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Registered Number: 04017237
England and Wales

 

 

 

INNERMOST LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 January 2021

End date: 31 December 2021
 
 
Notes
 
2021
£
  2020
£
Fixed assets      
Tangible fixed assets 20,060    25,103 
20,060    25,103 
Current assets      
Stocks 530,888    456,488 
Debtors 124,589    122,659 
Cash at bank and in hand 65,626    76,666 
721,103    655,813 
Creditors: amount falling due within one year (814,164)   (751,525)
Net current liabilities (93,061)   (95,712)
 
Total assets less current liabilities (73,001)   (70,609)
Creditors: amount falling due after more than one year (40,532)   (49,272)
Net liabilities (113,533)   (119,881)
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account (113,633)   (119,981)
Shareholder's funds (113,533)   (119,881)
 


For the year ended 31 December 2021 the company was entitled to exemption from audit 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 of 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 companies act 2006 with respect to accounting records and the preparation of accounts.
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 the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006 the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 09 September 2022 and were signed on its behalf by:


--------------------------------
R J Cameron
Director
1
General Information
Innermost Limited is a private company, limited by shares, registered in England and Wales, registration number 04017237, registration address D3 Hortonpark, Hortonwood 7, Telford, TF1 7GX.

The presentation currency is £ sterling.
1.

Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the 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.
Going concern basis
The company has net liabilities and is reliant on the continued operational and financial support of its parent company, Innermost Holdings PTY Ltd. The parent company has confirmed that it will continue to provide this support for the foreseeable future and the accounts are therefore prepared on a going concern basis.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Research and development expenditure
Research and development expenditure is charged to the income statement in the period in which it is incurred.
Foreign currencies
i) Functional and presentational currency
The financial statements are prepared in Pound Sterling, which is the functional currency of the company.
ii) Transactions and balances
Transactions in foreign currencies are translated into sterling using the average rate of exchange for the month.
At each balance sheet sheet date foreign currency monetary items are translated using the closing rate.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at the balance sheet date exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement.


  
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Depreciation is provided at the following annual rates calculated in order to write off each asset over its estimated useful life on the following basis:
Improvements to property - 10% on cost    
Plant & Machinery             - 25% on reducing balance
Fixtures & Fittings             - 25% on reducing balance



Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. 
Financial instruments
i) Financial assets
Basic financial assets , including trade and other receivables and cash and bank balances are initially recognised at transaction price and subsequently measured at amortised cost.
At the balance sheet date financial assets are assessed for evidence of impairment. If an asset is impaired the impairment loss is recognised in the income statement.
ii) Financial liabilities
Basic financial liabilities, including trade and other payables, are initially recognised at transaction price and subsequently measured at amortised cost.
2.

Off Balance Sheet Arrangements

The company entered into a consignment stock arrangement with a third party in which stock is held at the company's warehouse but not paid for until it is sold by the company. As the company holds no legal title over the stock until a sale is agreed, it has not been included in the financial statements.
At the balance sheet date, the value of stock held on behalf of the third party was £0 (2020 £141,170).

3.

Average number of employees

Average number of employees during the year was 9 (2020 : 10).
4.

Tangible fixed assets

Cost or valuation Plant and Machinery   Fixtures and Fittings   Improvements to property   Total
  £   £   £   £
At 01 January 2021 59,004    43,676    28,231    130,911 
Additions   1,298      1,298 
Disposals      
At 31 December 2021 59,004    44,974    28,231    132,209 
Depreciation
At 01 January 2021 54,838    36,852    14,115    105,805 
Charge for year 1,042    2,479    2,823    6,344 
On disposals      
At 31 December 2021 55,880    39,331    16,938    112,149 
Net book values
Closing balance as at 31 December 2021 3,124    5,643    11,293    20,060 
Opening balance as at 01 January 2021 4,166    6,821    14,116    25,103 


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