Abbreviated Company Accounts - INCUNA LTD

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective January 2015.

Turnover policy
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

Revenue recognition

Turnover represents revenue earned under a variety of contracts to provide services. Revenue is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding VAT.

Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors.

Tangible assets depreciation policy
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Fixtures, fittings & equipment - 3 Years Straight Line

Other accounting policies
Investments
Fixed asset investments are stated at cost less provision for diminution in value.

Pensions
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the period they are payable.

Deferred taxation
Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE.

Deferred tax is measured at the rates that are expected to apply in the periods when the timing
differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.


Ultimate parent company
The directors hold 50.40% of the share capital of Incuna Ltd with the remaining 49.60% of the company being held by Free Think Digital Limited, a company in which the director Mr P Ward is a 62.50 % shareholder.

3Fixed assets Investments
Holdings of more than 20%

The company holds 100% of the ordinary share capital of Incuna Asia Pacific PTE. Ltd, a company incorporated in Singapore, engaged in software consultancy and development.

The aggregate amount of capital and reserves and the results of this undertaking for the
last relevant financial year, being 31 December 2014 were:

Capital and reserves - £11,033

Profit/(loss) for the year - £(29,435)

5Transactions with directors