Company No: 03641046 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Current assets
Stocks		7,226		5,124
Debtors	4	38,949		28,293
Cash at bank and in hand		198,898		270,539
		245,073		303,956
Creditors: amounts falling due within one year	5	( 289,657)		( 283,345)
Net current (liabilities)/assets		(44,584)		20,611
Total assets less current liabilities		(44,584)		20,611
Net (liabilities)/assets		( 44,584)		20,611
Reserves
Profit and loss account		( 44,584 )		20,611
Total reserves		( 44,584)		20,611

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 financial statements for the financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Incose UK (registered number: 03641046) were approved and authorised for issue by the Board of Directors on 13 November 2025. They were signed on its behalf by:

P M Savvides Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Incose UK (the Company) is a private company, limited by guarantee, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 21 The Dyers Building, 21 Silver Street, Ilminster, TA19 0DH, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so 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.

Taxation

Current tax
The company is exempt from corporation tax, it being a company not carrying on a business for the purposes or making a profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets

3 years straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

POST BALANCE SHEET EVENTS AND GOING CONCERN

The Directors have assessed whether the use of the going concern basis for the accounts preparation is appropriate. The Directors have made this assessment in respect of a period of one year from the date of approval of the financial statements.

On 16 July 2025 the net liabilities and activities of the company were transferred to The Institute for Systems Engineering, ‘IFSE’, a company limited by guarantee (company number 15347834). Since this time the activities of the company have been carried out by IFSE.

Therefore, Incose UK is not a going concern in it’s own right, and the accounts will be prepared on a basis other than that of the going concern basis. Due to the continuation of the activities of the company in IFSE and the assets and liabilities being transferred at net book value to be used in IFSE there is no adjustment required to the year end assets and liabilities.

There are net liabilities at 31 March 2025. The company has the continued support of it's main creditor, International Council on Systems Engineering.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	5		5

3. Intangible assets

	Other intangible assets		Total
	£		£
Cost
At 01 April 2024	34,125		34,125
At 31 March 2025	34,125		34,125
Accumulated amortisation
At 01 April 2024	34,125		34,125
At 31 March 2025	34,125		34,125
Net book value
At 31 March 2025	0		0
At 31 March 2024	0		0

4. Debtors

	2025		2024
	£		£
Trade debtors	12,005		6,873
Amounts owed by Group undertakings	10,000		0
Other debtors	16,944		21,420
	38,949		28,293

5. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	410		112,114
Other creditors	289,247		171,231
	289,657		283,345

6. Liability of members

The members of the Incose UK have undertaken to contribute a sum not exceeding £1 each to meet the liabilities of the Company if it should be wound up.