Incovo Ltd - Period Ending 2016-06-30

Registration number: SC230666

Incovo Ltd

Unaudited Abbreviated Accounts

for the Year Ended 30 June 2016
 

Incovo Ltd
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

Incovo Ltd
(Registration number: SC230666)
Abbreviated Balance Sheet at 30 June 2016

		Note			2016 £			(As restated) 2015 £
Fixed assets
Tangible fixed assets					403,794			490,405
Current assets
Stocks					37,976			40,284
Debtors					169,416			532,864
Cash at bank and in hand					51,745			27
					259,137			573,175
Creditors: Amounts falling due within one year					(288,193)			(393,778)
Net current (liabilities)/assets					(29,056)			179,397
Total assets less current liabilities					374,738			669,802
Creditors: Amounts falling due after more than one year					(137,810)			(337,256)
Provisions for liabilities					-			(3,865)
Net assets					236,928			328,681
Capital and reserves
Called up share capital		4			83			83
Profit and loss account					236,845			328,598
Shareholders' funds					236,928			328,681

For the year ending 30 June 2016 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 31 March 2017 and signed on its behalf by:

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 1

Incovo Ltd
(Registration number: SC230666)
Abbreviated Balance Sheet at 30 June 2016
......... continued

.........................................
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 2016
......... 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 January 2015).

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.

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.

During the period, payments of £106,400 (2015 - £101,100) were made to 3PCL for making available the services of a consultant whilst they were a non-executive director.

Page 3

Incovo Ltd
Notes to the Abbreviated Accounts for the Year Ended 30 June 2016
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 July 2015		913,903			913,903
Additions		7,922			7,922
Disposals		(104,699)			(104,699)
At 30 June 2016		817,126			817,126
Depreciation
At 1 July 2015		423,498			423,498
Charge for the year		29,577			29,577
Eliminated on disposals		(39,743)			(39,743)
At 30 June 2016		413,332			413,332
Net book value
At 30 June 2016		403,794			403,794
At 30 June 2015		490,405			490,405

3

Creditors

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

		2016 £			2015 £
Amounts falling due within one year		45,285			101,278
Amounts falling due after more than one year		155,295			175,971
Total secured creditors		200,580			277,249

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

		2016 £			2015 £
After more than five years by instalments		49,361			86,456

Page 4

Incovo Ltd
Notes to the Abbreviated Accounts for the Year Ended 30 June 2016
......... continued

4	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		83			83			83			83

5	Related party transactions

Other related party transactions

During the year the company made the following related party transactions:

Richard Thomas (Director) During the year Mr Thomas operated a loan with the company. There are no fixed repayment terms and no interest is payable. At the balance sheet date the amount due (to)/from Richard Thomas was £nil (2015 - £12,414).

Oroso Limited (Richard Thomas was a director of both Incovo Limited and Oroso Limited) During the year Oroso Limited operated a loan with the company. There are no fixed repayment terms and no interest is payable. At the balance sheet date the amount due (to)/from Oroso Limited was £nil (2015 - £356,806).

Incovo Holdings Limited (Richard Thomas was a director of both Incovo Limited and Incovo Holdings Limited) During the year Incovo Holdings Limited operated a loan with the company. There are no fixed repayment terms and no interest is payable. At the balance sheet date the amount due from Incovo Holdings Limited was £930 (2015 - £930).

Umano Consulting Ltd (R Thomas was director and shareholder of both companies) During the year the above operated a loan account with the company. There are no repayment terms and no interest is due on the balance. At the balance sheet date the amount due (to)/from Umano Consulting Ltd was £nil (2015 - £28,089).

6

Control

The company is controlled by Kevin Bell and Raymond Prunty.

Page 5