Accounts filed on 31-07-2016
Accounts filed on 31-07-2016
trueInca Construction Limited042586552016-07-3110394297431049429843100100104942984325338351302730678-2996221917152560801685298299248996703695005001903312123160238487160238487Basis of accounting
The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over
the useful economic life of that asset as follows:
Goodwill-10% Straight Line
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance
for obsolete and slow moving items.
Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more, tax.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Fixed Assets
All fixed assets are initially recorded at cost.
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.Plant & MachineryReducing Balance0.2500Motor VehiclesReducing Balance0.250015000150001500015000615114995713154-160045488414705343-1325765116495713154-16006048856470-13255343Ordinary1001100100Ordinary1100100100Inca Construction Limited was owed Mr & Mrs Murray £4443 (2015: £580) at the year end. The loan account was overdrawn during the year, the maximum overdrawn balance was £62,322 (2015: £53,416).
Beneficial loan interest has been applied to the overdrawn loan account balances. During the year the interest charged was £660 (2015: £457).2017-01-27Mr S Murraytruetruetruetruexbrli:sharesiso4217:GBPxbrli:pureInca Construction Limited2015-08-012016-07-31Inca Construction Limited2014-08-012015-07-31Inca Construction Limited2014-07-31Inca Construction Limited2015-07-31Inca Construction Limited2015-07-31Inca Construction Limited2016-07-31 2017-01-30
