Innovative Consortium Ltd
Innovative Consortium Ltd
Registered number: 04391435
Unaudited Financial Statements
For The Year Ended
31 March 2021
Innovative Consortium Ltd
Unaudited Financial Statements
For The Year Ended
31 March 2021
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Statement of Financial Position | 2—3 |
| Notes to the Financial Statements | 4—6 |
Innovative Consortium Ltd
Statement of Financial Position
As at
31 March 2021
Statement of Financial Position
Registered number:
04391435
For the year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2021 | 2020 | ||||
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| Notes | € | € | € | € | |
| FIXED ASSETS | |||||
| Investments | 3 |
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| CURRENT ASSETS | |||||
| Debtors | 4 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 5 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 6 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 7 |
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| Fair Value Reserve | 8 |
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| Income Statement |
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| SHAREHOLDERS' FUNDS | 156,407 | 190,444 | |||
Innovative Consortium Ltd
Statement of Financial Position (continued)
As at
31 March 2021
Directors' responsibilities:
-
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
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Director
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The notes on pages 4 to 6 form part of these financial statements.
Innovative Consortium Ltd
Notes to the Financial Statements
For The Year Ended
31 March 2021
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
The financial statements are prepared in euros, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
1.2.
Significant judgements and estimations
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
1.3.
Foreign Currencies
Assets and liabilities in foreign currencies are translated into euros at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into euros at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 3 (2020: 2)
Innovative Consortium Ltd
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2021
3.
Investments
| Unlisted | |
|---|---|
| € | |
| Cost | |
| As at
|
1,166,035 |
| Revaluations | (15,613) |
| As at
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1,150,422 |
| Provision | |
| As at
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- |
| As at
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- |
| Net Book Value | |
| As at
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1,150,422 |
| As at
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1,166,035 |
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
the company's investment in subsidiary represents the fair value of 99.8% of the shares of Mores S.r.l., a company incorporated in Italy, whose principal activity is the holding of real estate.
Mores S.r.l. prepares its accounts annual to 31st December. As at 31st December 2020 the aggregate share capital and reserves amounted to €2,008,869 (2019: €2,060,586). The 2020 accounts report a loss for the year of €15,613 (2019: €15,662)
Investments in associates
Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from the other assets or group of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
4.
Debtors
| 2021 | 2020 | ||
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| € | € | ||
| Due within one year | |||
| Prepayments and accrued income |
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| Amounts owed by group undertakings |
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Innovative Consortium Ltd
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2021
5.
Creditors: Amounts Falling Due Within One Year
| 2021 | 2020 | ||
|---|---|---|---|
| € | € | ||
| Trade creditors |
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| Other creditors - Finakey |
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| Accruals and deferred income |
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6.
Creditors: Amounts Falling Due After More Than One Year
| 2021 | 2020 | ||
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| € | € | ||
| Beneficiary Account |
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8.
Reserves
| Fair Value Reserve | |
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| € | |
| As at
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| As at
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9.
Reporting currency
As the comapny's major investment is in an Italian real estate company the director has decided to present the Accounts in Euros. As at 31st March 2021 the euro exchange rate was €1.1692 (2020 - €1.1254).
10.
General Information
Innovative Consortium Ltd
is a private company, limited by shares, incorporated in England & Wales, registered number
04391435
. The registered office is Ashdon House Second Floor, Moon Lane, Barnet, EN5 5YL.