Inco Contracts Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 07310210 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2017

FOR

INCO CONTRACTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C J Ingram

Mrs K S Ingram

REGISTERED OFFICE:

Dunston Business Village

Stafford Road

Dunston

Stafford

ST18 9AB

REGISTERED NUMBER:

07310210 (England and Wales)

ACCOUNTANTS:

Rochesters Audit Services Limited

Chartered Accountants

No 3 Caroline Court

13 Caroline Street

St Pauls Square

Birmingham

West Midlands

B3 1TR

FIXED ASSETS

Tangible assets

4

6,446

3,275

CURRENT ASSETS

Stocks

370,307

191,897

Debtors

5

1,415,801

460,760

Cash at bank

422,884

538,018

2,208,992

1,190,675

CREDITORS

Amounts falling due within one year

6

1,590,970

732,722

NET CURRENT ASSETS

618,022

457,953

TOTAL ASSETS LESS CURRENT LIABILITIES

624,468

461,228

PROVISIONS FOR LIABILITIES

655

655

NET ASSETS

623,813

460,573

CAPITAL AND RESERVES

Called up share capital

25,000

25,000

Retained earnings

598,813

435,573

SHAREHOLDERS' FUNDS

623,813

460,573

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 16 May 2018 and were signed on its behalf by:

C J Ingram - Director

1.	STATUTORY INFORMATION

Inco Contracts 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements for the year ended 31 September 2017 are the first financial statements that comply

with the provisions of Section 1A of FRS 102. The transition date is 1 October 2015. On transition the prior

year financial statements have not been restated as the directors do not consider the transitional adjustments to

be material to the financial statements.

Significant judgements and estimates

In the application of the company's accounting policies the directors are required to make judgements, estimates

and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other

sources. The estimates and associated assumptions are based on historical experience and other factors that are

considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates

are recognised in the period in which the estimate is revised if the revision affects only that period, or in the

period of revision and future periods if the revision effects both current and future periods.

In preparing these financial statements, the directors have made the following judgements:

The company reviews the carrying value of all assets for indications of impairment at each period. If indicators

of impairment exist, the carrying value of the asset is subject to further testing to determine whether its carrying

value exceeds it recoverable amount. This process will usually involve the the estimation of future cash flows

which are likely to be generated by the asset.

A provision is recognised when the company has a present legal or constructive obligation as a result of a past

event for which it is probable that an outflow of resources will be required to settle the obligation and the

amount can be reliably estimated. If the effect is material, provisions are determined by discounting the

expected future cash flows at a rate that reflects the time value of money and the risk specific to the liability.

Whether a present obligation is probable or not requires judgement. The nature and type of risks for these

provisions differ and management's judgement is applied regarding the nature and extent of obligations in

deciding if an outflow of resources is probable or not.

The directors have reviewed the asset lives and associated residual values of all fixed assets classes. In

re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance

programmes are taken into account. Residual value assessments consider issues such as future market

conditions, the remaining life of the asset and projects disposal values.

Revenue recognition

Turnover represents net invoiced sales of services, excluding value added tax. Revenue and costs are

recognised by reference to the stage of completion of the contract activity at the balance sheet date.

When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as

a loss immediately.

Construction work in progress is stated at cost plus profit recognised to date less provision for foreseeable

losses and less amounts already billed.

Tangible fixed assets

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

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

Between 5% and 25% reducing balance

Financial instruments

All financial assets and liabilities are recognised when the company becomes party to the contractual provisions

of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual

arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets

of the company after deducting all its liabilities.

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except

for those financial assets classified as at fair value through the profit and loss account, which are initially

measured at fair value unless the arrangement constitutes a financing transaction. If an arrangement constitutes

a financing transaction, the financial asset or liability is measured at the present value of the future payments

discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset at the balance sheet date when, and only when there exists a

legally enforceable right to set off the recognised amounts and the company intends either to settle on a net

basis, or to realise the asset and settle the liability simultaneously.

Debt instruments that have no stated interest rate and are classified as payable or receivable within one year are

initially measured at an undiscounted amount of the cash or other consideration expected to be paid or received,

net of impairment. Other debt instruments not meeting these conditions are measured at fair value through the

profit and loss account.

Commitments to make or receive loans which meet the conditions mentioned above are measured at cost less

impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows for the financial

asset expire or are settled, when the company transfers to another party substantially all the risks and rewards of

ownership of the financial asset, or the company, despite having retained some, but not all, significant risks and

rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled

or expires.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet

date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

For financial assets carried at amortised costs, the amount of an impairment is the difference between the asset's

carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original

effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's

carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at

the reporting date.

Where indicators exist for the decrease in impairment loss, and the decrease can be related objectively to an

event occuring after the impairment was recognised, the prior impairment loss is tested to determine reversal.

An impairment loss is reversed on an individual impaired financial asset to the extent that the revised

recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment

been recognised.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 October 2016

7,975

-

7,975

Additions

4,782

55,765

60,547

Disposals

-

(55,765

)

(55,765

)

At 30 September 2017

12,757

-

12,757

DEPRECIATION

At 1 October 2016

4,700

-

4,700

Charge for year

1,611

-

1,611

At 30 September 2017

6,311

-

6,311

NET BOOK VALUE

At 30 September 2017

6,446

-

6,446

At 30 September 2016

3,275

-

3,275

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

1,412,563

455,145

Other debtors

3,238

5,615

1,415,801

460,760

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

1,277,054

558,456

Amounts owed to group undertakings

2,832

16,783

Taxation and social security

286,894

150,416

Other creditors

24,190

7,067

1,590,970

732,722

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2017

2016

£

£

Within one year

60,824

32,870

Between one and five years

58,122

24,177

118,946

57,047

8.	ULTIMATE CONTROLLING PARTY

The controlling party is CKI Holdings Limited.

The ultimate controlling party is C J Ingram.

C J Ingram is the ultimate controlling party by virtue of his majority shareholding in CKI Holdings Limited, the

parent company of Inco Contracts Limited. CKI Holdings Limited is incorporated in England and Wales.