Innovate Now Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07408562 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2021

for

Innovate Now Ltd

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

Mr M D Kilroy

REGISTERED OFFICE:

The Old Printworks

65 Church Street

Littleborough

Lancashire

OL15 8AB

REGISTERED NUMBER:

07408562 (England and Wales)

ACCOUNTANTS:

Versatile Accountancy Services Ltd

The Old Printworks

65 Church Street

Littleborough

Lancashire

OL15 8AB

FIXED ASSETS

Intangible assets

4

-

750

Property, plant and equipment

5

19,650

19,972

19,650

20,722

CURRENT ASSETS

Debtors

6

24,872

19,807

Cash at bank and in hand

5,602

10,114

30,474

29,921

CREDITORS

Amounts falling due within one year

7

24,932

20,143

NET CURRENT ASSETS

5,542

9,778

TOTAL ASSETS LESS CURRENT LIABILITIES

25,192

30,500

CREDITORS

Amounts falling due after more than one year

8

(21,777

)

(25,000

)

PROVISIONS FOR LIABILITIES

9

(3,305

)

(3,339

)

NET ASSETS

110

2,161

CAPITAL AND RESERVES

Called up share capital

103

103

Retained earnings

10

7

2,058

SHAREHOLDERS' FUNDS

110

2,161

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 September 2022 and were signed by:

Mr M D Kilroy - Director

1.	STATUTORY INFORMATION

Innovate Now Ltd 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Development costs are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets

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

Improvements to property

-

10% on cost

Computer equipment

-

15% on reducing balance

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 statement of financial position date.

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.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2021

750

Disposals

(750

)

At 31 December 2021

-

NET BOOK VALUE

At 31 December 2021

-

At 31 December 2020

750

5.	PROPERTY, PLANT AND EQUIPMENT

Improvements

to

Computer

property

equipment

Totals

£

£

£

COST

At 1 January 2021

16,077

5,229

21,306

Additions

-

2,225

2,225

Disposals

-

(172

)

(172

)

At 31 December 2021

16,077

7,282

23,359

DEPRECIATION

At 1 January 2021

586

748

1,334

Charge for year

1,607

770

2,377

Eliminated on disposal

-

(2

)

(2

)

At 31 December 2021

2,193

1,516

3,709

NET BOOK VALUE

At 31 December 2021

13,884

5,766

19,650

At 31 December 2020

15,491

4,481

19,972

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Trade debtors

-

11,610

Other debtors

5,181

-

Directors' loan accounts

15,941

-

Prepayments and accrued income

3,750

8,197

24,872

19,807

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Tax

7,544

3,654

Social security and other taxes

1,116

(3

)

VAT

13,706

9,294

Other creditors

-

1,154

Directors' loan accounts

-

394

Accrued expenses

2,566

5,650

24,932

20,143

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.21

31.12.20

£

£

Bank loans - 1-2 years

21,777

25,000

9.	PROVISIONS FOR LIABILITIES

31.12.21

31.12.20

£

£

Deferred tax

3,305

3,339

Deferred

tax

£

Balance at 1 January 2021

3,339

Provided during year

(34

)

Balance at 31 December 2021

3,305

10.

RESERVES

Retained

earnings

£

At 1 January 2021

2,058

Profit for the year

9,349

Dividends

(11,400

)

At 31 December 2021

7