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Registration number: 04076630

Innovation Productions Ltd

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2023

 

Innovation Productions Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Innovation Productions Ltd

Company Information

Director

Mr A Pygott

Registered office

Unit 5, Claycliffe Business Park Cannon
Barugh Green
Barnsley
S75 1JU

Accountants

Cameron Alexander Accountants Limited
Chartered Certified Accountants
2 Western Street
Barnsley
S70 2BP

 

Innovation Productions Ltd

(Registration number: 04076630)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

3

638,196

525,472

Current assets

 

Stocks

4

8,000

3,000

Debtors

5

134,652

306,555

Cash at bank and in hand

 

604,797

275,596

 

747,449

585,151

Creditors: Amounts falling due within one year

6

(413,596)

(395,662)

Net current assets

 

333,853

189,489

Total assets less current liabilities

 

972,049

714,961

Provisions for liabilities

(85,908)

(62,948)

Net assets

 

886,141

652,013

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

886,139

652,011

Shareholders' funds

 

886,141

652,013

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 7 November 2023
 

.........................................
Mr A Pygott
Director

 

Innovation Productions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Innovation Productions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land & buildings

2% striaght line

Plant & machinery

12.5% straight line

Motor vehicles

25% reducing balance

Office equipment

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Innovation Productions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Leasing and hire purchase contracts

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account on a straight line basis.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 9 (2022 - 5).

 

Innovation Productions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

3

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2022

284,512

75,490

226,556

1,088,519

1,675,077

Additions

-

566

33,269

211,126

244,961

At 28 February 2023

284,512

76,056

259,825

1,299,645

1,920,038

Depreciation

At 1 March 2022

103,847

55,829

165,586

824,343

1,149,605

Charge for the year

5,690

4,992

19,219

102,336

132,237

At 28 February 2023

109,537

60,821

184,805

926,679

1,281,842

Carrying amount

At 28 February 2023

174,975

15,235

75,020

372,966

638,196

At 28 February 2022

180,665

19,661

60,970

264,176

525,472

Included within the net book value of land and buildings above is £174,976 (2022 - £180,666) in respect of freehold land and buildings.
 

4

Stocks

2023
£

2022
£

Other inventories

8,000

3,000

 

Innovation Productions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

5

Debtors

Current

2023
£

2022
£

Trade debtors

113,571

287,552

Prepayments

7,178

5,099

Other debtors

13,903

13,904

 

134,652

306,555

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

82,019

720

Taxation and social security

30,468

58,693

Accruals and deferred income

1,180

1,542

Other creditors

299,929

334,707

413,596

395,662

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

         

8

Related party transactions

Transactions with the director

2023

At 1 March 2022
£

Advances to director
£

At 28 February 2023
£

Mr A Pygott

No interest is charged on the loan and there is no fixed date of repayment.

271,349

(5,104)

266,244

       
     

 

 

Innovation Productions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

2022

At 1 March 2021
£

Repayments by director
£

At 28 February 2022
£

Mr A Pygott

No interest is charged on the loan and there is no fixed date of repayment.

216,435

54,914

271,349