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Registration number: 03231235

Inkost Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2025

 

Inkost Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Inkost Ltd

Company Information

Directors

Mr Daryl Mark Fulls

Mrs Lesley Angela Allinson

Registered office

Unit 7 Signal Buildings
Brunel Road
Newton Abbot
Devon
TQ12 4FD

Accountants

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

Inkost Ltd

(Registration number: 03231235)
Balance Sheet as at 31 March 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

5

36,073

57,759

Current assets

 

Stocks

6

-

11,520

Debtors

7

149,941

115,801

Cash at bank and in hand

 

1,359

23,706

 

151,300

151,027

Creditors: Amounts falling due within one year

8

(161,346)

(192,591)

Net current liabilities

 

(10,046)

(41,564)

Total assets less current liabilities

 

26,027

16,195

Creditors: Amounts falling due after more than one year

8

(18,262)

(30,678)

Provisions for liabilities

(9,018)

(14,439)

Net liabilities

 

(1,253)

(28,922)

Capital and reserves

 

Called up share capital

900

1,020

Capital redemption reserve

120

-

Retained earnings

(2,273)

(29,942)

Shareholders' deficit

 

(1,253)

(28,922)

For the financial year ending 31 March 2025 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Inkost Ltd

(Registration number: 03231235)
Balance Sheet as at 31 March 2025

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 5 June 2025 and signed on its behalf by:
 

.........................................
Mr Daryl Mark Fulls
Director

 

Inkost Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Unit 7 Signal Buildings
Brunel Road
Newton Abbot
Devon
TQ12 4FD

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The director has acknowledged the negative reserves position at the balance sheet date. The director and key management have assessed the financial position of the company and are confident that the business can continue to trade and meet its obligations over the next 12 months.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Inkost Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance method

Plant and machinery - Copiers

10% straightline method

Fixtures and fittings

15% reducing balance method

Computer equipment

25% straightline method

Motor vehicles

25% reducing balance method

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website

25% straightline method

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Inkost Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Inkost Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2024 - 7).

 

Inkost Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 April 2024

3,363

3,363

Disposals

(3,363)

(3,363)

At 31 March 2025

-

-

Amortisation

At 1 April 2024

3,363

3,363

Amortisation eliminated on disposals

(3,363)

(3,363)

At 31 March 2025

-

-

Carrying amount

At 31 March 2025

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2024

50,176

59,836

25,695

135,707

Disposals

(50,176)

(9,700)

(25,695)

(85,571)

At 31 March 2025

-

50,136

-

50,136

Depreciation

At 1 April 2024

48,029

15,433

14,486

77,948

Charge for the year

302

6,459

1,156

7,917

Eliminated on disposal

(48,331)

(7,829)

(15,642)

(71,802)

At 31 March 2025

-

14,063

-

14,063

Carrying amount

At 31 March 2025

-

36,073

-

36,073

At 31 March 2024

2,147

44,403

11,209

57,759

 

Inkost Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

6

Stocks

2025
£

2024
£

Other stocks

-

11,520

7

Debtors

Note

2025
£

2024
£

Trade debtors

 

15,069

110,755

Amounts owed by group undertakings and undertakings in which the company has a participating interest

13,000

-

Other debtors

 

120,000

630

Prepayments and accrued income

 

1,872

4,416

Total current trade and other debtors

 

149,941

115,801

8

Creditors

Note

2025
£

2024
£

Due within one year

 

Loans and borrowings

9

12,358

12,299

Trade creditors

 

1,060

66,568

Amounts owed to group undertakings and undertakings in which the company has a participating interest

30,000

21,725

Taxation and social security

 

74,867

39,496

Other creditors

 

32,166

41,014

Accrued expenses

 

10,895

11,489

 

161,346

192,591

Note

2025
£

2024
£

Due after one year

 

Loans and borrowings

9

18,262

30,678

2025
£

2024
£

Due after more than five years

After more than five years by instalments

1,370

4,010

-

-

 

Inkost Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

9

Loans and borrowings

Current loans and borrowings

2025
£

2024
£

Bank borrowings

2,346

2,287

Hire purchase contracts

10,012

10,012

12,358

12,299

Non-current loans and borrowings

2025
£

2024
£

Bank borrowings

10,753

13,157

Hire purchase contracts

7,509

17,521

18,262

30,678

Included in the loans and borrowings are the following amounts due after more than five years:

2025
£

2024
£

After more than five years by instalments

1,370

4,010