ACCOUNTS - Final Accounts

ACCOUNTS - Final Accounts

INVISIBLE INNOVATIONS LIMITED - Company Information

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Caseware UK (AP4) 2020.0.247 2020.0.247 2020-09-302020-09-30true2019-10-01No description of principal activity11truetrue 08580158 2019-10-01 2020-09-30 08580158 2020-09-30 08580158 2018-10-01 2019-09-30 08580158 2019-09-30 08580158 c:Director1 2019-10-01 2020-09-30 08580158 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2020-09-30 08580158 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2019-09-30 08580158 d:ShareCapital 2020-09-30 08580158 d:ShareCapital 2019-09-30 08580158 c:EntityHasNeverTraded 2019-10-01 2020-09-30 08580158 c:FRS102 2019-10-01 2020-09-30 08580158 c:AuditExempt-NoAccountantsReport 2019-10-01 2020-09-30 08580158 c:FullAccounts 2019-10-01 2020-09-30 08580158 c:PrivateLimitedCompanyLtd 2019-10-01 2020-09-30 iso4217:GBP xbrli:pure

Company Registration Number 08580158























INVISIBLE INNOVATIONS LIMITED





UNAUDITED
FINANCIAL STATEMENTS





 30 SEPTEMBER 2020























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INVISIBLE INNOVATIONS LIMITED
 

INCOME STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2020

The Company has not traded during the year or the preceding financial year. During these periods, the Company received no income and incurred no expenditure and therefore made neither profit or loss.


STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2020

2020
2019
£
£

Fixed assets

Intangible assets
1
1

1
1


Total assets less current liabilities
 
1
 
1


Net assets
1
1


Capital and reserves

Called up share capital 
1
1

1
1


For the year ended 30 September 2020 the Company was entitled to exemption from audit under section 480 of the Companies Act 2006.

Members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




P Thompson
Director

Date: 28 June 2021

The notes on pages 2 to 3 form part of these financial statements.

Page 1
 
INVISIBLE INNOVATIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020

1.


General information

Invisible Innovations Limited is a private limited company incorporated in England and Wales. The address of it's registered office is 9 Beetham Road, Milnthorpe, Cumbria, LA7 7QL.
These Financial Statements have been presented in pound sterling as this is the currency of the primary economic environment in which it operates.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

 
2.2

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.3

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2019 - 1).

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INVISIBLE INNOVATIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020

4.


Intangible assets




Intellectual Property

£



Cost


At 1 October 2019
1



At 30 September 2020

1






Net book value



At 30 September 2020
1



At 30 September 2019
1




5.


Related party transactions

Invisible Innovations Limited is a member of a VAT group with Realtime Online Limited, Invisible Systems Limited and Invisible Systems Holdings Limited and as such is joint and severally liable for VAT due from group activities. At 30 September 2020 the total amounts due to HMRC in respect of group VAT was £98,141.        


6.


Parent company

The company is a wholly owned subsidiary of Invisible Systems Holdings Limited, a company registered in England, company number 04911433.

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