Innovation Cubed Limited Filleted accounts for Companies House (small and micro)

INNOVATION CUBED LTD - Company Information

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COMPANY REGISTRATION NUMBER: 08186492

Innovation Cubed Limited

Filleted Unaudited Financial Statements

31 August 2022

Innovation Cubed Limited

Statement of Financial Position

31 August 2022

	2022	2021
Note	£	£

Fixed assets

Tangible assets	5	71,469	69,124

Current assets

Debtors	6	7,926	1,029
Cash at bank and in hand		17,621	21,036
		--------	--------
		25,547	22,065

Creditors: amounts falling due within one year	7	19,615	27,789
		--------	--------
Net current assets/(liabilities)		5,932	( 5,724)
		--------	--------
Total assets less current liabilities		77,401	63,400

Provisions

Taxation including deferred tax	609	757
	--------	--------
Net assets	76,792	62,643
	--------	--------

Capital and reserves

Called up share capital	8	10	10
Profit and loss account		76,782	62,633
		--------	--------
Shareholders funds		76,792	62,643
		--------	--------

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 statement of income and retained earnings has not been delivered.

For the year ending 31 August 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Innovation Cubed Limited

Statement of Financial Position (continued)

31 August 2022

These financial statements were approved by the board of directors and authorised for issue on 16 May 2023 , and are signed on behalf of the board by:

Mr G Monteith
Director

Company registration number: 08186492

Innovation Cubed Limited

Notes to the Financial Statements

Year ended 31 August 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Wood End Cottage, 6 Burroughs Bank, Lightmoor, Telford, Shropshire, TF4 3QS, England.

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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

The entity satisfies the criteria of being a small entity as defined in FRS102 and section 382 of the Companies Act 2006 and has taken advantage of the disclosure exemptions available under paragraph 1A.7 of FRS102.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Fixtures and fittings	-	20% reducing balance

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 largely independent of the cash inflows from other assets or groups 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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

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. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2021: 1 ).

5. Tangible assets

	Fixtures and fittings	Assets under construction	Total
	£	£	£
Cost
At 1 September 2021	4,538	65,142	69,680
Additions	–	3,124	3,124
	-------	--------	--------
At 31 August 2022	4,538	68,266	72,804
	-------	--------	--------
Depreciation
At 1 September 2021	556	–	556
Charge for the year	779	–	779
	-------	--------	--------
At 31 August 2022	1,335	–	1,335
	-------	--------	--------
Carrying amount
At 31 August 2022	3,203	68,266	71,469
	-------	--------	--------
At 31 August 2021	3,982	65,142	69,124
	-------	--------	--------

6. Debtors

	2022	2021
	£	£
Trade debtors	6,835	–
Other debtors	1,091	1,029
	-------	-------
	7,926	1,029
	-------	-------

7. Creditors: amounts falling due within one year

	2022	2021
	£	£
Corporation tax	3,935	864
Social security and other taxes	2,423	2,388
Other creditors	13,257	24,537
	--------	--------
	19,615	27,789
	--------	--------

8. Called up share capital

Authorised share capital

2022		2021
No.	£	No.	£

Issued, called up and fully paid

	2022		2021
	No.	£	No.	£
Ordinary shares of £ 1 each	10	10	10	10
	----	----	----	----

9. Director's advances, credits and guarantees

At the year end the company owed £10,208 (2021: £21,538) to Mr G Monteith who is the director of the company.