Inco Contracts Limited - Accounts to registrar (filleted) - small 18.2

Inco Contracts Limited - Accounts to registrar (filleted) - small 18.2

INCO CONTRACTS LIMITED - Company Information

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REGISTERED NUMBER: 07310210 (England and Wales)







UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 SEPTEMBER 2019

FOR

INCO CONTRACTS LIMITED
Prime
Chartered Accountants
No. 3 Caroline Court
13 Caroline Street
St Paul's Square
Birmingham
B3 1TR








INCO CONTRACTS LIMITED (REGISTERED NUMBER: 07310210)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


INCO CONTRACTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2019







DIRECTORS: D J Cotterill
S C Norton





REGISTERED OFFICE: Dunston Business Village
Stafford Road
Dunston
Stafford
ST18 9AB





REGISTERED NUMBER: 07310210 (England and Wales)





ACCOUNTANTS: Prime
Chartered Accountants
No. 3 Caroline Court
13 Caroline Street
St Paul's Square
Birmingham
B3 1TR
Page 1
INCO CONTRACTS LIMITED (REGISTERED NUMBER: 07310210)

BALANCE SHEET
30 SEPTEMBER 2019

2019 2018
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 12,134 7,758

CURRENT ASSETS
Stocks 830,801 275,507
Debtors 5 2,602,539 1,139,261
Cash at bank and in hand 615,863 315,354
4,049,203 1,730,122
CREDITORS
Amounts falling due within one year 6 2,928,305 1,022,700
NET CURRENT ASSETS 1,120,898 707,422
TOTAL ASSETS LESS CURRENT
LIABILITIES
1,133,032
715,180

PROVISIONS FOR LIABILITIES 696 255
NET ASSETS 1,132,336 714,925

CAPITAL AND RESERVES
Called up share capital 25,000 25,000
Retained earnings 1,107,336 689,925
SHAREHOLDERS' FUNDS 1,132,336 714,925

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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 notes form part of these financial statements

Page 2 continued...
INCO CONTRACTS LIMITED (REGISTERED NUMBER: 07310210)

BALANCE SHEET - continued
30 SEPTEMBER 2019


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2020
and were signed on its behalf by:





D J Cotterill - Director


The notes form part of these financial statements

Page 3
INCO CONTRACTS LIMITED (REGISTERED NUMBER: 07310210)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019


1. STATUTORY INFORMATION

Inco Contracts 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. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard
102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose
related party transactions with wholly owned subsidiaries within the group.

Revenue recognition
Turnover represents net invoiced sales of services, excluding value added tax. Revenue and costs
are recognised by reference to the stage of completion of the contract activity at the balance sheet
date.

When it is probable that total contract costs will exceed total contract revenue, the expected loss is
recognised as a loss immediately.

Construction work in progress is stated at cost plus profit recognised to date less provision for
foreseeable losses and less amounts already billed.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on reducing balance

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling
costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,
except to the extent that it relates to items recognised in other comprehensive income or directly in
equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been
enacted or substantively enacted by the balance sheet date.


Page 4 continued...
INCO CONTRACTS LIMITED (REGISTERED NUMBER: 07310210)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2019


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at
the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods
different from those in which they are recognised in financial statements. Deferred tax is measured
using tax rates and laws that have been enacted or substantively enacted by the year end and that are
expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is
probable that they will be recovered against the reversal of deferred tax liabilities or other future
taxable profits.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2018 - 12 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 October 2018 16,011
Additions 7,411
At 30 September 2019 23,422
DEPRECIATION
At 1 October 2018 8,253
Charge for year 3,035
At 30 September 2019 11,288
NET BOOK VALUE
At 30 September 2019 12,134
At 30 September 2018 7,758

Page 5 continued...
INCO CONTRACTS LIMITED (REGISTERED NUMBER: 07310210)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2019


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2019 2018
£    £   
Trade debtors 2,594,013 1,132,246
Other debtors 8,526 7,015
2,602,539 1,139,261

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2019 2018
£    £   
Trade creditors 2,494,491 814,952
Amounts owed to group undertakings 99 1,861
Taxation and social security 414,890 188,152
Other creditors 18,825 17,735
2,928,305 1,022,700

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2019 2018
£    £   
Within one year 12,124 12,124
Between one and five years 39,143 51,267
51,267 63,391

Page 6