Incragold Limited - Limited company accounts 20.1

REGISTERED NUMBER: 01987533 (England and Wales)

Report of the Director and

Unaudited Financial Statements for the Year Ended 31 August 2019

for

Incragold Limited

Page

Company Information

1

Report of the Director

2

Income Statement

3

Balance Sheet

4

Statement of Changes in Equity

5

Notes to the Financial Statements

6

DIRECTOR:

Mrs J R Whyman

REGISTERED OFFICE:

106 Charter Avenue

Ilford

Essex

IG2 7AD

REGISTERED NUMBER:

01987533 (England and Wales)

ACCOUNTANTS:

Fredericks Limited

Chartered Accountants

106 Charter Avenue

Ilford

Essex

IG2 7AD

The director presents her report with the financial statements of the company for the year ended 31 August 2019.

DIRECTOR

Mrs J R Whyman held office during the whole of the period from 1 September 2018 to the date of this report.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

Mrs J R Whyman - Director

7 September 2021

TURNOVER

23,243

20,187

Administrative expenses

21,924

20,085

OPERATING PROFIT

1,319

102

Loss on revaluation of

investment property

(380,000

)

-

(378,681

)

102

Interest payable and similar expenses

4

40,902

15,271

LOSS BEFORE TAXATION

(419,583

)

(15,169

)

Tax on loss

(72,500

)

-

LOSS FOR THE FINANCIAL YEAR

(347,083

)

(15,169

)

FIXED ASSETS

Investment property

5

420,000

800,000

CURRENT ASSETS

Debtors

6

215,439

36,889

Cash at bank

40

1,421

215,479

38,310

CREDITORS

Amounts falling due within one year

7

423,289

206,537

NET CURRENT LIABILITIES

(207,810

)

(168,227

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

212,190

631,773

PROVISIONS FOR LIABILITIES

70,000

142,500

NET ASSETS

142,190

489,273

CAPITAL AND RESERVES

Called up share capital

100

Retained earnings

142,090

489,173

SHAREHOLDERS' FUNDS

142,190

489,273

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 7 September 2021 and were signed by:

Mrs J R Whyman - Director

Called up

share

Retained

Total

capital

earnings

equity

£

Balance at 1 September 2017

100

516,842

516,942

Changes in equity

Dividends

-

(12,500

)

(12,500

)

Total comprehensive income

-

(15,169

)

(15,169

)

Balance at 31 August 2018

100

489,173

489,273

Changes in equity

Total comprehensive income

-

(347,083

)

(347,083

)

Balance at 31 August 2019

100

142,090

142,190

1.	STATUTORY INFORMATION

Incragold 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.

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 as modified by the revaluation of certain assets.

Turnover

Turnover represents rents received during the period.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2018 - 1 ) .

4.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.8.19

31.8.18

£

Bank loan interest

40,902

15,271

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 September 2018

800,000

Impairments

(380,000

)

At 31 August 2019

420,000

NET BOOK VALUE

At 31 August 2019

420,000

At 31 August 2018

800,000

Fair value at 31 August 2019 is represented by:

£

Valuation in 2009

259,200

Valuation in 2017

515,000

Valuation in 2019

(380,000

)

Cost

25,800

420,000

Investment Property was valued on an open market basis basis on 31 August 2019 by Mrs J Wyman, director .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.19

31.8.18

£

Other debtors

194,425

4,900

Prepayments

21,014

31,989

215,439

36,889

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.19

31.8.18

£

Other loans

412,045

203,582

Other creditors

1,650

Directors' current accounts

7,914

465

Accrued expenses

1,680

840

423,289

206,537

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.8.19

31.8.18

£

Other loans

412,045

203,582

The other loan is secured on the freehold property of the company. The loan is in the joint names of Mr P Whyman (shareholder) and Incragold Limited. It is secured on both the property of the company and assets of Mr P Whyman. The loan is stated at the proportionate amount in relation to the amount of security provided, having regard to the property valuations of the lender.Whilst no capital repayments are due interest is charged at a rate of 0.75% per month.

9.	RELATED PARTY DISCLOSURES

Details of an interest free loan from the director is shown in the notes to the accounts. The loan has no repayment date.

Included in other debtors is the sum of £36,100 (2018 £4,600) due from Lansite Limited,a company of which Mrs J R Whyman (director and shareholder) is a director and shareholder. Mr P Whyman and Mrs S Hatip are also shareholders in both companies. The loan is made on an interest free basis.

At the year end the company was owed the sum of £158,325 (2018 £Nil) by Mr P Whyman (shareholder) in respect of the secured loan obtained by the company.