THE_INNOVATION_PARTNERSHI - Accounts

THE INNOVATION PARTNERSHIP LIMITED - Company Information

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Company Registration No. 2718661 (England and Wales)

THE INNOVATION PARTNERSHIP LTD

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2014

THE INNOVATION PARTNERSHIP LTD

ABBREVIATED BALANCE SHEET

AS AT

31 MARCH 2014

- 1 -

2014

2013

Notes

Fixed assets

Tangible assets

6,287

1,586

Current assets

Debtors

28,228

42,318

Cash at bank and in hand

48,114

8,330

76,342

50,648

Creditors: amounts falling due within one year

(36,852)

(30,150)

Net current assets

39,490

20,498

Total assets less current liabilities

45,777

22,084

Provisions for liabilities

(1,029)

(39)

44,748

22,045

Capital and reserves

Called up share capital

100

Profit and loss account

44,648

21,945

Shareholders' funds

44,748

22,045

For the financial year ended 31 March 2014 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 abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 18 December 2014

Nigel Woodruff

Director

Company Registration No. 2718661

THE INNOVATION PARTNERSHIP LTD

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2014

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Fixtures, fittings & equipment

33% p.a. on cost from month of acquisition

1.5

Revenue recognition

Revenue is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for its performance under contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax.

Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors.

THE INNOVATION PARTNERSHIP LTD

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2014

- 4 -

Fixed assets

Tangible assets

Cost

At 1 April 2013

28,559

Additions

6,797

At 31 March 2014

35,356

Depreciation

At 1 April 2013

26,973

Charge for the year

2,096

At 31 March 2014

29,069

Net book value

At 31 March 2014

6,287

At 31 March 2013

1,586

Share capital

2014

2013

Allotted, called up and fully paid

100 Ordinary shares of £1 each

100