Invinceus Ltd Company accounts

Invinceus Ltd Company accounts

INVINCEUS LTD - Company Information

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COMPANY REGISTRATION NUMBER: SC459364
Invinceus Ltd
Unaudited Financial Statements
31 March 2022
Invinceus Ltd
Financial Statements
Year Ended 31 March 2022
Contents
Page
Director's Report
1
Report to the Director on the Preparation of the Unaudited Statutory Financial Statements
2
Statement of Comprehensive Income
3
Statement of Financial Position
4
Notes to the Financial Statements
5
Invinceus Ltd
Director's Report
Year Ended 31 March 2022
The director presents his report and the unaudited financial statements of the company for the year ended 31 March 2022 .
Director
The director who served the company during the year was as follows:
Mr P Rushton
Small Company Provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 27 June 2022 and signed on behalf of the board by:
Mr P Rushton
Director
Registered office:
Office 8
5 West Victoria Dock Road
Dundee
DD1 3JT
Invinceus Ltd
Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Invinceus Ltd
Year Ended 31 March 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Invinceus Ltd for the year ended 31 March 2022, which comprise the statement of comprehensive income, statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the director of Invinceus Ltd in accordance with the terms of our engagement letter dated 16 June 2020. Our work has been undertaken solely to prepare for your approval the financial statements of Invinceus Ltd and state those matters that we have agreed to state to you in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Invinceus Ltd and its director for our work or for this report.
It is your duty to ensure that Invinceus Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Invinceus Ltd. You consider that Invinceus Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Invinceus Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
DC CONSULTING (WWW.DCCONSULT.CO.UK) Chartered accountants
27 June 2022
Invinceus Ltd
Statement of Comprehensive Income
Year Ended 31 March 2022
2022
2021
Note
£
£
Turnover
78,624
64,896
--------
--------
Gross Profit
78,624
64,896
Administrative expenses
833
1,425
--------
--------
Operating Profit
77,791
63,471
--------
--------
Profit Before Taxation
77,791
63,471
Tax on profit
10,076
12,059
--------
--------
Profit for the Financial Year and Total Comprehensive Income
67,715
51,412
--------
--------
All the activities of the company are from continuing operations.
Invinceus Ltd
Statement of Financial Position
31 March 2022
2022
2021
Note
£
£
£
Current Assets
Debtors
4
35,021
7,419
Cash at bank and in hand
70,716
65,105
---------
--------
105,737
72,524
Creditors: amounts falling due within one year
5
23,451
57,953
---------
--------
Net Current Assets
82,286
14,571
--------
--------
Total Assets Less Current Liabilities
82,286
14,571
--------
--------
Net Assets
82,286
14,571
--------
--------
Capital and Reserves
Called up share capital
100
100
Profit and loss account
82,186
14,471
--------
--------
Shareholders Funds
82,286
14,571
--------
--------
These financial statements have been prepared 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'.
For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 27 June 2022 , and are signed on behalf of the board by:
Mr P Rushton
Director
Company registration number: SC459364
Invinceus Ltd
Notes to the Financial Statements
Year Ended 31 March 2022
1. General Information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Office 8, 5 West Victoria Dock Road, Dundee, DD1 3JT.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern The directors consider that the financial prospects for the company from the date of approval of these accounts justify the continuation of the use of going concern basis in the preparation of these accounts.
Going Concern
The company has net assets of £92,362 (2021 - £14,571). The director acknowledges the ongoing pandemic and confirms that the financial statements are prepared on a going concern basis. In coming to this conclusion, the director forecasts a profitable forthcoming 12 months.
Judgements and Key Sources of Estimation Uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Corporation Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Financial Instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Debtors
2022
2021
£
£
Trade debtors
6,656
6,656
Amounts owed by group undertakings and undertakings in which the company has a participating interest
27,502
–
Other debtors
863
763
--------
-------
35,021
7,419
--------
-------
5. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
3,093
3,114
Amounts owed to group undertakings and undertakings in which the company has a participating interest
–
32,498
Corporation tax
10,076
12,059
Other creditors
10,282
10,282
--------
--------
23,451
57,953
--------
--------
6. Related Party Transactions
Mr Paul Rushton was the managing director during the period. The company operated an intercompany loan account with Invinceus Group Limited and at the year end was due to receive £27,502 (2021 - liability of £32,498). The loan has no set repayment terms or interest accruing, however are repayable on demand to the related party.
7. Controlling Party
During the year the company was under the control of Invinceus Group Limited, a company incorporated in Scotland.