Innova Property Consultants Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 06395582 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

INNOVA PROPERTY CONSULTANTS LIMITED

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

3,657

1,706

Investments

5

96,226

128,180

99,883

129,886

CURRENT ASSETS

Debtors

6

37,115

62,941

Cash at bank and in hand

98,090

162,957

135,205

225,898

CREDITORS

Amounts falling due within one year

7

46,931

73,421

NET CURRENT ASSETS

88,274

152,477

TOTAL ASSETS LESS CURRENT LIABILITIES

188,157

282,363

CREDITORS

Amounts falling due after more than one year

8

(29,359

)

(39,597

)

PROVISIONS FOR LIABILITIES

(914

)

(1,702

)

NET ASSETS

157,884

241,064

CAPITAL AND RESERVES

Called up share capital

100

100

Fair value reserve

10

(24,712

)

3,826

Retained earnings

182,496

237,138

SHAREHOLDERS' FUNDS

157,884

241,064

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 September 2023 and were signed by:

Mr M D Kirkman - Director

1.	STATUTORY INFORMATION

Innova Property Consultants Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

06395582

Registered office:

4 Wharfe Mews

Cliffe Terrace

Wetherby

West Yorkshire

LS22 6LX

The presentation currency of the financial statements is the Pound Sterling, which is the functional currency of the company, rounded to the nearest £1.

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 as modified by the revaluation of certain assets.

Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

In respect of contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of contracts for on-going services is recognised by reference to the stage of completion.

Tangible fixed assets

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

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

All fixed assets are initially recorded at cost.

Government grants

Government grant income is recognised under the accruals model.

Grant income in respect of the Job Retention Scheme is recognised in the period to which the underlying furloughed staff costs relate.

Financial instruments

Bank loans are measured at amortised cost using the effective interest rate.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Creditors

Short term creditors are measured at the transaction price.

Fixed asset investments

Fixed asset investments are re-stated to fair value at the year end using quoted prices at that date. With any changes in fair value going through the profit and loss account.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2021 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 January 2022

608

17,145

17,753

Additions

-

3,171

3,171

At 31 December 2022

608

20,316

20,924

DEPRECIATION

At 1 January 2022

519

15,528

16,047

Charge for year

23

1,197

1,220

At 31 December 2022

542

16,725

17,267

NET BOOK VALUE

At 31 December 2022

66

3,591

3,657

At 31 December 2021

89

1,617

1,706

5.	FIXED ASSET INVESTMENTS

Listed

investments

£

COST OR VALUATION

At 1 January 2022

128,180

Disposals

(2,141

)

Revaluations

(29,813

)

At 31 December 2022

96,226

NET BOOK VALUE

At 31 December 2022

96,226

At 31 December 2021

128,180

The historic cost of listed investments was £120,939 (2021: £123,079).

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade debtors

31,674

55,732

Other debtors

-

3,240

Directors' current accounts

489

-

Prepayments

4,952

3,969

37,115

62,941

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans and overdrafts

10,238

10,324

Trade creditors

4,994

9,256

Social security and other taxes

12,963

33,082

VAT

8,809

14,701

Other creditors

5,624

244

Directors' current accounts

-

1

Accruals and deferred income

4,303

5,813

46,931

73,421

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans - 1-5 years

29,359

39,597

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.22

31.12.21

£

£

Within one year

8,988

9,086

Between one and five years

4,741

12,000

13,729

21,086

10.

RESERVES

Fair

value

reserve

£

At 1 January 2022

3,826

Reserve transfer

(28,538

)

At 31 December 2022

(24,712

)

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2022 and 31 December 2021:

31.12.22

31.12.21

£

£

Mr M D Kirkman

Balance outstanding at start of year

(1

)

-

Amounts advanced

490

-

Amounts repaid

-

(1

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

489

(1

)