In-Corporate Development Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 05404260 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2017

for

In-Corporate Development Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

I Atkinson

R A Tait FCCA

Janus Consulting BVBA

SECRETARY:

R A Tait FCCA

REGISTERED OFFICE:

6 Queens Court

Third Avenue

Team Valley

Gateshead

Tyne and Wear

NE11 0BU

REGISTERED NUMBER:

05404260 (England and Wales)

ACCOUNTANTS:

Inspire Chartered Accountants

6 Queens Court

Third Avenue

Team Valley

Gateshead

Tyne and Wear

NE11 0BU

FIXED ASSETS

Intangible assets

4

-

182,695

Tangible assets

5

-

933

-

183,628

CURRENT ASSETS

Debtors

6

13,006

81,465

Cash at bank

393

5,922

13,399

87,387

CREDITORS

Amounts falling due within one year

7

65,329

194,507

NET CURRENT LIABILITIES

(51,930

)

(107,120

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(51,930

)

76,508

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(51,931

)

76,507

SHAREHOLDERS' FUNDS

(51,930

)

76,508

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 15 December 2017 and were signed on its behalf by:

R A Tait FCCA - Director

1.	STATUTORY INFORMATION

In-Corporate Development 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents the fair value of services provided under contracts with customers to the extent that there is

a right to consideration. It is measured at the fair value of the consideration due. Where a service is incomplete

at the year end, turnover represents the value of the service provided to that date based on an appropriate

proportion of the total expected consideration at completion.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

An impairment loss has been recognised in the Income Statement, following an assessment at the Balance

Sheet date indicating the recoverable amount was less than its carrying value.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Other intangible assets

The company has developed various items of intellectual property to be used in the development and delivery of

learning initiatives. The company has capitalised the costs incurred in developing this intellectual property and

recognised it as an intangible asset.

Once in use, the intellectual property is to be amortised over a 10 year period.

Tangible fixed assets

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

Computer equipment

-

33% on cost

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling

at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Transition to frs 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1st April 2015. Details of how FRS 102 has

affected the reported financial position and financial performance is given in the notes to the financial

statements.

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 April 2016

182,695

Impairments

(182,695

)

At 31 March 2017

-

NET BOOK VALUE

At 31 March 2017

-

At 31 March 2016

182,695

5.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 April 2016

and 31 March 2017

3,697

DEPRECIATION

At 1 April 2016

2,764

Charge for year

933

At 31 March 2017

3,697

NET BOOK VALUE

At 31 March 2017

-

At 31 March 2016

933

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Amounts owed by participating interests

-

55,969

Other debtors

13,006

25,496

13,006

81,465

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Trade creditors

15,613

12,247

Amounts owed to participating interests

49,031

-

Other creditors

-

15,141

Directors' current accounts

685

619

Accruals and deferred income

-

166,500

65,329

194,507

8.	TRANSITION TO FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1st

April 2015.

No transitional adjustments were required in equity or profit or loss for the year.