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Company registration number: NI606984
Ineqe Group Limited
Unaudited filleted financial statements
30 September 2024
Ineqe Group Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Ineqe Group Limited
Directors and other information
Directors Mr James Gamble
Mr William Woodside
Secretary William Woodside
Company number NI606984
Registered office 9 Upper Crescent
Belfast
BT7 1NT
Business address Ocean House
13 Edgewater Road
Belfast
BT3 9JQ
Accountant SWM Accountancy Services Ltd
9 Upper Crescent
Belfast
Antrim
BT7 1NT
Bankers HSBC
25-29 Royal Avenue
Belfast
BT1 1FB
Bank of Ireland
1 Donegall Square
Belfast
BT1 5LR
Ineqe Group Limited
Statement of financial position
30 September 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 540,120 564,748
Investments 6 240 240
_______ _______
540,360 564,988
Current assets
Debtors 7 320,358 373,966
Cash at bank and in hand 15,524 106,335
_______ _______
335,882 480,301
Creditors: amounts falling due
within one year 8 ( 326,978) ( 209,321)
_______ _______
Net current assets 8,904 270,980
_______ _______
Total assets less current liabilities 549,264 835,968
Creditors: amounts falling due
after more than one year 9 ( 197,778) ( 207,474)
_______ _______
Net assets 351,486 628,494
_______ _______
Capital and reserves
Called up share capital 111 111
Reserve for own shares 9 9
Profit and loss account 351,366 628,374
_______ _______
Shareholders funds 351,486 628,494
_______ _______
For the year ending 30 September 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.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 23 May 2025 , and are signed on behalf of the board by:
Mr William Woodside
Director
Company registration number: NI606984
Ineqe Group Limited
Notes to the financial statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 9 Upper Crescent, Belfast, BT7 1NT.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Long leasehold property - 2 % straight line
Computer equipment - 33 % straight line
Furniture and fixtures - 20 % straight line
Motor vehicles - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 38 (2023: 43 ).
5. Tangible assets
Long leasehold property Computer equipment Furniture and fixtures Motor vehicles Total
£ £ £ £ £
Cost
At 1 October 2023 209,870 250,349 149,605 337,925 947,749
Additions - 23,823 2,700 69,219 95,742
_______ _______ _______ _______ _______
At 30 September 2024 209,870 274,172 152,305 407,144 1,043,491
_______ _______ _______ _______ _______
Depreciation
At 1 October 2023 - 209,592 92,474 80,936 383,002
Charge for the year - 34,281 20,846 65,242 120,369
_______ _______ _______ _______ _______
At 30 September 2024 - 243,873 113,320 146,178 503,371
_______ _______ _______ _______ _______
Carrying amount
At 30 September 2024 209,870 30,299 38,985 260,966 540,120
_______ _______ _______ _______ _______
At 30 September 2023 209,870 40,757 57,131 256,989 564,747
_______ _______ _______ _______ _______
6. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 October 2023 and 30 September 2024 240 240
_______ _______
Impairment
At 1 October 2023 and 30 September 2024 - -
_______ _______
Carrying amount
At 30 September 2024 240 240
_______ _______
At 30 September 2023 240 240
_______ _______
The company has availed of the exemption under the Companies Act 2006 for small companies from the requirement to prepare group accounts. Neither of the two subsidiary undertakings, Safe and Secure Schools and Colleges Limited and Safe and Secure Technical Solutions Limited traded during the period and are still dormant. Both are incorporated in Northern Ireland with an issued share capital of 120 £1 ordinary shares and are wholly owned.
7. Debtors
2024 2023
£ £
Trade debtors 133,535 164,716
Other debtors 186,823 209,250
_______ _______
320,358 373,966
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 12,068 10,590
Trade creditors 65,784 11,580
Corporation tax - 18,685
Social security and other taxes 191,852 115,358
Other creditors 57,274 53,108
_______ _______
326,978 209,321
_______ _______
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Other creditors 197,778 207,474
_______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr James Gamble 26,562 1,775 - 28,337
Mr William Woodside 28,800 1,776 - 30,576
_______ _______ _______ _______
55,362 3,551 - 58,913
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr James Gamble 5,966 26,562 ( 5,966) 26,562
Mr William Woodside 9,311 28,800 ( 9,311) 28,800
_______ _______ _______ _______
15,277 55,362 ( 15,277) 55,362
_______ _______ _______ _______