Inclusive Technology Limited Filleted accounts for Companies House (small and micro)

INCLUSIVE TECHNOLOGY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03525459

INCLUSIVE TECHNOLOGY LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

30 June 2023

INCLUSIVE TECHNOLOGY LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 30 JUNE 2023

Contents	Pages

Balance sheet 1 to 2

Notes to the financial statements 3 to 8

INCLUSIVE TECHNOLOGY LIMITED

BALANCE SHEET

30 June 2023

	2023	2022
Note	£	£

Fixed assets

Intangible assets	6	43,737	–
Tangible assets	7	13,187	26,435
		------------	------------
		56,924	26,435

Current assets

Stocks	8	347,409	387,778
Debtors	9	3,985,854	2,282,951
Cash at bank and in hand		314,335	1,113,239
		------------	------------
		4,647,598	3,783,968

Creditors: amounts falling due within one year	10	( 1,329,590)	( 766,687)
		------------	------------
Net current assets		3,318,008	3,017,281
		------------	------------
Total assets less current liabilities		3,374,932	3,043,716

Provisions

Taxation including deferred tax	11	( 11,817)	( 2,702)
		------------	------------
Net assets		3,363,115	3,041,014
		------------	------------

Capital and reserves

Called up share capital	13	614	614
Share premium account		24,404	24,404
Capital redemption reserve		386	386
Profit and loss account		3,337,711	3,015,610
		------------	------------
Shareholders funds		3,363,115	3,041,014
		------------	------------

These financial statements have been prepared and delivered 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'.

In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.

For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

INCLUSIVE TECHNOLOGY LIMITED

BALANCE SHEET (continued)

30 June 2023

These financial statements were approved by the board of directors and authorised for issue on 11 March 2024 , and are signed on behalf of the board by:

S S Gill

Director

Company registration number: 03525459

INCLUSIVE TECHNOLOGY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 JUNE 2023

1. General information

The company is a private company limited by shares, registered in England and Wales, registration number 03525459 . The address of the registered office is Riverside Court, Huddersfield Road, Delph, Oldham, OL3 5FZ.

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, and rounded to the nearest £.

Grants

Grants of a revenue nature are recognised in the profit and loss account of the period in respect of which they are paid on an accruals basis.

Foreign currencies

Transactions in foreign currencies are translated at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities in foreign currencies are translated at the rates of exchange ruling at the balance sheet date. Where exchange differences result from the translation of foreign currency borrowings raised to acquire foreign assets they are taken to reserves and offset against the differences arising from the translation of those assets. All other exchange differences are dealt with through the profit and loss account.

Research and development

Research expenditure is written off in the period in which it is incurred.

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 comprises the value of sales and royalties excluding value added tax and trade discounts.

Taxation

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.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Website	-	20% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leased property alterations	-	Over the period of the lease
Fixtures and fittings	-	20% straight line
Computer and office equipment	-	3 - 5 years straight line

Stocks

Stocks are stated at the lower of cost and net realisable value.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities .

Defined contribution plans

The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 19 (2022: 19 ).

5. Tax on profit

Major components of tax (income)/expense

	2023	2022
	£	£

Current tax:

UK current tax expense	53,094	94,711
Adjustments in respect of prior periods	( 84,395)	–
	------------	------------
Total current tax	( 31,301)	94,711
	------------	------------

Deferred tax:

Origination and reversal of timing differences	9,115	( 1,719)
	------------	------------
Tax on profit	( 22,186)	92,992
	------------	------------

6. Intangible assets

	Website
	£
Cost
Additions	50,273
	------------
At 30 June 2023	50,273
	------------
Amortisation
Charge for the year	6,536
	------------
At 30 June 2023	6,536
	------------
Carrying amount
At 30 June 2023	43,737
	------------
At 30 June 2022	–
	------------

7. Tangible assets

	Leased property alterations	Fixtures and fittings	Computer and office equipment	Total
	£	£	£	£
Cost
At 1 July 2022	18,604	47,946	196,301	262,851
Additions	–	326	722	1,048
Disposals	–	–	( 48,877)	( 48,877)
	------------	------------	------------	------------
At 30 June 2023	18,604	48,272	148,146	215,022
	------------	------------	------------	------------
Depreciation
At 1 July 2022	15,724	37,273	183,419	236,416
Charge for the year	876	4,583	8,837	14,296
Disposals	–	–	( 48,877)	( 48,877)
	------------	------------	------------	------------
At 30 June 2023	16,600	41,856	143,379	201,835
	------------	------------	------------	------------
Carrying amount
At 30 June 2023	2,004	6,416	4,767	13,187
	------------	------------	------------	------------
At 30 June 2022	2,880	10,673	12,882	26,435
	------------	------------	------------	------------

8. Stocks

	2023	2022
	£	£
Goods for resale and consumables	347,409	387,778
	------------	------------

9. Debtors

	2023	2022
	£	£
Trade debtors	326,364	320,053
Amounts owed by group undertakings	3,526,793	1,815,608
Prepayments and accrued income	127,889	145,897
Directors' loan accounts	–	1,373
Other debtors	4,808	20
	------------	------------
	3,985,854	2,282,951
	------------	------------

The group debtor balance is recoverable more than one year after the balance sheet date.

10. Creditors: amounts falling due within one year

	2023	2022
	£	£
Trade creditors	221,064	133,106
Accruals and deferred income	527,098	492,260
Corporation tax	53,094	89,101
Social security and other taxes	24,692	52,220
Other creditors	503,642	–
	------------	------------
	1,329,590	766,687
	------------	------------

11. Provisions

	Deferred tax (note 12)
	£
At 1 July 2022	2,702
Additions	9,115
	------------
At 30 June 2023	11,817
	------------

12. Deferred tax

The deferred tax included in the balance sheet is as follows:

	2023	2022
	£	£
Included in provisions (note 11)	11,817	2,702
	------------	------------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2023	2022
	£	£
Accelerated capital allowances	11,817	2,702
	------------	------------

13. Called up share capital

Issued, called up and fully paid

	2023		2022
	No.	£	No.	£
Ordinary shares of £ 1 each	614	614	614	614
	------------	------------	------------	------------

14. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2023	2022
	£	£
Not later than 1 year	100,722	107,747
Later than 1 year and not later than 5 years	302,790	335,641
Later than 5 years	–	23,576
	------------	------------
	403,512	466,964
	------------	------------

15. Directors' advances, credits and guarantees

As at 30 June 2023, amounts owed by directors were £nil (2022: £1,373). These loans were unsecured, interest-free and repayable on demand. These were settled in full during the year.

16. Related party transactions

As at 30 June 2023 amounts owed by group companies were £3,023,151 (2022: £1,815,608). These loans are unsecured, repayable on demand and currently interest-free. The other loans balance at note 11 above is owed to parties connected with S S Gill . It is unsecured, has no fixed repayment date and bears interest at 8.5% pa.

17. Controlling party

The company is a 100% subsidiary of New Inclusive Limited. This company is controlled by S S Gill.

18. Guarantees

The company is party to an unlimited corporate guarantee together with other group companies in support of the group's bank facilities. The company has also provided a debenture over all of its assets in this respect.