Innate Health Limited |
Notes to the Accounts |
for the year ended 31 March 2022 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. |
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Investment Property |
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Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value as the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account. Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets. Gains or losses arising from changes in the fair value of investment property are included in profit and loss for the period in which they arise. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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2 |
Employees |
2022 |
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2021 |
Number |
Number |
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Average number of persons employed by the company |
1 |
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1 |
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3 |
Tangible fixed assets |
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Land and buildings |
£ |
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Cost |
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At 1 April 2021 |
220,000 |
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At 31 March 2022 |
220,000 |
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Depreciation |
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At 31 March 2022 |
- |
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Net book value |
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At 31 March 2022 |
220,000 |
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At 31 March 2021 |
220,000 |
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4 |
Creditors: amounts falling due within one year |
2022 |
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2021 |
£ |
£ |
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Other creditors |
182,768 |
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181,484 |
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5 |
Revaluation reserve |
2022 |
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2021 |
£ |
£ |
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At 1 April 2021 |
30,000 |
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- |
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Gain on revaluation of land and buildings |
- |
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30,000 |
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At 31 March 2022 |
30,000 |
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30,000 |
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The investment property was revalued at the year end by the director on an open market basis. |
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6 |
Related party transactions |
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J Karalus is owed £182,768 (2021: £181,484) by the company. The loan is unsecured. Interest of £5,203 (2021: £4,433) and a salary of £nil (2021: £8,500) was charged. |
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7 |
Controlling party |
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The controlling party is J Karalus. |
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8 |
Other information |
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Innate Health Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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13 Otterton Close |
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Harpenden |
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AL5 3BE |