Innecto People Consulting Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04741738 (England and Wales)

Unaudited Financial Statements

for the Period 1 April 2018 to 28 February 2019

for

Innecto People Consulting Limited

Trading as

Innecto Reward Consulting

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mrs D K Rees-Frost

J L Woolf

Mrs S A Mace

M I Dugdale

SECRETARY:

Mrs S A Mace

REGISTERED OFFICE:

John Ormond House

899 Silbury Boulevard

Milton Keynes

Buckinghamshire

MK9 3XL

REGISTERED NUMBER:

04741738 (England and Wales)

FIXED ASSETS

Intangible assets

5

73,217

113,052

Tangible assets

6

7,800

3,149

81,017

116,201

CURRENT ASSETS

Debtors

7

441,436

332,403

Cash at bank

475,702

318,173

917,138

650,576

CREDITORS

Amounts falling due within one year

8

470,471

371,734

NET CURRENT ASSETS

446,667

278,842

TOTAL ASSETS LESS CURRENT LIABILITIES

527,684

395,043

PROVISIONS FOR LIABILITIES

(1,482

)

(598

)

ACCRUALS AND DEFERRED INCOME

(163,588

)

(4,862

)

NET ASSETS

362,614

389,583

CAPITAL AND RESERVES

Called up share capital

1

1

Share premium

23,100

-

Retained earnings

339,513

389,582

362,614

389,583

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 28 February 2019.

The members have not required the company to obtain an audit of its financial statements for the period ended 28 February 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 26 April 2019 and were signed on its behalf by:

Mrs D K Rees-Frost - Director

1.	STATUTORY INFORMATION

Innecto People Consulting Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company Information

page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements are prepared on a going concern basis, under the historical cost convention.

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.

Turnover

Revenue from the supply of HR consultancy represents the value of services provided under contracts to the

extent that there is a right to consideration and is recorded at the fair value of the consideration received or

receivable.

Where a contract has only been partially completed at the balance sheet date, turnover represents the fair value

of the service provided to date based on the stage of completion of the contract activity at the balance sheet

date.

Where payments are received from customer in advance of services provided the amounts are recorded as

deferred income and included as part of creditors due within one year.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less accumulated amortisation.

Development expenditure is written off, except where the directors are satisfied as to the technical, commercial

and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an

intangible asset and amortised over the period during the Company is expected to benefit. Development costs

are amortised on a straight line basis over 3 years.

Website development costs have been capitalised as an intangible asset and are amortised on a straight line

basis over 3 years.

Goodwill arose on the acquisition of a business and represents the excess of the consideration paid over the fair

value of the identifiable assets and liabilities acquired. The goodwill is capitalised and written off on a straight

line basis over its useful economic life which was ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

25% on straight line basis

Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost

includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its

intended use, dismantling and restoration costs and borrowing costs capitalised.

Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal,

the difference between the net disposal proceeds and the carrying amount is recognised in profit or loss.

Financial instruments

Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at

transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective

evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying

amount and the present value of the estimated cash flows discounted at the assets original effective interest

rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised

the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the

carrying amount would have been had the impairment not previously been recognised. The impairment reversal

is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are

settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another

party or (c) control the asset has been transferred to another party who has the practical ability to unilaterally sell

the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and overdrafts and loans from fellow

group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing

transaction, where the debt instrument is measured at the present value of the future receipts discounted at a

market rate of interest.

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

Trade payables 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 payment is due within one year

or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction

price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is

discharged, cancelled or expires.

Taxation

Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is

recognised in the profit and loss account, except to the extent that it relates to items recognised in other

comprehensive income or directly in equity. In this case tax is also recognised in other comprehensive income or

directly in equity respectively.

Current or deferred taxation assets and liabilities are not discounted.

Current tax

Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is

calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end.

Deferred tax

Deferred tax arises from timing differences that are differences between taxable profit and total comprehensive

income as stated in the financial statements. These timing differences arise from the inclusion of income and

expenses in tax assessment in periods different from those in which are recognised in financial statements.

Deferred tax is recognised on all timing differences at the reporting date except for certain exceptions.

Unrelieved tax losses and other deferred tax assets are only recognised when 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 tax rates and laws that have been enacted or substantively enacted by the

period end and that are expected to apply to the reversal of the timing difference.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Share capital

Ordinary shares are classified as equity.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance

sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 18 (2018 - 17 ) .

5.	INTANGIBLE FIXED ASSETS

Research

and

Website

Goodwill

development

development

Totals

£

£

£

£

COST

At 1 April 2018

30,000

138,300

60,351

228,651

Additions

-

-

21,000

21,000

Disposals

(30,000

)

-

-

(30,000

)

At 28 February 2019

-

138,300

81,351

219,651

AMORTISATION

At 1 April 2018

30,000

58,250

27,349

115,599

Amortisation for period

-

42,258

18,577

60,835

Eliminated on disposal

(30,000

)

-

-

(30,000

)

At 28 February 2019

-

100,508

45,926

146,434

NET BOOK VALUE

At 28 February 2019

-

37,792

35,425

73,217

At 31 March 2018

-

80,050

33,002

113,052

6.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 April 2018

5,904

Additions

7,082

At 28 February 2019

12,986

DEPRECIATION

At 1 April 2018

2,755

Charge for period

2,431

At 28 February 2019

5,186

NET BOOK VALUE

At 28 February 2019

7,800

At 31 March 2018

3,149

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

430,433

332,315

Prepayments and accrued income

11,003

88

441,436

332,403

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

29,038

14,100

Tax

3,803

53,477

Social security and other taxes

92,052

103,776

Other creditors

3,826

2,352

Directors' current accounts

-

81,964

Accruals and deferred income

341,752

116,065

470,471

371,734

9.	OTHER FINANCIAL COMMITMENTS

Operating lease commitments totalling £14,041 (2018 - £14,041) existed at the balance sheet date.