Ince Developments LTD - Accounts to registrar (filleted) - small 23.1.2

INCE DEVELOPMENTS LTD - Company Information

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REGISTERED NUMBER: 10348092 (England and Wales)

Unaudited Financial Statements for the Year Ended 30th September 2023

for

Ince Developments LTD

Page

Company Information

Balance Sheet

Notes to the Financial Statements

DIRECTORS:

Mr R G Ince

Mrs R Ince

SECRETARIES:

Miss C Ince

Mr J Ince

REGISTERED OFFICE:

Mendlesham House

Oak Farm Lane

Mendlesham

Stowmarket

Suffolk

REGISTERED NUMBER:

10348092 (England and Wales)

ACCOUNTANTS:

Integrity Tax & Accountancy Solutions Ltd

May Cottage

Ashfield Road

Norton

Bury St Edmunds

Suffolk

IP31 3NF

FIXED ASSETS

Intangible assets

7,040

Tangible assets

235,275

201,868

242,315

201,868

CURRENT ASSETS

Debtors

275,441

228,047

Cash at bank

191,786

176,323

467,227

404,370

CREDITORS

Amounts falling due within one year

550,130

556,319

NET CURRENT LIABILITIES

(82,903

)

(151,949

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

159,412

49,919

CREDITORS

Amounts falling due after more than one
year

(15,609

)

(25,877

)

PROVISIONS FOR LIABILITIES

(50,401

)

(21,868

)

NET ASSETS

93,402

2,174

CAPITAL AND RESERVES

Called up share capital

100

Retained earnings

93,302

2,074

93,402

2,174

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th September 2023 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 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 18th January 2024 and were signed on its behalf by:

Mr R G Ince - Director

1.	STATUTORY INFORMATION

Ince Developments LTD 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets

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

Plant and machinery

25% on reducing balance

Fixtures and fittings

25% on reducing balance

Motor vehicles

25% on reducing balance

Computer equipment

33% on cost

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.

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 3 (2022 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Patents

and

licences

COST

Additions

9,387

At 30th September 2023

9,387

AMORTISATION

Amortisation for year

2,347

At 30th September 2023

2,347

NET BOOK VALUE

At 30th September 2023

7,040

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

COST

At 1st October 2022

343,692

3,027

7,500

2,785

357,004

Additions

30,818

77,000

5,431

113,249

At 30th September 2023

374,510

3,027

84,500

8,216

470,253

DEPRECIATION

At 1st October 2022

145,891

1,750

5,522

1,973

155,136

Charge for year

57,155

320

19,745

2,622

79,842

At 30th September 2023

203,046

2,070

25,267

4,595

234,978

NET BOOK VALUE

At 30th September 2023

171,464

957

59,233

3,621

235,275

At 30th September 2022

197,801

1,277

1,978

812

201,868

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.23

30.9.22

Trade debtors

136,779

97,901

Amounts recoverable on contract

60,000

Other debtors

78,662

70,146

275,441

228,047

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.23

30.9.22

Bank loans and overdrafts (see note 9)

10,642

10,379

Trade creditors

215,169

224,762

Taxation and social security

14,984

Other creditors

309,335

321,178

550,130

556,319

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

30.9.23

30.9.22

Bank loans (see note 9)

15,609

25,877

LOANS

The company has one term loan outstanding, which is a Bounce Back loan amounting to £26,250 (2022 £36,252). This was interest and capital free for 12 months to June 21. Included in creditors due after more than one year is an amount of £15,609 which is repayable by installments.

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

As at 30 September 2023 the amount owed to the directors was £286,799 (2022: £303,441) Interest is charged on the loans at 10%,which is considered to be market rate.