Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-28true2The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false2022-03-012true 13193591 2022-03-01 2023-02-28 13193591 2021-02-10 2022-02-28 13193591 2023-02-28 13193591 2022-02-28 13193591 c:Director2 2022-03-01 2023-02-28 13193591 d:CurrentFinancialInstruments 2023-02-28 13193591 d:CurrentFinancialInstruments 2022-02-28 13193591 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 13193591 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 13193591 d:ShareCapital 2023-02-28 13193591 d:ShareCapital 2022-02-28 13193591 d:RetainedEarningsAccumulatedLosses 2023-02-28 13193591 d:RetainedEarningsAccumulatedLosses 2022-02-28 13193591 c:FRS102 2022-03-01 2023-02-28 13193591 c:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 13193591 c:FullAccounts 2022-03-01 2023-02-28 13193591 c:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure

Registered number: 13193591










INNOVATIVE WATER SYSTEMS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 28 FEBRUARY 2023

 
INNOVATIVE WATER SYSTEMS LIMITED
REGISTERED NUMBER: 13193591

BALANCE SHEET
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

  

Current assets
  

Stocks
  
-
199,102

Cash at bank and in hand
  
29,060
2,529

  
29,060
201,631

Creditors: amounts falling due within one year
 4 
(8,365)
(196,577)

Net current assets
  
 
 
20,695
 
 
5,054

Total assets less current liabilities
  
20,695
5,054

  

Net assets
  
20,695
5,054


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
20,595
4,954

  
20,695
5,054


Page 1

 
INNOVATIVE WATER SYSTEMS LIMITED
REGISTERED NUMBER: 13193591
    
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Steven Cole
Director

Date: 10 October 2023

The notes on pages 3 to 5 form part of these financial statements.

Page 2

 
INNOVATIVE WATER SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

Innovative Water Systems Limited (13193591)  is a private company limited by shreas and incorporated in England and Wales. The registered office is 14th Floor. 33 Cavendish Square, London, W1G 0PW.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Revenue includes amounts receivable on sale of properties net of VAT, with a sale being recognised on completion.

 
2.3

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Page 3

 
INNOVATIVE WATER SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.4

Stocks

Stocks are stated at the lower of cost and net realisable value. Cost is comprised of expenditure incurred directly in developing the stocks to their current condition.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial insitutions repayable without penalty on notice of not more than 24 hours. 

 
2.6

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit or loss accounts.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 4

 
INNOVATIVE WATER SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

4.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
2,100
-

Corporation tax
3,732
1,162

Other creditors
223
194,215

Accruals and deferred income
2,310
1,200

8,365
196,577



5.


Related party transactions

Included within other debtors is an interest free loan to the director of £358 (2022 - £194,215 Creditor). The loan is repayable on demand.  

 
Page 5