limited is a private company limited by shares incorporated in Scotland. The registered office is 59 Bonnygate, CUPAR, Fife, UK, KY15 4BY.
1.1
Accounting convention
These financial statements have been prepared in accordance with 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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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
Turnover
Turnover comprises the invoiced value of consultancy services provided by the company, net of Value Added Tax and trade discounts.
1.3
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:
Plant and equipment
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Financial instruments
Basic financial instruments are recognised at amortised cost using the effective interest method except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in the profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value, with charges recognised in profit and loss.
1.5
Taxation
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.
INICIO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2022
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and equipment
£
Cost
At 1 July 2023 and 30 June 2024
2,200
Depreciation and impairment
At 1 July 2023
440
Depreciation charged in the year
440
At 30 June 2024
880
Carrying amount
At 30 June 2024
1,320
At 30 June 2023
1,760
4
Debtors
2024
2022
Amounts falling due within one year:
£
£
Trade debtors
5,403
36,981
Other debtors
147,949
Prepayments and accrued income
1,109
154,461
36,981
INICIO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
5
Creditors: amounts falling due within one year
2024
2022
£
£
Corporation tax
68,006
6,019
Other taxation and social security
8,836
5,422
Directors current accounts
-
3,118
Accruals and deferred income
2,596
2,075
79,438
16,634
6
Called up share capital
2024
2022
£
£
Ordinary share capital
Issued and fully paid
10 Ordinary A Shares of £1 each
10
10
10 Ordinary B Shares of £1 each
10
10
20
20
7
Directors' transactions
Included within other debtors is an interest bearing loan amounting to £110,616 (2023 - £3,118, a creditor) to the director. The maximum outstanding during the year was £110,616. Interest has been applied at the official rate of interest.