Incovo Ltd - Period Ending 2016-03-04

Registration number: SC230666

Incovo Ltd

Unaudited Abbreviated Accounts

for the Year Ended 30 June 2015
 

Glen Drummond CA Limited
Chartered Accountants
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

Incovo Ltd
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 5

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 5) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Incovo Ltd
for the Year Ended 30 June 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Incovo Ltd for the year ended 30 June 2015 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. 2 to 5

As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.org.uk/accountspreparationguidance.

This report is made solely to the Board of Directors of Incovo Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Incovo Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Institue of Chartered Accountants of Scotland as detailed at http://www.icas.org.uk/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Incovo Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Incovo Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Incovo Ltd. You consider that Incovo Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Incovo Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

......................................

Glen Drummond CA Limited
Chartered Accountants
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

25 May 2016

Page 1

Incovo Ltd
(Registration number: SC230666)
Abbreviated Balance Sheet at 30 June 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					490,405			517,961
Current assets
Stocks					40,284			225,909
Debtors					532,864			461,081
Cash at bank and in hand					27			6,703
					573,175			693,693
Creditors: Amounts falling due within one year					(393,778)			(481,795)
Net current assets					179,397			211,898
Total assets less current liabilities					669,802			729,859
Creditors: Amounts falling due after more than one year					(337,256)			(450,943)
Provisions for liabilities					(3,865)			(5,405)
Net assets					328,681			273,511
Capital and reserves
Called up share capital		4			83			83
Profit and loss account					328,598			273,428
Shareholders' funds					328,681			273,511

For the year ending 30 June 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 25 May 2016 and signed on its behalf by:

.........................................
K G Bell
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

Incovo Ltd
Notes to the Abbreviated Accounts for the Year Ended 30 June 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Land and buildings	2% reducing balance
Plant and machinery	25% reducing balance
Fixtures and fittings	25% reducing balance
Motor vehicles	25% reducing balance
Office equipment	25% reducing balance

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

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.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Page 3

Incovo Ltd
Notes to the Abbreviated Accounts for the Year Ended 30 June 2015
......... continued

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 July 2014		911,197			911,197
Additions		10,343			10,343
Disposals		(7,637)			(7,637)
At 30 June 2015		913,903			913,903
Depreciation
At 1 July 2014		393,236			393,236
Charge for the year		35,481			35,481
Eliminated on disposals		(5,219)			(5,219)
At 30 June 2015		423,498			423,498
Net book value
At 30 June 2015		490,405			490,405
At 30 June 2014		517,961			517,961

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2015 £			2014 £
Amounts falling due within one year		101,278			95,671
Amounts falling due after more than one year		175,971			216,234
Total secured creditors		277,249			311,905

Included in the creditors are the following amounts due after more than five years:

Page 4

Incovo Ltd
Notes to the Abbreviated Accounts for the Year Ended 30 June 2015
......... continued

		2015 £			2014 £
After more than five years by instalments		86,456			35,624

4	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		83			83			83			83

5

Control

The company is controlled by Richard Thomas .

Page 5