Innovation Cubed Limited Company accounts

INNOVATION CUBED LTD - Company Information

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COMPANY REGISTRATION NUMBER: 08186492

Innovation Cubed Limited

Unaudited Financial Statements

31 August 2018

Innovation Cubed Limited

Financial Statements

Year ended 31 August 2018

Contents	Pages

Officers and professional advisers	1

Director's report	2

Statement of income and retained earnings	3

Statement of financial position	4

Notes to the financial statements	5

Innovation Cubed Limited

Officers and Professional Advisers

Director	Mr G Monteith

Registered office	Wood End Cottage
	6 Burroughs Bank
	Lightmoor
	Telford
	Shropshire
	England
	TF4 3QS

Accountants	BSN Associates Limited
	Chartered accountants
	3B Swallowfield Courtyard
	Wolverhampton Road
	Oldbury
	West Midlands
	B69 2JG

Innovation Cubed Limited

Director's Report

Year ended 31 August 2018

The director presents his report and the unaudited financial statements of the company for the year ended 31 August 2018 .

Directors

The directors who served the company during the year were as follows:

Mr G Monteith
Mr T Kavanagh

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 24 May 2019 and signed on behalf of the board by:

Mr G Monteith
Director

Registered office:

Wood End Cottage

6 Burroughs Bank

Lightmoor

Telford

Shropshire

England

TF4 3QS

Innovation Cubed Limited

Statement of Income and Retained Earnings

Year ended 31 August 2018

	2018	2017
Note	£	£
Turnover	–	2,875

	----	-------
Gross profit	–	2,875

Administrative expenses	5,820	4,352
	-------	-------
Operating loss	( 5,820)	( 1,477)

Other interest receivable and similar income	4	8	4
		-------	-------
Loss before taxation		( 5,812)	( 1,473)

Tax on loss	–	–
	-------	-------
Loss for the financial year and total comprehensive income	( 5,812)	( 1,473)
	-------	-------

Retained earnings at the start of the year	2,290	3,763
	-------	-------
Retained (losses)/earnings at the end of the year	( 3,522)	2,290
	-------	-------

All the activities of the company are from continuing operations.

Innovation Cubed Limited

Statement of Financial Position

31 August 2018

	2018	2017
Note	£	£

Current assets

Cash at bank and in hand	1,256	5,691

Creditors: amounts falling due within one year	5	4,768	3,391
		-------	-------
Net current (liabilities)/assets		( 3,512)	2,300
		-------	-------
Total assets less current liabilities		( 3,512)	2,300
		-------	-------
Net (liabilities)/assets		( 3,512)	2,300
		-------	-------

Capital and reserves

Called up share capital	10	10
Profit and loss account	( 3,522)	2,290
	-------	-------
Shareholders (deficit)/funds	( 3,512)	2,300
	-------	-------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

For the year ending 31 August 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 24 May 2019 , and are signed on behalf of the board by:

Mr G Monteith
Director

Company registration number: 08186492

Innovation Cubed Limited

Notes to the Financial Statements

Year ended 31 August 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Wood End Cottage, 6 Burroughs Bank, Lightmoor, Telford, Shropshire, TF4 3QS, England.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Financial instruments

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

4. Other interest receivable and similar income

	2018	2017
	£	£
Interest on cash and cash equivalents	8	4
	----	----

5. Creditors: amounts falling due within one year

	2018	2017
	£	£
Social security and other taxes	–	348
Other creditors	4,768	3,043
	-------	-------
	4,768	3,391
	-------	-------

6. Director's advances, credits and guarantees

A loan of £1,768 (2017: £1,768) has been made to the company by a director.