INNOVATIONXCHANGE_LIMITED - Accounts
INNOVATIONXCHANGE_LIMITED - Accounts
InnovationXchange Limited is a private company limited by guarantee incorporated in England and Wales. The company's registered office is located at Innovation Birmingham Campus, Faraday Wharf, Holt Street, Birmingham, West Midlands, B7 4BB.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account settlement discounts and so forth.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable,
Expenses are included in the financial statements as they become due net of VAT.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as
reported in the profit and loss account because it excludes items of income or expense that are taxable or
deductible in other years and it further excludes items that are never taxable or deductible. The company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the
reporting end date.
Deferred tax
Deferred taxation is accounted for on an undiscounted basis at expected tax rates on all differences arising
from the inclusion of items of income and expenditure in taxation computations in periods different from
those in which they are included in the financial statements.
A deferred tax asset is only recognised when it is more than likely than not that the asset will be recoverable in
the foreseeable future out of suitable taxable profits from which the underlying timing differences can be
deducted.
Research expenditure is written off to the income and expenditure account in the year in which it is incurred. Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit.
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The average monthly number of persons (including directors) employed by the company during the year was 0 (2019 - 0).
The company is limited by guarantee due to not having any share capital. In the event of a winding up, the liability of each member is limited to £1.
No distribution of surpluses can be made to members in cash or otherwise. In addition, if on a winding up of the company there remains any surpluses after the satisfaction of all of its debts and liabilities the surplus shall not be distributed among the members of the company but shall be given or transferred to some other body having objects similar to those of the company or to another body, the objects of which are charitable.
IXC UK LIMITED
During the period ended 31 March 2020 a number of transactions occurred between InnovationXchange Limited and IXC UK Limited, a company registered in England and Wales (company registration number 11164881).
Mrs C T Bishop, a director of InnovationXchange Limited, was appointed a director of IXC UK Limited on 23 January 2018 and served as a director of IXC UK Limited throughout the period under review.
Mr C R Boast, a director of InnovationXchange Limited, was appointed a director of IXC UK Limited on 23 January 2018 and served as a director of IXC UK Limited until 25 June 2018.
Purchase of services
During the year ended 31 March 2020 InnovationXchange Limited purchased services on normal commercial terms from IXC UK Limited totalling £1,302 (period ended 31 March 2019 - £130,050).
Amount due to IXC UK Limited
Included within other creditors due within one year is £111 (31 March 2019 - £336) due to IXC UK Limited from InnovationXchange Limited.
BISHOP & ASSOCIATES LIMITED
Mrs C T Bishop, a director of InnovationXchange Limited, serves as a director in a company called Bishop & Associates Limited.
During the year ended 31 March 2020 InnovationXchange Limited purchased business development services under normal commercial terms from Bishop & Associates Limited totalling £13,908 (period ended 31 March 2019 - £29,431).
As at 31 March 2020 a total of £780 (31 March 2019 - £1,330) was due from InnovationXchange Limited to Bishop & Associates Limited.
MR C R BOAST
During the year ended 31 March 2020 InnovationXchange Limited purchased finance and administrative services under normal commercial terms from Mr C R Boast, a director of InnovationXchange Limited, totalling £9,516 (period ended 31 March 2019 - £20,100).
As at 31 March 2020 a total of £1,004 (31 March 2019 - £750) was due from InnovationXchange Limited to Mr C R Boast.
The company is no longer undertaking income generating activities. The directors are currently in the process of distributing the remaining capital in accordance with the articles of association with the intention of liquidating the company. The directors are ensuring that sufficient reserves will be available to cover the costs involved with the settlement of liabilities and subsequent liquidation. The going concern basis is therefore not considered to be appropriate. The financial statements have been prepared taking the current situation into account.
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.