Innheritance Limited Filleted accounts for Companies House (small and micro)

INNHERITANCE LIMITED - Company Information

0 false false false false false false false false false true false false false false false false 2020-11-01 Sage Accounts Production Advanced 2021 - FRS102_2021 1,404,551 1,404,551 1,404,551 xbrli:pure xbrli:shares iso4217:GBP 10432910 2020-11-01 2021-10-31 10432910 2021-10-31 10432910 2020-10-31 10432910 bus:Director1 2020-11-01 2021-10-31 10432910 core:WithinOneYear 2021-10-31 10432910 core:WithinOneYear 2020-10-31 10432910 core:ShareCapital 2021-10-31 10432910 core:ShareCapital 2020-10-31 10432910 core:RetainedEarningsAccumulatedLosses 2021-10-31 10432910 core:RetainedEarningsAccumulatedLosses 2020-10-31 10432910 core:LandBuildings core:OwnedOrFreeholdAssets 2021-10-31 10432910 core:LandBuildings core:OwnedOrFreeholdAssets 2020-10-31 10432910 bus:SmallEntities 2020-11-01 2021-10-31 10432910 bus:AuditExemptWithAccountantsReport 2020-11-01 2021-10-31 10432910 bus:FullAccounts 2020-11-01 2021-10-31 10432910 bus:SmallCompaniesRegimeForAccounts 2020-11-01 2021-10-31 10432910 bus:PrivateLimitedCompanyLtd 2020-11-01 2021-10-31

COMPANY REGISTRATION NUMBER: 10432910

Innheritance Limited

Filleted unaudited financial statements

31 October 2021

Innheritance Limited

Financial statements

year ended 31 October 2021

Contents	Page

Statement of financial position	1

Notes to the financial statements	2

Innheritance Limited

Statement of financial position

31 October 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	4		1,404,551	1,404,551

Current assets

Debtors	5	162,225	157,899
Cash at bank and in hand		51,306	16,052
		---------	---------
		213,531	173,951

Creditors: amounts falling due within one year	6	( 1,493,941)		( 1,495,117)
		-----------		-----------
Net current liabilities			( 1,280,410)	( 1,321,166)
			-----------	-----------
Total assets less current liabilities			124,141	83,385
			---------	-------
Net assets			124,141	83,385
			---------	-------

Capital and reserves

Called up share capital	100	100
Profit and loss account	124,041	83,285
	---------	-------
Shareholders funds	124,141	83,385
	---------	-------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

For the year ending 31 October 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 23 February 2022 , and are signed on behalf of the board by:

Mr AG Arkley

Director

Company registration number: 10432910

Innheritance Limited

Notes to the financial statements

year ended 31 October 2021

1. General information

The principal activity of the company was that of a property rental . The company is a private limited company, which is incorporated in England and Wales (no 10432910 .). The address of the registered office is: Gresham House 5-7 St Paul's Street Leeds LS1 2JG West Yorkshire

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, and in accordance with applicable standards . The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The Directors consider the Company to be a going concern and the financial statements have been prepared on that basis. The directors, having considered the current position and budgets of the company, are of the opinion that the company has adequate working capital to execute its operations and meet all financial commitments over the next 12 months. In reaching this conclusion the Directors have taken into account a number of factors, including the current uncertainties facing the Company due to the Covid 19 pandemic and the anticipated reduced level of trade. The directors have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the date of the statement of financial position and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Details of these judgements are set out in the accounting policies .

Turnover

Turnover represents rental income receivable net of VAT on an accruals basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Investment property

Investment properties are valued at their open market value at the balance sheet date. Any surplus on revaluation is transferred to the investment property reserve. Any deficit is deducted from the investment property reserve, except for permanent diminution in value, which are charged to the profit and loss account.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. 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. Tangible assets

	Investment property
	£

Cost
At 1 November 2020 and 31 October 2021	1,404,551
	-----------
Depreciation
At 1 November 2020 and 31 October 2021	–
	-----------
Carrying amount
At 31 October 2021	1,404,551
	-----------
At 31 October 2020	1,404,551
	-----------

The investment property was valued by the director at the balance sheet date on the basis of recent market activity for similar properties in the same location.

5. Debtors

	2021	2020
	£	£

Trade debtors	10,478	6,253
Other debtors	151,747	151,646
	---------	---------
	162,225	157,899
	---------	---------

6. Creditors: amounts falling due within one year

	2021	2020
	£	£

Bank loans and overdrafts	987,901	987,901
Trade creditors	372	336
Social security and other taxes	6,468	7,680
Other creditors	499,200	499,200
	-----------	-----------
	1,493,941	1,495,117
	-----------	-----------