Inco Contracts Limited - Accounts to registrar (filleted) - small 18.2
Inco Contracts Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED |
| 30 SEPTEMBER 2020 |
| FOR |
| INCO CONTRACTS LIMITED |
| INCO CONTRACTS LIMITED (REGISTERED NUMBER: 07310210) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2020 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| INCO CONTRACTS LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 SEPTEMBER 2020 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| No. 3 Caroline Court |
| 13 Caroline Street |
| St Paul's Square |
| Birmingham |
| B3 1TR |
| INCO CONTRACTS LIMITED (REGISTERED NUMBER: 07310210) |
| BALANCE SHEET |
| 30 SEPTEMBER 2020 |
| 2020 | 2019 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| INCO CONTRACTS LIMITED (REGISTERED NUMBER: 07310210) |
| BALANCE SHEET - continued |
| 30 SEPTEMBER 2020 |
| 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 |
| INCO CONTRACTS LIMITED (REGISTERED NUMBER: 07310210) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2020 |
| 1. | STATUTORY INFORMATION |
| Inco Contracts Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 |
| Improvements to property | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Government grants |
| Grants are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the profit and loss account in the same period as the related expenditure. Government grants relate to the receipt of Coronavirus Job Retention Scheme income which is included within other operating income. |
| 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. |
| INCO CONTRACTS LIMITED (REGISTERED NUMBER: 07310210) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| 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 |
| INCO CONTRACTS LIMITED (REGISTERED NUMBER: 07310210) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2020 |
| 4. | TANGIBLE FIXED ASSETS |
| Improvements | Fixtures |
| to | and | Motor |
| property | fittings | vehicles | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 October 2019 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 30 September 2020 |
| DEPRECIATION |
| At 1 October 2019 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 30 September 2020 |
| NET BOOK VALUE |
| At 30 September 2020 |
| At 30 September 2019 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 7. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2020 | 2019 |
| £ | £ |
| Within one year |
| Between one and five years |
| INCO CONTRACTS LIMITED (REGISTERED NUMBER: 07310210) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2020 |
| 8. | POST BALANCE SHEET EVENTS |
| The Coronavirus pandemic continues to affect the UK economy. The company has assessed the impact on its revenue streams, profitability and cashflow and considers there to be sufficient resources to continue trading in the current climate. Based on this the directors believe the company has adequate resources to continue as a going concern. |
| 9. | ULTIMATE PARENT COMPANY |
| The immediate parent company is CKI Holdings Limited, a company registered in England & Wales. |
| The ultimate parent company is Inco Construction Group Limited, a company registered in England & Wales. |