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Registered number: 04335286










INCAFIELD LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
INCAFIELD LIMITED
 
 
COMPANY INFORMATION


Directors
P Beaumont 
K Sands 




Registered number
04335286



Registered office
14th Floor
33 Cavendish Square

London

W1G 0PW




Independent auditors
Old Mill Audit Limited

Unit 2, Greenways Business Park

Bellinger Close

Chippenham

Wiltshire

England

SN15 1BN





 
INCAFIELD LIMITED
 

CONTENTS



Page
Strategic report
1
Directors' report
2 - 3
Independent auditors' report
4 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 22


 
INCAFIELD LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Introduction
 
The directors present their strategic report for the period ended 30 September 2024.

Business review
 
The principal activity of the Company during the year was that of a holding company providing rental property to
a group company.
The Company's principal risk relates therefore to the performance of its tenant within the group. 
The trade and assets of the Company's subsidiary were transferred intra group at the beginning of the year and therefore the company no longer has a trading subsidiary. The property continues to be rented within the group.

Principal risks and uncertainties
 
The directors management team continually review and monitor the operational risk of the business.

Financial risk management
The Company financial instruments principally comprise of cash at bank and inter-company loans, the Company has various other financial assets and liabilities such as trade debtors and trade creditors arising directly from operations. It is and has been throughout the period under review, the Company's policy that no trading in financial instruments shall be undertaken.
The main risks arising from the Company's financial instruments are liquidity risk and credit risk. The Board reviews and agrees policies for managing each of these risks and they are summarised below. These policies have remained unchanged throughout the period. .
Liquidity Risk
The Company manages its cash requirements to ensure it has sufficient liquid resources to meet the operating needs of the business. Third party trade debtors are reviewed regularly to ensure accounts do not fall overdue and appropriate credit limited are adhered to.
Credit Risk 
All debtors are subject to credit verification procedures by the Board. Debtors are reviewed on a regular basis and a provision is made for doubtful debts when necessary.    

Financial key performance indicators
 
Given the straightforward nature of the business, the directors are of the opinion that analysis of KPIs beyond the primary financial statements is not necessary for an understanding of the development, performance or position of the business.


This report was approved by the board on 26 June 2025 and signed on its behalf.



P Beaumont
Director

Page 1

 
INCAFIELD LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The directors present their report and the financial statements for the year ended 30 September 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £574,087 (2023 - £97,517).

The directors have highlighted in the strategic report on page 1, a review of the current period results, future outlook expectations, risks and key performance indicators for the Company.

Directors

The directors who served during the year were:

P Beaumont 
M Newns (resigned 4 October 2024)
D Price (resigned 16 September 2024)
K Sands (appointed 22 April 2024)


Page 2

 
INCAFIELD LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

During the year, the company appointed Old Mill Audit Limited as auditors, who will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 26 June 2025 and signed on its behalf.
 





P Beaumont
Director

Page 3

 
INCAFIELD LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INCAFIELD LIMITED
 

Opinion


We have audited the financial statements of Incafield Limited (the 'Company') for the year ended 30 September 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 September 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
INCAFIELD LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INCAFIELD LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
INCAFIELD LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INCAFIELD LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
 


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Page 6

 
INCAFIELD LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INCAFIELD LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Philip Mills MSc BA ACA 
Senior statutory auditor
for and on behalf of
Old Mill Audit Limited
Statutory Auditor
 
Unit 2, Greenways Business Park
Bellinger Close
Chippenham
Wiltshire
England
SN15 1BN

26 June 2025
Page 7

 
INCAFIELD LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Year
ended
30 September
Period ended
30 September
2024
2023
Note
£
£

  

Turnover
 4 
1,068,525
912,787

Gross profit
  
1,068,525
912,787

Administrative expenses
  
(171,635)
(1,053,401)

Operating profit/(loss)
  
896,890
(140,614)

Interest payable and similar expenses
 7 
-
(27,594)

Profit/(loss) before tax
  
896,890
(168,208)

Tax on profit/(loss)
 8 
(322,803)
265,725

Profit for the financial year
  
574,087
97,517

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 11 to 22 form part of these financial statements.

Page 8

 
INCAFIELD LIMITED
REGISTERED NUMBER: 04335286

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 9 
6,725,418
6,844,488

Investments
 10 
100
100

  
6,725,518
6,844,588

Current assets
  

Debtors: amounts falling due within one year
 11 
28,453
1,180,303

Cash at bank and in hand
 12 
4,405
118,467

  
32,858
1,298,770

Creditors: amounts falling due within one year
 13 
(2,535,208)
(4,587,034)

Net current liabilities
  
 
 
(2,502,350)
 
 
(3,288,264)

Total assets less current liabilities
  
4,223,168
3,556,324

Provisions for liabilities
  

Deferred tax
 14 
(134,410)
(41,653)

Net assets
  
 
 
4,088,758
 
 
3,514,671


Capital and reserves
  

Called up share capital 
 15 
6,250
6,250

Share premium account
 16 
33,750
33,750

Capital redemption reserve
 16 
3,750
3,750

Profit and loss account
 16 
4,045,008
3,470,921

  
4,088,758
3,514,671


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 June 2025.




P Beaumont
Director

The notes on pages 11 to 22 form part of these financial statements.

Page 9

 
INCAFIELD LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 December 2022
6,250
33,750
3,750
3,373,404
3,417,154


Comprehensive income for the period

Profit for the period
-
-
-
97,517
97,517



At 1 October 2023
6,250
33,750
3,750
3,470,921
3,514,671


Comprehensive income for the year

Profit for the year
-
-
-
574,087
574,087


At 30 September 2024
6,250
33,750
3,750
4,045,008
4,088,758


The notes on pages 11 to 22 form part of these financial statements.

Page 10

 
INCAFIELD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

The Company is a private company limited by shares and is incorporated in England and Wales. The address of its registered office is 14th Floor 33 Cavendish Square, London, W1G 0PW. The principal trading address is London Rd, Teynham, Sittingbourne ME9 9PR.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Terradace Holdings Limited as at 30 September 2024 and these financial statements may be obtained from 14th Floor, 33 Cavendish Square, London, W1G 0PW.

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

Page 11

 
INCAFIELD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.4

Going concern

The directors have prepared the accounts on a going concern basis. The directors note the current
liabilities position of the company and have reviewed likely future developments. They remain of the
opinion that the company will not have to cease trading as a result of inadequate financial resources,
or any other foreseeable event, within a period of at least 12 months from the date of the approval of
these accounts. This basis is considered appropriate as the ultimate parent company has confirmed
that it will provide support to enable to company to meet their forecast liabilities as they fall due.

 
2.5

Turnover

Turnover represents rental income from investment properties. Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 12

 
INCAFIELD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Investment property rented to other group entities and accounted for under the cost model is stated at historical cost less accumulated depreciation and any accumulated impairment losses.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2%
Straight line
Plant and machinery
-
10%
Straight line
Fixtures and fittings
-
20%
Straight line
Office equipment
-
20%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 90 days.

 
2.11

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Page 13

 
INCAFIELD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.11
Financial instruments (continued)

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.



Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 14

 
INCAFIELD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated by the directors and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future. Actual results may differ from these estimates. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The estimates and assumptions that have a significant risk of causing material adjustment to the carrying
amounts of assets and liabilities within the next financial year are addressed below:
Tangible fixed asset depreciation
The company depreciates its tangible fixed assets over their estimated useful lives, to an estimated
residual value. Management use their knowledge of market conditions, historic experience and estimates
of future market conditions to asses the expected useful lives and residual values of their assets.
The directors consider there to be no other significant areas of judgements or key sources of estimation uncertainty in the year. 


4.


Turnover

An analysis of turnover by class of business is as follows:


Year
ended
30 September
Period ended
30 September
2024
2023
£
£

Management fees
25
29,677

Rent
1,068,500
883,110

1,068,525
912,787


All turnover arose within the United Kingdom.

Page 15

 
INCAFIELD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


Year
ended
30 September
Period ended
30 September
2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
6,000
10,000

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


6.


Employees

Staff costs were as follows:


Year
ended
30 September
Period ended
30 September
2024
2023
£
£

Wages and salaries
-
17,847

Social security costs
-
1,040

-
18,887


The average monthly number of employees, including the directors, during the year was as follows:


      Year ended
     30 September
     Period ended
     30 September
        2024
        2023
            No.
            No.







Management and administration
4
3

Page 16

 
INCAFIELD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

7.


Interest payable and similar expenses

Year ended
30 September
Period ended
30 September
2024
2023
£
£


Finance leases and hire purchase contracts
-
27,594


8.


Taxation


Year ended
30 September
Period ended
30 September
2024
2023
£
£



Group taxation relief
230,046
-


Deferred tax


Origination and reversal of timing differences
92,757
(265,725)


Tax on profit/(loss)
322,803
(265,725)
Page 17

 
INCAFIELD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
 
8.Taxation (continued)


Factors affecting tax charge for the year/period

The tax assessed for the year/period is higher than (2023 - lower than) the applicable rate of corporation tax in the UK of 25% (2023 - 22.7%). The differences are explained below:

Year
ended
30 September
Period ended
30 September
2024
2023
£
£


Profit/(loss) on ordinary activities before tax
896,890
(168,208)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 22.7%)
224,223
(38,183)

Effects of:


Expenses not deductible for tax purposes
-
(3,273)

Capital allowances for year/period in excess of depreciation
96,795
12,900

Release of deferred tax on transfer of assets intragroup
-
(285,725)

Group relief payment
230,046
-

Group relief surrendered/(received)
(228,261)
48,556

Total tax charge for the year/period
322,803
(265,725)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


Page 18
 


 
INCAFIELD LIMITED


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024


9.


Tangible fixed assets






Freehold property
Plant and machinery
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost


At 1 October 2023
8,556,943
1,451,424
53,752
2,397
10,064,516


Additions
20,223
-
-
-
20,223



At 30 September 2024

8,577,166
1,451,424
53,752
2,397
10,084,739



Depreciation


At 1 October 2023
1,712,455
1,451,424
53,752
2,397
3,220,028


Charge for the year on owned assets
139,293
-
-
-
139,293



At 30 September 2024

1,851,748
1,451,424
53,752
2,397
3,359,321



Net book value



At 30 September 2024
6,725,418
-
-
-
6,725,418



At 30 September 2023
6,844,488
-
-
-
6,844,488

Page 19
 
INCAFIELD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

10.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 October 2023
100



At 30 September 2024
100





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Cross & Wells Limited
14th Floor, 33 Cavendish Square, London, W1G 0PW
Ordinary
100%

On 1 October 2023 the trade and assets of Cross & Wells Limited trade was transferred within the group to Integrated Service Solutions Limited and is now dormant. Subsequent to the year end the company has been dissolved.


11.


Debtors

2024
2023
£
£


Trade debtors
89
-

Amounts owed by group undertakings
-
1,124,504

Other debtors
28,364
55,799

28,453
1,180,303



12.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
4,405
118,467


Page 20

 
INCAFIELD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

13.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
-
140,757

Amounts owed to group undertakings
2,465,994
4,405,871

Other taxation and social security
32,214
-

Accruals and deferred income
37,000
40,406

2,535,208
4,587,034



14.


Deferred taxation




2024


£






At beginning of year
41,653


Charged to profit or loss
92,757



At end of year
134,410

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
134,410
41,653


15.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



6,250 (2023 - 6,250) Ordinary shares shares of £1.00 each
6,250
6,250

There is a single class of Ordinary shares. There are no restrictions on distribution of dividends and the
repayment of capital.


Page 21

 
INCAFIELD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

16.


Reserves

Share premium account

This reserve records the amount above the nominal value received for shares sold, less transaction costs.

Capital redemption reserve

This reserve records amounts equivalent to the nominal value of shares that have been purchased or redeemed (including cancellation). 

Profit and loss account

This comprises profits available for distribution.


17.


Financial guarantee

At the balance sheet date the company had entered into group bank cross guarantees in respect of loans
and overdrafts. At the balance sheet date the total group facility amounted to £25,000,000 (2023 - £Nil).


18.


Controlling party

Terradace Holdings Limited is considered to be the company's immediate and ultimate parent undertaking in both the current and prior year.
P Beaumont is considered to be the ultimate controlling party by virtue of his shareholding in Terradace Holdings Limited during the current and prior year.
The results of the company are only included within the consolidated accounts of Terradace Holdings Limited which are available to the public and may be obtained from 14th Floor, 33 Cavendish Square, London, W1G 0PW.

 
Page 22