REGISTERED NUMBER:
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Inclusive Employers Limited |
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Unaudited Financial Statements |
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for the Year Ended 31 January 2021 |
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REGISTERED NUMBER:
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Inclusive Employers Limited |
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Unaudited Financial Statements |
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for the Year Ended 31 January 2021 |
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Inclusive Employers Limited (Registered number: 07337659) |
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Contents of the Financial Statements |
for the year ended 31 January 2021 |
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Company Information | 1 |
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Chartered Accountants' Report | 2 |
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Statement of Financial Position | 3 |
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Notes to the Financial Statements | 5 |
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Inclusive Employers Limited |
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Company Information |
for the year ended 31 January 2021 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
239-241 Kennington Lane |
London |
SE11 5QU |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Inclusive Employers Limited |
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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 Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Inclusive Employers Limited for the year ended 31 January 2021 which comprise the Income Statement, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the Board of Directors of Inclusive Employers Limited, 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 Inclusive Employers Limited and state those matters that we have agreed to state to the Board of Directors of Inclusive Employers Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Inclusive Employers Limited and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Inclusive Employers Limited 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 Inclusive Employers Limited. You consider that Inclusive Employers Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Inclusive Employers Limited. 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. |
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Chartered Accountants |
239-241 Kennington Lane |
London |
SE11 5QU |
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Inclusive Employers Limited (Registered number: 07337659) |
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Statement of Financial Position |
31 January 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Property, plant and equipment | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | 8 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Retained earnings | 10 |
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SHAREHOLDERS' FUNDS |
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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. |
Inclusive Employers Limited (Registered number: 07337659) |
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Statement of Financial Position - continued |
31 January 2021 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Inclusive Employers Limited (Registered number: 07337659) |
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Notes to the Financial Statements |
for the year ended 31 January 2021 |
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1. | STATUTORY INFORMATION |
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Inclusive Employers Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents net invoiced sales of services, excluding value added tax and is derived from normal trading activities of the business and is recognised when performance obligations are satisfied. |
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Other income |
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Under other income includes government grants claimed under the Job Retention Scheme. |
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Trade mark registration costs |
Trade mark costs are amortised over its useful life of ten years.. |
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Tangible fixed assets |
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Plant and machinery | - |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Inclusive Employers Limited (Registered number: 07337659) |
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Notes to the Financial Statements - continued |
for the year ended 31 January 2021 |
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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. |
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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. |
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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. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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Lottery funding |
The company received a grant of £162,840 during the year, as part of the funding agreement between the company and The English Sports Council. Non-transferable funds only to be used for the agreed project.The grant is recognised as income over the period necessary to match with the related costs, for which they are intended to compensate, on a systematic basis. Total of £133,720 deferred to next year inline with matching principle. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Trade |
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COST |
At 1 February 2020 |
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Additions |
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At 31 January 2021 |
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AMORTISATION |
At 1 February 2020 |
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Amortisation for year |
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At 31 January 2021 |
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NET BOOK VALUE |
At 31 January 2021 |
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At 31 January 2020 |
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Inclusive Employers Limited (Registered number: 07337659) |
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Notes to the Financial Statements - continued |
for the year ended 31 January 2021 |
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5. | PROPERTY, PLANT AND EQUIPMENT |
Plant and |
machinery |
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COST |
At 1 February 2020 |
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Additions |
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At 31 January 2021 |
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DEPRECIATION |
At 1 February 2020 |
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Charge for year |
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At 31 January 2021 |
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NET BOOK VALUE |
At 31 January 2021 |
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At 31 January 2020 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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8. | PROVISIONS FOR LIABILITIES |
2021 | 2020 |
£ | £ |
Deferred tax | 959 | 1,255 |
Inclusive Employers Limited (Registered number: 07337659) |
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Notes to the Financial Statements - continued |
for the year ended 31 January 2021 |
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8. | PROVISIONS FOR LIABILITIES - continued |
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Deferred |
tax |
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Balance at 1 February 2020 |
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Credit to Income Statement during year | ( |
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Balance at 31 January 2021 |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
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Ordinary | £1 | 100 | 100 |
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10. | RESERVES |
Retained |
earnings |
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At 1 February 2020 |
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Profit for the year |
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Dividends | ( |
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At 31 January 2021 |
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11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 31 January 2021 and 31 January 2020: |
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2021 | 2020 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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Inclusive Employers Limited (Registered number: 07337659) |
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Notes to the Financial Statements - continued |
for the year ended 31 January 2021 |
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11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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Directors have repaid their loans to company on 17 May 2021 (within 9 months of the end of the accounting period). |
No S455 tax liability is due on the advances. |
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12. | RELATED PARTY DISCLOSURES |
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1.Transactions with members of key management personnel: |
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At balance sheet date, members owe £2,392 to company. |
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2.Transactions with companies under common control: |
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During the year, company purchased services amounting to £114,344 (2020:£97,155). Supplier accounts at balance sheet date is nil. |
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An amount of £20,000 due from related party at balance sheet date. Interest free loan payable on demand. |