Inverco Limited - Accounts to registrar (filleted) - small 18.2
Inverco Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2019 |
| FOR |
| INVERCO LIMITED |
| INVERCO LIMITED (REGISTERED NUMBER: 08943133) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the Year Ended 31 March 2019 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 3 |
| Directors' Responsibilities Statement | 6 |
| Independent Chartered Certified Accountants' Review Report |
7 |
| INVERCO LIMITED |
| COMPANY INFORMATION |
| for the Year Ended 31 March 2019 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Douglas Bank House |
| Wigan Lane |
| Wigan |
| Lancashire |
| WN1 2TB |
| BANKERS: |
| 68 Church Street |
| Lancaster |
| Lancashire |
| LA1 1LN |
| INVERCO LIMITED (REGISTERED NUMBER: 08943133) |
| STATEMENT OF FINANCIAL POSITION |
| 31 March 2019 |
| 2019 | 2018 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Investments | 3 |
| CURRENT ASSETS |
| Debtors | 4 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 5 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS |
| 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. |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
| The financial statements were approved by the Board of Directors on by: |
| INVERCO LIMITED (REGISTERED NUMBER: 08943133) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the Year Ended 31 March 2019 |
| 1. | STATUTORY INFORMATION |
| Inverco Limited is a |
| registered number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Preparation of consolidated financial statements |
| The financial statements contain information about Inverco Limited as an individual company and do not contain |
| consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of |
| the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
| Turnover |
| Turnover is measured at the fair value of management charges received or receivable, excluding value added tax. |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost less impairment. |
| Impairment of assets |
| At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets |
| have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any |
| affected asset is estimated and compared with its carrying amount. If the recoverable amount is lower, the |
| carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised |
| immediately in the profit or loss. |
| If an impairment loss is subsequently reversed, the carrying amount of the asset is increased to the revised |
| estimate of its recoverable amount, but not to exceed the amount that would have been determined had no |
| impairment loss been recognised for the asset in prior periods. A reversal of an impairment loss is recognised |
| immediately in the profit or loss. |
| Financial instruments |
| Short term financial assets are measured at transaction price less any impairment. Short term financial liabilities |
| are measured at transaction price. |
| Financial liabilities that have no stated interest rate and are payable within one year shall be measured at the |
| undiscounted amount due. |
| Associated undertaking loans payable and receivable are measured at the undiscounted amount due as they are |
| deemed to be repayable on demand. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and |
| Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or |
| directly in equity. |
| 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 statement of financial position date. |
| INVERCO LIMITED (REGISTERED NUMBER: 08943133) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 March 2019 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
| statement of financial position 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. |
| 3. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 April 2018 |
| Additions |
| Disposals | ( |
) |
| At 31 March 2019 |
| NET BOOK VALUE |
| At 31 March 2019 |
| At 31 March 2018 |
| 4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Amounts owed by associated undertakings | 831,923 | 823,263 |
| VAT |
| Accrued income | 6,000 | 6,000 |
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Bank loans and overdrafts |
| Other loans |
| Trade creditors |
| Amounts owed to group undertakings |
| Directors' current accounts | 663,980 | 744,000 |
| Accrued expenses |
| INVERCO LIMITED (REGISTERED NUMBER: 08943133) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 March 2019 |
| 6. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2019 | 2018 |
| £ | £ |
| Bank loans |
| 7. | RELATED PARTY DISCLOSURES |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
| Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
| transactions with wholly owned subsidiaries within the group. |
| DIRECTORS' RESPONSIBILITIES STATEMENT |
| ON THE UNAUDITED FINANCIAL STATEMENTS OF |
| INVERCO LIMITED |
| The following reproduces the text of the report prepared for the directors and members in respect of the |
| company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is |
| only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and |
| certain other primary statements and the Report of the Directors are not required to be filed with the Registrar |
| of Companies. |
| We confirm that as directors we have met our duty in accordance with the Companies Act 2006 to: |
| - | ensure that the company has kept proper accounting records; |
| - | prepare financial statements which give a true and fair view of the state of affairs of the company as at 31 March 2019 and of its loss for that period in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | follow the applicable accounting policies, subject to any material departures disclosed and explained in the notes to the financial statements. |
| ON BEHALF OF THE BOARD: |
| 20 December 2019 |
| INDEPENDENT CHARTERED CERTIFIED ACCOUNTANTS' REVIEW REPORT TO THE DIRECTORS |
| INVERCO LIMITED |
| The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
| We have reviewed the financial statements of Inverco Limited for the year ended 31 March 2019, which comprise the Statement of Income and Retained Earnings, Statement of Financial Position and the related notes 1 to 7. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. |
| This report is made solely to the company's directors, as a body, in accordance with our terms of engagement. Our review has been undertaken so that we might state to the directors those matters that we have agreed with them in our engagement letter and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's directors as a body for our work, for this report or the conclusions we have formed. |
| Directors' responsibility for the financial statements |
| As explained more fully in the Directors' Responsibilities Statement set out on page eight, the directors are responsible |
| for the preparation of the financial statements and for being satisfied that they give a true and fair view. |
| Accountants' responsibility |
| Our responsibility is to express a conclusion based on our review of the financial statements. We conducted our review |
| in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised), 'Engagements to review |
| historical financial statements' and ICAEW Technical Release TECH 09/13AAF 'Assurance review engagements on |
| historical financial statements'. ISRE 2400 also requires us to comply with the ICAEW Code of Ethics. |
| Scope of the assurance review |
| A review of financial statements in accordance with ISRE 2400 (Revised) is a limited assurance engagement. We have |
| performed additional procedures to those required under a compilation engagement. These primarily consist of making |
| enquiries of management and others within the entity, as appropriate, applying analytical procedures and evaluating the |
| evidence obtained. The procedures performed in a review are substantially less than those performed in an audit |
| conducted in accordance with International Standards on Auditing (UK and Ireland). Accordingly, we do not express an |
| audit opinion on these financial statements. |
| Conclusion |
| Based on our review, nothing has come to our attention that causes us to believe that the financial statements have not been prepared: |
| - | so as to give a true and fair view of the state of the company's affairs as at 31 March 2019 and of its loss for the year then ended; |
| - | in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | in accordance with the requirements of the Companies Act 2006. |
| Chartered Accountants |
| Douglas Bank House |
| Wigan Lane |
| Wigan |
| Lancashire |
| WN1 2TB |