Inca Construction Limited Filleted accounts for Companies House (small and micro)

INCA CONSTRUCTION LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04258655

Inca Construction Limited

Filleted Unaudited Financial Statements

31 July 2018

Inca Construction Limited

Financial Statements

Year ended 31 July 2018

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Inca Construction Limited

Statement of Financial Position

31 July 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	6		16,034	12,493

Current assets

Stocks		500	500
Debtors	7	151,005	149,493
Cash at bank and in hand		–	3,411
		-----------	-----------
		151,505	153,404

Creditors: amounts falling due within one year	8	114,521		118,922
		-----------		-----------
Net current assets			36,984	34,482
			---------	---------
Total assets less current liabilities			53,018	46,975

Provisions

Taxation including deferred tax	2,699	1,809
	---------	---------
Net assets	50,319	45,166
	---------	---------

Inca Construction Limited

Statement of Financial Position (continued)

31 July 2018

	2018		2017
Note	£	£	£

Capital and reserves

Called up share capital	110	110
Profit and loss account	50,209	45,056
	---------	---------
Shareholders funds	50,319	45,166
	---------	---------

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 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 statement of comprehensive income has not been delivered.

For the year ending 31 July 2018 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 .

These financial statements were approved by the board of directors and authorised for issue on 12 February 2019 , and are signed on behalf of the board by:

Mr S Murray

Director

Company registration number: 04258655

Inca Construction Limited

Notes to the Financial Statements

Year ended 31 July 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 15 Park Close, Penrith, Cumbria, CA11 8ND.

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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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.

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:

	Goodwill	-	10% 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. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:

Plant & Machinery	-	25% reducing balance
Motor Vehicles	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

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 statement of financial position 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

The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets – trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost as detailed in notes. Prepayments are not financial instruments. Cash at bank – is classified as a basic financial instrument and is measured at face value. Financial liabilities – trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost as detailed in notes. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 9 (2017: 10 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 August 2017 and 31 July 2018	15,000
	---------
Amortisation
At 1 August 2017 and 31 July 2018	15,000
	---------
Carrying amount
At 31 July 2018	–
	---------
At 31 July 2017	–
	---------

6. Tangible assets

	Plant and machinery	Motor vehicles	Total
	£	£	£
Cost
At 1 August 2017	18,747	43,404	62,151
Additions	292	15,995	16,287
Disposals	–	( 23,404)	( 23,404)
	---------	---------	---------
At 31 July 2018	19,039	35,995	55,034
	---------	---------	---------
Depreciation
At 1 August 2017	15,903	33,755	49,658
Charge for the year	785	4,562	5,347
Disposals	–	( 16,005)	( 16,005)
	---------	---------	---------
At 31 July 2018	16,688	22,312	39,000
	---------	---------	---------
Carrying amount
At 31 July 2018	2,351	13,683	16,034
	---------	---------	---------
At 31 July 2017	2,844	9,649	12,493
	---------	---------	---------

7. Debtors

	2018	2017
	£	£
Trade debtors	79,935	103,508
Other debtors	71,070	45,985
	-----------	-----------
	151,005	149,493
	-----------	-----------

8. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	1,466	–
Trade creditors	62,528	72,417
Corporation tax	32,573	34,923
Social security and other taxes	13,870	7,912
Other creditors	4,084	3,670
	-----------	-----------
	114,521	118,922
	-----------	-----------

9. Directors' advances, credits and guarantees

Mr & Mrs Murray had an overdrawn loan account at the year end amounting to £27,727 (2017: £28,810). The loan account was overdrawn during the year, the maximum overdrawn balance was £134,807 (2017: £95,979). The balance will be cleared with a dividend after the year end. Beneficial Loan interest has been applied to the overdrawn loan account balance. During the year the interest charged was £1,426 (2017: £1,289).

10. Related party transactions

No transactions with related parties were undertaken, other than disclosed in the notes, such as are required to be disclosed under the FRS102 Section 1A.