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Company registration number: 09068089
Innate Thought Limited
Unaudited filleted abridged financial statements
30 June 2023
Innate Thought Limited
Contents
Directors and other information
Accountant's report
Abridged statement of financial position
Notes to the financial statements
Innate Thought Limited
Directors and other information
Directors Mr Paul T Lock
Mrs Emma L Lock
Company number 09068089
Registered office 50 Southbank
Thames Ditton
Surrey
KT7 0UD
Business address 50 Southbank
Thames Ditton
Surrey
KT7 0UD
Accountant Alan James & Associates Limited
1 Shepperton Marina
Felix Lane
Shepperton
Middlesex
TW17 8NS
Innate Thought Limited
Chartered accountant's report to the board of directors on the preparation of the
unaudited statutory financial statements of Innate Thought Limited
Year ended 30 June 2023
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Innate Thought Limited for the year ended 30 June 2023 which comprise the abridged statement of financial position and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Innate Thought Limited, as a body, in accordance with the terms of my engagement letter. My work has been undertaken solely to prepare for your approval the financial statements of Innate Thought Limited and state those matters that we have agreed to state to the board of directors of Innate Thought Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Innate Thought Limited and its board of directors as a body for my work or for this report.
It is your duty to ensure that Innate Thought Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Innate Thought Limited. You consider that Innate Thought Limited is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of Innate Thought Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Alan James & Associates Limited
Chartered Accountants
1 Shepperton Marina
Felix Lane
Shepperton
Middlesex
TW17 8NS
24 October 2023
Innate Thought Limited
Abridged statement of financial position
30 June 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 1,068 1,424
Tangible assets 6 118 157
_______ _______
1,186 1,581
Current assets
Stocks 200 200
Debtors 16,125 200
Cash at bank and in hand 2,303 8,538
_______ _______
18,628 8,938
Creditors: amounts falling due
within one year ( 32,331) ( 29,291)
_______ _______
Net current liabilities ( 13,703) ( 20,353)
_______ _______
Total assets less current liabilities ( 12,517) ( 18,772)
_______ _______
Net liabilities ( 12,517) ( 18,772)
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account ( 12,617) ( 18,872)
_______ _______
Shareholders deficit ( 12,517) ( 18,772)
_______ _______
For the year ending 30 June 2023 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 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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 30 June 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 24 October 2023 , and are signed on behalf of the board by:
Mr Paul T Lock
Director
Company registration number: 09068089
Dated............................
Innate Thought Limited
Notes to the financial statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in uk. The address of the registered office is Innate Thought Ltd, 50 Southbank, Thames Ditton, Surrey, KT7 0UD.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Website 25 %
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates .
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets .
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Intangible assets
£
Cost
At 1 July 2022 and 30 June 2023 6,000
_______
Amortisation
At 1 July 2022 4,576
Charge for the year 356
_______
At 30 June 2023 4,932
_______
Carrying amount
At 30 June 2023 1,068
_______
At 30 June 2022 1,424
_______
6. Tangible assets
£
Cost
At 1 July 2022 and 30 June 2023 838
_______
Depreciation
At 1 July 2022 681
Charge for the year 39
_______
At 30 June 2023 720
_______
Carrying amount
At 30 June 2023 118
_______
At 30 June 2022 157
_______
7. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Paul T Lock ( 28,142) ( 11,855) 8,806 ( 31,191)
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Paul T Lock ( 26,399) ( 2,953) 1,210 ( 28,142)
_______ _______ _______ _______