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COMPANY REGISTRATION NUMBER: 13383858
Inchcut Ltd
Filleted Unaudited Financial Statements
31 May 2024
Inchcut Ltd
Financial Statements
Year ended 31 May 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
2
Inchcut Ltd
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
27,914
34,259
Current assets
Debtors
6
2,120
2,030
Cash at bank and in hand
2,322
2,512
-------
-------
4,442
4,542
Creditors: amounts falling due within one year
7
70,424
60,571
--------
--------
Net current liabilities
65,982
56,029
--------
--------
Total assets less current liabilities
( 38,068)
( 21,770)
--------
--------
Net liabilities
( 38,068)
( 21,770)
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 38,168)
( 21,870)
--------
--------
Shareholders deficit
( 38,068)
( 21,770)
--------
--------
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 income and retained earnings has not been delivered.
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 6 May 2025 , and are signed on behalf of the board by:
Mr A D Miller
Director
Company registration number: 13383858
Inchcut Ltd
Notes to the Financial Statements
Year ended 31 May 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 10 The Square, Riverhead, Sevenoaks, Kent, TN13 2AB, United Kingdom.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
These accounts have been prepared on a going concern basis. The directors are satisfied that the company will continue to meet its current obligations for at least the next 12 months.
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 is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. For the rendering of services, revenue is recognised when the services are transferred. When the outcome of a transaction can be estimated reliably, revenue is recognised based on the stage of completion of the transaction at the end of the reporting period. If the outcome of the transaction involving the rendering of services cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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
-
15% straight line
Motor vehicles
-
20% reducing balance
Impairment of fixed assets
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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 June 2023
16,529
34,172
50,701
Additions
565
565
--------
--------
--------
At 31 May 2024
17,094
34,172
51,266
--------
--------
--------
Depreciation
At 1 June 2023
4,140
12,302
16,442
Charge for the year
2,536
4,374
6,910
--------
--------
--------
At 31 May 2024
6,676
16,676
23,352
--------
--------
--------
Carrying amount
At 31 May 2024
10,418
17,496
27,914
--------
--------
--------
At 31 May 2023
12,389
21,870
34,259
--------
--------
--------
6. Debtors
2024
2023
£
£
Trade debtors
2,020
1,930
Other debtors
100
100
-------
-------
2,120
2,030
-------
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
6,735
597
Social security and other taxes
735
722
Other creditors
62,954
59,252
--------
--------
70,424
60,571
--------
--------
8. Related party transactions
At the balance sheet date the company owed the director £1,654 (2023: £3,144). At the balance sheet date the company also owed a relative of the director £52,758 (2023: £52,758).