Accounts

FGW BUSINESS LIMITED - Company Information


	2020 INNOVATIONS LIMITED


	ABBREVIATED UNAUDITED ACCOUNTS


	FOR THE PERIOD ENDED 31 MARCH 2016
























	INDEX TO THE ACCOUNTS



	Pages

	1	Abbreviated Balance Sheet

	2-4	Notes to the Abbreviated Accounts

2020 INNOVATIONS LIMITED
Company registered number: 04485632
ABBREVIATED BALANCE SHEET
AT 31 March 2016

	Note		2016	2014
		£	£	£
FIXED ASSETS
Intangible assets	2		-	60,734
Tangible Assets	3		341	3,575
			341	64,309

CURRENT ASSETS
Debtors falling due within one year		5,564		911,455
Cash at bank and in hand		547		103,964
		6,111		1,015,419
CREDITORS: Amounts falling due within one year		12,370		739,133
NET CURRENT (LIABILITIES)/ASSETS			(6,259)	276,286
NET (LIABILITIES)/ASSETS			(£5,918)	£340,595

CAPITAL AND RESERVES
Called up share capital	4		100	100
Profit and loss account			(6,018)	340,495
SHAREHOLDERS' FUNDS			(£5,918)	£340,595


	In approving these financial statements as directors of the company we hereby confirm the following:
	For the period in question the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

	Directors' responsibilities:
	1) The members have not required the company to obtain an audit for its accounts for the year in question in accordance with section 476,
	2) The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

	The accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

	These abbreviated accounts were approved by the board of directors on 13 December 2016



	O M Weber-Brown, Director

	The notes on pages 2 to 4 form part of these accounts
	page 1

	NOTES TO THE ABBREVIATED ACCOUNTS
	FOR THE PERIOD ENDED 31 MARCH 2016



1.	ACCOUNTING POLICIES



1a.	Basis of accounting

	The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).



1b.	Intangible fixed assets: research and development

	Development expenditure is normally written off in the year of expenditure, however expenditure incurred on specific projects is capitalised when recoverability can be foreseen with reasonable certainty and is amortised in relation to sales from such projects.



1c.	Tangible fixed assets

	Fixed assets are shown at historical cost.

	Depreciation is provided, after taking account of any grants receivable, at the following annual rates in order to write off each asset over its estimated useful life.


	Long leasehold properties	Straight line 20%
	Fixtures and fittings	Straight line 33%
	Equipment	Straight line 33%



1d.	Taxation

	Corporation tax payable is provided on taxable profits at the current rate.



1e.	Pensions

	The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in the period.



1f.	Turnover

	Turnover comprises the value of sales (excluding VAT and similar taxes and trade discounts) of goods and services in the normal course of business.

	page 2

	2020 INNOVATIONS LIMITED
	NOTES TO THE ABBREVIATED ACCOUNTS (CONT.)
	FOR THE PERIOD ENDED 31 MARCH 2016



2.	INTANGIBLE FIXED ASSETS	2016
		£
	Cost

	At 1 January 2015	91,250
	Disposals	(91,250)
	At 31 March 2016	-
	Depreciation

	At 1 January 2015	30,516
	Disposals	(30,516)
	At 31 March 2016	-

	Net Book Amounts

	At 31 March 2016	£-



3.	TANGIBLE FIXED ASSETS	2016
		£
	Cost

	At 1 January 2015	32,139
	At 31 March 2016	32,139

	Depreciation

	At 1 January 2015	28,564
	For the period	3,234
	At 31 March 2016	31,798

	Net Book Amounts

	At 31 March 2016	£341



4.	SHARE CAPITAL	2016	2014
		£	£
	Allotted, issued and fully paid:

	100 Ordinary shares of £1 each	£100	£100

	page 3

	2020 INNOVATIONS LIMITED
	NOTES TO THE ABBREVIATED ACCOUNTS (CONT.)
	FOR THE PERIOD ENDED 31 MARCH 2016


5.	TRANSACTIONS WITH AND LOANS TO DIRECTORS

	Loans to directors

	Included in other debtors are loans to directors. They are unsecured, interest free and repayable on demand.
		2016	2014
		£	£
	Directors current account - ICF	-	225,969
	Directors current account - GG	-	225,969
	Directors current account - OWB	-	112,989


6.	RELATED PARTIES


	2020 Innovation Group Limited

	The directors and shareholders Mr Weber-Brown and Mr Gilchrist are directors and shareholders of 2020 Innovation Group Limited. The director and shareholder Mr Fletcher is a shareholder of 2020 Innovation Group Limited.

	During the year 2020 Innovations Limited received services from 2020 Innovation Group Limited with a value of £nil (2014: £18,000). All transactions were at arms length.

	At the year end 2020 Innovations Limited had a balance outstanding from 2020 Innovation Group Limited of £nil (2014: £27,327).


	2020 Property Holdings

	The directors and shareholders Mr Weber-Brown, Mr Gilchrist and Mr Fletcher are all partners of 2020 Property Holdings.

	During the year 2020 Innovations Limited received services from 2020 Property Holdings with a value of £nil (2014: £25,400). All transactions were at arms length.


	2020 Innovation Training Limited

	The directors and shareholders Mr Weber-Brown, Mr Gilchrist and Mr Fletcher are all directors and shareholders of 2020 Innovation Training Limited.

	During the year 2020 Innovations Limited rendered services to 2020 Innovation Training Limited with a value of £nil (2014: £2,917). All transactions were at arms length.

	At the year end 2020 Innovations Limited had a balance outstanding to 2020 Innovation Training Limited of £12,480 (2014: £12,480).




7.	ULTIMATE CONTROLLING PARTY

	The company is controlled by G A Gilchrist and I C Fletcher, directors of the company, by virtue of their shareholdings and their day to day management of the company.

page 4